MakeMyTrip Limited (MMYT) financial statements
MakeMyTrip Limited reported revenue of $978M in fiscal 2025, up 12.6% a year over 9 years.
Net income was $95M and the operating margin 12.3%, against -19.9% in 2016.
Free cash flow was $174M, and the company returned $22M in net buybacks.
The diluted share count rose 175% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MakeMyTrip Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $336M | $448M | $675M | $486M | $512M | $163M | $304M | $593M | $783M | $978M |
| Cost of revenue | $167M | $174M | $176M | $171M | $149M | $22M | $59M | $178M | $215M | $274M |
| Gross profit | $169M | $274M | $499M | $315M | $362M | $141M | $245M | $415M | $567M | $704M |
| Operating income | -$67M | -$135M | -$219M | -$153M | -$429M | -$68M | -$30M | $24M | $65M | $120M |
| Interest expense | $20M | $18M | $4M | $11M | $21M | $5M | $26M | $47M | -$3M | $32M |
| Pre-tax income | -$88M | -$110M | -$220M | -$169M | -$448M | -$61M | -$47M | -$12M | $93M | $116M |
| Income tax | $155,000 | $193,000 | $91,000 | -$740,000 | -$29,000 | -$5M | -$1M | -$976,000 | -$124M | $21M |
| Net income | -$89M | -$110M | -$218M | -$168M | -$448M | -$56M | -$45M | -$11M | $217M | $95M |
| EPS (diluted) | -$2.12 | -$2.09 | -$2.18 | -$1.61 | -$4.26 | -$0.52 | -$0.42 | -$0.10 | $1.74 | $0.83 |
| Diluted shares | 42M | 53M | 100M | 104M | 105M | 107M | 108M | 110M | 118M | 115M |
| Gross margin | 50.3% | 61.1% | 74.0% | 64.8% | 70.8% | 86.4% | 80.7% | 70.1% | 72.5% | 72.0% |
| Operating margin | -19.9% | -30.2% | -32.5% | -31.5% | -83.9% | -41.4% | -10.0% | 4.0% | 8.3% | 12.3% |
| Net margin | -26.3% | -24.6% | -32.3% | -34.5% | -87.5% | -34.0% | -14.9% | -1.9% | 27.7% | 9.7% |
Balance sheet
Fiscal years, from MakeMyTrip Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | $102M | $188M | $178M | $130M | $295M | $213M | $284M | $327M | $509M |
| Receivables | — | $35M | $56M | $53M | $53M | $25M | $36M | $69M | $92M | $141M |
| Inventory | — | $251,000 | $596,000 | $606,000 | $36,000 | $40,000 | $11,000 | $25,000 | $218,000 | $363,000 |
| Total current assets | — | $263M | $541M | $441M | $279M | $501M | $591M | $672M | $857M | $1.1B |
| Property, plant and equipment | $10M | $15M | $14M | $13M | $36M | $22M | $19M | $25M | $26M | $26M |
| Goodwill | — | — | — | — | — | $620M | $601M | — | — | — |
| Total assets | — | $1.5B | $1.8B | $1.6B | $1.1B | $1.3B | $1.3B | $1.4B | $1.7B | $1.8B |
| Total current liabilities | — | $134M | $200M | $205M | $180M | $194M | $191M | $454M | $298M | $577M |
| Long-term debt | — | $523,000 | $424,000 | $474,000 | $22M | $202M | $214M | $16M | $217M | $14M |
| Total liabilities | — | $139M | $207M | $213M | $221M | $418M | $426M | $484M | $544M | $620M |
| Shareholders' equity | $78M | $1.4B | $1.6B | $1.4B | $858M | $888M | $894M | $870M | $1.1B | $1.2B |
| Net debt | — | -$101M | -$187M | -$177M | -$104M | -$91M | $3M | -$49M | -$105M | -$273M |
Cash flow
Fiscal years, from MakeMyTrip Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$66M | -$108M | -$125M | -$79M | -$113M | $65M | $6M | $32M | $126M | $185M |
| Capital spending | $11M | $15M | $12M | $10M | $13M | $9M | $13M | $17M | $13M | $12M |
| Free cash flow | -$77M | -$123M | -$138M | -$89M | -$125M | $56M | -$7M | $15M | $113M | $174M |
| Stock-based compensation | $14M | $27M | $45M | $40M | $42M | $36M | $37M | $36M | $37M | $36M |
| Share buybacks (net) | -$11M | -$2M | — | — | — | — | — | — | — | -$22M |
| Net borrowing | — | — | -$96,000 | $97,000 | $386,000 | -$314,000 | $690,000 | $1M | $1M | -$1M |
| Free cash flow margin | -22.9% | -27.6% | -20.4% | -18.2% | -24.5% | 34.1% | -2.2% | 2.6% | 14.4% | 17.7% |
Questions
What was MakeMyTrip Limited's revenue in 2025?
$978M in fiscal 2025, from its 10-K filing.
How much free cash flow does MakeMyTrip Limited generate?
$174M in fiscal 2025 (operating cash flow minus capital spending).
From MakeMyTrip Limited's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.