Lyft, Inc.

Lyft reported gross bookings of $5.5 billion, up 23% year over year. Adjusted EBITDA increased 37% year over year, reflecting continued cost leverage and margin expansion. The company also said it produced its fourth consecutive quarter of over $1 billion in free cash flow for the trailing 12 months. On operating metrics, active riders were over 30 million and rides totaled 262 million in Q2. Management did not provide a full set of revenue, EPS, or gross margin figures in the transcript, but said Q3 guidance calls for quarter-on-quarter margin expansion and that rides growth should increase in the second half.

David Risher framed the quarter as evidence that Lyft’s marketplace is durable and improving across multiple dimensions. He emphasized customer obsession, operational excellence, and partnerships as the core strategy, saying the company is on track to exceed 1 billion rides in 2026. He also highlighted strong momentum in premium modes, Europe, and AV readiness, while stressing that Lyft is still early in several growth areas.

Erin Brewer said the quarter showed accelerating top-line growth, with gross bookings up 23% to $5.5 billion and adjusted EBITDA up 37% year over year. She pointed to continued cost leverage, disciplined scaling, and a fourth straight quarter of over $1 billion in free cash flow over the trailing 12 months. On outlook, she said Q3 implies sequential margin expansion and that second-half rides growth should be supported across North America rideshare, bikes, and Freenow; she also noted AV deployment is still de minimis in the P&L and should remain so near term.

Analysts pressed on what was driving rider growth versus temporary boosts, and management said it was broad-based: North America strength, Canada, bikes, Freenow, product improvements like Lyft Teens and Lyft Silver, better ETAs/pickup times, and partnerships. Questions on the gap between gross bookings growth and rides growth were answered with mix effects, including bikes seasonality, the full-quarter impact of Freenow, and higher-value modes. On AV economics and Nashville, management said the current fleet is small so the P&L impact is de minimis, while the partnership is still early and will be judged on fleet availability, supply sharing, safety, and operational execution. Drivers of the competitive/pricing environment were described as relatively stable, with Lyft emphasizing its multi-mode value proposition and improved driver supply.