Slides
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Q4 & Fiscal 2025 Earnings February 10, 2026
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Forward Looking Statements & Non-GAAP Financial Measures This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Lyft's future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential", "look forward" or "continue" or the negative of these words or other similar terms or expressions that concern Lyft's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation and the accompanying oral presentation include, but are not limited to, statements regarding Lyftʼs future financial and operating performance, including its outlook for the first quarter of 2026, demand for Lyftʼs products and services and the markets in which Lyft operates, impact of pricing pressure and seasonality trends, expected trends in insurance costs and their impact on Lyftʼs business, the impact of macroeconomic conditions on our business, results of operations, and the markets in which we operate, expectations regarding our acquisitions and their anticipated impacts on our international operations and financial results and risks related to their integrations and operations, expansion of our operations internationally, expectations regarding our autonomous and other partnerships, rider and driver activity, including driver supply, expectations regarding our share repurchase program including the timing of repurchases thereunder, and litigation and regulatory matters. Lyftʼs expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including the macroeconomic environment, including inflation, tariffs and geopolitical uncertainty, and the impact of these factors and other market factors on operating expenses, including insurance costs, the sufficiency of Lyftʼs unrestricted cash, cash equivalents, and short-term investments, as well as risks associated with the outcome of litigation and regulatory matters. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those more fully described in Lyft's filings with the Securities and Exchange Commission (“SECˮ), including in our Annual Report on Form 10K and Quarterly Reports on Form 10Q filed with the SEC. The forward-looking statements in this presentation are based on information available to Lyft as of the date of this presentation, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law. This presentation and the accompanying oral presentation discuss "customers." For rideshare in North America, there are generally two customers in every car - the driver is Lyft's customer, and the rider is the driver's customer. We care about both. In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAPˮ), this presentation and the accompanying oral presentation include certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin as a percentage of Gross Bookings, non-GAAP operating expenses, and free cash flow. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools, and they should not be considered in isolation or as a substitute for analysis of other GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included at the end of this presentation. We have not provided the forward-looking GAAP equivalents for certain forward-looking non-GAAP measures presented in the accompanying oral presentation, or a GAAP reconciliation, as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. This presentation and the accompanying oral presentation also contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation.
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Halftime report: First half secured, driving toward victory in 2027 . ANNUAL HIGHLIGHTS (1) The Adjusted EBITDA margin and free cash flow (“FCF”) figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as the reconciliation from GAAP to non-GAAP measures contained in the appendix to this presentation. 1 3 51.3 million annual riders took 946 million Rides Gross Bookings: $18.5 billion, 15% Yo Y 2025 Free cash flow: $1.1 billion Adjusted EBITDA margin % of Gross Bookings): 2.9% 1
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More products. More family solutions. GROWTH STRATEGY: PRODUCT INNOVATION 44 In February 2026, we launched Lyft Teen across hundreds of cities in the U.S., tapping into a major market: ● 15 billion ride TAM of 13 to 17-year-olds in the U.S. ● Only 25% of 16-year-olds had driverʼs licenses in 2021, down from 46% in the 80s ● Rideshare is more affordable than adding a teenage driver to your insurance, which can raise premiums by $1,000s With Lyft Teen, thereʼs a Lyft ride for the whole family: ● Lyft Silver for older adults ● Pet Rides for everyoneʼs favorite furry friends ● Women+ Connect for rides even your mother-in-law likes ● Lyft XL and XXL von Trapp family style ● Price Lock for the commuter who wants to own their mornings ● Wait & Save for the budget conscious ● Business Travel for the boss who wants sh*t done
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GROWTH STRATEGY: PARTNERSHIPS Partnership strategy wins when it comes to rider loyalty: ● More than 1 in 4 of our rideshare rides in North America were linked to a partnership in Q4 DoorDash: ○ Our largest partnership ever ○ Steady rides growth over last several quarters, nearly tripling this quarter compared to launch quarter ○ Nearly 3 million linked accounts as of Q4 United Airlines: ○ Hundreds of thousands of linked accounts in first few weeks of Q4 ○ To date, riders earned more than 100 million United MileagePlus points since launching last November Rewards are adding value, literally: ● Our Business Travel Rewards program is resonating: ○ Steady growth in cohort with new activations up 26% y/y in Q4 Partnerships and rewards level everyone up. 5
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GROWTH STRATEGY: AUTONOMOUS VEHICLES 2026 is the year of the horse AV. 6 Self-Driving Technology Vehicle Manufacturing Asset Ownership & Financing Fleet Management Mobility Platform & Marketplace Rider Demand & Experience Our strategy is purposeful and thoughtful to address each critical area of the AV ecosystem.
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Results & Guidance
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Q4ʼ25 Active Riders: 29.2 million, +18% Y o Y 8Note: In the first quarter of 2025, Lyft updated the definition of Active Riders to simplify the definition and better align the metric with future scaling of the business. The change was adopted prospectively and periods prior to the first quarter of 2025 were not changed as the impact was not material. Record Quarterly Active Riders (in millions, except for percentages) 22.4 21.9 23.7 24.4 24.7 24.2 26.1 28.7 29.2 +10% Y o Y +12% Y o Y +10% Y o Y +9% Y o Y +10% Y o Y +11% Y o Y +10% Y o Y +18% Y o Y +18% Y o Y Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25
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Q4'25 Rides: 243.5 million, 11% YoY Quarterly Rides (in millions, except for percentages) 9 +14% YoY +20% YoY +26% YoY +23% YoY +15% YoY +16% YoY +15% YoY +16% YoY +15% YoY 190.8 187 .7 205.3 216.7 218.5 218.4 234.8 248.8 243.5 +15% Y o Y +26% Y o Y +23% Y o Y +15% Y o Y +16% Y o Y +15% Y o Y +16% Y o Y +14% Y o Y +11% Y o Y Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25
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Q4ʼ25 Gross Bookings: $5.1 billion, 19% YoY 10 Record Quarterly Gross Bookings (in millions, except for percentages) Note: In the fourth quarter of 2025, Lyft simplified the definition of Gross Bookings to better align the metric with future scaling of our business. There was no impact to prior periods. (1) Includes a $168 million impact from certain legal, tax, and regulatory reserve changes and settlements. Without the impact of this, revenue would have been $1.8 billion. Revenue Gross Bookings $1,685 $1,593 $3,724 $3,693 $4,019 $4,108 $4,279 $4,162 $4,490 $4,780 $5,074 $1,225 $1,277 $1,436 $1,523 $1,550 $1,450 $1,588 Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25 1 +19% Y o Y +16% Y o Y +12% Y o Y +13% Y o Y +15% Y o Y +16% Y o Y +17% Y o Y +21% Y o Y +17% Y o Y
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Q4ʼ25 Adj. EBITDA & Margin: $154 million, 3.0% margin (% of Gross Bookings) Record Quarterly Adj. EBITDA & Margin (% of Gross Bookings) 11 (in millions, except for percentages) Note: The figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as the reconciliation from GAAP to non-GAAP measures contained in the appendix to this presentation. $67 $59 $103 $107 $113 $106 $129 $139 $154 2.9%1.8% 1.6% 2.6% 2.6% 2.6% 2.6% 2.9% 3.0% Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25
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Q4ʼ25 Free Cash Flow: $1.12 billion trailing twelve months 12 Note: The figures above are non-GAAP financial measures. Please see the explanation of non-GAAP measures as well as the reconciliation from GAAP to non-GAAP measures contained in the appendix to this presentation. The above figures calculate free cash flow for the trailing twelve months periods, which represent the sums of the current quarter and prior three quarters. Record Free Cash Flow (TTM) (in millions) ($248) ($0.2) ($0.2) $641 $766 $920 $993 $1,028 $1,116 $368 Q4‘23 Q1‘24 Q2‘24 Q3‘24 Q4‘24 Q1‘25 Q2‘25 Q3‘25 Q4‘25
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Gross Bookings Approx. $4.86 billion to $5.00 billion, up approx. 17% to 20% year over year Adjusted EBITDA Approx. $120 million to $140 million Adjusted EBITDA Margin % of Gross Bookings) Approx. 2.5% to 2.8% Q1ʼ26 Guidance 13
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Gross Bookings in $ millions 2024 20272025 $16,099 $18,507 ~$25,000 Adj. EBITDA in $ millions 2024 20272025 2.4% 2.9% ~4.0% $382 $529 ~$1,000 We remain on track to achieve our long-term targets. FY24 and FY25 delivered across all metrics and positions us for future success. % Adj. EBITDA margin (as a % of Gross Bookings)
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Financial Results: Reconciliations from GAAP to Non-GAAP and Trended Financial Statements
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Active Riders¹ 19.6 21.5 22.4 22.4 21.9 23.7 24.4 24.7 24.2 26.1 28.7 29.2 Rides 153.0 177.9 187.4 190.8 709.0 187.7 205.3 216.7 218.5 828.3 218.4 234.8 248.8 243.5 945.5 Gross Bookings² $ 3,050.7 $ 3,446.0 $ 3,554.1 $ 3,724.3 $ 13,775.2 $ 3,693.2 $ 4,018.9 $ 4,108.4 $ 4,278.9 $ 16,099.4 $ 4,162.4 $ 4,490.1 $ 4,780.4 $ 5,074.2 $ 18,507.0 Revenue³ $ 1,000.5 $ 1,020.9 $ 1,157.6 $ 1,224.6 $ 4,403.6 $ 1,277.2 $ 1,435.8 $ 1,522.7 $ 1,550.3 $ 5,786.0 $ 1,450.2 $ 1,588.2 $ 1,685.2 $ 1,592.7 $ 6,316.3 Revenue from contracts with customers ASC 606 $ 952.7 $ 941.0 $ 1,069.9 $ 1,152.6 $ 4,116.2 $ 1,209.7 $ 1,321.8 $ 1,387.8 $ 1,446.1 $ 5,365.5 $ 1,374.2 $ 1,477.1 $ 1,546.4 $ 1,497.7 $ 5,895.5 Rental revenue ASC 842 $ 47.9 $ 79.9 $ 87.6 $ 72.0 $ 287.4 $ 67.5 $ 114.0 $ 134.9 $ 104.1 $ 420.5 $ 76.0 $ 111.1 $ 138.8 $ 95.0 $ 420.8 Incentives classified to contra-revenue (recast)⁴ $ 293.4 $ 304.4 $ 234.5 $ 234.0 $ 1,066.4 $ 190.5 $ 183.4 $ 145.1 $ 187.8 $ 706.8 $ 184.7 $ 141.7 $ 106.3 $ 152.6 $ 585.4 Incentives classified to sales and marketing (recast)⁴ $ 17.7 $ 18.7 $ 38.9 $ 50.0 $ 125.3 $ 64.4 $ 81.5 $ 108.4 $ 148.6 $ 402.8 $ 83.8 $ 99.9 $ 128.4 $ 133.6 $ 445.8 Incentives classified to cost of revenue⁵ $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 0.8 $ 2.9 $ 3.7 Net income (loss)⁶ $ 187.6 $ 114.3 $ 12.1 $ 26.3 $ 340.3 $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 Net income (loss) as a % of Gross Bookings 6.2% 3.3% 0.3% 0.7% 2.5% 0.9% 0.1 % 0.3% 1.4 % 0.1 % 0.1 % 0.9 % 1.0 % 54.3 % 15.4 % Net cash provided by (used in) operating activities $ 74.0 $ 70.0 $ 2.3 $ 43.5 $ 98.2 $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287.2 $ 343.7 $ 291.3 $ 246.2 $ 1,168.4 Adjusted EBITDA $ 22.7 $ 41.0 $ 92.0 $ 66.6 $ 222.4 $ 59.4 $ 102.9 $ 107.3 $ 112.8 $ 382.4 $ 106.5 $ 129.4 $ 138.9 $ 154.1 $ 528.8 Adjusted EBITDA margin (calculated as a % of Gross Bookings) 0.7% 1.2% 2.6% 1.8% 1.6% 1.6 % 2.6 % 2.6% 2.6% 2.4% 2.6 % 2.9 % 2.9 % 3.0 % 2.9 % Free cash flow $ 120.8 $ 112.2 $ 30.0 $ 14.9 $ 248.1 $ 127.1 $ 256.4 $ 242.8 $ 140.0 $ 766.3 $ 280.7 $ 329.4 $ 277.8 $ 227.6 $ 1,115.6 Historical Financial and Operational Results (in millions, except for percentages) (1) In the first quarter of 2025, Lyft updated the definition of Active Riders to simplify the definition and better align the metric with future scaling of the business. Additionally, unique riders were previously identified by phone number and are now identified through a unique internal identifier. The change was adopted prospectively and periods prior to the first quarter of 2025 were not changed as the impact was not material. (2) In the fourth quarter of 2025, Lyft simplified the definition of Gross Bookings to better align the metric with future scaling of our business. There was no impact to prior periods. (3) Revenue for the fourth quarter of 2025 and year ended December 31, 2025 includes a $168 million impact from certain legal, tax, and regulatory reserve changes and settlements. Without this item, revenue would have been $1.8 billion and $6.5 billion for the fourth quarter of 2025 and year ended December 31, 2025, respectively. (4) 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. (5) In the third quarter of 2025, as part of our acquisition of Freenow, we determined in certain markets, payments to drivers, including incentives, should be reflected in cost of revenue. (6) Net income for the fourth quarter of 2025 and year ended December 31, 2025 includes a $2.9 billion benefit from the release of our valuation allowance of U.S. federal and certain state deferred tax assets. Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 16
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Assets Current assets: Cash and cash equivalents $ 509.6 $ 638.4 $ 590.5 $ 558.6 $ 507.9 $ 604.4 $ 770.3 $ 759.3 $ 985.5 $ 913.8 $ 1,305.9 $ 1,132.0 Short-term investments 1,245.2 1,059.7 1,076.1 1,126.5 1,157.7 1,196.0 1,156.7 1,225.1 1,168.5 878.3 686.6 705.2 Prepaid expenses and other current assets 792.7 781.2 833.6 892.2 883.1 879.6 940.3 966.1 969.9 965.4 1,002.9 1,082.3 Total current assets 2,547.5 2,479.3 2,500.2 2,577.4 2,548.8 2,679.9 2,867.4 2,950.5 3,123.9 2,757.6 2,995.4 2,919.5 Restricted cash and cash equivalents 228.5 365.8 258.8 211.8 144.7 213.9 270.2 186.7 261.4 461.3 368.3 705.4 Restricted investments 835.8 632.5 767.0 837.3 1,062.3 1,125.0 1,196.8 1,355.5 1,374.5 1,253.4 1,437.6 1,230.8 Other investments 26.5 39.9 39.3 39.9 39.3 39.7 43.0 42.5 42.1 43.3 45.2 47.1 Property and equipment, net 424.4 472.4 476.8 465.8 544.5 528.2 483.9 444.9 415.1 401.2 387.4 418.5 Operating lease right-of-use assets 110.0 105.8 100.5 98.2 95.1 89.0 83.9 148.4 146.3 142.8 155.2 165.6 Intangible assets, net 71.7 68.3 62.5 59.5 55.6 51.3 48.2 42.8 39.3 38.0 134.9 178.9 Goodwill 262.3 260.8 255.7 257.8 256.2 255.4 256.4 251.4 251.5 255.5 389.5 439.8 Deferred tax assets 0.3 0.3 0.2 0.5 0.5 0.5 0.5 0.4 0.4 1.6 11.8 2,906.1 Other assets 22.4 21.1 17.1 16.2 15.5 14.2 12.9 12.0 13.4 14.7 17.7 18.4 Total Assets $ 4,529.5 $ 4,446.2 $ 4,478.2 $ 4,564.5 $ 4,762.4 $ 4,997 .1 $ 5,263.2 $ 5,435.1 $ 5,668.0 $ 5,369.4 $ 5,943.0 $ 9,030.1 Condensed Consolidated Balance Sheet ($ in millions) 17Note: Prior period amounts related to deferred tax assets have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported total assets or total liabilities. Due to rounding, numbers presented may not add up precisely to the totals provided.
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 103.3 $ 62.2 $ 56.7 $ 72.3 $ 104.5 $ 116.1 $ 109.3 $ 97.7 $ 98.6 $ 104.5 $ 107.4 $ 120.5 Insurance reserves 1,353.7 1,309.5 1,322.8 1,337.9 1,391.0 1,489.6 1,592.6 1,701.4 1,823.5 1,947.9 2,070.6 2,180.4 Accrued and other current liabilities 1,636.8 1,606.6 1,527.0 1,508.9 1,580.5 1,602.6 1,715.2 1,666.3 1,735.3 1,839.9 1,930.7 2,196.9 Operating lease liabilities, current 41.7 42.1 42.3 42.6 43.3 43.2 41.8 25.2 24.9 24.5 27.2 28.1 Convertible senior notes, current — — — — — 389.4 389.8 390.2 390.5 — — — Total current liabilities 3,135.4 3,020.4 2,948.9 2,961.6 3,119.2 3,640.8 3,848.6 3,880.7 4,072.9 3,916.7 4,135.9 4,525.8 Operating lease liabilities 161.8 154.4 141.9 134.1 124.8 113.1 103.8 152.1 148.0 142.9 151.1 159.9 Long-term debt, net of current portion 793.4 808.1 833.8 839.4 942.2 578.3 574.5 566.0 549.9 526.5 1,010.0 1,002.4 Other liabilities 56.8 76.3 85.3 87.9 84.9 87.2 80.5 69.3 59.1 50.6 73.0 68.4 Total Liabilities $ 4,147 .5 $ 4,059.2 $ 4,009.9 $ 4,022.9 $ 4,271.1 $ 4,419.5 $ 4,607 .4 $ 4,668.1 $ 4,829.9 $ 4,636.7 $ 5,370.0 $ 5,756.5 Stockholders' equity Preferred stock — — — — — — — — — — — — Common stock — — — — — — — — — — — — Additional paid-in capital 10,514.5 10,633.4 10,732.2 10,827.4 10,810.1 10,892.8 10,979.0 11,035.2 11,104.1 10,954.9 10,743.6 10,687.0 Accumulated other comprehensive income (loss) 4.3 3.8 9.3 4.9 6.3 7.8 3.3 10.1 10.4 7.0 1.4 0.6 Accumulated deficit 10,128.2 10,242.5 10,254.6 10,280.9 10,312.4 10,307.4 10,319.9 10,258.1 10,255.6 10,215.3 10,169.2 7,414.1 Total stockholders' equity 382.0 387.0 468.3 541.5 491.3 577.6 655.8 767.0 838.1 732.7 573.0 3,273.5 Total liabilities and stockholders' equity $ 4,529.5 $ 4,446.2 $ 4,478.2 $ 4,564.5 $ 4,762.4 $ 4,997 .1 $ 5,263.2 $ 5,435.1 $ 5,668.0 $ 5,369.4 $ 5,943.0 $ 9,030.1 Condensed Consolidated Balance Sheet (cont.) ($ in millions) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 18
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Revenue $ 1,000.5 $ 1,020.9 $ 1,157 .6 $ 1,224.6 $ 4,403.6 $ 1,277 .2 $ 1,435.8 $ 1,522.7 $ 1,550.3 $ 5,786.0 $ 1,450.2 $ 1,588.2 $ 1,685.2 $ 1,592.7 $ 6,316.3 Cost and expenses Cost of revenue 549.0 606.6 644.5 743.9 2,544.0 755.4 819.5 888.3 874.6 3,337.7 862.9 935.7 927.2 971.8 3,697.7 Operations and support 98.9 107.6 118.8 101.9 427.2 103.0 115.7 117.5 107.6 443.8 106.3 117.4 131.4 123.1 478.3 Research and development 196.9 154.6 109.2 95.2 555.9 100.0 98.8 104.4 93.8 397.1 112.5 109.3 109.6 120.0 451.4 Sales and marketing 115.9 109.2 129.9 125.9 481.0 145.5 176.4 215.8 251.4 789.0 182.0 190.9 243.3 258.8 875.1 General and administrative 256.5 201.4 195.3 217.9 871.1 236.3 252.6 253.4 195.0 937.3 215.3 232.3 250.6 303.9 1,002.1 Total costs and expenses 1,217.3 1,179.4 1,197.7 1,284.7 4,879.2 1,340.2 1,463.1 1,579.4 1,522.3 5,904.9 1,479.0 1,585.8 1,662.1 1,777.7 6,504.6 Income (loss) from operations $ 216.8 $ 158.5 $ 40.2 $ 60.2 $ 475.6 $ 63.0 $ 27 .2 $ 56.7 $ 28.0 $ 118.9 $ 28.8 $ 2.4 $ 23.1 $ 185.0 $ 188.4 Interest expense 5.4 6.2 6.2 8.4 26.2 7.0 7.9 7.4 6.7 28.9 6.2 5.0 4.7 4.8 20.8 Other income, net 37.2 53.1 34.4 45.4 170.1 41.1 41.9 50.9 39.2 173.2 40.9 47.0 25.8 42.2 155.9 Income (loss) before income taxes 185.0 111.6 12.0 23.1 331.7 28.9 6.9 13.1 60.5 25.4 5.9 44.4 44.1 147.7 53.2 Provision for (benefit from) income taxes 2.7 2.7 0.1 3.2 8.6 2.6 1.9 0.7 1.2 2.6 3.4 4.1 2.0 2,902.7 2,897.3 Net income (loss) $ 187 .6 $ 114.3 $ 12.1 $ 26.3 $ 340.3 $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 Interest expense of 2025 Convertible Notes, net of taxes — — — — — — — — 1.1 — — — — — — Net income (loss), diluted¹ $ 187 .6 $ 114.3 $ 12.1 $ 26.3 $ 340.3 $ 31.5 $ 5.0 $ 12.4 $ 62.8 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 Net income (loss) per share Basic $ 0.50 $ 0.30 $ 0.03 $ 0.07 $ 0.88 $ 0.08 $ 0.01 $ 0.03 $ 0.15 $ 0.06 $ 0.01 $ 0.10 $ 0.11 $ 6.88 $ 6.92 Diluted $ 0.50 $ 0.30 $ 0.03 $ 0.07 $ 0.88 $ 0.08 $ 0.01 $ 0.03 $ 0.15 $ 0.06 $ 0.01 $ 0.10 $ 0.11 $ 6.72 $ 6.81 Weighted-average shares used to compute net income (loss) per share Basic 373.7 381.9 389.3 396.1 385.3 401.6 406.5 412.2 416.3 409.2 419.0 417.2 405.7 400.4 410.8 Diluted 373.7 381.9 389.3 396.1 385.3 401.6 412.0 412.2 429.9 413.7 424.0 423.0 412.7 409.9 417.7 Condensed Consolidated Statement of Operations ($ in millions, except per share items) (1) Diluted net income (loss) is calculated separately for each period presented. As such, the year-to-date period may not add up precisely to the quarter-to-date periods provided. Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 19
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Cash flows from operating activities Net income (loss) $ 187 .6 $ 114.3 $ 12.1 $ 26.3 $ 340.3 $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 27.2 28.6 29.5 31.2 116.5 32.4 37.7 45.1 33.7 148.9 33.6 30.6 33.8 37.3 135.2 Stock-based compensation 180.4 113.9 98.5 91.7 484.5 80.1 85.7 89.0 76.1 330.9 93.2 82.1 66.6 80.4 322.3 Deferred income tax — — 0.2 2.6 2.4 — 0.4 0.1 2.4 1.9 0.1 1.2 0.1 2,894.1 2,895.1 Amortization of premium on marketable securities 0.1 — — — 0.1 0.1 0.1 0.1 — 0.3 — — 0.1 0.1 0.3 Accretion of discount on marketable securities 13.6 14.8 18.2 21.5 68.1 20.9 22.4 22.9 23.2 89.4 21.5 16.2 16.6 14.9 69.2 Amortization of debt discount and issuance costs 0.7 0.7 0.8 0.8 2.9 0.8 1.0 1.0 1.0 3.7 0.9 0.8 0.8 1.2 3.7 Loss (gain) on sale and disposal of assets, net 7.6 1.3 0.6 1.8 11.3 4.3 0.2 12.7 0.3 7.8 0.4 2.7 2.6 2.6 7.6 Gain from lease termination — — — — — — — — 29.6 29.6 — — — — — Other 3.5 11.9 10.6 6.4 4.3 2.1 0.9 3.7 5.0 2.5 0.3 6.2 1.7 4.5 9.2 Changes in operating assets and liabilities: Prepaid expenses and other assets 1.1 20.1 54.3 51.3 86.6 9.8 2.3 51.8 36.7 76.5 9.0 10.3 7.5 44.8 51.0 Operating lease right-of-use assets 19.0 1.3 4.1 1.7 20.0 7.1 6.1 6.8 6.3 26.3 5.5 5.8 8.7 7.0 27.0 Accounts payable 4.3 45.1 3.6 11.9 41.1 31.8 8.0 5.1 13.0 21.7 0.8 6.4 2.3 12.2 21.7 Insurance reserves 63.6 44.2 13.3 15.1 79.5 53.1 98.6 103.0 108.8 363.5 122.1 124.3 122.8 109.8 479.0 Accrued and other liabilities 15.3 3.8 59.0 4.6 73.5 8.5 66.3 114.8 23.4 166.1 67.4 71.8 40.1 206.3 385.6 Lease liabilities 11.7 3.3 6.9 0.1 15.3 12.8 11.4 12.5 10.7 47.4 7.7 7.8 10.2 7.5 33.2 Net cash provided by (used in) operating activities $ 74.0 $ 70.0 $ 2.3 $ 43.5 $ 98.2 $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287 .2 $ 343.7 $ 291.3 $ 246.2 $ 1,168.4 Condensed Consolidated Statement of Cash Flows Note: Prior period amounts related to deferred tax assets and deferred tax liabilities have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported total net cash flows from operating, financing or investing activities. Due to rounding, numbers presented may not add up precisely to the totals provided. ($ in millions) 20
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Cash flows from investing activities Purchases of marketable securities $ 598.6 $ 594.0 $ 1,161.9 $ 934.1 $ 3,288.7 $ 1,124.1 $ 978.2 $ 874.3 $ 1,200.8 $ 4,177.4 $ 1,028.8 $ 565.4 $ 938.5 $ 812.2 $ 3,344.9 Purchases of term deposits — — — 3.5 3.5 2.2 — — 2.2 4.4 — — — — — Proceeds from sales of marketable securities 223.1 71.0 51.3 107.0 452.5 44.0 47.7 63.5 77.7 232.9 71.2 138.2 358.1 161.0 728.4 Proceeds from maturities of marketable securities 846.4 926.5 978.6 729.5 3,481.0 841.7 851.4 804.3 918.0 3,415.3 1,014.0 854.4 606.3 854.8 3,329.6 Proceeds from maturities of term deposits 5.0 — — 3.5 8.5 3.5 — — 2.2 5.7 2.2 — — — 2.2 Purchases of property and equipment and scooter fleet 46.8 42.2 32.3 28.6 149.8 29.1 19.8 21.2 13.4 83.5 6.5 14.3 13.4 18.6 52.8 Sale of property and equipment 20.3 28.6 30.2 13.6 92.6 24.2 22.7 21.0 24.2 92.0 13.5 17.7 11.9 9.8 52.9 Cash paid for acquisitions, net of cash acquired — 1.6 — — 1.6 — — — — — — — 202.9 104.4 307.3 Other — — — 5.5 5.5 — 1.1 — 0.2 1.3 — — 1.3 — 1.3 Net cash provided by (used in) investing activities $ 449.4 $ 391.5 $ 134.1 $ 107 .0 $ 599.8 $ 242.1 $ 75.1 $ 6.7 $ 194.1 $ 518.0 $ 65.7 $ 430.6 $ 179.8 $ 90.3 $ 406.7 Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 21
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Cash flows from financing activities Repayment of loans $ 21.1 $ 27.3 $ 12.1 $ 12.0 $ 72.5 $ 20.6 $ 20.4 $ 20.8 $ 22.3 $ 84.1 $ 16.5 $ 16.7 $ 14.7 $ 14.6 $ 62.4 Payment for settlement of convertible senior notes due 2025 — — — — — 350.0 — — — 350.0 — 390.7 — — 390.7 Proceeds from issuance of convertible senior notes due 2029 — — — — — 460.0 — — — 460.0 — — — — — Proceeds from issuance of convertible senior notes due 2030 — — — — — — — — — — — — 500.0 — 500.0 Payment of debt issuance costs — — — — — 11.9 — — — 11.9 — — 11.3 1.0 12.2 Purchase of capped call — — — — — 47.9 — — — 47.9 — — 42.0 — 42.0 Repurchase of Class A Common Stock — — — — — 50.0 — — — 50.0 — 200.0 200.0 100.0 500.0 Proceeds from exercise of stock options and other common stock issuances 0.3 5.6 0.8 4.3 11.0 1.9 4.5 0.8 7.9 15.1 — 7.3 — 7.6 14.9 Taxes paid related to net share settlement of equity awards 1.2 0.7 0.4 0.8 3.0 1.5 7.4 3.6 27.8 40.3 24.3 37.2 34.2 55.6 151.3 Principal payments on finance lease obligations 5.7 19.1 11.1 7.5 43.5 11.5 12.2 11.8 11.3 46.7 10.9 10.0 9.9 10.4 41.2 Contingent consideration paid — 14.1 — — 14.1 — — — — — — — — — — Other financing activities — — — — — — — — — — — 0.3 0.1 0.1 0.5 Net cash used in financing activities $ 27 .7 $ 55.6 $ 22.7 $ 16.0 $ 122.1 $ 31.4 $ 35.5 $ 35.4 $ 53.6 $ 155.9 $ 51.7 $ 647 .6 $ 187 .9 $ 174.2 $ 685.5 Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 22
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Net cash provided by (used in) operating activities $ 74.0 $ 70.0 $ 2.3 $ 43.5 $ 98.2 $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287.2 $ 343.7 $ 291.3 $ 246.2 $ 1,168.4 Net cash provided by (used in) investing activities 449.4 391.5 134.1 107.0 599.8 242.1 75.1 6.7 194.1 518.0 65.7 430.6 179.8 90.3 406.7 Net cash used in financing activities 27.7 55.6 22.7 16.0 122.1 31.4 35.5 35.4 53.6 155.9 51.7 647.6 187.9 174.2 685.5 Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents $ — $ 0.3 $ 0.4 $ 0.6 $ 0.5 $ 0.5 $ — $ 0.4 $ 1.6 $ 1.6 $ 0.3 $ 1.5 $ 0.2 $ 0.8 $ 1.7 Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents $ 347 .6 $ 266.2 $ 154.9 $ 78.9 $ 380.0 $ 117 .8 $ 165.6 $ 222.3 $ 95.9 $ 174.3 $ 300.9 $ 128.2 $ 299.1 163.1 891.3 Cash and cash equivalents and restricted cash and cash equivalents Beginning of period 391.8 739.4 1,005.6 850.7 391.8 771.8 654.0 819.6 1,041.9 771.8 946.0 1,246.9 1,375.1 1,674.2 946.0 End of period $ 739.4 $ 1,005.6 $ 850.7 $ 771.8 $ 771.8 $ 654.0 $ 819.6 $ 1,041.9 $ 946.0 $ 946.0 $ 1,246.9 $ 1,375.1 $ 1,674.2 $ 1,837.4 $ 1,837.4 Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets Cash and cash equivalents 509.6 638.4 590.5 558.6 558.6 507.9 604.4 770.3 759.3 759.3 985.5 913.8 1,305.9 1,132.0 1,132.0 Restricted cash and cash equivalents 228.5 365.8 258.8 211.8 211.8 144.7 213.9 270.2 186.7 186.7 261.4 461.3 368.3 705.4 705.4 Restricted cash, incl. in prepaid expenses and other current assets 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 — — — — — — — Total cash, cash equivalents and restricted cash and cash equivalents $ 739.4 $ 1,005.6 $ 850.7 $ 771.8 $ 771.8 $ 654.0 $ 819.6 $ 1,041.9 $ 946.0 $ 946.0 $ 1,246.9 $ 1,375.1 $ 1,674.2 $ 1,837 .4 $ 1,837 .4 Condensed Consolidated Statement of Cash Flows (cont.) ($ in millions) Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 23
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Revenue $ 1,000.5 $ 1,020.9 $ 1,157.6 $ 1,224.6 $ 4,403.6 $ 1,277.2 $ 1,435.8 $ 1,522.7 $ 1,550.3 $ 5,786.0 $ 1,450.2 $ 1,588.2 $ 1,685.2 $ 1,592.7 $ 6,316.3 Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — — 168.0 168.0 Revenue without certain legal, tax, and regulatory reserve changes and settlements 1,000.5 1,020.9 1,157 .6 1,224.6 4,403.6 1,277 .2 1,435.8 1,522.7 1,550.3 5,786.0 1,450.2 1,588.2 1,685.2 1,760.7 6,484.3 Cost of revenue 517.9 575.2 615.5 712.2 2,420.8 721.4 780.1 815.6 836.5 3,153.6 824.0 901.4 892.3 933.0 3,550.6 Operating expenses Operations and support 79.2 94.1 115.5 98.6 387.3 100.2 113.2 114.2 104.8 432.4 103.1 114.3 128.2 119.8 465.5 Research and development 95.7 81.2 66.2 62.4 305.5 65.0 68.2 69.3 63.8 266.2 71.9 72.9 80.3 82.5 307.7 Sales and marketing 103.7 95.8 123.9 121.4 444.8 140.7 171.7 210.7 246.9 770.0 176.6 186.3 237.8 251.3 852.0 General and administrative 181.2 133.7 144.5 163.4 622.9 190.6 199.8 205.5 185.5 781.4 168.1 183.8 207.8 219.9 779.7 Adjusted EBITDA $ 22.7 $ 41.0 $ 92.0 $ 66.6 $ 222.4 $ 59.4 $ 102.9 $ 107 .3 $ 112.8 $ 382.4 $ 106.5 $ 129.4 $ 138.9 $ 154.1 $ 528.8 Non-GAAP Condensed Consolidated Statement of Operations ($ in millions) Note: Beginning in Q1ʼ25, we no longer present Adjusted Net Income (Loss). Accordingly, non-GAAP costs and expenses now considers the impact of depreciation of fixed assets and interest related to financed vehicles which have been historically excluded from our Adjusted EBITDA calculation. Prior period non-GAAP results have been recast to conform to current period presentation. Due to rounding, numbers presented may not add up precisely to the totals provided. 24
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total GAAP Cost of Revenue $ 549.0 $ 606.6 $ 644.5 $ 743.9 $ 2,544.0 $ 755.4 $ 819.5 $ 888.3 $ 874.6 $ 3,337.7 $ 862.9 $ 935.7 $ 927.2 $ 971.8 $ 3,697.7 Adjusted to exclude the following (as related to cost of revenue): Depreciation of fixed assets 17.1 18.6 21.0 22.7 79.4 24.5 30.4 38.7 28.2 121.7 28.5 26.1 26.1 26.7 107.3 Amortization of intangible assets 1.2 1.2 1.2 1.2 5.0 1.2 1.2 1.2 1.2 5.0 1.2 1.2 3.2 4.5 10.2 Stock-based compensation expense 10.8 7.5 5.6 6.3 30.2 6.0 5.8 6.8 6.3 24.9 7.5 5.5 4.4 6.3 23.6 Payroll tax expense related to stock-based compensation 0.4 0.2 0.1 0.1 0.9 0.8 0.5 0.2 0.1 1.6 0.4 0.3 0.2 0.2 1.1 Sublease income¹ — — — — — — — — — — — — — — — Interest related to financed vehicles 0.4 0.7 1.1 1.2 3.4 1.4 1.5 1.5 1.4 5.8 1.3 1.2 1.1 1.2 4.7 Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — — — — — — Gain from lease termination — — — — — — — — — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — — — — Restructuring charges 1.1 3.1 — — 4.2 — — 24.2 0.8 25.1 — — — — — Non-GAAP Cost of Revenue $ 517 .9 $ 575.2 $ 615.5 $ 712.2 $ 2,420.8 $ 721.4 $ 780.1 $ 815.6 $ 836.5 $ 3,153.6 $ 824.0 $ 901.4 $ 892.3 $ 933.0 $ 3,550.6 GAAP to Non-GAAP Reconciliations ($ in millions) (1) For the GAAP income statement, sublease income is included as other income while the related lease rent expense is included in its respective operating expense line item. For non-GAAP purposes, sublease income is presented as a contra-expense to the related lease rent expense. There has been no sublease income allocated to cost of revenue through December 31, 2025. Note: Beginning in Q1ʼ25, we no longer present Adjusted Net Income (Loss). Accordingly, non-GAAP costs and expenses now considers the impact of depreciation of fixed assets and interest related to financed vehicles which have been historically excluded from our Adjusted EBITDA calculation. Prior period non-GAAP results have been recast to conform to current period presentation. Due to rounding, numbers presented may not add up precisely to the totals provided. 25
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GAAP Operations and Support $ 98.9 $ 107.6 $ 118.8 $ 101.9 $ 427.2 $ 103.0 $ 115.7 $ 117.5 $ 107.6 $ 443.8 $ 106.3 $ 117.4 $ 131.4 $ 123.1 $ 478.3 Depreciation of fixed assets 0.7 1.0 0.2 0.3 2.2 0.2 0.3 0.3 0.3 1.1 0.3 0.4 0.5 0.5 1.6 Amortization of intangible assets — — — — — — — — — — — — 0.3 0.3 — Stock-based compensation expense 5.9 4.0 2.8 2.7 15.5 2.1 1.9 2.3 2.1 8.4 2.7 2.5 2.2 2.9 10.2 Payroll tax expense related to stock-based compensation 0.3 0.1 0.1 0.1 0.6 0.3 0.2 0.1 0.1 0.7 0.1 0.2 0.2 0.2 0.7 Sublease income¹ 0.2 0.2 0.1 0.2 0.7 0.2 0.1 0.2 0.2 0.7 0.1 0.1 0.1 0.1 0.3 Interest related to financed vehicles — — — — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — — — — — — Gain from lease termination — — — — — — — — — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — — — — Restructuring charges 12.6 8.3 — — 20.9 — — 0.4 0.1 0.5 — — — — — Non-GAAP Operations and Support $ 79.2 $ 94.1 $ 115.5 $ 98.6 $ 387 .3 $ 100.2 $ 113.2 $ 114.2 $ 104.8 $ 432.4 $ 103.1 $ 114.3 $ 128.2 $ 119.8 $ 465.5 GAAP Research and Development $ 196.9 $ 154.6 $ 109.2 $ 95.2 $ 555.9 $ 100.0 $ 98.8 $ 104.4 $ 93.8 $ 397.1 $ 112.5 $ 109.3 $ 109.6 $ 120.0 $ 451.4 Depreciation of fixed assets 0.5 0.4 0.4 0.4 1.7 0.4 0.4 0.5 0.4 1.8 0.4 0.4 0.4 0.4 1.5 Amortization of intangible assets — — — 0.1 0.2 0.1 0.1 — — 0.2 — — — — — Stock-based compensation expense 93.5 49.4 40.7 30.6 214.2 29.8 27.3 32.0 28.6 117.8 38.3 33.9 27.6 35.9 135.7 Payroll tax expense related to stock-based compensation 3.6 1.6 0.9 0.8 6.8 3.8 1.9 0.8 0.7 7.2 2.0 2.0 1.1 1.2 6.3 Sublease income¹ 1.1 1.1 1.1 0.9 4.2 0.9 0.9 0.7 0.3 2.8 — — — — — Interest related to financed vehicles — — — — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — — 0.1 0.1 — 0.2 Gain from lease termination — — — — — — — — — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — — — — Restructuring charges 2.6 20.9 — — 23.4 — — 1.0 — 1.0 — — — — — Non-GAAP Research and Development $ 95.7 $ 81.2 $ 66.2 $ 62.4 $ 305.5 $ 65.0 $ 68.2 $ 69.3 $ 63.8 $ 266.2 $ 71.9 $ 72.9 $ 80.3 $ 82.5 $ 307 .7 GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) (1) For the GAAP income statement, sublease income is included as other income while the related lease rent expense is included in its respective operating expense line item. For non-GAAP purposes, sublease income is presented as a contra-expense to the related lease rent expense. Note: Beginning in Q1ʼ25, we no longer present Adjusted Net Income (Loss). Accordingly, non-GAAP costs and expenses now considers the impact of depreciation of fixed assets and interest related to financed vehicles which have been historically excluded from our Adjusted EBITDA calculation. Prior period non-GAAP results have been recast to conform to current period presentation. Due to rounding, numbers presented may not add up precisely to the totals provided. 26 Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Non-GAAP Operating Expenses
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GAAP Sales and Marketing $ 115.9 $ 109.2 $ 129.9 $ 125.9 $ 481.0 $ 145.5 $ 176.4 $ 215.8 $ 251.4 $ 789.0 $ 182.0 $ 190.9 $ 243.3 $ 258.8 $ 875.1 Depreciation of fixed assets — — — — 0.1 — — — — — — — — — — Amortization of intangible assets 0.1 0.1 0.1 0.1 0.3 0.1 0.1 0.1 0.1 0.3 0.1 0.1 1.8 3.0 5.0 Stock-based compensation expense 11.7 8.0 5.7 4.3 29.7 4.2 4.2 4.8 4.0 17.3 5.1 4.3 3.6 4.3 17.2 Payroll tax expense related to stock-based compensation 0.4 0.2 0.2 0.1 1.0 0.5 0.3 0.1 0.1 1.1 0.3 0.2 0.2 0.2 0.9 Sublease income¹ — — — — — — — — — — — — — — — Interest related to financed vehicles — — — — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — — — — — — Gain from lease termination — — — — — — — — — — — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — — — — Restructuring charges — 5.1 — — 5.1 — — — 0.2 0.2 — — — — — Non-GAAP Sales and Marketing $ 103.7 $ 95.8 $ 123.9 $ 121.4 $ 444.8 $ 140.7 $ 171.7 $ 210.7 $ 246.9 $ 770.0 $ 176.6 $ 186.3 $ 237 .8 $ 251.3 $ 852.0 GAAP General and Administrative $ 256.5 $ 201.4 $ 195.3 $ 217.9 $ 871.1 $ 236.3 $ 252.6 $ 253.4 $ 195.0 $ 937.3 $ 215.3 $ 232.3 $ 250.6 $ 303.9 $ 1,002.1 Depreciation of fixed assets 4.4 4.4 3.8 3.6 16.2 3.2 2.5 2.2 1.3 9.2 0.9 1.1 1.0 1.2 4.2 Amortization of intangible assets 3.2 2.8 2.7 2.6 11.3 2.6 2.6 2.1 2.2 9.6 2.1 1.4 0.5 1.3 5.4 Stock-based compensation expense 58.5 45.1 43.8 47.7 195.1 38.0 46.5 43.0 35.0 162.5 39.7 36.0 28.8 31.0 135.5 Payroll tax expense related to stock-based compensation 1.5 0.6 0.6 0.5 3.2 1.9 1.2 0.5 0.5 4.1 1.2 1.1 0.7 1.1 4.1 Sublease income¹ — — — — — — — — — — — — 0.2 0.4 0.6 Interest related to financed vehicles — — — — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — 3.2 9.0 11.5 5.4 29.2 Gain from lease termination — — — — — — — — 29.6 29.6 — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — — 43.6 43.6 Restructuring charges 7.7 14.8 — — 22.5 — — 0.1 0.1 0.2 — — — — — Non-GAAP General and Administrative $ 181.2 $ 133.7 $ 144.5 $ 163.4 $ 622.9 $ 190.6 $ 199.8 $ 205.5 $ 185.5 $ 781.4 $ 168.1 $ 183.8 $ 207 .8 $ 219.9 $ 779.7 GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) (1) For the GAAP income statement, sublease income is included as other income while the related lease rent expense is included in its respective operating expense line item. For non-GAAP purposes, sublease income is presented as a contra-expense to the related lease rent expense. Note: Beginning in Q1ʼ25, we no longer present Adjusted Net Income (Loss). Accordingly, non-GAAP costs and expenses now considers the impact of depreciation of fixed assets and interest related to financed vehicles which have been historically excluded from our Adjusted EBITDA calculation. Prior period non-GAAP results have been recast to conform to current period presentation. Due to rounding, numbers presented may not add up precisely to the totals provided. 27 Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Non-GAAP Operating Expenses
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total GAAP Operating Expenses (excludes COR $ 668.3 $ 572.8 $ 553.2 $ 540.9 $ 2,335.2 $ 584.8 $ 643.6 $ 691.1 $ 647.7 $ 2,567.2 $ 616.1 $ 650.0 $ 734.9 $ 805.9 $ 2,807.0 Depreciation of fixed assets 5.6 5.8 4.4 4.3 20.2 3.9 3.2 3.0 2.0 12.1 1.6 1.8 1.9 2.0 7.3 Amortization of intangible assets 3.3 2.9 2.8 2.9 11.9 2.8 2.8 2.2 2.3 10.1 2.2 1.5 2.6 4.0 10.4 Stock-based compensation expense 169.6 106.4 93.0 85.3 454.4 74.1 80.0 82.2 69.8 306.0 85.7 76.6 62.2 74.2 298.7 Payroll tax expense related to stock-based compensation 5.8 2.5 1.8 1.5 11.6 6.5 3.7 1.5 1.4 13.2 3.6 3.5 2.2 2.6 11.9 Sublease income¹ 1.3 1.3 1.2 1.1 4.9 1.1 1.0 0.9 0.5 3.5 0.1 0.1 0.3 0.4 0.9 Interest related to financed vehicles — — — — — — — — — — — — — — — Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — 3.2 9.1 11.6 5.4 29.4 Gain from lease termination — — — — — — — — 29.6 29.6 — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — — 43.6 43.6 Restructuring charges 22.8 49.1 — — 71.9 — — 1.5 0.4 1.9 — — — — — Non-GAAP Operating Expenses (excludes COR $ 459.9 $ 404.7 $ 450.1 $ 445.8 $ 1,760.4 $ 496.4 $ 552.8 $ 599.8 $ 601.0 $ 2,250.1 $ 519.7 $ 557 .4 $ 654.1 $ 673.6 $ 2,404.8 GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) 1 For the GAAP income statement, sublease income is included as other income while the related lease rent expense is included in its respective operating expense line item. For non-GAAP purposes, sublease income is presented as a contra-expense to the related lease rent expense. Note: Beginning in Q1ʼ25, we no longer present Adjusted Net Income Loss. Accordingly, non-GAAP costs and expenses now considers the impact of depreciation of fixed assets and interest related to financed vehicles which have been historically excluded from our Adjusted EBITDA calculation. Prior period non-GAAP results have been recast to conform to current period presentation. Due to rounding, numbers presented may not add up precisely to the totals provided. 28
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Gross Bookings¹ $ 3,050.7 $ 3,446.0 $ 3,554.1 $ 3,724.3 $ 13,775.2 $ 3,693.2 $ 4,018.9 $ 4,108.4 $ 4,278.9 $ 16,099.4 $ 4,162.4 $ 4,490.1 $ 4,780.4 $ 5,074.2 $ 18,507.0 Non-GAAP Cost of Revenue 517.9 575.2 615.5 712.2 2,420.8 721.4 780.1 815.6 836.5 3,153.6 824.0 901.4 892.3 933.0 3,550.6 Non-GAAP Cost of Revenue as a % of Gross Bookings 17.0% 16.7% 17.3% 19.1% 17.6% 19.5% 19.4% 19.9% 19.5% 19.6% 19.8% 20.1% 18.7% 18.4% 19.2% Non-GAAP Operations and Support 79.2 94.1 115.5 98.6 387.3 100.2 113.2 114.2 104.8 432.4 103.1 114.3 128.2 119.8 465.5 Non-GAAP Operations and Support as a % of Gross Bookings 2.6% 2.7% 3.2% 2.6% 2.8% 2.7% 2.8% 2.8% 2.4% 2.7% 2.5% 2.6% 2.7% 2.4% 2.5% Non-GAAP Research and Development 95.7 81.2 66.2 62.4 305.5 65.0 68.2 69.3 63.8 266.2 71.9 72.9 80.3 82.5 307.7 Non-GAAP Research and Development as a % of Gross Bookings 3.1% 2.4% 1.9% 1.7% 2.2% 1.8% 1.7% 1.7% 1.5% 1.7% 1.7% 1.6% 1.7% 1.6% 1.7% Non-GAAP Sales and Marketing 103.7 95.8 123.9 121.4 444.8 140.7 171.7 210.7 246.9 770.0 $ 176.6 $ 186.3 $ 237.8 $ 251.3 $ 852.0 Non-GAAP Sales and Marketing as a % of Gross Bookings 3.4% 2.8% 3.5% 3.3% 3.2% 3.8% 4.3% 5.1% 5.8% 4.8% 4.2% 4.2% 5.0% 5.0% 4.6% Non-GAAP General and Administrative 181.2 133.7 144.5 163.4 622.9 190.6 199.8 205.5 185.5 781.4 $ 168.1 $ 183.8 $ 207.8 $ 219.9 $ 779.7 Non-GAAP General and Administrative as a % of Gross Bookings 5.9% 3.9% 4.1% 4.4% 4.5% 5.2% 5.0% 5.0% 4.3% 4.9% 4.0% 4.1% 4.4% 4.3% 4.2% Non-GAAP Operating Expenses (excludes COR 459.9 404.7 450.1 445.8 1,760.4 496.4 552.8 599.8 601.0 2,250.1 $ 519.7 $ 557.4 $ 654.1 $ 673.6 $ 2,404.8 Non-GAAP Operating Expenses (excludes COR) as a % of Gross Bookings 15.1% 11.7% 12.7% 12.0% 12.8% 13.4% 13.8% 14.6% 14.0% 14.0% 12.5% 12.4% 13.7% 13.3% 13.0% Non-GAAP Total Costs and Expenses 977.8 979.9 1,065.5 1,157.9 4,181.2 1,217.8 1,332.9 1,415.4 1,437.5 5,403.6 1,343.7 1,458.8 1,546.3 1,606.6 5,955.4 Non-GAAP Total Costs and Expenses as a % of Gross Bookings 32.1% 28.4% 30.0% 31.1% 30.4% 33.0% 33.2% 34.5% 33.6% 33.6% 32.3% 32.5% 32.4% 31.7% 32.2% GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) (1) Lyft defines Gross Bookings as the total dollar value of transactions including any applicable taxes, tolls and fees, for rides and other offerings provided by Lyft, excluding tips to drivers. Note: Beginning in Q1ʼ25, we no longer present Adjusted Net Income (Loss). Accordingly, non-GAAP costs and expenses now considers the impact of depreciation of fixed assets and interest related to financed vehicles which have been historically excluded from our Adjusted EBITDA calculation. Prior period non-GAAP results have been recast to conform to current period presentation. Due to rounding, numbers presented may not add up precisely to the totals provided. 29
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Reconciliation of Net Income Loss to Non-GAAP Adjusted EBITDA GAAP Net Income Loss $ 187 .6 $ 114.3 $ 12.1 $ 26.3 $ 340.3 $ 31.5 $ 5.0 $ 12.4 $ 61.7 $ 22.8 $ 2.6 $ 40.3 $ 46.1 $ 2,755.1 $ 2,844.0 Adjusted for the following: Interest expense 5.9 6.9 7.3 9.7 29.7 8.5 9.4 8.9 8.1 34.7 7.5 6.2 5.8 6.0 25.5 Other income, net 37.2 53.1 34.4 45.4 170.1 41.1 41.9 50.9 39.2 173.2 40.9 47.0 25.8 42.2 155.9 Provision for (benefit from) income taxes 2.7 2.7 0.1 3.2 8.6 2.6 1.9 0.7 1.2 2.6 3.4 4.1 2.0 2,902.7 2,897.3 Depreciation and amortization 27.2 28.6 29.5 31.2 116.5 32.4 37.7 45.1 33.7 148.9 33.6 30.6 33.8 37.3 135.2 Stock-based compensation expense 180.4 113.9 98.5 91.7 484.5 80.1 85.7 89.0 76.1 330.9 93.2 82.1 66.6 80.4 322.3 Payroll tax expense related to stock-based compensation 6.2 2.7 1.9 1.6 12.5 7.4 4.2 1.7 1.5 14.8 4.0 3.9 2.4 2.8 13.0 Sublease income¹ 1.3 1.3 1.2 1.1 4.8 1.1 1.0 0.9 0.5 3.5 0.1 0.1 0.3 0.4 0.9 Costs related to acquisitions, divestitures and other corporate matters — — — — — — — — — — 3.2 9.1 11.6 5.4 29.4 Gain from lease termination² — — — — — — — — 29.6 29.6 — — — — — Certain legal, tax, and regulatory reserve changes and settlements — — — — — — — — — — — — — 211.6 211.6 Restructuring charges³ 23.9 52.3 — — 76.2 — — 25.8 1.2 26.9 — — — — — Adjusted EBITDA $ 22.7 $ 41.0 $ 92.0 $ 66.6 $ 222.4 $ 59.4 $ 102.9 $ 107 .3 $ 112.8 $ 382.4 $ 106.5 $ 129.4 $ 138.9 $ 154.1 $ 528.8 Net income (loss) as a percentage of Gross Bookings 6.2% 3.3% 0.3% 0.7% 2.5% 0.9% 0.1 % 0.3% 1.4 % 0.1 % 0.1 % 0.9 % 1.0 % 54.3 % 15.4 % Adjusted EBITDA margin (calculated as a percentage of Gross Bookings) 0.7% 1.2% 2.6% 1.8% 1.6% 1.6 % 2.6 % 2.6 % 2.6 % 2.4 % 2.6 % 2.9 % 2.9 % 3.0 % 2.9 % GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) (1) For the GAAP income statement, sublease income is included as other income while the related lease rent expense is included in its respective operating expense line item. For non-GAAP purposes, sublease income is presented as a contra-expense to the related lease rent expense. (2) In the fourth quarter of 2024, we recorded a $29.6 million gain as a result of the termination of a portion of the lease for the Companyʼs San Francisco headquarters. (3) In the year ended December 31, 2024, we incurred restructuring charges of $14.1 million of fixed asset disposals, $11.1 million of other current assets disposals and other costs and $1.8 million of severance and other employee costs. Restructuring related charges for accelerated depreciation of fixed assets of $10.6 million are included on its respective line item. Refer to prior period supplemental data for a breakdown of prior period restructuring charges. Note: Due to rounding, numbers presented may not add up precisely to the totals provided. 30
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Fiscal 2023 Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Reconciliation of Net Cash Provided by Used in) Operating Activities to Free Cash Flow Net Cash Provided by Used in) Operating Activities¹ $ 74.0 $ 70.0 $ 2.3 $ 43.5 $ 98.2 $ 156.2 $ 276.2 $ 264.0 $ 153.4 $ 849.7 $ 287 .2 $ 343.7 $ 291.3 $ 246.2 $ 1,168.4 Less: Purchases of property and equipment and scooter fleet² 46.8 42.2 32.3 28.6 149.8 29.1 19.8 21.2 13.4 83.5 6.5 14.3 13.4 18.6 52.8 Free cash flow³ $ 120.8 $ 112.2 $ 30.0 $ 14.9 $ 248.1 $ 127 .1 $ 256.4 $ 242.8 $ 140.0 $ 766.3 $ 280.7 $ 329.4 $ 277 .8 $ 227 .6 $ 1,115.6 The below table calculates free cash flow for the trailing twelve months period, which represent the sum of the current quarter and prior three quarters. Fiscal 2023 Fiscal 2024 Fiscal 2025 Trailing Twelve Months Ended Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net Cash Provided by Used in) Operating Activities $ 159.0 $ 203.8 $ 175.3 $ 98.2 $ 132.0 $ 478.2 $ 739.9 $ 849.7 $ 980.8 $ 1,048.3 $ 1,075.6 $ 1,168.4 Less: Purchases of property and equipment and scooter fleet 131.5 150.7 153.9 149.8 132.2 109.8 98.7 83.5 60.9 55.4 47.6 52.8 Free cash flow Trailing Twelve Months) $ 290.5 $ 354.5 $ 329.2 $ 248.1 $ 0.2 $ 368.4 $ 641.2 $ 766.3 $ 919.9 $ 993.0 $ 1,027 .9 $ 1,115.6 1 Net cash provided by (used in) operating activities was $25.2) million, $26.2) million and $33.6) million for the three months ended June 30, 2022, September 30, 2022 and December 31, 2022, respectively. 2 Purchases of property and equipment and scooter fleet was $23.0) million, $29.1) million and $32.6) million for the three months ended June 30, 2022, September 30, 2022 and December 31, 2022, respectively. 3 Free cash flow was $48.2) million, $55.3) million and $66.2) million for the three months ended June 30, 2022, September 30, 2022 and December 31, 2022, respectively. Note: Due to rounding, numbers presented may not add up precisely to the totals provided. GAAP to Non-GAAP Reconciliations (cont.) ($ in millions) 31