Lyft Q3 2026 earnings review

Gross Bookings rose 17.5% and Adjusted EBITDA rose 46.8%, while GAAP EPS missed consensus.

Lyft, Inc. · Q3 2026 · Published Nov 6, 2026 · By DeepCell AI · Sources

Lyft Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Lyft (LYFT) Q3 2026 earnings review

Gross Bookings rose 17.5% and Adjusted EBITDA rose 46.8%, while GAAP EPS missed consensus

  1. 1.Gross Bookings rose 17.5% to $5,617M; Active Riders rose 10.1% to 31.6 million
  2. 2.Revenue was $1,822M, up 8.1%, after a $69M reserve cut; Adjusted EBITDA rose 46.8% to $204M
  3. 3.GAAP EPS of ($0.03) missed the 24/7 Wall St. consensus of $0.20; net loss was ($10M)
  4. 4.Q4 Gross Bookings guide is $5.7B to $5.9B; shares were $16.20 after-hours, -9.2% vs. the Nov 5 close

Note: After-hours is 6:31 PM EST Nov 5, not a close. Consensus is from 24/7 Wall St., not LSEG or FactSet.Source: Lyft earnings release, Nov 5, 2026; 24/7 Wall St., Nov 5, 2026; Yahoo Finance Nov 4-5 closes; CNBC after-hours 6:31 PM EST Nov 5; analysis of company data

2

2 · Executive summary

GAAP EPS of ($0.03) missed the 24/7 Wall St. consensus; revenue also missed

Q3 2026 results vs. 24/7 Wall St. consensus, Nov 5, 2026

MetricActualConsensusVarianceResult
Revenue vs. 24/7 Wall St.$1,822M$1,910M-$88.2M / -4.6%Miss
GAAP diluted EPS vs. 24/7 Wall St.($0.03)$0.20-$0.23 / -115.0%Miss

Share price, Nov 4–5, 2026 (Yahoo Finance closes; CNBC after-hours)

MeasureNov 4 closeNov 5 closeNov 5 after-hoursAH vs. close
Lyft (Nasdaq)$18.74$17.84$16.20-$1.64 / -9.2%

Note: After-hours is not a close. A $117.9M legal/tax/regulatory charge drove the GAAP miss; $69.1M cut revenue.Source: Lyft earnings release, Nov 5, 2026; 24/7 Wall St., Nov 5, 2026; Yahoo Finance Nov 4-5 closes; CNBC after-hours 6:31 PM EST Nov 5; analysis of company data

3

3 · Q3 results vs. consensus

Q3 Gross Bookings and Adjusted EBITDA cleared the August guidance band

Q3 2026 results vs. August guidance; Q4 2026 company outlook

$M unless noted

MetricLowHighActual / Mid
Q3 Gross Bookings$5,500M$5,670M$5,617M
Q3 Adjusted EBITDA$183M$203M$204M
Q4 Gross Bookings guide$5,740M$5,940M$5,840M
Q4 Adjusted EBITDA guide$188M$213M$201M
Q3 Gross Bookings vs. mid+0.6%——
Q3 Adj. EBITDA vs. mid+5.6%——
Q4 Gross Bookings guide midpoint is $5,840M, implying about 13% to 17% YoY growth

Note: August guidance is from the Q2 2026 release. No third-party Q4 consensus is shown.Source: Lyft earnings release, Nov 5, 2026; Prior Q3 guidance from Q2 release; analysis of company data

4

4 · Guidance vs. prior outlook

Gross Bookings rose 17.5% and Adjusted EBITDA rose 46.8% YoY

  1. Rides and riders hit recordsRides rose 9.9% to 273.5 million; Active Riders rose 10.1%.
  2. A reserve charge flipped GAAP to a lossLegal, tax and regulatory reserves totaled $118M.
  3. Cash generation stayed strongTrailing twelve-month free cash flow was $1.1B.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Gross Bookings$4,780M$5,617M17.5%
Revenue$1,685M$1,822M8.1%
Adjusted EBITDA$139M$204M46.8%
Net (loss) income$46M($10M)(121.1%)
Diluted EPS$0.11($0.03)(127.3%)

Note: Adjusted EBITDA is Lyft’s non-GAAP measure. Revenue includes a $69.1M reserve reduction.Source: Lyft earnings release, Nov 5, 2026; analysis of company data

5

5 · Q3 key financials

Active Riders rose 10.1% to 31.6 million, an eighth straight double-digit gain

Platform scale metrics

$M unless noted, Q3 2025 vs. Q3 2026

MetricQ3 2025Q3 2026YoY
Active Riders (millions)28.731.610.1%
Rides (millions)248.8273.59.9%
Gross Bookings$4,780M$5,617M17.5%
Revenue$1,685M$1,822M8.1%
Adjusted EBITDA margin on bookings2.9%3.6%46.8%
Revenue excluding the reserve cut was about $1,891M“Neither rain nor heat nor the gloom of night can slow Lyft’s business. Our customer obsession drove our best financial performance ever.” David Risher, CEO

Note: Active Riders are unique riders with at least one ride in the quarter. Margin is Adjusted EBITDA over Gross Bookings.Source: Lyft earnings release, Nov 5, 2026; analysis of company data

6

6 · Operating metrics

7 · Gross Bookings trend

8 · Revenue trend

Net income swung to a ($10M) loss from $46M as S&M and G&A rose

Net income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $46.1M$M · Operating income: ($42.4M)$M · Below operating: ($13.4M)$M · Q3 2026: ($9.7M)Q3 2025Operating incomeBelow operatingQ3 2026-$40.0M-$25.0M$0.0M$25.0M$50.0M$80.0M$46.1M($42.4M)($13.4M)($9.7M)
Operating income fell ($42M) as S&M and G&A rose on reserve charges

Note: Cost bars flip the expense change so a cost cut shows as a positive step. The $117.9M reserve sits mainly in G&A and the revenue line.Source: Lyft earnings release, Nov 5, 2026; analysis of company data

9

9 · Net income bridge

Adjusted EBITDA margin rose to 3.6% of Gross Bookings from 2.9%

Margin on Gross Bookings

% of Gross Bookings, Q3 2025 vs. Q3 2026

Adjusted EBITDA · Q3 2025: 2.9%Adjusted EBITDA · Q3 2026: 3.6%Net income · Q3 2025: 1.0%Net income · Q3 2026: -0.2%Q3 2025Q3 20260.0%1.0%2.0%3.0%4.0%5.0%2.9%3.6%1.0%

Adjusted EBITDANet income

Net income margin on bookings was (0.2%) vs. 1.0% a year earlier

Note: Both margins use Gross Bookings as the denominator.Source: Lyft earnings release, Nov 5, 2026; analysis of company data

10

10 · Margin analysis

11 · Free cash flow

12 · Results vs. company guidance

13 · Balance sheet and debt

Q4 Gross Bookings guide of $5.7B to $5.9B implies 13% to 17% growth

Indicator
What to watch
Implication
Q3 reading
Reserves
Further legal charges
GAAP volatility
Reserve impact $118M
Rides growth
North America pace
Bookings guide
Rides 9.9% YoY
Q4 bookings
Soft AH reaction
Guide sensitivity
AH -9.2% vs close
AV rollout
Waymo in Nashville
Hybrid model
Active Riders 31.6M

Note: AV is autonomous vehicle. These are analytical watch points, not company targets. After-hours move is third-party (CNBC).Source: Lyft earnings release, Nov 5, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: platform metrics detail

ClaimEvidenceCalculation
Eighth double-digit quarterActive Riders 31.6 million, 10.1% YoYRelease highlights
Record rides273.5 million rides, 9.9% YoYRelease highlights
Growth held at 17%Gross Bookings $5,617MFinancial results table
Lyft Go launchedUp to 8% back in Lyft Credits on every rideRelease highlights

Source: Lyft earnings release, Nov 5, 2026; analysis of company data

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15 · Appendix: Platform detail

Appendix: GAAP-to-Adjusted EBITDA

ClaimEvidenceCalculation
Start from net lossQ3 net loss ($10M)Non-GAAP table
Legal and regulatory add-back$118M of reserve chargesNon-GAAP table
Stock-based compensation$54MNon-GAAP table
Adjusted EBITDA$204M, margin 3.6% of bookingsNon-GAAP table

Source: Lyft earnings release, Nov 5, 2026; analysis of company data

16

16 · Appendix: Non-GAAP items

Appendix: cash flow detail

ClaimEvidenceCalculation
Operating cash flow$328M, up from $291MCash flow / FCF table
Free cash flow$295MFCF table
Trailing twelve-month OCF$1.2BFCF table
Trailing twelve-month FCF$1.1BFCF table

Source: Lyft earnings release, Nov 5, 2026; analysis of company data

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17 · Appendix: Cash and TTM

Appendix: AV and product launches

ClaimEvidenceCalculation
Waymo on Lyft in NashvilleMatching to fully autonomous Waymo vehicles since SeptemberRelease highlights
Nashville depot80,000-square-foot depot opened in OctoberRelease highlights
Lyft Go membershipU.S. launch with up to 8% Lyft Credits; DoorDash tie-inRelease highlights
Alcove chauffeur brandPremium corporate chauffeur brand for early 2027Release highlights

AV is autonomous vehicle. Source: Lyft earnings release, Nov 5, 2026; analysis of company data

18

18 · Appendix: AV and products

Appendix: expense and non-GAAP detail

Operating expenses, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Cost of revenue$927M$871M(6.0%)
Sales and marketing$243M$382M57.0%
General and administrative$251M$345M37.6%
Research and development$110M$109M(0.5%)
Total costs and expenses$1,662M$1,841M10.8%

Adjusted EBITDA build, $M

$M unless notedQ3 2025Q3 2026YoY
Net (loss) income$46M($10M)(121.1%)
Legal, tax and regulatory reserves$0M$118Mn.m.
Stock-based compensation$67M$54M(19.1%)
Adjusted EBITDA$139M$204M46.8%

Note: Adjusted EBITDA excludes interest, other income, tax, D&A, SBC, payroll tax on SBC, acquisition costs and certain legal reserves per Lyft’s definition.Source: Lyft earnings release, Nov 5, 2026; analysis of company data

19

19 · Appendix: Opex and non-GAAP

Appendix: sources

  • Earnings release (Exhibit 99.1 PDF), Nov 5, 2026 — https://d1io3yog0oux5.cloudfront.net/_44e742b9b58ef9b5eaeee18b865fb34d/lyft/news/2026-11-05_Lyft_Reports_Strong_Q3_2026_210.pdf
  • BusinessWire mirror, Nov 5, 2026 — https://www.businesswire.com/news/home/20261105503123/en/Lyft-Reports-Strong-Q3-2026-Results
  • Investor Relations — https://investor.lyft.com/
  • Prior Q3 guidance: Q2 2026 earnings release, Aug 6, 2026 — https://investor.lyft.com/
  • Q3 consensus: 24/7 Wall St., Nov 5, 2026 — https://247wallst.com/cards/lyft-q3-2026-earnings-lyft-01m6przfzq58ych95269p5yhnj
  • Share price: Yahoo Finance LYFT Nov 4 and Nov 5 closes; CNBC after-hours $16.20 at 6:31 PM EST Nov 5, not a close — https://finance.yahoo.com/quote/LYFT/history/
  • Consensus is from 24/7 Wall St. (provider behind the estimate not named as LSEG/FactSet). No LSEG or FactSet Q4 consensus was verified this turn.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Lyft's Nov 5, 2026 earnings release. Consensus estimates (24/7 Wall St.) and share prices (Yahoo Finance, CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Forward-looking statements. Company guidance and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA, Adjusted EBITDA margin and free cash flow follow Lyft's own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Lyft, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 5, 2026, with share prices through the Nov 5 after-hours session.

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21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

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