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LYFT

Lyft, Inc.

LYFT

Lyft, Inc. • NASDAQ
$21.03 ▲ 4.32% (+0.87)
Market Cap $8.40 B
52w High $25.54
52w Low $9.66
Dividend Yield 0%
P/E 56.84
Volume 4.89M
Outstanding Shares 399.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.685B ▲ $734.921M ▲ $46.074M ▲ 2.734% ▲ $0.11 ▲ $82.657M ▲
Q2-2025 $1.588B ▲ $650.019M ▲ $40.314M ▲ 2.538% ▲ $0.097 ▲ $80.049M ▲
Q1-2025 $1.45B ▼ $616.147M ▼ $2.567M ▼ 0.177% ▼ $0.01 ▼ $45.64M ▼
Q4-2024 $1.55B ▲ $647.746M ▼ $61.731M ▲ 3.982% ▲ $0.152 ▲ $100.897M ▲
Q3-2024 $1.523B $691.124M $-12.426M -0.816% $-0.03 $39.372M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.993B ▲ $5.943B ▲ $5.37B ▲ $573.035M ▼
Q2-2025 $1.792B ▼ $5.369B ▼ $4.637B ▼ $732.676M ▼
Q1-2025 $2.154B ▲ $5.668B ▲ $4.83B ▲ $838.115M ▲
Q4-2024 $1.984B ▼ $5.435B ▲ $4.668B ▲ $767.016M ▲
Q3-2024 $2.197B $5.263B $4.607B $655.779M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $46.074M ▲ $291.251M ▼ $-179.804M ▼ $187.903M ▲ $299.11M ▲ $277.817M ▼
Q2-2025 $40.314M ▲ $343.728M ▲ $430.604M ▲ $-647.583M ▼ $-71.649M ▼ $329.442M ▲
Q1-2025 $2.567M ▼ $287.234M ▲ $65.658M ▲ $-51.689M ▲ $300.854M ▲ $280.734M ▲
Q4-2024 $61.731M ▲ $153.366M ▼ $-194.099M ▼ $-53.568M ▼ $-12.343M ▼ $139.951M ▼
Q3-2024 $-12.426M $263.992M $-6.722M $-35.418M $165.941M $242.842M

Five-Year Company Overview

Income Statement

Income Statement Lyft’s income statement shows a company that has grown its business meaningfully while slowly repairing its profitability. Revenue has increased steadily over the past several years, and gross profit has risen alongside it, meaning the core ride-hailing engine is scaling. Losses at the operating level have narrowed each year, and the company has recently crossed into slightly positive territory on both overall earnings and cash-style profit measures. That said, margins still look thin, and the business doesn’t yet show the kind of robust, durable profitability seen in more mature software companies. The story here is one of clear progress from heavy losses toward modest profitability, but with execution risk if growth slows or competition intensifies.

Balance Sheet

Balance Sheet Lyft’s balance sheet looks more stable today than a few years ago but is still not fortress-like. Total assets have stayed relatively steady, while cash on hand has improved recently, giving the company more breathing room. Debt has crept up over time but not to alarming levels for a company of this size, though it does add some financial risk if conditions worsen. Shareholders’ equity had been eroding but has started to rebuild as losses shrink and results improve. Overall, the company now has a more balanced financial foundation, yet it remains important that it continues to strengthen its equity base and manage debt conservatively.

Cash Flow

Cash Flow The biggest positive shift is in cash flow. Lyft moved from consistently burning cash in its operations to recently generating cash from its core business, a key milestone for any high-growth company. Free cash flow has followed the same pattern, turning from a drain into a source, helped by relatively modest spending on equipment and capital projects. This suggests the business model is becoming more self-sustaining and less dependent on external financing. The challenge will be maintaining positive cash generation through economic cycles and competitive pressure, rather than just in one or two good years.

Competitive Edge

Competitive Edge Lyft holds a solid but clearly second-place position in ride-sharing, especially in North America, operating in the shadow of a much larger rival. Its network of riders and drivers, plus years of operating data, create meaningful scale advantages that smaller newcomers would struggle to match. However, the broader market is highly competitive and price-sensitive, with low switching costs for both riders and drivers, which limits pricing power and makes long-term differentiation difficult. Lyft’s friendlier, community-focused brand and reputation for being somewhat more values-driven have helped it keep a loyal user base. Even so, its competitive “moat” appears narrower than that of its main rival, and the company must keep innovating just to hold its ground.

Innovation and R&D

Innovation and R&D Lyft leans heavily on technology and partnerships instead of owning all the hard assets itself. Its strengths are in advanced dispatch, pricing, routing, and mapping systems, which aim to reduce wait times, improve trip accuracy, and enhance safety for both riders and drivers. The company also experiments with differentiated features such as services tailored to older adults, women-focused matching options, and business tools that integrate transportation into corporate workflows. On the frontier side, Lyft is pursuing an asset-light approach to autonomous vehicles by partnering with specialized tech firms, rather than building everything in-house—a strategy that reduces capital intensity but depends on partner execution and regulatory progress. Lyft Media and in-app advertising represent another push to squeeze more value out of its user base beyond just rides, but these newer ventures are still in the proof-of-concept and scaling phase.

Summary

Lyft is transitioning from a high-growth, high-loss story to one that is beginning to show financial discipline and early profitability, supported by improving cash flow and a more stable balance sheet. The core business is stronger and more efficient than it was a few years ago, yet it still operates in a brutal, commoditized market with a powerful primary competitor and limited structural protection. The company’s future hinges on maintaining operating and cash-flow gains while navigating pricing pressure, regulatory scrutiny, and shifting rider and driver preferences. Its technology capabilities, distinctive brand, and asset-light bets on autonomous vehicles and advertising provide upside optionality, but come with execution and timing uncertainty. Overall, Lyft looks like a company that has stabilized and is trying to pivot from survival to sustainable growth, with both meaningful opportunity and real competitive and operational risks still in play.

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