Latest quarter
Lyft reported Q2 FY2026 revenue of $1.8 billion, above the consensus by 1.73%, although both figures rounded to $1.8 billion. Adjusted earnings per share of $0.29 missed the consensus estimate of $0.39.
Revenue rose 16.1% from $1.6 billion a year earlier. In its filing, Lyft attributed the increase primarily to more rides and active riders and to international expansion. The company said it increased investments in driver supply to maintain marketplace balance; those investments reduce revenue.
Lyft reported diluted earnings per share of $0.13, up from $0.10 a year earlier. Gross margin rose to 49.7% from 41.1%, while operating margin increased to 2.58% from 0.15%. The filing said cost of revenue was relatively flat, as lower insurance costs were offset by higher ride volume. Lyft also said sales and marketing expenses rose, primarily because of investments in rider engagement.
Free cash flow was $340.5 million, compared with $347.1 million a year earlier.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $1.8 billion | $1.6 billion | 16.1% |
| Diluted EPS | $0.13 | $0.10 | 30.0% |
| Gross margin | 49.7% | 41.1% | 8.7 percentage points |
| Operating margin | 2.58% | 0.15% | 2.4 percentage points |
| Free cash flow | $340.5 million | $347.1 million | −1.89% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.29 | $0.39 | Missed by 25.6% |
| Revenue | $1.8 billion | $1.8 billion | Beat by 1.73% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Lyft’s latest earnings call commentary was not available for review.
Guidance
In its filing, Lyft said it expects cost of revenue to increase year over year in the near term as insurance costs rise. It expects total insurance costs to grow at a lower rate than historically because California’s rideshare insurance reform reduces its insurance rate in the state.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| EBITDA growth, Non Gaap; margin as percentage of gross bookings | Q3 FY2026 | 3.30%–3.60% | — | New |
| EBITDA, non-GAAP | Q3 FY2026 | $183.0 million–$203.0 million | — | New |
| Bookings | Q3 FY2026 | $5.5 billion–$5.7 billion | — | New |
| EBITDA, non-GAAP | Q3 FY2026 | Lyft expects its adjusted EBITDA margin to expand quarter over quarter in Q3 FY2026. | — | — |