---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41377386.md"
description: "Didi 1Q26 First Take: headline results were weak, with adj. EBITA under RMB 200 mn amid heavy investment.However, vs. expectations the print was better — domestic profit release far exceeded forecasts, and Intl growth was strong while losses came in slightly lower than expected (still sizable in absolute terms). Breakdown:1) Domestic GTV rose 10% YoY, with growth easing QoQ but slightly above Bloomberg consensus; order growth showed a similar ~1ppt QoQ deceleration, indicating steady momentum.The standout was profit release, with domestic adj. EBITA near RMB 4 bn, well above the market's ~RMB 3.5 bn.Adj. EBITA margin was 4.6% on GTV, up 60bps YoY.Domestic platform sales grew ~22% YoY, far outpacing GTV and revenue growth of ~10%.This implies a meaningful uplift in net take rate after driver revenue share and other direct costs, rising from 20.6% to 22.8%.2) Intl was the highlight on growth, with GTV up 59% YoY; ex-FX, +49%, accelerating by over 10ppt QoQ.Orders rose 27% YoY, with only ~2ppt acceleration and well below GTV growth.Mix shifted toward higher-ticket food delivery, lifting GTV more than orders.Beyond solid growth, Intl adj. EBITA loss was ~RMB 2.9 bn, still large but better than the market's ~RMB 3.1 bn loss estimate and Q4's RMB 3.4 bn.In other words, loss margin narrowed alongside strong growth.3) Overall, domestic growth was steady while Intl growth was strong; domestic profit release expanded, and Intl losses narrowed.Company revenue maintained ~10% growth.Absolute profit was still under RMB 200 mn, but vs. the market's expected RMB 500 mn loss, this was a clear beat. $DiDi(DIDIY.US)"
datetime: "2026-06-02T11:10:58.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41377386.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41377386.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41377386.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Didi 1Q26 First Take: headline results were weak, …


### Related Stocks

- [DIDIY.US](https://longbridge.com/en/quote/DIDIY.US.md)

## Comments (2)

- **oneToTree4 · 2026-06-02T11:24:32.000Z**: These phrases are really awesome. The performance was absolutely outstanding, far exceeding expectations. Both good and bad things have been said, what else is there to evaluate?
  - **Dolphin Research** (2026-06-02T15:35:15.000Z): Hahaha, savor it a bit