Lyft reported revenue of $1.82 billion for the third quarter of 2026, an increase of 8% year over year, as the company’s rideshare platform recorded its highest quarterly levels of Active Riders, completed Rides and Gross Bookings.
Gross Bookings reached $5.62 billion, up 17% from $4.78 billion in the third quarter of 2025. The company also reported Adjusted EBITDA of $203.9 million, an increase of 47% from $138.9 million a year earlier.
However, Lyft recorded a net loss of $9.7 million, compared with net income of $46.1 million in the prior-year quarter. The result included a $117.9 million impact from changes and settlements involving certain legal, tax and regulatory reserves. Of that amount, $69.1 million was recorded as a reduction to revenue.
Lyft CEO David Risher said the company’s customer-focused strategy contributed to its financial and operational performance.
“Neither rain nor heat nor the gloom of night can slow Lyft’s business. Our customer obsession drove our best financial performance ever. And today we launched Lyft Go, the industry’s best membership program,”
Risher also pointed to the company’s autonomous vehicle partnerships as part of its longer-term strategy.
“Looking ahead, our AV partnerships are preparing us to be the best hybrid operator in the business. The next five years will change how the world moves, and Lyft is setting the standard.”
Active Riders and Rides Reach Quarterly Records
Lyft reported 31.6 million Active Riders in the third quarter, up 10% from 28.7 million a year earlier. This marked the eighth consecutive quarter of double-digit growth in the metric.
Completed Rides increased 10% year over year to 273.5 million, compared with 248.8 million in the third quarter of 2025. Lyft said growth in North America accelerated sequentially, with increased activity in both the United States and Canada.
The company also recorded an all-time high quarter for Lyft Urban Solutions. In addition, a record number of North American rideshare trips were associated with partnerships, reflecting the contribution of partner channels to its platform.
CFO Michael Brous said the company combined growth in its core rideshare business with expansion into European markets.
“Strong execution led to rides acceleration in North America and helped us to deliver record Active Riders, Rides, and Gross Bookings as we surpassed $1 billion in trailing twelve-month cash generation for the fifth straight quarter,”
Brous added:
“This durable growth in the core business combined with expansion into Europe shows our formula is working and positions us well for the road ahead.”
Adjusted EBITDA Increases 47% Despite Quarterly Net Loss
Lyft’s Adjusted EBITDA rose to $203.9 million from $138.9 million in the same quarter last year. Adjusted EBITDA margin, measured as a percentage of Gross Bookings, increased to 3.6% from 2.9%.
Net cash provided by operating activities reached $328.4 million, compared with $291.3 million a year earlier. Free cash flow increased to $294.7 million from $277.8 million.
Over the trailing 12 months, net cash provided by operating activities totaled $1.2 billion, while free cash flow reached $1.1 billion.
The reported net loss of $9.7 million included the $117.9 million impact from legal, tax and regulatory reserve changes and settlements. Excluding the $69.1 million revenue reduction associated with these items, Lyft said revenue would have been approximately $1.9 billion.
Lyft Expands Membership, Chauffeur and Autonomous Vehicle Services
During the quarter, Lyft introduced Lyft Go in the United States, a membership program offering members up to 8% back in Lyft Credits on every ride.
The company also announced Alcove, a global premium chauffeuring brand designed for corporate travel programmes. The service is scheduled to launch in early 2027 and will extend Lyft’s offerings into the international chauffeur market.
Lyft continued expanding its autonomous vehicle partnerships through its collaboration with Waymo. Since September, riders in Nashville have been able to match with fully autonomous Waymo vehicles through the Lyft app.
In October, the companies opened an 80,000-square-foot depot in Nashville to support the operation.
Lyft Expects Gross Bookings to Reach Up to $5.94 Billion in Q4
For the fourth quarter of 2026, Lyft expects Gross Bookings of approximately $5.74 billion to $5.94 billion, representing year-over-year growth of around 13% to 17%.
The company forecasts Adjusted EBITDA of approximately $188 million to $213 million, up 22% to 38% from the same period last year. Adjusted EBITDA margin is expected to range from 3.3% to 3.6% of Gross Bookings.
Lyft said it has not provided a forward-looking reconciliation of its non-GAAP guidance to corresponding GAAP measures because of uncertainty surrounding potentially significant reconciling items, including stock-based compensation, income taxes, legal and regulatory reserve changes, settlements and acquisition-related costs.
