Slide 1: Q3 2025 Earnings
Q3 2025 Earnings November 5, 2025
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: Over $1,000,000,000 of free cash flow for the TTM
QUARTERLY HIGHLIGHTS Over $1,000,000,000 of free cash flow for the TTM1. Nice. Q3’25 28.7 million Gross Adjusted Free Cash Flow: 1 Active Riders Bookings: EBITDA Margin $1.03 billion took 249 $4.8 billion, % of Gross Bookings): (trailing twelve months) 2.9% 1 million Rides 16% YoY (1) The Ad
Slide 4: Accelerating growth with new geographies
GROWTH STRATEGY: EXPANDING OUR FOOTPRINT Accelerating growth with new geographies 4 4
Slide 5: Partnerships are taking off
GROWTH STRATEGY: PARTNERSHIPS Partnerships are taking off Q3 highlights: ● Year to date highest number of partner-linked rides ever. ● And forecasted to drive further momentum in 2026. Lyft miles → United Airlines miles: ● Benefits are now live for riders who link their United Airlines MileagePlus®
Slide 6: School's in session and Lyft is majoring in low-scale markets
GROWTH STRATEGY: UNDERPENETRATED MARKETS Schoolʼs in session and Lyft is majoring in low-scale markets ● A majority of the 161 billion personal vehicle rides in the U.S. are in underpenetrated markets. ● These markets drove 70% of our rides growth in Q3. Back to school saw double-digit rides growt
Slide 7: Autonomous vehicles are gaining speed around the globe
GROWTH STRATEGY: AUTONOMOUS VEHICLES Autonomous vehicles are gaining speed around the globe Self-Driving Vehicle Asset Ownership Fleet Mobility Platform Rider Demand & Technology Manufacturing & Financing Management & Marketplace Experience 7
Slide 8: Results & Guidance
Results & Guidance
Slide 9: Quarterly Active Riders
Quarterly Active Riders (in millions, except for percentages) 28.7 26.1 24.4 24.7 24.2 23.7 Q3ʼ25 22.4 22.4 21.9 Active Riders: 28.7 million, +10% YoY +10% YoY +12% YoY +10% YoY +9% YoY +10% YoY +11% YoY +10% YoY +18% YoY +18% YoY and an all-time high Q3‘23 Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25
Slide 10: Quarterly Rides
Quarterly Rides (in millions, except for percentages) 248.8 234.8 216.7 218.5 218.4 205.3 Q3'25 Rides: 187.4 190.8 187.7 248.8 million, 15% YoY and +20% +20% YoY +26% +26% YoY +23% +23% YoY +15% +15% YoY +16% +16% YoY +15% +15% YoY +16% +16% YoY +14% +14% YoY +15% +15% YoY an all-time high YoY YoY
Slide 11: Quarterly Gross Bookings
Quarterly Gross Bookings (in millions) $4,780 $4,490 Q3ʼ25 Gross $4,279 $4,108 $4,162 $4,019 $3,724 $3,693 $3,554 Bookings: $4.8 billion, 16% YoY and an all-time high $1,158 $1,225 $1,277 $1,436 $1,523 $1,550 $1,450 $1,588 $1,685 Q3‘23 Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Gross Bookings
Slide 12: Quarterly Adj. EBITDA & Margin
Quarterly Adj. EBITDA & Margin (% of Gross Bookings) (in millions, except for percentages) $129 $139 Q3ʼ25 $103 $107 $113 $106 Adj. EBITDA $92 & Margin: $67 an all-time high of $59 $139 million, 2.9% Margin 2.6% 1.8% 1.6% 2.6% 2.6% 2.6% 2.6% 2.9% 2.9% (% of Gross Bookings) Q3‘23 Q4‘23 Q1‘24 Q2‘24 Q3
Slide 13: Free Cash Flow (TTM)
Free Cash Flow (TTM) (in millions) $1,028 $993 $920 $766 $641 Q3ʼ25 Free $368 Cash Flow: $1.03 billion trailing twelve months ($329) ($248) ($0.2) Q3‘23 Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Note: The figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measu
Slide 14: Q4'25 Guidance
Q4‘25 Guidance Gross Bookings Approx. $5.01 billion to $5.13 billion, up 17% to 20% year over year Adjusted EBITDA Approx. $135 million to $155 million Adjusted EBITDA Margin Approx. 2.7% to 3.0% % of Gross Bookings) We continue to be on track to achieve the targets we laid out at our Investor Day
Slide 15: Looking a little further out
Looking a little further out FY 2025 ● On track to deliver our annual targets across topline and margin expansion. ● Pacing to outperform on operational excellence, free cash flow conversion, and complete $500M in share repurchases in 2025, ahead of schedule. FY 2026 ● We remain on track to deliver
Slide 16: Financial Results: Reconciliations from GAAP to Non-GAAP and Trended Financial Statements
Financial Results: Reconciliations from GAAP to Non-GAAP and Trended Financial Statements
Slide 17: Historical Financial and Operational Results
Historical Financial and Operational Results (in millions, except for percentages) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 (1) Active Riders 19.6 21.5 22.4 22.4 21.9 23.7 24.4 24.7 24.2 26.1 28.7 Rides 153.0 177.9 187.4 190.8 709.0 187.7 205.3 216.7 218.5 828
Slide 18: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet ($ in millions) Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 Short-term investments 1,245.2 1,059.7
Slide 19: 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 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 Insurance re
Slide 20: 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 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,
Slide 21: Condensed Consolidated Statement of Cash Flows
Condensed Consolidated Statement of Cash Flows Fiscal 2023 Fiscal 2024 Fiscal 2025 ($ in millions) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 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 $ 40.3 $
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 Cash flows from investing activities Purchases of marketable securities $ 598.6 $ 594.0 $ 1,161.9 $ 934.1 $ 3,288.7 $ 1,124.1 $ 978.2
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 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 $ 84.1 $
Slide 24: 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 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 operating act
Slide 25: 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 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 Cost of r
Slide 26: 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 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 Adjusted to exc
Slide 27: 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 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 $ 106.
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 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 $ 182.0
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 GAAP Operating Expenses (excludes $ 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 $ 7
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 (1) Gross Bookings $ 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 Non-GAAP Co
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 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 $ 12.4 $ 6
Slide 32: 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 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 $ 98.2 $ 1