Lyft (LYFT) Q2 2026 earnings summary

Executive summary

• Achieved record 30.5 million active riders in Q2 2026, up 17% year-over-year, and delivered 262 million rides, with strong growth across North America and Europe and global expansion initiatives.

• Gross bookings reached $5.5 billion, up 23% year-over-year, with revenue rising 16% to $1.84 billion and net income up 25% to $50.3 million.

• Premium ride modes, bikeshare, and partnerships such as DoorDash, United, and Curb drove double-digit growth and record airport and linked rides.

• Autonomous vehicle operations expanded in Nashville and London, with an 80,000 sq ft AV depot opened and ongoing AV launches and tests.

• Operational excellence, insurance reform in California, and global integration contributed to broad-based growth and cost efficiencies.

Financial highlights

• Gross bookings for Q2 2026 were $5.5 billion, up 23% year-over-year; revenue was $1.84 billion, up 16%; net income reached $50.3 million, up 25%.

• Adjusted EBITDA was $177.2 million, up 37% year-over-year, with a margin of 3.2% of gross bookings.

• Free cash flow for the trailing twelve months exceeded $1.1 billion, marking the fourth consecutive quarter above $1 billion.

• Cost of revenue remained flat or declined year-over-year, aided by insurance reforms and operational efficiencies.

• Sales and marketing expenses rose 68% to $320 million, mainly due to increased rider incentives and marketing partnerships.

Outlook and guidance

• Q3 2026 gross bookings expected between $5.50 billion and $5.67 billion, up 15% to 19% year-over-year.

• Adjusted EBITDA guidance for Q3 2026 is $183 million to $203 million, with a margin of 3.3% to 3.6%.

• Forecasting over 1 billion total rides in 2026, with growth across all segments and continued margin expansion.

• Share buybacks expected to continue at similar levels in 2026, while maintaining flexibility for growth investments.

• Management expects revenue and costs to fluctuate based on ride volume, driver supply, pricing, incentives, and seasonality.