DiDi Global Narrows Losses Amid Aggressive Overseas Push

DiDi Global Inc. (A) closed its 2025 fiscal year with a significant revenue increase and substantially reduced losses. The ride-hailing giant is seeing stable growth in its core Chinese operations while making costly investments to capture market share in Latin America, a strategy that is boosting volume but pressuring near-term international profitability.

Annual Profit and Quarterly Progress

For the full year 2025, DiDi reported a net profit of 990 million yuan. Its adjusted profit surged by more than 40 percent to reach 7.86 billion yuan. The company’s fourth-quarter performance showed particular momentum. Revenue advanced by approximately 10.5 percent year-over-year to 58.4 billion yuan. The net loss for the quarter contracted sharply to 338 million yuan, a marked improvement from the 1.34 billion yuan loss recorded in the same period last year, bringing its core operations closer to breakeven.

This improvement is largely anchored by consistent performance at home. The “China Mobility” segment processed 3.578 billion orders, marking its twelfth consecutive quarter of double-digit growth. Globally, the platform facilitated over 4.8 billion orders in the final quarter.

International Expansion: A Costly Growth Engine

The current driver of DiDi’s expansion is its business outside China. In markets such as Brazil and Mexico, the Gross Transaction Value (GTV) for international operations skyrocketed 47.1 percent to 36.6 billion yuan. However, this growth comes at a high price.

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The adjusted EBITA loss for the international segment widened significantly to 3.44 billion yuan, compared to a loss of 710 million yuan the previous year. This deterioration is attributed to substantial marketing expenditures and investments aimed at securing market position in South America. These moves are a direct response to intensified competition, notably from the entry of Meituan into the Brazilian food delivery sector in October 2025.

Strategic Focus on Automation and Listing Plans

On the technology front, DiDi is increasingly focusing on automation to reduce long-term costs. Since January 2026, the company has begun deliveries of its own “R2” robotaxi, which is already being integrated into the service network across several major Chinese cities. The long-term objective is the full integration of autonomous vehicles into its existing platform.

Despite the positive annual results, strategic uncertainty remains regarding the company’s planned listing on the Hong Kong stock exchange. Management has yet to provide a concrete timeline for this anticipated move.