Supplemental Financial Statement Information

12 Months Ended

Dec. 31, 2025

Additional Financial Information Disclosure [Abstract]

Supplemental Financial Statement Information

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of the dates indicated (in thousands):


	December 31,
	2025		2024
Prepaid insurance	$	438,448	$	428,884
Enterprise and trade receivables, net(1)	383,903		334,843
Other	259,983		202,363
Prepaid expenses and other current assets(2)	$	1,082,334	$	966,090

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(1)The Company’s receivable balance included in prepaid expenses and other current assets on the consolidated balance sheets, which consists primarily of amounts due from Enterprise Users and bikes and scooters partners, was $394.9 million and $347.0 million as of December 31, 2025 and 2024, respectively, while the allowance for credit losses was $11.0 million and $12.2 million as of December 31, 2025 and 2024, respectively. The changes in the allowance of credit losses were not material for the periods presented.

(2)Scooters and related assets with estimated useful lives of less than 12 months are included in prepaid expenses and other current assets on the consolidated balance sheets. Depreciation expense for these assets was $7.9 million, $12.4 million and $3.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Property and Equipment, net

Property and equipment, net consisted of the following as of the dates indicated (in thousands):


	December 31,
	2025		2024
Bike and scooter fleet	$	265,828	$	237,535
Owned vehicles	238,936		211,904
Finance lease right-of-use assets	128,470		79,704
Leasehold improvements	73,275		75,480
Computer equipment and software	44,036		39,018
Furniture and fixtures	6,599		6,046
Construction in progress	28,185		56,998
	785,329		706,685
Less: Accumulated depreciation	(366,799)		(261,821)
Property and equipment, net	$	418,530	$	444,864

Depreciation and amortization expense related to property and equipment was $106.8 million, $121.4 million, and $96.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):


	December 31,
	2025		2024
Insurance-related accruals(1)	$	892,757	$	763,842
Legal and tax related accruals(2)	540,042		333,979
Ride-related accruals	208,317		178,114
Insurance claims payable and related fees	56,307		58,135
Long-term debt, current(3)	50,607		38,904
Finance lease liabilities, current(4)	35,750		31,268
Other	413,083		262,036
Accrued and other current liabilities	$	2,196,863	$	1,666,278

_______________

(1)Refer to Note 2 “Summary of Significant Accounting Policies” above for more information on these insurance-related accruals.

(2)Contains $211.6 million in certain reserves and/or settlements for significant legal proceedings or governmental investigations and the associated fees.

(3)Represents current portion of long-term debt primarily related to the Non-revolving Loan and Master Vehicle Loan. Refer to Note 11 “Debt” for more information.

(4)Certain balances previously presented in Other as of December 31, 2024 have been reclassified to Finance lease liabilities, current to conform to current period presentation.

Insurance Reserves

The following table presents the changes in the Company’s insurance reserve for the periods presented (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	1,701,393	$	1,337,868	$	1,417,350
Additions(1)	1,029,097		813,725		516,337
Deductions(2)	(550,064)		(450,200)		(595,819)
Balance at end of period	$	2,180,426	$	1,701,393	$	1,337,868

_______________

(1)Additions to insurance reserves primarily include reserves from claims originating from the current year of $975.1 million, $813.7 million and $512.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Additions also primarily include $54.0 million of reinsurance recoverable for the year ended December 31, 2025.

(2)Deductions primarily include losses paid of $440.1 million, $447.1 million and $580.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. Deductions also primarily include $27.2 million for the year ended December 31, 2025 for favorable changes in estimates resulting from new developments in claims originating from prior years and reinsurance recoverable established within the period of $82.8 million for the year ended December 31, 2025.

Reinsurance of Certain Legacy Auto Liability Insurance

On February 19, 2025, the Company’s wholly-owned subsidiary, Pacific Valley Insurance Company, Inc. (“PVIC”), entered into a Loss Portfolio Transfer Reinsurance Agreement (the “Reinsurance Agreement”) with Riverstone International Insurance, Inc. (“Riverstone”), under which Riverstone reinsured a legacy portfolio of auto insurance policies, based on reserves in place as of January 1, 2025, of certain legacy insurance liabilities for policies underwritten during the period of October 1, 2020 to September 30, 2022, with an aggregate limit of $120.5 million, for a premium of $85.1 million (the “Reinsurance Transaction”). A substantial portion of the premium ceded is on a funds withheld basis, meaning that the premium withheld by PVIC is used to pay future reinsurance claims on Riverstone’s behalf. Upon consummation of the Reinsurance Transaction, a reinsurance recoverable was established, and since a contractual right of offset exists, the reinsurance recoverable has been netted against the funds withheld liability balance for an immaterial net reinsurance recoverable balance included in prepaid expenses and other current assets on the consolidated balance sheet. In addition to the premium ceded to the reinsurer, the Company prepaid $8.4 million in interest related to the funds withheld. An immaterial amount of interest expense was recognized on the consolidated statement of operations for the year ended December 31, 2025. An immaterial loss was recognized on the consolidated statement of operations in the year ended December 31, 2025, in cost of revenue upon completion of the Reinsurance Transaction.

The Reinsurance Transaction does not discharge PVIC of its obligations to the policyholder. Management evaluated reinsurance counterparty credit risk and does not consider it to be material since a substantial portion of the premium of $85.1 million was retained by PVIC on a funds withheld basis on behalf of the reinsurer.

Lyft, Inc. 10-K