By Kelly Cloonan

Lyft logged higher revenue in its latest quarter, boosted by double-digit growth in bookings.

The ride-hailing platform on Tuesday posted a profit of $2.76 billion, compared with $61.7 million a year earlier. The recent quarter includes a $2.9 billion benefit from the release of Lyft's valuation allowance of U.S. federal and certain state deferred tax assets, the company said.

Revenue rose 3% to $1.59 billion, compared with analyst estimates of $1.75 billion. The metric includes a $168 million impact from certain legal, tax and regulatory reserve changes and settlements, the company said.

Lyft said active riders rose 18%, to 29.2 million, while rides rose 11% to 243.5 million.

Analysts expected 29.5 million active riders and 256.6 million rides.

Gross bookings rose 19%, to $5.07 billion, in line with analysts' forecast.

Chief Executive David Risher said the company is working to shift Lyft from a local, "out-to-dinner" rideshare app to a global, hybrid transportation platform.

Looking ahead, the company plans to double down on its autonomous vehicle strategy with AV deployments in the U.S. and overseas.

"We are entering a transformational phase for Lyft - 2026 will be the year of the AV," Risher said.

For the first quarter, Lyft expects gross bookings to rise 17% to 20% year over year, to between $4.86 billion to $5 billion. Analysts are looking for gross bookings of $4.93 billion.

The company also authorized an additional $1 billion in share repurchases.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

February 10, 2026 16:05 ET (21:05 GMT)

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