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Uber reported a profit for 2023: $1.110 billion in operating income and $1.887 billion in net income attributable to Uber Technologies, Inc. The figures mark a sharp reversal from 2022, when Uber reported losses on both measures. The Verge described 2023 as the first profitable year in the company’s history; the figures themselves come from Uber’s full-year results released February 7, 2024.
How much profit did Uber make in 2023?
Uber reported $1.110 billion in operating income for the year ended December 31, 2023. Its net income attributable to Uber Technologies, Inc. was $1.887 billion. These are different accounting measures: operating income reflects income from operations, while net income is the company’s bottom-line result after other income, expenses and taxes.
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The Verge’s February 8, 2024 article characterized 2023 as the first time Uber had ended a year profitable. Uber’s February 7 earnings release establishes the financial results, but the historical “first time ever” framing is The Verge’s characterization.
How did the result compare with 2022?
| Measure | 2023 | 2022 |
|---|---|---|
| Operating income (loss) | $1.110 billion | Loss of $1.832 billion |
| Net income (loss) attributable to Uber Technologies, Inc. | $1.887 billion | Loss of $9.141 billion |
| Revenue | $37.281 billion | $31.877 billion |
| Adjusted EBITDA (non-GAAP) | $4.052 billion | $1.713 billion |
| Operating cash flow | $3.585 billion | $642 million |
| Free cash flow (non-GAAP) | $3.362 billion | $390 million |
All amounts are US dollars, as reported by Uber for the fiscal years ended December 31. The comparison shows why it matters to specify the measure: Uber’s operating result swung from a $1.832 billion loss to positive income, while net income moved from a $9.141 billion loss to a profit.
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Why net income needs a qualification
Uber said its 2023 net income included a $1.6 billion pre-tax net benefit from revaluations of its equity investments. In 2022, those revaluations produced a $7.0 billion pre-tax net headwind. These investment valuation changes are part of the reported net income figures, but they are not the same as earnings generated by rides and delivery operations. The $1.110 billion operating income figure is a separate measure and should not be confused with the $1.887 billion net income figure.
Revenue, bookings and cash flow
Uber reported $37.281 billion in 2023 revenue, up from $31.877 billion in 2022. It separately reported $137.865 billion in Gross Bookings, up 19% year over year, and 9.448 billion trips, up 24%. Gross Bookings are not revenue; Uber reports them as distinct measures.
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Uber also reported $3.585 billion in operating cash flow and $3.362 billion in free cash flow for 2023. The company defines free cash flow as net cash flows from operating activities less capital expenditures and identifies it as a non-GAAP measure. Uber said 2023 operating and free cash flow included approximately $622 million in HMRC VAT payments for assessments covering March 2022 to March 2023.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which figures are GAAP and which are supplemental?
Operating income, net income and revenue are reported financial statement measures. Adjusted EBITDA and free cash flow are non-GAAP measures that Uber presents as supplemental information. Uber says its non-GAAP information is not intended to be considered in isolation or as a substitute for, or superior to, information prepared in accordance with GAAP. For a useful comparison, keep the accounting measure and period consistent, and do not treat adjusted EBITDA or free cash flow as interchangeable with net income.
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Uber CEO Dara Khosrowshahi called 2023 “an inflection point” and said the company could continue to generate profitable growth at scale. That is management’s assessment; the reported figures above are the company’s results for 2023, not a description of its current or later-year performance.
Sources: Uber’s fourth-quarter and full-year 2023 results, February 7, 2024; The Verge’s report, February 8, 2024.
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