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Arphra AIPlain-English read on Uber Technologies, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $17.46B | $31.88B | $37.28B | $43.98B | $52.02B | $58.12B | $66.95B | $75.81B | $83.24B |
| Cost of revenue | $9.35B | $19.66B | $22.46B | $26.65B | $31.34B | $35.54B | $41.36B | $46.62B | $49.1B |
| Gross profit | $8.1B | $12.22B | $14.82B | $17.33B | $20.68B | $23.53B | $25.95B | $29.65B | $33.81B |
| Gross margin | +46.43% | +38.33% | +39.76% | +39.40% | +39.75% | +40.48% | +38.76% | +39.12% | +40.62% |
| Operating | |||||||||
| Research & development | $2.05B | $2.8B | $3.16B | $3.11B | $3.4B | $4.3B | $4.94B | $5.53B | $6.23B |
| Selling, general & administrative | $7.11B | $7.89B | $7.04B | $7.98B | $8.14B | $10.17B | $11.78B | $13.66B | $14.51B |
| Total operating expenses | $11.94B | $14.05B | $13.71B | $14.53B | $15.11B | $18.7B | $21.5B | $25.24B | $27.6B |
| Operating income | -$3.83B | -$1.83B | $1.11B | $2.8B | $5.57B | $3.98B | $4.43B | $5.05B | $5.71B |
| Operating margin | -21.97% | -5.75% | +2.98% | +6.36% | +10.70% | +6.85% | +6.62% | +6.66% | +6.86% |
| EBITDA | $360M | -$7.91B | $3.78B | $5.39B | $6.99B | $6.95B | $7.76B | $8.99B | $9.7B |
| EBIT | -$542M | -$8.86B | $2.95B | $4.65B | $6.24B | $5.92B | $6.96B | $7.83B | $8.26B |
| Below the line | |||||||||
| Interest expense | $483M | $565M | $633M | $523M | $440M | $729.6M | $814.3M | $970.79M | $1.05B |
| Interest income | $37M | $139M | $484M | $721M | $743M | $821.55M | $1B | $1.07B | $1.24B |
| Other income / expense | $2.77B | -$7.49B | $1.26B | $1.29B | $182M | — | — | — | — |
| Pre-tax income | -$1.06B | -$9.32B | $2.37B | $4.09B | $5.75B | $5.07B | $5.97B | $6.55B | $7.6B |
| Income tax expense | -$492M | -$181M | $213M | -$5.76B | -$4.35B | $452.69M | $539.64M | $591.03M | $674.86M |
| Earnings | |||||||||
| Net income | -$496M | -$9.14B | $1.89B | $9.86B | $10.05B | $3.97B | $4.52B | $5.14B | $5.7B |
| Net income · continuing ops | -$570M | -$9.14B | $2.16B | $9.85B | $10.09B | $9.24B | $10.45B | $12.22B | $13.51B |
| Net margin | -2.84% | -28.68% | +5.06% | +22.41% | +19.33% | +6.83% | +6.75% | +6.78% | +6.85% |
| EPS · basic | $-0.26 | $-4.64 | $0.90 | $4.71 | $4.82 | $3.39 | $4.49 | $5.35 | $6.57 |
| EPS · diluted | $-0.26 | $-4.65 | $0.87 | $4.56 | $4.73 | $3.32 | $4.41 | $5.24 | $6.33 |
| EPS · low estimate | — | — | — | — | — | $2.92 | $3.75 | $3.70 | $6.00 |
| EPS · high estimate | — | — | — | — | — | $3.76 | $5.07 | $6.20 | $6.65 |
| Shares · basic | 1.89B | 1.97B | 2.04B | 2.09B | 2.09B | 2.11B | 2.08B | 2.07B | 2.1B |
| Shares · diluted | 1.89B | 1.97B | 2.09B | 2.15B | 2.12B | 2.13B | 2.13B | 2.13B | 2.1B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 37 | 36 | 29 | 18 |
| Analysts (EPS) | — | — | — | — | — | 27 | 29 | 23 | 10 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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