Lyft closed 2024 with record revenue, its first full year of profitability, and over 800 million completed rides. However, on-the-ground data tells a more complex story that reveals how drivers were impacted, how rider behavior shifted, and how platform strategy played out below the financial line.
This analysis is based on Gridwise’s proprietary trip-level data, sourced from thousands of drivers across the U.S. Unlike company earnings reports, which focus on bookings, margin, and revenue growth, Gridwise data tracks how platform shifts affect driver pay, hours, rider behavior, and engagement across platforms like Lyft and Uber.
It’s a ground-level view of operational health that helps investors and AV partners understand what a company did and how its strategy landed in the market.
Here's what we cover:
Lyft lost 6 points of U.S. rideshare market share,but still serves a national footprint
Lyft’s share of U.S. rideshare trips declined from 30% in January 2023 to 24% by December 2024, based on Gridwise trip data. Uber, meanwhile, climbed from 70% to 76%.
This gap tells us more than just market share — it shows platform momentum. Uber’s scale and multi-modal strategy continue to drive trip growth. But Lyft still facilitates nearly 1 in 4 rideshare trips — especially in key metro markets and airports — making it a meaningful partner or target for infrastructure and automation strategies.
Weekly earnings fell 13.9%, even as company bookings grew
In 2024, on average, Lyft drivers earned $318 per week, down from $370 in 2023 — a 13.9% decline. They also worked 5.4% fewer hours.
At the same time, Lyft reported record gross bookings and revenue growth. This kind of operational shift isn’t visible in quarterly reports, but it’s directly measurable through Gridwise’s driver data, which captures how each trip impacts earnings and engagement.
Hourly and per-mile pay remained stable — but only for those who stayed active
Despite lower total earnings, Lyft drivers earned $23.23 per hour and $1.03 per mile — steady versus 2023 and slightly higher than Uber on a per-mile basis.
This shows drivers who stayed on the platform could still earn efficiently — even if they worked fewer hours. From a strategic lens, it also signals that Lyft concentrated demand among a smaller driver base, reducing idle time and keeping per-trip pay competitive.
These kinds of labor efficiency signals that AV and fleet partners look for are difficult to glean from top-line company results.
Lyft relied more heavily on bonuses in 2024, reducing fixed pay commitments.
Bonuses made up 11% of Lyft driver earnings in 2024 — up from 5% the year before. Base pay dropped from 84% to 78%.
This shift marks a deliberate strategy. Lyft leaned into variable compensation rather than increasing base pay to retain drivers. It gave the platform flexibility but created more earnings volatility for drivers, a tradeoff that may not be obvious from earnings reports alone.
Gridwise driver data picked this up in real time. It shows how drivers were compensated and how Lyft’s structure shifted relative to Uber’s, which remained steadier.
Rideshare is still driven by base pay — unlike other gig segments
In 2024, 82.5% of rideshare driver earnings came from base pay, compared to 44.3% in food delivery and just 3.9% in parcel delivery.
That means rideshare earnings are more sensitive to trip rates and demand levels than other gig types, where tips and bonuses cushion income. It also highlights the risk of relying too heavily on bonuses — a strategy that can work temporarily but isn’t a structural fix.
Only a trip-level dataset like Gridwise’s can uncover this mapping of how much drivers earn and what they’re earning it from.
Riders are loyal to price and pickup time — not app experience or branding
Gridwise’s 2025 rider survey showed that 55.8% of users chose their rideshare app based on lower prices, and 49.7% based on faster pickup times. Promotions and app features mattered far less.
This underscores that performance, not perception, drives retention. It also creates a more straightforward path for automation: AV fleets that lower cost and reduce wait time can capture rider loyalty, even without deep consumer brand investment.
Riders are price-sensitive — and already adjusting behavior
Over 72% of riders said they would reduce or stop using rideshare if prices increased. More than half already used it less in 2024 due to cost.
This is a clear signal: pricing power is limited.
Prices rose 7% in 2024 — despite rider sensitivity
According to Gridwise fare tracking, Lyft’s average trip cost (including tips) rose from $19.88 to $21.28 — a 7% increase. Median fares (excluding tips) increased similarly.
This kind of movement is modest but meaningful in a category with tight price ceilings. For fleet operators or AV entrants, it’s a reminder that new models must deliver cost advantages, not just technology.
Driver engagement stayed stable — even with shifting pay
Rideshare drivers averaged 65.6 monthly hours in Q4 2024 — up slightly from 62.9 in Q1. That 4.4% increase stands out against other gig sectors like food or parcel delivery, where engagement dropped more significantly.
This suggests that despite lower weekly pay, Lyft maintained a core of active, committed drivers. It also reflects that the platform’s incentive structure — though more variable — kept the wheels turning.
That kind of insight helps assess not just what the platform pays, but how sustainable the network is.
Final Takeaway: Gridwise data reveals what platform-level reporting can’t
Lyft reported record revenue and its first full-year GAAP profit in 2024. But Gridwise data shows how those outcomes were achieved: concentrating demand among fewer drivers, lowering base pay, and increasing reliance on bonuses. At the same time, prices crept up, and riders grew more cost-sensitive.
For investors, that means Lyft is tightening — not scaling. For AV and mobility infrastructure companies, it shows a platform becoming more flexible in filling supply and potentially more open to new models that reduce idle time, lower cost, or expand fleet coverage.
Most importantly, this view wouldn’t be visible in company filings alone. Gridwise driver data shows what’s happening between the lines — how platform strategy plays out in shifts to earnings, engagement, and usage on the ground.
That kind of visibility is no longer optional — it’s essential for understanding the next phase of rideshare.
