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Lyft Inc. (LYFT+0.19%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing revenue of $5.8 billion, a 31% increase from $4.4 billion in the previous year. This increase is attributed to growth in demand and improvements in marketplace health.
Cost of revenue for the year was $3.3 billion, representing 58% of revenue, consistent with the previous year. The cost increase was primarily due to higher insurance costs and increased ride volume.
The company reported a net income of $22.8 million, a significant improvement from a net loss of $340.3 million in 2023. This improvement is attributed to increased revenue and reduced operating expenses.
Adjusted EBITDA for the year was $382.4 million, up from $222.4 million in the previous year, reflecting improved operational efficiency and cost management.
Lyft had a working capital of $2.95 billion as of December 31, 2024, with cash and cash equivalents of $759.3 million and short-term investments of $1.2 billion.
The filing details various financial agreements, including a revolving credit facility of $420 million, none of which was drawn as of the end of the fiscal year.
Lyft does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its multimodal transportation network and improving its platform offerings.
Lyft has also committed to environmental initiatives, including investments in electric vehicles and sustainable transportation modes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lyft Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.