Lyft Revenue and Usage Statistics 2023

Last Updated: February 2024

Initially, Lyft was just a long-distance car-pooling service named Zimride. To drive growth engagement, the company began to offer shorter rides in cities and expanded quickly in the US by servicing 300 cities in 2017.

Lyft’s Cancel Uber campaign was a major turning point for the company. The US market share of Lyft increased from 22% in 2017 to 33% in 2018. The company went public in March 2019, raising $2.34 billion at a valuation of $24.3 billion.

Currently, Lyft is the second-largest ride-sharing company in the United States after Uber.

In addition to ride-hailing, Lyft Inc. provides food delivery services, rental cars, motorized scooters, bicycle sharing, and vehicles for hire in some Canadian and American cities.

If you want to know more about Lyft, we have compiled all the latest stats and trends about Lyft in 2023.

Table of contents:

Lyft Key Statistics 2023

Lyft Overview

When was Lyft established?9 June 2012
HeadquartersSan Francisco, California
FoundersLogan Green (CEO), John Zimmer (President)
Company business typePublic (NASDAQ: LYFT)
IndustryRide-hailing, Vehicle for hire
How many employees does Lyft have?4419 (December 2022)
Service Area

USA

Canada

SubsidiariesMotivate LLC

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.

Lyft Quarterly Revenue
Image source: businessofapps.com
DateQuarterly Revenue ($mm)
Q1 2017172
Q2 2017238
Q3 2017303
Q4 2017344
Q1 2018397
Q2 2018504
Q3 2018585
Q4 2018669
Q1 2019776
Q2 2019867
Q3 2019955
Q4 20191017
Q1 2020955
Q2 2020339
Q3 2020499
Q4 2020569
Q1 2021609
Q2 2021765
Q3 2021864
Q4 2021969
Q1 2022875
Q2 2022990
Q3 20221053
Q4 20221175

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.

YearRevenue ($bn)
20171.05
20182.15
20193.61
20202.36
20213.2
20224.09

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 

YearNet income/loss ($mm)
2017-688
2018-911
2019-2602
2020-1753
2021-1062
2022-1584

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.

YearAPRU ($)
201836.02
201944.40
202045.40
202151.79
202257.72

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.

Active Users
Image source: businessofapps.com
DateUsers (mm)
Q1 20163.5
Q2 20164.5
Q3 20165.7
Q4 20166.6
Q1 20178.1
Q2 20179.4
Q3 201711.4
Q4 201712.6
Q1 201814.0
Q2 201815.5
Q3 201817.4
Q4 201818.6
Q1 201920.5
Q2 201921.8
Q3 201922.3
Q4 201922.9
Q1 202021.2
Q2 20208.7
Q3 202012.5
Q4 202012.5
Q1 202113.4
Q2 202117.1
Q3 202118.9
Q4 202118.7
Q1 202217.8
Q2 202219.6
Q3 202220.3
Q4 202220.3

Source: Company data

Lyft Annual Users from 2016 to 2022

DateUsers (mm)
20166.6
201712.6
201818.6
201922.9
202012.5
202118.7
202220.3

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.

driver-statistics
Image source: financesonline.com

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.

rider-statistics
Image source: financesonline.com

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-global-market-share
Image source: fincancesonline.com

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-market-valuation
Source: Companiesmarketcap.com

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

lyft-vs-uber-market-share
Image source: businessofapps.com

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.