Lyft (LYFT) FY2023 results: revenue $4.4 billion, up 7.5% on the year

Lyft, Inc. (LYFT) reported revenue of $4.4 billion for fiscal 2023, the year ended 31 December 2023, up 7.5% on the year before. Net income was -$340 million, and diluted earnings per share $-0.88. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$4.4 billion

+7.5% on the year

FY2017FY2023

Operating margin

-10.8%

-35.6% a year earlier

FY2017FY2023

Net income

-$340 million

FY2017FY2023

Diluted EPS

-$0.88

FY2017FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	4,404	4,095	3,208	+7.5%
Cost of revenue	2,544	2,436	1,702	+4.4%
Gross profit	1,860	1,659	1,506	+12.1%
Gross margin	42.2%	40.5%	46.9%
Research and development	556	857	912	-35.1%
Operating income	-476	-1,459	-1,135
Operating margin	-10.8%	-35.6%	-35.4%
Interest expense	26.2	19.7	51.6	+32.9%
Pre-tax income	-332	-1,579	-1,051
Income tax	8.6	5.9	11.2	+46.7%
Net income	-340	-1,585	-1,062
Net margin	-7.7%	-38.7%	-33.1%
Diluted EPS	-$0.88	-$4.47	-$3.17

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-98.2	-237	-102
Cash from investing	600	186	267	+222.4%
Cash from financing	-122	-87.5	-72.5
Depreciation and amortisation	117	155	139	-24.7%
Share-based compensation	485	751	725	-35.5%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	385m	355m	335m	+8.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	542	389	1,341	+39.3%
Debt	865	839	711	+3.1%
Operating lease liabilities	134	176	210	-24.0%
Finance lease liabilities	61.3	19.9	14.2	+207.8%
Other liabilities	2,962	3,132	2,497	-5.4%
Total liabilities and equity	4,564	4,556	4,774	+0.2%
Goodwill	258	262	181	-1.4%
Intangible assets	59.5	76.2	50.8	-21.9%
Investments	1,127	1,516	1,797	-25.7%
Cash and equivalents	559	281	457	+98.7%
Other assets	2,562	2,422	2,289	+5.8%
Total assets	4,564	4,556	4,774	+0.2%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.