Lyft, Inc. reports results on Thursday 5 November, after the market closes. The company is selling more but keeping less of each sale. Revenue over the twelve months to Q2 2026 was $6.8 billion, which rose 10.8% on the year before.
Source: reported quarterly EPS and aggregated third-party estimates. Historical surprises are context, not a forecast.
View chart data
| Period | Reported EPS | Analysts' estimate |
|---|---|---|
| Sep '25 | $0.11 | $0.07 |
| Dec '25 | $6.59 | $0.12 |
| Mar '26 | $0.04 | $0.07 |
| Jun '26 | $0.13 | $0.14 |
What analysts expect from Lyft
Analysts have been cutting their forecasts going into the report. For the quarter, the analysts' average EPS estimate is $0.45, in a range from $0.39 to $0.58. The average revenue estimate for the quarter is $1.9 billion. Meanwhile, the analysts' average estimate for full-year EPS is $0.54, which would be down 92.0% on last year (based on 37 analysts). That estimate has fallen 2.4% over the past 90 days. Of the analysts' recommendations, 14 are positive, 30 neutral and 1 negative.
Track record against estimates
The company reported EPS above the analysts' average estimate in 2 of the last 4 quarters. Last quarter, EPS of $0.13 compared with an estimate of $0.14, below it by 7.7%.
The jump in profit did not come from the business
Profit and cash are telling different stories: earnings grew far faster. The trailing gross margin was 45.5%. The trailing operating margin was negative, at −1.8%, down 0.9 percentage points from a year earlier. The trailing net margin was 42.3%. Net income over the twelve months was $2.9 billion, which rose 3008.6% on the year before.
Where the cash went
Today's cash margin sits near the top of the company's own record. Operating cash flow over the twelve months was $1.2 billion, up 14.0% on the year before. Capital spending was $146.4 million, or 2.2% of revenue. Free cash flow, operating cash flow less capital spending, was $1.0 billion, up 15.8% on the year before. Free cash flow was 15.5% of revenue (the free-cash-flow margin), up 0.7 percentage points from a year earlier. The average diluted share count fell 4.5% over the year.
Where Lyft's figures sit in its own record
Measured against its own history: today's free-cash-flow margin of 15.5% is higher than 93% of the company's own past quarterly readings, which have ranged from −69.8% to 16.4%. Today's operating margin of −1.8% is higher than 90% of past readings (−89.7% to 0.4%). Today's twelve-month revenue growth rate of 10.8% is higher than 31% of past readings (−46.8% to 72.2%).
Questions this report will answer
Whether the pick-up in revenue growth continues. Whether results land above or below the analysts' expectations set out above. Alongside that, Whether margins hold at the trailing levels above. The next filing will show whether the trends above continue, slow or reverse.
What Lyft's share price implies against our model
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 24.0%, and growth 5 percentage points higher would raise it by 31.1%. A free-cash-flow margin 1 percentage point lower would lower it by 6.2%.
