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Lyft, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 6 August 2026: press release. Guidance figures: 3 new. The quarter’s numbers.

Key takeaways

  • Active Riders reached record 30.5 million globally: Active Riders hit 30.5 million globally, the highest ever, representing 17 percent year-over-year growth and the seventh consecutive quarter of double-digit growth. Source
  • Gross Bookings surged to record $5.5 billion: Gross Bookings reached $5.5 billion in the second quarter, up 23 percent year-over-year, delivering record levels with acceleration during the quarter. Source
  • Rides accelerated to record 262.4 million level: Rides accelerated to record 262.4 million in the second quarter, up 12 percent year-over-year, with global strength across Freenow by Lyft in Europe, North American rideshare, and Lyft Urban Solutions. Source
  • Partnership rides reached all-time high 30 percent: Approximately 30 percent of North American rideshare rides were linked to a partnership in the second quarter, an all-time high, up from 27 percent in the first quarter. Source
  • Nashville Waymo operations began in June 2026: In partnership with Waymo, Lyft's fleet operations officially began in Nashville in June and are running smoothly, with the 80,000 square foot autonomous vehicle depot opening in October. Source
  • Net income increased 25 percent year-over-year: Net income increased 25 percent year-over-year to $50.3 million in the second quarter from $40.3 million in the prior year period, though net income margin remained flat at 0.9 percent of Gross Bookings. Source
  • Adjusted EBITDA increased 37 percent to $177.2 million: Adjusted EBITDA increased 37 percent year-over-year to $177.2 million in the second quarter from $129.4 million in the prior year period. Source
  • Adjusted EBITDA margin expanded to 3.2 percent: Adjusted EBITDA margin as a percentage of Gross Bookings increased to 3.2 percent in the second quarter from 2.9 percent in the prior year period. Source

“We have surpassed 30 million Active Riders globally, our highest ever, as more people embed Lyft into their everyday lives.”

David Risher, CEO

Guidance

AreaPeriodFigureAgainst last quarter
Gross Bookings Sourcethird quarter of 2026approximately $5.50 billion to $5.67 billion, up approximately 15% to 19% year over yearNew
Adjusted EBITDA Sourcethird quarter of 2026approximately $183 million to $203 millionNew
Adjusted EBITDA Margin Sourcethird quarter of 2026approximately 3.3% to 3.6%New

What changed from last quarter

  • New guidance: Third quarter 2026 gross bookings guidance provided at $5.50 billion to $5.67 billion, representing 15 to 19 percent year-over-year growth. Source
  • New guidance: Third quarter 2026 adjusted EBITDA guidance provided at $183 million to $203 million. Source
  • New: Lyft and Curb expanded their strategic partnership to New York City, the largest taxi market in the United States. Source
  • New: Nashville Waymo fleet operations officially began in June and are running smoothly, with an 80,000 square foot autonomous vehicle depot opening in October. Source

Record Active Riders and User Scale

  • Active Riders reached record 30.5 million globally: Active Riders hit 30.5 million globally, the highest ever, representing 17 percent year-over-year growth and the seventh consecutive quarter of double-digit growth. Source

Gross Bookings and Rides Acceleration

  • Gross Bookings surged to record $5.5 billion: Gross Bookings reached $5.5 billion in the second quarter, up 23 percent year-over-year, delivering record levels with acceleration during the quarter. Source
  • Rides accelerated to record 262.4 million level: Rides accelerated to record 262.4 million in the second quarter, up 12 percent year-over-year, with global strength across Freenow by Lyft in Europe, North American rideshare, and Lyft Urban Solutions. Source
  • Revenue grew 16 percent year-over-year: Revenue totaled $1.8 billion in the second quarter, up 16 percent year-over-year. Source

“The business delivered acceleration in the second quarter, with growth in Rides and Gross Bookings reaching record levels, alongside continued strong cash generation of over $1 billion for the trailing twelve months.”

Erin Brewer, CFO

Partnership Expansion Driving Growth

  • Partnership rides reached all-time high 30 percent: Approximately 30 percent of North American rideshare rides were linked to a partnership in the second quarter, an all-time high, up from 27 percent in the first quarter. Source
  • Curb partnership expanded to New York City: Lyft and Curb expanded their strategic partnership to New York City, the largest taxi market in the United States, to expand transport options for riders through established licensed operators. Source
  • Partnerships span multiple major transportation platforms: Partnership offerings have been expanded across major platforms including Chase, DoorDash, and United Airlines.

Autonomous Vehicle Operations Launch

  • Nashville Waymo operations began in June 2026: In partnership with Waymo, Lyft's fleet operations officially began in Nashville in June and are running smoothly, with the 80,000 square foot autonomous vehicle depot opening in October. Source
  • Baidu autonomous vehicles secured in UK: The company confirmed that first Baidu autonomous vehicles have been secured in the United Kingdom as part of its global autonomous vehicle strategy.

Profitability and Margin Improvement

  • Net income increased 25 percent year-over-year: Net income increased 25 percent year-over-year to $50.3 million in the second quarter from $40.3 million in the prior year period, though net income margin remained flat at 0.9 percent of Gross Bookings. Source
  • Adjusted EBITDA increased 37 percent to $177.2 million: Adjusted EBITDA increased 37 percent year-over-year to $177.2 million in the second quarter from $129.4 million in the prior year period. Source
  • Adjusted EBITDA margin expanded to 3.2 percent: Adjusted EBITDA margin as a percentage of Gross Bookings increased to 3.2 percent in the second quarter from 2.9 percent in the prior year period. Source

Cash Generation and Capital Allocation

  • Trailing twelve months cash generation exceeded $1 billion: For the trailing twelve months ended June 30, 2026, net cash provided by operating activities was $1.2 billion and free cash flow was $1.1 billion, continuing strong cash generation. Source
  • Operating cash flow essentially flat quarter-over-quarter: Net cash provided by operating activities was $349.9 million in the second quarter, essentially flat compared to $343.7 million in the prior year quarter. Source
  • Free cash flow of $319.6 million in quarter: Free cash flow of $319.6 million in the second quarter declined modestly from $329.4 million in the prior year. Source
  • Share repurchases of $400 million in first half: The company repurchased $400 million in Class A common stock in the first half of 2026, with $300 million repurchased in the first quarter. Source

Coming up, as management said on 6 August 2026

  • Nashville AV depot opens October 2026: Lyft is gearing up for the opening of an 80,000 square foot purpose-built autonomous vehicle depot in Nashville in October 2026, following the June launch of fleet operations with Waymo. Source
  • Share repurchase program execution continues: The company will continue executing its share repurchase program, with the timing and scope of repurchases subject to market conditions and business needs. Source

Earlier plans management reported on

  • On track: Waymo fleet operations began in June 2026 as announced and are running smoothly, with the purpose-built AV depot opening in October as scheduled. Source
  • Met: The company delivered on financial commitments with net income up 25 percent, Adjusted EBITDA up 37 percent, and trailing twelve months cash generation of over $1 billion. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.