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  "documentTitle": "Uber Technologies (UBER)",
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  "notes": "The chart uses a dual-axis approach (bars for absolute EBITDA, line for margin percentage) and includes a watermark.",
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      "kind": "callout",
      "text": "Uber's current EBITDA margin of 4% is just over half of its 7% long-term target",
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      "text": "Adj. EBITDA and Adj. EBITDA Margin (as % of Gross Bookings)",
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      "text": "Uber has generated significant earnings growth since turning profitable in 2023. We believe the company’s rapid earnings growth is likely to continue as it maintains high revenue growth and leverages its fixed cost base",
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      "text": "Source: Company filings and Pershing Square estimates. Adjusted EBITDA and margin excludes stock-based compensation expense to align with company metrics.",
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