Analysis of Reportable Segments
Uber Technologies Inc. operates in 3 segments: Mobility; Delivery; and Freight.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2019
- Price to Earnings (P/E) since 2019
- Price to Sales (P/S) since 2019
- Aggregate Accruals
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Segment Profit Margin
Uber Technologies Inc., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Mobility | |||||
| Delivery | |||||
| Freight |
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).
- Mobility Segment Profit Margin
- The Mobility segment exhibits a consistently positive and upward trend in profit margin from 2020 through 2024. Starting at 19.2% in 2020, the margin improved steadily each year, reaching 25.9% in 2024. This indicates ongoing enhancement in profitability and operational efficiency within this segment over the five-year period.
- Delivery Segment Profit Margin
- The Delivery segment shows a marked improvement in profitability from 2020 to 2024. Initially, the segment reported a significant loss margin of -22.36% in 2020. However, there is a consistent year-over-year reduction in losses, transitioning to a positive margin starting in 2022 with 5.05%. The upward trajectory continues to 17.97% in 2024, highlighting a strong turnaround and increased profitability in this business area.
- Freight Segment Profit Margin
- The Freight segment profit margin has remained negative throughout the observed years with some fluctuations. In 2020 and 2021, the segment experienced losses of -22.45% and -6.1%, respectively, showing a reduction in losses. Data for 2022 is missing, making assessment for that year incomplete. However, the margin worsened slightly in 2023 and 2024 to -1.22% and -1.44%, respectively. Despite the overall negative margins, the losses are considerably less severe compared to earlier years, though the lack of consistent positive progression suggests ongoing challenges in achieving profitability for this segment.
Segment Profit Margin: Mobility
Uber Technologies Inc.; Mobility; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | |||||
| Revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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 2024 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × ÷ =
The financial performance of the Mobility reportable segment reveals a consistent upward trend across all key metrics over the observed five-year period.
- Adjusted EBITDA
- Adjusted EBITDA shows a strong and steady increase, rising from US$1,169 million in 2020 to US$6,497 million in 2024. This growth indicates progressive improvements in operating profitability within the segment, with the value nearly quintupling over the period. The increase suggests effective cost management and expanding operational scale.
- Revenue
- Revenue demonstrates substantial expansion, increasing from US$6,089 million in 2020 to US$25,087 million in 2024. The near fourfold growth reflects robust demand and successful scaling of the Mobility service offerings. Notably, revenue more than doubled between 2021 and 2022, suggesting significant business acceleration during that period.
- Segment Profit Margin
- The segment profit margin has shown a gradual but consistent improvement, moving from 19.2% in 2020 to 25.9% in 2024. This indicates enhanced profitability on a relative basis, as the segment is able to generate higher profit per unit of revenue over time, likely through operational efficiencies, pricing strategies, or a more favorable cost structure.
Overall, the data reflect strong growth in both absolute profitability and revenue levels, accompanied by improving profit margins. These trends suggest a maturing business segment capable of scaling effectively while enhancing profitability.
Segment Profit Margin: Delivery
Uber Technologies Inc.; Delivery; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | |||||
| Revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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 2024 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × ÷ =
The financial performance of the Delivery segment has shown significant improvement over the analyzed period. Revenue has consistently increased each year, reflecting robust growth in the segment's market activities. Starting from US$ 3,904 million in 2020, revenue more than tripled by 2024, reaching US$ 13,750 million. This upward trend indicates expanding customer demand and possibly enhanced operational capabilities or market penetration.
Correspondingly, the Adjusted EBITDA figures reveal a marked turnaround. The segment experienced negative Adjusted EBITDA in 2020 and 2021, with losses narrowing from -US$ 873 million to -US$ 348 million. However, from 2022 onward, the segment transitioned into profitability, achieving US$ 551 million in Adjusted EBITDA. This positive momentum accelerated through 2023 and 2024, with Adjusted EBITDA reaching US$ 1,506 million and US$ 2,471 million respectively. This shift reflects improved operational efficiency and cost management, complementing the revenue growth.
The segment profit margin further corroborates these observations. It progressed from a substantial negative margin of -22.36% in 2020 to a positive margin of 17.97% by 2024. The consistent increase in profit margin demonstrates enhanced profitability and suggests that fixed and variable costs have been better controlled relative to revenue expansion.
Overall, the Delivery segment exhibits a strong growth trajectory with significant operational improvements translating into enhanced profit margins and positive Adjusted EBITDA. The data implies successful execution of strategic initiatives focusing on sustainable profitability and scale expansion within this business segment.
Segment Profit Margin: Freight
Uber Technologies Inc.; Freight; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Adjusted EBITDA | |||||
| Revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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 2024 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Revenue
= 100 × ÷ =
- Revenue
- The revenue demonstrated significant growth from 2020 to 2022, increasing from $1,011 million in 2020 to $6,947 million in 2022. However, there was a noticeable decline in revenue in 2023 and 2024, falling to $5,245 million and $5,141 million respectively. Despite the dip in the last two years, the revenue levels in 2023 and 2024 remained substantially higher than the initial figures in 2020 and 2021.
- Adjusted EBITDA
- Adjusted EBITDA figures presented continuous improvement from 2020 through 2023. The negative values decreased from -$227 million in 2020 to -$64 million in 2023, indicating a reduction in losses over this period. In 2024, there was a slight increase in losses to -$74 million, but overall, Adjusted EBITDA shows a trend toward narrowing the gap between expenses and earnings.
- Segment Profit Margin
- The segment profit margin improved markedly from -22.45% in 2020 to -6.1% in 2021, reflecting better operational efficiency or cost management. This improving trend continued toward 2023, with the margin reaching -1.22%. There was a marginal reversal in 2024, with the margin slightly declining to -1.44%. Despite being negative across all years, the profit margin has moved closer to break-even over time.
- Summary
- Overall, the data exhibits strong revenue growth until 2022 followed by a moderate decline in subsequent years. While the segment remains unprofitable, there is a clear trend toward reducing losses and improving profitability as indicated by both Adjusted EBITDA and segment profit margin trends. The slight deterioration in 2024 suggests some challenges remain, but the overall direction shows progress in managing the segment's cost structure in relation to its revenues.
Revenue
Uber Technologies Inc., revenue by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Mobility | |||||
| Delivery | |||||
| Freight | |||||
| All Other | |||||
| Total |
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).
- Mobility Segment Revenue
- The Mobility segment demonstrates consistent and substantial growth over the five-year period. Starting at $6,089 million in 2020, revenues increased gradually to $6,953 million in 2021 before experiencing a sharp rise to $14,029 million in 2022. This upward trajectory continued with revenues reaching $19,832 million in 2023 and further growing to $25,087 million in 2024, indicating a strong expansion and increasing market demand within this segment.
- Delivery Segment Revenue
- The Delivery segment also shows a marked increase across the years, beginning at $3,904 million in 2020 and more than doubling to $8,362 million in 2021. Revenue growth persisted but at a slower pace in subsequent years, with $10,901 million in 2022, $12,204 million in 2023, and $13,750 million in 2024. The data suggests sustained growth but with a moderation in acceleration compared to earlier years.
- Freight Segment Revenue
- Revenues in the Freight segment reveal a varied pattern. The segment started at $1,011 million in 2020, more than doubling to $2,132 million in 2021, and then sharply increasing to $6,947 million in 2022. However, there is a noticeable decline in the following two years, with revenues dropping to $5,245 million in 2023 and slightly further to $5,141 million in 2024. This fluctuation may reflect operational or market challenges affecting this segment after rapid initial expansion.
- All Other Segment Revenue
- The "All Other" segment shows minimal and inconsistent revenues, with $135 million reported in 2020 and a sharp decline to $8 million in 2021. No further data is presented for subsequent years, suggesting this segment is either discontinued, insignificant, or merged into other reporting categories.
- Total Revenue
- Total revenue exhibits pronounced growth, in line with the trends in Mobility and Delivery segments. Starting at $11,139 million in 2020, it increases significantly to $17,455 million in 2021 and further accelerates to $31,877 million in 2022. Growth continues moderately with total revenue of $37,281 million in 2023 and $43,978 million in 2024. This reflects a strong overall expansion driven primarily by the Mobility and Delivery businesses, offset somewhat by the slower growth or decline observed in Freight.
Adjusted EBITDA
Uber Technologies Inc., adjusted ebitda by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Mobility | |||||
| Delivery | |||||
| Freight | |||||
| All Other | |||||
| Total |
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).
- Mobility Segment
- The Mobility segment demonstrates a consistent and significant positive growth trend across the five-year period. It increased steadily from $1,169 million in 2020 to $6,497 million in 2024, indicating robust expansion and operational improvement within this segment.
- Delivery Segment
- The Delivery segment shows a marked improvement over time, transitioning from negative adjusted EBITDA figures of -$873 million in 2020 and -$348 million in 2021 to positive results starting in 2022. It reached $551 million in 2022, followed by continued growth to $2,471 million in 2024. This suggests successful scaling and increasing profitability in the delivery operations.
- Freight Segment
- The Freight segment reflects consistent negative adjusted EBITDA values throughout the reported periods. The figures improved slightly from -$227 million in 2020 to -$130 million in 2021, but no data is available for 2022, and subsequent years show modest losses of -$64 million in 2023 and -$74 million in 2024. The trend suggests ongoing challenges in achieving profitability within this segment.
- All Other Segment
- The All Other segment reports notable negative adjusted EBITDA in the early years, with -$461 million in 2020 and a significant reduction to -$11 million in 2021. Data for subsequent years is missing, limiting analysis beyond this point, but the sharp improvement early on may indicate cost-cutting or restructuring efforts.
- Total Adjusted EBITDA
- The overall adjusted EBITDA shows a strong upward trajectory, moving from a negative total of -$392 million in 2020 to a positive $8,894 million by 2024. This growth is primarily driven by substantial gains in the Mobility and Delivery segments. The positive trend highlights overall improving financial health and operational efficiency of the company.