Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Uber Technologies Inc., profitability ratios
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 profitability ratios demonstrate a significant improvement over the five-year period. Initially, the company experienced negative margins and returns, but these metrics trended positively, indicating increasing efficiency and profitability.
- Gross Profit Margin
- The gross profit margin exhibited volatility, beginning at 46.43% in 2021 before decreasing to 38.33% in 2022. It then recovered to approximately 39.7% - 40% for the subsequent three years, suggesting stabilization in the cost of goods sold relative to revenue.
- Operating and Net Profit Margins
- Both operating and net profit margins showed substantial improvement. The operating profit margin moved from a negative 21.97% in 2021 to a positive 10.70% in 2025. Similarly, the net profit margin transitioned from negative values (-2.84% in 2021, -28.68% in 2022) to positive and substantial figures, reaching 22.41% in 2024 and 19.33% in 2025. This indicates improved operational efficiency and effective cost management.
- Return on Equity (ROE)
- Return on equity experienced the most dramatic shift. Starting with a negative 3.43% in 2021 and a significant loss in 2022 (-124.54%), ROE increased substantially to 16.77% in 2023, 45.72% in 2024, and 37.18% in 2025. This suggests a more effective utilization of shareholder equity to generate profits.
- Return on Assets (ROA)
- Return on assets followed a similar positive trend, moving from negative values (-1.28% in 2021, -28.47% in 2022) to positive returns, culminating in 19.23% in 2024 and 16.27% in 2025. This indicates improved efficiency in utilizing assets to generate earnings.
Overall, the observed trends suggest a successful turnaround in profitability. The company has demonstrably improved its ability to generate profits from both operations and assets, and has become more effective at utilizing shareholder equity.
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Return on Sales
Return on Investment
Gross Profit Margin
Uber Technologies Inc., gross profit margin calculation
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 2025 Calculation
Gross profit margin = 100 × Gross profit ÷ Revenue
= 100 × 20,679 ÷ 52,017 = 39.75%
The gross profit margin exhibited a fluctuating pattern over the five-year period. While gross profit increased consistently year-over-year, the gross profit margin itself did not follow a strictly linear trajectory.
- Gross Profit Margin Trend
- In 2021, the gross profit margin stood at 46.43%. A significant decrease was observed in 2022, falling to 38.33%. The margin then experienced a modest recovery in 2023, reaching 39.76%, followed by a slight decline to 39.40% in 2024. The most recent year, 2025, shows a further slight increase, with the margin stabilizing at 39.75%.
Despite the consistent growth in gross profit – increasing from US$8,104 million in 2021 to US$20,679 million in 2025 – the gross profit margin has remained relatively stable, fluctuating within a narrow range between approximately 38% and 40% from 2022 onwards. This suggests that the cost of goods sold is increasing proportionally with revenue, preventing substantial margin expansion.
- Revenue and Gross Profit Relationship
- Revenue demonstrated consistent year-over-year growth, more than doubling from US$17,455 million in 2021 to US$52,017 million in 2025. The growth in gross profit, while substantial, did not keep pace with the revenue increase in percentage terms, contributing to the initial decline and subsequent stabilization of the gross profit margin.
The stabilization of the gross profit margin in recent years indicates a potential maturity in the company’s cost structure relative to its revenue generation. Further investigation would be required to determine the underlying drivers of these costs and assess opportunities for margin improvement.
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Operating Profit Margin
Uber Technologies Inc., operating profit margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Income (loss) from operations | 5,565) | 2,799) | 1,110) | (1,832) | (3,834) | |
| Revenue | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) | |
| Profitability Ratio | ||||||
| Operating profit margin1 | 10.70% | 6.36% | 2.98% | -5.75% | -21.97% | |
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| FedEx Corp. | 5.93% | 6.34% | 5.45% | 6.68% | 6.98% | |
| Union Pacific Corp. | 40.17% | 40.05% | 37.65% | 39.87% | 42.83% | |
| United Airlines Holdings Inc. | 7.98% | 8.93% | 7.84% | 5.20% | -4.15% | |
| United Parcel Service Inc. | 8.87% | 9.30% | 10.05% | 13.05% | 13.17% | |
| Operating Profit Margin, Sector | ||||||
| Transportation | 10.64% | 10.40% | 9.61% | 10.07% | 9.44% | |
| Operating Profit Margin, Industry | ||||||
| Industrials | 11.88% | 9.94% | 9.90% | 9.06% | 9.24% | |
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 2025 Calculation
Operating profit margin = 100 × Income (loss) from operations ÷ Revenue
= 100 × 5,565 ÷ 52,017 = 10.70%
2 Click competitor name to see calculations.
The operating profit margin demonstrates a significant improvement over the observed period. Initially negative, the metric transitions to positive values and exhibits a consistent upward trajectory.
- Operating Profit Margin Trend
- In 2021, the operating profit margin stood at -21.97%. This indicates substantial operational losses relative to revenue. A marked improvement is evident in 2022, with the margin increasing to -5.75%, suggesting a reduction in the magnitude of operational losses.
- The trend continues positively, with the operating profit margin reaching 2.98% in 2023, signifying the achievement of operational profitability. Further gains are observed in 2024, as the margin expands to 6.36%, and continues to 10.70% in 2025.
- This progression suggests increasing operational efficiency and/or effective cost management strategies over the period.
The substantial growth in the operating profit margin is directly correlated with the increasing income from operations. While revenue also increased consistently, the rate of growth in operating income exceeded that of revenue, driving the margin expansion.
- Relationship to Revenue
- Revenue increased from US$17,455 million in 2021 to US$52,017 million in 2025. However, the income from operations moved from a loss of US$-3,834 million in 2021 to a profit of US$5,565 million in 2025.
- This demonstrates that the company has not only grown its top line but has also significantly improved its ability to generate profit from its core operations.
The consistent positive trend in the operating profit margin suggests a strengthening financial position and improved operational performance. The magnitude of the improvement from negative values to 10.70% indicates a substantial turnaround in profitability.
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Net Profit Margin
Uber Technologies Inc., net profit margin calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Uber Technologies, Inc. | 10,053) | 9,856) | 1,887) | (9,141) | (496) | |
| Revenue | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) | |
| Profitability Ratio | ||||||
| Net profit margin1 | 19.33% | 22.41% | 5.06% | -28.68% | -2.84% | |
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| FedEx Corp. | 4.65% | 4.94% | 4.41% | 4.09% | 6.23% | |
| Union Pacific Corp. | 29.12% | 27.82% | 26.45% | 28.13% | 29.92% | |
| United Airlines Holdings Inc. | 5.68% | 5.52% | 4.87% | 1.64% | -7.97% | |
| United Parcel Service Inc. | 6.28% | 6.35% | 7.37% | 11.51% | 13.25% | |
| Net Profit Margin, Sector | ||||||
| Transportation | 9.68% | 9.82% | 7.28% | 4.73% | 9.05% | |
| Net Profit Margin, Industry | ||||||
| Industrials | 9.59% | 8.06% | 8.32% | 5.04% | 5.85% | |
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 2025 Calculation
Net profit margin = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Revenue
= 100 × 10,053 ÷ 52,017 = 19.33%
2 Click competitor name to see calculations.
The net profit margin exhibited significant fluctuations over the five-year period. Initially negative, it demonstrated a substantial improvement, culminating in a positive and relatively stable margin by the end of the period.
- Net Profit Margin Trend
- In 2021, the net profit margin was -2.84%, indicating a net loss relative to revenue. This margin deteriorated considerably in 2022, reaching -28.68%, signifying a substantial net loss. A positive shift occurred in 2023, with the net profit margin rising to 5.06%, indicating the company achieved profitability, albeit at a modest level. Further improvement was observed in 2024, with the net profit margin increasing to 22.41%, demonstrating a significant enhancement in profitability. The margin experienced a slight decrease in 2025, settling at 19.33%, while still remaining at a strong positive level.
The progression from substantial net losses to consistent profitability suggests a successful implementation of strategies aimed at improving operational efficiency and revenue generation. The stabilization of the net profit margin in the final two years indicates a maturing business model and potentially increased predictability in future earnings.
- Relationship to Revenue
- The increase in net income (loss) attributable to Uber Technologies, Inc. was accompanied by consistent revenue growth throughout the period. While revenue increased from US$17,455 million in 2021 to US$52,017 million in 2025, the most dramatic improvement in the net profit margin occurred between 2022 and 2024, suggesting that revenue growth alone does not fully explain the profitability turnaround. Cost control and operational improvements likely played a crucial role.
The substantial change in net profit margin from negative values to positive values highlights a significant operational and financial transformation. The slight decrease in the margin from 2024 to 2025 warrants further investigation to determine if it represents a temporary fluctuation or the beginning of a new trend.
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Return on Equity (ROE)
Uber Technologies Inc., ROE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Uber Technologies, Inc. | 10,053) | 9,856) | 1,887) | (9,141) | (496) | |
| Total Uber Technologies, Inc. stockholders’ equity | 27,041) | 21,558) | 11,249) | 7,340) | 14,458) | |
| Profitability Ratio | ||||||
| ROE1 | 37.18% | 45.72% | 16.77% | -124.54% | -3.43% | |
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| FedEx Corp. | 14.58% | 15.70% | 15.23% | 15.34% | 21.64% | |
| Union Pacific Corp. | 38.65% | 39.95% | 43.14% | 57.54% | 46.06% | |
| United Airlines Holdings Inc. | 21.94% | 24.84% | 28.08% | 10.69% | -39.05% | |
| United Parcel Service Inc. | 34.34% | 34.59% | 38.76% | 58.36% | 90.44% | |
| ROE, Sector | ||||||
| Transportation | 28.74% | 31.30% | 27.38% | 19.64% | 30.78% | |
| ROE, Industry | ||||||
| Industrials | 27.59% | 23.51% | 27.70% | 15.38% | 15.38% | |
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 2025 Calculation
ROE = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Total Uber Technologies, Inc. stockholders’ equity
= 100 × 10,053 ÷ 27,041 = 37.18%
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibited significant fluctuations over the observed period. Initially negative, it transitioned to positive values, demonstrating a substantial improvement in profitability relative to shareholder equity.
- Net Income Trend
- Net income attributable to Uber Technologies, Inc. began with a loss of US$496 million in 2021, followed by a considerably larger loss of US$9,141 million in 2022. A significant turnaround occurred in 2023, with net income reaching US$1,887 million. This positive trend continued into 2024 and 2025, with net income increasing to US$9,856 million and US$10,053 million, respectively.
- Stockholders’ Equity Trend
- Total stockholders’ equity decreased from US$14,458 million in 2021 to US$7,340 million in 2022. A recovery began in 2023, with equity rising to US$11,249 million. Further increases were observed in 2024 and 2025, reaching US$21,558 million and US$27,041 million, respectively. This indicates a strengthening financial position and increased shareholder investment over time.
- ROE Analysis
- In 2021, ROE was negative at -3.43%, reflecting the net loss for that year. The ROE deteriorated sharply in 2022, reaching -124.54%, primarily due to the substantial net loss and the decrease in stockholders’ equity. A dramatic improvement was evident in 2023, with ROE turning positive at 16.77%, driven by the return to profitability and the partial recovery of equity. The ROE continued to increase significantly in 2024, reaching 45.72%, indicating a substantial increase in the return generated for each dollar of shareholder equity. While still positive, the ROE experienced a moderate decrease in 2025, settling at 37.18%, potentially due to the rate of equity growth exceeding that of net income growth.
The substantial shift from negative to positive ROE values highlights a significant improvement in the company’s ability to generate profits from shareholder investments. The increasing trend in both net income and stockholders’ equity supports this observation. The slight decrease in ROE in the final year suggests a potential need to monitor the balance between profit growth and equity expansion.
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Return on Assets (ROA)
Uber Technologies Inc., ROA calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to Uber Technologies, Inc. | 10,053) | 9,856) | 1,887) | (9,141) | (496) | |
| Total assets | 61,802) | 51,244) | 38,699) | 32,109) | 38,774) | |
| Profitability Ratio | ||||||
| ROA1 | 16.27% | 19.23% | 4.88% | -28.47% | -1.28% | |
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| FedEx Corp. | 4.67% | 4.98% | 4.56% | 4.45% | 6.32% | |
| Union Pacific Corp. | 10.24% | 9.96% | 9.50% | 10.69% | 10.27% | |
| United Airlines Holdings Inc. | 4.39% | 4.25% | 3.68% | 1.09% | -2.88% | |
| United Parcel Service Inc. | 7.62% | 8.25% | 9.47% | 16.24% | 18.57% | |
| ROA, Sector | ||||||
| Transportation | 8.19% | 8.53% | 6.44% | 4.34% | 6.88% | |
| ROA, Industry | ||||||
| Industrials | 6.35% | 5.24% | 5.61% | 3.31% | 3.40% | |
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 2025 Calculation
ROA = 100 × Net income (loss) attributable to Uber Technologies, Inc. ÷ Total assets
= 100 × 10,053 ÷ 61,802 = 16.27%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibited a significant and volatile trend over the five-year period. Initially negative, the ROA demonstrated substantial improvement, culminating in a consistently positive return, although with a slight deceleration in the most recent year presented.
- Net Income Impact
- Net income attributable to Uber Technologies, Inc. transitioned from substantial losses in 2021 and 2022 to profitability beginning in 2023. This shift is the primary driver of the ROA improvement. The magnitude of net income increased year-over-year from 2023 to 2024, and experienced a modest increase from 2024 to 2025.
- Asset Base Evolution
- Total assets decreased from 2021 to 2022, then increased substantially through 2025. The asset increase from 2023 to 2025 suggests expansion of the company’s investment in resources. The growth in assets was more pronounced than the growth in net income from 2024 to 2025, contributing to the slight decrease in ROA during that period.
- ROA Trend Analysis
- The ROA was -1.28% in 2021, reflecting a net loss relative to the asset base. In 2022, the ROA plummeted to -28.47%, indicating a significantly larger loss compared to the asset base. A positive turning point occurred in 2023, with an ROA of 4.88%. This positive trend continued into 2024, with a substantial increase to 19.23%. However, the ROA experienced a slight decline in 2025, registering at 16.27%, suggesting that while still profitable, asset utilization efficiency relative to net income generation decreased marginally.
Overall, the trend indicates a successful transition from unprofitability to profitability, reflected in the dramatic improvement in ROA. While the ROA remains sensitive to changes in both net income and the asset base, the company demonstrates a clear ability to generate returns on its assets as of the latest period.
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