Lyft has announced a partnership with United Airlines that will allow MileagePlus members to earn airline miles on eligible rides. The program will award between one and four miles per dollar spent, depending on the ride type, and will give Lyft access to United’s millions of frequent‑flyer customers. The collaboration is positioned to drive airport‑related ride volume and provide United with a new channel to attract passengers to its flights.
In its Q3 2025 earnings release, Lyft reported record revenue of $1.7 billion, up 11% year‑over‑year, and an adjusted EBITDA of $138.9 million, a 29% increase from the prior year. The company posted an earnings‑per‑share figure of $0.11, missing analyst expectations of $0.28 by 60.7%. Despite the earnings miss, Lyft achieved over $1 billion in trailing‑twelve‑month free cash flow for the first time.
The earnings miss is likely attributable to higher operating costs and margin pressure that offset the revenue growth. Revenue growth was supported by increased ride volume and a higher average fare per ride, but the company faced rising costs in driver incentives and technology investments. The adjusted EBITDA expansion reflects the company’s ability to scale revenue while managing cost growth.
For the fourth quarter, Lyft guided gross bookings of $5.01 billion to $5.13 billion, representing a 17% to 20% year‑over‑year increase, and adjusted EBITDA of $135 million to $155 million. The guidance signals management’s confidence in sustained demand for rides and the continued effectiveness of cost‑control initiatives.
The United partnership follows Delta Air Lines’ decision to end its collaboration with Lyft and partner with Uber, underscoring the competitive dynamics between airlines and ride‑hailing services. By integrating MileagePlus miles into Lyft’s platform, the company aims to attract travel‑focused customers and increase airport‑trip ridership, while United seeks to convert loyalty members into flight passengers.
Overall, Lyft’s partnership with United and its Q3 earnings performance illustrate a company that is expanding its strategic footprint while navigating cost pressures. The company’s guidance for Q4 suggests a positive trajectory, and the partnership is expected to deepen in early 2026, potentially opening new revenue streams through mileage redemption and integrated travel features.
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