Lyft vs Uber: Revenue, Profit and Business Model
Lyft reported $6.3B of revenue in FY2025 and $2.8B of net income. Uber reported $52B of revenue in FY2025 and $10.1B of net income.
Latest financial snapshot
Financial summary
Lyft
Lyft lost money every year from its founding through 2023, including a $2.6B net loss in 2019 and a $1.58B loss in 2022. After the 2023 restructuring, revenue grew to $5.79B in 2024 with a first full-year GAAP profit of $22.8M. FY2025 revenue rose 9% to $6.32B, and net income jumped to $2.84B, mostly because of a tax-accounting benefit; operating income was still a loss of $188M, partly due to $168M of legal, tax and regulatory reserve changes in Q4. Free cash flow topped $1.1B in 2025, and in Q2 2026 revenue rose 16% to $1.84B with net income of $50.3M.
Uber
Uber moved from years of heavy losses to steady profitability. Revenue grew from $37.3 billion in FY2023 to $44.0 billion in FY2024 and $52.0 billion in FY2025, while net income attributable to Uber was $10.053 billion in FY2025 (FY2024's $9.856 billion included a large tax valuation allowance release). Growth continued into 2026: Q2 2026 gross bookings rose 24% year over year to $58.0 billion and revenue rose about 12% to roughly $14.2 billion, and trailing twelve-month free cash flow passed $10 billion. The pending Delivery Hero deal, valued at $14.8 billion in equity, would be Uber's largest acquisition.
Revenue and profit by year
Lyft
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.3B | $2.8B | 45.0% | +9.2% | Source |
| FY2024 | $5.8B | $22.8M | 0.4% | +31.4% | Source |
| FY2023 | $4.4B | -$340.3M | -7.7% | +7.5% | Source |
| FY2022 | $4.1B | -$1.6B | -38.7% | +27.6% | Source |
| FY2021 | $3.2B | -$1.1B | -33.1% | +35.7% | Source |
| FY2020 | $2.4B | -$1.8B | -74.1% | -34.6% | Source |
| FY2019 | $3.6B | -$2.6B | -72.0% | +67.7% | Source |
| FY2018 | $2.2B | -$911.3M | -42.3% | +103.5% | Source |
| FY2017 | $1.1B | -$688.3M | -64.9% | — | Source |
Uber
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $52B | $10.1B | 19.3% | +18.3% | Source |
| FY2024 | $44B | $9.9B | 22.4% | +18.0% | Source |
| FY2023 | $37.3B | $1.9B | 5.1% | +17.0% | Source |
| FY2022 | $31.9B | -$9.1B | -28.7% | +82.6% | Source |
| FY2021 | $17.5B | -$496M | -2.8% | +56.7% | Source |
| FY2020 | $11.1B | -$6.8B | -60.8% | -14.3% | Source |
| FY2019 | $13B | -$8.5B | -65.4% | +24.6% | Source |
| FY2018 | $10.4B | $997M | 9.6% | +31.5% | Source |
| FY2017 | $7.9B | -$4B | -50.8% | — | Source |
Where the revenue comes from
Lyft
- Rideshare Marketplace
Fees and revenue from matching riders with drivers for on-demand transportation.
- Bikes and Scooters
Rentals, subscriptions, and related software or hardware from bike-share and scooter operations.
- Lyft Business and Healthcare
Managed transportation programs for employers, organizations, and healthcare use cases.
- Express Drive and Driver Services
Vehicle rental and support programs for drivers.
- Advertising and Licensing
Advertising, data access, and licensing arrangements related to Lyft's platform and mobility assets.
Uber
- Mobility
~52% (Q2 2026)
Fees from ride-hailing trips, including UberX, Uber Black, taxis and autonomous rides on partner vehicles. About $7.36B of Q2 2026 revenue.
- Delivery
~37% (Q2 2026)
Fees from Uber Eats restaurant, grocery and retail orders, plus delivery advertising. About $5.25B of Q2 2026 revenue.
- Freight
~11% (Q2 2026)
Uber Freight brokerage and managed transportation services for shippers.
Business model and strategy
Lyft
How it makes money
Lyft runs a two-sided marketplace. It does not own most of the cars on its network and treats drivers as independent contractors, a classification that remains contested. Riders pay a fare; Lyft passes most of it to the driver and keeps the remainder as revenue to cover insurance, payment processing, technology, and overhead. In FY2025 revenue of $6.3B equaled roughly 34% of $18.5B in gross bookings.
Growth strategy
Lyft's growth plan under David Risher focuses on customer obsession and cost discipline. In North America that means competitive pricing, Price Lock commuter subscriptions, Women+ Connect, the 70% driver earnings commitment, and partner integrations that drove about 30% of rides in Q2 2026.
Competitive advantage
Lyft's edge comes from network density in U.S. and Canadian cities, where a large base of active drivers and riders keeps pickup times and prices competitive with Uber. It also has a strong brand among commuters, airport partnerships, loyalty tie-ins with Delta, Alaska Airlines, Hilton and Chase, and the largest bikeshare footprint in North America through Motivate.
Uber
How it makes money
Uber does not own most of the cars, restaurants or trucks on its platform. It matches riders with independent drivers (Mobility), consumers with restaurants, grocers and couriers (Delivery), and shippers with carriers (Freight), and keeps a share of each transaction as revenue.
Growth strategy
Uber's growth strategy centers on cross-platform engagement between Mobility and Delivery, Uber One membership, advertising, autonomous-vehicle partnerships, and international delivery scale. The €41.50-per-share Delivery Hero tender, launched September 18, 2026 after Delivery Hero's boards recommended it on September 2, would extend delivery density; Uber expects closing in the second half of 2027.
Competitive advantage
Uber's advantage comes from local marketplace liquidity, brand recognition, routing data, payments, driver and courier networks, merchant relationships, subscriptions, and cross-sell between Mobility and Delivery.
Questions about Lyft vs Uber
Which company has higher revenue — Lyft, Inc. or Uber Technologies, Inc.?
Lyft, Inc. reported $6.3B (FY2025), while Uber Technologies, Inc. reported $52.0B (FY2025). By last reported revenue, Uber Technologies, Inc. is the larger business, with Lyft, Inc. reporting a smaller revenue base.
What is the market cap of Lyft, Inc. vs Uber Technologies, Inc.?
Lyft, Inc.'s market capitalisation stands at $5.7B, while Uber Technologies, Inc.'s is $142.0B. Uber Technologies, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lyft, Inc..
Which is more financially efficient — Lyft, Inc. or Uber Technologies, Inc.?
Lyft, Inc. generates $1.61M / employee in revenue per employee, while Uber Technologies, Inc. generates $1.53M / employee. Lyft, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Lyft, Inc. and Uber Technologies, Inc. make money?
Lyft, Inc. and Uber Technologies, Inc. generate revenue in fundamentally different ways. Lyft, Inc.: Lyft runs a two-sided marketplace. Uber Technologies, Inc.: Uber does not own most of the cars, restaurants or trucks on its platform.
Which company is valued higher relative to revenue — Lyft, Inc. or Uber Technologies, Inc.?
On a price-to-sales (P/S) basis, Lyft, Inc. trades at 0.9x P/S and Uber Technologies, Inc. at 2.7x P/S. Uber Technologies, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Lyft, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Lyft, Inc. bigger than Uber Technologies, Inc.?
By last reported revenue, Uber Technologies, Inc. ($52.0B (FY2025)) is the larger company compared to Lyft, Inc. ($6.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Lyft vs Uber overview