Lyft reported record financial results for Q4 and full-year 2025, driven by accelerated Gross Bookings growth and strong cash flow generation. The company is entering a transformational phase focused on AV deployments in 2026 and is on track to meet long-term targets.
Full-year 2025 Gross Bookings reached $18.5 billion, up 15% year over year.
positiveFull-year 2025 Net income was $2.8 billion, a significant increase from $22.8 million in 2024, driven by a $2.9 billion benefit from the release of the valuation allowance on deferred tax assets.
positiveFull-year 2025 Adjusted EBITDA increased 38% year over year to $528.8 million.
positiveFull-year 2025 Net cash provided by operating activities was $1.17 billion, up 37% year over year.
positiveFull-year 2025 Free cash flow was $1.12 billion, up 46% year over year.
positiveActive Riders grew 18% year over year in Q4 2025 to 29.2 million, and the company reached an all-time high of 51.3 million annual riders in 2025.
positiveLyft announced a new $1 billion share repurchase program.
positiveQ4 2025 Revenue of $1.6 billion was up only 3% year over year, impacted by a $168 million charge related to legal, tax, and regulatory reserve changes and settlements. Excluding this, revenue would have been $1.8 billion.
attentionQ4 2025 Net income as a percentage of Gross Bookings was 54.3%, significantly boosted by a $2.9 billion benefit from the release of the valuation allowance on deferred tax assets, making the GAAP net income less indicative of operational performance.
attentionQ1'26 Adjusted EBITDA guidance is between $120 million to $140 million, representing a potential sequential decrease from $154.1 million in Q4 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was an incredible year in Lyft’s comeback story. Through customer obsession, we’re transforming from your local, “out-to-dinner” rideshare app to a global, hybrid transportation platform.
As we look ahead, we are entering a transformational phase for Lyft - 2026 will be the year of the AV with deployments in the U.S. and overseas.
We delivered record financial performance in 2025 across all metrics, including all-time-high cash flow generation exceeding $1.1 billion.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.