Lyft
The second-largest ride-hailing app in the United States, and now also a taxi app in Europe. It owns no cars and takes a fee on each ride.
The scores
Growth3/4 →
Rides and riders grow double digits, but about a third of reported bookings growth was bought, and incentives nearly doubled.
Business quality2/4 →
The smaller of two networks, gaining share in New York, while Waymo sells the same trip through its own app.
Financial position3/4 →
Net cash and no maturity before 2029, but operating cash flow leans on insurance reserves that must one day be paid.
Execution record3/4 →
Bookings and profit guidance met for four quarters; the Q4 2025 rides guide was missed and the finance chief is leaving.
Per share capture3/4 ↑
Buybacks cut shares 9%, but stock pay equals the cash earnings and two convertibles hold 43M shares.
Potential2/4 →
The 2027 margin and a driverless role both depend on others, insurers and Waymo, with nothing signed beyond Nashville.
Risk profile2/4 ↓
One external party, Waymo, decides whether driverless rides reach Lyft; legal and tax reserves recur every year.
Valuation3/4 ↑
Full on trailing profit after stock pay, cheap on the 2027 target; the price pays for today and doubts the plan.
Evidence quality3/4 →
Filed figures and a regulator's trip counts, but growth without acquisitions and driverless terms are undisclosed.
The Verdict
We rate Lyft neutral. It is the smaller of America's two big ride apps: it matches riders with drivers who use their own cars and keeps a fee, and it has been winning riders from Uber. But the numbers look better than they are: part of the growth was bought in Europe, an insurance law saving lifted profit, and most of its cash flow is claims not yet paid, so the business is mixed. The price is fair, not cheap: about right for the business as it is today, with nothing for the 2027 plan, which would come as extra. The view hinges on margins holding without the insurance windfall.
The long caseTrips are moving from owned cars to ride apps, and later to driverless cars; Lyft must keep winning riders while its margins hold without one-off help.
The evidence under this - 8 claims
- The chief financial officer said Freenow's rides grew organically too, so the acquired base was larger in 2026 than at signing, which would push organic growth lower still, not higher.
- Management guides Q3 2026 at 15% to 19% with Freenow fully in both periods except one month, which puts the organic rate near the top of this range.
- An insurer's float is not fictitious: as long as volume grows, reserves grow and the cash stays with Lyft, invested in restricted trust accounts of $2.1B.
- Accrued liabilities include timing of driver payments that reverse within weeks, so the $298M figure understates a steady-state business.
Restricted cash of $2.1B sits against $2.3B of insurance reserves; counting reserves as debt would raise the enterprise value, and counting the $2.9B of tax assets as cash would lower it.
- The Q2 2026 margin of 3.2% needs 0.8 points more in about a year, and the Q2 gain came with an insurance cost fall the 10-Q says will partly reverse (C06).
- The bookings target is being met partly with acquisitions (C03), which the target did not mention.
The company
Lyft sells a car ride on demand. You ask for a trip, the app quotes a price, finds a nearby driver and charges your card. The driver owns the car and keeps most of the fare.
Most riders also have Uber on their phone, so every trip is a choice between two apps on price and waiting time. About 30% of North American rides come through partners such as DoorDash, United Airlines and Chase, who offer Lyft as a perk. Lyft builds no self-driving cars of its own.
The evidence under this - 5 claims
- Neither figure is published with a method, and Uber publishes nothing comparable to check it against.
- Lyft raised driver incentives in Q2 2026 to maintain marketplace balance, which a network with a clear supply advantage would not need.
No partner is named with a share, no contract term is disclosed, and marketing partnership costs rose $21.1M in the quarter, so the share is partly paid for.
How it makes money
Riders paid $5.5 billion for trips in the June quarter. Lyft kept about a third of that as revenue, $1.84 billion, after passing the rest to drivers. 96% of last year's revenue was earned in the United States.
Its own measure of profit, which leaves out stock paid to staff and legal charges, was $603 million over the past year. Stock pay alone costs about $310 million a year, so the profit left for owners is thin.
The evidence under this - 5 claims
Where the money comes from, stream by stream
| Stream | Share of sales (FY2025) | How it earns it |
|---|---|---|
| Ridesharing marketplace | about 85% or more | Service fees and commissions drivers pay for rides, taxis, private hire and chauffeur trips booked through Lyft and Freenow. |
| Other platform services | not disclosed; with ridesharing, 93.3% | Lyft Business fees, subscriptions, bike hardware and software, licensing and data, and advertising; each called not significant. |
| Rental revenue | 6.7% | Flexdrive renting cars to drivers, and riders renting shared bikes and scooters, booked under lease accounting. |
Who runs it
David Risher has run Lyft since 2023, after the founders stepped back; a new finance chief, Michael Brous, started in September. Insiders own under 1% of the company, and every share now has one vote. The yearly bonus rides on bookings and on a profit measure that leaves out stock pay; Risher's shares pay only if the stock price climbs and stays up.
The evidence under this - 4 claims
- Adjusted EBITDA excludes stock pay, about $310M a year and half of that measure (C09), so the bonus cannot see the largest cost to shareholders.
- Half of the other officers' annual equity is time-vested stock units, which pay whatever the price does.
Why it wins, and who could beat it
Why customers come back
The advantage is density. More riders mean drivers wait less between trips, and more drivers mean riders wait less for a car. A busier network can offer a better service at the same price.
Lyft is the smaller network, but it is gaining. New York's taxi regulator counts every trip each app dispatches: Lyft's share of the two rose from 25.2% in 2024 to 28.2% this year. Part of that was bought with discounts that nearly doubled in the June quarter.
The evidence under this - 4 claims
- Neither figure is published with a method, and Uber publishes nothing comparable to check it against.
- Lyft raised driver incentives in Q2 2026 to maintain marketplace balance, which a network with a clear supply advantage would not need.
The threat
Driverless cars remove the driver, and with the driver the reason a marketplace exists. Waymo already gives more than 400,000 rides a week, about 2% of Lyft's volume, and sells them through its own app in more than ten cities. It works with Lyft in only one, Nashville, and even there its own app came first.
The evidence under this - 5 claims
Waymo's rides are concentrated in a few cities, including San Francisco and Los Angeles, where its share of local trips is far above 2%.
The rivals: UBER, GOOGL, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| UBER | UberPriced against it: Same product | Ridesharing, taxis and chauffeurs | On sale | Same product |
| GOOGL | Waymo (Alphabet), through its own appPriced against it: Small part of it | Ridesharing, taxis and chauffeurs | On sale | Small part of it |
| Private | LimePriced against it: Private | Bikes and scooters | On sale | Private |
How big it could get
How big this could get
Americans take about 220 billion trips a year in private cars, by the federal government's travel survey. Lyft gave 945.5 million rides last year across two continents, well under 1% of that. Nobody publishes how many of those car trips are already booked on an app, so the size of the prize cannot be multiplied out. It is not the limit on Lyft either way.
The evidence under this - 3 claims
The federal survey's US count of about 220.7 billion private-vehicle trips (C39) is compatible, but no source was found for the European half or the offline share.
Who has signed
Waymo pays Lyft to run its Nashville fleet and, since September 2026, sells those rides on Lyft's app too. Baidu and Tensor have announced driverless plans with Lyft. None of these deals discloses a size or a length.
The evidence under this - 3 claims
No second Waymo city has been announced, and Waymo's own launches in Dallas and Houston in August 2026 went through its own app (C25).
The results
The numbers
Sales grew 11% over the twelve months to Jun 2026, about the same pace as the 9.2% in the year to Dec 2025.
Operating margin is −1.8%, up from −11% in the year to Dec 2023.
Running costs take 47¢ of each sales dollar, down from 82¢ in the year to Dec 2021.
Shareholders' money earned 153% a year, up from −70% in the year to Dec 2021.
The business brought in $1.20B of cash from operations, 18% of sales, before capital spending, which the filer does not tag.
It holds $1.79B of cash against $1.04B of debt, $751M more cash than it owes.
The share count rose 15% in 4.5 years, and pay in shares costs 4.6% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $3.21B | $4.10B | $4.40B | $5.79B | $6.32B | $6.77B |
| Sales growth | +36% | +28% | +7.5% | +31% | +9.2% | +11% |
| Profit | ||||||
| Gross margin | 47% | 41% | 42% | 42% | 41% | 46% |
| Operating margin | −35% | −36% | −11% | −2.1% | −3.0% | −1.8% |
| Net margin | −33% | −39% | −7.7% | 0.4% | 45% | 42% |
| What growth costs, per sales dollar | ||||||
| Research and development | 28% | 21% | 13% | 6.9% | 7.1% | 7.0% |
| Sales and marketing | 13% | 13% | 11% | 14% | 14% | 16% |
| General and admin | 29% | 31% | 20% | 16% | 16% | 17% |
| Pay in shares | 23% | 18% | 11% | 5.7% | 5.1% | 4.6% |
| Cash | ||||||
| Cash from operations | −$102M | −$237M | −$98.2M | $850M | $1.17B | $1.20B |
| Balance sheet | ||||||
| Cash and short-term investments | $2.25B | $1.80B | $1.69B | $1.98B | $1.84B | $1.79B |
| Debt | $711M | $839M | $865M | $605M | $1.05B | $1.04B |
| Net cash | $1.54B | $957M | $820M | $1.38B | $784M | $751M |
| Returns and shares | ||||||
| Return on capital | - | - | - | −7.7% | - | - |
| Shares (diluted) | 335M | 355M | 385M | 414M | 418M | 386M |
What growth costs
Growth has made Lyft much less unprofitable: research, office costs and stock pay now take a far smaller slice of each sale. The cost that tracks rides is drivers' insurance, and the one now growing faster than sales is the discounts that win riders.
The evidence under this - 3 claims
- 2025 revenue carries a $168M reserve booked against it (C10), so one year's ratios are struck on a reduced base.
- Sales and marketing rose with rider incentives, which nearly doubled in Q2 2026 (C05), so the newest cost to grow runs the other way.
The last report (6 Aug)
Quarter ended June 2026, filed figures.
In the June quarter of 2026 riders grew 17% to 30.5 million and bookings 23%, both records, and bookings beat the top of the company's own forecast. Without the European taxi app bought last July and two smaller deals, bookings grew about 14% to 16%.
Profit improved for a reason the release underplays. A California law cut the insurance every ride must carry, so costs stayed flat while rides grew 12%. Lyft spent that saving on rider discounts, which rose from $100 million to $187 million. The 10-Q warns insurance costs will rise again at renewal.
What it did to the thesisIt supported the rider gains, which are real even without the bought taxi app. It also backed our worry: much of the profit gain came from cheaper insurance after a law change, spent on discounts, and insurance costs will rise again. So the view stays Neutral.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $0.13 against $0.14 expected; $0.13 as filed, with no adjustments.
The evidence under this - 7 claims
- The chief financial officer said Freenow's rides grew organically too, so the acquired base was larger in 2026 than at signing, which would push organic growth lower still, not higher.
- Management guides Q3 2026 at 15% to 19% with Freenow fully in both periods except one month, which puts the organic rate near the top of this range.
What management did with the money
Lyft spent $900 million buying back its own shares in 2025 and the first half of 2026, cutting the count by about 9%. It holds $1.8 billion of free cash against about $1 billion of convertible bonds, and $2.9 billion of tax savings banked from past losses mean it will pay little cash tax for years.
Insiders in 2026Q2: 10 purchases and 9 sales, from their Form 4 filings.
The evidence under this - 3 claims
The price, and where we disagree
In short. Fair, not cheap. The price pays for Lyft's business as it is today and doubts its 2027 plan, and the doubt has a reason: this year's profit gain rode an insurance windfall.
The shares have fallen by a third in a year while sales per share rose 21%. Twice this year the market sold them hard: in February on a miss in rides, and on 9 September, when the finance chief's retirement was announced the same morning Waymo rides went live on Lyft's app. More than a fifth of the shares available to trade are sold short.
The next results, on 4 November, are the new finance chief's first.
The evidence under this - 6 claims
Guggenheim cut its second-half ride growth estimate to 10.6% against a 11.9% consensus when it downgraded the stock on 2026-09-17.
How we read the multiple
Net of its cash, buyers pay about $4.9 billion for Lyft: about 17 times last year's profit on Lyft's own adjusted measure, once stock pay to staff is counted as a cost. That is a full price for a company growing about 15% a year without buying others.
Against the profit Lyft's 2027 plan implies, it is about 7 times. So the price is not betting on collapse; it is betting the plan's profit target is missed, and we think that bet is reasonable.
Against its own history. Read only the sales and assets rows: a one-off tax gain and legal charges distort the profit rows. Per dollar of sales it is far cheaper than its past.
The evidence under this - 3 claims
Restricted cash of $2.1B sits against $2.3B of insurance reserves; counting reserves as debt would raise the enterprise value, and counting the $2.9B of tax assets as cash would lower it.
- The Q2 2026 margin of 3.2% needs 0.8 points more in about a year, and the Q2 gain came with an insurance cost fall the 10-Q says will partly reverse (C06).
- The bookings target is being met partly with acquisitions (C03), which the target did not mention.
- An insurer's float is not fictitious: as long as volume grows, reserves grow and the cash stays with Lyft, invested in restricted trust accounts of $2.1B.
- Accrued liabilities include timing of driver payments that reverse within weeks, so the $298M figure understates a steady-state business.
Priced against its rivals
Only Uber Technologies sells the same thing to the same buyers as a large part of what it does. Alphabet does too, but as a small part of a much bigger company, so its price says little about this one. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: Bolt (Bolt Technology OU), Lime (Neutron Holdings, Inc.), Bird, Fifteen, nextbike and Dott, Amazon.com, Inc. (Zoox), Baidu, Inc. (Apollo Go), Tesla, Inc.
Where we disagree with the market
The smaller app that driverless cars will squeeze out, whose rides are slowing.
Lyft is winning riders now. The risk is subtler: its profit and cash look stronger than they are.
The market reads ride counts and robotaxi headlines. The regulator's trip data, which few people read, show Lyft gaining on Uber. The weaknesses we see are in the 10-Q instead: a margin helped by a one-off insurance saving, and cash flow that is mostly claims waiting to be paid. If the September quarter's margin holds with discounts flat, we are too cautious.
What analysts say, and the evidence
The evidence under this - 7 claims
Restricted cash of $2.1B sits against $2.3B of insurance reserves; counting reserves as debt would raise the enterprise value, and counting the $2.9B of tax assets as cash would lower it.
- Management calls the incentives targeted spending that brings riders who ride more often, and Active Riders grew 17%, so part of the spend may be buying durable volume.
- The New York share gains (C17) began in 2025, before SB 371 took effect, so not all of the growth depends on the windfall.
- An insurer's float is not fictitious: as long as volume grows, reserves grow and the cash stays with Lyft, invested in restricted trust accounts of $2.1B.
- Accrued liabilities include timing of driver payments that reverse within weeks, so the $298M figure understates a steady-state business.
- Waymo chose Lyft over its own staff to run the Nashville fleet and handed over the depot in June 2026, which suggests fleet operations are a real skill Waymo wants to buy.
- Alphabet's Other Bets lost $1.8B in Q2 2026 (C23); a loss-making fleet owner needs full cars, and Lyft's 30.5M riders are what fill them.
What could go wrong, and how we would know
The risks
- Waymo keeps the rider. Its own app comes first, and it has launched alone in Dallas and Houston. Lyft may end up running its cars, not selling its rides.
- The insurance saving fades. The 10-Q expects insurance costs to rise at renewal. Then either the discounts or the margin has to give.
- Cash that is owed. If rides stop growing, insurance reserves stop growing, and most of the cash flow goes with them, as in 2023.
- Legal charges every year. A $168 million legal and tax charge cut 2025 revenue, and more set-asides followed in 2026.
- A new finance chief. The one who set the 2027 targets retires on 28 September.
- Bonds that turn into shares. Two convertible bonds could become 43 million new shares.
The evidence under this - 6 claims
- Waymo chose Lyft over its own staff to run the Nashville fleet and handed over the depot in June 2026, which suggests fleet operations are a real skill Waymo wants to buy.
- Alphabet's Other Bets lost $1.8B in Q2 2026 (C23); a loss-making fleet owner needs full cars, and Lyft's 30.5M riders are what fill them.
- Management calls the incentives targeted spending that brings riders who ride more often, and Active Riders grew 17%, so part of the spend may be buying durable volume.
- The New York share gains (C17) began in 2025, before SB 371 took effect, so not all of the growth depends on the windfall.
What we still do not know
- How fast Lyft grows without the businesses it bought. It does not say, so the 14% to 16% is our estimate.
- What Waymo pays Lyft in Nashville, and how much of each driverless fare Lyft keeps. Neither company discloses it.
- Whether Lyft is gaining riders outside New York. No other city publishes trips by company.
- How much of this year's insurance saving was a one-off release of old reserves.
The evidence under this - 5 claims
- The chief financial officer said Freenow's rides grew organically too, so the acquired base was larger in 2026 than at signing, which would push organic growth lower still, not higher.
- Management guides Q3 2026 at 15% to 19% with Freenow fully in both periods except one month, which puts the organic rate near the top of this range.
No second Waymo city has been announced, and Waymo's own launches in Dallas and Houston in August 2026 went through its own app (C25).
What would change our view
- Neutral→AttractiveThe margin holds without the windfall, and driverless reach widens
It needs all of:
- ○Profit reaches 3.6% of bookings in a quarter while rider discounts grow slower than bookings.checked at the next results, due by 4 Nov
- ○Waymo or another driverless company sells rides through Lyft's app in a second city.watched as it happens
- Neutral→AttractiveA cheaper price on unchanged execution
It needs all of:
- ○The price falls to 12 times last year's profit after stock pay.about ≈$10.69 today, 28% below the last close
- ○September-quarter bookings reach at least $5.50 billion, the bottom of the company's forecast.checked at the next results, due by 4 Nov
- Neutral→UnattractiveShare or float turns
It needs any of:
- ○Lyft's share of New York app trips falls below 26% for three months.checked at the next results, due by 4 Nov
- ○Insurance reserves shrink from one quarter to the next while rides are still growing.watched as it happens
We would also be wrong if
- Growth without acquisitions falls below 10% in any quarter of 2027.
What is coming
- October 2026 Waymo vehicles arrive at Lyft's Nashville depot: Whether Lyft's fleet-contractor role starts on time and at what scale; a second Lyft city or disclosed fees would test the storefront-only reading in C43.
Every dated event ahead
- October 2026 Waymo vehicles arrive at Lyft's Nashville depot: Whether Lyft's fleet-contractor role starts on time and at what scale; a second Lyft city or disclosed fees would test the storefront-only reading in C43.
- 4 November 2026 Q3 2026 results, the new finance chief's first: Adjusted EBITDA against 3.5% of bookings, bookings against $5.58B, and whether rider incentives again grow faster than bookings.
- February 2027 Q4 2026 results and the 2026 10-K: Whether insurance renewals reverse the cost relief, how much of the $1B buyback ran, and whether the 2027 margin target of about 4% is kept.
- 3 November 2027 Revolving credit facility matures: Whether the undrawn $420M revolver is renewed on similar terms; a smaller line would say lenders see the insurance-reserve cash differently.
Since we wrote this
- 5 OctThesis reviewThe long case now sits under the verdictAfter the five-name pilot, the owner asked for the long case on every thesis.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
- 27 SepThesis writtenNeutral, medium convictionWritten five weeks before Q3 2026 results, the first under a new finance chief, and two weeks after Waymo rides went live on Lyft in Nashville.
Also checked 4 times with nothing new to act on.
Sources 25
Sources - 25
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-02-11Item 1 business and competition, the valuation allowance release, the insurance reserve roll-forward, cash flow and working capital, revenue by geography, the acquisitions note, stock pay, buybacks and headcountbacksC01C09C10C11C12C15C18C38C41C46C50C51
- S02primarycompany filing2026-08-07the MD&A on revenue, cost of revenue, incentives and loss contingencies, the balance sheet, debt and convertible notes, dilutive securities, acquisitions including Gett UK, and the AV risk factorsbacksC01C02C03C05C06C09C10C11C14C15C16C26C32C51
- S03primarycompany release2026-08-06Q2 metrics, Q3 2026 outlook, the partnership share, trailing free cash flow and the Adjusted EBITDA reconciliationbacksC02C08C20C29C30C44
- S04primarycompany release2025-11-05Q3 2025 Adjusted EBITDA of $138.9M, the Q4 2025 outlook including rides growth, the Waymo Nashville and Tensor announcementsbacksC08C29C32C44
- S05primarycompany release2026-02-10Q4 2025 results, the $168M reserve against revenue, the new $1B buyback, the Q1 2026 outlook and the statement that 2027 targets are on trackbacksC08C10C28C29C41
- S06primarycompany release2026-05-07Q1 2026 results, the Q2 outlook, the Gett UK closing, Baidu vehicles in the UK and the 27% partnership sharebacksC03C08C20C29C44
- S07primarytranscript2026-08-06Lyft Q2 2026 earnings call transcriptmanagement's answers on Nashville, AV economics, pricing, driver supply and partnerships; seven analysts' questions, a separate origin from the answers
If I look at our competitor, we actually pick you up faster -- the same or faster than they do, 75% of the time right now
backsC19C27 - S08primarycompany filing2026-09-09Erin Brewer's retirement, Michael Brous's appointment and pay, and the reaffirmed Q3 2026 guidancebacksC22C30C31
- S09primarycompany release2025-04-16Freenow's roughly EUR1B of annual bookings, its taxi share of bookings, and management's 300 billion trip market sizebacksC03C40
- S10primaryregulator2025-10-03California Legislature, SB-371 Transportation network companies: insurance coverage, Chapter 314, Statutes of 2025 California Legislaturethe law that cut Lyft's California insurance cost per mile, stated by the legislature rather than the company
This bill would lower that amount to $60,000 per person and $300,000 per incident.
backsC07 - S11primaryregulator2026-05New York City Taxi and Limousine Commission, FHV Base Aggregate Report, monthly dispatched trips by licensed base, 2015 to May 2026 New York City Taxi and Limousine Commissiona per-company trip count from the regulator that licenses both companies in the largest US ride-hail market, month by month
base_license_number LYFT, total_dispatched_trips 6770928, year 2026, month 5; base_license_number UBER, total_dispatched_trips 15354816, year 2026, month 5
backsC17 - S12primarycompany filing2026-02-13the rival naming Lyft among its ridesharing competitors, and its own Waymo arrangements in Austin and AtlantabacksC18C45
- S13primaryother2025-09-17the partner's own ordering of the two apps and of Lyft's role as fleet manager
Riders will hail via the Waymo app, and as our service grows, riders will also be able to use the Lyft app to match with a Waymo vehicle.
backsC21 - S14primarytranscript2026-02-04Alphabet Q4 2025 earnings call transcript GOOGLWaymo at more than 400,000 rides every week and past 20 million fully autonomous trips
In December, we surpassed 20 million fully autonomous trips and are now providing more than 400,000 rides every week.
backsC23 - S15primarytranscript2026-07Alphabet Q2 2026 earnings call transcript GOOGLOther Bets revenue of $382M and an operating loss of $1.8B in the quarter, mostly Waymo
In Other Bets, revenues were $382 million, and operating loss was $1.8 billion
backsC23 - S16primarycompany release2024-06-06the 2027 targets for bookings growth, margin and cash conversionbacksC28
- S17secondarynews2026-09-17the downgrade and its stated reason, a lower second-half ride growth estimatebacksC34
- S18secondarynews2026-02-10the consensus the Q4 2025 rides and revenue were measured againstbacksC36
- S19primarycompany filing2026-09-25the Rule 10b5-1 flag on every open-market sale and the chief executive's two purchasesbacksC37
- S20secondaryvendor data2026-09-27Research pack, LYFT, 2026-09-27price and market value, the 252-day decomposition, FINRA short interest at the 2026-09-15 settlement, the analyst split and its history, daily closes around each printbacksC32C33C34C36
- S21primarygovernment data2024Federal Highway Administration, Summary of Travel Trends: 2022 National Household Travel Survey, Table 4-1 Federal Highway Administrationannual person trips by mode and purpose for the United States, the base the prize is measured against
Other ridesharing service: This category includes the use of a mobility service by a passenger for fare that is accessed exclusively by a smartphone app, also commonly referred to ride-hailing services.
backsC39 - S22primaryother2026-09-24Waymo's own-app launches in Dallas and Houston in August 2026 and its list of more than ten cities
Starting today, anyone in Houston can download the Waymo app
backsC25C45 - S23primarycompany release2026-09-09how the Nashville fleet is shared and Flexdrive's depot role
Lyft and Waymo dispatching vehicles from a single fleet dynamically across both networks.
backsC22 - S24primarycompany filing2026-02-05Waymo providing paid driverless rides in multiple cities, and the $7.5B Other Bets loss in 2025 including a $2.1B Waymo compensation chargebacksC23
- S25primarycompany filing2026-04-10beneficial ownership as of March 15, 2026, directors and the board chair, the 2025 cash incentive goals and payout, the CEO's 2023 stock-price PSUs and the other officers' PSUs, the Class B conversionbacksC47C48C49