Driving operational improvements to enhance service
At Lyft, we are customer obsessed, and drivers and riders are choosing Lyft at record rates
Recent rider & driver wins
- In 2024, we reached annual all-time highs in rides, riders and driver hours.
- Continued improvement in price reliability, thanks to reductions in Prime Time and our price lock feature.
- In Q4 2024, we had the highest number of driver hours than in any quarter in Lyft history and a record number of active riders.
- Service levels are industry-leading as noted in our Q4 2024 earnings, and our market share at the end of January this year was the highest it's been since 2022.
- Recent agreement to acquire FREENOW will immediately fuel Lyft’s growth strategy, unlock potential for partners, and significantly level up the experience for drivers and riders alike.
According to a Q4 2024 survey
- Driver preference for Lyft was 16 percentage points higher than our largest rideshare competitor in Q4, up from 12 percentage points the prior quarter.
- Average rider frequency and rider satisfaction grew on a year-on-year basis every quarter in 2024.
We will continue to operate with the same dedication and commitment to our riders and drivers into the future.
Optimizing our business model
Lyft has been on a multi-year journey to improve operational and financial results
Our long-term business model includes taking a disciplined cost management and capital allocation approach
- Drove record performance in 2024, enabling us to deliver over 100 basis points of fixed cost leverage and improving unit economics despite increasing insurance costs.
- Improving our annualized Adjusted EBITDA by approximately $20 million by the end of 2025.
- Unlocking fixed cost leverage by prudently managing the business and responsibly managing our cost structure.
- The board of directors has reduced stock-based compensation by 56% from 2022 to 2024.
- Taking decisive actions that have delivered our best-ever financial results and created value for our stockholders.
BY THE NUMBERS
We delivered our best-ever financial results in 2024:
- Record gross bookings - $16.1 billion (up 17% year over year)
- Revenue of $5.8 billion was up 31% year over year
- Net income of $22.8 million compared to a net loss of $(340.3) million in 20231
- Significant margin expansion
- Our first full year of GAAP profitability
- Our first full year of positive free cash flow - $766.3 million compared to $(248.1) million in 2023
1. Net income as a percentage of Gross Bookings was 0.1% compared to net loss as a percentage of Gross Bookings of (2.5)% in 2023.
Allocating capital to enhance value for stockholders
Lyft is successfully executing its goals to position the Company for sustained revenue, profit and cash flow growth
Authorized a $500 million share buyback program, announced in February 2025
- Possible because of the board of directors’ strong oversight and dramatic improvement in Lyft’s free cash flow generation over the last year.
- Benefit of this buyback will be bolstered by the intentional, ongoing work Lyft is doing to control factors such as dilution from stock-based compensation.
Recent agreement to acquire FREENOW marks Lyft’s most significant expansion outside of North America
- Nearly doubles our total addressable market to more than 300 billion personal vehicle trips per year.
- Increases annualized Gross Bookings by approximately €1 billion.
- Diversifies revenue streams.
- Supports Lyft’s multi-year targets.
- Expected to close in the second half of 2025, subject to customary closing conditions.
Lyft is in its strongest position ever, and we are confident in our ability to hit our long-term financial targets and take advantage of the massive opportunity we see ahead.
