Revenue growth accelerated to 16.1% in 2026Q2 with gross margin expanding to 49.7%, though insurance costs still consume 50.3% of revenue, capping further margin gains.
Lyft, Inc. (LYFT) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 6.91B | 6.32B | 5.79B | 4.4B | 4.1B | 3.21B | 2.36B | 3.62B | 2.16B | 1.06B | 343.3M |
| Revenue Growth % | 10.12% | 9.16% | 31.39% | 7.53% | 27.64% | 35.68% | -34.6% | 67.67% | 103.48% | 208.73% | - |
| Cost of Goods Sold | 3.63B | 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 | 3.27B | 2.62B | 2.45B | 1.86B | 1.66B | 1.51B | 917.16M | 1.44B | 913.22M | 400.35M | 64.29M |
| Gross Margin % | 47.4% | 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 | 3.44B | 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 | 2.45B | 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 | 472.43M | 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 | -162.15M | -188.37M | -118.91M | -475.6M | -1.46B | -1.14B | -1.81B | -2.7B | -977.71M | -708.27M | -692.6M |
| Operating Margin % | -2.35% | -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 | -9.64M | -53.15M | 29.98M | -359.09M | -1.3B | -995.87M | -1.65B | -2.59B | -958.96M | -705.66M | -692.08M |
| EBITDA Margin % | -0.14% | -0.84% | 0.52% | -8.15% | -31.85% | -31.04% | -69.82% | -71.74% | -44.47% | -66.58% | -201.6% |
| EBITDA Growth % | -106.17% | -277.27% | 108.35% | 72.46% | -30.95% | 39.68% | 36.35% | -170.51% | -35.9% | -1.96% | - |
| D&A (Non-Cash Add-back) | 152.51M | 135.23M | 148.89M | 116.51M | 154.8M | 139.35M | 157.35M | 108.43M | 18.75M | 2.61M | 527K |
| EBIT | -19.71M | -32.49M | 54.27M | -305.48M | -1.56B | -999.28M | -1.76B | -2.6B | -910.6M | -708.27M | -692.6M |
| Net Interest Income | 8.27M | -20.75M | 137.38M | 119.5M | 27.41M | -42.56M | 10.98M | 102.51M | 66.46M | 20.24M | 6.96M |
| Interest Income | 32.2M | 0 | 166.3M | 145.73M | 47.14M | 9.07M | 43.65M | 102.51M | 66.46M | 20.24M | 6.96M |
| Interest Expense | 23.93M | 20.75M | 28.92M | 26.22M | 19.73M | 51.63M | 32.68M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 118.51M | 135.13M | 144.26M | 143.9M | -119.72M | 84.3M | 10.99M | 102.59M | 67.11M | 20.53M | 10.21M |
| Pretax Income | -43.65M | -53.25M | 25.35M | -331.7M | -1.58B | -1.05B | -1.8B | -2.6B | -910.6M | -687.75M | -682.39M |
| Pretax Margin % | -0.63% | -0.84% | 0.44% | -7.53% | -38.55% | -32.76% | -76.01% | -71.9% | -42.22% | -64.89% | -198.78% |
| Income Tax | -2.85B | -2.9B | 2.57M | 8.62M | 5.87M | 11.22M | -44.53M | 2.36M | 738K | 556K | 401K |
| Effective Tax Rate % | 6538% | 5441.16% | 10.12% | -2.6% | -0.37% | -1.07% | 2.48% | -0.09% | -0.08% | -0.08% | -0.06% |
| Net Income | 2.81B | 2.84B | 22.78M | -340.32M | -1.58B | -1.06B | -1.75B | -2.6B | -911.34M | -688.3M | -682.79M |
| Net Margin % | 40.67% | 45.03% | 0.39% | -7.73% | -38.69% | -33.11% | -74.13% | -71.97% | -42.26% | -64.94% | -198.89% |
| Net Income Growth % | 1764.72% | 12382.48% | 106.69% | 78.52% | -49.18% | 39.41% | 32.64% | -185.54% | -32.4% | -0.81% | - |
| Net Income (Continuing) | 2.81B | 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) | 7.42 | 6.81 | 0.06 | -0.88 | -4.47 | -3.17 | -5.61 | -11.44 | -3.21 | -2.89 | -2.87 |
| EPS Growth % | 1764.97% | 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 | 378.54M | 417.66M | 413.65M | 385.33M | 354.73M | 334.72M | 312.18M | 227.5M | 284.15M | 237.95M | 237.95M |
| Basic Shares Outstanding | 378.54M | 410.84M | 409.18M | 385.33M | 354.73M | 334.72M | 312.18M | 227.5M | 284.15M | 237.95M | 237.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Insurance cost inflation pressure
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerates on Rider Gains
Lyft's revenue growth accelerated to 16.1% in 2026Q2, up from 10.6% a year earlier, driven by record active riders surpassing 30 million, as per recent quarterly disclosures.
The 16.1% year-over-year growth in 2026Q2 marks a clear acceleration from the 10-13% range seen in the prior four quarters, suggesting the company is gaining traction in its core rideshare market. This uptick appears supported by the record 30 million active riders, which indicates deeper daily engagement and habit formation. However, investors should monitor whether this growth rate is sustainable given the competitive duopoly with Uber and the potential for demand normalization post-pandemic.
Gross Margin Expansion Capped by Insurance Costs
Gross margin improved to 49.7% in 2026Q2, up from 41.1% a year earlier, but remains below peer benchmarks due to persistent insurance premium inflation, as reported in financial statements.
The 840 basis point year-over-year improvement in gross margin is notable, yet the 49.7% level still lags Uber's 39.8% and Grab's 43.2% when considering the business model differences. The structural cap on gross margin is largely due to high insurance costs, which are a non-discretionary variable expense. While operational efficiencies may have contributed to the recent improvement, the persistent inflationary pressure on third-party insurance premiums suggests that further expansion may be limited without regulatory or technological changes.
Operating Leverage Emerges as SG&A Scales
Operating income swung to a positive $47.6 million in 2026Q2 from a loss a year earlier, as SG&A grew only 46.8% versus revenue growth of 16.1%, indicating improving operating leverage.
The transition from an operating loss of $27.2 million in 2024Q2 to a profit of $47.6 million in 2026Q2 demonstrates that SG&A expenses are not growing proportionally with revenue, a sign of operational discipline. However, the operating margin of 2.6% remains thin, and the company's ability to sustain this leverage will depend on maintaining revenue growth while controlling driver incentives and insurance costs. The recent focus on operational efficiency appears to be yielding results, but the sustainability of this trend warrants close monitoring.
Net Income Distorted by One-Time Tax Benefit
Net income of $2.8 billion in 2025Q4, reflecting a 173% net margin, is likely due to a one-time tax valuation allowance release, not operational profitability, as per reported figures.
The massive net income spike in 2025Q4, with EPS of $6.60, is a classic sign of a non-cash accounting adjustment, likely the release of a deferred tax asset valuation allowance. This distorts the true earnings power, as operating income was a loss of $185 million in that quarter. Investors should adjust for such one-time items and focus on operating income and cash flow metrics to assess underlying profitability. The company's net margin of 45.03% in the provided data is misleading and should not be used for valuation.
Insurance and SBC Remain Key Cost Pressures
COGS, driven by insurance and payment processing, consumed 50.3% of revenue in 2026Q2, while stock-based compensation averaged $80 million per quarter, as per recent financial disclosures.
The cost structure is heavily weighted toward variable costs, with COGS at 50.3% of revenue in 2026Q2, reflecting the high insurance and payment processing expenses inherent to the rideshare model. Additionally, stock-based compensation (SBC) has been consistently around $80 million per quarter, which is a significant non-cash expense that dilutes shareholders and can obscure true cash burn. Management's ability to control these costs, particularly insurance premiums, will be critical to achieving sustainable profitability.
Insurance Inflation Could Undermine Margin Gains
Despite recent margin improvements, persistent insurance premium inflation may cap gross margin expansion, as evidenced by the 41.5% gross margin in 2025Q2, which remains below peer benchmarks.
The most significant risk to Lyft's income statement narrative is the structural headwind from rising insurance costs. Even with operational efficiencies, the gross margin has historically fluctuated between 40% and 50%, and the recent improvement to 49.7% may not be sustainable if insurance premiums continue to rise. Short-sellers could argue that the company's thin operating margin of 2.6% leaves little room for error, and any acceleration in insurance costs could quickly erode profitability. Investors should monitor insurance reserve adjustments and industry trends closely.