Lyft (LYFT) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 results, with double-digit growth in riders, rides, gross bookings, and profitability metrics, and all-time-high cash flow.

• Expanded globally through the Freenow acquisition, launched new products like Lyft Teen and Lyft Silver, and entered new market segments.

• Strengthened partnerships, including DoorDash and United Airlines, and advanced loyalty programs, driving higher engagement and premium ride adoption.

• Advanced autonomous vehicle (AV) initiatives with deployments planned in major cities and strategic collaborations.

Financial highlights

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

• Q4 2025 Adjusted EBITDA was $154 million (3.0% margin), up 37% year-over-year; full-year Adjusted EBITDA was $529 million (2.9% margin).

• Free cash flow for the trailing twelve months reached $1.12 billion.

• Q4 net income was $2.8 billion, including a $2.9 billion deferred tax asset benefit; revenue was $1.6 billion, or $1.8 billion excluding a $168 million legal/tax settlement.

Outlook and guidance

• Q1 2026 Gross Bookings expected between $4.86 billion and $5.00 billion, up 17–20% year-over-year; Adjusted EBITDA projected at $120–$140 million, margin of 2.5–2.8%.

• 2026 guidance targets accelerated Gross Bookings growth, expanding Adjusted EBITDA margin, and over $1 billion in free cash flow.

• Long-range plan for 2027: $25 billion in Gross Bookings, ~$1 billion Adjusted EBITDA, and over $1 billion in free cash flow.

• Demand in California expected to rise in H2 2026 as insurance savings are passed to riders.