Lyft signals steady demand as second-quarter revenue tops estimates

For the third quarter, the company forecast gross bookings of $5.5 billion to $5.67 billion, compared with Wall Street expectations of $5.57 billion.

Lyft has sought to improve growth and profitability by steering riders toward higher-value services, including premium rides, airport trips and chauffeur offerings, while also expanding its European operations through FreeNow by Lyft.

A year after closing its acquisition of European ride-hailing app FreeNow, Lyft said the business is performing better on an organic basis as the company integrates it into the global platform.

Adjusted core profit jumped 37% to $177.2 million, exceeding estimates of $171.9 million.

Lower insurance costs, helped by California reforms and growth in markets with lower insurance expenses, allowed it to spend more on rider incentives and loyalty programs to drive rides growth, Brewer said.

Lyft also said it repurchased about $100 million of stock during the quarter and expects full-year 2026 buybacks at a level similar to 2025.

Lyft beat Wall Street estimates for second-quarter revenue on Thursday and forecast current-quarter gross bookings slightly above expectations, as demand for higher-value rides, international expansion and partnerships drive growth.

Revenue jumped 16% to $1.84 billion in the three months ended June 30, above analysts' average estimate of $1.81 billion, according to LSEG data.

Gross bookings, which measure the total value of transactions on its platform, rose 23% to a record $5.50 billion in the second quarter.