Lyft
LYFT Nasdaq Passenger Ground Transportation Financials FY2017–FY2025
Lyft's revenue rose 9.2% to $6.3 billion in fiscal 2025. Its operating margin was −3.0%, down from −2.1% a year earlier. It paid out $500 million in dividends and buybacks. The diluted share count rose 1.0%.
About these figures. Lyft reports its spending on property, equipment and its scooter and bike fleet under its own label, which the SEC's structured data leaves out, so capital spending and free cash flow are left blank. Lyft's 2025 operating loss made its EBITDA negative, so net debt to EBITDA is blank for that year (its 2025 net income of US$2.8 billion comes mostly from a one-off tax benefit).
What Lyft does
Lyft runs a mobile app that connects riders with drivers for on-demand rides. Besides regular rideshare, the app offers taxis, private hire vehicles, executive chauffeur services, car sharing, and shared bikes and scooters. Drivers are independent people who choose when to drive, and riders use the app for commutes, errands and nights out.
Substantially all of its revenue comes from its ridesharing marketplace, where it collects service fees and commissions from drivers. It also earns money from licensing and data access agreements, bike and scooter rentals, selling bikes and bike station equipment, advertising, renting cars to drivers through its Express Drive program, and selling its service to businesses. Lyft names Uber as its main ridesharing competitor, and Bolt as another rival in taxi and private hire apps.
In 2025 Lyft expanded beyond North America by buying Freenow, a European taxi app, and TBR Global Chauffeuring, a luxury chauffeur company. It now operates in thousands of cities across six continents. At the end of 2025 it had 3,913 full-time employees worldwide. It also works with partners on self-driving vehicle technology.
- Legal name
- Lyft, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0001628280-26-006960
0001759509
Revenue and margins
Lyft had $6.3B of revenue in fiscal 2025, up 9.2% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Lyft returned $500M to shareholders in fiscal 2025. The diluted share count rose 1.0%.
Value Lyft yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $709M and divides by 417.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 2.5x · peers 16.6x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Lyft can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.3B | $1.8B | $1.7B | $2.0B | $1.8B |
| Debt incl. finance leases | $739M | $875M | $952M | $1.1B | $1.1B |
| Net debt / EBITDA | — | — | — | −30.2x | — |
| Debt / equity | 0.6x | 2.3x | 1.8x | 1.4x | 0.3x |
| Interest coverage | −22.0x | −73.9x | −18.1x | −4.1x | −9.1x |
| Current ratio | 1.1x | 0.8x | 0.9x | 0.8x | 0.7x |
| Quick ratio | 1.1x | 0.8x | 0.9x | 0.8x | 0.7x |
| Total assets | $4.8B | $4.6B | $4.6B | $5.4B | $9.0B |
| Total liabilities | $3.4B | $4.2B | $4.0B | $4.7B | $5.8B |
| Shareholders' equity | $1.3B | $389M | $542M | $767M | $3.3B |
| Net debt (− = net cash) | −$1.5B | −$922M | −$734M | −$904M | −$709M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.3M
6 insiders
Of sales under plans
100%
$2.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 24, 2026 | Erin BrewerChief Financial Officer | Sold plan | 15,000 | $14.64 | $0.2M | Form 4 |
| Sep 1, 2026 | Lindsay Catherine LlewellynSee Remarks | Sold plan | 13,204 | $16.64 | $0.2M | Form 4 |
| Aug 27, 2026 | David LaweeDirector | Sold plan | 4,613 | $17.33 | $0.1M | Form 4 |
| Aug 27, 2026 | Jill BeggsDirector | Sold plan | 2,307 | $17.34 | $0.0M | Form 4 |
| Aug 27, 2026 | Stephen W. HopeChief Accounting Officer | Sold plan | 5,982 | $17.34 | $0.1M | Form 4 |
| Aug 25, 2026 | Janey WhitesideDirector | Sold plan | 5,480 | $17.68 | $0.1M | Form 4 |
| Aug 24, 2026 | Erin BrewerChief Financial Officer | Sold plan | 15,000 | $17.63 | $0.3M | Form 4 |
| Aug 7, 2026 | Janey WhitesideDirector | Sold plan | 14,220 | $17.00 | $0.2M | Form 4 |
| Aug 3, 2026 | Lindsay Catherine LlewellynSee Remarks | Sold plan | 36,214 | $16.14 | $0.6M | Form 4 |
| Jun 12, 2026 | Erin BrewerChief Financial Officer | Sold plan | 15,000 | $13.59 | $0.2M | Form 4 |
| Jun 1, 2026 | Lindsay Catherine LlewellynSee Remarks | Sold plan | 11,491 | $15.00 | $0.2M | Form 4 |
| May 27, 2026 | Stephen W. HopeChief Accounting Officer | Sold plan | 5,460 | $13.76 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 5 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | −5.3% | −16.5% | 23.2% |
| Altman Z'' | −8.45 | −7.25 | −3.39 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Lyft LYFT | $6.5B | 9.2% | −3.0% | — | −12.3% | 2.5x | 4 | |
| Avis Budget Group CAR | $3.6B | −1.2% | — | — | — | — | 5 | Compare → |
| Grab GRAB | $11.7B | 20.5% | 1.9% | −0.5% | 0.9% | — | 5 | Compare → |
| Uber UBER | $136.7B | 18.3% | 10.7% | 18.8% | 19.7% | 14.6x | 6 | Compare → |
| UFP Industries UFPI | $4.4B | −5.0% | 5.8% | 4.4% | 11.8% | 18.6x | 5 | Compare → |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $1.1B | $2.2B | $3.6B | $2.4B | $3.2B | $4.1B | $4.4B | $5.8B | $6.3B |
| Gross profit | $400M | $913M | $1.4B | $917M | $1.5B | $1.7B | $1.9B | $2.4B | $2.6B |
| Research and development | $137M | $301M | $1.5B | $909M | $912M | $857M | $556M | $397M | $451M |
| Operating income | −$708M | −$978M | −$2.7B | −$1.8B | −$1.1B | −$1.5B | −$476M | −$119M | −$188M |
| Interest expense | — | $0.0M | $0.0M | $32.7M | $51.6M | $19.7M | $26.2M | $28.9M | $20.8M |
| Pretax income | −$688M | −$911M | −$2.6B | −$1.8B | −$1.1B | −$1.6B | −$332M | $25.3M | −$53.2M |
| Income tax | $0.6M | $0.7M | $2.4M | −$44.5M | $11.2M | $5.9M | $8.6M | $2.6M | −$2.9B |
| Net income | −$688M | −$911M | −$2.6B | −$1.8B | −$1.1B | −$1.6B | −$340M | $22.8M | $2.8B |
| Diluted EPS | −$35.53 | −$43.04 | −$11.44 | −$5.61 | −$3.17 | −$4.47 | −$0.88 | $0.06 | $6.81 |
| Diluted shares | 0.02B | 0.02B | 0.23B | 0.31B | 0.33B | 0.35B | 0.39B | 0.41B | 0.42B |
| Cash flow | |||||||||
| Cash from operations | −$394M | −$281M | −$106M | −$1.4B | −$102M | −$237M | −$98.2M | $850M | $1.2B |
| Depreciation and amortization | $2.6M | $18.8M | $108M | $157M | $139M | $155M | $117M | $149M | $135M |
| Stock-based compensation | $9.5M | $8.6M | $1.6B | $566M | $725M | $751M | $485M | $331M | $322M |
| Acquisitions | $0.0M | $258M | $12.3M | $12.3M | $0.0M | $146M | $1.6M | $0.0M | $307M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $50.0M | $500M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $50.0M | $500M |
| Balance sheet | |||||||||
| Cash and short-term investments | $1.1B | $2.0B | $2.9B | $2.3B | $2.3B | $1.8B | $1.7B | $2.0B | $1.8B |
| Total debt | — | — | $0.0M | $680M | $711M | $840M | $865M | $995M | $1.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $27.4M | $27.8M | $35.0M | $86.5M | $85.6M | $75.3M |
| Current assets | — | $2.3B | $3.2B | $2.6B | $2.8B | $2.6B | $2.6B | $3.0B | $2.9B |
| Current liabilities | — | $1.4B | $2.5B | $2.1B | $2.5B | $3.1B | $3.0B | $3.9B | $4.5B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $109M | $189M | $313M | $298M | $313M | $466M | $445M | $419M |
| Total assets | — | $3.8B | $5.7B | $4.7B | $4.8B | $4.6B | $4.6B | $5.4B | $9.0B |
| Total liabilities | — | $1.5B | $2.8B | $3.0B | $3.4B | $4.2B | $4.0B | $4.7B | $5.8B |
| Shareholders' equity | −$2.0B | −$2.9B | $2.9B | $1.7B | $1.3B | $389M | $542M | $767M | $3.3B |
| Margins | |||||||||
| Gross margin | 37.8% | 42.3% | 39.8% | 38.8% | 46.9% | 40.5% | 42.2% | 42.3% | 41.5% |
| Operating margin | −66.8% | −45.3% | −74.7% | −76.5% | −35.4% | −35.6% | −10.8% | −2.1% | −3.0% |
| EBITDA margin | −66.6% | −44.5% | −71.7% | −69.8% | −31.0% | −31.9% | −8.2% | 0.5% | −0.8% |
| Net margin | −64.9% | −42.3% | −72.0% | −74.1% | −33.1% | −38.7% | −7.7% | 0.4% | 45.0% |
| Returns | |||||||||
| Return on capital | — | — | — | — | — | — | — | — | −12.3% |
| Return on capital employed | — | — | −97.4% | −61.9% | −46.7% | −79.3% | −31.4% | −7.5% | −6.2% |
| Return on equity | — | — | — | −77.4% | −70.4% | −183.2% | −73.2% | 3.5% | 140.8% |
| Return on assets | — | — | −55.1% | −33.8% | −22.5% | −34.0% | −7.5% | 0.5% | 39.3% |
| Growth | |||||||||
| Revenue growth | — | 103.5% | 67.7% | −34.6% | 35.7% | 27.6% | 7.5% | 31.4% | 9.2% |
| Net income growth | — | — | — | — | — | — | — | — | 12,382.5% |
| EPS growth | — | — | — | — | — | — | — | — | 11,250.0% |
| Share count change | — | 9.3% | 974.3% | 37.2% | 7.2% | 6.0% | 8.6% | 7.4% | 1.0% |
| Financial health | |||||||||
| Net debt / EBITDA | — | — | — | — | — | — | — | −30.2x | — |
| Debt / equity | — | — | 0.0x | 0.4x | 0.6x | 2.3x | 1.8x | 1.4x | 0.3x |
| Interest coverage | — | — | — | −55.3x | −22.0x | −73.9x | −18.1x | −4.1x | −9.1x |
| Current ratio | — | 1.6x | 1.3x | 1.3x | 1.1x | 0.8x | 0.9x | 0.8x | 0.7x |
| Quick ratio | — | 1.6x | 1.3x | 1.3x | 1.1x | 0.8x | 0.9x | 0.8x | 0.7x |
| Capital allocation | |||||||||
| Stock comp / revenue | 0.9% | 0.4% | 44.2% | 23.9% | 22.6% | 18.3% | 11.0% | 5.7% | 5.1% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | — | 2.0 | 4.0 | 2.0 | 5.0 | 6.0 | 4.0 |
| Altman Z'' | — | −4.8 | −4.4 | −6.4 | −6.5 | −10.0 | −8.5 | −7.3 | −3.4 |
| Accruals ratio | — | — | −52.8% | −7.2% | −20.3% | −28.9% | −5.3% | −16.5% | 23.2% |
Source: SEC EDGAR XBRL filings (CIK 0001759509). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.