LYFT, INC., 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-38846  
Entity Registrant Name Lyft, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-8809830  
Entity Address, Address Line One 185 Berry Street  
Entity Address, Address Line Two Suite 400  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94107  
City Area Code 844  
Local Phone Number 250-2773  
Title of each class Class A common stock, par value of $0.00001 per share  
Trading Symbol(s) LYFT  
Name of each exchange on which registered NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   399,353,398
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001759509  
Current Fiscal Year End Date --12-31  
v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 1,305,908 $ 759,319
Short-term investments 686,615 1,225,124
Prepaid expenses and other current assets 1,002,890 966,090
Total current assets 2,995,413 2,950,533
Restricted cash and cash equivalents 368,314 186,721
Restricted investments 1,437,584 1,355,451
Other investments 45,166 42,516
Property and equipment, net 387,409 444,864
Operating lease right of use assets 155,244 148,397
Intangible assets, net 134,945 42,776
Goodwill 389,524 251,376
Other assets 29,434 12,435
Total assets 5,943,033 5,435,069
Current liabilities    
Accounts payable 107,354 97,704
Insurance reserves 2,070,618 1,701,393
Accrued and other current liabilities 1,930,676 1,666,278
Operating lease liabilities, current 27,203 25,192
Convertible senior notes, current 0 390,175
Total current liabilities 4,135,851 3,880,742
Operating lease liabilities 151,109 152,074
Long-term debt, net of current portion 1,010,044 565,968
Other liabilities 72,994 69,269
Total liabilities 5,369,998 4,668,053
Commitments and contingencies (Note 10)
Stockholders’ equity    
Preferred stock, $0.00001 par value; 1,000,000 shares authorized as of September 30, 2025 and December 31, 2024; no shares issued and outstanding as of September 30, 2025 and December 31, 2024 0 0
Common stock, $0.00001 par value; 18,000,000 Class A shares authorized as of September 30, 2025 and December 31, 2024; 401,465 and 409,474 Class A shares issued and outstanding, as of September 30, 2025 and December 31, 2024, respectively; 87,220 and 100,000 Class B shares authorized as of September 30, 2025 and December 31, 2024; no Class B shares issued and outstanding as of September 30, 2025 and 8,531 Class B shares issued and outstanding as of December 31, 2024 4 4
Additional paid-in capital 10,743,631 11,035,246
Accumulated other comprehensive loss (1,424) (10,103)
Accumulated deficit (10,169,176) (10,258,131)
Total stockholders’ equity 573,035 767,016
Total liabilities and stockholders’ equity $ 5,943,033 $ 5,435,069
v3.25.3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Preferred stock par value (in dollars per share) $ 0.00001 $ 0.00001
Preferred stock shares authorized (in shares) 1,000,000,000 1,000,000,000
Preferred stock shares issued (in shares) 0 0
Preferred stock shares outstanding (in shares) 0 0
Class A Common Stock    
Common stock par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock shares authorized (in shares) 18,000,000,000 18,000,000,000
Common stock shares issued (in shares) 401,465,000 409,474,000
Common stock shares outstanding (in shares) 401,465,000 409,474,000
Class B Common Stock    
Common stock par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock shares authorized (in shares) 87,220,000 100,000,000
Common stock shares issued (in shares) 0 8,531,000
Common stock shares outstanding (in shares) 0 8,531,000
v3.25.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue $ 1,685,195 $ 1,522,692 $ 4,723,550 $ 4,235,739
Costs and expenses        
Cost of revenue 927,221 888,255 2,725,829 2,463,135
Operations and support 131,424 117,462 355,192 336,238
Research and development 109,615 104,447 331,435 303,277
Sales and marketing 243,317 215,779 616,256 537,621
General and administrative 250,565 253,436 698,204 742,332
Total costs and expenses 1,662,142 1,579,379 4,726,916 4,382,603
Income (loss) from operations 23,053 (56,687) (3,366) (146,864)
Interest expense (4,742) (7,362) (15,924) (22,262)
Other income, net 25,804 50,941 113,710 133,941
Income (loss) before income taxes 44,115 (13,108) 94,420 (35,185)
Provision for (benefit from) income taxes (1,959) (682) 5,465 3,762
Net income (loss) $ 46,074 $ (12,426) $ 88,955 $ (38,947)
Net income (loss) per share attributable to common stockholders        
Basic (in dollars per share) $ 0.11 $ (0.03) $ 0.21 $ (0.10)
Diluted (in dollars per share) $ 0.11 $ (0.03) $ 0.21 $ (0.10)
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to common stockholders        
Basic (in shares) 405,679 412,229 414,374 406,785
Diluted (in shares) 412,674 412,229 420,268 406,785
Cost of revenue        
Stock-based compensation included in costs and expenses:        
Stock-based compensation expense $ 4,398 $ 6,789 $ 17,337 $ 18,564
Operations and support        
Stock-based compensation included in costs and expenses:        
Stock-based compensation expense 2,179 2,310 7,302 6,299
Research and development        
Stock-based compensation included in costs and expenses:        
Stock-based compensation expense 27,633 32,036 99,790 89,208
Sales and marketing        
Stock-based compensation included in costs and expenses:        
Stock-based compensation expense 3,565 4,822 12,894 13,257
General and administrative        
Stock-based compensation included in costs and expenses:        
Stock-based compensation expense $ 28,810 $ 42,999 $ 104,522 $ 127,464
v3.25.3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 46,074 $ (12,426) $ 88,955 $ (38,947)
Other comprehensive income        
Foreign currency translation adjustment 3,759 1,176 7,430 671
Unrealized gain on marketable securities 1,841 3,268 1,249 949
Other comprehensive income 5,600 4,444 8,679 1,620
Comprehensive income (loss) $ 51,674 $ (7,982) $ 97,634 $ (37,327)
v3.25.3
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2023 $ 541,518 $ 4 $ 10,827,378 $ (10,280,915) $ (4,949)
Beginning balance (in shares) at Dec. 31, 2023   399,806      
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock upon settlement of restricted stock units (in shares)   6,280      
Issuance of common stock upon exercise of stock options 1,924   1,924    
Issuance of common stock upon exercise of stock options (in shares)   257      
Shares withheld related to net share settlement (1,463)   (1,463)    
Shares withheld related to net share settlement (in shares)   (82)      
Repurchase and retirement of common stock (50,000)   (50,000)    
Repurchase and retirement of common stock (in shares)   (3,143)      
Purchase of capped call (47,886)   (47,886)    
Stock-based compensation 80,098   80,098    
Other comprehensive income (loss) (1,324)       (1,324)
Net income (loss) (31,535)     (31,535)  
Ending balance at Mar. 31, 2024 491,332 $ 4 10,810,051 (10,312,450) (6,273)
Ending balance (in shares) at Mar. 31, 2024   403,118      
Beginning balance at Dec. 31, 2023 541,518 $ 4 10,827,378 (10,280,915) (4,949)
Beginning balance (in shares) at Dec. 31, 2023   399,806      
Increase (Decrease) in Stockholders' Equity          
Other comprehensive income (loss) 1,620        
Net income (loss) (38,947)        
Ending balance at Sep. 30, 2024 655,779 $ 4 10,978,966 (10,319,862) (3,329)
Ending balance (in shares) at Sep. 30, 2024   414,811      
Beginning balance at Mar. 31, 2024 491,332 $ 4 10,810,051 (10,312,450) (6,273)
Beginning balance (in shares) at Mar. 31, 2024   403,118      
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock upon settlement of restricted stock units (in shares)   6,842      
Issuance of common stock upon exercise of stock options 262   262    
Issuance of common stock upon exercise of stock options (in shares)   81      
Shares withheld related to net share settlement (7,436)   (7,436)    
Shares withheld related to net share settlement (in shares)   (456)      
Issuance of common stock under employee stock purchase plan 4,217   4,217    
Issuance of common stock under employee stock purchase plan (in shares)   566      
Stock-based compensation 85,739   85,739    
Other comprehensive income (loss) (1,500)       (1,500)
Net income (loss) 5,014     5,014  
Ending balance at Jun. 30, 2024 577,628 $ 4 10,892,833 (10,307,436) (7,773)
Ending balance (in shares) at Jun. 30, 2024   410,151      
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock upon settlement of restricted stock units (in shares)   4,731      
Issuance of common stock upon exercise of stock options 769   769    
Issuance of common stock upon exercise of stock options (in shares)   239      
Shares withheld related to net share settlement (3,592)   (3,592)    
Shares withheld related to net share settlement (in shares)   (310)      
Stock-based compensation 88,956   88,956    
Other comprehensive income (loss) 4,444       4,444
Net income (loss) (12,426)     (12,426)  
Ending balance at Sep. 30, 2024 655,779 $ 4 10,978,966 (10,319,862) (3,329)
Ending balance (in shares) at Sep. 30, 2024   414,811      
Beginning balance at Dec. 31, 2024 767,016 $ 4 11,035,246 (10,258,131) (10,103)
Beginning balance (in shares) at Dec. 31, 2024   418,005      
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock upon settlement of restricted stock units (in shares)   4,157      
Shares withheld related to net share settlement (24,294)   (24,294)    
Shares withheld related to net share settlement (in shares)   (1,814)      
Stock-based compensation 93,158   93,158    
Other comprehensive income (loss) (332)       (332)
Net income (loss) 2,567     2,567  
Ending balance at Mar. 31, 2025 838,115 $ 4 11,104,110 (10,255,564) (10,435)
Ending balance (in shares) at Mar. 31, 2025   420,348      
Beginning balance at Dec. 31, 2024 767,016 $ 4 11,035,246 (10,258,131) (10,103)
Beginning balance (in shares) at Dec. 31, 2024   418,005      
Increase (Decrease) in Stockholders' Equity          
Other comprehensive income (loss) 8,679        
Net income (loss) 88,955        
Ending balance at Sep. 30, 2025 573,035 $ 4 10,743,631 (10,169,176) (1,424)
Ending balance (in shares) at Sep. 30, 2025   401,465      
Beginning balance at Mar. 31, 2025 838,115 $ 4 11,104,110 (10,255,564) (10,435)
Beginning balance (in shares) at Mar. 31, 2025   420,348      
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock upon settlement of restricted stock units (in shares)   5,331      
Shares withheld related to net share settlement (37,201)   (37,201)    
Shares withheld related to net share settlement (in shares)   (2,329)      
Repurchase and retirement of common stock (201,369)   (201,369)    
Repurchase and retirement of common stock (in shares)   (12,773)      
Issuance of common stock under employee stock purchase plan 7,304   7,304    
Issuance of common stock under employee stock purchase plan (in shares)   529      
Stock-based compensation 82,102   82,102    
Other comprehensive income (loss) 3,411       3,411
Net income (loss) 40,314     40,314  
Ending balance at Jun. 30, 2025 732,676 $ 4 10,954,946 (10,215,250) (7,024)
Ending balance (in shares) at Jun. 30, 2025   411,106      
Increase (Decrease) in Stockholders' Equity          
Issuance of common stock upon settlement of restricted stock units (in shares)   5,308      
Shares withheld related to net share settlement (34,204)   (34,204)    
Shares withheld related to net share settlement (in shares)   (2,197)      
Repurchase and retirement of common stock (201,746)   (201,746)    
Repurchase and retirement of common stock (in shares)   (12,752)      
Purchase of capped call (41,950)   (41,950)    
Stock-based compensation 66,585   66,585    
Other comprehensive income (loss) 5,600       5,600
Net income (loss) 46,074     46,074  
Ending balance at Sep. 30, 2025 $ 573,035 $ 4 $ 10,743,631 $ (10,169,176) $ (1,424)
Ending balance (in shares) at Sep. 30, 2025   401,465      
v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income (loss) $ 88,955 $ (38,947)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 97,962 115,189
Stock-based compensation 241,845 254,793
Amortization of premium on marketable securities 169 236
Accretion of discount on marketable securities (54,297) (66,220)
Amortization of debt discount and issuance costs 2,450 2,744
Loss on sale and disposal of assets, net 4,989 8,180
Other (4,764) (2,556)
Changes in operating assets and liabilities, net effects of acquisition    
Prepaid expenses and other assets (7,223) (39,631)
Operating lease right-of-use assets 20,001 19,971
Accounts payable 9,453 34,711
Insurance reserves 369,225 254,696
Accrued and other liabilities 179,202 189,903
Lease liabilities (25,754) (36,698)
Net cash provided by operating activities 922,213 696,371
Cash flows from investing activities    
Purchases of marketable securities (2,532,663) (2,976,674)
Purchases of term deposits 0 (2,194)
Proceeds from sales of marketable securities 567,445 155,181
Proceeds from maturities of marketable securities 2,474,806 2,497,355
Proceeds from maturities of term deposits 2,194 3,539
Purchases of property and equipment and scooter fleet (34,220) (70,055)
Sales of property and equipment 43,134 67,856
Cash paid for acquisitions, net of cash acquired (202,908) 0
Other investing activities (1,330) 1,113
Net cash provided by (used in) investing activities 316,458 (323,879)
Cash flows from financing activities    
Repayment of loans (47,855) (61,807)
Payment for settlement of convertible senior notes due 2025 (390,719) (350,000)
Proceeds from issuance of convertible senior notes due 2029 and 2030 500,000 460,000
Payment of debt issuance costs  (11,250) (11,888)
Purchase of capped calls (41,950) (47,886)
Repurchase of Class A common stock (400,000) (50,000)
Proceeds from exercise of stock options and other common stock issuances 7,304 7,173
Taxes paid related to net share settlement of equity awards (95,699) (12,490)
Principal payments on finance lease obligations (30,804) (35,403)
Other financing activities (396) 0
Net cash used in financing activities (511,369) (102,301)
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents 880 (67)
Net increase in cash, cash equivalents and restricted cash and cash equivalents 728,182 270,124
Beginning of period 946,040 771,786
End of period 1,674,222 1,041,910
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets    
Cash and cash equivalents 1,305,908 770,298
Restricted cash and cash equivalents 368,314 270,248
Restricted cash, included in prepaid expenses and other current assets 0 1,364
Total cash, cash equivalents and restricted cash and cash equivalents 1,674,222 1,041,910
Non-cash investing and financing activities    
Financed vehicles acquired 27,726 90,918
Purchases of property and equipment and scooter fleet not yet settled 4,909 7,144
Right-of-use assets acquired under finance leases 22,438 39,845
Right-of-use assets acquired under operating leases 5,674 4,336
Remeasurement of finance and operating lease right of use assets (5,822) (9,505)
Repurchase of Class A common stock, including excise tax, accrued and not yet paid 2,719 0
Debt issuance costs not yet paid $ 979 $ 0
v3.25.3
Description of Business and Basis of Presentation
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation 1. Description of Business and Basis of Presentation
Organization and Description of Business
Lyft, Inc. (the “Company” or “Lyft”) is incorporated in Delaware with its headquarters in San Francisco, California. The Company operates multimodal transportation networks that offer access to a variety of transportation options through the Company’s global platform and mobile-based applications. This network enables multiple modes of transportation including, primarily, the facilitation of peer-to-peer ridesharing by connecting drivers who have a vehicle with riders who need a ride. Our robust technology platform (the "Lyft Platform") primarily provides a marketplace where drivers can be matched with riders via the Lyft mobile application (the "Lyft App") where the Company operates as a transportation network company (“TNC”).
Transportation options through the Company’s platform and mobile-based applications are primarily comprised of its ridesharing marketplace that connects drivers and riders. Transportation options also include Lyft’s network of bikes and scooters, taxis, private hire vehicles, car sharing and the Express Drive program, where drivers can enter into short-term rental agreements with the Company’s wholly-owned and independently managed subsidiary, Flexdrive Services, LLC (“Flexdrive”), or a third party for vehicles that may be used to provide ridesharing services on the Lyft Platform. In addition, the Company makes the ridesharing marketplace available to organizations through Lyft Business offerings, such as the Concierge and Lyft Pass programs, and generates revenue from licensing and data access agreements associated with the data from the Company's platform, subscription fees, revenue from bikes and bike station hardware and software sales and revenue from arrangements to provide advertising services.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheets as of December 31, 2024 included herein was derived from the audited consolidated financial statements as of that date. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K.
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and entities consolidated under the variable interest entity model and have been prepared on the same basis as the annual audited consolidated financial statements. All intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on various factors and information which may include, but are not limited to, historical experience, where applicable, and on other assumptions that management believes are reasonable under the circumstances. Actual results could differ materially from those estimates.
Significant items subject to estimates and assumptions include those related to losses resulting from insurance claims inclusive of insurance related accruals, fair value of financial assets and liabilities, acquired identifiable intangible assets and goodwill and related impairment assessments, useful lives of amortizable long-lived assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes and the valuation of stock-based compensation.
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies 2. Summary of Significant Accounting Policies
There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 14, 2025 that have had a material impact on our condensed consolidated financial statements and related notes.
Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment. The Company has concluded that consolidated net income (loss) is the measure of segment profitability. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on consolidated net income (loss) as reported in the condensed consolidated statements of operations. There are no other expense categories regularly provided to the CODM that are not already included in the primary condensed consolidated financial statements herein.
Recent Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures”, which requires companies to provide disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. While we anticipate that the application of this new guidance will result in additional income tax disclosures, the standard will not have a material impact on the Company’s consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires companies to provide new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions. Early adoption and retrospective application is permitted. Additionally, in January 2025, the FASB issued ASU 2025-01, “Clarifying the Effective Date” which clarifies that the guidance for ASU 2024-03 is to be adopted by all public entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, on a prospective basis. The Company is currently assessing the impact of adopting these standards on the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. This amendment is effective for annual and interim reporting periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”, which updates the capitalization criteria for internal-use software development costs and removes references to software development stages. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The amendments in this ASU should be applied using a prospective, retrospective, or a modified transition approach. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue 3. Revenue
Revenue Recognition
The Company generates its revenue from its multimodal transportation network that offers access to a variety of transportation options through the Lyft Platform and mobile-based applications. Substantially all, or approximately 85% or more, of the Company’s revenue is generated from its ridesharing marketplace, inclusive of taxis, private hire vehicles and car sharing, that connects drivers and riders and is recognized in accordance with Accounting Standards Codification Topic 606 (“ASC 606”).
The Company evaluates the presentation of revenue based on whether the Company acts as a principal by controlling the transportation service provided to the rider or whether the Company acts as an agent by arranging for third parties to provide the transportation service to the rider. Judgment is required in this assessment, and in most cases, the Company acts as an agent in facilitating the ability of a driver to provide a transportation service to a rider. Revenue generated in these cases is
reported on a net basis, reflecting the service fees and commissions owed to the Company from the drivers as revenue, and not the gross amount collected from the rider. In certain markets, the Company acts as a principal for transportation services as the Company controls the services provided. Revenue generated in these markets is reported on a gross basis reflecting the gross amount collected from the rider, with payments to the drivers recorded within cost of revenue.
In addition, the Company generates revenue from licensing and data access, subscription fees, bikes and bike station hardware and software sales and arrangements to provide advertising services to third parties. The Company also generates rental revenue from Flexdrive and its network of shared bikes and scooters, which is recognized in accordance with Accounting Standards Codification Topic 842 (“ASC 842”).
Disaggregation of Revenue
The table below presents the Company's revenues as included on the condensed consolidated statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue from contracts with customers (ASC 606)$1,546,435 $1,387,825 $4,397,746 $3,919,393 
Rental revenue (ASC 842)138,760 134,867 325,804 316,346 
Total revenue$1,685,195 $1,522,692 $4,723,550 $4,235,739 
v3.25.3
Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions 4. Acquisitions
Acquisition of Freenow
On July 31, 2025, the Company completed the acquisition of 100% of the outstanding equity of Intelligent Apps GmbH (d/b/a Freenow), a European multimodal application with a taxi offering at its core, for a total purchase price of €204.1 million ($234.8 million). The acquisition, which was accounted for as a business combination, expands Lyft’s presence outside North America and provides access to Freenow’s established platform, customer base, and local market expertise. Acquisition-related costs of $7.4 million and $13.0 million, primarily consisting of advisory fees, were incurred in the three and nine months ended September 30, 2025, respectively. There were no acquisition-related costs for the three and nine months ended September 30, 2024. These costs are included in general and administrative expenses in the condensed consolidated statements of operations.
The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed as of the acquisition date (in thousands):
Cash and cash equivalents$31,859 
Prepaid expenses and other current assets25,458 
Other investments1,396 
Property and equipment1,507 
Operating lease right-of-use assets16,667 
Identifiable intangible assets101,234 
Other assets11,174 
Total identifiable assets acquired189,295 
Accounts payable(2,123)
Accrued and other liabilities(52,128)
Operating lease liabilities, current(2,710)
Operating lease liabilities(13,957)
Other liabilities(16,490)
Total liabilities assumed(87,408)
Net assets acquired101,887 
Goodwill132,880 
Total acquisition consideration$234,767 
Goodwill of $132.9 million recognized in connection with the acquisition is primarily attributable to expected synergies from integrating Freenow's operations with Lyft’s existing platform. Goodwill also reflects the value of Freenow's assembled workforce and other intangible assets that do not qualify for separate recognition. The goodwill recognized was not considered deductible for tax purposes.
The Company recorded intangible assets at their fair value, which consisted of the following (in thousands):
Estimated Useful Life (in Years)
Gross Carrying
Amount
Developed technology5.0$57,519 
User and driver relationships
4.040,263 
Trade name licensing agreement
3.03,452 
Total intangible assets$101,234 
The fair value of the developed technology intangible asset was determined to be $57.5 million with an estimated useful life of 5 years. The fair value of the developed technology was determined using the relief-from-royalty method. Under this method, an intangible asset's value is based on the premise that ownership of the asset relieves the owner of the need to pay a royalty to a third party for use of the asset. Under this method, value is estimated by discounting the royalty savings as well as any tax benefits related to ownership to a present value.
The fair value of the user and driver relationships intangible asset was determined to be $40.3 million with an estimated useful life of 4 years. The fair value of the relationships was determined using the multi-period excess earnings approach, which involved forecasting the net earnings expected to be generated by the asset, reducing them by appropriate returns on contributory assets, and then discounting the resulting net cash flows to a present value using an appropriate discount rate.
Judgment was applied for several assumptions in valuing the identified intangible assets, including revenue and cash flow forecasts, technology life, royalty rate, obsolescence and discount rate.
The results of operations for the acquired business have been included in the condensed consolidated statements of operations for the period subsequent to the acquisition date which contributed an immaterial amount of revenue and income before taxes during the three months ended September 30, 2025. Freenow’s results of operations for periods prior to the acquisition were not material to the condensed consolidated statements of operations and, accordingly, pro forma financial information has not been presented.
v3.25.3
Goodwill
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill 5. Goodwill
The following table presents the changes in the carrying amount of goodwill during the nine months ended September 30, 2025 (in thousands):
Balance as of December 31, 2024$251,376 
Additions132,880 
Foreign currency translation and other adjustments5,268 
Balance as of September 30, 2025$389,524 
v3.25.3
Cash Equivalents and Investments
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Cash Equivalents and Investments 6. Cash Equivalents and Investments
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and investments as of the dates indicated (in thousands):
September 30, 2025
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$517,426 $— $— $517,426 
Money market deposit accounts
344,669 — — 344,669 
Certificates of deposit
149,405 144 (5)149,544 
Commercial paper
223,833 99 (10)223,922 
Corporate bonds
195,071 1,127 (1)196,197 
U.S. government and agency securities
126,779 61 — 126,840 
Total unrestricted cash equivalents and short-term investments1,557,183 1,431 (16)1,558,598 
Restricted Balances
Money market funds
16,990 — — 16,990 
Certificates of deposit
132,180 56 (5)132,231 
Commercial paper
1,020,720 392 (130)1,020,982 
Corporate bonds
15,031 21 — 15,052 
U.S. government and agency securities
620,355 291 (3)620,643 
Total restricted cash equivalents and investments1,805,276 760 (138)1,805,898 
Total unrestricted and restricted cash equivalents and investments
$3,362,459 $2,191 $(154)$3,364,496 
_______________
(1)Excludes $433.9 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$189,839 $— $— $189,839 
Money market deposit accounts304,716 — — 304,716 
Certificates of deposit171,352 150 (144)171,358 
Commercial paper762,405 529 (388)762,546 
Corporate bonds70,207 29 (5)70,231 
U.S. government and agency securities352,984 295 (5)353,274 
Total unrestricted cash equivalents and short-term investments1,851,503 1,003 (542)1,851,964 
Restricted Balances
Money market funds42,699 — — 42,699 
Term deposits2,194 — — 2,194 
Certificates of deposit189,694 144 (242)189,596 
Commercial paper782,491 433 (368)782,556 
Corporate bonds59,254 19 (7)59,266 
U.S. government and agency securities465,516 349 (8)465,857 
Total restricted cash equivalents and investments1,541,848 945 (625)1,542,168 
Total unrestricted and restricted cash equivalents and investments$3,393,351 $1,948 $(1,167)$3,394,132 
_______________
(1)Excludes $132.5 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
The Company’s investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The Company considers debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities as short-term investments on the condensed consolidated balance sheets. No individual security incurred continuous unrealized losses for greater than 12 months.
Interest income earned by the Company included in other income, net in the condensed consolidated statements of operations was $33.3 million and $111.8 million for the three and nine months ended September 30, 2025, respectively, and $44.2 million and $122.9 million for the three and nine months ended September 30, 2024, respectively.
The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its quarterly assessment of credit losses for any marketable available-for-sale debt security as of September 30, 2025. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the condensed consolidated financial statements as soon as they become known. No credit losses were recognized as of September 30, 2025 for the Company’s marketable and non-marketable debt securities.
The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type and maturity (in thousands):
September 30, 2025
Less than 12 months
12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$23,179 $(10)$— $— $23,179 $(10)
Corporate bonds — — 3,459 (1)3,459 (1)
Commercial paper73,638 (137)— — 73,638 (137)
U.S. government and agency securities
2,569 — — — 2,569 — 
Total available-for-sale debt securities in an unrealized loss position
$99,386 $(147)$3,459 $(1)$102,845 $(148)
December 31, 2024
Less than 12 months12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$99,144 $(386)$— $— $99,144 $(386)
Corporate bonds 49,516 (12)— — 49,516 (12)
Commercial paper241,805 (756)— — 241,805 (756)
U.S. government and agency securities62,787 (13)— — 62,787 (13)
Total available-for-sale debt securities in an unrealized loss position$453,252 $(1,167)$— $— $453,252 $(1,167)
The following table classifies the Company’s available-for-sale debt securities by contractual maturities (in thousands):
September 30,
2025		December 31,
2024
Due within one year$1,976,853 $2,578,381 
Due within one year to three years147,346 — 
Total$2,124,199 $2,578,381 
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements 7. Fair Value Measurements
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):
September 30, 2025
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$517,426 $— $— $517,426 
Certificates of deposit— 149,544 — 149,544 
Commercial paper— 223,922 — 223,922 
Corporate bonds— 196,197 — 196,197 
U.S. government and agency securities
— 126,840 — 126,840 
Total unrestricted cash equivalents and short-term investments517,426 696,503 — 1,213,929 
Restricted cash equivalents and investments
Money market funds16,990 — — 16,990 
Certificates of deposit— 132,231 — 132,231 
Commercial paper— 1,020,982 — 1,020,982 
Corporate bonds— 15,052 — 15,052 
U.S. government and agency securities
— 620,643 — 620,643 
Total restricted cash equivalents and investments16,990 1,788,908 — 1,805,898 
Total financial assets$534,416 $2,485,411 $— $3,019,827 
_______________
(1)$433.9 million of cash and $344.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$189,839 $— $— $189,839 
Certificates of deposit— 171,358 — 171,358 
Commercial paper— 762,546 — 762,546 
Corporate bonds— 70,231 — 70,231 
U.S. government and agency securities
— 353,274 — 353,274 
Total unrestricted cash equivalents and short-term investments189,839 1,357,409 — 1,547,248 
Restricted cash equivalents and investments(2)
Money market funds42,699 — — 42,699 
Certificates of deposit— 189,596 — 189,596 
Commercial paper— 782,556 — 782,556 
Corporate bonds— 59,266 — 59,266 
U.S. government and agency securities
— 465,857 — 465,857 
Total restricted cash equivalents and investments42,699 1,497,275 — 1,539,974 
Total financial assets$232,538 $2,854,684 $— $3,087,222 
_______________
(1)$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
(2)$2.2 million of term deposits is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.
The following are the hierarchical levels of inputs to measure fair value:
Level 1Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.
During the nine months ended September 30, 2025, the Company did not make any transfers between the levels of the fair value hierarchy.
During the three and nine months ended September 30, 2025, the Company entered into foreign exchange forward contracts to reduce exposure in foreign currency translation for notional amounts of €15 million and €50 million, respectively, which were settled in the same periods and recognized immaterial gains in the statement of operations during the three and nine months ended September 30, 2025 from such derivatives which were not designated as hedging instruments.
Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values and the carrying value of these non-marketable equity securities are remeasured to fair value based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income, net in the condensed consolidated statements of operations.
There were $12.1 million and $9.1 million of financial instruments measured at fair value on a non-recurring basis within other investments on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024.
v3.25.3
Supplemental Financial Statement Information
 9 Months Ended
Sep. 30, 2025
Additional Financial Information Disclosure [Abstract]  
Supplemental Financial Statement Information 8. Supplemental Financial Statement Information
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following as of the dates indicated (in thousands):
September 30,
2025		December 31,
2024
Prepaid insurance
$383,386 $428,884 
Enterprise and trade receivables, net(1)
399,159 334,843 
Other220,345 202,363 
Prepaid expenses and other current assets$1,002,890 $966,090 
_______________
(1)The Company’s receivable balance, which consists primarily of amounts due from participants in the Company's enterprise programs and bikes and scooters partners, was $408.6 million and $347.0 million as of September 30, 2025 and December 31, 2024, respectively while the allowance for credit losses was $9.4 million and $12.2 million as of September 30, 2025 and December 31, 2024, respectively.
Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
September 30,
2025		December 31,
2024
Insurance-related accruals
$881,709 $763,842 
Legal and tax related accruals314,187 333,979 
Ride-related accruals234,414 178,114 
Insurance claims payable and related fees63,070 58,135 
Long-term debt, current(1)
52,773 38,904 
Finance lease liabilities, current(2)
32,371 31,268 
Other(2)
352,152 262,036 
Accrued and other current liabilities$1,930,676 $1,666,278 
_______________
(1)Represents current portion of long-term debt primarily related to the Non-revolving Loan and Master Vehicle Loan. Refer to Note 11 "Debt" for more information.
(2)Certain balances previously presented in Other as of December 31, 2024 have been reclassified to Finance lease liabilities, current to conform to the current period presentation.
Insurance Reserves
Reinsurance of Certain Legacy Auto Liability Insurance
On February 19, 2025, the Company’s wholly-owned subsidiary, Pacific Valley Insurance Company, Inc. (“PVIC”), entered into a Loss Portfolio Transfer Reinsurance Agreement (the “Reinsurance Agreement”) with Riverstone International Insurance, Inc. (“Riverstone”), under which Riverstone reinsured a legacy portfolio of auto insurance policies, based on reserves in place as of January 1, 2025, of certain legacy insurance liabilities for policies underwritten during the period of October 1, 2020 to September 30, 2022, with an aggregate limit of $120.5 million, for a premium of $85.1 million (the “Reinsurance Transaction”). A substantial portion of the premium ceded is on a funds withheld basis, meaning that the premium withheld by PVIC is used to pay future reinsurance claims on RiverStone's behalf. Upon consummation of the Reinsurance Transaction, a reinsurance recoverable was established, and since a contractual right of offset exists, the reinsurance recoverable has been netted against the funds withheld liability balance for an immaterial net reinsurance recoverable balance included in prepaid expenses and other current assets on the condensed consolidated balance sheets as of September 30, 2025. In addition to the premium ceded to the reinsurer, the Company prepaid $8.4 million in interest related to the funds withheld. An immaterial amount of interest expense was recognized on the condensed consolidated statement of operations for the three and nine months ended September 30, 2025. An immaterial loss was recognized on the condensed consolidated statement of operations in the first quarter of 2025, in cost of revenue upon completion of the Reinsurance Transaction.
The Reinsurance Transaction does not discharge PVIC of its obligations to the policyholder. Management evaluated reinsurance counterparty credit risk and does not consider it to be material since a substantial portion of the premium of $85.1 million was retained by PVIC on a funds withheld basis on behalf of the reinsurer.
v3.25.3
Leases
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Leases 9. Leases
Real Estate Operating Leases
The Company had approximately 80 real estate property leases as of September 30, 2025. These leases are classified as operating leases. As of September 30, 2025, the remaining lease terms vary from approximately one month to nine years. For certain leases the Company has options to extend the lease term for periods varying from one month to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payment. The Company does not separate lease and non-lease components of these contracts and any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost.
Flexdrive Program
The Company operates a fleet of rental vehicles through Flexdrive, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the condensed consolidated balance sheets. As of September 30, 2025, the remaining lease terms vary between one month to four
years. The Company has elected to separate lease and non-lease components for vehicles, however, these leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component.
Lease Position
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
September 30,
2025		December 31,
2024
Operating Leases
Assets
Operating lease right-of-use assets
$155,244$148,397
Liabilities
Operating lease liabilities, current
$27,203$25,192
Operating lease liabilities, non-current
151,109152,074
Total operating lease liabilities$178,312$177,266
Finance Leases
Assets
Finance lease right-of-use assets(1)
$71,837$79,704
Liabilities
Finance lease liabilities, current(2)
$32,371$31,268
Finance lease liabilities, non-current(3)
45,33754,351
Total finance lease liabilities$77,708$85,619
Weighted-average remaining lease term (years)
Operating leases7.27.7
Finance leases2.22.6
Weighted-average discount rate
Operating leases6.5 %6.6 %
Finance leases6.2 %6.4 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(2)This balance is included within other current liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating Leases
Operating lease cost$9,286 $9,451 $26,315 $28,936 
Finance Leases
Amortization of right-of-use assets$7,689 $8,087 $23,154 $21,290 
Interest on lease liabilities1,098 1,503 3,554 4,365 
Other Lease Costs
Short-term lease cost$727 $778 $2,108 $2,648 
Variable lease cost (1)
1,861 2,332 5,220 7,502 
Total lease cost$20,661 $22,151 $60,351 $64,741 
_______________
(1)Consists primarily of common area maintenance and taxes and utilities for real estate leases.
Sublease income was immaterial for the three and nine months ended September 30, 2025 and 2024. Sublease income is included within other income, net on the condensed consolidated statement of operations. The related lease expense for these leases is included within costs and expenses on the condensed consolidated statement of operations.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Nine Months Ended September 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$32,018 $45,647 
Operating cash flows from finance leases3,175 3,997 
Financing cash flows from finance leases30,804 35,403 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of September 30, 2025 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2025$5,871 $10,687 $16,558 
202640,319 40,065 80,384 
202735,631 19,404 55,035 
202829,682 13,204 42,886 
202928,274 111 28,385 
Thereafter84,055 — 84,055 
Total minimum lease payments223,832 83,471 307,303 
Less: amount of lease payments representing interest(45,520)(5,763)(51,283)
Present value of future lease payments178,312 77,708 256,020 
Less: current obligations under leases(27,203)(32,371)(59,574)
Long-term lease obligations$151,109 $45,337 $196,446 
Future lease payments receivable in car rental transactions under the Flexdrive program are not material since the lease term is less than a month.
Leases 9. Leases
Real Estate Operating Leases
The Company had approximately 80 real estate property leases as of September 30, 2025. These leases are classified as operating leases. As of September 30, 2025, the remaining lease terms vary from approximately one month to nine years. For certain leases the Company has options to extend the lease term for periods varying from one month to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. For leases with an initial term of 12 months or longer, the Company has recorded a right-of-use asset and lease liability representing the fixed component of the lease payment. The Company does not separate lease and non-lease components of these contracts and any fixed payments related to non-lease components, such as common area maintenance or other services provided by the landlord, are accounted for as a component of the lease payment and therefore, a part of the total lease cost.
Flexdrive Program
The Company operates a fleet of rental vehicles through Flexdrive, a portion of which are leased from third-party vehicle leasing companies. These leases are classified as finance leases and are included in property and equipment, net on the condensed consolidated balance sheets. As of September 30, 2025, the remaining lease terms vary between one month to four
years. The Company has elected to separate lease and non-lease components for vehicles, however, these leases generally do not contain any non-lease components and, as such, all payments due under these arrangements are allocated to the respective lease component.
Lease Position
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
September 30,
2025		December 31,
2024
Operating Leases
Assets
Operating lease right-of-use assets
$155,244$148,397
Liabilities
Operating lease liabilities, current
$27,203$25,192
Operating lease liabilities, non-current
151,109152,074
Total operating lease liabilities$178,312$177,266
Finance Leases
Assets
Finance lease right-of-use assets(1)
$71,837$79,704
Liabilities
Finance lease liabilities, current(2)
$32,371$31,268
Finance lease liabilities, non-current(3)
45,33754,351
Total finance lease liabilities$77,708$85,619
Weighted-average remaining lease term (years)
Operating leases7.27.7
Finance leases2.22.6
Weighted-average discount rate
Operating leases6.5 %6.6 %
Finance leases6.2 %6.4 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(2)This balance is included within other current liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
Lease Costs
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating Leases
Operating lease cost$9,286 $9,451 $26,315 $28,936 
Finance Leases
Amortization of right-of-use assets$7,689 $8,087 $23,154 $21,290 
Interest on lease liabilities1,098 1,503 3,554 4,365 
Other Lease Costs
Short-term lease cost$727 $778 $2,108 $2,648 
Variable lease cost (1)
1,861 2,332 5,220 7,502 
Total lease cost$20,661 $22,151 $60,351 $64,741 
_______________
(1)Consists primarily of common area maintenance and taxes and utilities for real estate leases.
Sublease income was immaterial for the three and nine months ended September 30, 2025 and 2024. Sublease income is included within other income, net on the condensed consolidated statement of operations. The related lease expense for these leases is included within costs and expenses on the condensed consolidated statement of operations.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Nine Months Ended September 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$32,018 $45,647 
Operating cash flows from finance leases3,175 3,997 
Financing cash flows from finance leases30,804 35,403 
Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of September 30, 2025 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2025$5,871 $10,687 $16,558 
202640,319 40,065 80,384 
202735,631 19,404 55,035 
202829,682 13,204 42,886 
202928,274 111 28,385 
Thereafter84,055 — 84,055 
Total minimum lease payments223,832 83,471 307,303 
Less: amount of lease payments representing interest(45,520)(5,763)(51,283)
Present value of future lease payments178,312 77,708 256,020 
Less: current obligations under leases(27,203)(32,371)(59,574)
Long-term lease obligations$151,109 $45,337 $196,446 
Future lease payments receivable in car rental transactions under the Flexdrive program are not material since the lease term is less than a month.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies 10. Commitments and Contingencies
Letters of Credit
The Company maintains certain stand-by letters of credit from third-party financial institutions in the ordinary course of business to guarantee certain performance obligations related to leases, insurance policies and other various contractual arrangements. The outstanding letters of credit are issued under the Revolving Credit Facility (as defined below) and none are collateralized by cash. As of September 30, 2025 and December 31, 2024, the Company had letters of credit outstanding that reduced the available credit under the Revolving Credit Facility (as defined below) of $61.3 million and $72.6 million, respectively.
Indemnification
The Company enters into indemnification provisions under agreements with other parties in the ordinary course of business, including certain business partners, investors, contractors, parties to certain acquisition or divestiture transactions and the Company’s officers, directors, and certain employees. The Company has agreed to indemnify and defend the indemnified party’s claims and related losses suffered or incurred by the indemnified party resulting from actual or threatened third-party claims because of the Company’s activities or, in some cases, non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses recorded on the condensed consolidated statements of operations in connection with the indemnification provisions have not been material.
Legal Proceedings
The Company is currently involved in, and may in the future be involved in, legal proceedings, claims, and regulatory and governmental inquiries and investigations, and in some situations has received subpoenas and requests for documents and information, in the ordinary course of business, including drivers, riders, renters, third parties and governmental entities (individually or as class actions) alleging, among other things, various wage and expense related claims, violations of state or federal laws, improper disclosure of the Company’s fees, rules or policies, that such fees, rules or policies violate applicable law, or that the Company has not acted in conformity with such fees, rules or policies, as well as proceedings related to product liability, antitrust, competition, its acquisitions, securities issuances or business practices, or public disclosures about the Company or the Company's business. In addition, the Company has been, and is currently, named as a defendant in a number of litigation matters related to allegations of accidents or other trust and safety incidents involving drivers or riders using the Lyft Platform.
The outcomes of the Company’s legal proceedings are inherently unpredictable and subject to significant uncertainties. The Company accrues for losses that may result from these matters when a loss is probable and reasonably estimable and such accruals are recorded within accrued and other current liabilities on the condensed consolidated balance sheets. For certain
matters for which a material loss is reasonably possible, an estimate of the amount of loss or range of losses is not possible nor is the Company able to estimate the loss or range of losses that could potentially result from the application of nonmonetary remedies. For matters where the Company has recorded a probable and estimable loss, until the final resolution of the matter, there may be exposure to a material loss in excess of the amount recorded.
Independent Contractor Classification Matters
With regard to independent contractor classification of drivers on the Lyft Platform, the Company is regularly subject to claims, lawsuits, arbitration proceedings, administrative actions, government investigations and other legal and regulatory proceedings at the federal, state and municipal levels challenging the classification of these drivers as independent contractors, and claims that, by the alleged misclassification, the Company has violated various labor and other laws that would apply to driver employees. Laws and regulations that govern the status and classification of independent contractors are subject to change and divergent interpretations by various authorities, which can create uncertainty and unpredictability for the Company.
For example, California Assembly Bill 5 (now codified in part at Cal. Labor Code sec. 2775) codified and extended an employment classification test set forth by the California Supreme Court that established a new standard for determining employee or independent contractor status. The passage of this bill led to additional challenges to the independent contractor classification of drivers using the Lyft Platform. For example, on May 5, 2020, the California Attorney General and the City Attorneys of Los Angeles, San Diego and San Francisco filed a lawsuit against the Company and Uber for allegedly misclassifying drivers on the companies’ respective platforms as independent contractors in violation of Assembly Bill 5 and California’s Unfair Competition Law, and on August 5, 2020, the California Labor Commissioner filed lawsuits against the Company and Uber for allegedly misclassifying drivers on the companies’ respective platforms as independent contractors, seeking injunctive relief and material damages and penalties. On August 10, 2020, the court granted a motion for a preliminary injunction, forcing the Company and Uber to reclassify drivers in California as employees until the end of the lawsuit. Subsequently, voters in California approved Proposition 22, a state ballot initiative that provided a framework for drivers utilizing platforms like Lyft to maintain their status as independent contractors under California law. Proposition 22 went into effect on December 16, 2020. On April 20, 2021, the court granted the parties’ joint request to dissolve the preliminary injunction in light of the passage of Proposition 22. On May 5, 2021, the California Labor Commissioner filed a petition to coordinate its lawsuit with the Attorney General lawsuit and three other cases against the Company and Uber. The coordination petition was granted and the coordinated cases have been assigned to a judge in San Francisco Superior Court. On December 19, 2022, the California Attorney General’s and California Labor Commissioner’s cases were stayed in San Francisco Superior Court pending the appeal of a Superior Court order denying Lyft’s and Uber’s motions to compel arbitration. On September 28, 2023, the California Court of Appeal issued a decision upholding the trial court’s order denying Lyft’s and Uber’s motions to compel arbitration. On November 7, 2023, the Company filed a petition requesting that the California Supreme Court review the Court of Appeal’s decision; the petition was denied on January 17, 2024, and the case was remitted to San Francisco Superior Court on January 29, 2024. The stay was lifted by the trial court on July 2, 2024, and the parties are exploring mediation. On October 7, 2024, the U.S. Supreme Court denied the Company's petition for writ of certiorari.
In 2021, a group of petitioners led by labor union SEIU filed a separate lawsuit in a California court against the State of California alleging that Proposition 22 is unconstitutional under the California Constitution. Protect App-Based Drivers & Services (PADS) — the coalition that established and operated the official ballot measure committee that successfully advocated for the passage of Proposition 22 — intervened in the lawsuit. In August 2021, the trial court issued an order finding that Proposition 22 is unenforceable, but in March 2023, the California Court of Appeal reversed that decision and upheld Proposition 22, while severing two provisions that relate to future amendments of the measure. On July 25, 2024, the California Supreme Court affirmed the decision of the Court of Appeal and unanimously upheld Proposition 22.
Certain adverse outcomes of such actions would have a material impact on the Company’s business, financial condition and results of operations, including damages, penalties and potential suspension of operations in impacted jurisdictions, including California. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated. Such regulatory scrutiny or action may create different or conflicting obligations from one jurisdiction to another.
Separately, on July 14, 2020, the Massachusetts Attorney General filed a lawsuit against the Company and Uber for allegedly misclassifying drivers as independent contractors under Massachusetts law, and seeking declaratory and injunctive relief. Trial took place from May 13, 2024 to June 3, 2024. On June 27, 2024, the parties reached a resolution to dismiss the litigation with prejudice and Massachusetts drivers have begun receiving new benefits and maintained their flexibility as independent contractors. The amount accrued for these matters is recorded within accrued and other current liabilities on the condensed consolidated balance sheets as of September 30, 2025.
The Company is currently involved in a number of putative class actions, thousands of individual claims, including those brought in arbitration or compelled pursuant to the Company's Terms of Service to arbitration, matters brought, in whole or in part, as representative actions under California’s Private Attorneys General Act, Labor Code Section 2698, et seq.,
alleging that the Company misclassified drivers as independent contractors and other matters challenging the classification of drivers on the Company’s platform as independent contractors. The Company is also defending against allegations that the Company has failed to properly classify drivers and provide those drivers with sick leave and related benefits during the COVID-19 pandemic. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated.
The Company disputes any allegations of wrongdoing and intends to continue to defend itself vigorously in these matters. However, results of litigation, arbitration and regulatory actions are inherently unpredictable and legal proceedings related to these driver claims, individually or in the aggregate, could have a material impact on the Company’s business, financial condition and results of operations. Regardless of the outcome, litigation and arbitration of these matters can have an adverse impact on the Company because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors.
Unemployment Insurance Assessment
The Company is involved in administrative audits with various state employment agencies, including audits related to driver classification, in Oregon, Wisconsin, Illinois, New York, Pennsylvania and New Jersey. The Company believes that drivers are properly classified as independent contractors and plans to vigorously contest any adverse assessment or determination. The Company’s chances of success on the merits are still uncertain. The Company accrues for liabilities that may result from assessments by, or any negotiated agreements with, these employment agencies when a loss is probable and reasonably estimable, and the expense is recorded to general and administrative expenses.
In 2018, the New Jersey Department of Labor & Workforce Development (“NJDOL”) opened an audit reviewing whether drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2014 through 2017. The NJDOL issued an assessment on June 4, 2019 and subsequently issued updated assessments on March 31, 2021 and August 2, 2024. The Company filed a petition to challenge the assessment, and later notified the NJDOL that it would pay the assessment under protest. As of September 30, 2025, the assessment has been paid under protest.
In 2021, the New York State Department of Labor (“NYSDOL”) opened an audit reviewing whether drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply for 2019. The NYSDOL subsequently extended the audit back to 2016. On December 22, 2022, the Company received an assessment for the 2016 to 2019 time period and on December 27, 2023, the Company received a revised assessment covering 2016 to 2020. The Company has appealed these assessments. While the ultimate resolution of this matter is uncertain, the Company recorded an accrual for this matter reflected within accrued and other current liabilities on the condensed consolidated balance sheets as of September 30, 2025.
In June 2022, the California Employment Development Department (“EDD”) opened an audit reviewing whether drivers were independent contractors or employees for purposes of determining whether unemployment insurance regulations apply from 2018 to 2020. The EDD issued an assessment on June 9, 2023 and subsequently issued an updated assessment on June 27, 2023. The Company filed a petition to challenge the assessment. The Company and the EDD reached an agreement to resolve the assessment in March 2025. An accrual for this matter is reflected within accrued and other current liabilities on the condensed consolidated balance sheets as of September 30, 2025.
Indirect Taxes
The Company is under audit by various tax authorities with regard to indirect tax matters. The subject matter of indirect tax audits primarily arises from disputes on tax treatment and tax rates applied to the sale of the Company’s services in these jurisdictions. The Company accrues indirect taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable and the expense is recorded to general and administrative expenses.
The Company is currently engaged in an ongoing dispute with the City and County of San Francisco (“San Francisco”) regarding the application of gross receipts taxes to rideshare. On December 20, 2024, the Company filed suit against San Francisco and San Francisco’s Office of the Treasurer and Tax Collector seeking refund of approximately $100 million in payroll expense tax, gross receipts tax, homelessness gross receipts tax, penalties, and interest for the 2019 through 2023 tax years. The outcome of this matter is uncertain.
Patent Litigation
The Company is currently involved in legal proceedings related to alleged infringement of patents and other intellectual property and, in the ordinary course of business, the Company receives correspondence from other purported holders of patents and other intellectual property offering to sell or license such property and/or asserting infringement of such
property. While the ultimate resolution of these matters is uncertain, the Company accrues for losses that may result from these matters when a loss is probable and reasonably estimable.
Other Class Actions and Consumer Matters
From time to time, the Company becomes involved in putative class actions, investigations, and other matters alleging violations of consumer protection, civil rights, and other laws; antitrust and unfair competition laws such as California’s Cartwright Act, Unfair Practices Act and Unfair Competition Law; and the Americans with Disabilities Act, or the ADA, among others. In July 2024, the Company went to trial in federal court in New York to defend against a class action alleging ADA and New York law violations with respect to the Company's wheelchair accessible vehicle ("WAV") offerings, seeking injunctive and other relief, in Lowell v. Lyft, Inc. On September 30, 2024, the district court ruled that plaintiffs failed to sustain their burden of proof that the modifications they proposed at trial would result in nationwide WAV service. The district court dismissed the suit and entered judgment in favor of the Company. The plaintiffs filed a notice of appeal on October 29, 2024, and the appeal is now pending before the Second Circuit Court of Appeal. The Company disputes any allegations of wrongdoing and intends to continue to defend itself vigorously in these matters. The Company’s chances of success on the merits are still uncertain and any possible loss or range of loss cannot be reasonably estimated.
Personal Injury and Other Safety Matters
In the ordinary course of the Company’s business, various parties have from time to time claimed, and may claim in the future, that the Company is liable for damages related to accidents or other incidents involving drivers, riders or renters using or who have used services offered on the Lyft Platform, as well as from third parties. The Company is currently named as a defendant in a number of matters related to accidents or other incidents involving drivers, riders, renters and third parties. The Company believes it has meritorious defenses, disputes the allegations of wrongdoing and intends to defend itself vigorously in these matters. There is no pending or threatened claim that has arisen from these accidents or incidents that individually, in the Company’s opinion, is likely to have a material impact on its business, financial condition or results of operations; however, results of litigation and claims are inherently unpredictable and legal proceedings related to such accidents or incidents, in the aggregate, could have a material impact on the Company’s business, financial condition and results of operations. For example, on January 17, 2020, the Superior Court of California, County of Los Angeles, granted the petition of multiple plaintiffs to coordinate their claims relating to alleged sexual assault or harassment by drivers on the Lyft Platform, and a Judicial Council Coordinated Proceeding has been created before the Superior Court of California, County of San Francisco, where the claims of multiple plaintiffs are currently pending. Other legal proceedings related to accidents, alleged sexual assault or harassment, or other safety incidents are pending in various jurisdictions and may similarly proceed to trial or final adjudication. Regardless of the outcome of these or other matters, litigation can have an adverse impact on the Company because of defense and settlement costs individually and in the aggregate, diversion of management resources and other factors. Although the Company intends to vigorously defend against these lawsuits, its chances of success on the merits are still uncertain as these matters are at various stages of litigation and present a wide range of potential outcomes. The Company accrues for losses that may result from these matters when a loss is probable and reasonably estimable.
Securities Litigation
From time to time, the Company becomes involved in putative class actions, investigations, and other matters alleging violations of securities laws, breaches of fiduciary duties, and other causes of actions relating to the Company’s securities, financial disclosures, corporate governance and/or offerings.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt 11. Debt
Outstanding debt obligations as of September 30, 2025 and December 31, 2024 were as follows (in thousands, except for percentages):
Maturities
Interest Rates as of September 30, 2025
September 30, 2025December 31, 2024
Convertible senior notes due 2025 (the "2025 Notes")May 2025— %$— $390,175 
Convertible senior notes due 2029 (the "2029 Notes")March 20290.625%451,823 450,081 
Convertible senior notes due 2030 (the "2030 Notes")
September 2030
0 %487,936 — 
Non-revolving Loan20267.61%73 510 
Master Vehicle Loan
2025 - 2028
5.85% - 7.10%
122,985 154,281 
Total long-term debt, including current maturities$1,062,817 $995,047 
Less: Convertible senior notes, current (1)
— 390,175 
Less: Long-term debt, current (2)
52,773 38,904 
Total long-term debt$1,010,044 $565,968 
_______________
(1)This balance is included within convertible senior notes, current on the condensed consolidated balance sheets.
(2)This balance is included within accrued and other current liabilities on the condensed consolidated balance sheets and is primarily related to vehicles.
The following table sets forth the primary components of interest expense as reported on the condensed consolidated statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Contractual interest expense related to the 2025 Notes and 2029 Notes(1)
$719 $2,200 $4,310 $6,997 
Amortization of debt discount and issuance costs related to the 2025 Notes, 2029 Notes and 2030 Notes
761 989 2,450 2,744 
Vehicle loans and other interest expense3,262 4,173 9,164 12,521 
Interest expense$4,742 $7,362 $15,924 $22,262 
_______________
(1)There is no contractual interest expense related to the 2030 Notes as the 2030 Notes have a 0% interest rate.
Convertible Senior Notes due 2025
In May 2020, the Company issued $747.5 million aggregate principal amount of 1.50% convertible senior notes due 2025 (the "2025 Notes"), pursuant to an indenture, dated May 15, 2020, between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee. The net proceeds from this offering were approximately $733.2 million, after deducting the initial purchasers’ discounts and commissions and debt issuance costs. Debt issuance costs related to the 2025 Notes totaled $14.3 million at inception and were comprised of discounts and commissions payable to the initial purchasers and third-party offering costs and were amortized to interest expense using the effective interest method over the contractual term. Prior to maturity, the 2025 Notes were senior unsecured obligations of the Company with interest payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2020, at a rate of 1.50% per year.
In February 2024, the Company, through privately negotiated agreements in connection with the issuance of the 2029 Notes (as defined below), repurchased approximately $356.8 million in aggregate principal amount of 2025 Notes for an aggregate repurchase price of approximately $350.0 million. The Company recognized this repurchase as an extinguishment of debt and recorded a gain on extinguishment of $5.1 million in other income, net on the condensed consolidated statement of operations.
The 2025 Notes matured on May 15, 2025. Upon maturity, the Company fully settled the outstanding $390.7 million aggregate principal amount of 2025 Notes and $2.9 million of accrued interest in cash.
Convertible Senior Notes due 2029
In February 2024, the Company issued $460.0 million aggregate principal amount of 0.625% convertible senior notes due 2029 (the "2029 Notes") pursuant to an indenture, dated February 27, 2024 (the “2029 Notes Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee.
The 2029 Notes mature on March 1, 2029, unless earlier converted, redeemed or repurchased. The 2029 Notes are senior unsecured obligations of the Company with interest payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024, at a rate of 0.625% per year. The net proceeds from this offering were approximately $448.2 million, after deducting the initial purchasers’ discounts and commissions and debt issuance costs. The 2029 Notes were not issued at a substantial premium, therefore, the Company did not recognize an equity component at issuance.
The initial conversion rate for the 2029 Notes is 47.4366 shares of the Company’s Class A common stock per $1,000 principal amount of 2029 Notes, which is equivalent to an initial conversion price of approximately $21.08 per share of the Class A common stock. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the 2029 Notes Indenture.
The 2029 Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding December 1, 2028 only under the following circumstances:
•During any fiscal quarter commencing after the fiscal quarter ending June 30, 2024 (and only during such fiscal quarter), if the last reported sale price of the Company’s Class A common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2029 Notes Indenture) per $1,000 principal amount of 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day;
•If the Company calls such 2029 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
•Upon the occurrence of specified corporate events.
On or after December 1, 2028, the 2029 Notes will be convertible at the option of the holder until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will satisfy its conversion obligation by paying cash up to the aggregate principal amount of the 2029 Notes to be converted and by paying and/or delivering, as the case may be, cash, shares of the Company’s Class A common stock or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 2029 Notes Indenture.
Holders of the 2029 Notes who convert their 2029 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the 2029 Notes Indenture) are, under certain circumstances, entitled to an increase in the conversion rate. Additionally in the event of a corporate event constituting a fundamental change (as defined in the 2029 Notes Indenture), holders of the 2029 Notes may require the Company to repurchase all or a portion of their 2029 Notes at a repurchase price equal to 100% of the principal amount of the 2029 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date.
Debt issuance costs related to the 2029 Notes totaled $11.8 million at inception and were comprised of discounts and commissions payable to the initial purchasers and third-party offering costs and will be amortized to interest expense using the effective interest method over the contractual term. As of September 30, 2025, the unamortized debt discount and debt issuance cost of the 2029 Notes was $8.2 million on the condensed consolidated balance sheets. The effective interest rate during the quarter ended September 30, 2025 was 1.16%.
During the quarter ended September 30, 2025, the 2029 Notes did not meet any of the circumstances that would allow for a conversion.
Based on the last reported sale price of the Company’s Class A common stock on September 30, 2025, the if-converted value of the 2029 Notes was $480.3 million, which exceeded the outstanding principal amount by $20.3 million.
Convertible Senior Notes due 2030
In September 2025, the Company issued $500.0 million aggregate principal amount of 0% convertible senior notes due 2030 (the "2030 Notes" together with the 2025 Notes and 2029 Notes, the "Notes") pursuant to an indenture, dated September 5, 2025 (the “2030 Notes Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee.
The 2030 Notes mature on September 15, 2030, unless earlier converted, redeemed or repurchased. The 2030 Notes are senior unsecured obligations of the Company that do not bear interest and the principal amount of the 2030 Notes will not accrete. The 2030 Notes may bear special interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations and failure to timely remove the restrictive legend from the 2030 Notes. The net proceeds from this offering were approximately $487.8 million, after deducting the initial purchasers’ discounts and commissions and debt issuance costs. The 2030 Notes were not issued at a substantial premium, therefore, the Company did not recognize an equity component at issuance.
The initial conversion rate for the 2030 Notes is 42.5170 shares of the Company’s Class A common stock per $1,000 principal amount of 2030 Notes, which is equivalent to an initial conversion price of approximately $23.52 per share of the Class A common stock. The conversion rate is subject to adjustment under certain circumstances in accordance with the terms of the 2030 Notes Indenture.
The 2030 Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding June 15, 2030 only under the following circumstances:
•During any fiscal quarter commencing after the fiscal quarter ending December 31, 2025 (and only during such fiscal quarter), if the last reported sale price of the Company’s Class A common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•During the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2030 Notes Indenture) per $1,000 principal amount of 2030 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s Class A common stock and the conversion rate on each such trading day;
•If the Company calls such 2030 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
•Upon the occurrence of specified corporate events.
On or after June 15, 2030, the 2030 Notes will be convertible at the option of the holder until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Company will satisfy its conversion obligation by paying cash up to the aggregate principal amount of the 2030 Notes to be converted and by paying and/or delivering, as the case may be, cash, shares of the Company’s Class A common stock or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 2030 Notes Indenture.
Holders of the 2030 Notes who convert their 2030 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the 2030 Notes Indenture) are, under certain circumstances, entitled to an increase in the conversion rate. Additionally in the event of a corporate event constituting a fundamental change (as defined in the 2030 Notes Indenture), holders of the 2030 Notes may require the Company to repurchase all or a portion of their 2030 Notes at a repurchase price equal to 100% of the principal amount of the 2030 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date.
Debt issuance costs related to the 2030 Notes totaled $12.2 million at inception and were comprised of discounts and commissions payable to the initial purchasers and third-party offering costs and will be amortized to interest expense using the effective interest method over the contractual term. As of September 30, 2025, the unamortized debt discount and debt issuance cost of the 2030 Notes was $12.1 million on the condensed consolidated balance sheets. The effective interest rate during the quarter ended September 30, 2025 was 0.49%.
During the quarter ended September 30, 2025, the 2030 Notes did not meet any of the circumstances that would allow for a conversion.
Based on the last reported sale price of the Company’s Class A common stock on September 30, 2025, the if-converted value of the 2030 Notes was $467.9 million, which would not exceed the outstanding principal amount.
The net carrying amounts of the Notes were as follows (in thousands):
September 30,
2025		December 31,
2024
2025 Notes
Principal$— $390,719 
Unamortized debt discount and debt issuance costs— (544)
Net carrying amount of liability component$— $390,175 
2029 Notes
Principal$460,000 $460,000 
Unamortized debt discount and debt issuance costs
(8,177)(9,919)
Net carrying amount of liability component$451,823 $450,081 
2030 Notes
Principal$500,000 $— 
Unamortized debt discount and debt issuance costs
(12,064)— 
Net carrying amount of liability component$487,936 $— 
As of September 30, 2025, the total estimated fair value (which represents a Level 2 valuation) of the 2029 Notes and 2030 Notes was approximately $595.6 million and $604.7 million, respectively. The estimated fair value of the 2029 Notes and 2030 Notes was determined based on a market approach which was determined based on the actual bids and offers of the 2029 Notes and 2030 Notes in an over-the-counter market on the last trading day of the period.
The Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or restrictions on the issuance or repurchase of securities by the Company.
Capped Calls
In connection with the issuance of the 2025 Notes, the Company entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates at a cost of approximately $132.7 million (the “2025 Capped Calls”). The 2025 Capped Calls covered, subject to anti-dilution adjustments, the number of shares of Class A common stock underlying the 2025 Notes sold in the offering. By entering into the 2025 Capped Calls, the Company expected to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2025 Notes was settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2025 Notes, the trading price of the Company's Class A common stock price exceeded the conversion price of the 2025 Notes. The cap price of the 2025 Capped Calls was initially $73.83 per share, subject to certain adjustments under the terms of the 2025 Capped Calls. The 2025 Capped Calls expired in May 2025.
In connection with the issuance of the 2029 Notes, the Company entered into privately negotiated capped call transactions with certain financial institutions at a cost of approximately $47.9 million (the “2029 Capped Calls”). The 2029 Capped Calls cover, subject to anti-dilution adjustments, the number of shares of Class A common stock underlying the 2029 Notes sold in the offering. By entering into the 2029 Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2029 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2029 Notes, the trading price of the Company’s Class A common stock price exceeds the conversion price of the 2029 Notes. The cap price of the 2029 Capped Calls is initially $31.82 per share and is subject to certain adjustments under the terms of the 2029 Capped Calls.
In connection with the issuance of the 2030 Notes, the Company entered into privately negotiated capped call transactions with certain financial institutions at a cost of approximately $42.0 million (the “2030 Capped Calls” and together with the 2025 Capped Calls and 2029 Capped Calls, the “Capped Calls”). The 2030 Capped Calls cover, subject to anti-dilution adjustments, the number of shares of Class A common stock underlying the 2030 Notes sold in the offering. By entering into the 2030 Capped Calls, the Company expects to reduce the potential dilution to its Class A common stock (or, in the event a conversion of the 2030 Notes is settled in cash, to reduce its cash payment obligation) in the event that at the time of conversion of the 2030 Notes, the trading price of the Company’s Class A common stock price exceeds the conversion price of the 2030 Notes. The cap price of the 2030 Capped Calls is initially $33.60 per share and is subject to certain adjustments under the terms of the 2030 Capped Calls.
The Capped Calls meet the criteria for classification in equity, are not remeasured each reporting period and are included as a reduction to additional paid-in capital within the condensed consolidated balance sheets.
Non-revolving Loan
Flexdrive has a Loan and Security Agreement dated March 11, 2019, as amended (the “Non-revolving Loan”) with a third-party lender pursuant to which Flexdrive may request advances to purchase new Hyundai and Kia vehicles, or for other purposes approved by the lender. On September 26, 2025, the Non-revolving Loan was amended, reducing the lender's maximum commitment from $50.0 million to $19.0 million and extending the Company's ability to draw through September 30, 2026. Advances paid or prepaid under the Non-revolving Loan may not be reborrowed. Repayment terms for each advance include equal monthly installments sufficient to fully amortize the advances over the term, with an option for the final installment to be greater than the others. The repayment term for each advance ranges from 24 months to 48 months. Interest is payable monthly in arrears at a fixed interest rate equal to the two-year U.S. Treasury note yield plus a spread of 3.4% for a 24-month term, the three-year U.S. Treasury note yield plus a spread of 3.4% for a 36-month term, and the average of the three and five-year U.S. Treasury note yields plus a spread of 3.4% for a 48-month term. At the end of the initial repayment term of an advance, Flexdrive may refinance such advance with a new advance which fully amortizes over a term of 24 months with an interest rate equal to the two-year U.S. Treasury note yield plus a spread of 3.4%. The Non-revolving Loan is secured by all vehicles financed under the Non-revolving Loan. As of September 30, 2025, there was an immaterial amount drawn under the Non-revolving Loan.
The Non-revolving Loan also contains customary affirmative and negative covenants that, among other things, limit Flexdrive’s ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of certain events of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under the Non-revolving Loan may become immediately due and payable, among other remedies. As of September 30, 2025, the Company was in compliance with all covenants related to the Non-revolving Loan in all material aspects. Further, the Company continued to guarantee the payments of Flexdrive for any amounts borrowed.
Master Vehicle Loan
Flexdrive has a Master Vehicle Acquisition Financing and Security Agreement, dated February 7, 2020 as amended (the “Master Vehicle Loan”) with a third-party lender. Pursuant to the term of the Master Vehicle Loan, Flexdrive may request loans up to a maximum principal amount of $50 million to purchase vehicles and additional capacity may be requested. Flexdrive has made requests for advances above that maximum amount which were granted by the lender. Repayment terms for each loan include equal monthly installments sufficient to amortize the loan over the term, with an option for the final installment to be greater than the others and is typically equal to the residual value guarantee the Company provides to the lender. The repayment term for each loan ranges from 12 months to 48 months. Interest is payable monthly in advance at a fixed interest rate equal to the three-year swap rate plus a spread of 2.10% on the date of the loan. Principal amounts outstanding related to the Master Vehicle Loan may be fully or partially prepaid at the option of Flexdrive and must be prepaid under certain circumstances. However, if a loan is terminated for any reason prior to the last day of the minimum loan term Flexdrive will be obligated to pay to the lender, an early termination fee in an amount which is equal to the interest which would otherwise be payable by Flexdrive to the lender for the remainder of the minimum loan term for that loan. The Master Vehicle Loan is secured by all vehicles financed under the Master Vehicle Loan as well as certain amounts held in escrow for the benefit of the lender. Amounts held in escrow are recorded as restricted cash on the condensed consolidated balance sheets.
The Master Vehicle Loan contains customary affirmative and negative covenants that, among other things, limit Flexdrive’s ability to enter into certain acquisitions or consolidations or engage in certain asset dispositions. Upon the occurrence of certain events of default, including bankruptcy and insolvency events with respect to Flexdrive or the Company, all amounts due under the Master Vehicle Loan may become immediately due and payable, among other remedies. As of September 30, 2025, Flexdrive was in compliance with all covenants related to the Master Vehicle Loan in all material respects. Further, the Company continued to guarantee the payments of Flexdrive for any amounts borrowed following the acquisition.
The fair values of the Non-revolving Loan and Master Vehicle Loan were $0.1 million and $124.7 million, respectively, as of September 30, 2025 and were determined based on quoted prices in markets that are not active, which are considered a Level 2 valuation input.
Maturities of long-term debt outstanding, including current maturities, as of September 30, 2025 were as follows (in thousands):    
Remainder of 2025$8,025 
202654,055 
202751,009 
20289,969 
2029451,823 
Thereafter487,936 
Total long-term debt outstanding$1,062,817 
Vehicle Procurement Agreement
Flexdrive has a Vehicle Procurement Agreement (“VPA”), as amended, with a third-party vehicle procurement provider (the “Procurement Provider”). Procurement services under the VPA include purchasing and upfitting certain motor vehicles as specified by Flexdrive, providing interim financing and providing certain fleet management services, including without limitation vehicle titling, registration and tracking services on behalf of Flexdrive. Pursuant to the terms of the VPA, Flexdrive will make the applicable payments to the Procurement Provider under the VPA either directly from its own funds or with the proceeds of advances made to Flexdrive under one of its credit facilities used by Flexdrive to finance the payment of such amounts. Interest on interim financings under the VPA is based on the prime rate.
The Procurement Provider has a security interest in vehicles purchased on behalf of Flexdrive until the full specified amounts due by Flexdrive in connection therewith have been paid to the Procurement Provider. The VPA includes customary affirmative and negative covenants applicable to Flexdrive. As of September 30, 2025, the Company was in compliance with all of its covenants under the VPA and as of September 30, 2025, there was an immaterial amount of outstanding borrowings from interim financings under the VPA, which is included within accrued and other current liabilities on the condensed consolidated balance sheets.
In March 2019, the Procurement Provider entered into a $95.0 million revolving credit facility with a third-party lender to finance its acquisition of motor vehicles on behalf of Flexdrive under the VPA, and in connection therewith, Flexdrive entered into a Limited Non-Recourse Secured Continuing Guaranty and Subordination Agreement pursuant to which Flexdrive guarantees the Procurement Provider's payment and performance obligations under that revolving credit facility. On September 17, 2020, the revolving credit facility was amended, extending the stated maturity date to December 31, 2021 and reducing the borrowing capacity to $50.0 million. The revolving credit facility renews annually and was most recently amended in September 2025, to extend the stated maturity date to September 2026. As of September 30, 2025, there was an immaterial amount outstanding under the revolving credit facility, the repayment of which is guaranteed by Flexdrive.
Revolving Credit Facility & Other Financings
On November 3, 2022, Lyft, Inc. entered into a revolving credit agreement (the “Revolving Credit Agreement”) by and among the Company, as the borrower, JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto from time to time. The Company amended the Revolving Credit Agreement on December 12, 2023, and on February 21, 2024, entered into Amendment No. 2 to Revolving Credit Agreement to, among other things: (a) solely for the purposes of the financial covenant test, replace total leverage with total net leverage, which allows the Company to subtract the lesser of (i)(x) to the extent free cash flow for the most recently ended trailing four quarters is greater than $100.0 million, $300.0 million and (y) otherwise, $200.0 million and (ii) the amount of unrestricted cash and cash equivalents (as defined in Amendment No. 2 to the Revolving Credit Agreement) on its condensed consolidated balance sheets as of the calculation date and (b) permit the Company to repurchase up to a specified amount of the Company’s common stock with the proceeds of a convertible note offering.
The Revolving Credit Agreement provides the Company with a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of $420.0 million that matures on November 3, 2027. The Company’s Liquidity (as defined in the Revolving Credit Agreement) minus the aggregate principal amount of the Company’s 2025 Convertible Notes (as defined in the Revolving Credit Agreement) outstanding was not less than $1.25 billion as of February 13, 2025. As such, the Revolving Credit Facility did not mature on such date based on the terms of the Revolving Credit Agreement. Subject to certain conditions precedent, the Revolving Credit Agreement also grants the Company the option to increase the commitment under the Revolving Credit Facility by or obtain incremental term loans in an aggregate principal amount of up to $300.0 million, plus, after June 30, 2024, an unlimited amount so long as the senior secured leverage ratio does not exceed 2.50:1.00. The Revolving Credit Facility provides for borrowings up to the amount of the facility, with a sublimit of $168 million for the issuance of letters of credit.
Under the Revolving Credit Agreement, loans bear interest, at the Company’s option, at an annual rate equal to either (i) the sum of (x) the Adjusted Term SOFR Rate (as defined in the Revolving Credit Agreement) plus (y) a variable rate based on the Company’s total leverage ratio, ranging from 1.50% to 2.25% or (ii) the sum of (x) the highest of (A) the rate of interest last quoted by The Wall Street Journal as the prime rate in effect in the United States, (B) the greater of the rate calculated by the Federal Reserve Bank of New York as the federal funds effective rate or the rate that is published by the Federal Reserve Bank of New York as the overnight bank funding rate, in either case, plus 0.50%, and (C) the one-month Adjusted Term SOFR Rate plus 1.00% and (y) a variable rate based on the Company’s total leverage ratio, ranging from 0.05% to 1.25%. The Company is required to pay a commitment fee between 0.225% and 0.375%, depending on the Company’s total leverage ratio, per annum on the undrawn portion available under the Revolving Credit Facility.
The Revolving Credit Agreement contains customary affirmative and negative covenants and restrictions typical for a financing of this type that, among other things, restrict the Company and its restricted subsidiaries’ ability to incur additional indebtedness, create liens, merge or consolidate or make certain dispositions, pay dividends and make distributions or other restricted payments, engage in transactions with affiliates, and make certain investments and acquisitions. The Revolving Credit Agreement also contains financial covenants that require the Company to maintain (a) a minimum liquidity amount of at least $1.5 billion, tested on a quarterly basis, commencing with the quarter ending December 31, 2022 through the quarter ending June 30, 2024, (b) a total net leverage ratio not to exceed 3.50:1.00 commencing with the quarter ending September 30, 2024 through the quarter ending December 31, 2024 and commencing with the quarter ending March 31, 2025, a ratio not to exceed 3.00:1.00 (with an increase to 3.50:1.00 if the Company has an acquisition for cash consideration greater than $75 million for the fiscal quarter during which such acquisition takes place and the three fiscal quarters immediately following such acquisition), and (c) a fixed charge coverage ratio of at least 1.25:1.00, commencing with the quarter ending September 30, 2024. The Revolving Credit Agreement contains customary events of default relating to, among other things, payment defaults, breach of representation or warranty or covenants, cross default to material indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. Non-compliance with one or more of the covenants and restrictions or the occurrence of an event of default could result in the full or partial principal balance of the Revolving Credit Agreement becoming immediately due and payable and termination of the commitments.
The Company’s obligations under the Revolving Credit Agreement are guaranteed by certain of the Company’s present and future material domestic subsidiaries. The Company’s obligations under, and each guarantor’s obligations under its guaranty of, the Revolving Credit Agreement are secured by a first priority interest on substantially all of the Company’s or such guarantor’s respective assets.
As of September 30, 2025, the Company was in compliance with all covenants related to the Revolving Credit Agreement and no amounts had been drawn under the Revolving Credit Agreement.
As of September 30, 2025, there were no other balances outstanding.
v3.25.3
Common Stock
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Common Stock 12. Common Stock
Share Repurchase Program
In February 2025, the Company's board of directors authorized a program for the repurchase of up to $500 million of the Company's Class A common stock. Additionally, in May 2025, the Company's board of directors authorized an increase to the Company’s share repurchase program of an additional $250 million of the Company's Class A common stock, for a total overall authorization of up to $750 million. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock and may be suspended at any time at the Company's discretion. The timing and number of shares repurchased will depend on a variety of factors, including the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors.
During the three and nine months ended September 30, 2025, the Company repurchased and subsequently retired, 12.8 million and 25.5 million shares of Class A common stock, respectively, for an aggregate amount of $200.0 million and $400.0 million, respectively, excluding broker commissions and fees which were not material. Included within this amount is the repurchase of 5.7 million shares of Class A common stock which were repurchased in September 2025 in connection with the issuance of the 2030 Notes for an aggregate amount of $95.7 million. The shares were repurchased at fair value with the par value of the shares retired charged against common stock and the remaining repurchase price allocated to additional paid-in capital on the condensed consolidated balance sheets. As of September 30, 2025, the Company had $350.0 million available to repurchase shares pursuant to the program.
The Company's share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. The excise tax on net share repurchases is accrued and recorded to additional paid-in capital on the condensed consolidated balance sheets. During the three and nine months ended September 30, 2025, the excise tax was not material.
Common Stock Repurchase
In connection with the issuance of the 2029 Notes in February 2024, the Company repurchased 3.1 million shares of its Class A common stock from investors in privately negotiated transactions for an aggregate repurchase price of approximately $50.0 million. The shares were repurchased at fair value with the par value of the shares retired charged against common stock and the remaining repurchase price allocated to additional paid-in capital on the condensed consolidated balance sheets. The Company retired the shares upon repurchase.
Common Stock Conversion
During the three months ended September 30, 2025, shareholders voluntarily converted 8.5 million shares of Class B common stock, which constituted all of the Company's outstanding shares of Class B common stock, into shares of Class A common stock on a one-for-one basis. Following the conversion, no Class B common stock is outstanding and no additional shares of Class B Common Stock will be issued. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock were entitled to 20 votes per share.
Equity Award Plans
The Company currently maintains two equity award plans that provide for the issuance of shares of common stock to officers, directors and other employees of the Company: the 2019 Equity Incentive Plan (the "2019 Plan") and the 2019 Employee Stock Purchase Plan (the “ESPP”). These plans provide for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSU”) and performance-based restricted stock units ("PSU").
Restricted Stock Units
The summary of RSU activity is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Unvested units as of December 31, 202426,194 $10.67 $336,282 
Granted24,629 13.39 
Vested(14,797)14.17 
Canceled(3,912)13.56 
Unvested units as of September 30, 202532,114 $10.79 $706,832 
Included in the grants for the nine months ended September 30, 2025 are 2.1 million shares of PSUs. These PSUs are divided into individual performance milestones and vesting tranches tied to the Company’s stock performance. On the grant date, the Company valued these PSUs using a Monte Carlo valuation model to determine for each milestone (i) the fair value to expense for such tranche and (ii) the requisite service period when the milestone for such tranche is expected to be achieved. The Monte Carlo valuation model considers several variables and assumptions in estimating the fair value of stock-based awards including the Company's stock price on grant date, expected term, expected volatility, and risk-free interest rate. The resulting fair value is amortized using the accelerated attribution method over the requisite service periods of each individual tranche. All PSUs are subject to a continuous service condition in addition to certain performance criteria.
In November 2024, the Company’s board of directors approved the transition to the net settlement method as the Company’s withholding method for RSUs. Prior to this, the Company’s withholding method was the sell-to-cover method with the exception of RSUs held by officers, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, for which the tax withholding method was the net settlement method.
As of September 30, 2025, the total unrecognized compensation cost was $205.6 million related to all unvested awards. The Company expects to recognize this expense over the remaining weighted-average period of approximately ten months. Generally, RSUs vest on the satisfaction of a service-based condition only. The Company recognizes compensation expense for such RSUs upon a straight-line basis over their requisite service periods.
Employee Stock Purchase Plan
A total of 6.0 million shares of Class A common stock were initially reserved for issuance under the ESPP. As of December 31, 2024, 17.4 million additional shares of Class A common stock were reserved for issuance under the ESPP. As of September 30, 2025, 6.8 million shares of Class A common stock have been purchased under the ESPP.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes 13. Income Taxes
The Company's tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter.
The Company's provision for income taxes has not been historically significant to the business as the Company has primarily incurred operating losses to date. The provision for income taxes consists of federal and state taxes in the U.S. and foreign taxes in jurisdictions in which the Company conducts business.
The Company recorded provision for (benefit from) income taxes of $(2.0) million and $5.5 million in the three and nine months ended September 30, 2025, respectively, and $(0.7) million and $3.8 million in the three and nine months ended September 30, 2024, respectively. The effective tax rate was (4.44)% and 5.79% for the three and nine months ended September 30, 2025, respectively, and 5.20% and (10.69)% for the three and nine months ended September 30, 2024, respectively. The effective tax rate differs from the U.S. statutory tax rate primarily due to the valuation allowances on the Company's deferred tax assets as it is more likely than not that some or all of the Company's deferred tax assets will not be realized.
The Company’s policy is to recognize interest and penalties associated with uncertain tax benefits as part of the income tax provision and include accrued interest and penalties with the related income tax liability on the Company’s condensed consolidated balance sheets. To date, the Company has not recognized any interest or penalties in its condensed consolidated statements of operations, nor has it accrued for or made payments for interest and penalties. The Company has no unrecognized tax benefits as of September 30, 2025 and December 31, 2024.
The Company is subject to routine examination by federal, state and foreign tax authorities. Management believes that the Company's tax filings are materially complete and accurate, and that all positions taken are supportable under applicable tax laws. As of September 30, 2025, the Company does not have any reserves for uncertain tax positions.
The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some, or all, of its deferred tax assets will not be realizable in the future. The Company considers all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing tax planning strategies in assessing the need for a valuation allowance. As of September 30, 2025, the Company maintains its valuation allowance against its U.S. federal and state net deferred tax assets. Based on the Company’s assessment of current and anticipated future earnings, it is reasonably possible that sufficient positive evidence of sustained U.S. profitability may become available in the foreseeable future to reach a conclusion that the U.S. valuation allowance will no longer be needed. The timing and amount of the valuation allowance release could vary based on the level of profitability that the Company is actually able to achieve.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA includes a broad range of tax provisions, such as the permanent extension of certain provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the provisions of the OBBBA and determined that the most significant impact relates to capitalization of research and experimental expenditures under Section 174. The effects of this provision have been reflected in the Company's current period income tax provision. The Company will continue to monitor any additional guidance and assess the potential impacts on future periods.
v3.25.3
Net Income (Loss) Per Share Attributable to Common Stockholders
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable to Common Stockholders 14. Net Income (Loss) Per Share Attributable to Common Stockholders
Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) by the weighted-average number of shares of common stock outstanding during the period. The diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For diluted net income (loss) per share attributable to common stockholders, the dilutive effect of outstanding awards is reflected by application of the treasury stock method and convertible securities by application of the if-converted method, as applicable. For purposes of this calculation, stock options, RSUs, PSUs, the Notes, and stock purchase rights granted under the Company’s ESPP are considered to be common stock equivalents but are excluded from the calculation of diluted net income (loss) per share attributable to common stockholders when including them has an anti-dilutive effect. Basic and diluted net income (loss) per share attributable to common stockholders are the same for each class of common stock because they are entitled to the same liquidation and dividend rights.
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods indicated (in thousands, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Numerator
Net income (loss) attributable to common stockholders, basic and diluted$46,074 $(12,426)$88,955 $(38,947)
Denominator
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders405,679 412,229 414,374 406,785 
Effect of potentially dilutive common stock equivalents6,995 — 5,894 — 
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders412,674 412,229 420,268 406,785 
Basic net income (loss) per share attributable to common stockholders$0.11 $(0.03)$0.21 $(0.10)
Diluted net income (loss) per share attributable to common stockholders$0.11 $(0.03)$0.21 $(0.10)
The following potentially dilutive outstanding shares were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Restricted stock units611 15,340 611 15,340 
2025 Notes(1)(2)
— 10,178 — 10,178 
2029 Notes(1)(3)
21,821 21,821 21,821 21,821 
2030 Notes(1)(4)
21,259 — 21,259 — 
Performance based restricted stock units14,831 15,050 14,831 15,050 
ESPP1,361 1,467 1,361 1,467 
Stock options— 203 — 203 
Total59,883 64,059 59,883 64,059 
_______________
(1)In connection with the issuance of the Notes, the Company entered into the Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. Refer to Note 11 “Debt” to the condensed consolidated financial statements for further information.
(2)The 2025 Capped Calls were expected to reduce the potential dilution to the Company's Class A common stock (or, in the event a conversion of the 2025 Notes was settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the 2025 Notes the Company's Class A common stock price exceeded the conversion price of the 2025 Notes. Refer to Note 11 “Debt” to the condensed consolidated financial statements for further information.
(3)The 2029 Capped Calls are expected to reduce the potential dilution to the Company's Class A common stock (or, in the event a conversion of the 2029 Notes are settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the 2029 Notes the Company's Class A common stock price exceeds the conversion price of the 2029 Notes. Refer to Note 11 “Debt” to the condensed consolidated financial statements for further information.
(4)The 2030 Capped Calls are expected to reduce the potential dilution to the Company's Class A common stock (or, in the event a conversion of the 2030 Notes are settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the 2030 Notes the Company's Class A common stock price exceeds the conversion price of the 2030 Notes. Refer to Note 11 “Debt” to the condensed consolidated financial statements for further information.
v3.25.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2025
Noncontrolling Interest [Abstract]  
Variable Interest Entities 15. Variable Interest Entities
VIEs Related to Lyft’s Network of Bikes and Scooters
The Company has several joint ventures (“JVs”) pertaining to its bikes and scooters operations, which were deemed to be variable interest entities (“VIEs”) in accordance with ASC 810 Consolidation on the acquisition date. The Company determined that it is the primary beneficiary of one of these VIEs, in which it owns an 80% equity interest, as the Company has the power to direct the majority of the activities of the VIE that most significantly impact its economic performance, the obligation to absorb losses and the right to receive benefits. As the Company is the primary beneficiary of the VIE, the assets, liabilities, non-controlling interest, revenues and operating results are included in the condensed consolidated financial statements.
For the remaining JVs associated with its bikes and scooters operations, the Company has determined that it does not direct the activities that would significantly affect the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. As a result, the Company accounts for its investment in these VIEs under the equity method, and they are not consolidated into the Company’s condensed consolidated financial statements. In addition, the Company recognizes its proportionate share of the reported profits or losses of these VIEs in other income, net in the condensed consolidated statements of operations, and as an adjustment to its investment in VIEs within other investments in the condensed consolidated balance sheets. The profits and losses of these unconsolidated VIEs were not material to the condensed consolidated statements of operations for the three and nine months ended September 30, 2025.
The maximum potential financial statement loss the Company would incur if these VIEs were to default on all their obligations would be the loss of the carrying value of these investments as well as any current or future investments, if any, the Company were to make which was immaterial as of September 30, 2025.
Other VIEs
In 2023, the Company contributed a business to a privately held company in exchange for an equity interest and a seat on the board of directors of such company. This privately held company was determined to be a VIE for which the Company lacks the power to direct the activities that most significantly impact the entity's economic performance. As the Company is not the primary beneficiary, it does not consolidate the VIE. However, due to the Company's ability to exercise significant influence, the investment will be accounted for under the equity method. The investment was recorded at its initial fair value of $12.9 million and represents the Company's maximum exposure to the VIE. During the quarter ended September 30, 2025, there was an immaterial change in the Company's claim on the net assets of the investment. There was no impairment of the investment.
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events 16. Subsequent Events
Acquisition of TBR Global Chauffeuring
On October 14, 2025, the Company completed the acquisition of TheBookingRoomGroup Limited (d/b/a TBR Global Chauffeuring), a global luxury chauffeuring company. Upon the close of the transaction, the Company paid approximately £83.0 million in cash. Additionally, up to £17.3 million of contingent consideration may be payable upon reaching certain performance conditions. Given the timing of the close of the transaction, the Company is in the process of determining the fair values of the acquired assets and assumed liabilities, and the valuation of contingent consideration to be transferred.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
David Lawee [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On September 3, 2025, David Lawee, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 6,578 shares of Class A common stock plus additional shares of Class A common stock issuable upon the vesting and settlement of RSUs granted to Mr. Lawee subsequent to the adoption of the trading arrangement and through August 20, 2026. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 15, 2026, or earlier if all transactions under the trading arrangement are completed.
Name David Lawee
Title member of our board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 3, 2025
Expiration Date September 15, 2026
Arrangement Duration 377 days
Aggregate Available 6,578
Jill Beggs [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On September 4, 2025, Jill Beggs, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 8,371 shares of Class A common stock plus additional shares of Class A common stock issuable upon the vesting and settlement of RSUs granted to Ms. Beggs subsequent to the adoption of the trading arrangement and through February 20, 2027. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until March 5, 2027, or earlier if all transactions under the trading arrangement are completed.
Name Jill Beggs
Title member of our board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 4, 2025
Expiration Date March 5, 2027
Arrangement Duration 547 days
Aggregate Available 8,371
Stephen Hope [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On September 4, 2025, Stephen Hope, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 61,355 shares of Class A common stock plus additional shares of Class A issuable upon the vesting and settlement of RSUs granted to Mr. Hope subsequent to the adoption of the trading arrangement and through November 20, 2026. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 1, 2026, or earlier if all transactions under the trading arrangement are completed.
Name Stephen Hope
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 4, 2025
Expiration Date December 1, 2026
Arrangement Duration 453 days
Aggregate Available 61,355
Prashant Aggarwal [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On September 4, 2025, Prashant Aggarwal, Chair of our board of directors, and Aggarwal Lee Family Trust (the “Aggarwal Trust”) adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to
(i) 77,699 shares of Class A common stock held by Mr. Aggarwal and (ii) 96,900 shares of Class A common stock held by the Aggarwal Trust. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until September 15, 2026, or earlier if all transactions under the trading arrangement are completed.
Name Prashant Aggarwal
Title Chair of our board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 4, 2025
Expiration Date September 15, 2026
Arrangement Duration 376 days
Aggregate Available 77,699
Aggarwal Lee Family Trust [Member]  
Trading Arrangements, by Individual  
Title Aggarwal Lee Family Trust
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 4, 2025
Expiration Date September 15, 2026
Arrangement Duration 376 days
Aggregate Available 96,900
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheets as of December 31, 2024 included herein was derived from the audited consolidated financial statements as of that date. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in our Annual Report on Form 10-K.
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and entities consolidated under the variable interest entity model and have been prepared on the same basis as the annual audited consolidated financial statements. All intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), stockholders’ equity, and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. The Company bases its estimates on various factors and information which may include, but are not limited to, historical experience, where applicable, and on other assumptions that management believes are reasonable under the circumstances. Actual results could differ materially from those estimates.
Significant items subject to estimates and assumptions include those related to losses resulting from insurance claims inclusive of insurance related accruals, fair value of financial assets and liabilities, acquired identifiable intangible assets and goodwill and related impairment assessments, useful lives of amortizable long-lived assets, leases, indirect tax obligations, legal contingencies, valuation allowance for deferred income taxes and the valuation of stock-based compensation.
Segment Information
Segment Information
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates as one operating segment. The Company has concluded that consolidated net income (loss) is the measure of segment profitability. The CODM assesses performance for the Company, monitors budget versus actual results, and determines how to allocate resources based on consolidated net income (loss) as reported in the condensed consolidated statements of operations. There are no other expense categories regularly provided to the CODM that are not already included in the primary condensed consolidated financial statements herein.
Recently Accounting Pronouncements
Recent Accounting Pronouncements
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures”, which requires companies to provide disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. While we anticipate that the application of this new guidance will result in additional income tax disclosures, the standard will not have a material impact on the Company’s consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”, which requires companies to provide new financial statement disclosures disaggregating prescribed expense categories within relevant income statement expense captions. Early adoption and retrospective application is permitted. Additionally, in January 2025, the FASB issued ASU 2025-01, “Clarifying the Effective Date” which clarifies that the guidance for ASU 2024-03 is to be adopted by all public entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, on a prospective basis. The Company is currently assessing the impact of adopting these standards on the consolidated financial statements.
In November 2024, the FASB issued ASU 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments”, which seeks to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. This amendment is effective for annual and interim reporting periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software”, which updates the capitalization criteria for internal-use software development costs and removes references to software development stages. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The amendments in this ASU should be applied using a prospective, retrospective, or a modified transition approach. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
Revenue Recognition
Revenue Recognition
The Company generates its revenue from its multimodal transportation network that offers access to a variety of transportation options through the Lyft Platform and mobile-based applications. Substantially all, or approximately 85% or more, of the Company’s revenue is generated from its ridesharing marketplace, inclusive of taxis, private hire vehicles and car sharing, that connects drivers and riders and is recognized in accordance with Accounting Standards Codification Topic 606 (“ASC 606”).
The Company evaluates the presentation of revenue based on whether the Company acts as a principal by controlling the transportation service provided to the rider or whether the Company acts as an agent by arranging for third parties to provide the transportation service to the rider. Judgment is required in this assessment, and in most cases, the Company acts as an agent in facilitating the ability of a driver to provide a transportation service to a rider. Revenue generated in these cases is
reported on a net basis, reflecting the service fees and commissions owed to the Company from the drivers as revenue, and not the gross amount collected from the rider. In certain markets, the Company acts as a principal for transportation services as the Company controls the services provided. Revenue generated in these markets is reported on a gross basis reflecting the gross amount collected from the rider, with payments to the drivers recorded within cost of revenue.
In addition, the Company generates revenue from licensing and data access, subscription fees, bikes and bike station hardware and software sales and arrangements to provide advertising services to third parties. The Company also generates rental revenue from Flexdrive and its network of shared bikes and scooters, which is recognized in accordance with Accounting Standards Codification Topic 842 (“ASC 842”).
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues
The table below presents the Company's revenues as included on the condensed consolidated statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenue from contracts with customers (ASC 606)$1,546,435 $1,387,825 $4,397,746 $3,919,393 
Rental revenue (ASC 842)138,760 134,867 325,804 316,346 
Total revenue$1,685,195 $1,522,692 $4,723,550 $4,235,739 
v3.25.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Fair Value of the Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed as of the acquisition date (in thousands):
Cash and cash equivalents$31,859 
Prepaid expenses and other current assets25,458 
Other investments1,396 
Property and equipment1,507 
Operating lease right-of-use assets16,667 
Identifiable intangible assets101,234 
Other assets11,174 
Total identifiable assets acquired189,295 
Accounts payable(2,123)
Accrued and other liabilities(52,128)
Operating lease liabilities, current(2,710)
Operating lease liabilities(13,957)
Other liabilities(16,490)
Total liabilities assumed(87,408)
Net assets acquired101,887 
Goodwill132,880 
Total acquisition consideration$234,767 
Schedule of Fair Value and Useful Lives of Identified Intangible Assets
The Company recorded intangible assets at their fair value, which consisted of the following (in thousands):
Estimated Useful Life (in Years)
Gross Carrying
Amount
Developed technology5.0$57,519 
User and driver relationships
4.040,263 
Trade name licensing agreement
3.03,452 
Total intangible assets$101,234 
v3.25.3
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Rollforward of the Carrying Amount of Goodwill
The following table presents the changes in the carrying amount of goodwill during the nine months ended September 30, 2025 (in thousands):
Balance as of December 31, 2024$251,376 
Additions132,880 
Foreign currency translation and other adjustments5,268 
Balance as of September 30, 2025$389,524 
v3.25.3
Cash Equivalents and Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash Equivalents and Short-Term Investments
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and investments as of the dates indicated (in thousands):
September 30, 2025
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$517,426 $— $— $517,426 
Money market deposit accounts
344,669 — — 344,669 
Certificates of deposit
149,405 144 (5)149,544 
Commercial paper
223,833 99 (10)223,922 
Corporate bonds
195,071 1,127 (1)196,197 
U.S. government and agency securities
126,779 61 — 126,840 
Total unrestricted cash equivalents and short-term investments1,557,183 1,431 (16)1,558,598 
Restricted Balances
Money market funds
16,990 — — 16,990 
Certificates of deposit
132,180 56 (5)132,231 
Commercial paper
1,020,720 392 (130)1,020,982 
Corporate bonds
15,031 21 — 15,052 
U.S. government and agency securities
620,355 291 (3)620,643 
Total restricted cash equivalents and investments1,805,276 760 (138)1,805,898 
Total unrestricted and restricted cash equivalents and investments
$3,362,459 $2,191 $(154)$3,364,496 
_______________
(1)Excludes $433.9 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Cost or
Amortized
Cost		UnrealizedEstimated
Fair Value
GainsLosses
Unrestricted Balances(1)
Money market funds$189,839 $— $— $189,839 
Money market deposit accounts304,716 — — 304,716 
Certificates of deposit171,352 150 (144)171,358 
Commercial paper762,405 529 (388)762,546 
Corporate bonds70,207 29 (5)70,231 
U.S. government and agency securities352,984 295 (5)353,274 
Total unrestricted cash equivalents and short-term investments1,851,503 1,003 (542)1,851,964 
Restricted Balances
Money market funds42,699 — — 42,699 
Term deposits2,194 — — 2,194 
Certificates of deposit189,694 144 (242)189,596 
Commercial paper782,491 433 (368)782,556 
Corporate bonds59,254 19 (7)59,266 
U.S. government and agency securities465,516 349 (8)465,857 
Total restricted cash equivalents and investments1,541,848 945 (625)1,542,168 
Total unrestricted and restricted cash equivalents and investments$3,393,351 $1,948 $(1,167)$3,394,132 
_______________
(1)Excludes $132.5 million of cash, which is included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
Schedule of AFS Debt Securities
The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type and maturity (in thousands):
September 30, 2025
Less than 12 months
12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$23,179 $(10)$— $— $23,179 $(10)
Corporate bonds — — 3,459 (1)3,459 (1)
Commercial paper73,638 (137)— — 73,638 (137)
U.S. government and agency securities
2,569 — — — 2,569 — 
Total available-for-sale debt securities in an unrealized loss position
$99,386 $(147)$3,459 $(1)$102,845 $(148)
December 31, 2024
Less than 12 months12 months or greaterTotal
Estimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized LossesEstimated Fair ValueUnrealized Losses
Certificates of deposit$99,144 $(386)$— $— $99,144 $(386)
Corporate bonds 49,516 (12)— — 49,516 (12)
Commercial paper241,805 (756)— — 241,805 (756)
U.S. government and agency securities62,787 (13)— — 62,787 (13)
Total available-for-sale debt securities in an unrealized loss position$453,252 $(1,167)$— $— $453,252 $(1,167)
The following table classifies the Company’s available-for-sale debt securities by contractual maturities (in thousands):
September 30,
2025		December 31,
2024
Due within one year$1,976,853 $2,578,381 
Due within one year to three years147,346 — 
Total$2,124,199 $2,578,381 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis
The following tables set forth the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated by level within the fair value hierarchy (in thousands):
September 30, 2025
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$517,426 $— $— $517,426 
Certificates of deposit— 149,544 — 149,544 
Commercial paper— 223,922 — 223,922 
Corporate bonds— 196,197 — 196,197 
U.S. government and agency securities
— 126,840 — 126,840 
Total unrestricted cash equivalents and short-term investments517,426 696,503 — 1,213,929 
Restricted cash equivalents and investments
Money market funds16,990 — — 16,990 
Certificates of deposit— 132,231 — 132,231 
Commercial paper— 1,020,982 — 1,020,982 
Corporate bonds— 15,052 — 15,052 
U.S. government and agency securities
— 620,643 — 620,643 
Total restricted cash equivalents and investments16,990 1,788,908 — 1,805,898 
Total financial assets$534,416 $2,485,411 $— $3,019,827 
_______________
(1)$433.9 million of cash and $344.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
December 31, 2024
Level 1Level 2Level 3Total
Assets
Unrestricted cash equivalents and short-term investments(1)
Money market funds$189,839 $— $— $189,839 
Certificates of deposit— 171,358 — 171,358 
Commercial paper— 762,546 — 762,546 
Corporate bonds— 70,231 — 70,231 
U.S. government and agency securities
— 353,274 — 353,274 
Total unrestricted cash equivalents and short-term investments189,839 1,357,409 — 1,547,248 
Restricted cash equivalents and investments(2)
Money market funds42,699 — — 42,699 
Certificates of deposit— 189,596 — 189,596 
Commercial paper— 782,556 — 782,556 
Corporate bonds— 59,266 — 59,266 
U.S. government and agency securities
— 465,857 — 465,857 
Total restricted cash equivalents and investments42,699 1,497,275 — 1,539,974 
Total financial assets$232,538 $2,854,684 $— $3,087,222 
_______________
(1)$132.5 million of cash and $304.7 million of money market deposit accounts are not subject to recurring fair value measurement and therefore excluded from this table. However, these balances are included within the $2.0 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets.
(2)$2.2 million of term deposits is not subject to recurring fair value measurement and therefore excluded from this table. However, this balance is included within the $1.5 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets.
v3.25.3
Supplemental Financial Statement Information (Tables)
 9 Months Ended
Sep. 30, 2025
Additional Financial Information Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following as of the dates indicated (in thousands):
September 30,
2025		December 31,
2024
Prepaid insurance
$383,386 $428,884 
Enterprise and trade receivables, net(1)
399,159 334,843 
Other220,345 202,363 
Prepaid expenses and other current assets$1,002,890 $966,090 
_______________
(1)The Company’s receivable balance, which consists primarily of amounts due from participants in the Company's enterprise programs and bikes and scooters partners, was $408.6 million and $347.0 million as of September 30, 2025 and December 31, 2024, respectively while the allowance for credit losses was $9.4 million and $12.2 million as of September 30, 2025 and December 31, 2024, respectively.
Schedule of Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
September 30,
2025		December 31,
2024
Insurance-related accruals
$881,709 $763,842 
Legal and tax related accruals314,187 333,979 
Ride-related accruals234,414 178,114 
Insurance claims payable and related fees63,070 58,135 
Long-term debt, current(1)
52,773 38,904 
Finance lease liabilities, current(2)
32,371 31,268 
Other(2)
352,152 262,036 
Accrued and other current liabilities$1,930,676 $1,666,278 
_______________
(1)Represents current portion of long-term debt primarily related to the Non-revolving Loan and Master Vehicle Loan. Refer to Note 11 "Debt" for more information.
(2)Certain balances previously presented in Other as of December 31, 2024 have been reclassified to Finance lease liabilities, current to conform to the current period presentation.
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Schedule of Lease Position
The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in thousands, except for remaining lease terms and percentages):
September 30,
2025		December 31,
2024
Operating Leases
Assets
Operating lease right-of-use assets
$155,244$148,397
Liabilities
Operating lease liabilities, current
$27,203$25,192
Operating lease liabilities, non-current
151,109152,074
Total operating lease liabilities$178,312$177,266
Finance Leases
Assets
Finance lease right-of-use assets(1)
$71,837$79,704
Liabilities
Finance lease liabilities, current(2)
$32,371$31,268
Finance lease liabilities, non-current(3)
45,33754,351
Total finance lease liabilities$77,708$85,619
Weighted-average remaining lease term (years)
Operating leases7.27.7
Finance leases2.22.6
Weighted-average discount rate
Operating leases6.5 %6.6 %
Finance leases6.2 %6.4 %
_______________
(1)This balance is included within property and equipment, net on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(2)This balance is included within other current liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
(3)This balance is included within other liabilities on the condensed consolidated balance sheets and is primarily related to Flexdrive.
Schedule of Lease Costs and Supplemental Cash Flow Information
The table below presents certain information related to the costs for operating leases and finance leases (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating Leases
Operating lease cost$9,286 $9,451 $26,315 $28,936 
Finance Leases
Amortization of right-of-use assets$7,689 $8,087 $23,154 $21,290 
Interest on lease liabilities1,098 1,503 3,554 4,365 
Other Lease Costs
Short-term lease cost$727 $778 $2,108 $2,648 
Variable lease cost (1)
1,861 2,332 5,220 7,502 
Total lease cost$20,661 $22,151 $60,351 $64,741 
_______________
(1)Consists primarily of common area maintenance and taxes and utilities for real estate leases.
The table below presents certain supplemental information related to the cash flows for operating and finance leases recorded on the condensed consolidated statements of cash flows (in thousands):
Nine Months Ended September 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$32,018 $45,647 
Operating cash flows from finance leases3,175 3,997 
Financing cash flows from finance leases30,804 35,403 
Schedule of Operating Lease Liabilities
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of September 30, 2025 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2025$5,871 $10,687 $16,558 
202640,319 40,065 80,384 
202735,631 19,404 55,035 
202829,682 13,204 42,886 
202928,274 111 28,385 
Thereafter84,055 — 84,055 
Total minimum lease payments223,832 83,471 307,303 
Less: amount of lease payments representing interest(45,520)(5,763)(51,283)
Present value of future lease payments178,312 77,708 256,020 
Less: current obligations under leases(27,203)(32,371)(59,574)
Long-term lease obligations$151,109 $45,337 $196,446 
Schedule of Finance Lease Liabilities
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the condensed consolidated balance sheets as of September 30, 2025 (in thousands):
Operating LeasesFinance LeasesTotal Leases
Remainder of 2025$5,871 $10,687 $16,558 
202640,319 40,065 80,384 
202735,631 19,404 55,035 
202829,682 13,204 42,886 
202928,274 111 28,385 
Thereafter84,055 — 84,055 
Total minimum lease payments223,832 83,471 307,303 
Less: amount of lease payments representing interest(45,520)(5,763)(51,283)
Present value of future lease payments178,312 77,708 256,020 
Less: current obligations under leases(27,203)(32,371)(59,574)
Long-term lease obligations$151,109 $45,337 $196,446 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations and Interest Expense Related to Convertible Debt
Outstanding debt obligations as of September 30, 2025 and December 31, 2024 were as follows (in thousands, except for percentages):
Maturities
Interest Rates as of September 30, 2025
September 30, 2025December 31, 2024
Convertible senior notes due 2025 (the "2025 Notes")May 2025— %$— $390,175 
Convertible senior notes due 2029 (the "2029 Notes")March 20290.625%451,823 450,081 
Convertible senior notes due 2030 (the "2030 Notes")
September 2030
0 %487,936 — 
Non-revolving Loan20267.61%73 510 
Master Vehicle Loan
2025 - 2028
5.85% - 7.10%
122,985 154,281 
Total long-term debt, including current maturities$1,062,817 $995,047 
Less: Convertible senior notes, current (1)
— 390,175 
Less: Long-term debt, current (2)
52,773 38,904 
Total long-term debt$1,010,044 $565,968 
_______________
(1)This balance is included within convertible senior notes, current on the condensed consolidated balance sheets.
(2)This balance is included within accrued and other current liabilities on the condensed consolidated balance sheets and is primarily related to vehicles.
The following table sets forth the primary components of interest expense as reported on the condensed consolidated statements of operations (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Contractual interest expense related to the 2025 Notes and 2029 Notes(1)
$719 $2,200 $4,310 $6,997 
Amortization of debt discount and issuance costs related to the 2025 Notes, 2029 Notes and 2030 Notes
761 989 2,450 2,744 
Vehicle loans and other interest expense3,262 4,173 9,164 12,521 
Interest expense$4,742 $7,362 $15,924 $22,262 
_______________
(1)There is no contractual interest expense related to the 2030 Notes as the 2030 Notes have a 0% interest rate.
Schedule of Convertible Notes
The net carrying amounts of the Notes were as follows (in thousands):
September 30,
2025		December 31,
2024
2025 Notes
Principal$— $390,719 
Unamortized debt discount and debt issuance costs— (544)
Net carrying amount of liability component$— $390,175 
2029 Notes
Principal$460,000 $460,000 
Unamortized debt discount and debt issuance costs
(8,177)(9,919)
Net carrying amount of liability component$451,823 $450,081 
2030 Notes
Principal$500,000 $— 
Unamortized debt discount and debt issuance costs
(12,064)— 
Net carrying amount of liability component$487,936 $— 
Schedule of Maturities of Long-Term Debt Outstanding
Maturities of long-term debt outstanding, including current maturities, as of September 30, 2025 were as follows (in thousands):    
Remainder of 2025$8,025 
202654,055 
202751,009 
20289,969 
2029451,823 
Thereafter487,936 
Total long-term debt outstanding$1,062,817 
v3.25.3
Common Stock (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
The summary of RSU activity is as follows (in thousands, except per share data):
Number of
Shares		Weighted-
Average
Grant Date
Fair Value		Aggregate
Intrinsic
Value
Unvested units as of December 31, 202426,194 $10.67 $336,282 
Granted24,629 13.39 
Vested(14,797)14.17 
Canceled(3,912)13.56 
Unvested units as of September 30, 202532,114 $10.79 $706,832 
v3.25.3
Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders for the periods indicated (in thousands, except per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Numerator
Net income (loss) attributable to common stockholders, basic and diluted$46,074 $(12,426)$88,955 $(38,947)
Denominator
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders405,679 412,229 414,374 406,785 
Effect of potentially dilutive common stock equivalents6,995 — 5,894 — 
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders412,674 412,229 420,268 406,785 
Basic net income (loss) per share attributable to common stockholders$0.11 $(0.03)$0.21 $(0.10)
Diluted net income (loss) per share attributable to common stockholders$0.11 $(0.03)$0.21 $(0.10)
Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Income (Loss) Per Share
The following potentially dilutive outstanding shares were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Restricted stock units611 15,340 611 15,340 
2025 Notes(1)(2)
— 10,178 — 10,178 
2029 Notes(1)(3)
21,821 21,821 21,821 21,821 
2030 Notes(1)(4)
21,259 — 21,259 — 
Performance based restricted stock units14,831 15,050 14,831 15,050 
ESPP1,361 1,467 1,361 1,467 
Stock options— 203 — 203 
Total59,883 64,059 59,883 64,059 
_______________
(1)In connection with the issuance of the Notes, the Company entered into the Capped Calls, which were not included for purposes of calculating the number of diluted shares outstanding, as their effect would have been anti-dilutive. Refer to Note 11 “Debt” to the condensed consolidated financial statements for further information.
(2)The 2025 Capped Calls were expected to reduce the potential dilution to the Company's Class A common stock (or, in the event a conversion of the 2025 Notes was settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the 2025 Notes the Company's Class A common stock price exceeded the conversion price of the 2025 Notes. Refer to Note 11 “Debt” to the condensed consolidated financial statements for further information.
(3)The 2029 Capped Calls are expected to reduce the potential dilution to the Company's Class A common stock (or, in the event a conversion of the 2029 Notes are settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the 2029 Notes the Company's Class A common stock price exceeds the conversion price of the 2029 Notes. Refer to Note 11 “Debt” to the condensed consolidated financial statements for further information.
(4)The 2030 Capped Calls are expected to reduce the potential dilution to the Company's Class A common stock (or, in the event a conversion of the 2030 Notes are settled in cash, to reduce the cash payment obligation) in the event that at the time of conversion of the 2030 Notes the Company's Class A common stock price exceeds the conversion price of the 2030 Notes. Refer to Note 11 “Debt” to the condensed consolidated financial statements for further information.
v3.25.3
Summary of Significant Accounting Policies - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
segment
Accounting Policies [Abstract]  
Number of operating segments 1
v3.25.3
Revenue - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
Ride Share | Product Concentration Risk | Revenue, Product and Service Benchmark  
Disaggregation of Revenue  
Concentration risk (as a percent) 85.00%
v3.25.3
Revenue - Schedule of Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]        
Revenue from contracts with customers (ASC 606) $ 1,546,435 $ 1,387,825 $ 4,397,746 $ 3,919,393
Rental revenue (ASC 842) 138,760 134,867 325,804 316,346
Total revenue $ 1,685,195 $ 1,522,692 $ 4,723,550 $ 4,235,739
v3.25.3
Acquisitions - Narrative (Details)
€ in Millions
 3 Months Ended 9 Months Ended
Jul. 31, 2025
USD ($)
Jul. 31, 2025
EUR (€)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Business Combination              
Goodwill     $ 389,524,000   $ 389,524,000   $ 251,376,000
User and driver relationships              
Business Combination              
Gross carrying amount $ 40,300,000            
Developed technology              
Business Combination              
Gross carrying amount $ 57,500,000            
Intelligent Apps GmbH              
Business Combination              
Ownership interest acquired (as a percent) 100.00%            
Cash consideration $ 234,767,000 € 204.1          
Acquisition related cost     7,400,000 $ 0 13,000,000.0 $ 0  
Goodwill 132,880,000   $ 132,900,000   $ 132,900,000    
Gross carrying amount 101,234,000            
Intelligent Apps GmbH | User and driver relationships              
Business Combination              
Gross carrying amount $ 40,263,000            
Estimated useful life (in years) 4 years 4 years          
Intelligent Apps GmbH | Developed technology              
Business Combination              
Gross carrying amount $ 57,519,000            
Estimated useful life (in years) 5 years 5 years          
v3.25.3
Acquisitions - Schedule of Fair Value of the Assets Acquired and Liabilities Assumed (Details)
$ in Thousands, € in Millions
Jul. 31, 2025
USD ($)
Jul. 31, 2025
EUR (€)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Business Combination        
Goodwill     $ 389,524 $ 251,376
Intelligent Apps GmbH        
Business Combination        
Cash and cash equivalents $ 31,859      
Prepaid expenses and other current assets 25,458      
Other investments 1,396      
Property and equipment 1,507      
Operating lease right-of-use assets 16,667      
Gross Carrying Amount 101,234      
Other assets 11,174      
Total identifiable assets acquired 189,295      
Accounts payable (2,123)      
Accrued and other liabilities (52,128)      
Operating lease liabilities, current (2,710)      
Operating lease liabilities (13,957)      
Other liabilities (16,490)      
Total liabilities assumed (87,408)      
Net assets acquired 101,887      
Goodwill 132,880   $ 132,900  
Cash consideration $ 234,767 € 204.1    
v3.25.3
Acquisitions - Schedule of Recorded Intangible Assets at Fair Value (Details)
$ in Thousands
Jul. 31, 2025
USD ($)
Intelligent Apps GmbH  
Business Combination  
Gross Carrying Amount $ 101,234
Trade name licensing agreement | Intelligent Apps GmbH  
Business Combination  
Estimated useful life (in years) 3 years
Gross Carrying Amount $ 3,452
User and driver relationships  
Business Combination  
Gross Carrying Amount $ 40,300
User and driver relationships | Intelligent Apps GmbH  
Business Combination  
Estimated useful life (in years) 4 years
Gross Carrying Amount $ 40,263
Developed technology  
Business Combination  
Gross Carrying Amount $ 57,500
Developed technology | Intelligent Apps GmbH  
Business Combination  
Estimated useful life (in years) 5 years
Gross Carrying Amount $ 57,519
v3.25.3
Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill  
Beginning balance $ 251,376
Additions 132,880
Foreign currency translation and other adjustments 5,268
Ending balance $ 389,524
v3.25.3
Cash Equivalents and Investments - Schedule of Cash Equivalents and Short-Term Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost $ 1,557,183 $ 1,851,503
Unrestricted cash equivalents and short-term investments, Unrealized Gains 1,431 1,003
Unrestricted cash equivalents and short-term investments, Unrealized Losses (16) (542)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 1,558,598 1,851,964
Restricted cash equivalents and investments, Cost or Amortized Cost 1,805,276 1,541,848
Restricted cash equivalents and investments, Unrealized Gains 760 945
Restricted cash equivalents and investments, Unrealized Losses (138) (625)
Restricted cash equivalents and investments, Estimated Fair Value 1,805,898 1,542,168
Unrestricted and restricted cash equivalents and investments, Cost or Amortized Cost 3,362,459 3,393,351
Unrestricted and restricted cash equivalents and investments, Unrealized Gains 2,191 1,948
Unrestricted and restricted cash equivalents and investments, Unrealized Losses (154) (1,167)
Unrestricted and restricted cash equivalents and investments, Estimated Fair Value 3,364,496 3,394,132
Cash 433,900 132,500
Cash and cash equivalents and short-term investments 2,000,000 2,000,000
Money market funds    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 517,426 189,839
Unrestricted cash equivalents and short-term investments, Unrealized Gains 0 0
Unrestricted cash equivalents and short-term investments, Unrealized Losses 0 0
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 517,426 189,839
Restricted cash equivalents and investments, Cost or Amortized Cost 16,990 42,699
Restricted cash equivalents and investments, Unrealized Gains 0 0
Restricted cash equivalents and investments, Unrealized Losses 0 0
Restricted cash equivalents and investments, Estimated Fair Value 16,990 42,699
Money market deposit accounts    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 344,669 304,716
Unrestricted cash equivalents and short-term investments, Unrealized Gains 0 0
Unrestricted cash equivalents and short-term investments, Unrealized Losses 0 0
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 344,669 304,716
Term deposits    
Cash and Cash Equivalents [Line Items]    
Restricted cash equivalents and investments, Cost or Amortized Cost   2,194
Restricted cash equivalents and investments, Unrealized Gains   0
Restricted cash equivalents and investments, Unrealized Losses   0
Restricted cash equivalents and investments, Estimated Fair Value   2,194
Certificates of deposit    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 149,405 171,352
Unrestricted cash equivalents and short-term investments, Unrealized Gains 144 150
Unrestricted cash equivalents and short-term investments, Unrealized Losses (5) (144)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 149,544 171,358
Restricted cash equivalents and investments, Cost or Amortized Cost 132,180 189,694
Restricted cash equivalents and investments, Unrealized Gains 56 144
Restricted cash equivalents and investments, Unrealized Losses (5) (242)
Restricted cash equivalents and investments, Estimated Fair Value 132,231 189,596
Commercial paper    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 223,833 762,405
Unrestricted cash equivalents and short-term investments, Unrealized Gains 99 529
Unrestricted cash equivalents and short-term investments, Unrealized Losses (10) (388)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 223,922 762,546
Restricted cash equivalents and investments, Cost or Amortized Cost 1,020,720 782,491
Restricted cash equivalents and investments, Unrealized Gains 392 433
Restricted cash equivalents and investments, Unrealized Losses (130) (368)
Restricted cash equivalents and investments, Estimated Fair Value 1,020,982 782,556
Corporate bonds    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 195,071 70,207
Unrestricted cash equivalents and short-term investments, Unrealized Gains 1,127 29
Unrestricted cash equivalents and short-term investments, Unrealized Losses (1) (5)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 196,197 70,231
Restricted cash equivalents and investments, Cost or Amortized Cost 15,031 59,254
Restricted cash equivalents and investments, Unrealized Gains 21 19
Restricted cash equivalents and investments, Unrealized Losses 0 (7)
Restricted cash equivalents and investments, Estimated Fair Value 15,052 59,266
U.S. government and agency securities    
Cash and Cash Equivalents [Line Items]    
Unrestricted cash equivalents and short-term investments, Cost or Amortized Cost 126,779 352,984
Unrestricted cash equivalents and short-term investments, Unrealized Gains 61 295
Unrestricted cash equivalents and short-term investments, Unrealized Losses 0 (5)
Unrestricted cash equivalents and short-term investments, Estimated Fair Value 126,840 353,274
Restricted cash equivalents and investments, Cost or Amortized Cost 620,355 465,516
Restricted cash equivalents and investments, Unrealized Gains 291 349
Restricted cash equivalents and investments, Unrealized Losses (3) (8)
Restricted cash equivalents and investments, Estimated Fair Value $ 620,643 $ 465,857
v3.25.3
Cash Equivalents and Investments - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash and Cash Equivalents [Abstract]        
Interest income earned $ 33,300,000 $ 44,200,000 $ 111,800,000 $ 122,900,000
Allowance for credit loss on marketable and non-marketable available for sale debt securities $ 0   $ 0  
v3.25.3
Cash Equivalents and Investments - Schedule of AFS Debt Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months $ 99,386 $ 453,252
Unrealized losses, less than 12 months (147) (1,167)
Estimated fair value, 12 months or greater 3,459 0
Unrealized losses, 12 months or greater (1) 0
Estimated fair value, total 102,845 453,252
Unrealized losses, total (148) (1,167)
Certificates of deposit    
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months 23,179 99,144
Unrealized losses, less than 12 months (10) (386)
Estimated fair value, 12 months or greater 0 0
Unrealized losses, 12 months or greater 0 0
Estimated fair value, total 23,179 99,144
Unrealized losses, total (10) (386)
Corporate bonds    
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months 0 49,516
Unrealized losses, less than 12 months 0 (12)
Estimated fair value, 12 months or greater 3,459 0
Unrealized losses, 12 months or greater (1) 0
Estimated fair value, total 3,459 49,516
Unrealized losses, total (1) (12)
Commercial paper    
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months 73,638 241,805
Unrealized losses, less than 12 months (137) (756)
Estimated fair value, 12 months or greater 0 0
Unrealized losses, 12 months or greater 0 0
Estimated fair value, total 73,638 241,805
Unrealized losses, total (137) (756)
U.S. government and agency securities    
Debt Securities, Available-for-sale    
Estimated fair value, less than 12 Months 2,569 62,787
Unrealized losses, less than 12 months 0 (13)
Estimated fair value, 12 months or greater 0 0
Unrealized losses, 12 months or greater 0 0
Estimated fair value, total 2,569 62,787
Unrealized losses, total $ 0 $ (13)
v3.25.3
Cash Equivalents and Investments - Schedule of Debt securities by Contractual Maturities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]    
Due within one year $ 1,976,853 $ 2,578,381
Due within one year to three years 147,346 0
Total $ 2,124,199 $ 2,578,381
v3.25.3
Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets    
Cash $ 433,900 $ 132,500
Short-term investments 686,615 1,225,124
Cash and cash equivalents and short-term investments 2,000,000 2,000,000
Restricted cash and cash equivalents and restricted short-term investments   1,500,000
Fair Value Measurements on a Recurring Basis    
Assets    
Total unrestricted cash equivalents and short-term investments 1,213,929 1,547,248
Total restricted cash equivalents and investments 1,805,898 1,539,974
Total financial assets 3,019,827 3,087,222
Fair Value Measurements on a Recurring Basis | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 517,426 189,839
Total restricted cash equivalents and investments 16,990 42,699
Total financial assets 534,416 232,538
Fair Value Measurements on a Recurring Basis | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 696,503 1,357,409
Total restricted cash equivalents and investments 1,788,908 1,497,275
Total financial assets 2,485,411 2,854,684
Fair Value Measurements on a Recurring Basis | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Total financial assets 0 0
Fair Value Measurements on a Recurring Basis | Money market funds    
Assets    
Total unrestricted cash equivalents and short-term investments 517,426 189,839
Total restricted cash equivalents and investments 16,990 42,699
Fair Value Measurements on a Recurring Basis | Money market funds | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 517,426 189,839
Total restricted cash equivalents and investments 16,990 42,699
Fair Value Measurements on a Recurring Basis | Money market funds | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | Money market funds | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | Certificates of deposit    
Assets    
Total unrestricted cash equivalents and short-term investments 149,544 171,358
Total restricted cash equivalents and investments 132,231 189,596
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 149,544 171,358
Total restricted cash equivalents and investments 132,231 189,596
Fair Value Measurements on a Recurring Basis | Certificates of deposit | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | Commercial paper    
Assets    
Total unrestricted cash equivalents and short-term investments 223,922 762,546
Total restricted cash equivalents and investments 1,020,982 782,556
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 223,922 762,546
Total restricted cash equivalents and investments 1,020,982 782,556
Fair Value Measurements on a Recurring Basis | Commercial paper | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | Corporate bonds    
Assets    
Total unrestricted cash equivalents and short-term investments 196,197 70,231
Total restricted cash equivalents and investments 15,052 59,266
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 196,197 70,231
Total restricted cash equivalents and investments 15,052 59,266
Fair Value Measurements on a Recurring Basis | Corporate bonds | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | U.S. government and agency securities    
Assets    
Total unrestricted cash equivalents and short-term investments 126,840 353,274
Total restricted cash equivalents and investments 620,643 465,857
Fair Value Measurements on a Recurring Basis | U.S. government and agency securities | Level 1    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on a Recurring Basis | U.S. government and agency securities | Level 2    
Assets    
Total unrestricted cash equivalents and short-term investments 126,840 353,274
Total restricted cash equivalents and investments 620,643 465,857
Fair Value Measurements on a Recurring Basis | U.S. government and agency securities | Level 3    
Assets    
Total unrestricted cash equivalents and short-term investments 0 0
Total restricted cash equivalents and investments 0 0
Fair Value Measurements on Nonrecurring Basis | Cash and Cash Equivalents and Short-Term Investments    
Assets    
Cash 433,900 132,500
Term deposits   2,200
Fair Value Measurements on Nonrecurring Basis | Cash and Cash Equivalents and Short-Term Investments | Money market funds    
Assets    
Short-term investments $ 344,700 $ 304,700
v3.25.3
Fair Value Measurements - Additional Information (Details)
$ in Thousands, € in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
EUR (€)
Sep. 30, 2025
USD ($)
Sep. 30, 2025
EUR (€)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Financial Instruments Measured at Fair Value on a Recurring Basis          
Notional value of foreign exchange forward contracts   $ 41,950   $ 47,886  
Other investments   45,166     $ 42,516
Fair Value Measurements on Nonrecurring Basis          
Financial Instruments Measured at Fair Value on a Recurring Basis          
Other investments   $ 12,100     $ 9,100
Foreign Exchange Forward | Not Designated as Hedging Instrument | Cash Flow Hedging          
Financial Instruments Measured at Fair Value on a Recurring Basis          
Notional value of foreign exchange forward contracts | € € 15   € 50    
v3.25.3
Supplemental Financial Statement Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Additional Financial Information Disclosure [Abstract]    
Prepaid insurance $ 383,386 $ 428,884
Enterprise and trade receivables, net 399,159 334,843
Other 220,345 202,363
Prepaid expenses and other current assets 1,002,890 966,090
Accounts receivable 408,600 347,000
Allowance for credit loss $ 9,400 $ 12,200
v3.25.3
Supplemental Financial Statement Information - Schedule of Accrued and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Accrued and Other Liabilities    
Insurance-related accruals $ 881,709 $ 763,842
Legal and tax related accruals 314,187 333,979
Ride-related accruals 234,414 178,114
Insurance claims payable and related fees 63,070 58,135
Long-term debt, current 52,773 38,904
Finance lease liabilities, current 32,371 31,268
Other 352,152 262,036
Accrued and other current liabilities $ 1,930,676 $ 1,666,278
v3.25.3
Supplemental Financial Statement Information - Additional Information (Details) - Riverstone International Insurance, Inc. - USD ($)
$ in Millions
Feb. 19, 2025
Jan. 01, 2025
Cash And Restricted Cash [Line Items]    
Prepaid interest   $ 8.4
Pacific Valley Insurance Company, Inc.    
Cash And Restricted Cash [Line Items]    
Reinsurance obligations $ 120.5  
Unearned premiums 85.1  
Reinsurance premium $ 85.1  
v3.25.3
Leases - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
location
Real Estate Leases  
Lessee, Lease, Description  
Number of locations 80
Real Estate Leases | Minimum  
Lessee, Lease, Description  
Lessee, operating lease, term of contract (in months and years) 1 month
Lessee, operating lease, option to extend term (in months and years) 1 month
Real Estate Leases | Maximum  
Lessee, Lease, Description  
Lessee, operating lease, term of contract (in months and years) 9 years
Lessee, operating lease, option to extend term (in months and years) 10 years
Vehicles | Minimum  
Lessee, Lease, Description  
Finance lease term of contract (in months and years) 1 month
Vehicles | Maximum  
Lessee, Lease, Description  
Finance lease term of contract (in months and years) 4 years
v3.25.3
Leases - Schedule of Lease Position (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Operating Leases    
Operating lease right-of-use assets $ 155,244 $ 148,397
Operating lease liabilities, current 27,203 25,192
Operating lease liabilities, non-current 151,109 152,074
Total operating lease liabilities 178,312 177,266
Assets    
Finance lease right-of-use assets 71,837 79,704
Liabilities    
Finance lease liabilities, current 32,371 31,268
Finance lease liabilities, non-current 45,337 54,351
Total finance lease liabilities $ 77,708 $ 85,619
Finance lease, liability, current, statement of financial position Accrued and other current liabilities Accrued and other current liabilities
Finance lease, liability, noncurrent, statement of financial position Other liabilities Other liabilities
Weighted-average remaining lease term (years)    
Operating lease, weighted-average remaining lease term (in years) 7 years 2 months 12 days 7 years 8 months 12 days
Finance lease, weighted-average remaining lease term (in years) 2 years 2 months 12 days 2 years 7 months 6 days
Weighted-average discount rate    
Operating leases, Weighted-average discount rate (as a percent) 6.50% 6.60%
Finance leases, Weighted-average discount rate (as a percent) 6.20% 6.40%
v3.25.3
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating Leases        
Operating lease cost $ 9,286 $ 9,451 $ 26,315 $ 28,936
Finance Leases        
Amortization of right-of-use assets 7,689 8,087 23,154 21,290
Interest on lease liabilities 1,098 1,503 3,554 4,365
Other Lease Costs        
Short-term lease cost 727 778 2,108 2,648
Variable lease cost 1,861 2,332 5,220 7,502
Total lease cost $ 20,661 $ 22,151 $ 60,351 $ 64,741
v3.25.3
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash flows from operating leases $ 32,018 $ 45,647
Operating cash flows from finance leases 3,175 3,997
Financing cash flows from finance leases $ 30,804 $ 35,403
v3.25.3
Leases - Schedule of Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Operating Leases    
Remainder of 2025 $ 5,871  
2026 40,319  
2027 35,631  
2028 29,682  
2029 28,274  
Thereafter 84,055  
Total minimum lease payments 223,832  
Less: amount of lease payments representing interest (45,520)  
Present value of future lease payments 178,312 $ 177,266
Less: current obligations under leases (27,203) (25,192)
Long-term lease obligations 151,109 152,074
Finance Leases    
Remainder of 2025 10,687  
2026 40,065  
2027 19,404  
2028 13,204  
2029 111  
Thereafter 0  
Total minimum lease payments 83,471  
Less: amount of lease payments representing interest (5,763)  
Present value of future lease payments 77,708 85,619
Less: current obligations under leases (32,371) (31,268)
Long-term lease obligations 45,337 $ 54,351
Total Leases    
Remainder of 2025 16,558  
2026 80,384  
2027 55,035  
2028 42,886  
2029 28,385  
Thereafter 84,055  
Total minimum lease payments 307,303  
Less: amount of lease payments representing interest (51,283)  
Present value of future lease payments 256,020  
Less: current obligations under leases (59,574)  
Long-term lease obligations $ 196,446  
v3.25.3
Commitments and Contingencies (Details)
$ in Millions
Dec. 20, 2024
USD ($)
Sep. 30, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
Commitments and Contingencies      
Outstanding letters of credit collateralized by cash (loan) | loan   0  
Letters of credit outstanding   $ 61.3 $ 72.6
City and County of San Francisco      
Commitments and Contingencies      
Loss contingency, damages sought, value $ 100.0    
v3.25.3
Debt - Schedule of Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Feb. 27, 2024
May 15, 2020
Debt Instrument        
Total long-term debt outstanding $ 1,062,817 $ 995,047    
Less: Convertible senior notes, current 0 390,175    
Less: Long-term debt, current 52,773 38,904    
Total long-term debt $ 1,010,044 565,968    
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt        
Debt Instrument        
Interest rate (as a percent) 0.00%     1.50%
Total long-term debt outstanding $ 0 390,175    
Convertible senior notes due 2029 (the "2029 Notes") | Convertible Debt        
Debt Instrument        
Interest rate (as a percent) 0.625%   0.625%  
Total long-term debt outstanding $ 451,823 450,081    
Convertible senior notes due 2030 (the "2030 Notes") | Convertible Debt        
Debt Instrument        
Interest rate (as a percent) 0.00%      
Total long-term debt outstanding $ 487,936 0    
Non-revolving Loan        
Debt Instrument        
Interest rate (as a percent) 7.61%      
Total long-term debt outstanding $ 73 510    
Master Vehicle Loan        
Debt Instrument        
Total long-term debt outstanding $ 122,985 $ 154,281    
Master Vehicle Loan | Minimum        
Debt Instrument        
Interest rate (as a percent) 5.85%      
Master Vehicle Loan | Maximum        
Debt Instrument        
Interest rate (as a percent) 7.10%      
v3.25.3
Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument        
Amortization of debt discount and issuance costs related to the 2025 Notes, 2029 Notes and 2030 Notes     $ 2,450 $ 2,744
Interest expense $ 4,742 $ 7,362 15,924 22,262
Vehicle loans and other interest expense        
Debt Instrument        
Vehicle loans and other interest expense 3,262 4,173 9,164 12,521
Convertible Debt        
Debt Instrument        
Contractual interest expense related to the 2025 Notes and 2029 Notes 719 2,200 4,310 6,997
Amortization of debt discount and issuance costs related to the 2025 Notes, 2029 Notes and 2030 Notes $ 761 $ 989 $ 2,450 $ 2,744
Convertible Debt | Convertible senior notes due 2030 (the "2030 Notes")        
Debt Instrument        
Interest rate (as a percent) 0.00%   0.00%  
v3.25.3
Debt - Convertible Senior Notes due 2025 Additional Information (Details) - USD ($)
 1 Months Ended 9 Months Ended
May 15, 2020
Feb. 29, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument        
Proceeds from issuance of convertible senior notes due 2029     $ 500,000,000 $ 460,000,000
Repayments of debt     47,855,000 61,807,000
Payment for settlement of convertible senior notes due 2025     $ 390,719,000 $ 350,000,000
Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt        
Debt Instrument        
Aggregate principal $ 747,500,000      
Interest rate (as a percent) 1.50%   0.00%  
Proceeds from issuance of convertible senior notes due 2029 $ 733,200,000      
Unamortized deferred issuance cost 14,300,000      
Repayments of debt   $ 356,800,000    
Payment for settlement of convertible senior notes due 2025 390,700,000 350,000,000    
Gain on extinguishment of debt   $ 5,100,000    
Payment of accrued interest $ 2,900,000      
v3.25.3
Debt - Convertible Senior Notes due 2029 Additional Information (Details)
 9 Months Ended
Feb. 27, 2024
USD ($)
day
$ / shares
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument        
Proceeds from issuance of convertible senior notes due 2029   $ 500,000,000 $ 460,000,000  
2029 Notes | Convertible Debt        
Debt Instrument        
Aggregate principal $ 460,000,000      
Interest rate (as a percent) 0.625% 0.625%    
Proceeds from issuance of convertible senior notes due 2029 $ 448,200,000      
Conversion rate (as a percent) 0.0474366      
Initial conversion price (in dollars per share) | $ / shares $ 21.08      
Limitation on sale of common stock, sale price threshold, number of trading days (in days) | day 20      
Number of consecutive business days (in days) 5 days      
Redemption price percentage (as a percent) 100.00%      
Unamortized deferred issuance cost $ 11,800,000      
Unamortized debt discount and debt issuance cost   $ 8,177,000   $ 9,919,000
Effective interest rate (as a percent)   1.16%    
Fair value of debt   $ 480,300,000    
If-converted value in excess of principal   $ 20,300,000    
2029 Notes | Convertible Debt | Debt Instrument, Redemption, Period One        
Debt Instrument        
Limitation on sale of common stock, sale price threshold, trading period (in days) | day 30      
Threshold percentage of stock price trigger (as a percent) 130.00%      
2029 Notes | Convertible Debt | Debt Instrument, Redemption, Period Two        
Debt Instrument        
Limitation on sale of common stock, sale price threshold, trading period (in days) | day 5      
Threshold percentage of stock price trigger (as a percent) 98.00%      
v3.25.3
Debt - Convertible Senior Notes due 2030 Additional Information (Details)
 1 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
day
$ / shares
Sep. 30, 2025
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument        
Proceeds from issuance of convertible senior notes due 2029   $ 500,000,000 $ 460,000,000  
Convertible senior notes due 2030 (the "2030 Notes") | Convertible Debt        
Debt Instrument        
Aggregate principal $ 500,000,000 $ 500,000,000    
Interest rate (as a percent) 0.00% 0.00%    
Proceeds from issuance of convertible senior notes due 2029 $ 487,800,000      
Conversion rate (as a percent) 0.0425170      
Initial conversion price (in dollars per share) | $ / shares $ 23.52 $ 23.52    
Limitation on sale of common stock, sale price threshold, number of trading days (in days) | day 20      
Redemption price percentage (as a percent) 100.00%      
Unamortized deferred issuance cost $ 12,200,000 $ 12,200,000    
Unamortized debt discount and debt issuance cost $ 12,064,000 $ 12,064,000   $ 0
Effective interest rate (as a percent) 0.49% 0.49%    
Fair value of debt $ 467,900,000 $ 467,900,000    
Convertible senior notes due 2030 (the "2030 Notes") | Convertible Debt | Debt Instrument, Redemption, Period One        
Debt Instrument        
Limitation on sale of common stock, sale price threshold, trading period (in days) | day 30      
Threshold percentage of stock price trigger (as a percent) 130.00%      
Convertible senior notes due 2030 (the "2030 Notes") | Convertible Debt | Debt Instrument, Redemption, Period Two        
Debt Instrument        
Limitation on sale of common stock, sale price threshold, trading period (in days) | day 5      
Threshold percentage of stock price trigger (as a percent) 98.00%      
Number of consecutive business days (in days) 5 days      
v3.25.3
Debt - Additional Information (Details) - Convertible Debt
$ in Millions
Sep. 30, 2025
USD ($)
2029 Notes  
Debt Instrument  
Fair value of long-term debt $ 595.6
Convertible senior notes due 2030 (the "2030 Notes")  
Debt Instrument  
Fair value of long-term debt $ 604.7
v3.25.3
Debt - Schedule of Convertible Notes (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Liability component:    
Total long-term debt outstanding $ 1,062,817 $ 995,047
Convertible Debt | Convertible senior notes due 2025 (the "2025 Notes")    
Liability component:    
Principal 0 390,719
Unamortized debt discount and debt issuance costs 0 (544)
Total long-term debt outstanding 0 390,175
Convertible Debt | Convertible senior notes due 2029 (the "2029 Notes")    
Liability component:    
Principal 460,000 460,000
Unamortized debt discount and debt issuance costs (8,177) (9,919)
Total long-term debt outstanding 451,823 450,081
Convertible Debt | Convertible senior notes due 2030 (the "2030 Notes")    
Liability component:    
Principal 500,000 0
Unamortized debt discount and debt issuance costs (12,064) 0
Total long-term debt outstanding $ 487,936 $ 0
v3.25.3
Debt - Capped Calls Additional Information (Details) - Convertible Debt - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
Feb. 27, 2024
May 15, 2020
Sep. 30, 2025
Convertible senior notes due 2025 (the "2025 Notes")      
Debt Instrument      
Cost of capped call transactions   $ 132.7  
Initial cap price (in dollars per share)   $ 73.83  
Convertible senior notes due 2029 (the "2029 Notes")      
Debt Instrument      
Cost of capped call transactions $ 47.9    
Initial cap price (in dollars per share) $ 31.82    
Convertible senior notes due 2030 (the "2030 Notes")      
Debt Instrument      
Cost of capped call transactions     $ 42.0
Initial cap price (in dollars per share)     $ 33.60
v3.25.3
Debt - Non Revolving Loans Additional Information (Details) - Non-revolving Loan - USD ($)
Feb. 07, 2020
Sep. 26, 2025
Sep. 12, 2024
Debt Instrument      
Maximum borrowing capacity   $ 19,000,000 $ 50,000,000
Period One | Two-Year Treasury Yield      
Debt Instrument      
Debt term (in months) 24 months    
Spread on variable rate (as a percent) 3.40%    
Period Two | Three-Year Treasury Yield      
Debt Instrument      
Debt term (in months) 36 months    
Spread on variable rate (as a percent) 3.40%    
Period Three | Three- to Five-Year Treasury Yield      
Debt Instrument      
Debt term (in months) 48 months    
Spread on variable rate (as a percent) 3.40%    
Period Four | Two-Year Treasury Yield      
Debt Instrument      
Debt term (in months) 24 months    
Spread on variable rate (as a percent) 3.40%    
Minimum      
Debt Instrument      
Debt term (in months) 24 months    
Maximum      
Debt Instrument      
Debt term (in months) 48 months    
v3.25.3
Debt - Master Vehicle Loan Additional Information (Details) - USD ($)
Feb. 07, 2020
Sep. 30, 2025
Sep. 26, 2025
Sep. 12, 2024
Master Vehicle Loan        
Debt Instrument        
Interest rate swap term (in years) 3 years      
Variable interest spread rate (as a percent) 2.10%      
Fair value of long-term debt   $ 124,700,000    
Master Vehicle Loan | Minimum        
Debt Instrument        
Debt term (in months) 12 months      
Master Vehicle Loan | Maximum        
Debt Instrument        
Debt term (in months) 48 months      
Non-revolving Loan        
Debt Instrument        
Maximum borrowing capacity     $ 19,000,000 $ 50,000,000
Fair value of long-term debt   $ 100,000    
Non-revolving Loan | Minimum        
Debt Instrument        
Debt term (in months) 24 months      
Non-revolving Loan | Maximum        
Debt Instrument        
Debt term (in months) 48 months      
Flexdrive Services, LLC | Master Vehicle Loan        
Debt Instrument        
Maximum borrowing capacity $ 50,000,000      
v3.25.3
Debt - Schedule of Maturities of Long-term Debt Outstanding (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Long-term Debt, Fiscal Year Maturity    
Remainder of 2025 $ 8,025  
2026 54,055  
2027 51,009  
2028 9,969  
2029 451,823  
Thereafter 487,936  
Total long-term debt outstanding $ 1,062,817 $ 995,047
v3.25.3
Debt - Vehicle Procurement Additional Information (Details) - USD ($)
Sep. 17, 2020
Mar. 11, 2019
Revolving Credit Facility | Procurement Provider    
Debt Instrument    
Maximum borrowing capacity $ 50,000,000 $ 95,000,000
v3.25.3
Debt - Revolving Credit Facility & Other Financings Additional Information (Details)
Nov. 03, 2022
USD ($)
Sep. 30, 2025
USD ($)
Mar. 31, 2025
Sep. 30, 2024
Feb. 21, 2024
USD ($)
Dec. 12, 2023
USD ($)
Debt Instrument            
Senior secured leverage ratio     3.00 3.50    
Covenant minimum liquidity requirements $ 1,500,000,000          
Acquisition cash consideration trigger, percent 350.00%          
Acquisition cash consideration trigger $ 75,000,000          
Fixed coverage ratio 125.00%          
Other financing outstanding amount   $ 0        
JPMorgan Chase Bank | Revolving Credit Facility            
Debt Instrument            
Maximum borrowing capacity $ 420,000,000          
JPMorgan Chase Bank | Revolving Credit Facility | Federal Funds Rate            
Debt Instrument            
Spread on variable rate (as a percent) 0.50%          
JPMorgan Chase Bank | Revolving Credit Facility | SOFR            
Debt Instrument            
Spread on variable rate (as a percent) 1.00%          
JPMorgan Chase Bank | Revolving Credit Facility | Minimum            
Debt Instrument            
Covenant leverage ratio (as a percent) 1.50%          
Leverage ratio during the period (as a percent) 0.05%          
Commitment fee (as a percent) 0.225%          
JPMorgan Chase Bank | Revolving Credit Facility | Maximum            
Debt Instrument            
Covenant leverage ratio (as a percent) 2.25%          
Leverage ratio during the period (as a percent) 1.25%          
Commitment fee (as a percent) 0.375%          
JPMorgan Chase Bank | Revolving Credit Facility | Line of Credit            
Debt Instrument            
Maximum borrowing capacity $ 168,000,000          
JPMorgan Chase Bank | Revolving Credit Facility | Convertible senior notes due 2025 (the "2025 Notes") | Convertible Debt            
Debt Instrument            
Outstanding debt trigger amount 1,250,000,000          
JPMorgan Chase Bank | Revolving Credit Facility | Term Loan            
Debt Instrument            
Maximum borrowing capacity $ 300,000,000          
Senior secured leverage ratio 2.50          
Option One | JPMorgan Chase Bank | Revolving Credit Facility            
Debt Instrument            
Debt covenant, adjustments to net leverage $ 100,000,000          
Option Two | JPMorgan Chase Bank | Revolving Credit Facility            
Debt Instrument            
Debt covenant, adjustments to net leverage           $ 300,000,000
Option Three | JPMorgan Chase Bank | Revolving Credit Facility            
Debt Instrument            
Debt covenant, adjustments to net leverage         $ 200,000,000  
v3.25.3
Common Stock - Additional Information (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
vote
shares
Feb. 29, 2024
USD ($)
shares
Sep. 30, 2025
USD ($)
vote
shares
Jun. 30, 2025
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
vote
shares
May 08, 2025
USD ($)
shares
Feb. 28, 2025
USD ($)
Dec. 31, 2024
shares
Mar. 27, 2019
shares
Share-based Compensation Arrangement by Share-based Payment Award                    
Shares repurchased value | $     $ 201,746,000 $ 201,369,000 $ 50,000,000          
Performance based restricted stock units                    
Share-based Compensation Arrangement by Share-based Payment Award                    
Granted (in shares)           2,100,000        
Restricted stock units                    
Share-based Compensation Arrangement by Share-based Payment Award                    
Granted (in shares)           24,629,000        
Aggregate unrecognized compensation cost | $ $ 205,600,000   $ 205,600,000     $ 205,600,000        
Aggregate grant-date fair value, weighted average period (in years)           10 months        
Class A Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award                    
Stock repurchase program authorized amount | $             $ 750,000,000 $ 500,000,000    
Additional shares under stock repurchase program             250,000,000      
Shares repurchased (in shares) 5,700,000 3,100,000 12,800,000     25,500,000        
Repurchase of common stock | $     $ 200,000,000     $ 400,000,000        
Shares repurchased value | $ $ 95,700,000 $ 50,000,000                
Remaining authorized share repurchase amount | $ $ 350,000,000   $ 350,000,000     $ 350,000,000        
Common stock, number of votes per share | vote 1   1     1        
Class A Common Stock | 2019 Employee Stock Purchase Plan                    
Share-based Compensation Arrangement by Share-based Payment Award                    
Common stock reserved for issuance (in shares)                 17,400,000 6,000,000.0
Cumulative common shares purchased (in shares) 6,800,000   6,800,000     6,800,000        
Class B Common Stock                    
Share-based Compensation Arrangement by Share-based Payment Award                    
Number of shares issued upon conversion     8,500,000              
Common stock, number of votes per share | vote 20   20     20        
v3.25.3
Common Stock - Schedule of Restricted Stock Units (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Number of Shares  
Unvested units at beginning of period (in shares) | shares 26,194
Granted (in shares) | shares 24,629
Vested (in shares) | shares (14,797)
Canceled (in shares) | shares (3,912)
Unvested units at end of period (in shares) | shares 32,114
Weighted- Average Grant Date Fair Value  
Unvested units at beginning of period (in dollars per share) | $ / shares $ 10.67
Granted (in dollars per share) | $ / shares 13.39
Vested (in dollars per share) | $ / shares 14.17
Canceled (in dollars per share) | $ / shares 13.56
Unvested units at end of period (in dollars per share) | $ / shares $ 10.79
Aggregate Intrinsic Value  
Unvested units, at beginning aggregate intrinsic value | $ $ 336,282
Unvested units, at ending aggregate intrinsic value | $ $ 706,832
v3.25.3
Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Income tax expense $ (1,959,000) $ (682,000) $ 5,465,000 $ 3,762,000  
Effective tax rate (as a percent) (4.44%) 5.20% 5.79% (10.69%)  
Unrecognized tax benefits $ 0   $ 0   $ 0
v3.25.3
Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]                
Net income (loss) attributable to common stockholders, basic and diluted $ 46,074 $ 40,314 $ 2,567 $ (12,426) $ 5,014 $ (31,535) $ 88,955 $ (38,947)
Weighted-average shares used in computing basic net income (loss) per share attributable to common stockholders (in shares) 405,679     412,229     414,374 406,785
Effect of potentially dilutive common stock equivalents (in shares) 6,995     0     5,894 0
Weighted-average shares used in computing diluted net income (loss) per share attributable to common stockholders (in shares) 412,674     412,229     420,268 406,785
Basic net income (loss) per share attributable to common stockholders(in dollars per share) $ 0.11     $ (0.03)     $ 0.21 $ (0.10)
Diluted net income (loss) per share attributable to common stockholders(in dollars per share) $ 0.11     $ (0.03)     $ 0.21 $ (0.10)
v3.25.3
Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities excluded from computation of earnings per share, total (in shares) 59,883 64,059 59,883 64,059
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities excluded from computation of earnings per share, total (in shares) 611 15,340 611 15,340
Convertible debt securities | 2025 Notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities excluded from computation of earnings per share, total (in shares) 0 10,178 0 10,178
Convertible debt securities | 2029 Notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities excluded from computation of earnings per share, total (in shares) 21,821 21,821 21,821 21,821
Convertible debt securities | 2030 Notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities excluded from computation of earnings per share, total (in shares) 21,259 0 21,259 0
Performance based restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities excluded from computation of earnings per share, total (in shares) 14,831 15,050 14,831 15,050
ESPP        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities excluded from computation of earnings per share, total (in shares) 1,361 1,467 1,361 1,467
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities excluded from computation of earnings per share, total (in shares) 0 203 0 203
v3.25.3
Variable Interest Entities (Details)
$ in Millions
Sep. 30, 2025
vie
Dec. 31, 2023
USD ($)
May 17, 2022
Noncontrolling Interest      
Number of variable interest entities (vie) | vie 1    
Variable Interest Entity, Not Primary Beneficiary      
Noncontrolling Interest      
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $   $ 12.9  
Several Joint Ventures      
Noncontrolling Interest      
Noncontrolling interest, ownership (as a percent)     80.00%
v3.25.3
Subsequent Events (Details) - The Booking Room Group Limited - Subsequent Event
£ in Millions
Oct. 14, 2025
GBP (£)
Subsequent Event  
Consideration paid in cash £ 83.0
Fair value of the contingent consideration liability £ 17.3