LYFT Bernstein Insights 2026

All right. Thank you, everybody, for joining. Good morning. My name is Nikhil Devnani.

I'm Bernstein's U.S. emerging Internet analyst. I cover the rideshare space for us here. And it's my pleasure today to have Erin Brewer, CFO of Lyft on stage with me. Aaron, welcome to the Bernstein TMT Conference.

Thank you. Thank you for having us. We're happy to be here.

Yes, we appreciate it. I have a bunch of questions prepared. If you'd like to submit some to be woven into the conversation, please do so via the QR code available to you and happy to work those in.

But let's get started here. So Erin, maybe let's start with a look back on what 2025 was. The business now is doing about $18.5 billion in gross bookings, $500 million plus in adjusted EBITDA. GAAP profitability is now showing up on a more consistent basis as well.

So it's been a journey in improving earnings quality as well. What were the main learnings from 2025 when you look back on it, what were the areas that you hope to improve upon as you look ahead as well as a senior leadership team?

Yes. I appreciate the opportunity to talk about 2025. It was an exceptional year at Lyft. If you look across pretty much any metric, record active riders, record driver hours, record gross bookings, record profitability, exceptional free cash flow.

So we're extremely proud of that. And that's really underpinned by a couple of critical things. One, the foundational health of the platform continues to strengthen. We're picking up people faster, we're pricing reliably.

That is the foundation of when you bring in an active rider, give them a great experience, they're going to come back. You can convert that into frequency. In addition, we've expanded the portfolio in really meaningful ways, great ways to drive active riders into the platform through the expansion of our high-value modes, for example, the expansion of partnerships, growth of our existing partnerships. We obviously added United drove significant growth through our Door Dash partnership, which we're really proud of.

We brought on 2 acquisitions, the acquisition of Free Now, which expanded us into 9 countries into Europe. We brought on TBR Global show firing, which was One of the important elements we're putting together as part of our higher-value offerings overall. These have all been really important foundations of the