Lyft (LYFT) Q1 2026 earnings summary

Executive summary

• Achieved double-digit year-over-year growth in active riders (up 17% to 28.3 million), gross bookings (up 19% to $4.95 billion), and adjusted EBITDA (up 25% to $133 million) in Q1 2026, with record free cash flow of $1.12 billion over the trailing twelve months.

• Revenue increased 14% year-over-year to $1.65 billion, and net income rose to $14.2 million from $2.6 million in Q1 2025.

• Expanded global presence with the acquisition of Gett's UK business, nearly doubling rides in London and strengthening B2B relationships.

• Partnerships with DoorDash, United Airlines, Chase, and Southwest Airlines contributed to 27% of North American rides, driving new customer acquisition and higher-value rides.

• Advanced autonomous vehicle (AV) initiatives, including depot construction in Nashville, pilot programs in Europe, and partnerships with Waymo and Baidu.

Financial highlights

• Gross bookings reached $4.95 billion (+19% YoY); revenue was $1.65 billion (+14% YoY); adjusted EBITDA was $133 million (+25% YoY, 2.7% margin); net income was $14.2 million (+455% YoY); free cash flow for the trailing twelve months was $1.12 billion.

• Executed the largest quarterly share repurchase to date, totaling $300 million in Q1.

• Gross margins expanded year-over-year, aided by insurance leverage and disciplined fixed costs.

• Cash and cash equivalents at Q1 2026 end were $1.03 billion, with restricted cash of $792.5 million.

Outlook and guidance

• Q2 2026 gross bookings expected between $5.30 billion and $5.43 billion, up 18–21% year-over-year; adjusted EBITDA guidance for Q2 is $160–$180 million, with margin projected at 3.0–3.3% of gross bookings.

• Guidance anticipates gross bookings growth accelerating to approximately 20% and adjusted EBITDA expanding by more than 30% year-over-year at the midpoint.

• Buybacks for 2026 expected at similar levels to 2025, with flexibility for growth investments.

• AV operations in Nashville to reach key milestones in summer and fall, with rider access to Waymo vehicles in 2H 2026.