Lyft's Remarkable Growth Journey and Financial Milestones

Author: Olivia Taylor Updated: 02-11-2025 04:37 PM

Lyft Reports Record Q4 and Full-Year 2024 Results

Lyft, Inc. (NASDAQ: LYFT) has recently announced its financial results for an astonishing fourth quarter and a fully flourishing financial year. This announcement comes following a landmark year of operations.

2024 Financial Achievements

2024 marked a transformational year for Lyft, wherein the company celebrated unmatched milestones. CEO David Risher emphasized the company’s ambition to revitalize the rideshare market, assisting 44 million users across North America. Risher stated, "2024 was a record-smashing year for Lyft... Our biggest competition is inertia." The positive impact on both drivers and riders signals Lyft's commitment to outperforming rivals in the industry.

Fourth Quarter Highlights

Gross Bookings of $4.3 billion, reflecting a 15% year-on-year growth.
Revenue of $1.6 billion, a substantial 27% increase from the previous year.
Net income surged to $61.7 million, up from a net loss of $26.3 million in Q4 2023.
Adjusted EBITDA rose to $112.8 million versus $66.6 million in the previous year.

Full-Year Highlights

Gross Bookings totaled $16.1 billion for 2024, an increase of 17% compared to 2023.
Annual Revenue reached $5.8 billion, marking a 31% growth year-on-year.
Net income was recorded at $22.8 million compared to a net loss of $340.3 million in 2023.
Free cash flow improved significantly with a positive outcome of $766.3 million, a remarkable shift from negative $248.1 million previously.

Growth in Operations

Lyft's operational metrics are similarly impressive, noting substantial growth in both rides and active riders. In the fourth quarter alone, rides grew by 15% to reach a staggering 219 million. Over the entire year, total rides hit the 828 million mark, reinforcing Lyft's stronghold in the market.

Growing Active Rider Base

Active Riders increased to 24.7 million in Q4, reflecting a significant 10% growth.
Throughout 2024, the annual active rider count hit a record high of 44 million.

Improved Driver Engagement

Both driver preference and engagement saw seismic gains, with Lyft achieving the highest driver hours ever recorded in company history. Survey results indicated that Lyft enjoyed a substantial preference advantage over competing rideshare platforms.

Share Repurchase Program

In a strategic move, Lyft's Board of Directors has approved a share repurchase program of up to $500 million of its Class A common stock. This initiative aims to enhance shareholder value, and Lyft plans to execute buybacks opportunistically based on market conditions.

Q1 2025 Outlook

Lyft projects mid-teen rides growth, fueled by burgeoning service levels and rider engagement.
Gross Bookings growth is expected to be approximately 10% to 14% year-over-year.
Adjusted EBITDA is forecasted to be between $90 million and $95 million, with an anticipated margin of 2.2% to 2.3%.

Frequently Asked Questions

What achievements did Lyft report in Q4 2024?

Lyft achieved gross bookings of $4.3 billion, revenue of $1.6 billion, and a net income of $61.7 million.

What was the total gross bookings for 2024?

The total gross bookings for Lyft in 2024 reached $16.1 billion.

How many active riders does Lyft have?

Lyft had approximately 44 million active riders in 2024, marking a record high.

What is the future outlook for Lyft?

Lyft anticipates mid-teen rides growth in Q1 2025 and expects gross bookings to grow by 10% to 14% year-over-year next quarter.

What is Lyft's approach to share repurchase?

Lyft has authorized a $500 million share repurchase program to enhance shareholder value, allowing for flexibility based on market conditions.

About The Author

Olivia Taylor here, a 26-year-old writer and financial advisor. After earning a degree in finance, I worked in the sector for years. I've always loved numbers and had a talent for simplifying difficult financial ideas so that anyone could understand. I wrote my first book because of this passion; it helps readers take charge of their financial futures by fusing real-life stories with useful financial advice.

Whether they are just beginning their careers, preparing for significant life events, or seeking to invest wisely, my goal with my writing is to enable people to make educated financial decisions. The foundation of my work is the conviction that security and freedom of the individual are largely determined by financial literacy. To further financial education, I run workshops and frequently write for financial blogs in addition to my books.

I like to travel, experience other cultures, and find inspiration in daily life when I'm not writing or examining market trends. My passion is utilizing sound financial practices to help people reach their financial objectives and lead the best lives possible.

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