Lyft, Inc. (NASDAQ: LYFT) delivered record operational and financial results in the fourth quarter of 2025, with total revenue reaching $1.6 billion — up 3% year-over-year — as the company navigated a competitive rideshare market. The quarter marked consecutive periods of GAAP profitability, a milestone that has shifted investor focus toward Lyft’s long-term margin potential.
Q4 2025 Financial Highlights: Revenue, Rides, and Margins
For the quarter ended December 31, 2025, Lyft reported total revenue of $1.6 billion, up 3% from $1.55 billion in Q4 2024, driven by a 11% increase in total rides to 243.5 million and an 18% rise in active riders to 29.2 million.
On the bottom line, GAAP net income was $2.8 billion, up from $61.7 million in Q4 2024. Diluted GAAP earnings per share (EPS) came in at $6.72, compared to $0.15 in the prior-year quarter. Adjusted EBITDA reached $154.1 million, with an adjusted EBITDA margin of approximately 3% of gross bookings.
Free cash flow stood at $1.12 billion at the end of fiscal year 2025. The company announced a new $1 billion share repurchase program.
| Metric | Q4 2025 | Q4 2024 | % Change |
|---|---|---|---|
| Revenue | $1.59B | $1.55B | +3% |
| Total Rides | 243.5M | 218.5M | +11% |
| Active Riders | 29.2M | 24.7M | +18% |
| Net Income (GAAP) | $2.8B | $61.7M | >100% |
| Diluted EPS (GAAP) | $6.72 | $0.15 | >100% |
Guidance
For Q1 2026, Lyft guided for gross bookings of $4.86 billion to $5.00 billion, representing 17% to 20% year-over-year growth. Adjusted EBITDA is expected in the range of approximately $120 million to $140 million, with an adjusted EBITDA margin of approximately 2.5% to 2.8% of gross bookings.
Competitive Landscape: Lyft vs. Uber in 2025
Lyft’s Q4 results must be viewed against Uber Technologies, Inc. (NYSE: UBER), which reported Q4 2025 revenue of $14.4 billion, up 20% year-over-year. Uber posted GAAP net income of $296 million and diluted GAAP EPS of $0.14, with free cash flow of $2.8 billion for the quarter.
| Metric | Uber (Q4 2025) | Lyft (Q4 2025) |
|---|---|---|
| Revenue | $14.4B | $1.6B |
| Revenue Growth YoY | +20% | +3% |
| Net Income (GAAP) | $296M | $2.8B |
| Diluted EPS (GAAP) | $0.14 | $6.72 |
Key Signals for Investors
- Sustained free cash flow improvement and a new share repurchase program indicate management is prioritizing capital returns alongside growth, a posture change worth tracking in subsequent quarters.
- With Lyft trading at approximately 20x forward 2026 earnings, valuation upside is contingent on sustaining double-digit active rider growth amid competition from Uber.