Slow Research Academy › Uber › Unit 6 “Financial Health Check”, lesson 3
How to read low capital spending, insurance arrangements and year-end book capital
This unit asks: How should Uber's profit and capital be adjusted before they make sense?
Low capital spending does not place all other assets outside operations; insurance reserves are liabilities and restricted assets have use constraints. The 10.5% ratio compares operating profit with year-end book capital under an assumed tax rate.
In 2025, Uber arranged $193.45 billion of Gross Bookings, and capital spending for the whole year was only $336 million, under 0.2% of Gross Bookings.
At the end of June 2026, its balance sheet showed $65.8 billion of total assets.
A company that hardly buys equipment still has a lot of assets.
Capital spending is low, but insurance and settlement still require assets
Passenger vehicles and restaurant kitchens are mainly provided by drivers, fleet operators and merchants. Uber does not need to buy another car or kitchen for every added order.
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