By Brazil Stock Guide – Movida S.A. (B3: MOVI3) reported net income of R$102.3 million in the fourth quarter of 2025, up 64.5% from a year earlier. Net revenue rose 12.6% to R$3.659 billion, while EBITDA increased 19.7% to R$1.490 billion. EBIT reached R$850.7 million, up 24.2%. The quarter matters because Movida combined revenue growth with wider margins and lower leverage at year-end.
Gross revenue totaled R$3.936 billion, up 12.7% from the same period of 2024. Gross profit rose 17.7% to R$1.244 billion. The gross margin reached 34.0%, up from 32.5% a year earlier. EBITDA margin rose to 40.7% from 38.3%, while net margin increased to 2.8% from 1.9%.
Rental pricing
The rent-a-car division, or RAC, was the main driver in the quarter. Net revenue from the segment rose 19.8% to R$969 million. Segment EBITDA increased 21.7% to R$649 million. EBITDA margin in RAC reached 67.0%, compared with 66.0% a year earlier.
Average daily rate in RAC rose 6.6% to R$161 in the quarter. Occupancy increased to 75.8% from 74.9%. Rental days climbed 12.3% to 6.689 million. Yield reached 4.4%, the highest level shown in the company’s quarterly series. Revenue per car rose 9.6% to R$3,704 per month.
Fleet management, or GTF, also expanded. Average monthly gross revenue per operational vehicle increased 12.3% to R$3,123. The GTF fleet ended the quarter at 144,207 vehicles, slightly below the year-earlier level, but rental days still rose 1.9% to 11.933 million.
Used car sales remained part of the mix, but not the main growth engine. The seminovos division sold 22,172 cars in the quarter, up 1.2%, while the average selling price per vehicle increased 6.0% to R$72,270.
What changes now
Movida ended the quarter with net leverage of 2.6 times, which the company said was its lowest level in five years. That gives the market a clearer starting point for 2026. The company also issued first-quarter net income guidance of R$110 million to R$130 million, versus R$78 million in 1Q25 and above the Bloomberg consensus estimate of R$70 million cited in the release.
The main point in 4Q25 was not volume alone. Movida raised prices, increased revenue per car and expanded margins in RAC while keeping leverage lower. The next test is whether that combination can hold through 2026.