Note 12 – Net Income Per Share

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the periods presented. Diluted net income per share is computed by giving effect to all potential weighted average dilutive common stock. For diluted net income per share, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable.

We take into account the effect on consolidated net income per share of dilutive securities of entities in which we hold equity interests that are accounted for using the equity method.

The following table sets forth the computation of basic and diluted net income per share attributable to common stockholders (in millions, except share amounts which are reflected in thousands, and per share amounts):


	Year Ended December 31,
	2023		2024		2025
Basic net income per share:
Numerator
Net income including non-controlling interests	$	2,156	$	9,845	$	10,093
Net income (loss) attributable to non-controlling interests, net of tax	269		(11)		40
Net income attributable to common stockholders	$	1,887	$	9,856	$	10,053
Denominator
Basic weighted-average common stock outstanding	2,035,651		2,094,602		2,085,253
Basic net income per share attributable to common stockholders (1)	$	0.93	$	4.71	$	4.82
Diluted net income per share:
Numerator
Net income attributable to common stockholders	$	1,887	$	9,856	$	10,053
Assumed net loss attributable to Uber Technologies, Inc. upon redemption of Freight Holding convertible common shares, non-controlling interest	(62)		(49)		(37)

Interest expense, amortization of debt discount and issuance costs of 2025 Convertible Notes	2		—		—
Diluted net income attributable to common stockholders	$	1,827	$	9,807	$	10,016
Denominator
Number of shares used in basic net income (loss) per share computation	2,035,651		2,094,602		2,085,253
Weighted-average effect of potentially dilutive securities:
Dilutive effect of equity awards	36,499		41,545		27,421
Dilutive effect of Freight Holding contingently issuable shares	4,301		12,040		597
Dilutive effect of Convertible Notes	12,784		—		4,097
Dilutive effect of other contingently issuable shares	2,547		2,321		2,321





Diluted weighted-average common stock outstanding	2,091,782		2,150,508		2,119,689
Diluted net income per share attributable to common stockholders (1)	$	0.87	$	4.56	$	4.73

(1) Per share amounts are calculated using unrounded numbers and therefore may not recalculate.

The following potentially dilutive outstanding securities were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	Year Ended December 31,
	2023	2024	2025
Equity awards	5,608	21,612	4,704
Freight Holding contingently issuable shares	13,430	—	—





Total	19,038	21,612	4,704

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Uber Technologies, Inc Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures