Lyft (LYFT) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in Q4 and fiscal 2025, with 51.3 million riders taking 946 million rides and all-time-high cash flow and profitability.

• Launched new products like Lyft Teen, expanded family and business solutions, and advanced partnerships, including with DoorDash and United Airlines.

• Expanded into Europe, acquired FREENOW, and advanced autonomous vehicle strategy with key industry partnerships.

• Focused on operational excellence, customer obsession, and disciplined management of top and bottom lines.

Financial highlights

• Q4 2025 Gross Bookings reached $5.1B, up 19% year-over-year; full-year 2025 Gross Bookings were $18.5B, up 15% year-over-year.

• Q4 2025 revenue was $1.6B (up 3% YoY, or $1.8B excluding a $168M legal/tax settlement); net income was $2.8B, including a $2.9B deferred tax asset benefit.

• Q4 2025 Adjusted EBITDA was $154M (3.0% margin); full-year Adjusted EBITDA was $528.8M (2.9% margin).

• Free cash flow for 2025 was $1.12B, with net cash from operating activities at $1.17B.

• Record Active Riders in Q4 2025 at 29.2M, up 18% year-over-year.

Outlook and guidance

• Q1 2026 Gross Bookings expected between $4.86B and $5.00B, up 17–20% year-over-year; Adjusted EBITDA guidance is $120M–$140M, margin 2.5–2.8%.

• Guidance remains on track for accelerating Gross Bookings, expanding Adjusted EBITDA margin, and over $1B in Free Cash Flow by 2027.

• Gross Bookings expected to grow faster than rides in H1 2026, driven by high-value modes and FREENOW integration.

• Anticipates demand in California to pick up in H2 2026 as insurance savings are passed through to riders.