Didi has released its financial results for the third quarter of 2025, reporting total revenue of RMB 58.6 billion (USD 8.2 billion), up 8.6% year-on-year. Net profit reached RMB 1.5 billion (USD 210 million), in line with market expectations.
Across its China mobility and international operations, Didi handled 4.685 billion orders during the quarter, a 13.8% increase year-on-year, averaging more than 50 million daily. Since 2023, Didi’s order volume has recorded double-digit growth for 11 consecutive quarters, pushing its gross transaction value (GTV) up 14.8% year-on-year to RMB 115.8 billion (USD 16.2 billion).
The logic of growth differs across Didi’s two major markets. In China, the company faces macroeconomic pressure but retains dominant share and strong operational foundations. Internationally, the business, centered on Latin America, has entered a new expansion phase, driven by strong momentum in Brazil and Mexico.
Yet with more than 50 million orders handled each day, the questions Didi must now grapple with extend beyond growth metrics. They concern the company’s deeper integration into the socioeconomic fabric of the markets it serves, and the responsibilities that come with such scale.
Thriving domestically
Didi’s domestic operations remained steady in Q3. GTV rose 10.1% to RMB 86 billion (USD 12 billion), while China ride-hailing orders grew 10.7% and revenue increased 8%.
Scale continues to be Didi’s strongest moat. According to Frost & Sullivan data cited by 36Kr, Didi is expected to hold a 70% share of China’s ride-hailing market in 2024. Centrin Data also reports that from January 2021 to July this year, Didi was the only major platform to maintain continuous growth in active users, indicating entrenched user preference.
High order density improves dispatch efficiency, reducing wait times and stabilizing supply. This creates a self-reinforcing cycle that is difficult for competitors to replicate with capital alone. With this foundation, Didi is shifting focus toward user experience and driver satisfaction.
On the demand side, the company introduced several specialized services in 2025 such as charter rides and pet transport to serve varied needs. These offerings stimulate new demand while generating more valuable orders for drivers. The expanded product matrix channels Didi’s scale into differentiated demand segments, strengthening its ability to weather fluctuations across individual service lines.
Didi has also revamped its membership program, integrating benefits with partners including Haidilao, H World Group, Hilton, and Atour. The goal is to deepen loyalty by connecting daily mobility with broader lifestyle needs.
On the supply side, driver stability and satisfaction remain critical. In Q3, Didi upgraded its driver protection plans and expanded relief programs through its charity arm. These initiatives reinforce the platform’s service infrastructure: a workforce that feels supported tends to deliver more reliable service and contributes to long-term ecosystem health.
For Didi in China, scale provides resilience, and the capabilities built around that scale allow the company to move steadily through market cycles.
Breaking into the Brazilian market
If China is Didi’s stabilizing anchor, its international business remains its fastest-growing frontier.
International orders rose 24.3% YoY to 1.162 billion in Q3, with daily averages of 12.63 million. International revenue grew 35%.
A milestone came in April, when Didi relaunched its food delivery business in Brazil under the 99Food brand. In seven months, the service expanded to more than 30 cities, including Sao Paulo, Rio de Janeiro, Salvador, Belo Horizonte, and Goiania. These are among Brazil’s most economically significant urban centers.
99Food leverages the existing 99 platform, which serves roughly 55 million users and has about 700,000 registered motorbike riders. It integrates ride-hailing, delivery, and the 99Pay digital wallet into a single app, giving users seamless access across services.
The strategy is grounded in deep local integration. Rather than building from scratch, 99Food uses synergies across transportation, delivery, and payments to create a competitive ecosystem. Its dispatch system matches riders with restaurants, proprietary mapping optimizes routes, and users benefit from shorter wait times and strong promotions.
Local businesses are benefiting as well. Brazilian media reported that restaurant Izu in Goiânia doubled its delivery volume in June, with takeaway revenue up 40% since joining the platform. One 29-year-old user told reporters that 99Food offers cheaper meal options compared to other apps.
Didi plans to invest BRL 2 billion (USD 368.2 million) in Brazil’s delivery business over the next year, aiming to reach 100 cities by mid-2026.
Mexico has already validated Didi’s overseas ecosystem strategy. There, Didi’s food business has overtaken local competitor Rappi and is competing closely with Uber Eats. As of late 2024, more than 360 million orders had been fulfilled, couriers had traveled over 1.8 billion kilometers, and about 74,000 restaurants used the platform daily, 70% of which were local establishments.
Forming partnerships
Didi was one of the first Chinese internet companies to expand globally. It now operates across 14 countries in Latin America, the Asia Pacific, and Africa, offering services spanning mobility, delivery, and financial products.
Since entering Brazil in 2018 and later expanding into Mexico and beyond, Didi’s overseas strategy has focused not only on proving that China’s ride-hailing model can work abroad, but on building long-term ecosystems with local relevance.
Its overseas mobility operations have shown sustainable growth, with adjusted EBITDA turning positive in the first three quarters of 2025. This suggests that the international business is moving toward healthy profitability.
Didi has also taken on a role in promoting sustainable and inclusive development in emerging markets. In April 2022, its Brazilian subsidiary 99 co-founded the Alliance for Sustainable Mobility, which promotes electric vehicle adoption and emissions reduction. The alliance now includes 23 companies across the automotive, rental, energy, and finance sectors.
99 recently launched 99electric-Pro, an EV ride-hailing category now available in five Brazilian cities, marking Brazil’s first such service powered by electric and hybrid cars.
In October, Didi also deployed 500 electric vehicles in Mexico, supplied by Chinese automakers GAC Aion and JAC Group.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Xiao Xi for 36Kr.