Lyft, Inc.

Previous wording

Today, Lyft operates as a global mobility platform offering a mix of rideshare, taxis, private hire vehicles, car sharing, bikes, and scooters across 4 continents in select cities. Our established, scaled network of users is brought together by our robust technology platform (the “Lyft Platform”) that powers rides and connections every day. Our Lyft mobile application (the “Lyft App”) connects riders with drivers for on-demand ride services and supports a variety of other multimodal mobility solutions.

Current wording

Today, Lyft operates as a global mobility platform offering a mix of rideshare, taxis, private hire vehicles, executive chauffeur services, car sharing, bikes and scooters across 6 continents in select cities. Our established, scaled network of users is brought together by our robust technology platform (the “Lyft Platform”) that powers rides and connections every day. Our Lyft mobile applications connect riders with drivers for on-demand ride services and supports a variety of other multimodal solutions.

Previous wording

Substantially all of our revenue is generated from our ridesharing marketplace that connects drivers and riders. We collect service fees and commissions from drivers for their use of our ridesharing marketplace. We also generate revenue from licensing and data access agreements, the sale of bikes and bike station software and hardware, advertising services, riders renting through our network of shared bikes and scooters, drivers renting vehicles through Express Drive and by making our ridesharing marketplace available to organizations through our Lyft Business offerings.

Current wording

Substantially all of our revenue is generated from our ridesharing marketplace, inclusive of taxis, private hire vehicles and car sharing, that connects drivers and riders. We collect service fees and commissions from drivers for their use of our ridesharing marketplace. We also generate revenue from licensing and data access agreements, the sale of bikes and bike station software and hardware, advertising services, riders renting through our network of shared bikes and scooters, drivers renting vehicles through Express Drive and by making our ridesharing marketplace available to organizations through our Lyft Business offerings.

Previous wording

On July 31, 2025, we completed the previously announced acquisition of Intelligent Apps GmbH (d/b/a Freenow), a leading European multi-mobility application with taxi offering at its core. The acquisition marks Lyft's first expansion outside of North America, beyond bikes and scooters. Upon the close of the transaction, the Company paid approximately €204.1 million in cash, inclusive of closing adjustments. Given the recent timing of the closing of this transaction, we are in the process of determining the fair values of the acquired assets and assumed liabilities.

Current wording

On July 31, 2025, we completed the previously announced acquisition of Intelligent Apps GmbH (d/b/a Freenow), a European multimodal application with a taxi offering at its core. The acquisition marks Lyft's first expansion outside of North America, beyond bikes and scooters. Upon the close of the transaction, the Company paid approximately €204.1 million($234.8 million) in cash, inclusive of closing adjustments. Refer to Note 4 “Acquisitions” to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding the acquisition.

Previous wording

We define Active Riders as all unique riders who have taken at least one ride during the quarter. If a ride is requested by another organization or person for the benefit of a rider, that rider is only included in the calculation of Active Riders if the ride is accessible in the rider’s Lyft App.

Current wording

We define Active Riders as all unique riders who have taken at least one ride during the quarter. If a ride is requested by another organization or person for the benefit of a rider, that rider is only included in the calculation of Active Riders if the ride is accessible in the rider’s Lyft apps.

Previous wording

We define Rides as the total number of rides including rideshare and bike and scooter rides completed using our multimodal platform that contribute to our revenue. These include any Rides taken through our Lyft App. If multiple riders take a private rideshare ride, including situations where one party picks up another party on the way to a destination, or splits the bill, we count this as a single rideshare ride. Each unique segment of a Shared Ride is considered a single Ride. For example, if two riders successfully match in Shared Ride mode and both complete their Rides, we count this as two Rides. We have largely shifted away from Shared Rides, and now only offer Shared Rides in limited markets. We include all Rides taken by riders via our Concierge offering, even though such riders may be excluded from the definition of Active Riders unless the ride is accessible in that rider’s Lyft App.

Current wording

We define Rides as the total number of rides completed on our multimodal platform that contribute to our revenue. These include any Rides taken through our Lyft apps. If multiple riders take a private rideshare ride, including situations where one party picks up another party on the way to a destination, or splits the bill, we count this as a single rideshare ride. Each unique segment of a Shared Ride is considered a single Ride. For example, if two riders successfully match in Shared Ride mode and both complete their Rides, we count this as two Rides. We have largely shifted away from Shared Rides, and now only offer Shared Rides in limited markets. We include all Rides taken by riders via our Concierge offering, even though such riders may be excluded from the definition of Active Riders unless the ride is accessible in that rider’s Lyft apps.

Previous wording

We define Gross Bookings as the total dollar value of transactions invoiced to rideshare riders including any applicable taxes, tolls and fees, excluding tips to drivers. Gross Bookings also includes amounts invoiced for other offerings, including but not limited to: Express Drive vehicle rentals, bike and scooter rentals, and amounts recognized for subscriptions, bike and bike station hardware and software sales, media, sponsorships, partnerships, and licensing and data access agreements. Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period. For the definition of Adjusted EBITDA, refer to “Non-GAAP Financial Measures”.

Current wording

We define Gross Bookings as the total dollar value of transactions invoiced to riders including any applicable taxes, tolls and fees, excluding tips to drivers. Gross Bookings also includes amounts invoiced for other offerings, including but not limited to: Express Drive vehicle rentals, bike and scooter rentals, and amounts recognized for subscriptions, bike and bike station hardware and software sales, media, sponsorships, partnerships, and licensing and data access agreements. Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) is calculated by dividing Adjusted EBITDA for a period by Gross Bookings for the same period. For the definition of Adjusted EBITDA, refer to “Non-GAAP Financial Measures”.

Previous wording

The increase in Gross Bookings in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was due primarily to Rides growth which benefited from continued improvements in marketplace health resulting in an increase in Active Riders and increased ride frequency, which is demonstrated by Rides growth exceeding Active Riders growth.

Current wording

The increase in Gross Bookings in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was due to international expansion and Rides growth which benefited from continued improvements in marketplace health.

Previous wording

The improvements in net income as a percentage of Gross Bookings and Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 were due primarily to our focus on cost discipline as growth in Gross Bookings outpaced growth in total costs and expenses, along with improved marketplace health.

Current wording

The improvements in net income (loss) as a percentage of Gross Bookings and Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 were due primarily to our focus on cost discipline as growth in Gross Bookings outpaced growth in total costs and expenses, along with Rides growth and improved marketplace health.

Previous wording

Revenue consists of revenue recognized from fees paid by drivers for use of our Lyft Platform offerings, Concierge platform fees from organizations that use our Concierge offering, subscription fees paid by riders to access transportation options through the Lyft Platform, revenue from bikes and bike station hardware and software sales, revenue from licensing and data access agreements and revenue from arrangements to provide advertising services to third parties that are interested in reaching users of our platform. Revenue also consists of rental revenues recognized through leases or subleases primarily from our wholly-owned subsidiary, Flexdrive Services, LLC ("Flexdrive") and our network of bikes and scooters, which includes revenue generated from single-use ride fees paid by riders of our network of bikes and scooters. Revenue derived from these offerings is recognized in accordance with ASC 606 and ASC 842 as described in the Critical Accounting Estimates and in Note 2 of the notes to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Current wording

Revenue consists of revenue recognized from fees paid by drivers for use of our Lyft Platform offerings, and from gross amounts collected from riders in certain markets where we control the transportation services provided, Concierge platform fees from organizations that use our Concierge offering, subscription fees paid by riders to access transportation options through the Lyft Platform, revenue from bikes and bike station hardware and software sales, revenue from licensing and data access agreements and revenue from arrangements to provide advertising services to third parties that are interested in reaching users of our platform. Revenue also consists of rental revenues recognized through leases or subleases primarily from our wholly-owned subsidiary, Flexdrive Services, LLC ("Flexdrive") and our network of bikes and scooters, which includes revenue generated from single-use ride fees paid by riders of our network of bikes and scooters. Revenue derived from these offerings is recognized in accordance with ASC 606 and ASC 842 as described in Note 3 “Revenue” to the condensed consolidated financial statements as well as the Critical Accounting Estimates and Note 2 of the notes to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Previous wording

Cost of revenue primarily consists of costs directly related to revenue generating transactions through our multimodal platform which primarily includes insurance costs, payment processing charges, and other costs. Insurance costs consist of insurance generally required under transportation network company ("TNC") and city regulations for ridesharing, and bike and scooter rentals and also include occupational hazard insurance for drivers. Payment processing charges include merchant fees, chargebacks and failed charges. Other costs included in cost of revenue are hosting and platform-related technology costs, personnel-related compensation costs, depreciation, amortization of technology-related intangible assets, asset write-off charges and costs related to Flexdrive, which include vehicle lease expenses and remarketing gains and losses related to the sale of vehicles.

Current wording

Cost of revenue primarily consists of costs directly related to generating revenue through our multimodal platform which primarily includes insurance costs, payment processing charges, payments to drivers in certain markets where we control the transportation services provided, and other costs. Insurance costs consist of insurance generally required under transportation network company ("TNC") and city regulations for ridesharing, and bike and scooter rentals and also include occupational hazard insurance for drivers. Payment processing charges include merchant fees, chargebacks and failed charges. Other costs included in cost of revenue are hosting and platform-related technology costs, personnel-related compensation costs, depreciation, amortization of technology-related intangible assets, asset write-off charges, incentives to drivers in certain markets where we control the transportation services provided, and costs related to Flexdrive, which include vehicle lease expenses and remarketing gains and losses related to the sale of vehicles.

Previous wording

Sales and marketing expenses primarily consist of rider incentives, personnel-related compensation costs, certain driver incentives, advertising expenses, rider refunds and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred. Incentive programs are intended to improve our marketplace. In the second quarter of 2025, we determined that certain components should be excluded from our disclosure of incentives. Accordingly, prior period amounts disclosed have been changed to conform to current period presentation.

Current wording

Sales and marketing expenses primarily consist of rider incentives, personnel-related compensation costs, certain driver incentives, advertising expenses, rider refunds, amortization of intangible assets and marketing partnerships with third parties. Sales and marketing costs are expensed as incurred. Incentive programs are intended to improve our marketplace. In the second quarter of 2025, we determined that certain components should be excluded from our disclosure of incentives. Accordingly, prior period amounts disclosed have been changed to conform to current period presentation.

Previous wording

General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, certain insurance costs that are generally not required under TNC regulations, certain loss contingency expenses including legal accruals and settlements, insurance claims administrative fees, policy spend, depreciation, facility costs and other corporate costs. General and administrative expenses are expensed as incurred.

Current wording

General and administrative expenses primarily consist of personnel-related compensation costs, professional services fees, certain insurance costs that are generally not required under TNC regulations, certain loss contingency expenses including legal accruals and settlements, insurance claims administrative fees, policy spend, depreciation, facility costs, amortization of intangible assets and other corporate costs. General and administrative expenses are expensed as incurred.

Previous wording

Interest expense consists primarily of interest incurred on our convertible senior notes due 2025 (the "2025 Notes") and convertible senior notes due 2029 (the "2029 Notes"), as well as the related amortization of deferred debt issuance costs and debt discount. Interest expense also includes interest incurred on our Non-Revolving Loan and our Master Vehicle Loan.

Current wording

Interest expense consists primarily of interest incurred on our convertible senior notes due 2025 (the "2025 Notes") and convertible senior notes due 2029 (the "2029 Notes"), as well as the related amortization of deferred debt issuance costs and debt discount for the 2025 Notes, 2029 Notes and 0% convertible senior notes due 2030 (the "2030 Notes"). Interest expense also includes interest incurred on our Non-Revolving Loan and our Master Vehicle Loan.

Previous wording

Our provision for income taxes consists of federal and state taxes in the U.S. and foreign taxes in jurisdictions in which we conduct business. As we expand the scale of our international business activities, any changes in the U.S. and foreign taxation of such activities may increase our overall provision for income taxes in the future.

Current wording

Our provision for (benefit from) income taxes consists of federal and state taxes in the U.S. and foreign taxes in jurisdictions in which we conduct business. As we expand the scale of our international business activities, any changes in the U.S. and foreign taxation of such activities may increase our overall provision for (benefit from) income taxes in the future.

Previous wording

Comparison of the three and six months ended June 30, 2025 to the three and six months ended June 30, 2024

Current wording

Comparison of the three and nine months ended September 30, 2025 to the three and nine months ended September 30, 2024

Previous wording

Revenue increased $152.3 million, or 11%, in the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, due primarily to an increase of 14% in Rides and 10% in Active Riders as we benefited from increased ride frequency, which is demonstrated by Rides growth exceeding Active Riders growth, and continued improvements in marketplace health. Investments in driver supply, which are recorded as a reduction to revenue, decreased by $41.7 million for the quarter ended June 30, 2025 as compared to the same quarter in the prior year as driver supply on the platform benefited from organic growth and drivers spending more time on the platform.

Current wording

Revenue increased $162.5 million, or 11%, in the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, due primarily to an increase of 15% in Rides and 18% in Active Riders, continued improvements in marketplace health and international expansion. Investments in driver supply, which are recorded as a reduction to revenue, decreased by $38.8 million for the quarter ended September 30, 2025 as compared to the same quarter in the prior year as driver supply on the platform benefited from organic growth and drivers spending more time on the platform.

Previous wording

Revenue increased $325.3 million, or 12%, in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, due primarily to an increase of 15% in Rides as we benefited from continued improvements in marketplace health. Investments in driver supply, which are recorded as a reduction to revenue, decreased by $47.5 million for the six months ended June 30, 2025 as compared to the same period in the prior year as driver supply on the platform benefited from organic growth and drivers spending more time on the platform.

Current wording

Revenue increased $487.8 million, or 12%, in the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, due primarily to an increase of 15% in Rides as we benefited from continued improvements in marketplace health and international expansion. Investments in driver supply, which are recorded as a reduction to revenue, decreased by $86.3 million for the nine months ended September 30, 2025 as compared to the same period in the prior year as driver supply on the platform benefited from organic growth and drivers spending more time on the platform.

Previous wording

Cost of revenue increased $116.2 million, or 14%, in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The increase was due primarily to a $107.8 million increase in insurance costs driven by higher costs per mile paired with increased ride volume and a $6.2 million increase in transaction fees driven by higher ride volume.

Current wording

Cost of revenue increased $39.0 million, or 4%, in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase was due primarily to a $65.9 million increase in insurance costs driven by increased ride volume and a $8.4 million increase in transaction fees driven by higher ride volume. The increase was offset by a decrease of $34.2 million related to restructuring events which impacted the third quarter of 2024, which consisted of (i) $13.4 million in fixed asset disposals, (ii) $10.8 million in other current assets disposals and other costs and (iii) $10.0 million in accelerated depreciation of fixed assets.

Previous wording

Cost of revenue increased $223.7 million, or 14%, in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The increase was due primarily to a $207.4 million increase in insurance costs driven by higher costs per mile paired with increased ride volume. There was also an increase of $11.7 million in transaction fees driven by higher ride volume.

Current wording

Cost of revenue increased $262.7 million, or 11%, in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The increase was due primarily to a $273.3 million increase in insurance costs driven by higher costs per mile paired with increased ride volume. There was also an increase of $20.2 million in transaction fees driven by higher ride volume. These increases were partially offset by a $34.2 million decrease in restructuring costs in 2025 compared to 2024.

Previous wording

We expect to see cost of revenue increase in the near term on a year over year basis due to higher insurance costs driven by recent economic factors and the renewals of our third-party insurance agreements.

Current wording

We expect to see cost of revenue increase in the near term on a year over year basis due to higher insurance costs driven by recent economic factors and the renewals of our third-party insurance agreements, but we expect total insurance costs will increase at a lower rate than they have historically as a result of a recently passed rideshare insurance reform bill, SB 371, which is expected to reduce our insurance rate in California.

Previous wording

Research and development expenses increased $23.0 million, or 12%, in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The increase was primarily due to a $15.0 million increase in stock-based compensation and a $5.0 million increase in personnel-related costs driven by increased headcount.

Current wording

Research and development expenses increased $5.2 million, or 5%, in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase was primarily due to an increase in personnel-related costs driven by increased headcount which was partially offset by a decrease in stock-based compensation.

Previous wording

Research and development expenses increased $10.5 million, or 11%, in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The increase was primarily due to an $6.6 million increase in stock-based compensation and a $3.5 million increase in personnel-related costs driven by increased headcount.

Current wording

Research and development expenses increased $28.2 million, or 9%, in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The increase was primarily due to an increase in personnel-related costs driven by increased headcount and an increase in stock-based compensation.

Previous wording

Sales and marketing expenses increased $14.6 million, or 8%, in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The increase was primarily due to an increase in costs related to rider, driver and bikes and scooters rider incentive programs due to investments in rider engagement, which increased by $18.4 million from $81.5 million for the three months ended June 30, 2024 to $99.9 million for the three months ended June 30, 2025.

Current wording

Sales and marketing expenses increased $27.5 million, or 13%, in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase was primarily due to an increase in costs related to our incentive programs due to investments in rider engagement, which increased by $20.1 million from $108.4 million for the three months ended September 30, 2024 to $128.4 million for the three months ended September 30, 2025.

Previous wording

Sales and marketing expenses increased $51.1 million, or 16%, in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The increase was primarily due to an increase in costs related to rider, driver and bikes and scooters rider incentive programs due to investments in rider engagement, which increased by $37.9 million from $145.8 million for the six months ended June 30, 2024 to $183.7 million for the six months ended June 30, 2025. There was also a $10.8 million increase in rebates and an $8.1 million increase in rider refunds. These increases were partially offset by a $4.0 million decrease in driver and rider programs primarily related to advertising expenses and partnerships.

Current wording

Sales and marketing expenses increased $78.6 million, or 15%, in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The increase was primarily due to an increase in costs related to our incentive programs due to investments in rider engagement, which increased by $57.9 million from $254.2 million for the nine months ended September 30, 2024 to $312.1 million for the nine months ended September 30, 2025. There was also a $16.6 million increase in rebates and rider refunds.

Previous wording

General and administrative expenses decreased $20.3 million, or 8%, in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The decrease was primarily due to a $24.6 million net decrease in certain loss contingencies related to tax accrual and legal settlements and a $10.5 million decrease in stock-based compensation. These decreases were partially offset by an $18.6 million increase in an accrual for self-retained general business liabilities and a $4.4 million increase in consulting and advisory costs.

Current wording

General and administrative expenses were relatively flat in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. General and administrative expenses included a $21.5 million net decrease in certain loss contingencies related to legal and tax accruals and settlements and a $14.2 million decrease in stock-based compensation, partially offset by a $23.6 million increase in consulting and advisory costs. There was also a $13.6 million increase due to higher self-retained general business liabilities and personnel-related costs driven by increased headcount.

Previous wording

General and administrative expenses decreased $41.3 million, or 8%, in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The decrease was primarily due to a $59.5 million net decrease in certain loss contingencies including legal and tax accruals and settlements, an $8.8 million decrease in stock-based compensation and an $8.0 million decrease in bad debt expense. These decreases were partially offset by increases of $26.6 million in an accrual for self-retained general business liabilities and $13.6 million in consulting and advisory costs.

Current wording

General and administrative expenses decreased $44.1 million, or 6%, in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease was primarily due to a $81.1 million net decrease in certain loss contingencies including legal and tax accruals and settlements, a $22.9 million decrease in stock-based compensation and a $12.0 million decrease in bad debt expense. These decreases were partially offset by increases of $37.2 million in consulting and advisory costs and $34.2 million in self-retained general business liabilities.

Previous wording

Interest expense decreased $2.8 million, or 36%, in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

Current wording

Interest expense decreased $2.6 million, or 36%, in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

Previous wording

Other income, net increased $5.0 million, or 12%, in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. The increase was primarily due to an $8.3 million increase due to foreign currency exchange which was partially offset by a $1.1 million decrease in interest income.

Current wording

Other income, net decreased $25.1 million, or 49%, in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The decrease was primarily due to an $11.0 million decrease in interest income and an $8.3 million decrease due to foreign currency exchange.

Previous wording

Other income, net increased $4.9 million, or 6%, in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. The increase was primarily due to an $11.3 million increase due to foreign currency exchange. This increase was partially offset by a decrease from a $5.1 million gain on extinguishment recognized in the first quarter of 2024 related to the partial repurchase of 2025 Notes.

Current wording

Other income, net decreased $20.2 million, or 15%, in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. The decrease was primarily due to an $11.0 million decrease in interest income and a $5.1 million gain on extinguishment recognized in the first quarter of 2024 related to the partial repurchase of 2025 Notes.

Previous wording

Operations and support expenses increased $1.7 million, or 1% in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

Current wording

Provision for income taxes increased $1.7 million or 45%, in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Previous wording

(1)Includes $1.2 million and $2.5 million related to the interest component of vehicle related finance leases within cost of revenue in the three and six months ended June 30, 2025, respectively. Includes $1.5 million and $2.9 million related to the interest component of vehicle related finance leases within cost of revenue in the three and six months ended June 30, 2024, respectively. Refer to Note 7 “Leases” to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding the interest component of vehicle related finance leases.

Current wording

(1)Includes $1.1 million and $3.6 million related to the interest component of vehicle related finance leases within cost of revenue in the three and nine months ended September 30, 2025, respectively. Includes $1.5 million and $4.4 million related to the interest component of vehicle related finance leases within cost of revenue in the three and nine months ended September 30, 2024, respectively. Refer to Note 9 “Leases” to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding the interest component of vehicle related finance leases.

Previous wording

Cash provided by operating activities was $631.0 million for the six months ended June 30, 2025, which consisted of net income of $42.9 million adjusted for $199.4 million of non-cash items, and changes in working capital of $388.7 million. Net income (loss) improved from $(26.5) million for the six months ended June 30, 2024 to $42.9 million for the six months ended June 30, 2025 as a result of increased revenue and continued cost discipline. Non-cash adjustments primarily consisted of stock-based compensation expense of $175.3 million, which increased year over year, and depreciation and amortization expense of $64.2 million. The changes in working capital were primarily driven by insurance, which saw (i) an increase in our insurance reserves due to a rise in commercial auto insurance rates on a per mile basis compared to prior periods, paired with an increase in ride volume in the first half of 2025 compared to prior periods, (ii) an increase in insurance related accruals and (iii) a decrease in insurance related assets primarily due to amortization. There also was an increase in accounts receivables and a net increase in accrued driver payments due to timing of payments, a decrease in our operating lease liabilities related to ordinary payments for our real estate operating leases, and a decrease in certain loss contingencies including tax and legal accruals.

Current wording

Cash provided by operating activities was $922.2 million for the nine months ended September 30, 2025, which consisted of net income of $89.0 million adjusted for $288.4 million of non-cash items, and changes in working capital of $544.9 million. Net income (loss) improved from $(38.9) million for the nine months ended September 30, 2024 to $89.0 million for the nine months ended September 30, 2025 as a result of increased revenue and continued cost discipline. Non-cash adjustments primarily consisted of stock-based compensation expense of $241.8 million, which decreased year over year, and depreciation and amortization expense of $98.0 million. The changes in working capital were primarily driven by insurance, which saw (i) an increase in our insurance reserves due to a rise in commercial auto insurance rates on a per mile basis compared to prior periods, paired with an increase in ride volume in 2025 compared to prior periods, (ii) an increase in insurance related accruals and (iii) a decrease in insurance related assets primarily due to amortization. There also was an increase in accounts receivable due to an increase in ride volume related to Lyft Business, a decrease in our operating lease liabilities related to ordinary payments for our real estate operating leases, and a decrease in certain loss contingencies including legal accruals.

Previous wording

Cash provided by operating activities was $432.4 million for the six months ended June 30, 2024, which consisted of a net loss of $(26.5) million primarily offset by changes in working capital of $267.7 million. The year over year improvement to net loss for the six months ended June 30, 2024, from $(301.9) million to $(26.5) million was a result of increase in our revenues and the actions we have taken to reduce our operating expenses, which culminated in the achievement of quarterly net income for the three months ended June 30, 2024 for the first time in our operating history. Net income (loss) was also offset by non-cash adjustments for stock-based compensation expense of $165.8 million, which decreased year over year due to a reduction in headcount driven by the restructuring activities initiated in prior years, and depreciation and amortization expense of $70.1 million. The changes in working capital were primarily driven by insurance, which saw (i) an increase in our insurance reserves due to a rise in commercial auto insurance rates on a per mile basis compared to the prior year and an increase in ride volume in the first half of 2024 compared to previous periods, (ii) an increase in accounts payable which was primarily due to the timing of insurance claim payments and (iii) an increase in insurance-related accruals.

Current wording

Cash provided by operating activities was $696.4 million for the nine months ended September 30, 2024, which consisted of a net loss of $(38.9) million primarily offset by changes in working capital of $423.0 million. The year over year improvement to net loss for the nine months ended September 30, 2024, from $(314.0) million to $(38.9) million was a result of increase in our revenues and the actions we have taken to reduce our operating expenses. Net loss was also offset by non-cash adjustments for stock-based compensation expense of $254.8 million, which decreased year over year due to a reduction in headcount driven by the restructuring activities initiated in prior years, and depreciation and amortization expense of $115.2 million. The changes in working capital were primarily driven by insurance, which saw (i) an increase in our insurance reserves due to a rise in commercial auto insurance rates on a per mile basis compared to the prior year, an increase in ride volume in 2024 compared to previous periods and strategic risk management decisions to retain additional risk in certain markets, (ii) an increase in accounts payable which was primarily due to the timing of insurance claim payments and (iii) an increase in insurance-related accruals. There was also an increase in certain loss contingencies including legal and tax accruals. These were partially offset by (i) increases to prepaid expenses for deposits related to our annual insurance renewals and (ii) a decrease to our operating lease liabilities related to ordinary payments for our real estate operating leases.

Previous wording

Cash provided by investing activities was $496.3 million for the six months ended June 30, 2025, which primarily consisted of proceeds from sales and maturities of marketable securities of $2.1 billion and sales of property and equipment of $31.2 million, partially offset by purchases of marketable securities of $1.6 billion and purchases of property and equipment and scooter fleet of $20.8 million.

Current wording

Cash provided by investing activities was $316.5 million for the nine months ended September 30, 2025, which primarily consisted of proceeds from sales and maturities of marketable securities of $3.0 billion and sales of property and equipment of $43.1 million, partially offset by purchases of marketable securities of $2.5 billion, cash paid for the acquisition of Freenow of $202.9 million, net of cash acquired, and purchases of property and equipment and scooter fleet of $34.2 million.

Previous wording

Cash used in investing activities was $317.2 million for the six months ended June 30, 2024, which primarily consisted of purchases of marketable securities of $2.1 billion partially offset by proceeds from sales and maturities of marketable securities of $1.8 billion.

Current wording

Cash used in investing activities was $323.9 million for the nine months ended September 30, 2024, which primarily consisted of purchases of marketable securities of $3.0 billion partially offset by proceeds from sales and maturities of marketable securities of $2.7 billion.

Previous wording

Cash used in financing activities was $699.3 million for the six months ended June 30, 2025, which primarily consisted of repayment of our 2025 Notes of $390.7 million, repurchase of Class A common stock of $200.0 million, taxes paid related to net share settlement of equity awards of $61.5 million, and repayment of loans of $33.2 million and principal payments on finance lease obligations of $20.9 million.

Current wording

Cash used in financing activities was $511.4 million for the nine months ended September 30, 2025, which primarily consisted of repayment of our 2025 Notes of $390.7 million, repurchase of Class A common stock of $400.0 million, taxes paid related to net share settlement of equity awards of $95.7 million, repayment of loans of $47.9 million and principal payments on finance lease obligations of $30.8 million. This was partially offset by $500.0 million in proceeds from the issuance of our 2030 Notes, reduced by expenditures of $42.0 million related to the purchase of capped calls and $11.3 million in payments of debt issuance costs.

Previous wording

Cash used in financing activities was $66.9 million for the six months ended June 30, 2024, which primarily consisted of repayment of loans of $41.0 million and principal payments on finance lease obligations of $23.6 million. This also included a net cash inflow of $0.2 million related to transactions related to the issuance of our 2029 Notes which included $460.0 million in proceeds from the issuance of the 2029 Notes and expenditures of $350.0 million related to the settlement of the 2025 Notes,

Current wording

Cash used in financing activities was $102.3 million for the nine months ended September 30, 2024, which primarily consisted of repayment of loans of $61.8 million and principal payments on finance lease obligations of $35.4 million. This also included a net cash inflow of $0.2 million related to transactions related to the issuance of our 2029 Notes which included $460.0 million in proceeds from the issuance of the 2029 Notes and expenditures of $350.0 million related to the settlement of the 2025 Notes, $50.0 million related to the repurchase of Class A common stock, $47.9 million related to the purchase of capped calls and $11.9 million in payments of debt issuance costs.

Previous wording

As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents of approximately $913.8 million and short-term investments of approximately $878.3 million, exclusive of restricted cash and cash equivalents and restricted investments of $1.7 billion, and a revolving credit facility in an aggregate principal amount of $420.0 million as described below. The portion of our cash and cash equivalents that is not invested is held at several large financial institutions and our investments are focused on the preservation of capital, fulfillment of our liquidity needs, and maximization of investment performance within the parameters set forth in our investment policy and subject to market conditions. The investment policy sets forth credit rating minimums, permissible allocations, and limits our exposure to specific investment types. We believe these policies mitigate our exposure to any risk concentrations.

Current wording

As of September 30, 2025, our principal sources of liquidity were cash and cash equivalents of approximately $1.3 billion and short-term investments of approximately $686.6 million, exclusive of restricted cash and cash equivalents and restricted investments of $1.8 billion, and a revolving credit facility in an aggregate principal amount of $420.0 million as described below. The portion of our cash and cash equivalents that is not invested is held at several large financial institutions and our investments are focused on the preservation of capital, fulfillment of our liquidity needs, and maximization of investment performance within the parameters set forth in our investment policy and subject to market conditions. The investment policy sets forth credit rating minimums, permissible allocations, and limits our exposure to specific investment types. We believe these policies mitigate our exposure to any risk concentrations.

Previous wording

We collect the fare and related charges from riders on behalf of drivers at the time the ride is delivered using the rider’s authorized payment method, and we retain any fees owed to us before making the remaining disbursement to drivers. Accordingly, we maintain no accounts receivable from drivers. Our contracts with insurance providers require reinsurance premiums to be deposited into trust accounts with a third-party financial institution from which the insurance providers are reimbursed for claims payments. Our restricted reinsurance trust assets as of June 30, 2025 and December 31, 2024 were $1.7 billion and $1.5 billion, respectively.

Current wording

We collect the fare and related charges from riders on behalf of drivers at the time the ride is delivered using the rider’s authorized payment method, and we retain any fees owed to us before making the remaining disbursement to drivers. Accordingly, we maintain no accounts receivable from drivers. Our contracts with insurance providers require reinsurance premiums to be deposited into trust accounts with a third-party financial institution from which the insurance providers are reimbursed for claims payments. Our restricted reinsurance trust assets as of September 30, 2025 and December 31, 2024 were $1.8 billion and $1.5 billion, respectively.

Previous wording

We have $1.8 billion in unrestricted cash and cash equivalents and short-term investments as of June 30, 2025. We also have the ability to borrow an aggregate principal amount of up to $420.0 million under the Revolving Credit Facility, none of which has been drawn as of June 30, 2025. Our available credit under the Revolving Credit Facility is reduced by $60.7 million in letters of credit issued under the Revolving Credit Facility as of June 30, 2025. We believe that this provides sufficient liquidity to meet our working capital needs, inclusive of short-term commitments such as capital expenditures needs for at least the next 12 months. In the second quarter of 2025, we fully settled the outstanding $390.7 million aggregate principal amount of 2025 Notes in cash at maturity. On July 31, 2025, we completed the previously announced acquisition of

Current wording

We have $2.0 billion in unrestricted cash and cash equivalents and short-term investments as of September 30, 2025. We also have the ability to borrow an aggregate principal amount of up to $420.0 million under the Revolving Credit Facility, none of which has been drawn as of September 30, 2025. Our available credit under the Revolving Credit Facility is reduced by $61.3 million in letters of credit issued under the Revolving Credit Facility as of September 30, 2025. We believe that this provides sufficient liquidity to meet our working capital needs, inclusive of short-term commitments such as capital expenditure needs for at least the next 12 months. On October 14, 2025, we completed the acquisition of TBR Global Chauffeuring, a global luxury chauffeuring company. Upon the close of the transaction, we paid approximately £83.0 million in cash.