LYFT: 2Q:26 EPS Preview: Modest US Ride Acceleration

研报英文原文证据摘录

LYFT: 2Q:26 EPS Preview: Modest US Ride Acceleration

elerate to +6%/+8%/+11% y/y in 2Q/3Q/4Q. Despite

expectations for Lyft US ride volumes to accel through '26, see continued y/y share losses Prior NC 170.3 E 184.1 E 202.0 E 688.2 E

as Uber volumes also expected to accel. See increased willingness to invest in volume 2027E 176.6 E 208.0 E 228.0 E 234.7 E 847.3 E

growth driven by CA insurance savings and ahead of Waymo's expected deployment ramp Prior 176.3 E 213.2 E 226.9 E 228.1 E 844.5 E

in '27. Near-term pricing tailwinds support stronger bookings growth. Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

Look for updates on Waymo in Nashville and expected launch of Mobileye/Marubeni Ken Gawrelski

partnership in Dallas, given Waymo (1p) is expected to scale to 3.7% share of US ride Equity Analyst | Wells Fargo Securities, LLC

volumes in 2027 (vs 1.4% in 2026). Waymo launched commercial 1p service in Nashville Ken.Gawrelski@wellsfargo.com | 617-210-3707

on 6/25, with Lyft providing fleet management (Flexdrive) initially and expectations for Zachary Morrissey

Waymo vehicles to be added to Lyft app in 2H:26. See Mobileye/Marubeni partnership in Associate Equity Analyst | Wells Fargo Securities, LLC

Dallas as key to remaining competitive with scaling AV supply. Zachary.Morrissey@wellsfargo.com | 212-214-5344

David Umansky

Associate Equity Analyst | Wells Fargo Securities, LLC

Estimates, rating and price target. Reduce total ride estimates by 60bps / 110bps / David.Umansky@wellsfargo.com | 212-214-1406

150bps in '26 / '27 / '28. Total gross booking estimates remain largely unchanged, as Audey Ashkar

pricing tailwinds offset slightly lower volume growth.