Lyft (LYFT) Q4 2024 earnings summary

Executive summary

• Achieved record highs in revenue, gross bookings ($16.1B, +17% YoY), rides (828M, +17% YoY), and riders (44M) in 2024, with industry-leading service levels and fastest average ETAs.

• Delivered first-ever year of GAAP profitability and record free cash flow ($766M), surpassing all targets set at Investor Day.

• Innovations such as Price Lock, Women+ Connect, and a 70% driver earnings commitment drove customer loyalty and satisfaction.

• Expanded partnerships, including DoorDash and new AV initiatives with May Mobility and Marubeni/Mobileye.

• Announced a $500M share repurchase program to offset dilution and provide capital flexibility.

Financial highlights

• FY24 revenue was $5.8B, up 31% year-over-year; Q4 revenue reached $1.6B, up 27% YoY.

• Adjusted EBITDA for FY24 was $382.4M (2.4% of gross bookings); Q4 Adjusted EBITDA was $113M (2.6% margin), both all-time highs.

• FY24 net income was $22.8M, compared to a net loss of $340.3M in FY23.

• Q4 gross bookings were $4.3B, up 15% YoY; rides grew 15% to 219M, active riders up 10% to 24.7M.

• Free cash flow for FY24 reached $766M, up from $(248)M in FY23.

Outlook and guidance

• Q1 2025 gross bookings expected between $4.05B and $4.2B, up 10–14% YoY; rides growth expected in the mid-teens percent.

• Adjusted EBITDA for Q1 projected at $90M–$95M, with margin of 2.2%–2.3%.

• Ending Delta partnership in April 2025 expected to impact rides and gross bookings growth by 1–2 percentage points starting Q2.

• Long-term plan remains focused on growth through partnerships, innovation, and operational excellence.