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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

Uber Technologies Inc., economic profit calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net operating profit after taxes (NOPAT)¹	3,752)	2,401)	(9,117)	(819)	(6,617)
Cost of capital²	17.19%	17.23%	16.25%	16.12%	16.96%
Invested capital³	14,934)	15,670)	16,340)	16,078)	21,038)

Economic profit⁴	1,184)	(298)	(11,772)	(3,411)	(10,185)

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 NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2024 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 3,752 – 17.19% × 14,934 = 1,184

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Item	Description	The company
Economic profit	Economic profit is a measure of corporate performance computed by taking the spread between the return on invested capital and the cost of capital, and multiplying by the invested capital.	Uber Technologies Inc. economic profit increased from 2022 to 2023 and from 2023 to 2024.

Uber Technologies Inc., NOPAT calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to Uber Technologies, Inc.	9,856)	1,887)	(9,141)	(496)	(6,768)
Deferred income tax expense (benefit)¹	(6,027)	26)	(441)	(692)	(266)
Increase (decrease) in allowance for doubtful accounts²	4)	11)	29)	(4)	21)
Increase (decrease) in restructuring and related charges accrual³	—)	—)	(1)	(2)	3)
Increase (decrease) in equity equivalents⁴	(6,023)	37)	(413)	(698)	(242)
Interest expense	523)	633)	565)	483)	458)
Interest expense, operating lease liability⁵	109)	115)	124)	123)	120)
Adjusted interest expense	632)	748)	689)	606)	578)
Tax benefit of interest expense⁶	(133)	(157)	(145)	(127)	(121)
Adjusted interest expense, after taxes⁷	499)	591)	544)	478)	457)
Interest income	(721)	(484)	(139)	(37)	(55)
Investment income, before taxes	(721)	(484)	(139)	(37)	(55)
Tax expense (benefit) of investment income⁸	151)	102)	29)	8)	12)
Investment income, after taxes⁹	(570)	(382)	(110)	(29)	(43)
Net income (loss) attributable to noncontrolling interest	(11)	269)	3)	(74)	(20)
Net operating profit after taxes (NOPAT)	3,752)	2,401)	(9,117)	(819)	(6,617)

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 Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowance for doubtful accounts.

³ Addition of increase (decrease) in restructuring and related charges accrual.

⁴ Addition of increase (decrease) in equity equivalents to net income (loss) attributable to Uber Technologies, Inc..

⁵ 2024 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 1,629 × 6.70% = 109

⁶ 2024 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 632 × 21.00% = 133

⁷ Addition of after taxes interest expense to net income (loss) attributable to Uber Technologies, Inc..

⁸ 2024 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 721 × 21.00% = 151

⁹ Elimination of after taxes investment income.

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Item	Description	The company
NOPAT	Net operating profit after taxes is income from operations, but after removement of taxes calculated on cash basis that are relevant to operating income.	Uber Technologies Inc. NOPAT increased from 2022 to 2023 and from 2023 to 2024.

Uber Technologies Inc., cash operating taxes calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Provision for (benefit from) income taxes	(5,758)	213)	(181)	(492)	(192)
Less: Deferred income tax expense (benefit)	(6,027)	26)	(441)	(692)	(266)
Add: Tax savings from interest expense	133)	157)	145)	127)	121)
Less: Tax imposed on investment income	151)	102)	29)	8)	12)
Cash operating taxes	250)	242)	375)	319)	184)

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).

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Item	Description	The company
Cash operating taxes	Cash operating taxes are estimated by adjusting income tax expense for changes in deferred taxes and tax benefit from the interest deduction.	Uber Technologies Inc. cash operating taxes decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Uber Technologies Inc., invested capital calculation (financing approach)

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Current portion of long-term debt	1,150)	25)	27)	27)	27)
Finance leases liabilities, current	136)	156)	115)	191)	177)
Long-term debt, net of current portion	8,347)	9,459)	9,265)	9,276)	7,560)
Finance leases liabilities, non-current	174)	322)	284)	43)	120)
Operating lease liability¹	1,629)	1,740)	1,874)	1,829)	1,719)
Total reported debt & leases	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)
Net deferred tax (assets) liabilities²	(6,163)	(116)	(139)	303)	779)
Allowance for doubtful accounts³	95)	91)	80)	51)	55)
Restructuring and related charges accrual⁴	—)	—)	—)	1)	3)
Equity equivalents⁵	(6,068)	(25)	(59)	355)	837)
Accumulated other comprehensive (income) loss, net of tax⁶	517)	421)	443)	524)	535)
Redeemable non-controlling interests	93)	654)	430)	204)	787)
Non-redeemable non-controlling interests	825)	779)	734)	687)	701)
Adjusted total Uber Technologies, Inc. stockholders’ equity	16,925)	13,078)	8,888)	16,228)	15,126)
Construction in progress⁷	(218)	(203)	(219)	(157)	(170)
Marketable securities⁸	(13,209)	(8,907)	(3,894)	(11,359)	(3,521)
Invested capital	14,934)	15,670)	16,340)	16,078)	21,038)

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 Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of restructuring and related charges accrual.

⁵ Addition of equity equivalents to total Uber Technologies, Inc. stockholders’ equity.

⁶ Removal of accumulated other comprehensive income.

⁷ Subtraction of construction in progress.

⁸ Subtraction of marketable securities.

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Item	Description	The company
Invested capital	Capital is an approximation of the economic book value of all cash invested in going-concern business activities.	Uber Technologies Inc. invested capital decreased from 2022 to 2023 and from 2023 to 2024.

Uber Technologies Inc., cost of capital calculations

Dec 31, 2024

	Capital (fair value)¹	Weights					Cost of capital
Equity²	165,909)	165,909)	÷	177,416)	=	0.94	0.94	×	18.14%	=	16.97%
Long-term debt and finance leases liabilities³	9,878)	9,878)	÷	177,416)	=	0.06	0.06	×	4.03% × (1 – 21.00%)	=	0.18%
Operating lease liability⁴	1,629)	1,629)	÷	177,416)	=	0.01	0.01	×	6.70% × (1 – 21.00%)	=	0.05%
Total:	177,416)					1.00					17.19%

Based on: 10-K (reporting date: 2024-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Dec 31, 2023

	Capital (fair value)¹	Weights					Cost of capital
Equity²	169,006)	169,006)	÷	181,024)	=	0.93	0.93	×	18.14%	=	16.94%
Long-term debt and finance leases liabilities³	10,278)	10,278)	÷	181,024)	=	0.06	0.06	×	5.30% × (1 – 21.00%)	=	0.24%
Operating lease liability⁴	1,740)	1,740)	÷	181,024)	=	0.01	0.01	×	6.60% × (1 – 21.00%)	=	0.05%
Total:	181,024)					1.00					17.23%

Based on: 10-K (reporting date: 2023-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Dec 31, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	68,739)	68,739)	÷	79,972)	=	0.86	0.86	×	18.14%	=	15.60%
Long-term debt and finance leases liabilities³	9,359)	9,359)	÷	79,972)	=	0.12	0.12	×	5.73% × (1 – 21.00%)	=	0.53%
Operating lease liability⁴	1,874)	1,874)	÷	79,972)	=	0.02	0.02	×	6.60% × (1 – 21.00%)	=	0.12%
Total:	79,972)					1.00					16.25%

Based on: 10-K (reporting date: 2022-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Dec 31, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	68,152)	68,152)	÷	79,844)	=	0.85	0.85	×	18.14%	=	15.49%
Long-term debt and finance leases liabilities³	9,863)	9,863)	÷	79,844)	=	0.12	0.12	×	5.25% × (1 – 21.00%)	=	0.51%
Operating lease liability⁴	1,829)	1,829)	÷	79,844)	=	0.02	0.02	×	6.70% × (1 – 21.00%)	=	0.12%
Total:	79,844)					1.00					16.12%

Based on: 10-K (reporting date: 2021-12-31).

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Dec 31, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	101,084)	101,084)	÷	111,443)	=	0.91	0.91	×	18.14%	=	16.46%
Long-term debt and finance leases liabilities³	8,640)	8,640)	÷	111,443)	=	0.08	0.08	×	6.82% × (1 – 21.00%)	=	0.42%
Operating lease liability⁴	1,719)	1,719)	÷	111,443)	=	0.02	0.02	×	7.00% × (1 – 21.00%)	=	0.09%
Total:	111,443)					1.00					16.96%

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

¹ US$ in millions

² Equity. See details »

³ Long-term debt and finance leases liabilities. See details »

⁴ Operating lease liability. See details »

Uber Technologies Inc., economic spread ratio calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Economic profit¹	1,184)	(298)	(11,772)	(3,411)	(10,185)
Invested capital²	14,934)	15,670)	16,340)	16,078)	21,038)
Performance Ratio
Economic spread ratio³	7.93%	-1.90%	-72.04%	-21.21%	-48.41%
Benchmarks
Economic Spread Ratio, Competitors⁴
FedEx Corp.	-5.66%	-4.31%	-4.04%	-1.30%	-6.16%
Union Pacific Corp.	-1.08%	-1.21%	0.63%	-0.21%	-1.79%
United Airlines Holdings Inc.	—	1.64%	-2.87%	-10.14%	-25.75%
United Parcel Service Inc.	—	3.86%	15.01%	20.80%	-9.27%

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 Economic profit. See details »

² Invested capital. See details »

³ 2024 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × 1,184 ÷ 14,934 = 7.93%

⁴ Click competitor name to see calculations.

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Performance ratio	Description	The company
Economic spread ratio	The ratio of economic profit to invested capital, also equal to the difference between return on invested capital (ROIC) and cost of capital.	Uber Technologies Inc. economic spread ratio improved from 2022 to 2023 and from 2023 to 2024.

Uber Technologies Inc., economic profit margin calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Economic profit¹	1,184)	(298)	(11,772)	(3,411)	(10,185)
Revenue	43,978)	37,281)	31,877)	17,455)	11,139)
Performance Ratio
Economic profit margin²	2.69%	-0.80%	-36.93%	-19.54%	-91.43%
Benchmarks
Economic Profit Margin, Competitors³
FedEx Corp.	-4.53%	-3.32%	-2.87%	-0.99%	-5.12%
Union Pacific Corp.	-2.77%	-3.09%	1.52%	-0.56%	-5.34%
United Airlines Holdings Inc.	—	1.31%	-2.56%	-20.68%	-72.76%
United Parcel Service Inc.	—	1.93%	6.70%	9.49%	-3.64%

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 Economic profit. See details »

² 2024 Calculation
Economic profit margin = 100 × Economic profit ÷ Revenue
= 100 × 1,184 ÷ 43,978 = 2.69%

³ Click competitor name to see calculations.

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Performance ratio	Description	The company
Economic profit margin	The ratio of economic profit to sales. It is the company profit margin covering income efficiency and asset management. Economic profit margin is not biased in favor of capital-intensive business models, because any added capital is a cost to the economic profit margin.	Uber Technologies Inc. economic profit margin improved from 2022 to 2023 and from 2023 to 2024.

Uber Technologies Inc. (NYSE:UBER)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin