Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Uber Technologies Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Goodwill 8,066 8,151 8,263 8,420 6,109
Consumer, Merchant and other relationships 1,789 1,800 1,825 1,868 1,007
Developed technology 890 890 921 922 529
Trade name, trademarks and other 145 154 247 242 203
Intangible assets, gross carrying value 2,824 2,844 2,993 3,032 1,739
Accumulated amortization (1,699) (1,419) (1,119) (620) (175)
Intangible assets, net carrying value 1,125 1,425 1,874 2,412 1,564
Goodwill and intangible assets 9,191 9,576 10,137 10,832 7,673

Based on: 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), 10-K (reporting date: 2020-12-31).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Uber Technologies Inc. goodwill decreased from 2022 to 2023 and from 2023 to 2024.
Intangible assets, net carrying value Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Uber Technologies Inc. intangible assets, net carrying value decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Uber Technologies Inc. goodwill and intangible assets decreased from 2022 to 2023 and from 2023 to 2024.

Adjustments to Financial Statements: Removal of Goodwill

Uber Technologies Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported) 51,244 38,699 32,109 38,774 33,252
Less: Goodwill 8,066 8,151 8,263 8,420 6,109
Total assets (adjusted) 43,178 30,548 23,846 30,354 27,143
Adjustment to Total Uber Technologies, Inc. Stockholders’ Equity
Total Uber Technologies, Inc. stockholders’ equity (as reported) 21,558 11,249 7,340 14,458 12,266
Less: Goodwill 8,066 8,151 8,263 8,420 6,109
Total Uber Technologies, Inc. stockholders’ equity (adjusted) 13,492 3,098 (923) 6,038 6,157
Adjustment to Net Income (loss) Attributable To Uber Technologies, Inc.
Net income (loss) attributable to Uber Technologies, Inc. (as reported) 9,856 1,887 (9,141) (496) (6,768)
Add: Goodwill impairment charge — — — 73 100
Net income (loss) attributable to Uber Technologies, Inc. (adjusted) 9,856 1,887 (9,141) (423) (6,668)

Based on: 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), 10-K (reporting date: 2020-12-31).

Uber Technologies Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Uber Technologies Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net Profit Margin
Reported net profit margin 22.41% 5.06% -28.68% -2.84% -60.76%
Adjusted net profit margin 22.41% 5.06% -28.68% -2.42% -59.86%
Total Asset Turnover
Reported total asset turnover 0.86 0.96 0.99 0.45 0.33
Adjusted total asset turnover 1.02 1.22 1.34 0.58 0.41
Financial Leverage
Reported financial leverage 2.38 3.44 4.37 2.68 2.71
Adjusted financial leverage 3.20 9.86 — 5.03 4.41
Return on Equity (ROE)
Reported ROE 45.72% 16.77% -124.54% -3.43% -55.18%
Adjusted ROE 73.05% 60.91% — -7.01% -108.30%
Return on Assets (ROA)
Reported ROA 19.23% 4.88% -28.47% -1.28% -20.35%
Adjusted ROA 22.83% 6.18% -38.33% -1.39% -24.57%

Based on: 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), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Uber Technologies Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Uber Technologies Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Uber Technologies Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Uber Technologies Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Uber Technologies, Inc. 9,856 1,887 (9,141) (496) (6,768)
Revenue 43,978 37,281 31,877 17,455 11,139
Profitability Ratio
Net profit margin1 22.41% 5.06% -28.68% -2.84% -60.76%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 9,856 1,887 (9,141) (423) (6,668)
Revenue 43,978 37,281 31,877 17,455 11,139
Profitability Ratio
Adjusted net profit margin2 22.41% 5.06% -28.68% -2.42% -59.86%

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Revenue
= 100 × 9,856 ÷ 43,978 = 22.41%

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Uber Technologies, Inc. ÷ Revenue
= 100 × 9,856 ÷ 43,978 = 22.41%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Uber Technologies Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenue 43,978 37,281 31,877 17,455 11,139
Total assets 51,244 38,699 32,109 38,774 33,252
Activity Ratio
Total asset turnover1 0.86 0.96 0.99 0.45 0.33
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenue 43,978 37,281 31,877 17,455 11,139
Adjusted total assets 43,178 30,548 23,846 30,354 27,143
Activity Ratio
Adjusted total asset turnover2 1.02 1.22 1.34 0.58 0.41

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Total asset turnover = Revenue ÷ Total assets
= 43,978 ÷ 51,244 = 0.86

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 43,978 ÷ 43,178 = 1.02

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Uber Technologies Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets 51,244 38,699 32,109 38,774 33,252
Total Uber Technologies, Inc. stockholders’ equity 21,558 11,249 7,340 14,458 12,266
Solvency Ratio
Financial leverage1 2.38 3.44 4.37 2.68 2.71
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 43,178 30,548 23,846 30,354 27,143
Adjusted total Uber Technologies, Inc. stockholders’ equity 13,492 3,098 (923) 6,038 6,157
Solvency Ratio
Adjusted financial leverage2 3.20 9.86 — 5.03 4.41

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Financial leverage = Total assets ÷ Total Uber Technologies, Inc. stockholders’ equity
= 51,244 ÷ 21,558 = 2.38

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Uber Technologies, Inc. stockholders’ equity
= 43,178 ÷ 13,492 = 3.20

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Uber Technologies, Inc. 9,856 1,887 (9,141) (496) (6,768)
Total Uber Technologies, Inc. stockholders’ equity 21,558 11,249 7,340 14,458 12,266
Profitability Ratio
ROE1 45.72% 16.77% -124.54% -3.43% -55.18%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 9,856 1,887 (9,141) (423) (6,668)
Adjusted total Uber Technologies, Inc. stockholders’ equity 13,492 3,098 (923) 6,038 6,157
Profitability Ratio
Adjusted ROE2 73.05% 60.91% — -7.01% -108.30%

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROE = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Total Uber Technologies, Inc. stockholders’ equity
= 100 × 9,856 ÷ 21,558 = 45.72%

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to Uber Technologies, Inc. ÷ Adjusted total Uber Technologies, Inc. stockholders’ equity
= 100 × 9,856 ÷ 13,492 = 73.05%

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Uber Technologies, Inc. 9,856 1,887 (9,141) (496) (6,768)
Total assets 51,244 38,699 32,109 38,774 33,252
Profitability Ratio
ROA1 19.23% 4.88% -28.47% -1.28% -20.35%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 9,856 1,887 (9,141) (423) (6,668)
Adjusted total assets 43,178 30,548 23,846 30,354 27,143
Profitability Ratio
Adjusted ROA2 22.83% 6.18% -38.33% -1.39% -24.57%

Based on: 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), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROA = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Total assets
= 100 × 9,856 ÷ 51,244 = 19.23%

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to Uber Technologies, Inc. ÷ Adjusted total assets
= 100 × 9,856 ÷ 43,178 = 22.83%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Uber Technologies Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.