Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Uber Technologies Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Federal 22 1 8 — —
State 42 16 15 4 11
Foreign 205 170 237 196 63
Current tax expense 269 187 260 200 74
Federal (5,154) 11 (251) (76) (97)
State (857) 12 (92) 19 (7)
Foreign (16) 3 (98) (635) (162)
Deferred tax expense (benefit) (6,027) 26 (441) (692) (266)
Provision for (benefit from) income taxes (5,758) 213 (181) (492) (192)

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
Current tax expense Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Uber Technologies Inc. current tax expense decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Deferred tax expense (benefit) Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Uber Technologies Inc. deferred tax expense (benefit) increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Provision for (benefit from) income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Uber Technologies Inc. provision for (benefit from) income taxes increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Effective Income Tax Rate (EITR)

Uber Technologies Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Federal statutory income tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
State income tax expense -19.80% 1.20% 0.80% -2.30% -0.10%
Foreign rate differential -0.40% -0.40% 2.00% 10.30% 10.80%
Non-deductible expenses 2.20% -0.20% -0.70% -5.20% -1.30%
Stock-based compensation -5.20% -1.90% -1.40% 4.50% 1.30%
Federal research and development credits -5.10% -7.20% 0.60% 7.80% 2.90%
Deferred tax on investments 0.00% -3.50% -1.10% 48.70% 0.90%
Entity restructuring -0.50% 0.60% -12.70% -2.00% -1.70%
Change in unrecognized tax benefits 37.80% -6.80% -8.90% -27.80% -3.70%
Valuation allowance -164.30% -2.80% 1.10% -33.70% -45.80%
US effects on foreign operations -2.50% 4.10% 0.60% -10.80% 0.00%
Withholding taxes -0.10% 9.50% -0.30% -0.60% 0.00%
Tax rate change 0.00% 0.00% 0.00% 22.40% 14.40%
Other interest -2.80% -4.10% 1.70% 16.80% 3.20%
Other, net 0.10% -0.30% -0.80% -1.10% 0.90%
Effective income tax rate -139.60% 9.20% 1.90% 48.00% 2.80%

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
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Uber Technologies Inc. effective income tax rate increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Components of Deferred Tax Assets and Liabilities

Uber Technologies Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net operating loss carryforwards 4,319 6,164 6,325 5,992 4,949
Research and development credits 1,539 1,275 1,200 1,020 857
Stock-based compensation 71 66 45 66 125
Accruals and reserves 730 440 402 290 227
Accrued legal 221 120 184 119 95
Fixed assets and intangible assets 3,500 4,135 4,425 6,753 6,936
Investment in partnership — — — — 254
Lease liability 391 436 478 455 460
Interest limitation carryforwards 760 876 858 629 562
Capitalized research expenses 1,317 771 304 — —
Other 381 211 320 107 58
Deferred tax assets 13,229 14,494 14,541 15,431 14,523
Valuation allowance (6,267) (13,945) (13,971) (13,920) (13,410)
Deferred tax assets, net of valuation allowance 6,962 549 570 1,511 1,113
Investments (515) (114) — (1,451) (1,502)
ROU assets (270) (301) (354) (334) (322)
Other (14) (18) (77) (29) (68)
Deferred tax liabilities (799) (433) (431) (1,814) (1,892)
Net deferred tax assets (liabilities) 6,163 116 139 (303) (779)

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
Deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Uber Technologies Inc. deferred tax assets decreased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets, net of valuation allowance Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Uber Technologies Inc. deferred tax assets, net of valuation allowance decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Uber Technologies Inc. net deferred tax assets (liabilities) decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Deferred Tax Assets and Liabilities, Classification

Uber Technologies Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Deferred tax assets 6,171 170 166 62 39
Deferred tax liabilities 9 56 27 365 818

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
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Uber Technologies Inc. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Uber Technologies Inc. deferred tax liabilities increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Adjustments to Financial Statements: Removal of Deferred Taxes

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: Noncurrent deferred tax assets, net 6,171 170 166 62 39
Total assets (adjusted) 45,073 38,529 31,943 38,712 33,213
Adjustment to Total Liabilities
Total liabilities (as reported) 28,768 26,017 23,605 23,425 19,498
Less: Noncurrent deferred tax liabilities, net 9 56 27 365 818
Total liabilities (adjusted) 28,759 25,961 23,578 23,060 18,680
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: Net deferred tax assets (liabilities) 6,163 116 139 (303) (779)
Total Uber Technologies, Inc. stockholders’ equity (adjusted) 15,395 11,133 7,201 14,761 13,045
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: Deferred income tax expense (benefit) (6,027) 26 (441) (692) (266)
Net income (loss) attributable to Uber Technologies, Inc. (adjusted) 3,829 1,913 (9,582) (1,188) (7,034)

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 Deferred Taxes (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 8.71% 5.13% -30.06% -6.81% -63.15%
Total Asset Turnover
Reported total asset turnover 0.86 0.96 0.99 0.45 0.33
Adjusted total asset turnover 0.98 0.97 1.00 0.45 0.34
Financial Leverage
Reported financial leverage 2.38 3.44 4.37 2.68 2.71
Adjusted financial leverage 2.93 3.46 4.44 2.62 2.55
Return on Equity (ROE)
Reported ROE 45.72% 16.77% -124.54% -3.43% -55.18%
Adjusted ROE 24.87% 17.18% -133.06% -8.05% -53.92%
Return on Assets (ROA)
Reported ROA 19.23% 4.88% -28.47% -1.28% -20.35%
Adjusted ROA 8.50% 4.97% -30.00% -3.07% -21.18%

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 total 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 but then slightly improved from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Uber Technologies Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Uber Technologies Inc. adjusted ROE improved 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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 3,829 1,913 (9,582) (1,188) (7,034)
Revenue 43,978 37,281 31,877 17,455 11,139
Profitability Ratio
Adjusted net profit margin2 8.71% 5.13% -30.06% -6.81% -63.15%

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 × 3,829 ÷ 43,978 = 8.71%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total 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 Deferred Taxes
Selected Financial Data (US$ in millions)
Revenue 43,978 37,281 31,877 17,455 11,139
Adjusted total assets 45,073 38,529 31,943 38,712 33,213
Activity Ratio
Adjusted total asset turnover2 0.98 0.97 1.00 0.45 0.34

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 ÷ 45,073 = 0.98

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 but then slightly improved 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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 45,073 38,529 31,943 38,712 33,213
Adjusted total Uber Technologies, Inc. stockholders’ equity 15,395 11,133 7,201 14,761 13,045
Solvency Ratio
Adjusted financial leverage2 2.93 3.46 4.44 2.62 2.55

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
= 45,073 ÷ 15,395 = 2.93

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Uber Technologies Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 3,829 1,913 (9,582) (1,188) (7,034)
Adjusted total Uber Technologies, Inc. stockholders’ equity 15,395 11,133 7,201 14,761 13,045
Profitability Ratio
Adjusted ROE2 24.87% 17.18% -133.06% -8.05% -53.92%

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 × 3,829 ÷ 15,395 = 24.87%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Uber Technologies Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Uber Technologies, Inc. 3,829 1,913 (9,582) (1,188) (7,034)
Adjusted total assets 45,073 38,529 31,943 38,712 33,213
Profitability Ratio
Adjusted ROA2 8.50% 4.97% -30.00% -3.07% -21.18%

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 × 3,829 ÷ 45,073 = 8.50%

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.