Lyft (LYFT) Q1 2026 earnings summary

Executive summary

• Achieved double-digit year-over-year growth in active riders (up 17% to 28.3 million), gross bookings (up 19% to $4.95 billion), and adjusted EBITDA in Q1 2026, with record rides during peak events and highest-ever weekly rides in March.

• Revenue increased 14% year-over-year to $1.65 billion, and net income rose to $14.2 million from $2.6 million in Q1 2025, reflecting improved cost discipline and higher ride volume.

• Expanded global presence to over 120 countries, closing the acquisition of Gett's UK business, deepening London operations, and completing acquisitions of Freenow and TBR Global Chauffeuring.

• Partnerships contributed to 27% of rides in North America, with DoorDash, United Airlines, Southwest Airlines, and Chase driving new customer acquisition and higher-value rides.

• Significant progress in autonomous vehicle initiatives, including a new AV depot in Nashville, operations in San Francisco, and partnerships with Waymo and Baidu.

Financial highlights

• Gross bookings reached $4.95 billion (+19% YoY); revenue was $1.65 billion (+14% YoY); adjusted EBITDA grew 25% to $132.8 million (2.7% margin); net income was $14.2 million (+455% YoY).

• Free cash flow for the trailing twelve months reached a record $1.12 billion; Q1 free cash flow was $287.3 million.

• Executed the largest quarterly share repurchase to date, totaling $300 million in Q1.

• Gross margin (non-GAAP) improved to 16.7% of gross bookings; net income margin was 0.9%.

• Cash and cash equivalents at Q1 2026 end were $1.03 billion, with $686 million in short-term investments and $2.0 billion in restricted cash and investments.

Outlook and guidance

• Q2 2026 gross bookings expected between $5.30 billion and $5.43 billion, up 18–21% year-over-year.

• Adjusted EBITDA guidance for Q2 is $160–$180 million, with margin projected at 3.0–3.3% of gross bookings.

• Guidance anticipates gross bookings growth accelerating to approximately 20% and adjusted EBITDA expanding by more than 30% year-over-year at the midpoint.

• Management expects revenue to fluctuate based on ride volume, driver supply, pricing, incentives, and seasonality, especially in shared bikes and scooters.

• The company believes existing liquidity and available credit will cover working capital and capital expenditure needs for at least the next 12 months.