Lyft, Inc. Class A Common Stock 2026 Q2 Earnings Call

Good afternoon. Welcome to Lyft's second quarter 2026 earnings call. As a reminder, this conference call is being recorded. On the call today, we have our CEO, David Risher, and our CFO, Erin Brewer. Our prepared remarks are available on the IR website, and we'll use this time to answer your questions. We'll make forward-looking statements on today's call, including statements relating to our business strategy and performance, partnerships, future financial and operating results, trends in our marketplace, and guidance. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from those projected or implied during this call. These factors and risks are described in our earnings materials and in our recent SEC filings.

All of the forward-looking statements that we make today in this call are based on our beliefs as of today. We disclaim any obligation to update any forward-looking statements except required by law. Additionally, today we're going to discuss customers. For rideshare, there are generally two customers in every car. The driver is Lyft's customer, and the rider is the driver's customer. We care about both. Our discussion today will include non-GAAP financial measures, which are not a substitute for GAAP results. Reconciliations of our historical GAAP to non-GAAP results can be found in our earnings materials, which are available on our IR website. With that, I'll pass the call to David.

Thank you, Erin. Good afternoon, everyone, and thank you for joining us. Q2 2026 was a quarter of record-breaking performance for Lyft, demonstrating the durable strength of our marketplace. We achieved an all-time high of over 30 million active riders, proving that rideshare is embedded in people's everyday lives. Our results are guided by a simple, powerful strategy built on our relentless focus on customer obsession, operational excellence, and being a world-class partner. This leads to more riders, more rides, and more ways to ride. With 262 million rides in the second quarter alone, we are well on our way to hitting over 1 billion rides in 2026. Our up strategy continues to gain momentum, with premium modes growing double digits year-over-year for the 12th consecutive quarter, supported by record performance in our TBR chauffeuring business.

We're also seeing unprecedented success in our ecosystem of partnerships with approximately 30% of North American rideshare rides linked to a partner, a new all-time high, highlighting the scalable impact of our collaborations with leaders like DoorDash and United Airlines. With our out part of our strategy, our global integration efforts are on track as we move toward one unified Lyft app worldwide, with beta testing now live in over a dozen European cities, while our AV roadmap advances with smooth fleet operations in Nashville and strong testing results in London, ensuring we are well positioned for a hybrid AV future. With that, let me turn it over to Erin to take you through a few of our financial highlights.

Yeah. Excuse me. It's an interesting question, and you can, as Erin just did, answer it on so many dimensions, and frankly, see so much strength on so many dimensions. Erin mentioned geography. We're seeing growth in North America, in some of our largest markets like New York and some of our low-scale markets, as Erin said. In Canada, we're continuing to see an extraordinary growth there, almost double now year-on-year. In Europe, we're seeing organic growth, which is absolutely wonderful. This is about almost exactly a year into Freenow, and already we're starting to see real results of some of the technology and some of the product innovation that we've added to that platform, and we're really still just getting started there. That would be one dimension. You asked about sort of the product improvement dimension.

There you can look at everything from early days of things like Lyft Teen, which is going super well, Lyft Silver, which continue to do super well, and even some of the stuff that you almost take for granted but really shouldn't around marketplace health. Let me give you an example. We now have improved, again, year-on-year, our ETAs, our pickup times. On average, they're up another, down I should say, so faster, anywhere from half percent to a percent to 2%-3%. It depends on the geography and so forth. That at our scale is really quite meaningful. I'll take just a moment to brag for the team for a second.

If I look at our competitor, we actually pick you up the same or faster than they do 75% of the time right now, which is really quite extraordinary because obviously we have a smaller share. Some of the foundational work really continues to help save money, check Lyft, right? That's another piece now on the marketing side. It's really quite across the board, and maybe that's not satisfying, but I think in a certain sense that sort of says, gosh, the work we're doing and the customer obsessed work we're doing really is working across just about every dimension, even if you take out things like seasonality and World Cup and other things which are obviously nice, but that's sort of a bit of external stuff.