Lyft vs. Uber: how they make money

• Drivers, riders, businesses and advertisers (platform services) · 93.3% of revenueDrivers pay fees to use the platform. Riders pay Lyft directly where Lyft controls the service. Businesses pay Concierge fees, members pay subscriptions, and brands buy Lyft Ads.
• Drivers and riders who rent (vehicles, bikes, scooters) · 6.7% of revenueDrivers rent Express Drive vehicles from Flexdrive, and riders rent bikes and scooters.

• Drivers and riders (Mobility) · 57.0% of revenueDrivers pay service fees to use the app. In certain markets riders pay Uber directly, and revenue then includes the fare.
• Couriers, merchants, consumers and advertisers (Delivery) · 33.2% of revenueCouriers and merchants pay service fees, consumers pay in certain markets, and merchants and brands buy sponsored listings.
• Shippers (Freight) · 9.8% of revenueCompanies pay to move goods. Uber books most of this revenue gross and pays the carriers.

FY2025

FY2025

Debt

$1.1B

Cash and investments

$1.9B

On Sep 30, 2026.

At Sep 30, 2026 Lyft's cash and short-term investments of $1,904.9 million exceeded its $1,052.0 million of debt by $852.9 million; its insurance reserves were $2,302.9 million.

Debt

$12.7B

Cash and investments

$5.4B

On Jun 30, 2026.

At Jun 30, 2026 Uber's debt of $12.7 billion exceeded cash and short-term investments by $7.3 billion; the debt equals about 1.3 years of free cash flow.

• One class of shares.
• Officers and directors as a group: 0.9% of shares (as of Mar 15, 2026).
• Ameriprise Financial: 16.2% (as of Jun 30, 2026).
• BlackRock: 11.7% (as of Mar 31, 2026).
• Millennium Management: 6.2% (as of Mar 15, 2026).
• 4 more holders on the Lyft page.

• One class of shares.
• Officers and directors as a group: 3.8% of shares (as of Mar 2, 2026).
• Vanguard Capital Management: 7.5% (as of Mar 31, 2026).
• BlackRock: 6.8% (as of Mar 2, 2026).
• Capital Research Global Investors: 5.8% (as of Mar 2, 2026).
• 2 more holders on the Uber page.

• A much larger main rival (competition)Lyft's FY2025 10-K names Uber as its main rideshare competitor. Uber's FY2025 revenue was $52.0 billion, against Lyft's $6.3 billion, each from its own 10-K.
• Insurance costs (other)Insurance reserves were $2,302.9 million at Sep 30, 2026. Cost of revenue fell 6% in Q3 FY2026, partly from lower insurance cost per mile under California's SB 371 and favorable developments on prior-year claims. Management said on Nov 5, 2026 it expects a modest rise in Q4 insurance cost after the Oct 1 renewal.
• Spending on incentives (pricing)Sales and marketing rose 57% to $382.0 million in Q3 FY2026, as rider incentive costs rose to $247.9 million from $128.4 million. Driver incentives reduce revenue, which fell from 35.3% of Gross Bookings in Q3 FY2025 to 32.4%.
• Acquisitions and Europe (execution)Freenow, TBR and Gett UK are in 2026 numbers, but Lyft gives no organic growth split. Revenue from outside the US was 4.1% in FY2025. Goodwill rose from $251.4 million at Dec 31, 2024 to $491.3 million at Sep 30, 2026.
• Operating losses (other)Lyft had a GAAP operating loss every year from FY2021 to FY2025, including $188.4 million in FY2025, and $19.4 million in Q3 FY2026. Adjusted EBITDA, a company measure, was $528.8 million in FY2025 because it leaves out stock-based compensation, depreciation and reserve items.

• The Delivery Hero offer and more debt (debt)Uber agreed on Jul 16, 2026 to offer €41.50 a share in cash for Delivery Hero, which it stated as $14.8 billion for 100%. The deal has not closed. It needs acceptance of 50% plus one share, and merger and financial regulatory clearances. Uber said it expects closing in the second half of 2027. Debt rose from $10.5 billion at Dec 31, 2025 to $12.7 billion at Jun 30, 2026. Uber then sold €4.5 billion of notes, stating general corporate purposes. It said gross leverage should stay below two times.
• Insurance costs (other)Insurance reserves rose from $4.0 billion at Dec 31, 2021 to $13.3 billion at Jun 30, 2026. Mobility insurance expense rose $851 million in FY2025. Management said on Aug 5, 2026 that insurance "is becoming a tailwind this year", meaning a help to results. It expects savings from California's reform from 2027.
• Stakes in other companies swing net income (other)Revaluing stakes moved quarterly net income by between -$1.6 billion and +$1.7 billion from Q1 FY2024 to Q2 FY2026. Net income was $6.6 billion in Q3 FY2025, with a $4.9 billion tax release, and $0.3 billion in Q4 FY2025. The CFO said on Aug 5, 2026 that GAAP net income "may continue to see swings".
• Reliance on the UK, big cities and airports (customer or supplier concentration)The UK was 20.4% of FY2025 revenue, before the Jan 2, 2026 change that lowers reported UK revenue. Trips to or from airports were 15% of Mobility Gross Bookings in 2025. The 10-K also cites concentration in large metropolitan areas, without a percentage.