Recent Updates — LYFT
Lyft reached a settlement agreement with California state and local authorities to resolve driver misclassification allegations for the period April 5, 2016 through December 15, 2020. The total settlement amount is $272.5 million, inclusive of attorneys’ fees, costs, and expenses. Lyft previously recorded a $210 million accrual in the fourth quarter of 2025 for this matter. Payments can be made over four years with up to $12.4 million in interest accruing after the first year. The settlement does not include prepayment penalties or prospective operational commitments and is subject to court approval. Lyft operates in the ride-hailing and transportation network industry.
Lyft announced the appointment of Michael Brous as Chief Financial Officer, effective September 28, 2026, succeeding Erin Brewer who is retiring. Brous, currently Head of Lyft Urban Solutions and Safety & Customer Care, will receive a $650,000 annual base salary, a target bonus of 50% of base, and RSU grants valued at approximately $775,000 and $2,000,000. Brewer will serve as an advisor through December 15, 2026. The company also reaffirmed its third quarter 2026 guidance for Gross Bookings, Adjusted EBITDA, and Adjusted EBITDA margin. Lyft operates a global mobility platform offering rideshare, micromobility, and other transportation services.
Lyft reported financial results for the quarter ended June 30, 2026, announcing record Gross Bookings of $5.5 billion, a 23% year-over-year increase, and Revenue of $1.8 billion, up 16%. Net income rose 25% to $50.3 million, while Adjusted EBITDA grew 37% to $177.2 million. The company surpassed 30 million Active Riders globally, with Rides accelerating to a record 262 million. Lyft provided third-quarter guidance projecting Gross Bookings between $5.50 billion and $5.67 billion and Adjusted EBITDA of approximately $183 million to $203 million. The company operates in the mobility and transportation industry, providing rideshare, taxi, and micromobility services.
Lyft, Inc. appointed Ben Minicucci, former CEO of Alaska Air Group, Inc., to its Board of Directors, effective July 23, 2026. Mr. Minicucci will serve as a Class II director with a term expiring at the 2027 Annual Meeting of Stockholders. Lyft, Inc. operates in the transportation and ride-sharing platform industry.
On June 3, 2026, Lyft, Inc. stockholders approved several proposals at the annual meeting, including the election of three Class I directors and amendments to the company's Restated Certificate of Incorporation. Shareholders also ratified PricewaterhouseCoopers LLP as the independent auditor with 304,464,590 votes in favor and approved an advisory vote to hold executive compensation votes every one year with 259,208,910 votes in favor.