Grab Holdings Limited (NASDAQ: GRAB) reported its fourth-quarter financial results, posting a profit of $153 million for the period and its first full-year net profit of $200 million for 2025 (12/02).

“We exited 2025 with a record fourth quarter, delivering our first full year of net profit and crossing 50 million Monthly Transacting Users,” said Anthony Tan, Group CEO and Co-Founder of Grab. “We will build on this momentum by executing on a multi-year strategy focused on further expanding our addressable market through greater affordability and reliability, while harnessing product-led innovations to deepen ecosystem engagement and expand user lifetime values.”

Revenue and On-Demand GMV Growth

Grab’s fourth-quarter revenue rose 19% year-over-year to $906 million, or 17% on a constant currency basis, driven by growth across the On-Demand and Financial Services segments. On-Demand GMV reached $6.1 billion, up 21% YoY, supported by a 16% increase in On-Demand MTUs and a 24% rise in total On-Demand transactions.

Adjusted EBITDA grew 54% YoY to $148 million for the quarter, while full-year Adjusted Free Cash Flow reached $290 million, up $128 million from 2024. Operating profit for Q4 improved $50 million YoY to $52 million, and profit for the period was $153 million, up $142 million YoY, due to higher operating profit and net finance income, partially offset by increased income tax.

Peter Oey, CFO of Grab, said, “We delivered another record full-year Adjusted Free Cash Flow through disciplined cost management and strengthened unit economics, solidifying our liquidity position and validating our long-term strategy.”

Deliveries and Mobility Segments Performance

Deliveries revenue increased 18% YoY to $481 million in Q4 and 21% YoY to $1.8 billion for the full year. Deliveries GMV grew 21% YoY in Q4 to $3.9 billion and 21% YoY for the year, driven by higher transactions, MTUs, and GMV per MTU. The deliveries segment adjusted EBITDA margin rose to 2.2% in Q4 from 1.8% YoY, and 2.0% for the full year.

Mobility revenue rose 15% YoY in Q4, reaching $1,219 million for the year, while Mobility GMV grew 20% YoY in Q4 and 19% for the year. Mobility transactions increased 27% YoY in 2025. Mobility segment adjusted EBITDA expanded to 8.6% in Q4 and 8.7% for the full year.

Advertising contributions also grew, with 228,000 quarterly active advertisers on the self-serve platform, a 21% YoY increase, and average spend rising 23% YoY.

Financial Services Segment Shows Strong Loan and Deposit Growth

Financial Services revenue rose 34% YoY in Q4 to $99 million and 37% for 2025 to $347 million, driven mainly by lending. Total loans disbursed increased 53% YoY to $979 million in Q4, with the net loan portfolio doubling to $1.18 billion.

Financial Services segment adjusted EBITDA losses improved 6% YoY in Q4 to negative $25 million. Customer deposits across GXS Singapore and GXBank Malaysia reached a record $1.6 billion at the end of Q4, up from $1.2 billion the prior year.

Grab Authorizes $500 Million Share Repurchase Program

Grab announced a $500 million share repurchase program. Peter Oey said the company expects to generate $1.5 billion in Adjusted EBITDA by 2028 with an 80% Adjusted Free Cash Flow conversion, providing flexibility to accelerate platform growth while delivering shareholder value.

PHOTO: BLOOMBERG

This article was created with AI assistance.

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