Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2019
- Return on Equity (ROE) since 2019
- Price to Sales (P/S) since 2019
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Economic Profit
Uber Technologies Inc., economic profit calculation
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|---|
| Net operating profit after taxes (NOPAT)1 | ||||||
| Cost of capital2 | ||||||
| Invested capital3 | ||||||
| Economic profit4 | ||||||
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 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2025 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= – × =
The financial trajectory of the organization demonstrates a significant transition from substantial value destruction to consistent value creation over the five-year period ending December 31, 2025. While the early years were characterized by significant losses, a clear inflection point occurred between 2022 and 2023, leading to a sustained increase in economic profit.
- Net Operating Profit After Taxes (NOPAT)
- A volatile trend is evident in NOPAT, which experienced a sharp decline in 2022 to negative 9,117 million US dollars. However, this was followed by a robust recovery, with NOPAT turning positive in 2023 at 2,401 million US dollars and continuing an upward trajectory to reach 5,152 million US dollars by 2025. This indicates a successful shift toward operational profitability.
- Cost of Capital and Invested Capital
- The cost of capital remained relatively high and stable, fluctuating between 17.75% and 19.01%, with a peak in 2023. Invested capital peaked in 2022 at 16,340 million US dollars before undergoing a period of contraction, reaching a low of 14,934 million US dollars in 2024, and slightly increasing to 15,770 million US dollars by 2025. The reduction in invested capital during the recovery phase suggests an improvement in capital efficiency.
- Economic Profit
- Economic profit mirrored the volatility of NOPAT, recording its deepest deficit in 2022 at negative 12,040 million US dollars. The trajectory shifted toward break-even in 2023 (negative 578 million US dollars) and entered positive territory in 2024 with 916 million US dollars. By 2025, economic profit grew to 2,207 million US dollars, confirming that the company is now generating returns in excess of its cost of capital.
The overall analysis indicates that the growth in operating profits has outpaced the cost of funding the invested capital base. The shift from a negative to a positive economic profit underscores a fundamental improvement in the company's ability to create shareholder value.
Net Operating Profit after Taxes (NOPAT)
Uber Technologies Inc., NOPAT calculation
US$ in millions
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 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 2025 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= × =
6 2025 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= × 21.00% =
7 Addition of after taxes interest expense to net income (loss) attributable to Uber Technologies, Inc..
8 2025 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= × 21.00% =
9 Elimination of after taxes investment income.
Net income attributable to Uber Technologies, Inc. and Net Operating Profit After Taxes (NOPAT) demonstrate significant fluctuations over the five-year period. Both metrics experienced substantial losses initially, followed by a period of increasing profitability.
- Net Income Trend
- Net income attributable to Uber Technologies, Inc. began with a loss of US$496 million in 2021. This loss expanded dramatically to US$9,141 million in 2022. A substantial improvement occurred in 2023, with net income turning positive at US$1,887 million. Further growth was observed in 2024 and 2025, reaching US$9,856 million and US$10,053 million, respectively. The trend indicates a recovery from significant losses to consistent profitability.
- NOPAT Trend
- NOPAT mirrored the trend observed in net income. In 2021, NOPAT registered a loss of US$819 million. This loss increased to US$9,117 million in 2022. Similar to net income, NOPAT became positive in 2023, reaching US$2,401 million. Continued growth was evident in subsequent years, with NOPAT increasing to US$3,752 million in 2024 and US$5,152 million in 2025. The pattern suggests a strengthening of operational profitability over time.
- Relationship between Net Income and NOPAT
- While both metrics move in the same direction, NOPAT consistently exceeds the absolute value of net income in the loss years (2021 and 2022). This suggests that non-operating items, such as interest expense or gains/losses on investments, significantly impacted net income during those periods. As profitability improves, the difference between NOPAT and net income narrows, indicating a greater contribution from core operations to overall profitability.
- Growth Rates
- The growth rate from 2022 to 2023 for both NOPAT and net income is substantial, representing a significant turnaround. The growth continues, albeit at a slower pace, from 2023 to 2025. This suggests that the initial recovery was particularly strong, followed by more moderate, sustained growth.
Cash Operating Taxes
Uber Technologies Inc., cash operating taxes calculation
US$ in millions
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 provision for (benefit from) income taxes exhibits significant volatility over the observed period. Initially, a benefit was recognized in 2021 and 2022, followed by a substantial tax expense in 2023 and particularly in 2024, before decreasing in 2025, though remaining a significant expense. In contrast, cash operating taxes demonstrate a more stable, albeit modestly fluctuating, pattern.
- Provision for (benefit from) income taxes
- A benefit of US$492 million was recorded in 2021, decreasing to a benefit of US$181 million in 2022. This shifted dramatically to an expense of US$213 million in 2023. The largest change occurred between 2023 and 2024, with the expense increasing to US$5,758 million. While still an expense, this decreased to US$4,346 million in 2025. This volatility suggests potential changes in deferred tax assets/liabilities, tax loss carryforwards utilized, or changes in applicable tax rates.
- Cash operating taxes
- Cash operating taxes increased from US$319 million in 2021 to US$375 million in 2022, representing a moderate increase. A slight decrease to US$242 million was observed in 2023, followed by a further increase to US$250 million in 2024. The final year, 2025, shows a more substantial increase to US$391 million. This pattern indicates a generally increasing tax outflow related to operations, though with some year-to-year variation.
The divergence between the provision for income taxes and cash operating taxes is notable. The significant fluctuations in the provision for income taxes, particularly the large expense in 2024, are not fully reflected in the cash operating taxes paid. This difference could be attributable to timing differences between book and tax accounting, non-cash tax expenses, or the utilization of tax credits. Further investigation into the components of the provision for income taxes is warranted to understand the drivers of this disparity.
- Relationship between Provision and Cash Taxes
- In 2021 and 2022, the provision for income taxes was a benefit, while cash taxes were an outflow. This suggests the company was receiving tax refunds exceeding current taxable income. From 2023 onwards, the provision and cash taxes both generally represent outflows, but the magnitude differs significantly, especially in 2024. The substantial difference in 2024 indicates a large non-cash tax expense or a significant adjustment to deferred tax assets or liabilities.
Invested Capital
Uber Technologies Inc., invested capital calculation (financing approach)
US$ in millions
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 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.
The reported invested capital exhibited a fluctuating pattern over the five-year period. Total reported debt & leases generally increased, while total stockholders’ equity experienced significant volatility. These movements collectively influenced the overall invested capital position.
- Invested Capital Trend
- Invested capital initially increased from US$16,078 million in 2021 to US$16,340 million in 2022, representing a modest growth of approximately 1.6%. A subsequent decline was observed in 2023, falling to US$15,670 million. This downward trend continued into 2024, with invested capital reaching US$14,934 million, the lowest value within the observed period. A slight recovery occurred in 2025, with invested capital rising to US$15,770 million.
- Debt & Leases
- Total reported debt & leases demonstrated a generally increasing trend, moving from US$11,366 million in 2021 to US$12,302 million in 2025. However, this increase was not linear. A minor decrease was noted between 2023 and 2024, from US$11,702 million to US$11,436 million, before resuming an upward trajectory.
- Stockholders’ Equity
- Total stockholders’ equity experienced substantial fluctuations. A significant decrease occurred between 2021 and 2022, dropping from US$14,458 million to US$7,340 million. This was followed by a recovery in 2023, reaching US$11,249 million. Further substantial growth was observed in 2024 and 2025, with equity increasing to US$21,558 million and US$27,041 million respectively. This indicates a considerable strengthening of the equity position in the latter part of the period.
The interplay between debt & leases and stockholders’ equity significantly shaped the invested capital. The substantial increase in stockholders’ equity in 2024 and 2025 partially offset the continued growth in debt, contributing to the modest recovery in invested capital observed in 2025.
Cost of Capital
Uber Technologies Inc., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
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 »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
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 »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
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 »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
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 »
Economic Spread Ratio
Uber Technologies Inc., economic spread ratio 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) | ||||||
| Economic profit1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| Economic spread ratio3 | ||||||
| Benchmarks | ||||||
| Economic Spread Ratio, Competitors4 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
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 Economic profit. See details »
2 Invested capital. See details »
3 2025 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The financial performance from 2021 to 2025 exhibits a definitive transition from significant value destruction to sustainable value creation. This trajectory is characterized by a sharp decline in economic performance in 2022, followed by a consistent recovery and a pivot toward positive economic returns by 2024.
- Economic Profit
- A substantial contraction was observed in 2022, with losses expanding to -12,040 million US dollars. A rapid recovery followed, narrowing losses to -578 million US dollars in 2023 before achieving a positive economic profit of 916 million US dollars in 2024 and 2,207 million US dollars in 2025.
- Invested Capital
- The level of invested capital remained relatively stable throughout the period, fluctuating within a range between 14,934 million US dollars and 16,340 million US dollars. The stability of the capital base suggests that the improvements in economic profit were driven by operational efficiencies and increased returns rather than significant divestments or capital reductions.
- Economic Spread Ratio
- The economic spread ratio mirrors the trend of economic profit, reflecting high volatility followed by a steady ascent. After reaching a trough of -73.68% in 2022, the ratio improved to -3.69% in 2023, turning positive at 6.14% in 2024 and reaching 13.99% by 2025. This progression indicates that the return on invested capital has successfully surpassed the cost of capital, shifting the organization into a state of economic value addition.
Economic Profit Margin
Uber Technologies Inc., economic profit margin 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) | ||||||
| Economic profit1 | ||||||
| Revenue | ||||||
| Performance Ratio | ||||||
| Economic profit margin2 | ||||||
| Benchmarks | ||||||
| Economic Profit Margin, Competitors3 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
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 Economic profit. See details »
2 2025 Calculation
Economic profit margin = 100 × Economic profit ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
A significant transition in economic performance is observed between 2021 and 2025, marked by a shift from substantial value destruction to a state of sustained value creation.
- Revenue Growth Trends
- Consistent expansion in revenue is observed, with figures rising from 17,455 million USD in 2021 to 52,017 million USD in 2025. This trajectory indicates a strong and steady increase in the scale of operations over the five-year period.
- Economic Profit Analysis
- Economic profit exhibited high volatility in the early period, deteriorating to a peak deficit of 12,040 million USD in 2022. A sharp recovery occurred in 2023, reducing the deficit to 578 million USD. The company transitioned to positive economic profit in 2024 with 916 million USD, increasing further to 2,207 million USD by 2025, indicating that returns began to exceed the cost of capital.
- Economic Profit Margin Trends
- The economic profit margin experienced a significant trough of negative 37.77% in 2022 before improving rapidly to negative 1.55% in 2023. A positive margin was achieved in 2024 at 2.08% and expanded to 4.24% by 2025. This trend highlights a successful improvement in capital efficiency and profitability relative to revenue generation.