NASDAQ$GRAB

Grab Holdings Ltd · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

Grab reported FY 2025 revenue of $3.37B (+20%) with profit of $200M in its Form 20-F annual report.

Full-year 2025 revenue was $3.37 billion (+20% YoY) with profit for the period of $200 million versus a $158 million loss in 2024. The super-app serves deliveries, mobility, and financial services across Southeast Asia with 47 million monthly transacting users. Management authorized up to $500 million in share repurchases in February 2026.

  • FY revenue $3.37B (+20%).
  • FY profit $200M vs. prior-year loss.
  • Malaysia revenue $1.04B; Indonesia $715M.
  • 47M MTUs; digital banking deposits $1.2B.

Headline financials

Total Revenue

$3.37B

Previous: $764M+341.1%
EPS (adj)

$0.00

Previous: $0.01-100.0%
On-Demand GMV

$6.08B

Previous: $5.03B+20.9%
On-Demand GMV per MTU

$131.00

Previous: $126.00+4.0%
Monthly Transacting Users

50.5M

Previous: 43.9M+15.0%
Partner Incentives

$285M

Previous: $204M+39.7%
Consumer Incentives

$353M

Previous: $308M+14.6%
Loan Portfolio

$1.18B

Previous: $536M+120.1%
Total Incentives

$638M

No prior period
On-Demand Incentives as % of GMV

10.4%

No prior period
Quarterly Active Advertisers

228.0K

No prior period
Total Loans Disbursed

$979M

No prior period
Customer Deposits

$1.6B

No prior period
Net Income

$200M

No prior period
Operating Income

$52M

No prior period
Gross Profit

$397M

No prior period

Revenue & EPS history

Grab · Revenue · Quarterly

$3.37B

Q4 2025+341.1%vs Q4 2024
Beat estimate in 10 of 12 quarters(83%)
ActualEstimate

Revenue by segment

Grab · $764M total across 4 segments · Q4 2024

  • Deliveries
    $407M
  • Mobility
    $282M
  • Financial Services
    $74M
  • Others
    $1M

Forward guidance

Annual report highlights balanced growth in mobility and deliveries, financial services expansion, and improved profitability trajectory.

Tailwinds

  • Profitability inflection in FY25.
  • $500M buyback authorization.
  • GXBank surpassed one million users.

Headwinds

  • Incentive spending can exceed commissions in some markets.
  • Regulatory and competition risks in ASEAN.
  • Seasonality lowers Q1 revenue historically.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 17 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

-1.4%

Avg return

Earnings day

-3.6%

Avg return

5 days after

-5.1%

Avg return

30 days after

50%

9 / 18 earnings

Positive

+26.9%

Q1 2022

Best reaction

-35.8%

Q4 2021

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-1.3%+2.8%-4.7%
Q4 2025+0.9%+0.9%-12.3%
Q4 2024+0.4%+0.0%-5.4%
Q3 2024+15.6%+11.8%+27.7%
Q1 2024+2.5%+5.1%+1.1%
Q4 2023-8.4%-8.8%-8.7%
Q3 2023+2.5%+4.1%-1.3%
Q2 2023+9.6%+10.5%+2.7%
Q1 2023-14.4%-6.5%+6.2%
Q4 2022-11.4%-8.3%-23.4%
Q3 2022+2.9%-5.1%+1.9%
Q2 2022-15.3%-15.0%-23.6%
Q1 2022+26.9%+0.8%-7.9%
Q4 2021-35.8%-38.0%-33.7%
Q3 2021-1.6%-20.8%-23.2%
Q2 2021-0.9%-3.0%-9.1%
Q1 2021+5.3%+7.2%+17.3%
Q4 2020-1.9%-2.7%+5.3%
Q3 2020
Q2 2020
Q1 2020

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