A First Full Year of GAAP Profitability
Lyft's Form 10-K for the year ended December 31, 2024 reports full-year net income of $22.8 million, a swing from a net loss of $(340.3) million in FY2023 - Lyft's first full year of GAAP profitability since its 2019 IPO. Full-year revenue was $5,786.0 million, up 31.4% from $4,403.6 million, and full-year Adjusted EBITDA rose 72% to $382.4 million from $222.4 million, with full-year loss from operations narrowing 75.0% to $(118.9) million. Free Cash Flow for the year was $766.3 million, versus $(248.1) million in FY2023 - the company's first full year of positive Free Cash Flow. Full-year Gross Bookings were $16,099.4 million, up 16.9% from $13,775.2 million, and Rides were 828.3 million, up 16.8% from 709.0 million.
Derived Q4 2024 alone (full-year less nine-month cumulative disclosed in the Q3 2024 post): revenue approximately $1,550.3 million, Adjusted EBITDA approximately $112.8 million, loss from operations flipped to a small operating profit of approximately $28.0 million, Gross Bookings approximately $4,278.9 million, and Rides approximately 218.6 million. Net income for Q4 alone was approximately $61.7 million, the strongest quarterly GAAP result in this site's coverage.
As a subsequent event, in February 2025 Lyft's board of directors authorized a program to repurchase up to $500 million of Class A common stock - the company's first disclosed buyback authorization in this site's coverage.
The Prescription
A first full year of GAAP net income, alongside $766.3 million of Free Cash Flow (roughly 13.2% of revenue), is a genuine inflection after five years of GAAP losses this site has tracked since the 2019 IPO. The FY2024 net income figure of $22.8 million is thin relative to the scale of the business, but the trend line across the year - Q1's loss, Q2's first profit, Q3's small loss, and a much stronger implied Q4 - shows quarter-to-quarter GAAP volatility around a modestly positive full-year outcome, consistent with what this site flagged after Q3 2024. The new $500 million buyback authorization, disclosed as a February 2025 subsequent event, is a capital-allocation signal this site hasn't seen from Lyft before and is worth watching for how aggressively it's actually executed against continuing growth investment.
Key Financial Metrics
FY2024 vs. FY2023 - consolidated, reported in USD
| Metric | FY2024 | FY2023 | YoY |
|---|---|---|---|
| Revenue | $5,786.0M | $4,403.6M | ✅ +31.4% |
| Adjusted EBITDA» | $382.4M | $222.4M | ✅ +71.9% |
| Loss from Operations | $(118.9)M | $(475.6)M | ✅ narrowed 75.0% |
| Net Income (Loss) | $22.8M | $(340.3)M | ✅ swung to profit |
Balance sheet: December 31, 2024 vs. December 31, 2023 (as reported in this filing)
| Balance sheet metric | Dec 2024 | Dec 2023 | Change |
|---|---|---|---|
| Cash + Short-Term Investments | $1,984.4M | $1,685.2M | ✅ +17.8% |
| Total Assets | $5,435.1M | $4,564.5M | ✅ +19.1% |
| Total Liabilities | $4,668.1M | $4,022.9M | ⚠️ +16.0% |
| Total Stockholders' Equity | $767.0M | $541.5M | ✅ +41.6% |
For the year ended December 31, 2024, net cash provided by operating activities was $849 million and Free Cash Flow was $766.3 million (FY2023: $(248.1) million). Insurance reserves rose to $1,701.4 million from $1,337.9 million at year-end 2023. Long-term debt, net of current portion, was $839.4 million (2025 Notes reclassified to a current liability of $390.2 million ahead of their May 2025 maturity).
Key Operational Metrics
FY2024 vs. FY2023, with Q4 2024 derived
| Metric | FY2024 | FY2023 | YoY | Q4 2024 (derived) |
|---|---|---|---|---|
| Gross Bookings | $16,099.4M | $13,775.2M | ✅ +16.9% | ~$4,278.9M |
| Rides | 828.3M | 709.0M | ✅ +16.8% | ~218.6M |
| Adjusted EBITDA Margin (% of Gross Bookings) | 2.4% | 1.6% | ✅ +0.8pp | ~2.6% (derived) |
Active Riders is not separately disclosed on a full-year basis in this filing (the metric continues to be reported quarterly; Q3 2024's most recent disclosed figure was 24.4 million). Lyft continues to report as a single reportable segment. FY2024 restructuring charges totaled approximately $27.0 million ($14.1 million of fixed-asset disposals, $11.1 million of other current-asset disposals and other costs, and $1.8 million of severance and other employee costs).
Beyond the Usual
A New $500 Million Buyback Authorization, Disclosed as a Subsequent Event
In February 2025, Lyft's board authorized a program to repurchase up to $500 million of Class A common stock, funded from time to time through open-market purchases or privately negotiated transactions. This is the first share-repurchase authorization this site has recorded for Lyft, arriving in the same filing that reports the company's first full year of GAAP profitability and positive annual Free Cash Flow - a capital-allocation shift worth tracking for both the pace of execution and its effect on the currently modest per-share profitability.
Target Valuation Range
Undervalued relative to the multiple's recent range: EV/Revenue eased further to approximately 1.40x on a full-year basis (from ~1.46x last quarter on a trailing-twelve-month basis), as the stock recovered slightly over the quarter, closing at $12.90 versus $12.75 at the end of Q3 2024 - implying a fair enterprise value in roughly the $7.2-8.9B range (1.25-1.55x full-year revenue) against the current ~$8.08B.
With approximately 418.0 million total shares outstanding (409,474 thousand Class A plus 8,531 thousand Class B, per the December 31, 2024 balance sheet) and a December 31, 2024 close of $12.90, Lyft's market capitalization was approximately:
| Metric | Amount (USD) |
|---|---|
| Share price (Dec 31, 2024 close) | $12.90 |
| Shares outstanding | 418.0M |
| Market capitalization | $5.39B |
| Total liabilities | $4.67B |
| Less: cash and short-term investments | $(1.98)B |
| Enterprise value | ~$8.08B |
Against full-year revenue of $5,786.0 million (up from FY2023's $4,403.6 million), that implies:
| Metric | FY2023 (prior year-end, full-year basis) | FY2024 (this year-end, full-year basis) |
|---|---|---|
| Enterprise Value | ~$8.33B | ~$8.08B |
| EV/Revenue» | ~1.83x | ~1.40x |
The stock rose modestly from $12.75 to $12.90 over the quarter, a first sequential uptick after two straight declines, but remains well below the $19.35 close at the end of Q1 2024. A full DCF still isn't attempted here; with a first full year of both GAAP profitability and positive Free Cash Flow now on record, this site expects the ingredients for a first attempt to be substantially in place once FY2025 confirms the trend.
Lyft, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC in February 2025.