Uber Technologies Inc. (NYSE:UBER)

Debt to Equity

The debt to equity ratio showed an initial upward trend from 0.5 at March 31, 2020, peaking at 1.48 by September 30, 2022. This increase reflects a rising proportion of debt compared to equity during this period. Following this peak, the ratio consistently decreased, reaching 0.38 by June 30, 2025. This suggests a strategic reduction in leverage over recent quarters.

Debt to Equity (Including Operating Lease Liability)

This ratio followed a similar pattern to the basic debt to equity ratio but at higher levels, starting from 0.65 in early 2020 and peaking at 1.77 in September 2022. After this peak, a steady decline ensued, lowering the ratio to 0.45 by mid-2025. This indicates that when accounting for operating leases as liabilities, the company's leverage was more pronounced but also subject to reduction.

Debt to Capital

The debt to capital ratio rose from 0.33 in the first quarter of 2020 to a peak of 0.60 in late 2022, indicating increased debt relative to total capital. Post-peak, the ratio declined steadily to 0.28 by mid-2025, illustrating a reduction in debt proportional to capital over time.

Debt to Capital (Including Operating Lease Liability)

Including operating leases, the debt to capital ratio mirrored the trend of the standard ratio but at elevated levels, rising to 0.64 in September 2022 before decreasing to 0.31 by June 2025. This confirms the trend of deleveraging persists even when lease liabilities are recognized.

Debt to Assets

This ratio increased moderately from 0.19 in early 2020 to a high of around 0.30 in 2022, suggesting a growing share of assets financed via debt. From 2023 onward, there is a noticeable reduction to approximately 0.16 by mid-2025, signaling increased asset financing through equity or other means.

Debt to Assets (Including Operating Lease Liability)

When including operating leases, debt to assets followed the same trajectory with higher ratios, climbing to 0.36 in 2022 and falling to 0.19 by June 2025. This indicates that including leases highlights more extensive asset leverage, which has also been curtailed over recent periods.

Financial Leverage

Financial leverage experienced growth from 2.65 in March 2020 to nearly 5.0 by late 2022, indicating an increase in total assets supported per unit of equity. Subsequently, there was a decline to about 2.48 by mid-2025, reflecting a reduction in reliance on debt financing and potentially an improvement in equity capitalization.

Interest Coverage

Interest coverage ratios were negative for most of the period from 2020 through early 2023, reaching very low levels such as -19.05 in mid-2022. This indicates operating earnings were insufficient to cover interest expenses, signaling financial stress. Starting from 2023, there was a marked improvement with positive and increasing ratios, culminating at 14.78 by June 2025. This trend suggests enhanced profitability and capacity to meet interest obligations.

The analysis of the quarterly financial data reveals several notable trends related to the company's debt, equity, and debt-to-equity ratio over the observed periods.

Total debt

The total debt experienced an initial increase from 5,703 million USD at the end of Q1 2020 to a peak around 9,459 million USD in Q4 2023. Following this peak, there is a marked fluctuation with a decline to 8,347 million USD in Q1 2025, before rising again slightly to 9,578 million USD in Q2 2025. Overall, total debt shows a generally upward trajectory with some variability towards the later periods.

Total stockholders' equity

Stockholders’ equity demonstrated moderate volatility with an initial decline from 11,342 million USD in Q1 2020 to 6,247 million USD by Q3 2022. After this low point, equity rebounded significantly, increasing to 21,598 million USD by Q1 2025, and sustaining this upward trend through Q2 2025. This indicates a recovery and strengthening of the equity base over the last few years after a period of contraction.

Debt-to-equity ratio

The debt-to-equity ratio started at 0.5 in Q1 2020 and rose steadily to peak levels around 1.48 in Q3 2022, reflecting greater leverage at that time. From this peak, the ratio steadily declined, reaching a low of approximately 0.38 in Q2 2025. This decline suggests a reduction in relative leverage, driven primarily by the strong increase in equity alongside a flattening or modest changes in debt levels.

In summary, the company initially increased its leverage significantly through rising debt and declining equity up to mid-2022. Subsequently, there has been a substantial equity recovery and a reduction in leverage, which suggests improved financial stability and a stronger capital structure entering 2025. The fluctuations in total debt toward the end of the period indicate some borrowing activity but do not offset the significant equity growth, resulting in a healthier debt-to-equity position overall.

The financial data reveals several notable trends concerning the company's debt, equity, and leverage over the analyzed periods.

Total Debt (including operating lease liability)

The total debt level exhibits fluctuations without a clear unidirectional trend. Initially, from early 2020 through the end of 2021, total debt increased from around $7.4 billion to approximately $11.1 billion. From 2022 onwards, debt values remained relatively stable around the $11 billion mark, with minor periodic increases and decreases. A significant spike is observed in the third quarter of 2024, reaching $12.7 billion, followed by a decline back to around $10 billion in subsequent quarters. Overall, debt levels indicate moderate volatility with no sustained upward or downward movement beyond these fluctuations.

Total Stockholders’ Equity

Stockholders’ equity follows a more discernible pattern over the timeframe. Beginning at approximately $11.3 billion in the first quarter of 2020, equity declined sharply through 2021, reaching a low near $6.2 billion in the third quarter of 2022. After this trough, there is a consistent and robust recovery, with equity rising steadily through 2023 and 2024, exceeding $22.5 billion by the end of the analyzed period in mid-2025. This trajectory suggests significant improvements in the company's net asset base and financial strength following a period of contraction.

Debt to Equity Ratio

The debt to equity ratio reflects the interplay between the company's use of leverage and equity base. Initially, this ratio was relatively low, below 1, ranging from 0.65 to 0.94 in 2020, indicating conservative leverage. However, as equity decreased sharply by late 2021 and into 2022, the ratio correspondingly increased substantially, peaking around 1.77 in the third quarter of 2022. Post-peak, the ratio steadily declined throughout 2023 and 2024, falling below 0.5 by mid-2025, the lowest levels recorded in the period analyzed. This decline is consistent with the marked increase in equity and the stabilization or slight reduction in total debt, signaling a stronger equity position and reduced relative leverage.

In summary, the data reflects a company that experienced elevated leverage and declining equity during 2021-2022, which could imply financial stress or substantial investments funded by debt. Following this period, there is evidence of financial improvement, with equity increasing significantly and leverage decreasing, suggesting enhanced financial stability and possibly improved profitability or capital management. The stable to slightly fluctuating debt levels coupled with growing equity have contributed to a healthier balance sheet position by the end of the examined period.

Total debt

The total debt showed an overall increasing trend from March 2020 through December 2024, beginning at approximately 5.7 billion USD and peaking at nearly 11.0 billion USD in September 2024. Following this peak, there was a notable reduction to around 8.3 billion USD by March 2025, indicating efforts to deleverage or reduce debt levels in the most recent quarters.

Total capital

Total capital fluctuated throughout the observed period. It started near 17.0 billion USD in March 2020, rose to a peak of about 23.7 billion USD by December 2021, then declined sharply to just over 15.5 billion USD by September 2022. From that point onwards, capital steadily increased again, reaching above 32.1 billion USD by June 2025. This suggests cycles of capital restructuring or changes in equity and debt balances impacting the capital base.

Debt to capital ratio

The debt to capital ratio began at 0.33 in March 2020 and increased gradually to a high of approximately 0.60 in September 2022, reflecting a rising reliance on debt relative to total capital. After this peak, the ratio consistently declined, reaching lows around 0.28 to 0.30 in early 2025. This decline indicates a shift towards a more balanced or equity-weighted capital structure and reduced leverage following a period of increased debt burden.

Total Debt (including operating lease liability)

The total debt shows a generally stable pattern from March 2020 to December 2020, with values fluctuating around 7,400 to 9,200 million US dollars. Starting in 2021, debt levels increase and reach a peak in late 2021 at over 11,100 million US dollars. From early 2022 to late 2023, debt remains relatively consistent, fluctuating slightly around 11,000 million US dollars. In 2024, the debt shows a mild increase followed by a decline and then another increase towards the end of the year. The first two quarters of 2025 indicate a reduction in debt compared to the prior year-end figures but still close to the 11,000 million mark.

Total Capital (including operating lease liability)

Total capital exhibits significant volatility over the analyzed period. Initially, it declines from approximately 18,800 million US dollars in early 2020 to a low near 17,300 million US dollars by late 2020. This is followed by a steady growth phase during 2021, reaching around 25,500 million US dollars by the end of the year. However, in 2022, total capital decreases sharply to around 17,300 million US dollars and then displays an upward trend through 2023 and into 2024. The capital base expands substantially from mid-2024, reaching over 31,900 million US dollars in mid-2025, indicating an increasing equity or asset base relative to earlier periods.

Debt to Capital Ratio

The debt to capital ratio fluctuates between 0.4 and 0.48 in 2020, showing moderate leverage during the initial phase. It decreases slightly in early 2021 but then rises again to peak near 0.64 by the end of 2021, reflecting an increased reliance on debt relative to capital. During 2022 and 2023, the ratio declines steadily from around 0.6 to approximately 0.54 by late 2023, suggesting a reduction in relative debt levels or growth in capital. In 2024, the ratio consistently trends downward, hitting about 0.31 by mid-2025, indicating a significant shift towards lower leverage and increased capitalization of the company during this period.

Summary of Trends

Overall, the data reveals a pattern where debt levels remain relatively stable after a moderate increase through 2021, while total capital demonstrates more pronounced fluctuations with a general upward trend starting in late 2022. The company's leverage, as represented by the debt to capital ratio, peaks in late 2021 but subsequently declines, reaching its lowest level in mid-2025. This suggests a strategic shift towards strengthening the equity base and reducing reliance on debt financing over the longer term. The variability in capital and moderate adjustments in debt levels indicate active capital management possibly aimed at balancing growth and financial risk.

The financial data reflects the evolution of leverage and asset base over multiple quarters. Total debt displayed a generally stable to slightly increasing trend from March 31, 2020, through December 31, 2023, fluctuating in the range of approximately US$5.7 billion to US$9.5 billion. Notably, there was a peak in debt levels around the fourth quarter of 2024, reaching nearly US$11 billion, before showing a decline thereafter.

Total assets followed an overall upward trajectory for the majority of the periods under review. Starting at around US$30.1 billion in early 2020, total assets experienced moderate growth culminating in a substantial increase in 2024, surpassing US$55.9 billion by the end of the observed timeline.

The debt to assets ratio exhibits the relationship between the company’s leverage and asset base. From a ratio of 0.19 in the first quarter of 2020, it increased to a peak of approximately 0.30 during mid-2022, indicating a relative rise in debt compared to assets. However, this ratio then steadily declined through 2023 and into 2025, reaching around 0.16 in mid-2025, signifying improved asset coverage of debt obligations and a reduction in relative leverage.

Total Debt

Generally stable with slight increases, peaking in late 2024 before decreasing towards mid-2025.

Total Assets

Consistent growth overall, with significant acceleration in asset accumulation during 2024.

Debt to Assets Ratio

Rose in early periods up to mid-2022, indicating higher leverage, followed by a steady decline through 2025, reflecting improved financial stability and reduced leverage risk.

In summary, the data reveals a company that increased its asset base markedly over time while initially taking on more debt relative to assets but subsequently reducing leverage from late 2022 onward. This pattern suggests a strategic emphasis on strengthening the balance sheet and enhancing financial resilience after a period of elevated leverage.

The analysis of the presented financial metrics over the observed quarters reveals discernible trends in debt levels, asset base, and leverage ratios.

Total Debt (including operating lease liability)

The total debt balance demonstrates a generally stable to slightly increasing pattern from early 2020 through late 2024, fluctuating mostly between approximately 7.4 billion and 12.7 billion US dollars. Notable increases occur towards the end of 2021 and in the late 2024 quarter, reaching peaks near or above 11 billion and 12.6 billion respectively. However, there is a visible reduction in debt in mid-2025, decreasing to just under 10 billion dollars before rising modestly again by the end of the available data.

Total Assets

The asset base exhibits a growing trend over the observed period. Starting at around 30 billion US dollars in March 2020, total assets initially decline in mid-2020 but then steadily increase through to mid-2025, surpassing 55 billion US dollars by the end of the dataset. This growth suggests an expanding scale of operations or asset accumulation over the course of these years.

Debt to Assets Ratio (including operating lease liability)

The leverage ratio exhibits some variability but demonstrates an overall downward trend, indicating a reduction in proportionate debt relative to assets. Initially, this ratio hovers around 0.25 to 0.30 in early 2020, climbs moderately to peaks around 0.34 to 0.36 in 2022, and then gradually declines from early 2023 onwards. By mid-2025, the ratio decreases significantly to approximately 0.19 to 0.20, implying improved balance sheet strength through relative deleveraging or stronger asset growth compared to debt.

In summary, the company’s total debt remains relatively stable with some periodic increases, while total assets grow substantially, resulting in a declining debt-to-assets ratio over time. This pattern suggests an overall improvement in financial leverage and possibly financial flexibility as the asset base expands faster than debt obligations.

The analysis of the quarterly financial data reveals distinct trends in the company's total assets, stockholders' equity, and financial leverage over the observed periods.

Total Assets

Total assets exhibit considerable fluctuations over the time frame. Initially, there is a rise from $30,090 million on March 31, 2020, reaching a peak of $38,774 million by December 31, 2021. Following this peak, assets decrease substantially to $31,812 million by March 31, 2022, suggesting a contraction. However, from this low point, total assets demonstrate a consistent and robust growth trajectory, climbing to $55,982 million by December 31, 2024. This denotes a strong asset base expansion in the later periods.

Total Stockholders’ Equity

Stockholders’ equity presents a somewhat volatile pattern. Starting at $11,342 million on March 31, 2020, equity declines to $6,247 million by September 30, 2022, indicating a period of equity reduction. After this nadir, equity progressively recovers and expands substantially to $22,598 million by December 31, 2024. The early decline followed by growth may reflect operational challenges or capital structure adjustments succeeded by improved profitability or capital infusions later in the period.

Financial Leverage

The financial leverage ratio shows significant variability. Initially increasing from 2.65 to a high of 4.98 by September 30, 2022, leverage indicates growing reliance on debt or liabilities relative to equity during this period. Subsequently, the leverage ratio declines steadily to 2.48 by December 31, 2024, indicating a leveraging down and potentially a strengthening equity position or debt reduction. The reduction in leverage coincides with the period of equity growth, highlighting a trend toward a more balanced capital structure.

Overall, the data depicts a cycle of initial growth in assets and increasing leverage, followed by contraction and equity depletion, and finally a significant recovery in both assets and equity accompanied by reduced financial leverage. These trends may suggest phases of strategic reorganization or market response leading to an enhanced financial position by the end of the observation period.

The financial data reveals significant volatility in earnings before interest and tax (EBIT) over the observed quarters. Initially, EBIT displayed large negative values, starting at -3070 million USD in March 2020 and gradually improving to a positive 748 million USD by June 2021. However, this was followed by a sharp decline to -2417 million USD in September 2021, before rebounding strongly to 912 million USD in December 2021.

Beginning in 2022, EBIT again exhibited marked fluctuations, with a steep fall to -6021 million USD in the first quarter, then recovering to positive territory by the end of the year with 667 million USD. The trend in 2023 was characterized by moderate positive EBIT values, fluctuating between 66 million USD and 1988 million USD, indicating improved operating profitability compared to earlier periods.

In the most recent quarters, EBIT maintained positive momentum with values predominantly above 1000 million USD, peaking at 2900 million USD in September 2024 before experiencing a slight decline but remaining strong through mid-2025. This suggests a stabilizing and improving operating performance in the later periods.

Interest expense shows a relatively stable pattern over the entire period, ranging mostly between 110 million USD and 168 million USD with no major spikes or trends. This consistency in interest costs implies relatively stable debt levels or borrowing costs without significant changes.

The interest coverage ratio, which measures the ability to service interest expenses from EBIT, reflects the volatile operating earnings. Early in the timeline, the ratio was negative or very low, indicating insufficient earnings to cover interest expenses, with figures as low as -19.05. Starting in 2023, there is a clear upward trend, crossing into positive territory and steadily improving.

From early 2023 onward, the interest coverage ratio improved markedly, reaching a high of 14.78 by mid-2025. This trend demonstrates enhanced financial health and greater earnings generating capability relative to interest obligations, signifying improved solvency and reduced default risk during the recent periods.

Earnings before Interest and Tax (EBIT)

Highly volatile across the periods with deep negative values in 2020 and early 2022. Significant recovery phases visible in mid-2021 and throughout 2023-2025, showing gradual stabilization and stronger profitability.

Interest Expense

Relatively stable throughout the entire period, suggesting consistent financing costs and limited changes in debt structure or interest rates.

Interest Coverage Ratio

Improved from strongly negative and insufficient coverage in 2020-early 2023 to a robust coverage ratio exceeding 10 by mid-2025, reflecting improved earnings capacity relative to interest obligations and enhanced financial stability.