Lyft Reports Strong Q1 2025 Financial Results

SAN FRANCISCO--(BUSINESS WIRE)--Lyft, Inc. (Nasdaq:LYFT) today announced strong financial results for the first quarter ended March 31, 2025.

"Q1 marked Lyft's 16th consecutive quarter of double-digit year on year Gross Bookings growth demonstrating the resilience and momentum of our customer-obsessed strategy," said Lyft CEO David Risher. "In the last week of March, rides reached the highest weekly levels in our history and dual-app drivers reported a 23 percentage point preference for Lyft. With our expansion into new demographics via Lyft Silver and into Europe with our planned FREENOW acquisition, we're putting all the pieces in place for sustained, market-leading performance."

"Lyft’s exceptional Q1 performance – 16% Rides growth, strong profit expansion, and nearly $1 billion in cash from operations over the past 12 months – demonstrates our winning formula of growth with discipline,” said CFO Erin Brewer. “This financial strength enables us to increase the authorization of our share repurchase program to $750 million while maintaining the ability to invest in our most promising growth initiatives."

First Quarter 2025 Financial Highlights

• Gross Bookings of $4.2 billion, up 13% year over year.
• Revenue of $1.5 billion, up 14% year over year.
• Net income (loss) of $2.6 million compared to $(31.5) million in Q1'24.
  • Net income (loss) as a percentage of Gross Bookings was 0.1% compared to net income (loss) as a percentage of Gross Bookings of (0.9)% in Q1'24.
• Adjusted EBITDA of $106.5 million compared to $59.4 million in Q1'24.
  • Adjusted EBITDA margin as a percentage of Gross Bookings was 2.6% compared to 1.6% in Q1'24.
• Net cash provided by operating activities of $287.2 million compared to $156.2 million in Q1'24.
  • For the trailing twelve months, net cash provided by operating activities was $980.8 million.
• Free cash flow of $280.7 million compared to $127.1 million in Q1'24.
  • For the trailing twelve months, free cash flow was $919.9 million.

First Quarter 2025 Operational Highlights

• Rides grew 16% year over year to 218.4 million, a record Q1.
• Active Riders growth accelerated to 11% year over year to 24.2 million, a record Q1.
• Driver product innovation: Last week we began piloting Earnings Assistant, an industry-first tool powered by AI that helps drivers maximize their time on the road.
• Rider product innovation: This week we launched Lyft Silver, a new service thoughtfully designed for older adults to further serve and connect an important and growing demographic. By 2030, over 70 million Americans are expected to be 65 years old or older. Today, only approximately 5% of Lyft riders are 65 years old or older.

Share Repurchase Program

Our board of directors has authorized an increase to our share repurchase program to a new total of $750 million. We intend to utilize $500 million of this authorization within the next 12 months, $200 million of which will be used within the next 3 months. We intend to enter into one or more Rule 10b5-1 trading plans to facilitate the repurchase of shares under the authorization.

Second Quarter 2025 Outlook

• Rides growth in the mid-teens year over year driven by industry-leading service levels and strong rider and driver engagement.
• Gross Bookings of approximately $4.41 billion to $4.57 billion, up 10% to 14% year over year.
• Adjusted EBITDA of approximately $115 million to $130 million and an Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) of approximately 2.6% to 2.8%.

We have not provided the forward-looking GAAP equivalent to our non-GAAP outlook or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation and income tax. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalent is not available without unreasonable effort. However, it is important to note that the reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP metrics in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this earnings release, please see "GAAP to non-GAAP Reconciliations" below.

Financial and Operational Results