Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Uber Technologies Inc., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of long-term investment activity ratios reveals notable trends over the five-year period. Generally, the company demonstrates increasing efficiency in utilizing fixed assets, while total asset and equity turnover exhibit more varied performance.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio consistently increased throughout the period, rising from 9.42 in 2021 to 27.42 in 2025. This indicates a substantial improvement in the company’s ability to generate revenue from its fixed asset base. The increasing ratio suggests enhanced operational efficiency and potentially better asset utilization strategies.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Similar to the standard net fixed asset turnover, this ratio also demonstrates an upward trend, moving from 5.39 in 2021 to 17.28 in 2025. While lower in magnitude than the standard ratio, the consistent increase suggests that the inclusion of operating lease obligations and right-of-use assets does not negate the overall improvement in fixed asset utilization. The difference between the two fixed asset turnover ratios widens over time, indicating a growing proportion of fixed assets are financed through operating leases.
- Total Asset Turnover
- The total asset turnover ratio experienced an initial increase from 0.45 in 2021 to 0.99 in 2022, followed by a decline to 0.84 in 2025. This suggests an initial improvement in the efficiency of utilizing all assets to generate revenue, but subsequent stagnation and a slight decrease. The leveling off and subsequent decline may warrant further investigation to determine the underlying causes, such as increases in current assets without corresponding revenue growth.
- Equity Turnover
- The equity turnover ratio peaked at 4.34 in 2022 before decreasing to 1.92 in 2025. This indicates that the company initially generated a significant amount of revenue per dollar of equity, but this relationship weakened over time. The decline could be attributed to factors such as increased equity financing, slower revenue growth relative to equity, or changes in capital structure. The ratio’s decrease contrasts with the increasing fixed asset turnover, suggesting a shift in the drivers of revenue generation.
In summary, the company has demonstrably improved its efficiency in generating revenue from fixed assets. However, the performance of total asset and equity turnover ratios suggests a more complex picture, with initial gains followed by stabilization or decline. These trends warrant further investigation to understand the underlying factors and their implications for long-term financial performance.
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Net Fixed Asset Turnover
Uber Technologies Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) | |
| Property and equipment, net | 1,897) | 1,952) | 2,073) | 2,082) | 1,853) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 27.42 | 22.53 | 17.98 | 15.31 | 9.42 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 2.11 | 2.11 | 2.22 | 2.45 | 2.35 | |
| Union Pacific Corp. | 0.41 | 0.42 | 0.42 | 0.44 | 0.40 | |
| United Airlines Holdings Inc. | 1.28 | 1.33 | 1.35 | 1.31 | 0.77 | |
| United Parcel Service Inc. | 2.35 | 2.45 | 2.46 | 2.89 | 2.91 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Transportation | 1.67 | 1.67 | 1.67 | 1.79 | 1.55 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | 2.84 | 2.76 | 2.86 | 2.94 | 2.72 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= 52,017 ÷ 1,897 = 27.42
2 Click competitor name to see calculations.
The analysis reveals a consistently increasing trend in net fixed asset turnover over the five-year period. This indicates improving efficiency in utilizing fixed assets to generate revenue.
- Revenue
- Revenue demonstrates a strong upward trajectory, increasing from US$17,455 million in 2021 to US$52,017 million in 2025. This substantial growth provides the foundation for the observed improvements in asset turnover.
- Property and Equipment, Net
- Property and equipment, net, experienced a modest increase between 2021 and 2022, rising from US$1,853 million to US$2,082 million. However, subsequent years show a slight decline, decreasing to US$1,897 million by 2025. This suggests that the revenue growth is not heavily reliant on significant investments in additional fixed assets.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio increased steadily throughout the period. Starting at 9.42 in 2021, it rose to 15.31 in 2022, 17.98 in 2023, 22.53 in 2024, and reached 27.42 in 2025. This consistent increase signifies that the company is generating progressively more revenue for each dollar invested in fixed assets. The rate of increase appears to be accelerating in the later years of the period.
The combination of growing revenue and relatively stable, or slightly decreasing, net fixed assets results in a significant improvement in the net fixed asset turnover ratio. This suggests enhanced operational efficiency and a more effective utilization of the company’s fixed asset base.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Uber Technologies Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) | |
| Property and equipment, net | 1,897) | 1,952) | 2,073) | 2,082) | 1,853) | |
| Operating lease right-of-use assets | 1,114) | 1,158) | 1,241) | 1,449) | 1,388) | |
| Property and equipment, net (including operating lease, right-of-use asset) | 3,011) | 3,110) | 3,314) | 3,531) | 3,241) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 17.28 | 14.14 | 11.25 | 9.03 | 5.39 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| FedEx Corp. | 1.51 | 1.50 | 1.55 | 1.71 | 1.64 | |
| Union Pacific Corp. | 0.40 | 0.41 | 0.41 | 0.43 | 0.38 | |
| United Airlines Holdings Inc. | 1.16 | 1.22 | 1.23 | 1.17 | 0.67 | |
| United Parcel Service Inc. | 2.11 | 2.20 | 2.20 | 2.61 | 2.63 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Transportation | 1.45 | 1.45 | 1.44 | 1.53 | 1.33 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | 2.49 | 2.41 | 2.49 | 2.54 | 2.34 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 52,017 ÷ 3,011 = 17.28
2 Click competitor name to see calculations.
The analysis reveals a consistently increasing trend in net fixed asset turnover alongside fluctuating, but generally stable, revenue and net fixed asset values. Revenue experienced substantial growth over the five-year period, while net fixed assets remained relatively consistent, contributing to the observed turnover increase.
- Revenue
- Revenue demonstrated a significant upward trajectory, increasing from US$17,455 million in 2021 to US$52,017 million in 2025. This represents a cumulative growth of approximately 198% over the period. The most substantial year-over-year increase occurred between 2021 and 2022.
- Property and Equipment, Net (including operating lease, right-of-use asset)
- Net fixed assets exhibited a modest initial increase from US$3,241 million in 2021 to US$3,531 million in 2022. Subsequently, a slight decline was observed, reaching US$3,011 million in 2025. The fluctuations were relatively contained, suggesting a stable investment in fixed assets despite revenue growth.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio increased dramatically throughout the period, rising from 5.39 in 2021 to 17.28 in 2025. This indicates a growing efficiency in generating revenue from the company’s fixed asset base. The ratio more than tripled over the five years, reflecting the company’s ability to leverage its existing assets to produce significantly higher sales. The rate of increase accelerated in later years, suggesting improving operational efficiency or a shift towards a less capital-intensive business model.
The consistent rise in net fixed asset turnover, coupled with relatively stable net fixed asset values, suggests the company is effectively utilizing its assets to generate revenue. This trend warrants further investigation to understand the underlying drivers, such as operational improvements, changes in business strategy, or shifts in asset utilization patterns.
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Total Asset Turnover
Uber Technologies Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) | |
| Total assets | 61,802) | 51,244) | 38,699) | 32,109) | 38,774) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.84 | 0.86 | 0.96 | 0.99 | 0.45 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 1.00 | 1.01 | 1.03 | 1.09 | 1.01 | |
| Union Pacific Corp. | 0.35 | 0.36 | 0.36 | 0.38 | 0.34 | |
| United Airlines Holdings Inc. | 0.77 | 0.77 | 0.76 | 0.67 | 0.36 | |
| United Parcel Service Inc. | 1.21 | 1.30 | 1.28 | 1.41 | 1.40 | |
| Total Asset Turnover, Sector | ||||||
| Transportation | 0.85 | 0.87 | 0.88 | 0.92 | 0.76 | |
| Total Asset Turnover, Industry | ||||||
| Industrials | 0.66 | 0.65 | 0.67 | 0.66 | 0.58 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Total asset turnover = Revenue ÷ Total assets
= 52,017 ÷ 61,802 = 0.84
2 Click competitor name to see calculations.
The analysis reveals a fluctuating pattern in the total asset turnover ratio over the five-year period. Initially, a substantial increase is observed, followed by a period of relative stabilization and then a slight decline.
- Total Asset Turnover
- The total asset turnover ratio increased significantly from 0.45 in 2021 to 0.99 in 2022. This indicates a considerable improvement in the efficiency with which assets were used to generate revenue. The ratio then experienced a modest decrease to 0.96 in 2023, suggesting a slight reduction in asset utilization efficiency. Further declines were noted in subsequent years, with the ratio falling to 0.86 in 2024 and 0.84 in 2025. This represents a consistent, albeit gradual, decrease in the ability to generate sales from its asset base.
The initial increase in 2022 likely reflects improved operational efficiency or a change in asset composition. However, the subsequent declines in 2024 and 2025, despite continued revenue growth, suggest that asset investment is outpacing revenue generation. This could be due to investments in long-term assets that have not yet fully contributed to revenue, or potentially indicate diminishing returns on existing assets.
The observed trend warrants further investigation to determine the underlying causes of the declining asset turnover. Analyzing the components of total assets and revenue streams could provide insights into the specific areas driving this pattern.
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Equity Turnover
Uber Technologies Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) | |
| Total Uber Technologies, Inc. stockholders’ equity | 27,041) | 21,558) | 11,249) | 7,340) | 14,458) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 1.92 | 2.04 | 3.31 | 4.34 | 1.21 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| FedEx Corp. | 3.13 | 3.18 | 3.46 | 3.75 | 3.47 | |
| Union Pacific Corp. | 1.33 | 1.44 | 1.63 | 2.05 | 1.54 | |
| United Airlines Holdings Inc. | 3.87 | 4.50 | 5.76 | 6.52 | 4.90 | |
| United Parcel Service Inc. | 5.46 | 5.45 | 5.26 | 5.07 | 6.83 | |
| Equity Turnover, Sector | ||||||
| Transportation | 2.97 | 3.19 | 3.76 | 4.16 | 3.40 | |
| Equity Turnover, Industry | ||||||
| Industrials | 2.88 | 2.92 | 3.33 | 3.06 | 2.63 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Equity turnover = Revenue ÷ Total Uber Technologies, Inc. stockholders’ equity
= 52,017 ÷ 27,041 = 1.92
2 Click competitor name to see calculations.
An examination of the financial information reveals fluctuating equity turnover ratios alongside significant changes in revenue and stockholders’ equity. Revenue demonstrated consistent growth throughout the period, while stockholders’ equity experienced volatility. The equity turnover ratio, calculated as revenue divided by total stockholders’ equity, reflects how efficiently the company generates revenue from its equity base.
- Equity Turnover Trend
- The equity turnover ratio increased substantially from 1.21 in 2021 to 4.34 in 2022. This indicates a significant improvement in the company’s ability to generate revenue from each dollar of equity. However, the ratio subsequently decreased to 3.31 in 2023 and continued to decline to 2.04 in 2024, and further to 1.92 in 2025. This suggests a diminishing efficiency in revenue generation relative to equity over these later years.
- Revenue and Equity Relationship
- The initial increase in equity turnover in 2022 coincided with a substantial rise in revenue and a concurrent decrease in stockholders’ equity. While revenue continued to grow in subsequent years, the decrease in equity turnover suggests that the growth in equity outpaced revenue growth, or that equity was utilized less efficiently in generating revenue. The increase in stockholders’ equity from 2023 onwards did not translate into a corresponding increase in equity turnover, reinforcing this observation.
- Stockholders’ Equity Volatility
- Stockholders’ equity experienced a notable decline from 2021 to 2022, followed by a recovery and continued growth through 2025. This volatility in the equity base likely contributed to the fluctuations observed in the equity turnover ratio. The substantial decrease in equity in 2022 amplified the impact of revenue growth on the ratio, while the subsequent increases in equity moderated the ratio’s responsiveness to revenue changes.
In summary, while the company demonstrated consistent revenue growth, its efficiency in utilizing equity to generate that revenue, as measured by the equity turnover ratio, decreased after an initial period of improvement. The observed trends are likely influenced by both revenue performance and fluctuations in the company’s equity base.
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