Lyft's profits from operating the Citi Bike system have increased more than thirteenfold since 2023, thanks in large part to the massive increase in fees during Mayor Eric Adams's administration.
That's according to the two most recent annual financial reports covering 2024 and 2025 that the Department of Transportation is mandated to release every year about the City's bikeshare system.
The two reports, which curiously, were posted online simultaneously last month and are being reported on for the first time by Hell Gate, show that Lyft, which for years has complained about losses from owning and operating the bikeshare system, saw its profits triple between 2023, when it pulled in $1.8 million in profit, and 2024, when it earned almost $6.8 million in profit, as its e-bike option became more popular.