Lyft, Inc. Q1 FY2026 earnings call

• Partnerships drive customer acquisition and frequency, e.g., DoorDash, United Airlines, Southwest. Canada outgrew the US. - San Francisco saw growth with marketing. - California insurance mandate effects seen with growth in first quarter outpacing other top regions. - Ride volume growth factors: Canada growth, low-scale markets, partnerships, weather impact in first quarter. - AI is driving productivity, building capacity and speed across the org. - Incentives managed with focus on ROI, strong P&L performance allows investment. - High-value modes like Lyft Black have high margins and are growing. - Ads business has growth opportunities with audience extension and partnerships. - Acquisitions for geographic diversification and AV future, e.g., Freenow, GET, TBR. - Loyalty programs like managed business rewards growing with increased ride frequency.

Partnerships like DoorDash (heavy user base) and United Airlines (business customers with higher bookings) are significant. Canada grew ~50% year on year. In the US, mid single-digit growth with low-scale markets and partnerships contributing. DoorDash customers are heavy users, United's customers tend to be business with higher bookings per ride.

• Expect acceleration in Q2 and beyond. - Aim to deliver north of a billion rides in 2026. - Freenow business expected to grow. - AV progress in Nashville (Waymo partnership), London (Baidu), Hamburg (city partnership).

• Competitive share dynamics with other AV providers. - California insurance mandate implementation risks. - Weather impact on rides. - Balancing AI investment with margin trajectory. - Market competition affecting pricing.

Q: on the sf commentary i think you guys mentioned that you have continued to gain share and also saw rights increase by 20 in the odd so just curious given you know uber has said their cp uh has gained they have gained cp in the last uh six months as well so just trying to understand the share dynamics there like are you gaining share from Waymo or like how does the share dynamics work there A: Broadly speaking, as we've said before, we think AVs are an incredible positive for rideshare... I feel pretty good about our position in SF.

Q: did you quantify the impact of the fuel program on your P&L? If not, could we please get a sense of the impact? And then the second is how should we think about the partnership rights growth? So the 27% data point is great. Any sense on how that cohort of 27% of the rights what that growth is versus the non-partnership rights? How does that compare?

A: We talked in our prepared remarks and on this call... So, and overall, as a portfolio, it tends to be quite a healthy part of our kind of rider portfolio.