PT. Garuda Indonesia (Persero) (GIAA) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was $2,706.75m, while net loss narrowed to $179.34m from $184.98m YoY; operating cash flow was $384.79m.

• Liquidity and solvency remained strained: cash fell to $457.36m, working capital was negative $613.78m and equity was negative $120.79m at September 30, 2026.

Financial highlights

• Revenue rose to $2,706.75m from $2,390.36m; operating expenses increased to $2,645.09m from $2,286.15m.

• Loss before tax was $209.16m versus $217.11m; income tax benefit was $29.82m versus $32.13m, resulting in a $179.34m net loss.

• Finance costs declined to $331.13m from $372.89m; other income, net, was $19.00m versus $15.01m.

• Flight operations fuel expense was $1,031.97m versus $722.14m; maintenance and repair expense rose to $622.88m from $480.46m.

• Adjusted for the stated nonrecurring items, no alternative adjusted earnings measure was reported; aircraft-return liability remeasurement gains of $16.03m contributed to other income.

Outlook and guidance

• Management plans working-capital financing supported by PT Danantara Asset Management, intended in part to pay trade creditors and fund aircraft fuel purchases.

• Operational priorities include network and revenue-management optimization, stronger cargo and ancillary revenue, improved fleet readiness and punctuality, and cost efficiencies in fuel, engine exchanges and domestic agent commissions.

• Plans also include premium-brand positioning, digital transformation and a leaner operating structure; no quantified financial guidance was stated.