Revenue growth has normalized to 13.8% as of 2026Q1, while gross margins remain volatile, fluctuating between 39.0% and 47.6% over the last ten quarters.
| Sales/Revenue | 6.52B | 6.32B | 5.79B | 4.4B | 4.1B | 3.21B | 2.36B | 3.62B | 2.16B | 1.06B | 343.3M |
| Revenue Growth % | 9.36% | 9.16% | 31.39% | 7.53% | 27.64% | 35.68% | -34.6% | 67.67% | 103.48% | 208.73% | - |
| Cost of Goods Sold | 3.7B | 3.7B | 3.34B | 2.54B | 2.44B | 1.7B | 1.45B | 2.18B | 1.24B | 659.53M | 279.01M |
| COGS % of Revenue | - | 58.54% | 57.69% | 57.77% | 59.48% | 53.06% | 61.21% | 60.19% | 57.66% | 62.23% | 81.27% |
| Gross Profit | 2.82B | 2.62B | 2.45B | 1.86B | 1.66B | 1.51B | 917.16M | 1.44B | 913.22M | 400.35M | 64.29M |
| Gross Margin % | 43.24% | 41.46% | 42.31% | 42.23% | 40.52% | 46.94% | 38.79% | 39.81% | 42.34% | 37.77% | 18.73% |
| Gross Profit Growth % | - | 6.96% | 31.66% | 12.07% | 10.19% | 64.2% | -36.29% | 57.63% | 128.11% | 522.75% | - |
| Operating Expenses | 2.98B | 2.81B | 2.57B | 2.34B | 3.12B | 2.64B | 2.73B | 4.14B | 1.89B | 1.11B | 756.89M |
| OpEx % of Revenue | - | 44.44% | 44.37% | 53.03% | 76.15% | 82.32% | 115.26% | 114.55% | 87.68% | 104.6% | 220.48% |
| Selling, General & Admin | 2.02B | 1.88B | 1.73B | 1.35B | 1.82B | 1.33B | 1.36B | 2B | 1.25B | 788.46M | 594.31M |
| SG&A % of Revenue | - | 29.72% | 29.84% | 30.7% | 44.39% | 41.36% | 57.62% | 55.32% | 58.04% | 74.39% | 173.12% |
| Research & Development | 463.08M | 451.42M | 397.07M | 555.92M | 856.78M | 911.95M | 909.13M | 1.51B | 300.84M | 136.65M | 64.7M |
| R&D % of Revenue | - | 7.15% | 6.86% | 12.62% | 20.92% | 28.42% | 38.45% | 41.64% | 13.95% | 12.89% | 18.85% |
| Other Operating Expenses | 4M | 478.33M | 443.82M | 427.24M | 443.85M | 402.23M | 453.96M | 636.12M | 338.4M | 183.51M | 97.88M |
| Operating Income | -164.86M | -188.37M | -118.91M | -475.6M | -1.46B | -1.14B | -1.81B | -2.7B | -977.71M | -708.27M | -692.6M |
| Operating Margin % | -2.53% | -2.98% | -2.06% | -10.8% | -35.63% | -35.38% | -76.47% | -74.74% | -45.34% | -66.83% | -201.75% |
| Operating Income Growth % | - | -58.41% | 75% | 67.4% | -28.51% | 37.22% | 33.08% | -176.41% | -38.04% | -2.26% | - |
| EBITDA | -63.2M | -53.15M | 29.98M | -359.09M | -1.3B | -995.87M | -1.65B | -2.59B | -958.96M | -705.66M | -692.08M |
| EBITDA Margin % | -0.97% | -0.84% | 0.52% | -8.15% | -31.85% | -31.04% | -69.82% | -71.74% | -44.47% | -66.58% | -201.6% |
| EBITDA Growth % | -196.87% | -277.27% | 108.35% | 72.46% | -30.95% | 39.68% | 36.35% | -170.51% | -35.9% | -1.96% | - |
| D&A (Non-Cash Add-back) | 101.66M | 135.23M | 148.89M | 116.51M | 154.8M | 139.35M | 157.35M | 108.43M | 18.75M | 2.61M | 527K |
| EBIT | -49.89M | -32.49M | 54.27M | -305.48M | -1.56B | -999.28M | -1.76B | -2.6B | -910.6M | -708.27M | -692.6M |
| Net Interest Income | -9.38M | -20.75M | 137.38M | 119.5M | 27.41M | -42.56M | 10.98M | 102.51M | 66.46M | 20.24M | 6.96M |
| Interest Income | 0 | 0 | 166.3M | 145.73M | 47.14M | 9.07M | 43.65M | 102.51M | 66.46M | 20.24M | 6.96M |
| Interest Expense | 9.38M | 20.75M | 28.92M | 26.22M | 19.73M | 51.63M | 32.68M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 125.46M | 135.13M | 144.26M | 143.9M | -119.72M | 84.3M | 10.99M | 102.59M | 67.11M | 20.53M | 10.21M |
| Pretax Income | -39.4M | -53.25M | 25.35M | -331.7M | -1.58B | -1.05B | -1.8B | -2.6B | -910.6M | -687.75M | -682.39M |
| Pretax Margin % | -0.6% | -0.84% | 0.44% | -7.53% | -38.55% | -32.76% | -76.01% | -71.9% | -42.22% | -64.89% | -198.78% |
| Income Tax | -2.9B | -2.9B | 2.57M | 8.62M | 5.87M | 11.22M | -44.53M | 2.36M | 738K | 556K | 401K |
| Effective Tax Rate % | 7348.68% | 5441.16% | 10.12% | -2.6% | -0.37% | -1.07% | 2.48% | -0.09% | -0.08% | -0.08% | -0.06% |
| Net Income | 2.86B | 2.84B | 22.78M | -340.32M | -1.58B | -1.06B | -1.75B | -2.6B | -911.34M | -688.3M | -682.79M |
| Net Margin % | 43.82% | 45.03% | 0.39% | -7.73% | -38.69% | -33.11% | -74.13% | -71.97% | -42.26% | -64.94% | -198.89% |
| Net Income Growth % | 4920.02% | 12382.48% | 106.69% | 78.52% | -49.18% | 39.41% | 32.64% | -185.54% | -32.4% | -0.81% | - |
| Net Income (Continuing) | 2.86B | 2.84B | 22.78M | -340.32M | -1.58B | -1.06B | -1.75B | -2.6B | -911.34M | -688.3M | -682.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.28B | 0 |
| EPS (Diluted) | 7.10 | 6.81 | 0.06 | -0.88 | -4.47 | -3.17 | -5.61 | -11.44 | -3.21 | -2.89 | -2.87 |
| EPS Growth % | 4853.18% | 12259.35% | 106.26% | 80.31% | -41.01% | 43.49% | 50.96% | -256.39% | -11.07% | -0.7% | - |
| EPS (Basic) | - | 6.92 | 0.06 | -0.88 | -4.47 | -3.17 | -5.61 | -11.44 | -3.21 | -2.89 | -2.87 |
| Diluted Shares Outstanding | 402.49M | 417.66M | 413.65M | 385.33M | 354.73M | 334.72M | 312.18M | 227.5M | 284.15M | 237.95M | 237.95M |
| Basic Shares Outstanding | 395.07M | 410.84M | 409.18M | 385.33M | 354.73M | 334.72M | 312.18M | 227.5M | 284.15M | 237.95M | 237.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory labor classification risk
As indicated by the most recent quarterly data, Lyft's year-over-year revenue growth has decelerated from a peak of 40.6% in 2024Q2 to 13.8% in 2026Q1, suggesting that the company is transitioning from a high-growth phase into a more mature, volume-constrained stage of its lifecycle.
The deceleration in top-line expansion implies that the company is struggling to capture incremental market share in a saturated North American rideshare environment. Investors should monitor whether the shift toward higher-margin advertising initiatives can offset the slowing growth in core ride volumes, which appears to be reaching a plateau.
Based on reported financial statements, Lyft's gross margin has fluctuated between 39.0% and 47.6% over the last ten quarters, reflecting the inherent difficulty in managing variable insurance costs and driver incentives while attempting to maintain competitive pricing against larger, more diversified industry incumbents.
The lack of consistent margin expansion suggests that the company lacks significant pricing power, as any attempt to increase take rates risks alienating both drivers and riders. The recent peak in gross margin appears to be an outlier, and the structural reliance on insurance reserves warrants further investigation into long-term profitability sustainability.
According to recent SEC filings, the reported net margin of 173.0% in 2025Q4 is clearly an accounting anomaly, likely driven by non-operating tax adjustments rather than core operational performance, which continues to struggle with persistent stock-based compensation expenses that consistently dilute the true economic earnings of the firm.
Analysts should treat GAAP net income with extreme caution, as the volatility in bottom-line figures masks the underlying operational challenges. The consistent presence of significant stock-based compensation suggests that the company's path to genuine, cash-generative profitability remains obscured by non-cash accounting charges and one-time events.
As reported in financial statements, Lyft's operating income has remained largely stagnant or negative, with the 2026Q1 operating margin of -0.3% highlighting the company's inability to scale its SG&A expenses efficiently relative to the growth in its gross profit over the observed ten-quarter period.
The failure to achieve meaningful operating leverage suggests that the company's cost structure is too rigid to benefit from economies of scale. This indicates that management's efforts to streamline operations have yet to yield a sustainable competitive advantage in cost management, leaving the firm vulnerable to further margin compression.
Based on the provided data, the persistent sensitivity of the cost structure to external insurance premiums represents a significant risk, as these non-discretionary expenses may continue to act as a permanent drag on margins regardless of any internal improvements in algorithmic matching or operational efficiency.
Short-sellers would likely focus on the fact that Lyft's profitability is highly contingent on factors outside of management's control, such as rising insurance costs and regulatory shifts. The inability to decouple revenue growth from these rising variable costs suggests that the current business model may be fundamentally less scalable than the market currently anticipates.
Quick answers to the most common questions about buying LYFT stock.
For fiscal year 2025, Lyft, Inc. (LYFT) reported total revenue of $6.32B. This represents a 1739.9% increase compared to $343.3M in 2016.
Lyft, Inc. (LYFT) is profitable, generating $2.84B in net income for the fiscal year ending 2025 with a net profit margin of 45.0%.
Lyft, Inc. (LYFT) reported an operating income of $-188.4M, resulting in an operating profit margin of -3.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Lyft, Inc. (LYFT) generated $2.62B in gross profit for the year, representing a gross profit margin of 41.5%. This demonstrates the company's core pricing power and production efficiency.