Uber Technologies, Inc Earnings Per Share Disclosure
| 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 | ||||||||||||||
| 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 | |||||||||||||||||
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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.