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Software - Application · Technology · Fiscal year ends Dec 31
Lyft reported revenue of $5.9B in the fiscal year ended Dec 2025, up 9.9% from the year before. Operating income was −$188M, an operating margin of −3.2%, and net income was $2.8B. It held more cash than debt (net cash $79M).
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,958 | 3,812 | 4,116 | 5,366 | 5,895 |
| Cost of revenue | 1,702 | 2,436 | 2,544 | 3,338 | 3,698 |
| Gross profit | 1,256 | 1,376 | 1,572 | 2,028 | 2,198 |
| Research & development | 912 | 857 | 556 | 397 | 451 |
| Selling, general & admin | 1,327 | 1,818 | 1,352 | 1,726 | 1,877 |
| Operating income | −1,135 | −1,459 | −476 | −119 | −188 |
| Interest expense | 51.6 | 19.7 | 26.2 | 28.9 | 20.8 |
| Pre-tax income | −1,051 | −1,579 | −332 | 25.4 | −53.2 |
| Income tax | 11.2 | 5.9 | 8.6 | 2.6 | −2,897 |
| Net income | −1,062 | −1,585 | −340 | 22.8 | 2,844 |
| Diluted EPS | −3.17 | −4.47 | −0.88 | 0.06 | 6.81 |
| Diluted shares | 335 | 355 | 385 | 414 | 418 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 457 | 281 | 559 | 759 | 1,132 |
| Current assets | 2,776 | 2,583 | 2,577 | 2,951 | 2,920 |
| Net PP&E | 298 | 313 | 466 | 445 | 419 |
| Goodwill | 181 | 262 | 258 | 251 | 440 |
| Total assets | 4,774 | 4,556 | 4,564 | 5,435 | 9,030 |
| Payables | 130 | 108 | 72.3 | 97.7 | 120 |
| Deferred revenue | 42.5 | – | – | – | – |
| Current liabilities | 2,516 | 3,133 | 2,962 | 3,881 | 4,526 |
| Short-term debt | 56.3 | 36.3 | 25.8 | 38.9 | 50.6 |
| Long-term debt | 655 | 803 | 839 | 566 | 1,002 |
| Total liabilities | 3,433 | 4,168 | 4,023 | 4,668 | 5,757 |
| Shareholders' equity | 1,341 | 389 | 542 | 767 | 3,274 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −102 | −237 | −98.2 | 850 | 1,168 |
| Depreciation & amortisation | 139 | 155 | 117 | 149 | 135 |
| Stock-based compensation | 725 | 751 | 485 | 331 | 322 |
| Acquisitions | −0.0 | 146 | −1.6 | 0.0 | 307 |
| Share buybacks | – | 0.0 | 0.0 | 50.0 | 500 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.9% | 8.0% | 30.4% | 9.9% |
| EPS growth (YoY) | – | – | – | – | 11250.0% |
| Gross margin | 42.4% | 36.1% | 38.2% | 37.8% | 37.3% |
| Operating margin | −38.4% | −38.3% | −11.6% | −2.2% | −3.2% |
| Net margin | −35.9% | −41.6% | −8.3% | 0.4% | 48.2% |
| Return on equityBlank when equity is negative | −79.2% | −407.7% | −62.8% | 3.0% | 86.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −50.3% | −102.5% | −29.7% | −7.7% | −4.2% |
| Cash conversion (CFO ÷ net income) | 0.10x | 0.15x | 0.29x | 37.3x | 0.41x |
| Payable days | 28 | 16 | 10 | 11 | 12 |
| Interest cover | −22.0x | −73.9x | −18.1x | −4.11x | −9.08x |
| Debt ÷ equity | 0.53x | 2.16x | 1.60x | 0.79x | 0.32x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 254 | 558 | 307 | −154 | −79.0 |
| Current ratio | 1.10x | 0.82x | 0.87x | 0.76x | 0.65x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.