Stock Analysis on Net
Stock Analysis on Net

Uber Technologies Inc. (NYSE:UBER)

Analysis of Operating Leases

Microsoft Excel

An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases

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
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 — — — — —
Total assets (adjusted) 51,244 38,699 32,109 38,774 33,252
Adjustment to Total Debt
Total debt (as reported) 9,807 9,962 9,691 9,537 7,884
Add: Operating lease liability (before adoption of FASB Topic 842)2 — — — — —
Add: Operating lease liabilities, current 175 190 201 185 175
Add: Operating lease liabilities, non-current 1,454 1,550 1,673 1,644 1,544
Total debt (adjusted) 11,436 11,702 11,565 11,366 9,603

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).

1, 2 Equal to total present value of future operating lease payments.

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

Adjusted Financial Ratios for Operating Leases (Summary)

Uber Technologies Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Total Asset Turnover1
Reported total asset turnover 0.86 0.96 0.99 0.45 0.33
Adjusted total asset turnover 0.86 0.96 0.99 0.45 0.33
Debt to Equity2
Reported debt to equity 0.45 0.89 1.32 0.66 0.64
Adjusted debt to equity 0.53 1.04 1.58 0.79 0.78
Return on Assets3 (ROA)
Reported ROA 19.23% 4.88% -28.47% -1.28% -20.35%
Adjusted ROA 19.23% 4.88% -28.47% -1.28% -20.35%

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).

1 See details »

2 See details »

3 See details »

Financial 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 debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Uber Technologies Inc. adjusted debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as 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 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 Operating Leases
Selected Financial Data (US$ in millions)
Revenue 43,978 37,281 31,877 17,455 11,139
Adjusted total assets 51,244 38,699 32,109 38,774 33,252
Activity Ratio
Adjusted total asset turnover2 0.86 0.96 0.99 0.45 0.33

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 ÷ 51,244 = 0.86

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 Debt to Equity

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 debt 9,807 9,962 9,691 9,537 7,884
Total Uber Technologies, Inc. stockholders’ equity 21,558 11,249 7,340 14,458 12,266
Solvency Ratio
Debt to equity1 0.45 0.89 1.32 0.66 0.64
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt 11,436 11,702 11,565 11,366 9,603
Total Uber Technologies, Inc. stockholders’ equity 21,558 11,249 7,340 14,458 12,266
Solvency Ratio
Adjusted debt to equity2 0.53 1.04 1.58 0.79 0.78

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 Debt to equity = Total debt ÷ Total Uber Technologies, Inc. stockholders’ equity
= 9,807 ÷ 21,558 = 0.45

2 Adjusted debt to equity = Adjusted total debt ÷ Total Uber Technologies, Inc. stockholders’ equity
= 11,436 ÷ 21,558 = 0.53

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Uber Technologies Inc. adjusted debt-to-equity ratio 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 Operating Leases
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Uber Technologies, Inc. 9,856 1,887 (9,141) (496) (6,768)
Adjusted total assets 51,244 38,699 32,109 38,774 33,252
Profitability Ratio
Adjusted ROA2 19.23% 4.88% -28.47% -1.28% -20.35%

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

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