We present a theory for self-driven fluids, such as motorized cytoskeletal extracts or microbial suspensions, that takes into account the underlying periodic duty cycle carried by the constituent active particles. We show that an orientationally ordered active fluid can undergo a transition to a state in which the particles synchronize their phases. This spontaneous breaking of time-translation invariance gives rise to flow instabilities distinct from those arising in phase-incoherent active matter. Our work is of relevance to the transport of fluids in living systems and makes predictions for concentrated active-particle suspensions and optically driven colloidal arrays.