Slide 1: Q4 & Fiscal 2025 Earnings
Q4 & Fiscal 2025 Earnings February 10, 2026
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally Forward relate to future e
Slide 3: Halftime report: First half secured, driving toward victory in 2027.
ANNUAL HIGHLIGHTS Halftime report: First half secured, driving toward victory in 2027. 2025 51.3 million Gross Adjusted Free cash flow: 1 annual riders Bookings: EBITDA margin 1 $1.1 billion took 946 $18.5 billion, % of Gross Bookings): million Rides 15% YoY 2.9% (1) The Adjusted EBITDA margin
Slide 4: More products. More family solutions.
GROWTH STRATEGY: PRODUCT INNOVATION More products. More family solutions. In February 2026, we launched Lyft Teen across hundreds of cities in the U.S., tapping into a major market: ● 15 billion ride TAM of 13 to 17-year-olds in the U.S. ● Only 25% of 16-year-olds had driverʼs licenses in 2021, down
Slide 5: Partnerships and rewards level everyone up.
GROWTH STRATEGY: PARTNERSHIPS Partnerships and rewards level everyone up. Partnership strategy wins when it comes to rider loyalty: ● More than 1 in 4 of our rideshare rides in North America were linked to a partnership in Q4 DoorDash: ○ Our largest partnership ever ○ Steady rides growth over last s
Slide 6: 2026 is the year of the horse AV.
GROWTH STRATEGY: AUTONOMOUS VEHICLES 2026 is the year of the horse AV. Our strategy is purposeful and thoughtful to address each critical area of the AV ecosystem. Self-Driving Vehicle Asset Ownership Fleet Mobility Platform Rider Demand & Technology Manufacturing & Financing Management & Marketplac
Slide 7: Results & Guidance
Results & Guidance
Slide 8: Record Quarterly Active Riders
Record Quarterly Active Riders (in millions, except for percentages) 28.7 29.2 26.1 24.4 24.7 23.7 24.2 Q4ʼ25 22.4 21.9 Active Riders: +10% +12% +10% +9% +10% +11% +10% +18% +18% 29.2 million, YoY YoY YoY YoY YoY YoY YoY YoY YoY +18% YoY Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25 Note: In
Slide 9: Quarterly Rides
Quarterly Rides (in millions, except for percentages) 248.8 243.5 234.8 216.7 218.5 218.4 205.3 190.8 187.7 Q4'25 Rides: 243.5 million, +26% +20% YoY +23% +26% YoY +15% +23% YoY +16% +15% YoY +15% +16% YoY +16% +15% YoY +14% +16% YoY +15% +14% YoY +11% +15% YoY 11% YoY YoY YoY YoY YoY YoY YoY YoY Y
Slide 10: Record Quarterly Gross Bookings
Record Quarterly Gross Bookings (in millions, except for percentages) $5,074 $4,780 $4,490 Q4ʼ25 Gross $4,279 $4,108 $4,162 $4,019 $3,724 $3,693 +17% +21% +17% +16% +15% +13% +12% +16% +19% Bookings: YoY YoY YoY YoY YoY YoY YoY YoY YoY $5.1 billion, 19% YoY 1 $1,225 $1,277 $1,436 $1,523 $1,550 $1
Slide 11: Record Quarterly Adj. EBITDA & Margin
Record Quarterly Adj. EBITDA & Margin (% of Gross Bookings) $154 Q4ʼ25 (in millions, except for percentages) $139 $129 $103 $107 $113 $106 Adj. EBITDA & Margin: $67 $59 $154 million, 3.0% margin (% of Gross Bookings) 1.8% 1.6% 2.6% 2.6% 2.6% 2.6% 2.9% 2.9% 3.0% Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2
Slide 12: Record Free Cash Flow (TTM)
Record Free Cash Flow (TTM) (in millions) $1,116 $1,028 $993 $920 $641 $766 Q4ʼ25 Free $368 Cash Flow: $1.12 billion trailing twelve months ($248) ($0.2) ($0.2) Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25 Note: The figures above are non-GAAP financial measures. Please see the explanation of
Slide 13: Q1'26 Guidance
Q1ʼ26 Guidance Gross Bookings Approx. $4.86 billion to $5.00 billion, up approx. 17% to 20% year over year Adjusted EBITDA Approx. $120 million to $140 million Adjusted EBITDA Margin Approx. 2.5% to 2.8% % of Gross Bookings) 13
Slide 14: We remain on track to achieve our long-term targets.
We remain on track to achieve our long-term targets. FY24 and FY25 delivered across all metrics and positions us for future success. Gross Bookings Adj. EBITDA in $ millions in $ millions ~$25,000 $18,507 $16,099 ~$1,000 $529 $382 2.4% 2.9% ~4.0% 2024 2025 2027 2024 2025 2027 % Adj. EBITDA margin (a
Slide 15: Financial Results: Reconciliations from GAAP to Non-GAAP and Trended Financial Statements
Financial Results: Reconciliations from GAAP to Non-GAAP and Trended Financial Statements
Slide 16: Historical Financial and Operational Results
Historical Financial and Operational Results (in millions, except for percentages) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Active Riders¹ 19.6 21.5 22.4 22.4 21.9 23.7 24.4 24.7 24.2 26.1 28.7 29.2 Rides 153.0 177.9 187.4 190.8 709.0 187.7 205.3 216.
Slide 17: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Assets Current assets: Cash and cash equivalents $ 509.6 $ 638.4 $ 590.5 $ 558.6 $ 507.9 $ 604.4 $ 770.3 $ 759.3 $ 985.5 $ 913.8 $ 1,305.9 $ 1,132.0 Short-term investments 1,2
Slide 18: Condensed Consolidated Balance Sheet (cont.)
Condensed Consolidated Balance Sheet (cont.) ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 103.3 $ 62.2 $ 56.7 $ 72.3 $ 104.5 $ 116.1 $ 109.3 $ 97.7 $ 98.6 $ 104.5 $ 107.4 $ 120.5 I
Slide 19: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations ($ in millions, except per share items) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Revenue $ 1,000.5 $ 1,020.9 $ 1,157.6 $ 1,224.6 $ 4,403.6 $ 1,277.2 $ 1,435.8 $ 1,522.7 $ 1,550.3 $ 5,786.0 $ 1,450.2 $ 1,5
Slide 20: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Cash flows from operating activities Net income (loss) $ 187.6 $ 114.3 $ 12.1 $ 26.3 $ 340.3 $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6
Slide 21: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Cash flows from investing activities Purchases of marketable $ 598.6 $ 594.0 $ 1,161.9 $ 934.1 $ 3,288.7 $ 1,124.1 $ 978.2 $
Slide 22: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Cash flows from financing activities Repayment of loans $ 21.1 $ 27.3 $ 12.1 $ 12.0 $ 72.5 $ 20.6 $ 20.4 $ 20.8 $ 22.3 $
Slide 23: Condensed Consolidated Statement of Cash Flows (cont.)
Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Net cash provided by (used in) $ 74.0 $ 70.0 $ 2.3 $ 43.5 $ 98.2 $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287.2 $ 343.7 $ 291.3 $ 24
Slide 24: Non-GAAP Condensed Consolidated Statement of Operations
Non-GAAP Condensed Consolidated Statement of Operations ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Revenue $ 1,000.5 $ 1,020.9 $ 1,157.6 $ 1,224.6 $ 4,403.6 $ 1,277.2 $ 1,435.8 $ 1,522.7 $ 1,550.3 $ 5,786.0 $ 1,450.2 $ 1,588.2 $ 1,685.2
Slide 25: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total GAAP Cost of Revenue $ 549.0 $ 606.6 $ 644.5 $ 743.9 $ 2,544.0 $ 755.4 $ 819.5 $ 888.3 $ 874.6 $ 3,337.7 $ 862.9 $ 935.7 $ 927.2 $ 971
Slide 26: GAAP to Non-GAAP Reconciliations (cont.)
GAAP to Non-GAAP Reconciliations (cont.) Fiscal 2023 Fiscal 2024 Fiscal 2025 ($ in millions) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Non-GAAP Operating Expenses GAAP Operations and Support $ 98.9 $ 107.6 $ 118.8 $ 101.9 $ 427.2 $ 103.0 $ 115.7 $ 117.5 $ 107.6 $ 443.8
Slide 27: GAAP to Non-GAAP Reconciliations (cont.)
GAAP to Non-GAAP Reconciliations (cont.) Fiscal 2023 Fiscal 2024 Fiscal 2025 ($ in millions) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Non-GAAP Operating Expenses GAAP Sales and Marketing $ 115.9 $ 109.2 $ 129.9 $ 125.9 $ 481.0 $ 145.5 $ 176.4 $ 215.8 $ 251.4 $ 789.0
Slide 28: GAAP to Non-GAAP Reconciliations (cont.)
GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total GAAP Operating Expenses $ 668.3 $ 572.8 $ 553.2 $ 540.9 $ 2,335.2 $ 584.8 $ 643.6 $ 691.1 $ 647.7 $ 2,567.2 $ 616.1 $ 650.0 $ 73
Slide 29: GAAP to Non-GAAP Reconciliations (cont.)
GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Gross Bookings¹ $ 3,050.7 $ 3,446.0 $ 3,554.1 $ 3,724.3 $ 13,775.2 $ 3,693.2 $ 4,018.9 $ 4,108.4 $ 4,278.9 $ 16,099.4 $ 4,162.4 $ 4,490.1 $ 4,780.4 $ 5,0
Slide 30: GAAP to Non-GAAP Reconciliations (cont.)
GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Reconciliation of Net Income Loss to Non-GAAP Adjusted EBITDA GAAP Net Income Loss $ 187.6 $ 114.3 $ 12.1 $ 26.3 $ 340.3 $ 31.5 $ 5.0 $
Slide 31: GAAP to Non-GAAP Reconciliations (cont.)
GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Reconciliation of Net Cash Provided by Used in) Operating Activities to Free Cash Flow Net Cash Provided by Used in) $ 74.0 $ 70.0 $ 2.3 $ 43.5 $