Episode Overview

Podcast: Bloomberg Talks
Episode Title: Lyft CEO David Risher Talks Fourth-Quarter Results
Date: February 11, 2026
Host: Bloomberg

Main Theme:
This episode features an in-depth interview with Lyft CEO David Risher, focusing on Lyft’s fourth-quarter results, their ambitious Robotaxi rollout, strategies for profitability, and the challenges and promise of micro mobility services. The episode explores Lyft’s position in a quickly evolving transportation landscape and Risher’s vision for a hybrid future that combines human-driven vehicles, AVs (autonomous vehicles), and micro mobility solutions like e-bikes.

Key Discussion Points & Insights

1. Lyft’s Fourth-Quarter Performance and Profit Outlook

• Highlights of Q4 Results

  • David Risher emphasizes the company’s strong quarter:

    "We had a blowout quarter, so record bookings, accelerated, record profits, never been higher. Record cash flow, record customers." (00:48)

  • Profitable growth is attributed to “customer obsession” and focus on high-value services (e.g., airport rides, black car/chauffeur rides).

• Analyst Expectations and Margins

  • Despite impressive bookings and profits, some analysts expressed concern about margins:

    "It sounds like analysts are looking at things like margin, but... a lot of our biggest growth is actually in the highest value modes, highest margin modes." (00:59)

  • Risher maintains conviction in Lyft’s strategy, noting ongoing improvements and strong positioning for future growth.

2. Expansion into Robotaxis and Fleet Partnerships

• Big Year Ahead for Self-Driving Cars

  • Risher previews major steps in rolling out autonomous vehicles (AVs) through partnerships, emphasizing market expansion and user experience:

    “When self-driving cars come onto a network like ours, it tends to expand the market... it's a cool new product, it's reliable, you can kind of space out, you can text and not worry about a driver overhearing a phone call...” (01:32)

  • Lyft is leveraging partnerships for global expansion:
    • New partnership with Baidu launching in London later in 2026
    • Agreement with Hamburg, Germany, to launch the first robotaxi provider there

• Fleet Management as Competitive Edge

  • Lyft’s "Flex Drive" subsidiary is highlighted as a best-in-class operation for managing AV fleets (charging, cleaning, operational readiness):

    “Our goal is to be maybe 5% cheaper than any other place with higher quality to put robotaxis on the network.” (02:17)

3. Ambitious Profit Targets and Cost Management

• $1 Billion EBITDA Target by 2027
  • Risher addresses skepticism about Lyft’s profitability goal:

    “Our top line growth of 2015% mid teens, year on year, we're very much on track for that... getting to $1 billion of adjusted EBITDA, which would be 4% margin, very much on track for that.” (02:45)

  • Emphasizes the importance of smart cost management and ongoing progress:

    “We've just made progress. As I say, we've had our best, profitable, highest profitable quarter just this past Q4.” (03:12)

4. Competitive Landscape & The Hybrid Network Vision

• Positioning Amid Fierce AV Competition
  • Risher assures investors their hybrid network (human drivers and AVs) is a strength:

    “We have demand that runs to the 2, 3, 4 million people a day level... Sometimes they want to be driven by a human, sometimes by a robot. ...this idea of a hybrid network. I think it's a real strength…” (03:34)

  • The dual network approach is seen as both a differentiator and a way to meet varied consumer preferences.

5. Real World Testing: Atlanta and Lessons Learned

• Autonomous Pilots in Atlanta
  • Lyft continues to use safety drivers in Atlanta, prioritizing safety:

    “We still have safety drivers in the car just to make sure everything is going well... because we want this to be an incredibly high quality, incredibly safe experience.” (04:14)

  • Positive customer adoption and demand:

    “People, before they... are often a little skeptical... five minutes later, they've kind of fallen in love.” (04:26)

  • High demand for AV rides, limited only by supply:

    "As much supply as we can get, we can put on the road because there's plenty of demand for these things." (04:37)

  • Risher compares AV adoption to the shift from DVDs to streaming:

    “Maybe look at the transition from DVDs to streaming, right. It's a similar sort of technology shift.” (04:46)

6. Micro Mobility and Bike-Sharing Amid Weather Challenges

• Impact of Severe Weather on Bike Operations

  • Recent snowstorms in New York presented major operational challenges:

    “This has been a big, big learning for us... I'm told that we're about 75% dugout right now, which is amazing. But that takes a lot of work, a lot of just physical labor to make sure the bike stations are available.” (05:23)

  • Despite the snow, half a million rides taken in a few days highlights demand and resilience.

• Micro Mobility Importance and Future Prospects

  • While financially a smaller segment today, Risher sees micro mobility as integral to Lyft’s long-term vision:

    “Once people get on an E bike... it's kind of like meeting a person who's just started pickleball, like they have to tell you about it, how amazing this thing is. Same with E bikes...” (06:07)

  • Predicts a future with “more people on E bikes, more people in self-driving cars, and... also... people in human driven cars.” (06:26)

Notable Quotes (with Timestamps & Attribution)

• On Q4 Results:

  "We had a blowout quarter, so record bookings, accelerated, record profits, never been higher. Record cash flow, record customers." —David Risher (00:48)

• On the Robotaxi Expansion:

  “This is going to be a big year for self driving cars... When self driving cars come on to a network like ours, it tends to expand the market.” —David Risher (01:32)

• On Partnership and Cost Leadership:

  “Our goal is to be maybe 5% cheaper than any other place with higher quality to put robotaxis on the network cheaper.” —David Risher (02:17)

• On Hybrid Network Strength:

  “...sometimes they want to be driven by a human, sometimes by a robot. Just kind of depends. And so this idea of a hybrid network. I think it's a real strength..." —David Risher (03:39)

• On Atlanta AV Pilot and Customer Adoption:

  “People, before they... are often a little skeptical... five minutes later, they've kind of fallen in love.” —David Risher (04:26)

• On Micro Mobility’s Future:

  “Once people get on an E bike... it's kind of like meeting a person who's just started pickleball, like they have to tell you about it, how amazing this thing is.” —David Risher (06:07)

Timestamps for Important Segments

• Lyft Q4 Performance and Analyst Reactions: 00:07–01:16
• Robotaxi Partnerships and Fleet Management: 01:16–02:32
• Financial Targets and Cost Strategy: 02:32–03:20
• Hybrid AV-Human Network Discussion: 03:20–04:05
• Atlanta AV Pilot & Customer Insights: 04:05–04:57
• Bike Operations and Micro Mobility: 04:57–06:26

Overall Tone & Takeaways

David Risher conveys confidence, enthusiasm, and a forward-looking vision for Lyft, emphasizing both operational excellence and ambitious innovation (particularly around Robotaxis and micro mobility). He positions Lyft as a nimble player able to balance profitability, customer experience, and adaptability to changing technology—a “hybrid” approach both in vehicles and business outlook.

Listeners walk away with a sense of Lyft’s momentum, grounded optimism about its strategic bets (Robotaxis, micro mobility), and a candid acknowledgment of the operational and competitive challenges ahead.