Garuda Indonesia Reports Widening Losses for 2025
Jakarta – PT Garuda Indonesia (Persero) Tbk (IDX:GIAA) reported a net loss of US$319.39 million, equivalent to approximately IDR 5.42 trillion (based on an exchange rate of IDR 17,000), for the full year 2025. This represents a significant increase compared to the US$69.77 million (or IDR 1.18 trillion) loss recorded during the same period in 2024, according to the company’s financial report filed with the Indonesia Stock Exchange.
Revenue Decline and Operating Expenses
The increase in losses coincides with a decline in Garuda Indonesia’s overall revenue. Operating revenues for 2025 totaled US$3.21 billion (IDR 54.57 trillion), down from US$3.41 billion (IDR 57.96 trillion) in 2024.
Revenue was primarily driven by scheduled flights, generating US$2.14 billion (IDR 36.68 trillion), and non-scheduled flights, contributing US$340.87 million (IDR 5.79 trillion). Other income amounted to US$361.05 (IDR 6.13 trillion).
Total operating expenses reached US$3.10 billion (IDR 52.69 trillion) in 2025. Flight operational expenses accounted for the largest portion, totaling US$1.54 billion (IDR 26.18 trillion). Maintenance and repair expenses added US$661.36 million (IDR 11.24 trillion), while airport expenses and passenger services contributed US$249.14 million and US$216.35 million, respectively.
Financial Position as of Year-End 2025
As of December 31, 2025, Garuda Indonesia’s total assets stood at US$7.43 billion (IDR 126.33 trillion). Total liabilities were reported at US$7.33 billion (IDR 124.61 trillion), resulting in total equity of US$91.91 million (IDR 1.56 trillion).
Recent Developments and Financial Data
As of March 17, 2026, Garuda Indonesia’s (GIAA.JK) stock price was 70.00 IDR, representing a 9.38% increase. Reuters reports the stock has a market capitalization of IDR 28.50 trillion, while Stock Analysis indicates a market cap of IDR 6.40 trillion and an enterprise value of IDR 76.73 trillion. The next earnings date is estimated for March 26, 2026.
In December 2022, the Indonesian government provided a capital injection of IDR 12.8 trillion (USD 823.23 million) to Garuda Indonesia. Global Trade Alert details this financial support.