Lyft (LYFT) Q2 2026 earnings summary

Executive summary

• Achieved record 30.5 million active riders in Q2 2026, up 17% year-over-year, with 262 million rides and strong global and North American growth.

• Gross bookings reached $5.5 billion, up 23% year-over-year, with revenue at $1.84 billion, up 16%, and net income at $50.3 million, up 25%.

• Premium and high-value modes, including TBR chauffeuring, grew double digits for the 12th consecutive quarter.

• Partnerships drove 30% of North American rides, with notable collaborations including DoorDash, United Airlines, and Curb in NYC.

• Global integration advanced, with unified app beta in Europe and AV operations progressing in Nashville, London, and San Francisco.

Financial highlights

• Gross bookings for Q2 2026 were $5.5 billion, up 23% year-over-year.

• Adjusted EBITDA reached $177.2 million, up 37% year-over-year, with margin improving to 3.2% of gross bookings.

• Revenue was $1.84 billion, up 16% year-over-year; net income was $50.3 million, up 25%.

• Free cash flow for the trailing twelve months was $1.1 billion; Q2 free cash flow was $319.6 million.

• Net income margin was 0.9% of gross bookings; adjusted EBITDA margin improved to 3.2%.

Outlook and guidance

• Q3 2026 gross bookings expected between $5.50 billion and $5.67 billion, up 15–19% year-over-year.

• Adjusted EBITDA guidance for Q3: $183 million to $203 million, margin expected between 3.3% and 3.6%.

• Management expects continued double-digit growth, margin expansion, and focus on cost discipline and international expansion.

• AV supply sharing in Nashville remains on track to launch before year-end.

• Revenue and cost of revenue expected to fluctuate with ride volume, driver supply, pricing, incentives, and seasonality.