Lyft Inc Class A

LYFT: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lyft Earnings: Inorganic Growth Masks Negative Divergence Relative to Uber; Fair Value Decreases

Mark Giarelli

Feb 11, 2026

Lyft's fourth-quarter gross bookings grew 19%, narrowly exceeding management's guidance of 18%. Net revenue grew 3% year over year, but this understates growth because of a one-off $168 million reserve change. Without that, growth would be closer to 16% year over year. Rides' growth is decelerating.

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Lyft Inc Class A

Lyft Earnings: Inorganic Growth Masks Negative Divergence Relative to Uber; Fair Value Decreases

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