Detailed financial statements for Uber Technologies, Inc. (UBER): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Uber Technologies, Inc. is a leading technology corporation that conceptualizes and deploys its proprietary software applications across a broad global footprint, spanning North and South America, Europe, the Middle East, Africa, and the Asia-Pacific region. The company primarily serves as a digital nexus, linking consumers with independent transport providers for ride-hailing services.
Analysis Summary
Uber Technologies, Inc. reported revenue of $52.02B in the most recent fiscal year, growing at a 5-year CAGR of 36.1%.
Trailing-twelve-month margins: gross margin 39.8%, operating margin 10.7%, net margin 19.3%.
At the current price of $69.48, UBER trades at a P/E of 14.97 and an ROE of 35.73%. Market capitalisation stands at $141.4B, placing it among large-cap names.
Balance sheet quality for UBER: current ratio of 1.1, net debt of $4.45B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $9.76B represents 97% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.85B | $7.93B | $10.43B | $13.00B | $11.14B | $17.45B | $31.88B | $37.28B | $43.98B | $52.02B |
| Cost of Revenue | $2.23B | $5.51B | $4.79B | $6.06B | $5.15B | $9.35B | $19.66B | $22.46B | $26.65B | $31.34B |
| Gross Profit | $1.62B | $2.42B | $5.65B | $6.94B | $5.99B | $8.10B | $12.22B | $14.82B | $17.33B | $20.68B |
| Research & Development | $864.0M | $1.22B | $1.50B | $4.84B | $2.21B | $2.05B | $2.80B | $3.16B | $3.11B | $3.40B |
| Selling, General & Admin | $2.58B | $4.56B | $5.23B | $7.92B | $6.25B | $7.11B | $7.89B | $7.04B | $7.98B | $8.14B |
| Operating Expenses | $4.64B | $6.50B | $8.68B | $15.54B | $10.85B | $11.94B | $14.05B | $13.71B | $14.53B | $15.11B |
| Operating Income | -$3.02B | -$4.08B | -$3.03B | -$8.60B | -$4.86B | -$3.83B | -$1.83B | $1.11B | $2.80B | $5.57B |
| EBITDA | -$2.56B | -$3.59B | $2.39B | -$7.40B | -$5.91B | $360.0M | -$7.91B | $3.78B | $5.38B | $6.99B |
| Interest Expense | $334.0M | $479.0M | $648.0M | $559.0M | $458.0M | $483.0M | $565.0M | $633.0M | $523.0M | $440.0M |
| Pre-tax Income | -$3.22B | -$4.58B | $1.27B | -$8.47B | -$6.98B | -$1.06B | -$9.32B | $2.37B | $4.09B | $5.75B |
| Income Tax | $28.0M | -$542.0M | $283.0M | $45.0M | -$192.0M | -$492.0M | -$181.0M | $213.0M | -$5.76B | -$4.35B |
| Net Income | -$370.0M | -$4.03B | $997.0M | -$8.48B | -$6.75B | -$496.0M | -$9.14B | $1.89B | $9.86B | $10.05B |
| EPS | $-0.25 | $-2.38 | $0.59 | $-6.79 | $-3.85 | $-0.26 | $-4.64 | $0.90 | $4.71 | $4.82 |
| EPS (Diluted) | $-0.24 | $-2.38 | $0.59 | $-6.79 | $-3.85 | $-0.26 | $-4.65 | $0.87 | $4.56 | $4.73 |
| Shares Outstanding (Diluted) | $1.53B | $1.69B | $1.68B | $1.25B | $1.75B | $1.89B | $1.97B | $2.09B | $2.15B | $2.12B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $13.47B | $14.37B | $13.20B | $14.19B |
| Gross Profit | $5.36B | $5.68B | $5.95B | $6.38B |
| Operating Income | $1.11B | $1.77B | $1.92B | $2.08B |
| EBITDA | $2.93B | $599.0M | $795.0M | $3.69B |
| Net Income | $6.63B | $296.0M | $263.0M | $2.39B |
| EPS | $3.18 | $0.14 | $0.13 | $1.18 |
| EPS (Diluted) | $3.11 | $0.14 | $0.13 | $1.17 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.24B | $4.54B | $6.47B | $10.97B | $5.90B | $4.93B | $4.89B | $5.49B | $6.44B | $7.11B |
| Short-term Investments | $55.0M | 0 | 0 | $440.0M | $1.18B | 0 | $103.0M | $727.0M | $1.08B | $528.0M |
| Receivables | $387.0M | $926.0M | $1.33B | $1.64B | $1.54B | $2.99B | $3.49B | $4.12B | $3.81B | $3.83B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $7.01B | $6.84B | $8.66B | $13.93B | $9.88B | $8.82B | $9.25B | $11.30B | $12.24B | $13.99B |
| Property, Plant & Equipment | $2.08B | $1.19B | $1.64B | $3.33B | $3.09B | $3.24B | $3.53B | $3.31B | $3.11B | $3.01B |
| Goodwill | $39.0M | $39.0M | $153.0M | $167.0M | $6.11B | $8.42B | $8.26B | $8.15B | $8.07B | $8.93B |
| Intangible Assets | $51.0M | $54.0M | $82.0M | $71.0M | $1.56B | $2.41B | $1.87B | $1.43B | $1.12B | $1.05B |
| Total Assets | $15.71B | $15.43B | $23.99B | $31.76B | $33.25B | $38.77B | $32.11B | $38.70B | $51.24B | $61.80B |
| Accounts Payable | $280.0M | $213.0M | $150.0M | $272.0M | $235.0M | $860.0M | $728.0M | $790.0M | $858.0M | $1.01B |
| Short-term Debt | $15.0M | $237.0M | $198.0M | $388.0M | $1.03B | $641.0M | $495.0M | $499.0M | $1.46B | 0 |
| Total Current Liabilities | $2.42B | $3.85B | $4.26B | $5.64B | $6.87B | $9.02B | $8.85B | $9.45B | $11.48B | $12.32B |
| Long-term Debt | $3.11B | $4.57B | $8.89B | $5.71B | $7.68B | $9.28B | $9.27B | $9.46B | $8.35B | $10.52B |
| Total Liabilities | $8.99B | $11.77B | $17.20B | $16.58B | $19.50B | $23.43B | $23.61B | $26.02B | $28.77B | $33.72B |
| Retained Earnings | -$4.81B | -$8.87B | -$7.87B | -$16.36B | -$23.13B | -$23.63B | -$32.77B | -$30.59B | -$20.73B | -$10.63B |
| Total Equity | $6.73B | $3.65B | $6.79B | $14.19B | $12.27B | $14.46B | $7.34B | $11.25B | $21.56B | $27.04B |
| Total Debt | $3.13B | $5.09B | $9.52B | $7.76B | $10.37B | $11.60B | $11.72B | $11.83B | $11.44B | $12.08B |
| Net Debt | -$3.17B | $557.0M | $3.05B | -$3.65B | $3.30B | $6.68B | $6.73B | $5.62B | $3.91B | $4.45B |
| Working Capital | $4.59B | $2.99B | $4.40B | $8.29B | $3.02B | -$205.0M | $396.0M | $1.84B | $769.0M | $1.67B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $8.91B | $7.11B | $5.56B | $4.87B |
| Total Assets | $63.34B | $61.80B | $59.88B | $65.80B |
| Total Liabilities | $34.19B | $33.72B | $34.07B | $37.40B |
| Total Equity | $28.13B | $27.04B | $24.75B | $27.32B |
| Total Debt | $13.34B | $12.08B | $12.42B | $14.73B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$370.0M | -$4.03B | $987.0M | -$8.51B | -$6.79B | -$570.0M | -$9.14B | $1.89B | $9.85B | $10.09B |
| Depreciation & Amortization | $347.0M | $510.0M | $426.0M | $472.0M | $575.0M | $902.0M | $947.0M | $823.0M | $737.0M | $747.0M |
| Stock-based Compensation | $107.0M | $124.0M | $170.0M | $4.60B | $827.0M | $1.17B | $1.79B | $1.94B | $1.80B | $1.83B |
| Change in Working Capital | $1.07B | $1.91B | $890.0M | -$500.0M | $732.0M | $1.68B | $335.0M | $165.0M | $2.37B | $2.23B |
| Operating Cash Flow | -$2.91B | -$1.42B | -$1.54B | -$4.32B | -$2.75B | -$445.0M | $642.0M | $3.58B | $7.14B | $10.10B |
| Capital Expenditure | -$1.64B | -$829.0M | -$558.0M | -$588.0M | -$616.0M | -$298.0M | -$252.0M | -$223.0M | -$242.0M | -$336.0M |
| Acquisitions | -$240.0M | $342.0M | -$476.0M | $286.0M | -$1.38B | -$1.31B | -$33.0M | $721.0M | -$851.0M | -$120.0M |
| Stock Repurchased | -$90.0M | -$131.0M | -$10.0M | 0 | 0 | 0 | 0 | 0 | -$1.25B | -$6.52B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.55B | -$2.25B | -$2.10B | -$4.91B | -$3.36B | -$743.0M | $390.0M | $3.36B | $6.89B | $9.76B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.33B | $2.88B | $2.35B | $2.86B |
| Capital Expenditure | -$98.0M | -$75.0M | -$65.0M | -$70.0M |
| Free Cash Flow | $2.23B | $2.81B | $2.29B | $2.79B |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $465.0M | $451.0M | $473.0M | $550.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +106.3% | +31.5% | +24.6% | -14.3% | +56.7% | +82.6% | +17.0% | +18.0% | +18.3% | |
| Net Income Growth (YoY) | -990.0% | +124.7% | -950.4% | +20.3% | +92.7% | -1,742.9% | +120.6% | +422.3% | +2.0% | |
| EPS Growth (YoY) | -852.0% | +124.8% | -1,250.8% | +43.3% | +93.2% | -1,684.6% | +119.4% | +423.3% | +2.3% | |
| Shares Change (YoY) | +10.9% | -0.9% | -25.6% | +40.4% | +8.0% | +4.4% | +5.9% | +2.8% | -1.4% | |
| FCF Growth (YoY) | +50.6% | +6.6% | -133.9% | +31.5% | +77.9% | +152.5% | +762.1% | +105.1% | +41.6% | |
| Gross Margin | 42.1% | 30.5% | 54.1% | 53.4% | 53.7% | 46.4% | 38.3% | 39.8% | 39.4% | 39.8% |
| Operating Margin | -78.6% | -51.4% | -29.1% | -66.1% | -43.7% | -22.0% | -5.7% | 3.0% | 6.4% | 10.7% |
| EBITDA Margin | -66.7% | -45.2% | 22.9% | -56.9% | -53.1% | 2.1% | -24.8% | 10.1% | 12.2% | 13.4% |
| Net Margin | -9.6% | -50.8% | 9.6% | -65.2% | -60.6% | -2.8% | -28.7% | 5.1% | 22.4% | 19.3% |
| FCF Margin | -118.3% | -28.3% | -20.1% | -37.8% | -30.2% | -4.3% | 1.2% | 9.0% | 15.7% | 18.8% |
| Effective Tax Rate | -0.9% | 11.8% | 22.3% | -0.5% | 2.8% | 46.3% | 1.9% | 9.0% | -140.9% | -75.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.98 | $-1.33 | $-1.25 | $-3.93 | $-1.92 | $-0.39 | $0.20 | $1.61 | $3.21 | $4.61 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.46B | $1.69B | $1.68B | $1.25B | $1.75B | $1.89B | $1.97B | $2.04B | $2.09B | $2.09B |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 35.73% |
| Return on Invested Capital | 12.97% |
| Return on Assets | 14.56% |
| Gross Margin | 39.75% |
| Operating Margin | 10.70% |
| Net Margin | 19.33% |
Financial Health
| Debt / Equity | 0.45 |
| Current Ratio | 0.84 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.96 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -166.28 | -17.47 | 70.46 | -4.38 | -13.25 | -161.27 | -5.33 | 68.41 | 12.81 | 16.95 |
| P/B | 9.02 | 19.25 | 10.26 | 2.62 | 7.29 | 5.49 | 6.64 | 11.14 | 5.86 | 6.30 |
| P/S | 15.77 | 8.86 | 6.68 | 2.86 | 8.03 | 4.55 | 1.53 | 3.36 | 2.87 | 3.28 |
| Gross Margin | 42.1% | 30.5% | 54.1% | 53.4% | 53.7% | 46.4% | 38.3% | 39.8% | 39.4% | 39.8% |
| Operating Margin | -78.6% | -51.4% | -29.1% | -66.1% | -43.7% | -22.0% | -5.7% | 3.0% | 6.4% | 10.7% |
| Net Margin | -9.6% | -50.8% | 9.6% | -65.2% | -60.6% | -2.8% | -28.7% | 5.1% | 22.4% | 19.3% |
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