Lyft is seeing momentum for its Business Rewards program after revamping it in August, executives said on a Thursday evening earnings call.
In March, first-time rides on rewards-eligible business profiles grew 59 percent year over year, Lyft CFO Erin Brewer said. For the first quarter, "those rewards-eligible riders [took] 25 percent more Lyft rides per month [than non-eligible riders], so we're super excited about what we're seeing kind of in these early phases."
Brewer added that Lyft Business Rewards users are taking more airport trips.
"We've made some real inroads in loyalty," Lyft CEO David Risher said. "Last August, we really started to lean into loyalty for our business riders. We had not really had a good business product for some period of time. ... This was causing us some pain in the marketplace."
Risher added that the company has "learned a ton" about its managed business rewards program, and the product has "been quite successful."
The free program offers 6 percent Lyft Cash back on business profile rides for Standard, Priority Pickup and XL rides. Business customers get 8 percent back on premium, airport and scheduled rides, according to Lyft.
Lyft Q1 Metrics
Lyft reported first-quarter revenue of $1.65 billion, up 14 percent year over year. Net income was $14.3 million compared with $2.6 million a year prior.
Active riders increased to 28.3 million in the quarter from 24.2 million in Q1 2025. Rides increased 8.5 percent to 236.9 million for the period. Gross bookings were up nearly 19 percent to $4.95 billion.
Second-quarter guidance includes gross bookings of $5.3 billion to $5.43 billion, representing approximately an 18 percent to 21 percent increase year over year.