Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Current Ratio since 2019
- Total Asset Turnover since 2019
- Price to Book Value (P/BV) since 2019
- Aggregate Accruals
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Short-term Activity Ratios (Summary)
Uber Technologies Inc., short-term (operating) 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).
The short-term operating activity ratios demonstrate notable shifts over the five-year period. Generally, the company exhibits increasing efficiency in collecting receivables and managing payables. However, working capital turnover displays more volatility.
- Receivables Turnover
- Receivables turnover increased from 7.16 to 11.47 between 2021 and 2022, indicating improved efficiency in converting credit sales into cash. This trend continued, albeit at a slower pace, reaching 13.59 by 2025. The increase suggests a strengthening of credit and collection policies or a shift towards a more favorable customer base.
- Payables Turnover
- Payables turnover experienced a substantial increase from 10.87 in 2021 to 27.00 in 2022. This growth continued to 31.06 in 2024, before stabilizing around 30.94 in 2025. This suggests the company is effectively managing its supplier payments, potentially benefiting from favorable credit terms or improved purchasing practices.
- Working Capital Turnover
- Working capital turnover was not reported for 2021. A high value of 80.50 was observed in 2022, followed by a significant decrease to 20.23 in 2023. The ratio then increased to 57.19 in 2024 and decreased again to 31.09 in 2025. This fluctuation indicates inconsistent utilization of working capital, potentially linked to changes in operational strategies, investment cycles, or seasonal variations in business activity.
- Average Receivable Collection Period
- The average receivable collection period decreased consistently from 51 days in 2021 to 27 days in 2025. This decline aligns with the increasing receivables turnover and confirms the company’s improving ability to collect payments promptly.
- Average Payables Payment Period
- The average payables payment period decreased significantly from 34 days in 2021 to 12 days by 2024, remaining stable at 12 days in 2025. This indicates the company is paying its suppliers more quickly over time, potentially leveraging early payment discounts or maintaining strong supplier relationships.
Overall, the trends suggest improving liquidity management, particularly in receivables and payables. The volatility in working capital turnover warrants further investigation to understand the underlying drivers and potential implications for operational efficiency.
Turnover Ratios
Average No. Days
Receivables Turnover
Uber Technologies Inc., receivables 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 | ||||||
| Accounts receivable, net of allowance | ||||||
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | ||||||
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Receivables Turnover, Sector | ||||||
| Transportation | ||||||
| Receivables Turnover, Industry | ||||||
| Industrials | ||||||
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
Receivables turnover = Revenue ÷ Accounts receivable, net of allowance
= ÷ =
2 Click competitor name to see calculations.
The receivables turnover ratio demonstrates a generally increasing trend over the five-year period. Revenue experienced consistent growth throughout the period, while accounts receivable also increased, though not at the same rate, resulting in the observed changes in turnover.
- Overall Trend
- The receivables turnover ratio increased from 7.16 in 2021 to 13.59 in 2025. This indicates an improvement in the efficiency with which the company collects its receivables. The most significant increase occurred between 2022 and 2024.
- 2021 to 2022
- A substantial increase in the receivables turnover ratio is observed, rising from 7.16 to 11.47. This coincided with a significant increase in revenue, suggesting improved collection efficiency or a change in credit terms that accelerated collections. The increase in accounts receivable was proportionally smaller than the revenue increase.
- 2022 to 2023
- The receivables turnover ratio experienced a slight decrease from 11.47 to 10.95. While revenue continued to grow, the accounts receivable balance increased at a faster pace, partially offsetting the positive impact on the ratio.
- 2023 to 2025
- The receivables turnover ratio resumed its upward trajectory, increasing from 10.95 in 2023 to 13.19 in 2024 and further to 13.59 in 2025. This suggests a renewed focus on efficient receivables management, or a continued benefit from changes implemented in prior periods. Revenue growth remained strong, and the increase in accounts receivable was managed effectively.
In summary, the company demonstrates a strengthening ability to convert receivables into cash over the analyzed period, with a notable acceleration in collection efficiency between 2021 and 2024. While a minor dip occurred between 2022 and 2023, the overall trend is positive.
Payables Turnover
Uber Technologies Inc., payables 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) | ||||||
| Cost of revenue, exclusive of depreciation and amortization | ||||||
| Accounts payable | ||||||
| Short-term Activity Ratio | ||||||
| Payables turnover1 | ||||||
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Payables Turnover, Sector | ||||||
| Transportation | ||||||
| Payables Turnover, Industry | ||||||
| Industrials | ||||||
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
Payables turnover = Cost of revenue, exclusive of depreciation and amortization ÷ Accounts payable
= ÷ =
2 Click competitor name to see calculations.
The accounts payable turnover ratio demonstrates a clear upward trend over the five-year period. Simultaneously, cost of revenue, exclusive of depreciation and amortization, has also increased substantially. A closer examination reveals a relationship between these two figures and provides insight into the company’s short-term operating activity.
- Payables Turnover Trend
- The payables turnover ratio increased from 10.87 in 2021 to 27.00 in 2022, representing a significant jump. This increase continued, albeit at a diminishing rate, reaching 28.43 in 2023, 31.06 in 2024, and stabilizing at 30.94 in 2025. This consistent increase suggests the company is becoming more efficient in managing its payments to suppliers.
- Cost of Revenue Relationship
- Cost of revenue, exclusive of depreciation and amortization, rose from US$9,351 million in 2021 to US$31,338 million in 2025. This substantial growth in cost of revenue is a primary driver of the increasing payables turnover. As the company purchases more goods and services, accounts payable naturally increases, and with efficient management, the turnover ratio rises.
- Accounts Payable Behavior
- While cost of revenue increased consistently, accounts payable did not follow the same trajectory. Accounts payable decreased from US$860 million in 2021 to US$728 million in 2022, then experienced moderate growth, reaching US$1,013 million in 2025. This indicates the company has been effectively managing its payment terms and potentially negotiating favorable conditions with suppliers, despite the overall increase in purchasing activity. The relatively slower growth of accounts payable compared to cost of revenue is a key factor in the rising payables turnover ratio.
In summary, the increasing payables turnover ratio, coupled with the growth in cost of revenue and the controlled growth of accounts payable, suggests improved efficiency in the company’s supply chain management and payment processes. The stabilization of the ratio in the latest year indicates a mature level of operational efficiency in this area.
Working Capital Turnover
Uber Technologies Inc., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | ||||||
| Less: Current liabilities | ||||||
| Working capital | ||||||
| Revenue | ||||||
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | ||||||
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Working Capital Turnover, Sector | ||||||
| Transportation | ||||||
| Working Capital Turnover, Industry | ||||||
| Industrials | ||||||
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
Working capital turnover = Revenue ÷ Working capital
= ÷ =
2 Click competitor name to see calculations.
The analysis reveals a fluctuating pattern in working capital turnover over the observed period. Initially, the ratio is unavailable for 2021. A significant increase is then noted in 2022, followed by declines in subsequent years, though remaining positive throughout the period.
- Working Capital
- Working capital demonstrates a substantial shift from a negative value of US$205 million in 2021 to a positive US$396 million in 2022. This positive trend continues with a considerable increase to US$1,843 million in 2023. A decrease is then observed in 2024, falling to US$769 million, before a partial recovery to US$1,673 million in 2025. The overall trend indicates improved short-term financial flexibility, although with some volatility.
- Revenue
- Revenue exhibits consistent growth throughout the period. Starting at US$17,455 million in 2021, it increases to US$31,877 million in 2022, US$37,281 million in 2023, US$43,978 million in 2024, and further to US$52,017 million in 2025. This sustained revenue growth suggests expanding market presence and operational success.
- Working Capital Turnover
- The working capital turnover ratio begins at an unavailable value in 2021. It peaks at 80.50 in 2022, indicating efficient utilization of working capital to generate sales. A substantial decrease to 20.23 is observed in 2023, followed by an increase to 57.19 in 2024. The ratio then declines again to 31.09 in 2025. While the ratio remains positive, the decreasing trend from 2022 suggests a potential slowdown in the efficiency of working capital management relative to revenue growth in the later years. The high value in 2022 may be attributable to the low working capital base in that year, amplifying the turnover effect. The subsequent years show a more moderate, but declining, turnover.
The combination of increasing revenue and fluctuating working capital turnover suggests a dynamic relationship between sales and short-term asset management. Further investigation may be warranted to understand the drivers behind the turnover ratio’s decline from its peak in 2022.
Average Receivable Collection Period
Uber Technologies Inc., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Average Receivable Collection Period, Sector | ||||||
| Transportation | ||||||
| Average Receivable Collection Period, Industry | ||||||
| Industrials | ||||||
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The average receivable collection period demonstrates a consistent decline over the five-year period. Simultaneously, receivables turnover exhibits an overall increasing trend, though with some fluctuation. These movements suggest improvements in the efficiency of collecting outstanding receivables.
- Average Receivable Collection Period
- The average number of days to collect receivables decreased from 51 days in 2021 to 27 days in 2025. This represents a substantial reduction, indicating a faster conversion of credit sales into cash. The most significant decrease occurred between 2021 and 2022, falling to 32 days. Subsequent reductions were more gradual, moving to 33 days in 2023, then 28 days in 2024, and finally reaching 27 days in 2025. This consistent decline suggests increasingly effective credit and collection policies, or a shift towards a customer base with quicker payment habits.
- Receivables Turnover
- Receivables turnover increased from 7.16 in 2021 to 13.59 in 2025. This indicates that the company is collecting its receivables more frequently throughout the year. A rise to 11.47 in 2022 coincided with the initial drop in the average collection period. The ratio experienced a slight decrease to 10.95 in 2023 before resuming its upward trajectory, reaching 13.19 in 2024 and peaking at 13.59 in 2025. The correlation between the increasing turnover ratio and decreasing collection period suggests a strong relationship between these two metrics.
The combined trends of a decreasing average receivable collection period and an increasing receivables turnover ratio are positive indicators of improved working capital management. The company appears to be becoming more efficient in managing its credit sales and collecting payments from customers.
Average Payables Payment Period
Uber Technologies Inc., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | ||||||
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | ||||||
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| Average Payables Payment Period, Sector | ||||||
| Transportation | ||||||
| Average Payables Payment Period, Industry | ||||||
| Industrials | ||||||
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The analysis reveals a significant shift in the company’s management of accounts payable over the observed period. A consistent decrease in the average payables payment period is evident, coupled with a substantial increase in payables turnover.
- Payables Turnover
- Payables turnover increased markedly from 10.87 in 2021 to 27.00 in 2022. This increase suggests the company was paying its suppliers more frequently. The rate of increase slowed in subsequent years, reaching 28.43 in 2023, 31.06 in 2024, and stabilizing at 30.94 in 2025. While the growth rate diminished, the overall level remained considerably higher than in 2021, indicating a sustained change in payment practices.
- Average Payables Payment Period
- Corresponding with the increase in payables turnover, the average payables payment period decreased substantially. It fell from 34 days in 2021 to 14 days in 2022. This decline continued, reaching 13 days in 2023 and holding steady at 12 days for both 2024 and 2025. The consistent reduction in the payment period suggests improved efficiency in accounts payable processing or a deliberate strategy to take advantage of early payment discounts, or potentially a shift in negotiating power with suppliers.
- Overall Trend
- The combined trends indicate a move towards faster payment of suppliers. The company significantly shortened the time taken to settle its obligations, as reflected in both the payables turnover and the average payment period. The stabilization of these metrics in the later years suggests the company has reached a new equilibrium in its supplier payment strategy.