10-K · February 11, 2026
Lyft reports meaningful international expansion in 2025 via the acquisitions of Intelligent Apps GmbH (Freenow) in July 2025 and TBR Global Chauffeuring in October 2025, and continues to emphasize its scaled,…
Earnings analysis · 10-Q
LYFT earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Lyft's Q1 2026 results reflect a 14% revenue increase to $1.65 billion, and a substantial improvement in net income to $14.2 million from $2.6 million in the previous year. However, the diluted EPS of $0.04 fell short…
Read full summary
Lyft's Q1 2026 results reflect a 14% revenue increase to $1.65 billion, and a substantial improvement in net income to $14.2 million from $2.6 million in the previous year. However, the diluted EPS of $0.04 fell short of the estimated $0.07, marking a significant EPS surprise.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.04
What stood out
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Revenue Increase of 14%
Lyft reported Q1 2026 revenue of $1.65 billion, up from $1.45 billion in Q1 2025, driven by an 8% increase in rides and a 17% increase in active riders.
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Significant Net Income Growth
Net income rose to $14.2 million from $2.6 million in the prior year, reflecting a 455% increase.
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Free Cash Flow Stable
Free cash flow for Q1 2026 reached $287.3 million, a slight increase from $280.7 million in Q1 2025.
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Strong Gross Bookings Growth
Gross bookings surged to $4.95 billion in Q1 2026, up 19% year-over-year from $4.16 billion.
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Robust Operating Cash Flow
Net cash provided by operating activities was $307.7 million for the three months ended March 31, 2026, up 7% from $287.2 million.
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Improved Cost of Revenue
Cost of revenue remained flat at $864.1 million compared to $862.9 million, demonstrating efficient management despite revenue growth.
What to watch
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EPS Misses Estimates
The reported EPS of $0.04 was below analysts' expectations of $0.07, reflecting ongoing profit pressures.
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Rising Operational Costs
Sales and marketing expenses surged by 50% to $272.9 million from $182 million due to increased rider engagement costs.
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Increased Debt Load
As of March 31, 2026, Lyft has $1.0 billion in debt, which necessitates careful management to maintain cash flow.
Management's outlook
Lyft anticipates Q2 gross bookings to be between $5.30 billion and $5.43 billion, indicating healthy growth.
Earlier filings 4
10-K · February 14, 2025
Lyft positions itself as a scaled, data-driven ridesharing marketplace focused on improving driver economics and expanding differentiated products (Price Lock, driver earnings commitment, Women+ Connect, Light Vehicles…
10-Q · May 9, 2024
Lyft reported quarterly revenue of $1,277,201,000 (up $276,653,000, +27.7% YoY) with an operating loss of $(62,951,000) (operating margin -4.9%) and GAAP net loss per share of $(0.08), an improvement from $(0.50) a year…
10-Q · November 9, 2023
Lyft reported Q3 revenue of $1,157,550,000 (up from $1,053,820,000 in Q3 2022) and a much smaller GAAP net loss of $12,100,000 (net loss per share $(0.03)) compared with a loss of $422,201,000 in Q3 2022. Gross margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.