Detailed financial statements for Lyft, Inc. (LYFT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Lyft, Inc. facilitates a comprehensive, on-demand transportation platform spanning the United States and Canada. Its core mission involves offering users personalized and immediate access to diverse mobility solutions through its multimodal network. Among its primary services is the Ridesharing Marketplace, which seamlessly connects drivers with passengers. For drivers, the company provides Express Drive, a flexible program for vehicle rentals.
Analysis Summary
Lyft, Inc. reported revenue of $6.32B in the most recent fiscal year, growing at a 5-year CAGR of 21.7%.
Trailing-twelve-month margins: gross margin 45.5%, operating margin -1.8%, net margin 42.3%.
At the current price of $15.73, LYFT trades at a P/E of 2.21 and an ROE of 115.83%. Market capitalisation stands at $6.0B.
Balance sheet quality for LYFT: current ratio of 0.6, net cash position of $560.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $1.12B represents 39% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $343.3M | $1.06B | $2.16B | $3.62B | $2.36B | $3.21B | $4.10B | $4.40B | $5.79B | $6.32B |
| Cost of Revenue | $279.0M | $659.5M | $1.24B | $2.18B | $1.45B | $1.70B | $2.44B | $2.54B | $3.34B | $3.70B |
| Gross Profit | $64.3M | $400.3M | $913.2M | $1.44B | $917.2M | $1.51B | $1.66B | $1.86B | $2.45B | $2.62B |
| Research & Development | $64.7M | $136.6M | $300.8M | $1.51B | $909.1M | $911.9M | $856.8M | $555.9M | $397.1M | $451.4M |
| Selling, General & Admin | $594.3M | $788.5M | $1.25B | $2.00B | $1.36B | $1.33B | $1.82B | $1.35B | $1.73B | $1.88B |
| Operating Expenses | $756.9M | $1.11B | $1.89B | $4.14B | $2.73B | $2.64B | $3.12B | $2.34B | $2.57B | $2.81B |
| Operating Income | -$692.6M | -$708.3M | -$977.7M | -$2.70B | -$1.81B | -$1.14B | -$1.46B | -$475.6M | -$118.9M | -$188.4M |
| EBITDA | -$692.1M | -$705.7M | -$891.8M | -$2.49B | -$1.61B | -$859.9M | -$1.40B | -$189.0M | $203.2M | $102.7M |
| Interest Expense | 0 | 0 | 0 | 0 | $32.7M | $51.6M | $19.7M | $26.2M | $28.9M | $20.8M |
| Pre-tax Income | -$682.4M | -$687.7M | -$910.6M | -$2.60B | -$1.80B | -$1.05B | -$1.58B | -$331.7M | $25.4M | -$53.2M |
| Income Tax | $401,000 | $556,000 | $738,000 | $2.4M | -$44.5M | $11.2M | $5.9M | $8.6M | $2.6M | -$2.90B |
| Net Income | -$682.8M | -$688.3M | -$911.3M | -$2.60B | -$1.75B | -$1.06B | -$1.58B | -$340.3M | $22.8M | $2.84B |
| EPS | $-2.87 | $-2.89 | $-3.21 | $-11.44 | $-5.61 | $-3.17 | $-4.47 | $-0.88 | $0.06 | $6.92 |
| EPS (Diluted) | $-2.87 | $-2.89 | $-3.21 | $-11.44 | $-5.61 | $-3.17 | $-4.47 | $-0.88 | $0.06 | $6.81 |
| Shares Outstanding (Diluted) | $237.9M | $237.9M | $284.1M | $227.5M | $312.2M | $334.7M | $354.7M | $385.3M | $413.7M | $417.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.69B | $1.59B | $1.65B | $1.84B |
| Gross Profit | $758.0M | $620.9M | $786.3M | $917.1M |
| Operating Income | $23.1M | -$185.0M | -$5.3M | $47.6M |
| EBITDA | $82.6M | -$105.6M | $61.6M | $159.3M |
| Net Income | $46.1M | $2.76B | $14.2M | $50.3M |
| EPS | $0.11 | $6.71 | $0.04 | $0.13 |
| EPS (Diluted) | $0.11 | $6.60 | $0.04 | $0.13 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $469.2M | $1.11B | $517.7M | $358.3M | $319.7M | $457.3M | $281.1M | $558.6M | $759.3M | $1.13B |
| Short-term Investments | $543.1M | $1.28B | $1.52B | $2.49B | $1.93B | $1.80B | $1.52B | $1.13B | $1.23B | $705.2M |
| Receivables | 0 | 0 | 0 | 0 | 0 | $186.9M | $267.3M | $305.2M | $334.8M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.08B | $2.56B | $2.32B | $3.25B | $2.59B | $2.78B | $2.58B | $2.58B | $2.95B | $2.92B |
| Property, Plant & Equipment | $9.5M | $14.2M | $109.3M | $629.9M | $589.1M | $521.6M | $448.6M | $564.0M | $593.3M | $584.1M |
| Goodwill | 0 | 0 | $152.1M | $158.7M | $182.7M | $180.5M | $261.6M | $257.8M | $251.4M | $439.8M |
| Intangible Assets | 0 | $4.3M | $117.7M | $82.9M | $65.8M | $50.8M | $76.2M | $59.5M | $42.8M | $178.9M |
| Total Assets | $1.25B | $3.02B | $3.76B | $5.69B | $4.68B | $4.77B | $4.56B | $4.56B | $5.44B | $9.03B |
| Accounts Payable | $46.2M | $66.9M | $32.3M | $38.8M | $84.1M | $129.5M | $107.8M | $72.3M | $97.7M | $120.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | $35.8M | $56.3M | $36.3M | $25.8M | $429.1M | $50.6M |
| Total Current Liabilities | $306.0M | $696.8M | $1.90B | $2.45B | $2.07B | $2.52B | $3.13B | $2.96B | $3.88B | $4.53B |
| Long-term Debt | 0 | 0 | 0 | 0 | $644.2M | $655.2M | $803.2M | $839.4M | $566.0M | $1.00B |
| Total Liabilities | $313.9M | $5.00B | $1.93B | $2.84B | $3.00B | $3.43B | $4.17B | $4.02B | $4.67B | $5.76B |
| Retained Earnings | -$1.35B | -$2.03B | -$3.63B | -$5.55B | -$7.30B | -$8.36B | -$9.94B | -$10.28B | -$10.26B | -$7.41B |
| Total Equity | $935.0M | -$1.98B | $1.83B | $2.85B | $1.68B | $1.34B | $388.7M | $541.5M | $767.0M | $3.27B |
| Total Debt | 0 | 0 | 0 | $476.3M | $995.1M | $975.4M | $1.06B | $1.04B | $1.17B | $1.28B |
| Net Debt | -$1.01B | -$2.39B | -$2.04B | -$2.37B | -$1.26B | -$1.28B | -$735.1M | -$643.4M | -$812.1M | -$560.4M |
| Working Capital | $769.1M | $1.87B | $423.2M | $796.0M | $519.7M | $259.7M | -$549.7M | -$384.1M | -$930.2M | -$1.61B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.31B | $1.13B | $1.03B | $1.14B |
| Total Assets | $5.94B | $9.03B | $8.89B | $9.11B |
| Total Liabilities | $5.37B | $5.76B | $5.86B | $6.08B |
| Total Equity | $573.0M | $3.27B | $3.03B | $3.02B |
| Total Debt | $1.27B | $1.28B | $1.26B | $1.18B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$682.8M | -$688.3M | -$911.3M | -$2.60B | -$1.75B | -$1.06B | -$1.58B | -$340.3M | $22.8M | $2.84B |
| Depreciation & Amortization | $527,000 | $2.6M | $18.8M | $108.4M | $157.4M | $139.3M | $154.8M | $116.5M | $148.9M | $135.5M |
| Stock-based Compensation | $9.4M | $9.5M | $8.6M | $1.60B | $565.8M | $724.6M | $750.8M | $484.5M | $330.9M | $322.3M |
| Change in Working Capital | $188.3M | $287.2M | $625.5M | $791.8M | -$336.0M | $168.8M | $360.5M | -$278.3M | $451.9M | $862.2M |
| Operating Cash Flow | -$487.2M | -$393.5M | -$280.7M | -$105.7M | -$1.38B | -$101.7M | -$237.3M | -$98.2M | $849.7M | $1.17B |
| Capital Expenditure | -$8.8M | -$12.0M | -$70.9M | -$178.1M | -$93.6M | -$79.2M | -$115.0M | -$149.8M | -$83.5M | -$52.8M |
| Acquisitions | 0 | $4.5M | -$257.6M | -$12.3M | -$12.3M | $122.7M | -$146.3M | $1.6M | 0 | -$307.3M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$50.0M | -$500.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$496.0M | -$405.5M | -$351.5M | -$283.8M | -$1.47B | -$180.9M | -$352.3M | -$248.1M | $766.3M | $1.12B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $291.3M | $279.5M | $307.7M | $349.9M |
| Capital Expenditure | -$13.4M | -$18.6M | -$20.4M | -$30.3M |
| Free Cash Flow | $277.8M | $260.9M | $287.3M | $319.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $66.6M | 0 | $86.9M | $76.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +208.7% | +103.5% | +67.7% | -34.6% | +35.7% | +27.6% | +7.5% | +31.4% | +9.2% | |
| Net Income Growth (YoY) | -0.8% | -32.4% | -185.5% | +32.6% | +39.4% | -49.2% | +78.5% | +106.7% | +12,382.5% | |
| EPS Growth (YoY) | -0.7% | -11.1% | -256.4% | +51.0% | +43.5% | -41.0% | +80.3% | +106.3% | +12,323.7% | |
| Shares Change (YoY) | +0.0% | +19.4% | -19.9% | +37.2% | +7.2% | +6.0% | +8.6% | +7.3% | +1.0% | |
| FCF Growth (YoY) | +18.2% | +13.3% | +19.3% | -418.9% | +87.7% | -94.7% | +29.6% | +408.9% | +45.6% | |
| Gross Margin | 18.7% | 37.8% | 42.3% | 39.8% | 38.8% | 46.9% | 40.5% | 42.2% | 42.3% | 41.5% |
| Operating Margin | -201.7% | -66.8% | -45.3% | -74.7% | -76.5% | -35.4% | -35.6% | -10.8% | -2.1% | -3.0% |
| EBITDA Margin | -201.6% | -66.6% | -41.4% | -68.9% | -68.0% | -26.8% | -34.3% | -4.3% | 3.5% | 1.6% |
| Net Margin | -198.9% | -64.9% | -42.3% | -72.0% | -74.1% | -33.1% | -38.7% | -7.7% | 0.4% | 45.0% |
| FCF Margin | -144.5% | -38.3% | -16.3% | -7.8% | -62.3% | -5.6% | -8.6% | -5.6% | 13.2% | 17.7% |
| Effective Tax Rate | -0.1% | -0.1% | -0.1% | -0.1% | 2.5% | -1.1% | -0.4% | -2.6% | 10.1% | 5,441.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.08 | $-1.70 | $-1.24 | $-1.25 | $-4.72 | $-0.54 | $-0.99 | $-0.64 | $1.85 | $2.67 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $237.9M | $237.9M | $284.1M | $227.5M | $312.2M | $334.7M | $354.7M | $385.3M | $409.2M | $410.8M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 115.83% |
| Return on Invested Capital | 1,496.40% |
| Return on Assets | 31.47% |
| Gross Margin | 45.52% |
| Operating Margin | -1.77% |
| Net Margin | 42.32% |
Financial Health
| Debt / Equity | 0.39 |
| Current Ratio | 0.59 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -27.28 | -27.09 | -24.39 | -3.76 | -8.76 | -13.48 | -2.47 | -17.03 | 231.60 | 2.80 |
| P/B | 19.92 | -9.41 | 12.14 | 3.43 | 9.15 | 10.66 | 10.06 | 10.67 | 6.88 | 2.43 |
| P/S | 54.26 | 17.58 | 10.32 | 2.71 | 6.49 | 4.46 | 0.95 | 1.31 | 0.91 | 1.26 |
| Gross Margin | 18.7% | 37.8% | 42.3% | 39.8% | 38.8% | 46.9% | 40.5% | 42.2% | 42.3% | 41.5% |
| Operating Margin | -201.7% | -66.8% | -45.3% | -74.7% | -76.5% | -35.4% | -35.6% | -10.8% | -2.1% | -3.0% |
| Net Margin | -198.9% | -64.9% | -42.3% | -72.0% | -74.1% | -33.1% | -38.7% | -7.7% | 0.4% | 45.0% |
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Explore sector: Technology · Software - Application
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