Lyft Revenue and Usage Statistics 2023

Lyft Key Statistics 2023

• Lyft annual revenue accounted for $4.1 billion in 2022.
• In 2022,Lyft made a loss of $1.6 billion.
• In 2022, Lyft’s average income per active rider (ARPU) rose to $57.72.
• Reportedly, Lyft active riders count at 20.3 million in 2022. 
• In the US and Canada, Lyft active drivers are estimated nearly 2 million.
• Lyft market share is 9.26% globally, making it the third-largest ride-hailing service worldwide.
• As of March 2023, Lyft market cap is estimated at $3.71 billion.
• Uber is the top Lyft competitor with a 37.2 percent market share globally.

Lyft Overview

Source: Company data

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Lyft Revenue Statistics 2023

Lyft Quarterly Revenue

From Q4 2021 to Q4 2022, revenue increased by 11% to $1.2 billion. Lyft’s revenue grew by 12% compared to the third-quarter 2022 revenue of $1.1 billion.

Source: Company Data

Lyft Annual Revenue

Lyft made $4.09 billion in revenue in 2022, demonstrating strong quarterly revenue growth; however, it was less pronounced than in 2021.

Source: Company data

Lyft Profit/Loss

In 2022, Lyft reversed two years of declining net losses with a loss of $522 million, higher than in the previous year. Lyft has never reported an annual net profit.

Lyft Annual Net Loss from 2017 to 2022 

Source: Company data

Lyft Average Revenue Per User (ARPU)

The average revenue per active rider for Lyft increased by 11.4% to $57.72 in Q4 2022, thanks to the continuous growth and engagement of its user base.

Source: Company data

Note: This refers to APRU during the fourth quarter of each corresponding year.

Lyft User Statistics 2023

How many users does Lyft have?

Lyft’s active users (riders) numbered 20.3 million as of Q4 2022. Moreover, the company reported the same figure in Q3 2022.

Lyft Quarterly Users From 2016 to 2022

As of the fiscal quarter that ended December 31, 2023, Lyft had 20.3 million active riders. Additionally, if we look at the graph below, we can observe data on Lyft quarterly users over the last seven years.

Source: Company data

Lyft Annual Users from 2016 to 2022

Source: Company data

Lyft Driver Statistics

According to studies, the majority of Lyft drivers are males from minority groups. Moreover, surprisingly, the majority of them are elderly, with nearly three-quarters aged 40 and up. Additionally, more than half of them have either a bachelor’s or a master’s degree.

How Many Lyft Drivers Are There?

Additionally, nearly 2 million drivers work for Lyft in the US and Canada; however, none of them are based outside of the continent.

Source: CNET 

Lyft Driver Demographics

• 72% of Lyft drivers are male.
• 75% are 40 years old and above.
• 69% belong to minority groups.
• 55% have either bachelor’s or master’s degrees.
• 7% are members of the LGBT + community.

Source: Finances Online

Lyft Rider Statistics

As per Lyft data, there is a nearly 50:50 split between white and minority riders. Moreover, there is also a subset of users who are students, members of the LGBT+ community, or people with disabilities. Additionally, the majority of Lyft users have a household income of $54,000, implying that the majority of users are middle-class.

How many people use Lyft?

As of the fourth quarter of 2022, Lyft had 20.3 million active riders that used its ride-hailing services.

Lyft Rider Demographics

• 47% of Lyft riders belong to a minority group. Hispanic (18%), African American (22%), and Asian (7.2%) riders are among them. The other 53% are white. (Lyft, 2021)
• Students account for 16% of Lyft commuters. (Lyft, 2020)
• Lyft riders make up 15% of the LGBT+ community. (Lyft, 2020)
• The average household income of American Lyft riders is $54,000. (Lyft, 2021)
• Lyft rides cost an average of $167. (Bloomberg Second Measure, 2021)
• Lyft users spent an estimated $8.97 billion per year. (eMarketer, 2020)

Lyft Market Statistics 2023

Lyft Market Share

Lyft controls 9.26% of the global market for ride-hailing services, following Uber (37.2%) and DiDi (32.4%).

Lyft Market Valuation

As of March 2023, Lyft has a market cap of $3.71 billion. Consequently, this makes Lyft the world’s 2788th most valuable company by market cap.

Lyft Competitors

Uber vs Lyft

Lyft has a significantly lower global market share than its main competitor, Uber, primarily because it is not available in many regions. Moreover, the same can be said for the company’s funding, despite the fact that it is still one of the best-funded startups in the world. However, in the United States, Lyft accounts for a sizable portion of total ride-hailing customers and drivers. This can be attributed to both loyal users and those who prefer to use both Lyft and Uber.

Uber vs Lyft Market Share

Lyft controls 9.26% of the global market for ride-hailing services. Whereas Uber controls 37.2%, around 4 times larger market share.

Source: Statista, 2021

Uber vs Lyft Funding

This is the world’s fourth most well-funded auto startup, with $4.9 billion raised. It trails only Uber ($24.2 billion), DiDi ($23.4 billion), and Grab ($7.3 billion). 

Source: Statista, 2020

Uber vs Lyft Users

Only 13% of all ride-hailing customers used both Lyft and Uber. Meanwhile, 26% say they only use Lyft, and 60% say they only use Uber.

Source: Bloomberg Second Measure (Bloomberg, 2021)

Conclusion

While Lyft is still a loss-making company as of Q4 2022, its revenue is growing at a rapid pace. The company generated $4.1 billion of revenue in 2022, a 28% increase from revenue generated in 2021.

Lyft’s operations suffered as a result of the pandemic in 2020. According to Lyft statistics, riders have chosen not to use the platform due to the health crisis, and as a result, drivers have quit due to the low demand.

However, the company is slowly recovering and has been proactive in its pandemic recovery strategy, instituting temporary pay cuts and managing overall operating costs. Furthermore, as vaccines become available, the global economy is expected to return to normalcy — businesses will reopen and demand for transportation will rise once more. Lyft will have to rely on its loyal riders and drivers who continue to use the platform until then.