Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Uber Technologies Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The solvency profile of the entity demonstrates a significant transition from a period of high leverage and negative earnings coverage to a state of strengthened financial stability and reduced debt reliance. An initial peak in leverage ratios occurred in late 2022, followed by a sustained deleveraging trend that accelerated toward the end of 2024, eventually stabilizing through early 2026.
- Debt to Equity and Capital Ratios
- A marked reduction in debt relative to equity is observed. The Debt to Equity ratio peaked at 1.48 in September 2022 before declining consistently to a low of 0.38 by June 2025. When including operating lease liabilities, the trend remains consistent, falling from a peak of 1.77 in September 2022 to approximately 0.50 by March 2026. Similarly, Debt to Capital ratios decreased from a high of 0.60 (excluding leases) and 0.64 (including leases) in September 2022 to stabilized levels around 0.30 and 0.33, respectively, by the end of the period.
- Asset-Based Solvency
- The proportion of assets financed by debt has declined steadily. Debt to Assets shifted from a peak of 0.30 in September 2022 to a low of 0.16 in December 2024, with a slight subsequent increase to 0.18 by March 2026. The inclusion of operating lease liabilities shows a similar trajectory, moving from 0.36 in mid-2022 to a range between 0.19 and 0.21 in the final quarters of the analysis.
- Financial Leverage and Interest Coverage
- Financial leverage peaked at 4.98 in September 2022 and underwent a substantial contraction, settling near 2.42 by March 2026. This reduction in leverage coincides with a dramatic improvement in the Interest Coverage ratio. The ratio moved from deep negative territory—reaching a low of -19.05 in June 2022—to positive territory by June 2023 (0.55). A strong upward trajectory followed, peaking at 15.41 in September 2025 before moderating to 11.95 by March 2026, indicating a significantly enhanced capacity to service interest obligations from operating profits.
The overall trajectory indicates a strategic shift toward a more conservative capital structure. The combination of falling debt-to-equity levels and the transition to high positive interest coverage suggests a substantial reduction in insolvency risk and an improved long-term financial position.
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Debt Ratios
Coverage Ratios
Debt to Equity
Uber Technologies Inc., debt to equity calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Long-term debt, net of current portion | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total debt | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total Uber Technologies, Inc. stockholders’ equity | 24,751) | 27,041) | 28,134) | 22,598) | 21,975) | 21,558) | 14,780) | 12,350) | 11,058) | 11,249) | 9,358) | 8,664) | 7,508) | 7,340) | 6,247) | 6,661) | 8,916) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity1 | 0.42 | 0.39 | 0.38 | 0.42 | 0.38 | 0.39 | 0.74 | 0.77 | 0.86 | 0.84 | 0.99 | 1.07 | 1.23 | 1.26 | 1.48 | 1.39 | 1.04 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 0.76 | 0.73 | 0.75 | 0.76 | 0.75 | 0.73 | 0.77 | 0.77 | 0.77 | 0.79 | 0.82 | 0.84 | 0.80 | 0.81 | 0.84 | 0.82 | 0.85 | ||||||
| Union Pacific Corp. | 1.58 | 1.72 | 1.84 | 2.02 | 2.05 | 1.85 | 1.89 | 1.93 | 2.04 | 2.20 | 2.35 | 2.52 | 2.71 | 2.74 | 2.85 | 2.52 | 2.71 | ||||||
| United Airlines Holdings Inc. | 1.52 | 1.64 | 1.78 | 2.02 | 2.19 | 2.26 | 2.49 | 2.78 | 3.24 | 3.40 | 3.57 | 4.17 | 4.80 | 4.68 | 6.74 | 8.55 | 9.55 | ||||||
| United Parcel Service Inc. | 1.55 | 1.49 | 1.57 | 1.57 | 1.36 | 1.27 | 1.30 | 1.30 | 1.18 | 1.29 | 1.10 | 1.04 | 1.11 | 0.99 | 1.20 | 1.26 | 1.42 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Debt to equity = Total debt ÷ Total Uber Technologies, Inc. stockholders’ equity
= 10,514 ÷ 24,751 = 0.42
2 Click competitor name to see calculations.
The solvency profile demonstrates a significant transition from a leveraged capital structure to one primarily supported by equity. The Debt to Equity ratio exhibits a clear downward trajectory over the analyzed period, indicating a substantial reduction in financial leverage and an improved solvency position.
- Debt to Equity Ratio Trends
- The ratio experienced an initial increase, peaking at 1.48 on September 30, 2022. Following this peak, a consistent decline was observed, bringing the ratio below 1.00 by September 30, 2023. A sharp contraction occurred between September 30, 2024, and December 31, 2024, where the ratio fell from 0.74 to 0.39. From December 2024 through March 2026, the ratio stabilized within a narrow range between 0.38 and 0.42.
- Stockholders' Equity Expansion
- Equity served as the primary driver for the improvement in solvency. After a low of 6,247 million USD in September 2022, stockholders' equity entered a period of aggressive growth, exceeding 21,000 million USD by December 2024 and peaking at 28,134 million USD in June 2025. This expansion provided a larger capital cushion and effectively diluted the impact of total debt on the overall leverage ratio.
- Total Debt Dynamics
- Total debt remained relatively stagnant between 9,252 million USD and 9,459 million USD from March 2022 to June 2024. A period of volatility followed, characterized by a spike to 10,986 million USD in September 2024, followed by a rapid reduction to 8,347 million USD by December 2024. Debt levels subsequently fluctuated between 8,350 million USD and 10,615 million USD through March 2026, though these changes had a diminished effect on the Debt to Equity ratio due to the significantly enlarged equity base.
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Debt to Equity (including Operating Lease Liability)
Uber Technologies Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Long-term debt, net of current portion | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total debt | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Operating lease liabilities, current | 195) | 169) | 163) | 176) | 177) | 175) | 178) | 198) | 184) | 190) | 174) | 179) | 193) | 201) | 189) | 215) | 209) | ||||||
| Operating lease liabilities, non-current | 1,710) | 1,390) | 1,412) | 1,438) | 1,447) | 1,454) | 1,496) | 1,492) | 1,520) | 1,550) | 1,565) | 1,597) | 1,629) | 1,673) | 1,626) | 1,711) | 1,681) | ||||||
| Total debt (including operating lease liability) | 12,419) | 12,080) | 12,190) | 11,192) | 9,974) | 9,976) | 12,660) | 11,144) | 11,161) | 11,199) | 10,991) | 11,031) | 11,079) | 11,139) | 11,083) | 11,197) | 11,163) | ||||||
| Total Uber Technologies, Inc. stockholders’ equity | 24,751) | 27,041) | 28,134) | 22,598) | 21,975) | 21,558) | 14,780) | 12,350) | 11,058) | 11,249) | 9,358) | 8,664) | 7,508) | 7,340) | 6,247) | 6,661) | 8,916) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.50 | 0.45 | 0.43 | 0.50 | 0.45 | 0.46 | 0.86 | 0.90 | 1.01 | 1.00 | 1.17 | 1.27 | 1.48 | 1.52 | 1.77 | 1.68 | 1.25 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 1.36 | 1.33 | 1.39 | 1.41 | 1.39 | 1.37 | 1.42 | 1.43 | 1.44 | 1.47 | 1.54 | 1.58 | 1.50 | 1.49 | 1.52 | 1.48 | 1.49 | ||||||
| Union Pacific Corp. | 1.61 | 1.76 | 1.88 | 2.07 | 2.09 | 1.90 | 1.95 | 1.99 | 2.10 | 2.29 | 2.44 | 2.62 | 2.81 | 2.85 | 2.96 | 2.62 | 2.82 | ||||||
| United Airlines Holdings Inc. | 1.95 | 2.03 | 2.19 | 2.45 | 2.61 | 2.65 | 2.92 | 3.25 | 3.79 | 3.94 | 4.15 | 4.85 | 5.58 | 5.41 | 7.84 | 9.94 | 11.12 | ||||||
| United Parcel Service Inc. | 1.82 | 1.76 | 1.85 | 1.84 | 1.63 | 1.53 | 1.56 | 1.55 | 1.44 | 1.54 | 1.33 | 1.25 | 1.32 | 1.19 | 1.41 | 1.48 | 1.65 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Uber Technologies, Inc. stockholders’ equity
= 12,419 ÷ 24,751 = 0.50
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through March 2026 indicates a substantial strengthening of the solvency position, characterized by a significant reduction in financial leverage and a robust expansion of the equity base.
- Total Debt Trends
- Total debt, including operating lease liabilities, remained relatively stable between 10.9 billion and 11.2 billion USD for the first two years of the observed period. A temporary increase to 12.66 billion USD was recorded in September 2024, followed by a sharp contraction to 9.98 billion USD by December 2024. From January 2025 through March 2026, debt levels exhibited moderate fluctuations, ending the period at 12.42 billion USD.
- Stockholders' Equity Expansion
- A pronounced growth trend is evident in stockholders' equity. After reaching a trough of 6.25 billion USD in September 2022, equity grew consistently, surpassing 11 billion USD by December 2023. This growth accelerated throughout 2024 and 2025, with equity peaking at 28.13 billion USD in June 2025. This represents a significant accumulation of net assets over the analyzed timeframe.
- Debt to Equity Ratio Dynamics
- The debt to equity ratio reflects a transition from a leveraged capital structure to a more conservative one. The ratio peaked at 1.77 in September 2022, indicating a higher reliance on debt relative to equity. A consistent downward trend followed, with the ratio reaching parity (1.00) in December 2023. From December 2024 through March 2026, the ratio stabilized at a lower threshold, fluctuating between 0.43 and 0.50, which signifies a marked improvement in long-term solvency and a decreased risk profile.
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Debt to Capital
Uber Technologies Inc., debt to capital calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Long-term debt, net of current portion | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total debt | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total Uber Technologies, Inc. stockholders’ equity | 24,751) | 27,041) | 28,134) | 22,598) | 21,975) | 21,558) | 14,780) | 12,350) | 11,058) | 11,249) | 9,358) | 8,664) | 7,508) | 7,340) | 6,247) | 6,661) | 8,916) | ||||||
| Total capital | 35,265) | 37,562) | 38,749) | 32,176) | 30,325) | 29,905) | 25,766) | 21,804) | 20,515) | 20,708) | 18,610) | 17,919) | 16,765) | 16,605) | 15,515) | 15,932) | 18,189) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital1 | 0.30 | 0.28 | 0.27 | 0.30 | 0.28 | 0.28 | 0.43 | 0.43 | 0.46 | 0.46 | 0.50 | 0.52 | 0.55 | 0.56 | 0.60 | 0.58 | 0.51 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 0.43 | 0.42 | 0.43 | 0.43 | 0.43 | 0.42 | 0.43 | 0.43 | 0.44 | 0.44 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.45 | 0.46 | ||||||
| Union Pacific Corp. | 0.61 | 0.63 | 0.65 | 0.67 | 0.67 | 0.65 | 0.65 | 0.66 | 0.67 | 0.69 | 0.70 | 0.72 | 0.73 | 0.73 | 0.74 | 0.72 | 0.73 | ||||||
| United Airlines Holdings Inc. | 0.60 | 0.62 | 0.64 | 0.67 | 0.69 | 0.69 | 0.71 | 0.74 | 0.76 | 0.77 | 0.78 | 0.81 | 0.83 | 0.82 | 0.87 | 0.90 | 0.91 | ||||||
| United Parcel Service Inc. | 0.61 | 0.60 | 0.61 | 0.61 | 0.58 | 0.56 | 0.57 | 0.57 | 0.54 | 0.56 | 0.52 | 0.51 | 0.53 | 0.50 | 0.55 | 0.56 | 0.59 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 10,514 ÷ 35,265 = 0.30
2 Click competitor name to see calculations.
The solvency profile indicates a significant long-term reduction in financial leverage, characterized by a transition from a peak debt-to-capital ratio of 0.60 in late 2022 to a stabilized range between 0.27 and 0.30 by the first quarter of 2026. This trend suggests a strategic shift toward a more conservative capital structure, primarily driven by a substantial expansion of the total capital base that outpaced the growth of total debt.
- Total Debt Trends
- Total debt remained relatively stagnant between March 2022 and September 2023, fluctuating narrowly around the 9.2 billion dollar mark. Increased volatility emerged in 2024, with a peak of 10.98 billion dollars in September followed by a sharp decline to 8.34 billion dollars by December of the same year. In 2025, debt levels trended upward again, peaking at 10.61 billion dollars in September before leveling off at approximately 10.51 billion dollars in early 2026.
- Total Capital Expansion
- A consistent and aggressive growth pattern is observed in total capital. After fluctuating between 15 and 18 billion dollars in 2022, the capital base entered a period of rapid expansion starting in 2023. A significant acceleration occurred between June 2024 (21.80 billion dollars) and December 2024 (29.90 billion dollars), ultimately reaching a maximum of 38.74 billion dollars in September 2025.
- Debt to Capital Ratio Analysis
- The ratio exhibited an initial upward movement, peaking at 0.60 in September 2022, which indicated a higher reliance on debt relative to total capital. From that point, a sustained downward trajectory was established. A critical inflection point occurred in the second half of 2024, where the ratio dropped from 0.43 in June to 0.28 in December. For the remainder of the period, the ratio remained compressed, fluctuating minimally between 0.27 and 0.30, signaling a strengthened solvency position and a reduced risk profile.
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Debt to Capital (including Operating Lease Liability)
Uber Technologies Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Long-term debt, net of current portion | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total debt | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Operating lease liabilities, current | 195) | 169) | 163) | 176) | 177) | 175) | 178) | 198) | 184) | 190) | 174) | 179) | 193) | 201) | 189) | 215) | 209) | ||||||
| Operating lease liabilities, non-current | 1,710) | 1,390) | 1,412) | 1,438) | 1,447) | 1,454) | 1,496) | 1,492) | 1,520) | 1,550) | 1,565) | 1,597) | 1,629) | 1,673) | 1,626) | 1,711) | 1,681) | ||||||
| Total debt (including operating lease liability) | 12,419) | 12,080) | 12,190) | 11,192) | 9,974) | 9,976) | 12,660) | 11,144) | 11,161) | 11,199) | 10,991) | 11,031) | 11,079) | 11,139) | 11,083) | 11,197) | 11,163) | ||||||
| Total Uber Technologies, Inc. stockholders’ equity | 24,751) | 27,041) | 28,134) | 22,598) | 21,975) | 21,558) | 14,780) | 12,350) | 11,058) | 11,249) | 9,358) | 8,664) | 7,508) | 7,340) | 6,247) | 6,661) | 8,916) | ||||||
| Total capital (including operating lease liability) | 37,170) | 39,121) | 40,324) | 33,790) | 31,949) | 31,534) | 27,440) | 23,494) | 22,219) | 22,448) | 20,349) | 19,695) | 18,587) | 18,479) | 17,330) | 17,858) | 20,079) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.33 | 0.31 | 0.30 | 0.33 | 0.31 | 0.32 | 0.46 | 0.47 | 0.50 | 0.50 | 0.54 | 0.56 | 0.60 | 0.60 | 0.64 | 0.63 | 0.56 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 0.58 | 0.57 | 0.58 | 0.58 | 0.58 | 0.58 | 0.59 | 0.59 | 0.59 | 0.60 | 0.61 | 0.61 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | ||||||
| Union Pacific Corp. | 0.62 | 0.64 | 0.65 | 0.67 | 0.68 | 0.66 | 0.66 | 0.67 | 0.68 | 0.70 | 0.71 | 0.72 | 0.74 | 0.74 | 0.75 | 0.72 | 0.74 | ||||||
| United Airlines Holdings Inc. | 0.66 | 0.67 | 0.69 | 0.71 | 0.72 | 0.73 | 0.74 | 0.76 | 0.79 | 0.80 | 0.81 | 0.83 | 0.85 | 0.84 | 0.89 | 0.91 | 0.92 | ||||||
| United Parcel Service Inc. | 0.65 | 0.64 | 0.65 | 0.65 | 0.62 | 0.61 | 0.61 | 0.61 | 0.59 | 0.61 | 0.57 | 0.56 | 0.57 | 0.54 | 0.58 | 0.60 | 0.62 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 12,419 ÷ 37,170 = 0.33
2 Click competitor name to see calculations.
The solvency profile exhibits a sustained improvement in capital structure from March 2022 through March 2026. While total debt remained relatively stable over the long term, a significant expansion in total capital has resulted in a marked reduction in the debt-to-capital ratio, indicating a shift toward lower financial leverage.
- Debt Obligations
- Total debt, including operating lease liabilities, remained largely consistent between 11.0 billion and 11.2 billion USD from early 2022 through 2023. A period of volatility was observed between September 2024 and December 2024, where debt peaked at 12.66 billion USD before dropping to a period low of 9.98 billion USD. By March 2026, debt levels adjusted to 12.42 billion USD.
- Capital Base Expansion
- Total capital demonstrated a strong growth trajectory, rising from 20.08 billion USD in March 2022 to a peak of 40.32 billion USD in June 2025. The most aggressive expansion occurred between December 2023 and June 2025, during which capital increased from 22.45 billion USD to over 40 billion USD, substantially enhancing the entity's financial cushion.
- Solvency Ratio Trends
- The debt-to-capital ratio experienced an initial increase, peaking at 0.64 in September 2022. Subsequently, a consistent downward trend is observed, with the ratio falling to 0.50 by December 2023 and reaching a low of 0.30 in September 2025. The ratio stabilized between 0.31 and 0.33 through March 2026, representing a significant reduction in the proportion of debt relative to total capital.
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Debt to Assets
Uber Technologies Inc., debt to assets calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Long-term debt, net of current portion | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total debt | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total assets | 59,885) | 61,802) | 63,344) | 55,982) | 52,822) | 51,244) | 47,117) | 41,514) | 39,599) | 38,699) | 35,949) | 34,068) | 32,451) | 32,109) | 31,112) | 31,014) | 32,812) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets1 | 0.18 | 0.17 | 0.17 | 0.17 | 0.16 | 0.16 | 0.23 | 0.23 | 0.24 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 0.24 | 0.23 | 0.24 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | ||||||
| Union Pacific Corp. | 0.44 | 0.46 | 0.46 | 0.48 | 0.48 | 0.46 | 0.46 | 0.47 | 0.47 | 0.49 | 0.49 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | ||||||
| United Airlines Holdings Inc. | 0.30 | 0.33 | 0.33 | 0.35 | 0.36 | 0.39 | 0.39 | 0.40 | 0.41 | 0.45 | 0.43 | 0.44 | 0.45 | 0.48 | 0.48 | 0.48 | 0.50 | ||||||
| United Parcel Service Inc. | 0.34 | 0.33 | 0.35 | 0.35 | 0.31 | 0.30 | 0.32 | 0.32 | 0.30 | 0.31 | 0.30 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.31 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 10,514 ÷ 59,885 = 0.18
2 Click competitor name to see calculations.
The solvency profile exhibits a sustained improvement in financial leverage from March 2022 through March 2026, characterized by a significant expansion of the asset base relative to total debt obligations.
- Asset Expansion
- Total assets demonstrated a consistent and substantial upward trajectory, increasing from 32,812 million USD in March 2022 to 59,885 million USD by March 2026. This growth represents a nearly two-fold increase in the company's resource base over the analyzed period.
- Debt Dynamics and Volatility
- Total debt remained relatively stable between 9,252 million USD and 9,459 million USD from March 2022 through December 2023. A period of increased volatility emerged in 2024, marked by a peak of 10,986 million USD in September 2024, followed by a sharp contraction to 8,347 million USD by December 2024. Debt levels subsequently adjusted upward, stabilizing at 10,514 million USD by March 2026.
- Debt to Assets Ratio Analysis
- The debt to assets ratio peaked at 0.30 in mid-2022 before entering a prolonged decline. By June 2024, the ratio had decreased to 0.23. A significant reduction occurred in the latter half of 2024, with the ratio reaching a low of 0.16 by December 2024. Through March 2026, the ratio remained within a narrow range of 0.16 to 0.18, indicating a strengthened solvency position where a significantly smaller proportion of total assets is financed through debt compared to the start of the period.
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Debt to Assets (including Operating Lease Liability)
Uber Technologies Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Long-term debt, net of current portion | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Total debt | 10,514) | 10,521) | 10,615) | 9,578) | 8,350) | 8,347) | 10,986) | 9,454) | 9,457) | 9,459) | 9,252) | 9,255) | 9,257) | 9,265) | 9,268) | 9,271) | 9,273) | ||||||
| Operating lease liabilities, current | 195) | 169) | 163) | 176) | 177) | 175) | 178) | 198) | 184) | 190) | 174) | 179) | 193) | 201) | 189) | 215) | 209) | ||||||
| Operating lease liabilities, non-current | 1,710) | 1,390) | 1,412) | 1,438) | 1,447) | 1,454) | 1,496) | 1,492) | 1,520) | 1,550) | 1,565) | 1,597) | 1,629) | 1,673) | 1,626) | 1,711) | 1,681) | ||||||
| Total debt (including operating lease liability) | 12,419) | 12,080) | 12,190) | 11,192) | 9,974) | 9,976) | 12,660) | 11,144) | 11,161) | 11,199) | 10,991) | 11,031) | 11,079) | 11,139) | 11,083) | 11,197) | 11,163) | ||||||
| Total assets | 59,885) | 61,802) | 63,344) | 55,982) | 52,822) | 51,244) | 47,117) | 41,514) | 39,599) | 38,699) | 35,949) | 34,068) | 32,451) | 32,109) | 31,112) | 31,014) | 32,812) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.21 | 0.20 | 0.19 | 0.20 | 0.19 | 0.19 | 0.27 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 0.43 | 0.43 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | ||||||
| Union Pacific Corp. | 0.45 | 0.47 | 0.47 | 0.49 | 0.49 | 0.47 | 0.48 | 0.48 | 0.49 | 0.50 | 0.51 | 0.52 | 0.53 | 0.53 | 0.53 | 0.52 | 0.52 | ||||||
| United Airlines Holdings Inc. | 0.38 | 0.41 | 0.41 | 0.42 | 0.43 | 0.45 | 0.46 | 0.47 | 0.48 | 0.52 | 0.50 | 0.51 | 0.53 | 0.55 | 0.56 | 0.56 | 0.58 | ||||||
| United Parcel Service Inc. | 0.40 | 0.39 | 0.41 | 0.41 | 0.37 | 0.37 | 0.38 | 0.38 | 0.36 | 0.38 | 0.36 | 0.36 | 0.37 | 0.33 | 0.34 | 0.34 | 0.36 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 12,419 ÷ 59,885 = 0.21
2 Click competitor name to see calculations.
The solvency profile exhibits a consistent strengthening trend over the analyzed period, characterized by a significant reduction in the debt-to-assets ratio. The ratio declined from a peak of 0.36 in June 2022 to a low of 0.19 by December 2024, before stabilizing within the 0.19 to 0.21 range through March 2026.
- Debt to Assets Ratio Trends
- A sustained downward trajectory is observed from mid-2022 through the end of 2024. The ratio decreased steadily from 0.36 to 0.27 between June 2022 and June 2024, followed by a sharp contraction to 0.19 in December 2024. In the subsequent period from January 2025 to March 2026, the ratio remained relatively stable, oscillating slightly between 0.19 and 0.21, indicating a new baseline for the company's leverage position.
- Asset Base Expansion
- The improvement in the solvency ratio is primarily driven by aggressive growth in total assets. Assets increased from 32,812 million US dollars in March 2022 to a peak of 63,344 million US dollars in September 2025. This expansion represents nearly a twofold increase in the asset base, which effectively diluted the impact of the company's total debt on the balance sheet.
- Debt Level Fluctuations
- Total debt, including operating lease liabilities, remained relatively range-bound between 10,900 million and 11,200 million US dollars for the majority of the period from March 2022 to June 2024. A temporary spike to 12,660 million US dollars occurred in September 2024, immediately followed by a reduction to 9,976 million US dollars by December 2024. From 2025 onward, debt levels trended slightly upward, reaching 12,419 million US dollars by March 2026, yet these increases were offset by the overall scale of the asset base.
The convergence of stagnant or moderately fluctuating debt levels against a backdrop of rapid asset growth has resulted in a markedly lower leverage ratio. The transition from a ratio of 0.34 in early 2022 to approximately 0.21 by early 2026 suggests a strategic shift toward a more conservative solvency position and an enhanced capacity to cover liabilities with existing assets.
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Financial Leverage
Uber Technologies Inc., financial leverage calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Total assets | 59,885) | 61,802) | 63,344) | 55,982) | 52,822) | 51,244) | 47,117) | 41,514) | 39,599) | 38,699) | 35,949) | 34,068) | 32,451) | 32,109) | 31,112) | 31,014) | 32,812) | ||||||
| Total Uber Technologies, Inc. stockholders’ equity | 24,751) | 27,041) | 28,134) | 22,598) | 21,975) | 21,558) | 14,780) | 12,350) | 11,058) | 11,249) | 9,358) | 8,664) | 7,508) | 7,340) | 6,247) | 6,661) | 8,916) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Financial leverage1 | 2.42 | 2.29 | 2.25 | 2.48 | 2.40 | 2.38 | 3.19 | 3.36 | 3.58 | 3.44 | 3.84 | 3.93 | 4.32 | 4.37 | 4.98 | 4.66 | 3.68 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||
| FedEx Corp. | 3.18 | 3.12 | 3.18 | 3.23 | 3.19 | 3.15 | 3.26 | 3.29 | 3.30 | 3.34 | 3.47 | 3.55 | 3.41 | 3.45 | 3.43 | 3.38 | 3.37 | ||||||
| Union Pacific Corp. | 3.59 | 3.77 | 3.97 | 4.22 | 4.27 | 4.01 | 4.07 | 4.11 | 4.29 | 4.54 | 4.75 | 5.00 | 5.30 | 5.38 | 5.56 | 5.07 | 5.38 | ||||||
| United Airlines Holdings Inc. | 5.10 | 5.00 | 5.33 | 5.77 | 6.03 | 5.84 | 6.35 | 6.96 | 7.83 | 7.63 | 8.26 | 9.52 | 10.56 | 9.77 | 14.08 | 17.76 | 19.05 | ||||||
| United Parcel Service Inc. | 4.56 | 4.50 | 4.51 | 4.50 | 4.37 | 4.19 | 4.05 | 4.08 | 4.00 | 4.09 | 3.67 | 3.51 | 3.60 | 3.59 | 4.10 | 4.30 | 4.55 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Financial leverage = Total assets ÷ Total Uber Technologies, Inc. stockholders’ equity
= 59,885 ÷ 24,751 = 2.42
2 Click competitor name to see calculations.
The financial position of the entity reflects a period of significant balance sheet expansion accompanied by a strategic reduction in financial leverage. While total assets grew substantially over the analyzed period, the growth in stockholders' equity outpaced asset expansion in later quarters, resulting in a strengthened solvency profile.
- Asset Expansion Trends
- Total assets exhibited a consistent upward trajectory, increasing from 32,812 million US$ in March 2022 to a peak of 63,344 million US$ in September 2025. The most pronounced growth occurred between June 2024 and September 2025, indicating a significant increase in the entity's resource base during this interval.
- Equity Growth and Recovery
- Stockholders' equity experienced an initial decline in 2022, reaching a low of 6,247 million US$ in September 2022. However, a sustained recovery followed, with equity expanding to 24,751 million US$ by March 2026. A notable surge in equity is observed between September 2024 and December 2024, where the value rose from 14,780 million US$ to 21,558 million US$, suggesting a substantial infusion of capital or significant retained earnings.
- Financial Leverage Ratio Dynamics
- The financial leverage ratio followed a convex pattern. The ratio initially rose from 3.68 in March 2022 to a peak of 4.98 in September 2022, marking the period of highest relative reliance on debt or external financing. From that peak, a steady downward trend was established. A sharp reduction occurred between June 2024 (3.36) and December 2024 (2.38), aligning with the surge in stockholders' equity. In the final periods, the ratio stabilized between 2.25 and 2.42, indicating a more conservative capital structure and improved solvency.
Overall, the transition from a leverage peak of 4.98 to a stabilized range near 2.40 demonstrates a shift toward a more equity-heavy financing model. This trend suggests a reduced risk profile regarding long-term solvency and a greater capacity to absorb financial shocks.
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Interest Coverage
Uber Technologies Inc., interest coverage calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Net income (loss) attributable to Uber Technologies, Inc. | 263) | 296) | 6,626) | 1,355) | 1,776) | 6,883) | 2,612) | 1,015) | (654) | 1,429) | 221) | 394) | (157) | 596) | (1,206) | (2,601) | (5,930) | ||||||
| Add: Net income attributable to noncontrolling interest | 19) | 21) | 26) | (5) | (2) | 18) | (13) | (7) | (9) | 271) | (2) | —) | —) | 4) | 2) | (15) | 12) | ||||||
| Add: Income tax expense | 194) | (40) | (4,046) | 142) | (402) | (6,002) | 158) | 57) | 29) | 133) | (40) | 65) | 55) | (84) | 58) | 77) | (232) | ||||||
| Add: Interest expense | 108) | 115) | 112) | 108) | 105) | 117) | 143) | 139) | 124) | 155) | 166) | 144) | 168) | 151) | 146) | 139) | 129) | ||||||
| Earnings before interest and tax (EBIT) | 584) | 392) | 2,718) | 1,600) | 1,477) | 1,016) | 2,900) | 1,204) | (510) | 1,988) | 345) | 603) | 66) | 667) | (1,000) | (2,400) | (6,021) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Interest coverage1 | 11.95 | 14.06 | 15.41 | 14.78 | 13.09 | 8.81 | 9.95 | 5.18 | 4.12 | 4.74 | 2.67 | 0.55 | -4.42 | -15.49 | -15.64 | -19.05 | -13.64 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||
| Union Pacific Corp. | 8.09 | 8.00 | 7.97 | 7.94 | 7.93 | 7.93 | 7.75 | 7.47 | 7.20 | 7.14 | 7.13 | 7.59 | 8.00 | 8.14 | 8.40 | 8.34 | 8.53 | ||||||
| United Airlines Holdings Inc. | 5.15 | 4.69 | 4.54 | 4.43 | 4.65 | 3.97 | 3.40 | 3.34 | 3.02 | 2.91 | 3.09 | 2.92 | 2.44 | 1.59 | 0.40 | 0.06 | -0.56 | ||||||
| United Parcel Service Inc. | 7.38 | 8.04 | 8.06 | 8.86 | 9.32 | 9.59 | 9.74 | 9.29 | 10.58 | 11.92 | 15.44 | 18.59 | 20.44 | 22.06 | 21.60 | 21.21 | 20.95 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Interest coverage
= (EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025
+ EBITQ2 2025)
÷ (Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025
+ Interest expenseQ2 2025)
= (584 + 392 + 2,718 + 1,600)
÷ (108 + 115 + 112 + 108)
= 11.95
2 Click competitor name to see calculations.
The financial trajectory between March 2022 and March 2026 demonstrates a significant transition from operational deficits to a strong solvency position. The period is characterized by a fundamental shift in the ability to service debt obligations through operational earnings.
- Operational Earnings Trend
- Earnings before interest and tax (EBIT) exhibited a substantial recovery. Initial figures showed heavy losses, peaking at negative 6,021 million US dollars in March 2022. A positive pivot occurred by December 2022, and despite a temporary contraction to negative 510 million US dollars in March 2024, the trend generally ascended. Operational profitability reached a peak of 2,900 million US dollars in September 2024, remaining consistently positive through March 2026.
- Interest Expense Management
- Interest expenses remained relatively stable with a slight downward trend in the latter half of the period. Costs peaked at 168 million US dollars in March 2023 before declining to a low of 105 million US dollars in March 2024. The consistency of these expenses, paired with increasing EBIT, facilitated a rapid improvement in solvency metrics.
- Interest Coverage Ratio Analysis
- The interest coverage ratio evolved from a state of insolvency to high efficiency. From March 2022 to March 2023, the ratio was negative, indicating that operational earnings were insufficient to cover interest payments. A positive transition was achieved in June 2023, followed by a period of aggressive growth that peaked at a ratio of 15.41 in September 2025. Although a marginal decline is observed toward March 2026, the closing ratio of 11.95 indicates a robust capacity to meet interest obligations from operating profits.
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