Slow Research Academy › Uber › Unit 6 “Financial Health Check”, lesson 2
About 60% of 2024 and 2025 net income came from releasing tax assets
This unit asks: How should Uber's profit and capital be adjusted before they make sense?
In 2024 and 2025 Uber released valuation allowances on U.S. and Dutch deferred tax assets, for a tax benefit of about $12.8 billion over the two years, roughly 64% of net income for the period. The big 2022 loss mainly came from falling prices of shares held, and the effective tax rate returned to 27.4% in H1 2026.
In 2024, Uber's net income attributable to shareholders (called net income below) was $9.856 billion, about five times 2023.
In the same year, operating income was $2.797 billion, about 2.5 times 2023.
In 2025, net income reached $10.053 billion, about $4.5 billion more than operating income for the year.
In 2024 and 2025 Uber released tax assets left over from past losses, and income tax turned into a gain
📖 Deferred tax asset: money lost in the past can be used to cut taxes when the company later makes profits. That right to deduct is recorded as an asset.
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