Southeast Asia’s ride-hailing and delivery giant Grab Holdings hit a long-awaited milestone in 2025, closing the year in the black, pairing the turnaround with a $500 million share repurchase programme.
The Nasdaq-listed company reported a net profit of $200 million for the year ended December 31, 2025, reversing a $158 million loss in 2024. Revenue rose 20% year-on-year to a record $3.37 billion, while adjusted EBITDA jumped 60% to $500 million. Adjusted free cash flow was 58% of adjusted EBITDA at $290 million by the end of the year.
Group CEO and co-founder Anthony Tan also said the company crossed 50 million monthly transacting users during the quarter, exiting the year with “record” performance.
“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,” Tan said.
In the fourth quarter alone, Grab posted profit for the period of $153 million, up from $11 million a year earlier, as revenue climbed 19% to $906 million. On-demand gross merchandise value (GMV) grew 21% to $6.1 billion.
Segmental growth
Deliveries remained Grab’s largest business in 2025, while financial services was the fastest-growing segment, albeit from a smaller base.
The segment generated $1.8 billion in full-year revenue, up 21% year-on-year, cementing its position as the group’s biggest contributor. Fourth-quarter revenue rose 18% to $481 million as gross merchandise value (GMV) climbed 21% to $3.9 billion. For the full year, deliveries GMV increased 21% to $14.2 billion.
Segment adjusted EBITDA for deliveries jumped 47% to $287 million for the year. Margins improved to 2% for 2025, up 35 basis points, helped by stronger advertising contributions and operating leverage. In the fourth quarter alone, adjusted EBITDA rose 47% to $84 million, with margin expanding to 2.2%.
Grab’s advertising push also continued to gain traction. The number of quarterly active advertisers on its self-serve platform grew 21% year-on-year to 228,000 in the fourth quarter, while average advertiser spend rose 23%, indicating deeper monetisation of its merchant base.
Meanwhile, mobility remained Grab’s most profitable segment. Full-year revenue grew 16% to $1.22 billion, while GMV increased 19% to $7.9 billion. Segment adjusted EBITDA rose 21% to $690 million, with margins expanding to 8.7% for the year.
In the fourth quarter, mobility revenue rose 15% to $325 million, and GMV climbed 20% to $2.17 billion. Transactions grew 27% in 2025, while quarterly adjusted EBITDA stood at $186 million, with margin edging up to 8.6%.
Financial services recorded the fastest revenue growth, though still loss-making. Full-year revenue rose 37% to $347 million, while fourth-quarter revenue climbed 34% to $99 million, driven largely by expansion in lending.
Grab’s loan portfolio more than doubled year-on-year to $1.18 billion as of the fourth quarter, with total loans disbursed during the quarter increasing 53% to $979 million. Gross loan portfolio, excluding credit loss provisions, stood at $1.28 billion.
Fourth-quarter adjusted EBITDA losses in the segment narrowed 6% to $25 million. For the full year, however, losses widened slightly to $110 million due to higher credit loss provisions as the loan book scaled.
Customer deposits across GXS Singapore and GXBank Malaysia reached $1.6 billion at year-end, up from $1.2 billion a year earlier, reflecting growth in its digital banking operations.
Buyback optimism
Grab’s board authorised a $500 million share repurchase programme, marking a shift from years of capital burn toward shareholder returns.
“This strong foundation underpins our confidence in our long-term financial outlook, where we expect to generate $1.5 billion in adjusted EBITDA with an adjusted free cash flow conversion of 80% by 2028. This provides us with greater flexibility to accelerate our platform ambition while delivering shareholder value,” Grab CFO Peter Oey said.
Looking ahead, Grab’s forward guidance is a 2026 revenue of between $4.04 billion and $4.10 billion, representing 20–22% growth year-on-year, and adjusted EBITDA of $700–720 million.
Over the next three years, the company is targeting 20% compound annual revenue growth and $1.5 billion in adjusted EBITDA by 2028, with adjusted free cash flow conversion of 80%.
New acquisition
Grab also announced the acquisition of Stash Financial, Inc., a US-based AI-powered investing platform. The deal, valued at $425 million for a 50.1% stake at closing, with the remainder paid over three years, pushes Grab’s vision to accelerate its fintech roadmap.
Stash manages $5 billion in assets and serves over one million paying subscribers through its AI Money Coach, which delivers personalized financial guidance at scale.
Since its launch in 2024, the app has seen one in two users taking a financial action on the same day. Based on current momentum, Stash is expected to generate more than $60 million in adjusted EBITDA by 2028, the firm said.
Grab CEO Tan said the acquisition strengthens the company’s fintech capabilities. Stash will operate independently post-closing, retaining its brand and leadership, while Grab explores opportunities to bring its investing solutions to Southeast Asia over the longer term.
