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Lyft (LYFT) investor relations material
Lyft Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record Q3 2025 results with all-time highs in active riders (28.7 million, +18% YoY), rides (248.8 million, +15% YoY), gross bookings ($4.8 billion, +16% YoY), revenue ($1.69 billion, +11% YoY), and adjusted EBITDA ($139 million, +29% YoY), reflecting strong operational momentum and successful execution of growth strategies.
Net income reached $46.1 million, a turnaround from a $12.4 million loss in Q3 2024, with net income margin improving to 1.0% of gross bookings and 2.7% of revenue.
Free cash flow for the trailing twelve months surpassed $1.03 billion, with Q3 free cash flow at $277.8 million.
Growth was driven by expansion into new geographies, underpenetrated markets (notably college towns), strategic partnerships (including United Airlines), and acquisitions of Freenow and TBR Global Chauffeuring.
Announced new autonomous vehicle partnerships with Waymo and Tensor, and expanded luxury service offerings through TBR Global acquisition.
Financial highlights
Gross bookings reached $4.8 billion (+16% YoY), revenue was $1.69 billion (+11% YoY), and adjusted EBITDA was $139 million (+29% YoY), with a margin of 2.9% of gross bookings.
Net income for Q3 2025 was $46.1 million, with a net income margin of 1.0% of gross bookings and 2.7% of revenue.
Free cash flow for Q3 was $277.8 million, and trailing twelve months free cash flow was $1.03 billion.
Active riders totaled 28.7 million (+18% YoY), and rides were 248.8 million (+15% YoY), both at all-time highs.
Net cash from operating activities for Q3 was $291.3 million, with $1.08 billion over the trailing twelve months.
Outlook and guidance
Q4 2025 gross bookings projected at $5.01–$5.13 billion (+17–20% YoY), with adjusted EBITDA guidance of $135–$155 million (margin 2.7–3.0%).
Rides growth expected in the mid- to high-teens percent year-over-year for Q4.
Management expects continued revenue growth from international expansion, improved marketplace health, and ongoing share repurchases ($350 million remaining under authorization).
Free cash flow is expected to remain well above $1 billion in 2026 and 2027, with conversion rates from adjusted EBITDA of 150–175%.
2026 outlook includes full-year contributions from Freenow and TBR, with Freenow expected to reach €1 billion in top-line revenue.
How do new partnerships diversify Lyft's offerings?
What drives improved monetization per ride?
What sustains active rider and ride growth?
Waymo deal: How does integrated supply drive value
Global strategy: How to improve European ride-hailing
California insurance reform: Expected demand impact
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Q4 202510 Feb, 2026
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Frequently asked questions
Revolutionizing the Way You Ride
Lyft is a transportation network company that provides ride-hailing services through its mobile app. The company allows customers to request rides from nearby drivers who use their personal vehicles to provide transportation services. Lyft was founded in 2012 and is headquartered in San Francisco, California.
Lyft was founded by Logan Green and John Zimmer. Green had previously founded a ride-sharing company called Zimride, which focused on long-distance ridesharing. In 2007, Green met Zimmer, who was interested in the idea of carpooling and had been working on a similar project. The two decided to merge their ideas and launch Lyft in 2012.
Commissioned rides
Lyft's business model is based on taking a commission from each ride that is booked through its app. The company charges a percentage of the fare that the passenger pays, and the driver keeps the remaining amount. Lyft also generates revenue through its subscription services, including Lyft Pink, which offers discounted rides and other benefits to subscribers.
Challenges and opportunities
One of the key challenges facing Lyft is competition from other ride-sharing companies, such as Uber and Grab. These companies have a larger market share and greater resources, which could make it difficult for Lyft to grow and compete effectively. Additionally, regulatory challenges, such as local laws and regulations regarding ride-sharing services, could limit Lyft's ability to expand into new markets.
Despite these challenges, Lyft has several potential opportunities for growth. For example, the company could expand into new markets, such as autonomous vehicles and last-mile delivery services. Additionally, Lyft has a strong focus on sustainability and could leverage this to attract environmentally conscious customers and drivers. Finally, the company could continue to innovate and improve its technology, such as by incorporating artificial intelligence and machine learning to enhance the customer experience.
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