 Multiple factors contributed to record highs in rides, driver hours, and Gross Bookings (GB), according to Lyft. As a result, the company delivered strong financial performance, reporting record Adjusted EBITDA of $138.9mn, up 29% YoY, and free cash flow of $277.8mn. Free cash flow for the trailing twelve months reached $1.03bn. Gross Bookings totaled $4.8bn in 3Q25, up 16% YoY, supported by an 18% YoY increase in active riders to 28.7mn and a 15% YoY increase in rides to 248.8mn. The United Airlines partnership went live during the quarter, allowing riders to earn miles on eligible rides, while recently acquired TBR Global Chauffeuring and FreeNow began integrating with Lyft’s platform. The company reported revenue of $1.685bn for 3Q25, up 10% YoY, and net income of $46mn. Net cash provided by operating activities reached $291.3mn. Lyft continued to manage operating costs effectively, with total costs and expenses rising 5.2% YoY to $1.662bn. Profit before tax for the quarter was $44mn. The share count declined by 1.6% YoY. Insurance expenses are expected to increase by mid-single digits beginning in October, following the latest annual revision. California’s insurance reform may stimulate additional demand on the platform, potentially reducing insurance payouts and making rides more affordable. Pricing remains competitive, with revenue per active rider down 5.9% YoY in 3Q. The company also reported the highest number of partner-linked rides to date during the quarter. Stock-based compensation declined 25% YoY to $67mn. Lyft ended September 2025 with $1.9mn in cash, cash equivalents, and short-term investments, insurance reserves of $2mn, and long-term debt of $1bn.  Lyft continues to build its autonomous vehicle (AV) ecosystem through strategic partnerships designed to improve affordability and utilization. The company announced a supply management partnership with Waymo in Nashville, as well as a planned partnership with Tensor to support consumer-owned, “Lyft-Ready” AVs. Looking ahead to 2026, Lyft plans to launch AV services in Nashville with Waymo, in Europe with Baidu, in Dallas with Mobileye and Marubeni. Lyft’s global presence is expanding rapidly following the acquisitions of FreeNow and TBR Global Chauffeuring. Lyft acquired TBR, a luxury chauffeuring provider, for £83mn in cash plus additional contingent consideration. The transaction, valued at approximately EUR175mn, has recently closed and will be reflected in Lyft’s financials later this year. TBR operates in 120 countries and more than 3,000 cities, giving Lyft meaningful access to international premium travel markets. TBR’s luxury transport offering complements FreeNow’s taxi operations across London, Paris, Berlin, and more than 150 cities in Europe. Together, the combined platform is positioned to compete across multiple segments, including the AV value chain, spanning asset ownership and financing, fleet operations and management, mobility platforms and marketplaces, and the rider-facing experience.  For 4Q25, Lyft expects Gross Bookings in the range of $5.01bn to $5.13bn, representing 17–20% YoY growth. Adjusted EBITDA is projected to be between $135mn and $155mn, implying an Adjusted EBITDA margin of 2.7–3.0% relative to Gross Bookings. New acquisitions will be consolidated into Lyft’s results in 2H25 and are expected to contribute positively to financial performance. We have updated our projections based on the 3Q results. We are raising our 12-month DCF-based target price to $25.5 from $21.3 while maintaining our Buy rating. Our current estimates do not yet include the impact of recent acquisitions.