Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Uber Technologies Inc., profitability ratios (quarterly data)
Based on: 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 profitability ratios demonstrate a clear and consistent improvement over the observed period. Initially, the company experienced significant losses, but these have steadily diminished, culminating in substantial profitability by the end of the analyzed timeframe. This positive trend is evident across all measured ratios.
- Gross Profit Margin
- The gross profit margin exhibited relative stability, fluctuating between approximately 38% and 46% throughout the period. While there was a gradual decline from March 2022 to December 2022, it largely plateaued thereafter, remaining consistently around 39-40%. This suggests effective cost management related to the production or delivery of goods/services.
- Operating Profit Margin
- The operating profit margin showed the most dramatic improvement. Beginning with a substantial loss of -13.04% in March 2022, it steadily increased, turning positive in September 2022. The upward trajectory continued, reaching 10.70% by December 2025. This indicates significant improvements in operational efficiency and cost control, exceeding revenue declines if any.
- Net Profit Margin
- Similar to the operating profit margin, the net profit margin experienced a substantial turnaround. Starting with a significant loss of -29.52% in March 2022, it progressed to a positive value by September 2023 and continued to grow, reaching 22.41% in December 2024 before slightly decreasing to 19.33% in December 2025. This suggests that improvements in core operations, coupled with effective management of non-operating expenses, contributed to increased overall profitability.
- Return on Equity (ROE)
- The return on equity mirrored the trend of the profit margins, transitioning from substantial negative values to significant positive returns. Starting at -70.86% in March 2022, ROE increased consistently, peaking at 59.15% in September 2025 before decreasing to 37.18% in December 2025. This indicates a growing ability to generate profits from shareholder investments.
- Return on Assets (ROA)
- The return on assets also demonstrated a strong positive trend. Beginning with a negative value of -19.26% in March 2022, ROA steadily improved, becoming positive in September 2023 and reaching 26.27% in September 2025 before decreasing to 16.27% in December 2025. This suggests an increasing efficiency in utilizing assets to generate earnings.
In summary, the observed period reflects a substantial and consistent improvement in profitability across all measured ratios. The company has successfully transitioned from significant losses to robust profitability, demonstrating effective operational management and a growing return on both equity and assets. The slight decrease in net profit margin, ROE, and ROA in the final quarter suggests a potential need for further investigation to understand the underlying causes and ensure continued positive performance.
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Return on Sales
Return on Investment
Gross Profit Margin
Uber Technologies Inc., gross profit margin calculation (quarterly data)
Based on: 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 Q4 2025 Calculation
Gross profit margin = 100
× (Gross profitQ4 2025
+ Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × (5,685 + 5,358 + 5,040 + 4,596)
÷ (14,366 + 13,467 + 12,651 + 11,533)
= 39.75%
The gross profit margin exhibited a generally decreasing trend from March 31, 2022, through December 31, 2022, followed by a period of relative stability and slight fluctuation before concluding with a consistent value. Gross profit demonstrated a consistent upward trajectory throughout the observed period.
- Initial Decline (Mar 31, 2022 – Dec 31, 2022)
- The gross profit margin decreased from 45.50% in March 31, 2022, to 38.33% by December 31, 2022. This represents a substantial reduction over four quarters, indicating potentially increasing costs of revenue relative to revenue generation during this timeframe. Despite this decline, the gross profit itself increased from US$2,828 million to US$3,300 million, suggesting revenue growth outpaced the increase in cost of revenue, but at a diminishing margin.
- Stabilization and Fluctuation (Mar 31, 2023 – Dec 31, 2023)
- From March 31, 2023, to December 31, 2023, the gross profit margin experienced a period of stabilization, fluctuating between 38.27% and 39.76%. This suggests that the cost of revenue and revenue growth began to balance out. Gross profit continued its upward trend, increasing from US$3,564 million to US$3,879 million.
- Recent Consistency (Mar 31, 2024 – Dec 31, 2025)
- The gross profit margin demonstrated a consistent value of approximately 39.75% from March 31, 2024, through December 31, 2025. This indicates a sustained equilibrium between revenue and cost of revenue. Concurrently, gross profit continued to increase, reaching US$5,685 million by December 31, 2025, demonstrating continued business expansion.
- Overall Trend
- While the gross profit margin initially declined, it ultimately stabilized and remained consistent in the most recent periods analyzed. The consistent growth in gross profit alongside a stable margin suggests effective revenue management and cost control in the later part of the observed period.
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Operating Profit Margin
Uber Technologies Inc., operating profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Income (loss) from operations | 1,774) | 1,113) | 1,450) | 1,228) | 770) | 1,061) | 796) | 172) | 652) | 394) | 326) | (262) | (142) | (495) | (713) | (482) | |||||
| Revenue | 14,366) | 13,467) | 12,651) | 11,533) | 11,959) | 11,188) | 10,700) | 10,131) | 9,936) | 9,292) | 9,230) | 8,823) | 8,607) | 8,343) | 8,073) | 6,854) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Operating profit margin1 | 10.70% | 9.19% | 9.53% | 8.49% | 6.36% | 6.39% | 5.03% | 4.00% | 2.98% | 0.88% | -1.64% | -4.76% | -5.75% | -7.71% | -9.07% | -13.04% | |||||
| Benchmarks | |||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||
| FedEx Corp. | 5.93% | 5.67% | 5.64% | 5.88% | 6.34% | 6.29% | 6.03% | 5.88% | 5.45% | 5.76% | 5.97% | 6.37% | 6.68% | 6.67% | 6.47% | 6.54% | |||||
| Union Pacific Corp. | 40.17% | 40.62% | 40.33% | 40.06% | 40.05% | 39.51% | 38.76% | 38.02% | 37.65% | 37.64% | 38.53% | 39.22% | 39.87% | 40.71% | 41.59% | 42.90% | |||||
| United Airlines Holdings Inc. | 7.98% | 8.27% | 8.62% | 9.71% | 8.93% | 8.20% | 8.56% | 7.94% | 7.84% | 8.74% | 8.47% | 7.52% | 5.20% | 1.35% | 0.37% | -3.51% | |||||
| United Parcel Service Inc. | 8.87% | 9.18% | 9.30% | 9.37% | 9.30% | 8.84% | 8.24% | 9.15% | 10.05% | 10.59% | 12.09% | 12.52% | 13.05% | 13.64% | 13.56% | 13.46% | |||||
Based on: 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 Q4 2025 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × (1,774 + 1,113 + 1,450 + 1,228)
÷ (14,366 + 13,467 + 12,651 + 11,533)
= 10.70%
2 Click competitor name to see calculations.
The operating profit margin demonstrates a clear improving trend over the observed period. Initially negative, the metric progresses towards consistent profitability and expansion.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- From March 31, 2022, through December 31, 2022, income from operations consistently resulted in losses, translating to negative operating profit margins ranging from -13.04% to -5.75%. The magnitude of the losses decreased over this timeframe, indicating some initial improvement in operational efficiency, but profitability remained elusive.
- Transition to Profitability (Mar 31, 2023 – Dec 31, 2023)
- The first quarter of 2023 continued to show a negative operating profit margin of -4.76%. However, subsequent quarters witnessed a transition to positive values. By June 30, 2023, the margin reached -1.64%, followed by 0.88% and 2.98% by the end of the year. This signifies a substantial improvement in the company’s ability to generate profit from its core operations.
- Sustained Growth (Mar 31, 2024 – Dec 31, 2025)
- The positive trend continued and accelerated from March 31, 2024, through December 31, 2025. The operating profit margin increased from 4.00% to 10.70%. The highest margin was observed on December 31, 2025, at 10.70%, indicating a peak in operational profitability during the analyzed period. The margins remained consistently above 8% throughout 2025, demonstrating sustained operational performance.
- Revenue Correlation
- Revenue generally increased throughout the period, from US$6,854 million to US$14,366 million. The improvement in the operating profit margin is not solely attributable to revenue growth, as the margin itself expanded even when revenue increases moderated. This suggests improvements in cost management and operational efficiencies alongside revenue gains.
In summary, the operating profit margin experienced a significant transformation from consistent losses to robust profitability. The trend indicates successful implementation of strategies to improve operational efficiency and cost control, alongside revenue growth, resulting in a substantially improved financial position.
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Net Profit Margin
Uber Technologies Inc., net profit margin calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net income (loss) attributable to Uber Technologies, Inc. | 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) | |||||
| Revenue | 14,366) | 13,467) | 12,651) | 11,533) | 11,959) | 11,188) | 10,700) | 10,131) | 9,936) | 9,292) | 9,230) | 8,823) | 8,607) | 8,343) | 8,073) | 6,854) | |||||
| Profitability Ratio | |||||||||||||||||||||
| Net profit margin1 | 19.33% | 33.54% | 26.68% | 27.07% | 22.41% | 10.49% | 5.02% | 3.60% | 5.06% | 2.93% | -1.07% | -9.95% | -28.68% | -30.45% | -39.39% | -29.52% | |||||
| Benchmarks | |||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||
| FedEx Corp. | 4.65% | 4.46% | 4.45% | 4.62% | 4.94% | 5.02% | 4.87% | 4.71% | 4.41% | 3.23% | 3.54% | 3.79% | 4.09% | 5.60% | 5.49% | 5.88% | |||||
| Union Pacific Corp. | 29.12% | 28.73% | 28.43% | 27.77% | 27.82% | 27.33% | 26.90% | 26.52% | 26.45% | 26.37% | 27.18% | 27.91% | 28.13% | 28.95% | 29.23% | 30.06% | |||||
| United Airlines Holdings Inc. | 5.68% | 5.64% | 5.71% | 6.34% | 5.52% | 4.94% | 5.28% | 4.90% | 4.87% | 5.45% | 5.24% | 3.93% | 1.64% | -1.85% | -3.43% | -6.85% | |||||
| United Parcel Service Inc. | 6.28% | 6.15% | 6.34% | 6.44% | 6.35% | 6.25% | 5.87% | 6.60% | 7.37% | 9.19% | 10.41% | 10.90% | 11.51% | 11.07% | 10.92% | 10.90% | |||||
Based on: 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 Q4 2025 Calculation
Net profit margin = 100
× (Net income (loss) attributable to Uber Technologies, Inc.Q4 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q3 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q2 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q1 2025)
÷ (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
= 100 × (296 + 6,626 + 1,355 + 1,776)
÷ (14,366 + 13,467 + 12,651 + 11,533)
= 19.33%
2 Click competitor name to see calculations.
The net profit margin demonstrates a significant and volatile trajectory over the observed period. Initially, the company experienced substantial net losses, indicated by negative net profit margins, which gradually improved before fluctuating again. A clear trend towards profitability emerges in the latter half of the period, culminating in substantial positive margins.
- Initial Losses (Mar 31, 2022 – Dec 31, 2022)
- The period beginning March 31, 2022, and ending December 31, 2022, is characterized by consistently negative net profit margins, ranging from -39.39% to -29.52%. This indicates significant net losses relative to revenue during this time. The margin shows some improvement from -39.39% to -28.68% over these quarters, but remains firmly negative.
- Transition to Profitability (Mar 31, 2023 – Dec 31, 2023)
- A notable shift occurs starting March 31, 2023. The net profit margin begins to move towards positive territory, albeit slowly. It transitions from -9.95% in March 2023 to 5.06% by December 2023, demonstrating a substantial improvement in profitability. This suggests successful implementation of cost control measures or revenue growth strategies.
- Sustained Profitability and Growth (Mar 31, 2024 – Dec 31, 2025)
- From March 31, 2024, through December 31, 2025, the net profit margin exhibits continued positive performance and substantial growth. The margin increases from 3.60% to a peak of 33.54% in September 2025. While there is a decrease to 19.33% in December 2025, the margin remains significantly higher than in previous periods. This indicates a sustained ability to generate profit from revenue.
- Revenue Correlation
- The observed improvements in net profit margin generally correlate with increases in revenue. As revenue grew from US$6.854 billion to US$14.366 billion over the period, the company was able to leverage this growth to improve its profitability. However, the relationship is not perfectly linear, suggesting that factors beyond revenue, such as cost management, also play a crucial role.
In summary, the net profit margin has undergone a dramatic transformation from substantial losses to significant profitability. The trend suggests successful strategic adjustments and operational improvements, enabling the company to capitalize on revenue growth and achieve a consistently positive financial outcome.
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Return on Equity (ROE)
Uber Technologies Inc., ROE calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Net income (loss) attributable to Uber Technologies, Inc. | 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) | |||||
| Total Uber Technologies, Inc. stockholders’ equity | 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) | |||||
| Profitability Ratio | |||||||||||||||||||||
| ROE1 | 37.18% | 59.15% | 55.87% | 55.91% | 45.72% | 29.78% | 16.28% | 12.57% | 16.77% | 11.26% | -4.31% | -44.86% | -124.54% | -141.59% | -151.07% | -70.86% | |||||
| Benchmarks | |||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||
| FedEx Corp. | 14.58% | 14.67% | 14.69% | 14.89% | 15.70% | 16.66% | 16.02% | 15.73% | 15.23% | 12.10% | 13.82% | 14.28% | 15.34% | 20.94% | 19.71% | 20.96% | |||||
| Union Pacific Corp. | 38.65% | 40.75% | 42.66% | 41.97% | 39.95% | 40.02% | 39.38% | 40.79% | 43.14% | 45.45% | 51.02% | 56.19% | 57.54% | 60.21% | 53.89% | 57.26% | |||||
| United Airlines Holdings Inc. | 21.94% | 23.02% | 24.75% | 29.01% | 24.84% | 24.17% | 27.89% | 29.26% | 28.08% | 32.32% | 34.60% | 28.79% | 10.69% | -15.35% | -30.80% | -54.75% | |||||
| United Parcel Service Inc. | 34.34% | 34.77% | 36.38% | 37.39% | 34.59% | 33.61% | 30.85% | 35.05% | 38.76% | 44.64% | 50.02% | 53.80% | 58.36% | 65.94% | 67.12% | 69.80% | |||||
Based on: 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 Q4 2025 Calculation
ROE = 100
× (Net income (loss) attributable to Uber Technologies, Inc.Q4 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q3 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q2 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q1 2025)
÷ Total Uber Technologies, Inc. stockholders’ equity
= 100 × (296 + 6,626 + 1,355 + 1,776)
÷ 27,041 = 37.18%
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibited significant volatility over the analyzed period, transitioning from substantial negative values to increasingly positive figures. Initial periods demonstrate considerable losses, followed by a gradual improvement culminating in strong positive returns. This analysis details the observed trends and key observations regarding the company’s ROE performance.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ROE began with deeply negative values, ranging from -70.86% to -124.54%. This indicates significant losses relative to shareholder equity during this timeframe. The negative ROE is directly attributable to substantial net losses reported during these quarters. While the magnitude of the negative ROE lessened slightly over these quarters, the company remained unprofitable from an equity return perspective.
- Improvement Phase (Mar 31, 2023 – Dec 31, 2023)
- A clear upward trend emerges starting in the first quarter of 2023. The ROE moved from -44.86% to 16.77% by the end of the year. This improvement correlates with a reduction in net losses and, ultimately, the reporting of net income in the fourth quarter. The increase in total stockholders’ equity also contributed to this positive shift, though the primary driver appears to be profitability.
- Sustained Positive Returns (Mar 31, 2024 – Dec 31, 2025)
- The ROE continued to strengthen, consistently remaining positive and increasing from 12.57% to 37.18% over the period. The highest ROE was observed in the first quarter of 2025 at 55.91%, followed by 55.87% in the second quarter and 59.15% in the third quarter. This sustained positive performance is supported by consistently increasing net income and a substantial growth in total stockholders’ equity. The final quarter of 2025 shows a decrease to 37.18%, but remains a strong positive value.
- Correlation with Net Income and Equity
- The ROE demonstrates a strong correlation with net income. Periods of net loss are consistently associated with negative ROE, while periods of net income are associated with positive ROE. Furthermore, the growth in total stockholders’ equity appears to amplify the positive impact of net income on ROE, particularly in the later periods of the analysis. The substantial increase in equity from 2023 onwards likely contributes to the higher ROE values observed.
In summary, the company experienced a dramatic turnaround in ROE, moving from significant losses to consistent profitability and strong returns on equity. This improvement is driven by both increased profitability and growth in shareholder equity.
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Return on Assets (ROA)
Uber Technologies Inc., ROA calculation (quarterly data)
| 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. | 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) | |||||
| Total assets | 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) | |||||
| Profitability Ratio | |||||||||||||||||||||
| ROA1 | 16.27% | 26.27% | 22.55% | 23.26% | 19.23% | 9.34% | 4.84% | 3.51% | 4.88% | 2.93% | -1.09% | -10.38% | -28.47% | -28.43% | -32.45% | -19.26% | |||||
| Benchmarks | |||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||
| FedEx Corp. | 4.67% | 4.61% | 4.55% | 4.67% | 4.98% | 5.10% | 4.87% | 4.77% | 4.56% | 3.49% | 3.89% | 4.18% | 4.45% | 6.11% | 5.84% | 6.21% | |||||
| Union Pacific Corp. | 10.24% | 10.27% | 10.11% | 9.83% | 9.96% | 9.82% | 9.58% | 9.50% | 9.50% | 9.57% | 10.19% | 10.61% | 10.69% | 10.82% | 10.63% | 10.64% | |||||
| United Airlines Holdings Inc. | 4.39% | 4.32% | 4.29% | 4.81% | 4.25% | 3.81% | 4.01% | 3.74% | 3.68% | 3.91% | 3.64% | 2.73% | 1.09% | -1.09% | -1.73% | -2.87% | |||||
| United Parcel Service Inc. | 7.62% | 7.71% | 8.08% | 8.55% | 8.25% | 8.30% | 7.57% | 8.76% | 9.47% | 12.17% | 14.23% | 14.93% | 16.24% | 16.09% | 15.60% | 15.35% | |||||
Based on: 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 Q4 2025 Calculation
ROA = 100
× (Net income (loss) attributable to Uber Technologies, Inc.Q4 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q3 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q2 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q1 2025)
÷ Total assets
= 100 × (296 + 6,626 + 1,355 + 1,776)
÷ 61,802 = 16.27%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited a significant and volatile pattern over the observed period. Initially, the ROA was negative and substantial in magnitude, indicating a considerable inability to generate earnings relative to its asset base. However, a clear improvement trajectory emerged, culminating in a positive and increasingly robust ROA by the end of the analyzed timeframe.
- Initial Performance (Mar 31, 2022 – Dec 31, 2022)
- The ROA began at -19.26% in March 2022 and remained negative throughout the year, reaching a low of -32.45% in June 2022. This period reflects substantial losses relative to the company’s total assets. While the ROA showed slight improvement towards the end of 2022, reaching -2.847%, it remained indicative of underperformance.
- Transition to Profitability (Mar 31, 2023 – Dec 31, 2023)
- A turning point occurred in early 2023. The ROA remained negative in the first quarter (-10.38%) but quickly moved into positive territory, reaching 2.93% by September 2023 and further increasing to 4.88% by December 2023. This signifies a substantial improvement in the company’s ability to generate profit from its assets.
- Sustained Growth and Peak Performance (Mar 31, 2024 – Dec 31, 2025)
- The positive trend continued into 2024 and 2025. The ROA consistently increased, peaking at 26.27% in September 2025. This demonstrates a sustained and significant enhancement in asset utilization and profitability. While a slight decrease to 16.27% was observed in December 2025, the ROA remained substantially higher than in previous periods. The ROA increased from 3.51% in March 2024 to 16.27% in December 2025.
The observed trend suggests a successful shift in the company’s operational efficiency and profitability. The substantial increase in ROA indicates that the company is becoming increasingly effective at converting its investments in assets into net income. The volatility in earlier periods highlights potential challenges overcome, while the recent sustained growth suggests a more stable and positive financial outlook.
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