Lyft (Nasdaq: LYFT) grows riders to 30.5M and lifts Q2 2026 profit
Rhea-AI Filing Summary
Lyft, Inc. reported strong results for the quarter ended June 30, 2026, with Gross Bookings of $5.5 billion, up 23% year over year, and revenue of $1.8 billion, up 16% year over year. Net income rose 25% to $50.3 million, keeping net income at 0.9% of Gross Bookings, unchanged from the prior year quarter. Adjusted EBITDA increased 37% to $177.2 million, and Adjusted EBITDA margin improved to 3.2% of Gross Bookings from 2.9% a year earlier.
Operationally, Lyft reached a record 30.5 million Active Riders, up 17% year over year, and delivered 262 million rides, up 12% year over year. The business generated net cash provided by operating activities of $349.9 million in Q2, contributing to $1.2 billion over the trailing twelve months and free cash flow of $1.1 billion over the same period. For third quarter 2026, Lyft projects Gross Bookings of approximately $5.50 billion to $5.67 billion and Adjusted EBITDA of $183 million to $203 million, implying an Adjusted EBITDA margin of about 3.3% to 3.6%.
Positive
- Strong top-line growth: Q2 2026 Gross Bookings reached $5.5 billion, up 23% year over year, and revenue was $1.8 billion, up 16%, indicating robust demand across Lyft’s platform.
- Profitability and margin gains: Net income increased 25% to $50.3 million and Adjusted EBITDA grew 37% to $177.2 million, with Adjusted EBITDA margin improving to 3.2% of Gross Bookings from 2.9%.
- Significant cash generation: Net cash provided by operating activities over the trailing twelve months was $1.2 billion, and trailing twelve-month free cash flow totaled $1.1 billion, supporting financial flexibility.
Negative
- None.
Filing Explained
At June 30, 2026, Lyft reported 379,170 thousand Class A shares outstanding versus 400,856 thousand at year-end; Q3 guidance remains non-GAAP without a GAAP bridge.
This Form 8-K records Lyft’s completed disclosure of financial results for the quarter ended
The filing also reports
For the third quarter, Lyft provides only non-GAAP Gross Bookings and Adjusted EBITDA outlook and says it did not provide a forward-looking GAAP equivalent or reconciliation because reconciling items are uncertain and could significantly affect future GAAP results.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $1.8 billion
Q2 2026 Gross Bookings: $5.5 billion
Q2 2026 Net Income: $50.3 million
+5 more
8 metrics
Q2 2026 Revenue
$1.8 billion
Revenue for the quarter ended June 30, 2026, up 16% year over year
Q2 2026 Gross Bookings
$5.5 billion
Gross Bookings for Q2 2026, up 23% year over year
Q2 2026 Net Income
$50.3 million
Net income for Q2 2026, up 25% from $40.3 million in Q2 2025
Q2 2026 Adjusted EBITDA
$177.2 million
Adjusted EBITDA for Q2 2026, up 37% from $129.4 million in Q2 2025
Adjusted EBITDA Margin Q2 2026
3.2%
Adjusted EBITDA as a percentage of Gross Bookings in Q2 2026, versus 2.9% in Q2 2025
Active Riders Q2 2026
30.5 million
Active Riders in Q2 2026, up 17% year over year and a record level
Rides Q2 2026
262.4 million
Rides in Q2 2026, up 12% year over year to record levels
Trailing 12-Month Free Cash Flow
$1.1 billion
Free cash flow for the trailing twelve months ended June 30, 2026
Key Terms
Gross Bookings, Adjusted EBITDA, Free cash flow, Active Riders, +2 more
6 terms
Gross Bookings financial
"•Gross Bookings of $5.5 billion, up 23% year over year."
Gross bookings is the total dollar value of transactions a company records from sales, reservations, or orders before subtracting cancellations, refunds, taxes, or fees. Think of it as the full amount put into a shopping cart at checkout rather than the final receipt; it shows raw customer demand and sales momentum but does not equal actual revenue or profit, so investors use it to gauge growth and market interest while also watching conversion to net revenue.
Adjusted EBITDA financial
"•Adjusted EBITDA up 37% year over year to $177.2 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free cash flow financial
"•Free cash flow of $319.6 million compared to $329.4 million in Q2'25."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Active Riders market
"Record Active Riders, our leading indicator of growth, was up 17% year over year"
Restricted investments financial
"Restricted investments | 1,305,672 | | | 1,230,758 |"
Deferred tax assets financial
"Deferred tax assets | 2,880,645 | | | 2,906,135 |"
An item on a company’s balance sheet showing tax benefits it can use later to reduce future tax bills — think of it as an IOU from the tax system for past losses or timing differences. It matters to investors because it can boost future cash flow and apparent value if the company expects profits ahead, but those benefits vanish if the company cannot generate taxable income and the asset must be reduced.
Earnings Snapshot
Revenue Q2 2026: $1.8 billion · Guidance included
Quarter ended June 30, 2026
Revenue Q2 2026
$1.8 billion
up 16% year over year
Gross Bookings Q2 2026
$5.5 billion
up 23% year over year
Net Income Q2 2026
$50.3 million
up 25% year over year
Adjusted EBITDA Q2 2026
$177.2 million
up 37% year over year
Active Riders Q2 2026
30.5 million
up 17% year over year
Rides Q2 2026
262 million
up 12% year over year
Guidance
For Q3 2026, Lyft expects Gross Bookings of approximately $5.50–$5.67 billion and Adjusted EBITDA of approximately $183–$203 million, implying an Adjusted EBITDA margin of about 3.3%–3.6%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Lyft (LYFT) perform financially in Q2 2026?
Lyft reported Q2 2026 revenue of $1.8 billion, up 16% year over year, and Gross Bookings of $5.5 billion, up 23%. Net income rose 25% to $50.3 million, while Adjusted EBITDA increased 37% to $177.2 million, with a 3.2% margin.
What were Lyft (LYFT)’s key operating metrics in Q2 2026?
Lyft achieved record 30.5 million Active Riders, up 17% year over year, and 262 million rides, up 12%. The company highlighted global strength across Freenow by Lyft in Europe, North American rideshare, and Lyft Urban Solutions driving these operating gains.
How much cash flow did Lyft (LYFT) generate recently?
In Q2 2026, Lyft generated net cash from operating activities of $349.9 million and free cash flow of $319.6 million. Over the trailing twelve months, operating cash flow reached $1.2 billion and free cash flow totaled $1.1 billion, reflecting strong cash generation.
What guidance did Lyft (LYFT) provide for Q3 2026?
For third quarter 2026, Lyft expects Gross Bookings of approximately $5.50 billion to $5.67 billion, representing about 15% to 19% year-over-year growth. It forecasts Adjusted EBITDA of $183 million to $203 million, implying a margin of roughly 3.3% to 3.6%.
What does Lyft’s (LYFT) balance sheet look like as of June 30, 2026?
As of June 30, 2026, Lyft reported total assets of $9.1 billion and stockholders’ equity of $3.0 billion. Cash and cash equivalents were $1,137.9 million, restricted cash and cash equivalents were $758.9 million, and long-term debt (net of current portion) was $990.6 million.
How are non-GAAP metrics like Adjusted EBITDA used by Lyft (LYFT)?
Lyft reports Adjusted EBITDA of $177.2 million in Q2 2026, excluding items such as stock-based compensation, certain legal and regulatory reserves, acquisition-related costs, interest, taxes, and depreciation and amortization. Management uses these non-GAAP measures to evaluate operating performance alongside GAAP results.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On August 6, 2026, Lyft, Inc. (the “Company” or “Lyft”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure
On August 6, 2026, Lyft posted supplemental investor materials, including prepared remarks and a slide presentation, on its investor.lyft.com website. Lyft announces material information to the public about Lyft, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.lyft.com), its X accounts (@lyft and @davidrisher), its Chief Executive Officer’s LinkedIn account (linkedin.com/in/jdavidrisher/), and its blogs (including: lyft.com/blog, lyft.com/hub, and eng.lyft.com) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.
The information in Items 2.02 and 7.01 of this current report on Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
| Exhibit No. | Exhibit Description | |||||||
| 99.1 | Press Release, dated August 6, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LYFT, INC. | ||||||||
| Date: | August 6, 2026 | /s/ Erin Brewer | ||||||
| Erin Brewer | ||||||||
| Chief Financial Officer | ||||||||
Exhibit 99.1
Lyft Reports Strong Q2 2026 Results
Record Active Riders of over 30 million globally
Growth accelerated in Q2 delivering record Rides and Gross Bookings
SAN FRANCISCO, CA, August 6, 2026 - Lyft, Inc. (Nasdaq: LYFT) today announced financial results for the second quarter ended June 30, 2026.
“We have surpassed 30 million Active Riders globally, our highest ever, as more people embed Lyft into their everyday lives,” said Lyft CEO David Risher. “This milestone is driven by our customer obsession and operational excellence, and fuels our transformation into a hybrid transportation platform while we deliver strong financial performance. So buckle up, the opportunity ahead is massive, and we’re just getting started.”
“The business delivered acceleration in the second quarter, with growth in Rides and Gross Bookings reaching record levels, alongside continued strong cash generation of over $1 billion for the trailing twelve months,” said CFO Erin Brewer. “These results reflect the strength of our foundation and give us confidence in the road ahead.”
Second Quarter 2026 Financial Highlights
•Gross Bookings of $5.5 billion, up 23% year over year.
•Revenue of $1.8 billion, up 16% year over year.
•Net income was up 25% year over year to $50.3 million compared to $40.3 million in Q2'25.
◦Net income as a percentage of Gross Bookings of 0.9%, flat compared to Q2'25.
•Adjusted EBITDA up 37% year over year to $177.2 million compared to $129.4 million in Q2'25.
◦Adjusted EBITDA margin as a percentage of Gross Bookings of 3.2% compared to 2.9% in Q2'25.
•Net cash provided by operating activities of $349.9 million compared to $343.7 million in Q2'25.
◦For the trailing twelve months, net cash provided by operating activities was $1.2 billion.
•Free cash flow of $319.6 million compared to $329.4 million in Q2'25.
◦For the trailing twelve months, free cash flow was $1.1 billion.
Second Quarter 2026 Operational Highlights
•Record Active Riders, our leading indicator of growth, was up 17% year over year to 30.5 million, the 7th consecutive quarter of double-digit growth.
•Rides accelerated sequentially to record levels, up 12% year over year to 262 million, with global strength across Freenow by Lyft in Europe, North American rideshare, and Lyft Urban Solutions.
•Approximately 30% of North American rideshare rides were linked to a partnership, an all-time high as we continue to be a good partner and collaborate to create value for our riders and partners.
•In Nashville, in partnership with Waymo, our fleet operations officially began in June and are running smoothly as we gear up for the opening of our 80,000-square-foot purpose-built AV depot in October.
•Lyft and Curb expanded their strategic partnership to New York City, the largest taxi market in the U.S., reflecting our strategy of expanding transport options for riders through partnerships with established, licensed operators.
Third Quarter 2026 Outlook
•Gross Bookings of approximately $5.50 billion to $5.67 billion, up approximately 15% to 19% year over year.
•Adjusted EBITDA of approximately $183 million to $203 million
◦Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 3.3% to 3.6%.
We have not provided the forward-looking GAAP equivalent to our non-GAAP outlook or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of reconciling items which include, but are not limited to, stock-
based compensation, income tax, legal, tax, and regulatory reserve changes and settlements, and costs related to acquisitions. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalent is not available without unreasonable effort. However, it is important to note that the reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP metrics in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this earnings release, please see “GAAP to non-GAAP Reconciliations” below.
Financial and Operational Results
| Three Months Ended | ||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | ||||||||||||||||||
| (in millions, except for percentages) | ||||||||||||||||||||
| Active Riders | 30.5 | 28.3 | 26.1 | |||||||||||||||||
| Rides | 262.4 | 236.9 | 234.8 | |||||||||||||||||
| Gross Bookings | $ | 5,504.2 | $ | 4,946.0 | $ | 4,490.1 | ||||||||||||||
| Revenue | $ | 1,843.5 | $ | 1,650.5 | $ | 1,588.2 | ||||||||||||||
| Net income | $ | 50.3 | $ | 14.2 | $ | 40.3 | ||||||||||||||
| Net income as a percentage of Gross Bookings | 0.9 | % | 0.3 | % | 0.9 | % | ||||||||||||||
| Adjusted EBITDA | $ | 177.2 | $ | 132.8 | $ | 129.4 | ||||||||||||||
| Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) | 3.2 | % | 2.7 | % | 2.9 | % | ||||||||||||||
| Net cash provided by operating activities | $ | 349.9 | $ | 307.7 | $ | 343.7 | ||||||||||||||
| Free cash flow | $ | 319.6 | $ | 287.3 | $ | 329.4 | ||||||||||||||
Note: Information on our key metrics and non-GAAP financial measures is also available on our Investor Relations page.
Definitions of Key Metrics
Active Riders
The number of Active Riders is a key indicator of the scale of Lyft’s user community. Lyft defines Active Riders as all unique riders who have taken at least one ride during the quarter. If a ride is requested by another organization or person for the benefit of a rider, that rider is only included in the calculation of Active Riders if the ride is accessible in the rider’s Lyft App.
Rides
Rides represent the level of usage of our multimodal platform. Lyft defines Rides as the total number of rides completed on our multimodal platform that contribute to our revenue. These include any Rides taken through our Lyft App. If multiple riders take a private rideshare ride, including situations where one party picks up another party on the way to a destination, or splits the bill, we count this as a single rideshare ride. Each unique segment of a Shared Ride is considered a single Ride. For example, if two riders successfully match in Shared Ride mode and both complete their Rides, we count this as two Rides. We have largely shifted away from Shared Rides, and now only offer Shared Rides in limited markets. Lyft includes all Rides taken by riders via our Concierge offering, even though such riders may be excluded from the definition of Active Riders unless the ride is accessible in that rider’s Lyft App.
Gross Bookings
Gross Bookings is a key indicator of the scale and impact of our overall platform. Lyft defines Gross Bookings as the total dollar value of transactions including any applicable taxes, tolls and fees, for rides and other offerings provided by Lyft, excluding tips to drivers.
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)
Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period. For the definition of Adjusted EBITDA, refer to “Non-GAAP Financial Measures”.
Webcast
Lyft will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results and business highlights. Supplemental materials, including management’s prepared remarks, will be available on the Company’s Investor Relations page in advance of the call. To listen to a live audio webcast, please visit our Investor Relations page at https://investor.lyft.com/. The archived webcast will be available on our Investor Relations page shortly after the call.
About Lyft
Whether it’s an everyday commute or a journey that changes everything, Lyft is driven by our purpose: to serve and connect. Founded in 2012, Lyft has grown into a global mobility platform offering a mix of rideshare, taxis, private hire vehicles, executive chauffeur services, car sharing, bikes, and scooters across six continents and thousands of cities. Millions of drivers have chosen to earn on billions of rides - helping to create a more connected world, with transportation options for everyone.
Available Information
Lyft announces material information to the public about Lyft, its products and services and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investor.lyft.com), its X accounts (@lyft and @davidrisher), its Chief Executive Officer’s LinkedIn account (linkedin.com/in/jdavidrisher) and its blogs (including: lyft.com/blog, lyft.com/hub, and eng.lyft.com) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Lyft’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Lyft’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, Lyft’s guidance and outlook, including expectations for the third quarter of 2026, and the trends and assumptions underlying such guidance and outlook, Lyft’s expectations regarding its share repurchase program, including the timing of repurchases thereunder, Lyft’s strategies and opportunity, Lyft’s plans and expectations regarding its new and existing strategic partnerships, the timing of developments and the benefits such partnerships will provide, Lyft’s expectations regarding its products and features, and Lyft’s expectations regarding AV technology, including the deployment of AVs, and Lyft’s expectations regarding its acquisitions and their anticipated impacts on Lyft’s international operations and financial results, and risks related to their integrations and operations. Lyft’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding our ability to forecast our performance due to our limited operating history and the macroeconomic environment and the risk that our partnerships may not materialize as expected. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Lyft’s filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the SEC. The forward-looking statements in this release are based on information available to Lyft as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law. This press release discusses “customers.” For rideshare, there are generally two customers in every car - the driver is Lyft’s customer, and the rider is the driver’s customer. We care about both.
Non-GAAP Financial Measures
To supplement Lyft's financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Lyft considers certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA, Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) and free cash flow. Lyft defines Adjusted EBITDA as net income (loss) adjusted for interest expense, other income (expense), net, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation expense, payroll tax expense related to stock-based compensation, as well as, if applicable, sublease income, gain from lease termination, restructuring charges, costs related to acquisitions, divestitures and other corporate matters, and certain legal, tax, and regulatory reserve changes and settlements. Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period and is considered a key metric.
Lyft defines free cash flow as GAAP net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet.
Lyft subleases certain office space and earns sublease income. Sublease income is included within other income, net on the condensed consolidated statement of operations, while the related lease expense is included within operating expenses and loss from operations. Lyft believes the adjustment to include sublease income in Adjusted EBITDA is useful to investors by enabling them to better assess Lyft’s operating performance, including the benefits of recent transactions, by presenting sublease income as a contra-expense to the related lease charges that are part of operating expenses.
Lyft excludes certain costs related to acquisitions including due diligence costs, professional fees in connection with an acquisition, certain financing costs, and certain integration-related expenses. These expenses are unpredictable, and depend on factors that may be outside of our control and are not reflective of our ongoing core operations. In addition, the size and complexity of an acquisition, which often drives the magnitude of costs related to acquisitions, may not be indicative of such future costs. We believe excluding costs related to acquisitions, divestitures and other corporate matters facilitates the comparison of our financial results to our historical operating results and to other companies in the industry.
Certain legal, tax, and regulatory reserve changes and settlements are primarily related to certain reserves and/or settlements for significant legal proceedings or governmental investigations and the associated fees. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, tax and regulatory matters and related expenses incurred in our ongoing operating performance.
Lyft uses its non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our financial performance. Free cash flow is a measure used by our management to understand and evaluate our operating performance and trends. We believe free cash flow is a useful indicator of liquidity that provides our management with information about our ability to generate or use cash to enhance the strength of our balance sheet, further invest in our business and pursue potential strategic initiatives. Free cash flow has certain limitations, including that it does not reflect our future contractual commitments and it does not represent the total increase or decrease in our cash balance for a given period. Free cash flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs.
Lyft’s definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Furthermore, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, our non-GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
| Contacts | |||||
Erin Rheaume, Investor Relations | Stephanie Rice, Media | ||||
ir@lyft.com | press@lyft.com | ||||
Lyft, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except for per share data)
(unaudited)
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 1,137,942 | $ | 1,132,009 | |||||||
| Short-term investments | 656,573 | 705,172 | |||||||||
| Prepaid expenses and other current assets | 1,064,898 | 1,082,334 | |||||||||
| Total current assets | 2,859,413 | 2,919,515 | |||||||||
| Restricted cash and cash equivalents | 758,988 | 705,361 | |||||||||
| Restricted investments | 1,305,672 | 1,230,758 | |||||||||
| Investments | 44,506 | 47,066 | |||||||||
| Property and equipment, net | 430,318 | 418,530 | |||||||||
| Operating lease right-of-use assets | 163,885 | 165,579 | |||||||||
| Intangible assets, net | 164,570 | 178,944 | |||||||||
| Goodwill | 477,082 | 439,754 | |||||||||
Deferred tax assets | 2,880,645 | 2,906,135 | |||||||||
| Other assets | 22,407 | 18,411 | |||||||||
| Total assets | $ | 9,107,486 | $ | 9,030,053 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 115,641 | $ | 120,464 | |||||||
| Insurance reserves | 2,307,657 | 2,180,426 | |||||||||
| Accrued and other current liabilities | 2,428,912 | 2,196,863 | |||||||||
| Operating lease liabilities, current | 28,261 | 28,068 | |||||||||
| Total current liabilities | 4,880,471 | 4,525,821 | |||||||||
| Operating lease liabilities | 156,279 | 159,904 | |||||||||
| Long-term debt, net of current portion | 990,560 | 1,002,404 | |||||||||
| Other liabilities | 56,530 | 68,401 | |||||||||
| Total liabilities | 6,083,840 | 5,756,530 | |||||||||
| Stockholders’ equity | |||||||||||
| Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025 | — | — | |||||||||
| Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of June 30, 2026 and December 31, 2025; 379,170 and 400,856 Class A shares issued and outstanding, as of June 30, 2026 and December 31, 2025, respectively; no Class B shares authorized as of June 30, 2026 and 87,220 Class B shares authorized as of December 31, 2025; no Class B shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 4 | 4 | |||||||||
| Additional paid-in capital | 10,388,610 | 10,687,017 | |||||||||
| Accumulated other comprehensive (loss) income | (15,389) | 625 | |||||||||
| Accumulated deficit | (7,349,579) | (7,414,123) | |||||||||
| Total stockholders’ equity | 3,023,646 | 3,273,523 | |||||||||
| Total liabilities and stockholders’ equity | $ | 9,107,486 | $ | 9,030,053 | |||||||
Lyft, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except for per share data)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 1,843,544 | $ | 1,588,183 | $ | 3,494,033 | $ | 3,038,355 | |||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Cost of revenue | 926,421 | 935,734 | 1,790,565 | 1,798,608 | |||||||||||||||||||
| Operations and support | 128,708 | 117,433 | 253,063 | 223,768 | |||||||||||||||||||
| Research and development | 119,220 | 109,325 | 243,372 | 221,820 | |||||||||||||||||||
| Sales and marketing | 319,986 | 190,922 | 592,922 | 372,939 | |||||||||||||||||||
| General and administrative | 301,643 | 232,339 | 571,879 | 447,639 | |||||||||||||||||||
| Total costs and expenses | 1,795,978 | 1,585,753 | 3,451,801 | 3,064,774 | |||||||||||||||||||
| Income (loss) from operations | 47,566 | 2,430 | 42,232 | (26,419) | |||||||||||||||||||
| Interest expense | (5,471) | (5,032) | (10,696) | (11,182) | |||||||||||||||||||
| Other income, net | 36,300 | 46,989 | 66,628 | 87,906 | |||||||||||||||||||
| Income before income taxes | 78,395 | 44,387 | 98,164 | 50,305 | |||||||||||||||||||
| Provision for income taxes | 28,101 | 4,073 | 33,620 | 7,424 | |||||||||||||||||||
| Net income | $ | 50,294 | $ | 40,314 | $ | 64,544 | $ | 42,881 | |||||||||||||||
| Net income per share attributable to common stockholders | |||||||||||||||||||||||
| Basic | $ | 0.13 | $ | 0.10 | $ | 0.17 | $ | 0.10 | |||||||||||||||
| Diluted | $ | 0.13 | $ | 0.10 | $ | 0.16 | $ | 0.10 | |||||||||||||||
| Weighted-average number of shares outstanding used to compute net income per share attributable to common stockholders | |||||||||||||||||||||||
| Basic | 380,280 | 417,242 | 387,634 | 418,793 | |||||||||||||||||||
| Diluted | 386,334 | 422,953 | 394,369 | 424,137 | |||||||||||||||||||
| Stock-based compensation included in costs and expenses: | |||||||||||||||||||||||
| Cost of revenue | $ | 6,624 | $ | 5,484 | $ | 13,912 | $ | 12,939 | |||||||||||||||
| Operations and support | 2,975 | 2,471 | 6,323 | 5,123 | |||||||||||||||||||
| Research and development | 34,829 | 33,894 | 75,032 | 72,157 | |||||||||||||||||||
| Sales and marketing | 3,901 | 4,254 | 8,586 | 9,329 | |||||||||||||||||||
| General and administrative | 28,224 | 35,999 | 59,578 | 75,712 | |||||||||||||||||||
Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 64,544 | $ | 42,881 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation and amortization | 75,392 | 64,202 | |||||||||
| Stock-based compensation | 163,431 | 175,260 | |||||||||
Deferred income tax | 21,435 | (1,119) | |||||||||
| Amortization of premium on marketable securities | 337 | 61 | |||||||||
| Accretion of discount on marketable securities | (26,301) | (37,673) | |||||||||
| Amortization of debt discount and issuance costs | 2,353 | 1,689 | |||||||||
| Loss on sale and disposal of assets, net | 6,137 | 2,372 | |||||||||
| Other | (4,376) | (6,504) | |||||||||
| Changes in operating assets and liabilities, net effects of acquisition | |||||||||||
| Prepaid expenses and other assets | 30,040 | 1,289 | |||||||||
| Operating lease right-of-use assets | 15,071 | 11,253 | |||||||||
| Accounts payable | (8,696) | 7,173 | |||||||||
| Insurance reserves | 127,232 | 246,472 | |||||||||
| Accrued and other liabilities | 207,653 | 139,165 | |||||||||
| Lease liabilities | (16,648) | (15,559) | |||||||||
| Net cash provided by operating activities | 657,604 | 630,962 | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of marketable securities | (1,783,445) | (1,594,199) | |||||||||
| Proceeds from sales of marketable securities | 288,111 | 209,395 | |||||||||
| Proceeds from maturities of marketable securities | 1,491,114 | 1,868,470 | |||||||||
| Proceeds from maturities of term deposits | — | 2,194 | |||||||||
| Purchases of property and equipment and scooter fleet | (50,718) | (20,786) | |||||||||
| Sales of property and equipment | 37,596 | 31,188 | |||||||||
| Cash paid for acquisitions, net of cash acquired | (54,252) | — | |||||||||
| Cash received from divestiture of equity method investment | 15,499 | — | |||||||||
| Other investing activities | (8,463) | — | |||||||||
| Net cash (used in) provided by investing activities | (64,558) | 496,262 | |||||||||
| Cash flows from financing activities | |||||||||||
| Repayment of loans | (44,010) | (33,174) | |||||||||
| Repurchase of Class A common stock | (400,000) | (200,000) | |||||||||
| Payment for settlement of convertible senior notes due 2025 | — | (390,719) | |||||||||
Proceeds from common stock issuances | 8,214 | 7,304 | |||||||||
| Taxes paid related to net share settlement of equity awards | (66,390) | (61,495) | |||||||||
| Principal payments on finance lease obligations | (23,147) | (20,933) | |||||||||
| Other financing activities | (3,322) | (255) | |||||||||
| Net cash used in financing activities | (528,655) | (699,272) | |||||||||
| Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents | (4,831) | 1,120 | |||||||||
| Net increase in cash, cash equivalents and restricted cash and cash equivalents | 59,560 | 429,072 | |||||||||
| Cash, cash equivalents and restricted cash and cash equivalents | |||||||||||
| Beginning of period | 1,837,370 | 946,040 | |||||||||
| End of period | $ | 1,896,930 | $ | 1,375,112 | |||||||
Lyft, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets | |||||||||||
| Cash and cash equivalents | $ | 1,137,942 | $ | 913,845 | |||||||
| Restricted cash and cash equivalents | 758,988 | 461,267 | |||||||||
| Total cash, cash equivalents and restricted cash and cash equivalents | $ | 1,896,930 | $ | 1,375,112 | |||||||
| Non-cash investing and financing activities | |||||||||||
| Financed vehicles acquired | $ | 37,965 | $ | 21,962 | |||||||
| Purchases of property and equipment and scooter fleet not yet settled | 14,572 | 10,178 | |||||||||
| Right-of-use assets acquired under finance leases | 11,385 | 3,655 | |||||||||
| Right-of-use assets acquired under operating leases | 9,227 | 2,754 | |||||||||
| Remeasurement of finance and operating lease right-of-use assets | (1,715) | (2,593) | |||||||||
Repurchase of Class A common stock, including excise tax, accrued and not yet paid | 3,094 | 1,113 | |||||||||
Lyft, Inc.
GAAP to Non-GAAP Reconciliations
(in millions, except for percentages)
(unaudited)
| Three Months Ended | |||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | |||||||||||||||
| Adjusted EBITDA | |||||||||||||||||
Net income | $ | 50.3 | $ | 14.2 | $ | 40.3 | |||||||||||
| Adjusted to exclude the following: | |||||||||||||||||
Interest expense(1) | 6.5 | 6.3 | 6.2 | ||||||||||||||
Other income, net | (36.3) | (30.3) | (47.0) | ||||||||||||||
| Provision for income taxes | 28.1 | 5.5 | 4.1 | ||||||||||||||
| Depreciation and amortization | 38.8 | 36.6 | 30.6 | ||||||||||||||
| Stock-based compensation | 76.6 | 86.9 | 82.1 | ||||||||||||||
| Payroll tax expense related to stock-based compensation | 3.3 | 5.3 | 3.9 | ||||||||||||||
| Sublease income | — | 0.4 | 0.1 | ||||||||||||||
Costs related to acquisitions, divestitures and other corporate matters | 7.9 | 5.2 | 9.1 | ||||||||||||||
Certain legal, tax, and regulatory reserve changes and settlements | 2.1 | 2.6 | — | ||||||||||||||
Adjusted EBITDA(2) | $ | 177.2 | $ | 132.8 | $ | 129.4 | |||||||||||
| Gross Bookings | $ | 5,504.2 | $ | 4,946.0 | $ | 4,490.1 | |||||||||||
| Net income as a percentage of Gross Bookings | 0.9 | % | 0.3 | % | 0.9 | % | |||||||||||
| Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) | 3.2 | % | 2.7 | % | 2.9 | % | |||||||||||
_______________
(1) Includes $1.0 million, $1.1 million and $1.2 million related to the interest component of vehicle related finance leases in the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, respectively.
(2) Due to rounding, numbers presented may not add up precisely to the totals provided.
| Trailing Twelve Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
| June 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | ||||||||||||||||||||||||||||||
| Free cash flow | |||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,195.1 | $ | 349.9 | $ | 307.7 | $ | 246.2 | $ | 291.3 | $ | 343.7 | |||||||||||||||||||||||
| Less: purchases of property and equipment and scooter fleet | (82.8) | (30.3) | (20.4) | (18.6) | (13.4) | (14.3) | |||||||||||||||||||||||||||||
| Free cash flow | $ | 1,112.3 | $ | 319.6 | $ | 287.3 | $ | 227.6 | $ | 277.8 | $ | 329.4 | |||||||||||||||||||||||
Note: Due to rounding, numbers presented may not add up precisely to the totals provided.