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of Contents](#i91724931469c41a6ae1e313665502431_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_________________________________________________________________\n\nFORM 10-Q\n\n_________________________________________________________________\n\n(Mark One)\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from                to                \n\nCommission File Number: 001-38846\n\n_________________________________________________________________\n\nLyft, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n_________________________________________________________________\n\nDelaware20-8809830\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n185 Berry Street, Suite 400\n\nSan Francisco, California 94107\n\n(Address of registrant’s principal executive offices, including zip code)\n\n(844) 250-2773\n\n(Registrant’s telephone number, including area code)\n\n_________________________________________________________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A common stock, par value of $0.00001 per shareLYFTNasdaq Global Select Market\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ☒     No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒     No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n☒\nAccelerated filer\n☐\n\nNon-accelerated filer☐Smaller reporting company\n☐\n\nEmerging growth company\n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  ☒\n\nAs of May 1, 2026, the number of shares of the registrant’s Class A common stock outstanding was 379,682,532.\n\n[Table of Contents](#i91724931469c41a6ae1e313665502431_7)\n\nLyft, Inc.\n\nTable of Contents\n\nPage\n\n[PART](#i91724931469c41a6ae1e313665502431_13)[I](#i91724931469c41a6ae1e313665502431_13)[-](#i91724931469c41a6ae1e313665502431_13)[FINANCIAL INFORMATION](#i91724931469c41a6ae1e313665502431_13)\n\n[Item 1.](#i91724931469c41a6ae1e313665502431_16)\n\n[Condensed Consolidated Financial Statements (unaudited)](#i91724931469c41a6ae1e313665502431_16)\n\n[3](#i91724931469c41a6ae1e313665502431_16)\n\n[Condensed Consolidated Balance Sheets](#i91724931469c41a6ae1e313665502431_19)\n\n[3](#i91724931469c41a6ae1e313665502431_19)\n\n[Condensed Consolidated Statements of Operations](#i91724931469c41a6ae1e313665502431_22)\n\n[4](#i91724931469c41a6ae1e313665502431_22)\n\n[Condensed Consolidated Statements of Comprehensive Income (Loss)](#i91724931469c41a6ae1e313665502431_25)\n\n[5](#i91724931469c41a6ae1e313665502431_25)\n\n[Condensed Consolidated Statements of Stockholders’ Equity](#i91724931469c41a6ae1e313665502431_28)\n\n[6](#i91724931469c41a6ae1e313665502431_28)\n\n[Condensed Consolidated Statements of Cash Flows](#i91724931469c41a6ae1e313665502431_31)\n\n[7](#i91724931469c41a6ae1e313665502431_31)\n\n[Notes to Condensed Consolidated Financial Statements](#i91724931469c41a6ae1e313665502431_34)\n\n[9](#i91724931469c41a6ae1e313665502431_34)\n\n[Item 2.](#i91724931469c41a6ae1e313665502431_112)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i91724931469c41a6ae1e313665502431_112)\n\n[30](#i91724931469c41a6ae1e313665502431_112)\n\n[Item 3.](#i91724931469c41a6ae1e313665502431_157)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i91724931469c41a6ae1e313665502431_157)\n\n[40](#i91724931469c41a6ae1e313665502431_157)\n\n[Item 4.](#i91724931469c41a6ae1e313665502431_160)\n\n[Controls and Procedures](#i91724931469c41a6ae1e313665502431_160)\n\n[41](#i91724931469c41a6ae1e313665502431_160)\n\n[PART II](#i91724931469c41a6ae1e313665502431_163)[-](#i91724931469c41a6ae1e313665502431_163)[OTHER INFORMATION](#i91724931469c41a6ae1e313665502431_163)\n\n[Item 1.](#i91724931469c41a6ae1e313665502431_166)\n\n[Legal Proceedings](#i91724931469c41a6ae1e313665502431_166)\n\n[42](#i91724931469c41a6ae1e313665502431_166)\n\n[Item 1A.](#i91724931469c41a6ae1e313665502431_169)\n\n[Risk Factors](#i91724931469c41a6ae1e313665502431_169)\n\n[42](#i91724931469c41a6ae1e313665502431_169)\n\n[Item 2.](#i91724931469c41a6ae1e313665502431_172)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i91724931469c41a6ae1e313665502431_172)\n\n[81](#i91724931469c41a6ae1e313665502431_172)\n\n[Item 3.](#i91724931469c41a6ae1e313665502431_175)\n\n[Defaults Upon Senior Securities](#i91724931469c41a6ae1e313665502431_175)\n\n[81](#i91724931469c41a6ae1e313665502431_175)\n\n[Item 4.](#i91724931469c41a6ae1e313665502431_178)\n\n[Mine Safety Disclosures](#i91724931469c41a6ae1e313665502431_178)\n\n[81](#i91724931469c41a6ae1e313665502431_178)\n\n[Item 5.](#i91724931469c41a6ae1e313665502431_181)\n\n[Other Information](#i91724931469c41a6ae1e313665502431_181)\n\n[81](#i91724931469c41a6ae1e313665502431_181)\n\n[Item 6.](#i91724931469c41a6ae1e313665502431_187)\n\n[Exhibits](#i91724931469c41a6ae1e313665502431_187)\n\n[82](#i91724931469c41a6ae1e313665502431_187)\n\n[Signatures](#i91724931469c41a6ae1e313665502431_190)\n\n[83](#i91724931469c41a6ae1e313665502431_190)\n\n[Table of Contents](#i91724931469c41a6ae1e313665502431_7)\n\nNOTE ABOUT FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include statements about:\n\n•our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, capital expenditures, our ability to determine insurance, legal and other reserves and our ability to achieve and maintain profitability and positive free cash flows;\n\n•the sufficiency of our cash, cash equivalents and short-term investments to meet our liquidity needs;\n\n•the demand for our platform or for Transportation-as-a-Service networks in general;\n\n•our ability to attract and retain drivers and riders;\n\n•our ability to develop new offerings and bring them to market in a timely manner and make enhancements to our platform;\n\n•our ability to successfully acquire and integrate companies and assets, as well as our expectations regarding the anticipated benefits of such transactions over time;\n\n•our ability to compete with existing and new competitors in existing and new markets and offerings;\n\n•our prices and pricing methodologies and our expectations for the impact of pricing on our competitive position and our financial results;\n\n•our expectations regarding outstanding and potential litigation, including with respect to the classification of drivers on our platform;\n\n•our expectations regarding the effects of existing and developing laws and regulations, including with respect to the classification of drivers on our platform, taxation, privacy and data protection;\n\n•our ability to manage and insure risks associated with our Transportation-as-a-Service network, including auto-related and operations-related risks, and our expectations regarding insurance costs and estimated insurance reserves;\n\n•our expectations regarding new and evolving markets and our efforts to address these markets;\n\n•our ability to develop and protect our brand;\n\n•our ability to maintain the security and availability of our platform;\n\n•our expectations and management of future growth and business operations;\n\n•our expectations concerning relationships with third-parties;\n\n•our ability to maintain, protect and enhance our intellectual property;\n\n•our expectations concerning macroeconomic conditions, including the impact of inflation, uncertainty in the global banking and financial services markets and public health crises;\n\n•our expectations regarding our share repurchase program, including the timing of repurchases thereunder;\n\n•our restructuring actions, including the costs of such actions and the impact of such actions on our business and financial performance; and\n\n•our ability to service our existing debt.\n\nWe caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.\n\nYou should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover,\n\n1\n\n[Table of Contents](#i91724931469c41a6ae1e313665502431_7)\n\nwe operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.\n\nThe forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.\n\nIn addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.\n\n2\n\n[Table of Contents](#i91724931469c41a6ae1e313665502431_7)\n\nPART I – FINANCIAL INFORMATION"}