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    LYFT
    Earnings call· Jun 2026(Q2 FY26)

    Lyft Q2 FY26 earnings call LYFT

    Aug 6, 2026 Source

    Executive summary

    Lyft Q2 FY26 — Record Active Riders and Gross Bookings Growth

    Lyft delivered record Q2 FY26 performance, driven by an all-time high in active riders and strong gross bookings growth. The company's customer-centric strategy, operational excellence, and expanding partnerships are fueling momentum, with significant progress in premium modes and autonomous vehicle integration. Management expressed confidence in continued growth and margin expansion, supported by robust driver supply and a disciplined approach to scaling.

    Highlights

    7

    • Achieved an all-time high of over 30 million active riders.

    • Reported 262 million rides in Q2, on track for over 1 billion rides in 2026.

    • Premium modes grew double digits year-on-year for the 12th consecutive quarter.

    • Gross bookings increased 23% year-over-year to $5.5 billion.

    • Adjusted EBITDA grew 37% year-on-year, reflecting continued cost leverage.

    • Generated over $1 billion in free cash flow for the trailing 12 months, marking the fourth consecutive quarter above this threshold.

    • Approximately 30% of North American rideshare rides are now linked to a partner, a new all-time high.

    Guidance & targets

    3
    CategoryTargetConfidence
    Total Rides
    over 1 billion
    high materiality
    High
    Waymo supply sharing launch
    before the end of the year
    medium materiality
    High
    Global Lyft app integration
    fully integrated
    medium materiality
    High

    Operational metrics

    20
    Active Riders
    30 millionall-time high
    Q2 FY26

    Achieved an all-time high of over 30 million active riders, proving that rideshare is embedded in people's everyday lives.

    Rides
    262 million
    Q2 FY26

    With 262 million rides in the second quarter alone, we are well on our way to hitting over 1 billion rides in 2026.

    Premium Modes Growth
    double digitsyear-on-year
    Q2 FY26

    Our UP strategy continues to gain momentum with premium modes growing double digits year-on-year for the 12th consecutive quarter, supported by record performance in our TBR Chauffeuring business.

    North American Rideshare Rides Linked to Partner
    30new all-time high
    Q2 FY26

    approximately 30% of North American rideshare rides linked to a partner, a new all-time high, highlighting the scalable impact of our collaborations with leaders like DoorDash and United Airlines.

    Gross Bookings Growth
    23year-over-year
    Q2 FY26

    gross bookings up 23% year-on-year to $5.5 billion.

    Adjusted EBITDA Growth
    37year-on-year
    Q2 FY26

    Adjusted EBITDA grew 37% year-on-year, reflecting continued cost leverage, driving margin expansion

    Canada Growth
    almost doubleyear-on-year
    Q2 FY26

    In Canada, we're continuing to see an extraordinary growth there, almost double now year-on-year.

    ETA Improvement
    0.5% to 3%year-on-year
    Q2 FY26

    We now have improved again, year-on-year, our ETAs, our pickup times. And on average, they're up another kind of down, I should say, so faster anywhere from 0.5% to 1% to 2% to 3%.

    ETA vs Competitor
    75
    Q2 FY26

    If I look at our competitor, we actually pick you up faster -- the same or faster than they do, 75% of the time right now

    Nashville Waymo Depot Size
    80,000
    Q2 FY26

    it's about an 80,000 square foot depot. It used to be a USPS facility, outfitted now with 4 megawatts of power and multiple charging stations and so forth, capable of handling hundreds of vehicles

    Nashville Waymo Depot Power Capacity
    4
    Q2 FY26

    outfitted now with 4 megawatts of power and multiple charging stations and so forth, capable of handling hundreds of vehicles

    Rides Growth with AVs
    20
    Q2 FY26

    I thought it was interesting to call out the 20% rides growth in San Francisco and the ODD.

    Bilt Points Spent
    1.5 billion
    cumulative

    riders have now spent 1.5 billion Bilt points with us -- billion Bilt points with us, taking rides with us.

    Driver Rewards Program Payout
    $14 million
    YTD FY26

    It's paid out [ $14 million ] so far to drivers, a bunch of that co-funded by the way, which is wonderful.

    Driver Earnings Growth per Ride
    8year-on-year
    Q2 FY26

    driver earnings are effectively at an all-time high... up, I think 8% per ride year-on-year.

    Tipping Growth
    10
    Q2 FY26

    SidePoint -- tipping is also up 10%, which is wonderful, and that's, I think, a reflection of great service being driven by the drivers in those platforms.

    Driver Platform Preference
    30
    Q2 FY26

    we have about a 30-point preference gap when you ask drivers or drive on multiple platforms, which of the 2 major platforms do you prefer to drive on? We have over 50% of people say like us, and there's a much, much smaller number, much, much smaller number of people say they prefer the other guys.

    North America Private Car Rides
    160 million - 300 million
    annual

    gosh, 160 million -- call it 300 million rides that people are taking in their private car every year.

    North America Total Rideshare Rides
    3 billion or 4 billion
    annual

    between us and our big competitors, 3 billion or 4 billion, maybe more.

    Global Total Rideshare Rides
    6 billion or 7 billion
    annual

    I don't know, 6 billion or 7 billion, something like that across the world.

    Deals & partnerships

    8
    DoorDashRideshare integration

    Expanded partnership to Canada.

    United AirlinesLoyalty program integration

    Partnership is off to a strong start.

    BiltLoyalty program integration (points redemption)1.5 billion Bilt points spent

    Riders have spent 1.5 billion Bilt points with Lyft.

    Chase SapphireCredit card rewards program

    Renegotiated and relaunched program with 5x points and $10/month benefit.

    Chase SouthwestCredit card rewards program

    New partnership added Southwest credit card benefit.

    Alaska AirlinesLoyalty program integration

    Long-standing successful partnership, CEO Ben Minicucci joined Lyft's Board.

    WaymoAutonomous vehicle deployment and supply sharing

    Partnership for AV deployment in Nashville, including fleet management and supply sharing. Lyft staff took over Waymo's temporary depot on June 9th.

    BaiduAutonomous vehicle deployment

    AV testing on the road in London with Baidu's RT6.

    What to watch in Q3 FY26

    4

    Waymo Supply Sharing Launch

    before the end of the year
    Currenton track
    Targetsupply sharing starts

    Why it matters

    Successful launch and scaling of Waymo supply sharing is critical for Lyft's AV strategy and potential market expansion.

    And then to your question, when does supply sharing start? And we haven't said anything about that publicly, except it will happen before the end of the year, but it's still very much on track that before the end of the year, you'll have the opportunity to get matched with Waymo on the Lyft app.

    Q&A highlights

    6

    What are the key factors driving the record active rider growth, distinguishing between structural product improvements/partnerships and transient factors like California insurance, World Cup, or promotions?

    Erin Brewer and David Risher attributed rider growth to foundational strength in North America, strong growth in low-scale markets and Canada, and an outstanding performance in the bikes business. They also noted organic growth in Europe (Freenow). David added that product improvements like Lyft Teens and Lyft Silver, along with marketplace health improvements (faster ETAs), and marketing efforts contributed broadly. They acknowledged external factors like World Cup but emphasized the broad-based nature of the growth.

    “it's really foundational strength across the business as we think about growing Active Riders to that record number that we achieved in the quarter.”

    asked by Eric Sheridan · answered by Erin Brewer

    2 min read6 chapters

    Detailed Narrative

    01

    Record Performance and Strategic Momentum

    Lyft achieved record performance in Q2 FY26, driven by an all-time high of over 30 million active riders and 262 million rides. The company's "UP" strategy, focusing on customer obsession, operational excellence, and partnerships, continues to gain momentum, with premium modes showing double-digit year-on-year growth for the twelfth consecutive quarter. This performance underscores the durable strength of Lyft's marketplace and its embedded role in daily life.

    02

    Partnership Ecosystem Expansion

    The ecosystem of partnerships is a significant growth driver, with approximately 30% of North American rideshare rides now linked to a partner, marking a new all-time high. Collaborations with leaders like DoorDash and United Airlines are expanding, demonstrating the scalable impact of these alliances. Existing partnerships with Bilt, Chase Sapphire, and Alaska Airlines continue to evolve and deepen, contributing to higher-value rides and loyalty.

    03

    Autonomous Vehicle (AV) Strategy and Deployment

    Lyft is advancing its AV roadmap, with smooth fleet operations in Nashville and strong testing results in London with Baidu's RT6. The purpose-built 80,000 sq ft depot in Nashville, equipped with 4 megawatts of power, is on track to open in October, with Waymo supply sharing expected to commence before year-end. Management views AVs as expanding the total addressable market for rideshare, citing 20% rides growth in San Francisco as an example of AVs complementing traditional rideshare.

    04

    Global Integration and Freenow Rebranding

    Global integration efforts are progressing towards a unified Lyft app worldwide, with beta testing now live in over a dozen European cities. The Freenow acquisition is showing organic growth, and a rebranding effort to "Freenow by Lyft" is visible in cities like Barcelona, with about one-third of taxi cabs displaying the new branding. Full integration for travelers to natively order rides via the Lyft app in Europe is expected by 2027.

    05

    Driver Supply and Marketplace Health

    Lyft reports strong driver supply, with active drivers and driver hours at near all-time highs. This is attributed to focused investments such as the 30% fee cap and a driver rewards program that has paid out $14 million year-to-date. Driver earnings are up 8% per ride year-on-year, and tipping has increased by 10%. The company also notes a 30-point preference gap for Lyft among multi-platform drivers, indicating strong driver satisfaction.

    06

    Market Opportunity and Growth Drivers

    The company sees significant market opportunity, noting that an estimated 160 million to 300 million rides are still taken in private cars annually in North America, compared to 3 billion to 4 billion rideshare rides. Growth is observed across geographies, including North America, Canada (almost double year-on-year), and Europe. Product improvements like Lyft Teens and Lyft Silver, along with improved ETAs (0.5% to 3% faster year-on-year), contribute to overall marketplace health and rider acquisition.

    AI-generated summary of the company’s earnings call. Not investment advice.