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Singapore-headquartered super app Grab Holdings Ltd. reported a strong close to 2025, achieving its first full year of net profit and exceeding $500 million in adjusted EBITDA. Despite a 2026 revenue forecast of $4.04 billion to $4.1 billion that came in slightly below some analyst expectations, Chief Financial Officer Peter Oey characterized the outlook as confident and conservative, driven by robust growth across its ride-hailing, delivery, and financial services segments, alongside strategic expansion into autonomous vehicles.
Key Points
- Grab achieved its first full year of net profit in 2025, alongside over $500 million in adjusted EBITDA.
- The company forecasts 2026 revenue between $4.04 billion and $4.1 billion, with a three-year revenue growth projection of 20% from 2025 to 2028.
- Financial services is Grab's fastest-growing segment, with its loan book surpassing $1 billion and expected to double by the end of 2026, bolstered by the acquisition of investing platform Stash.
- Demand for Grab's on-demand services remains robust in Southeast Asia, with Q4 2025 rides up 27% and deliveries up 21% year-over-year.
- Grab is actively piloting autonomous vehicles (AVs) in Singapore, aiming for commercialization in the coming months, with plans to use Singapore as a blueprint for wider regional deployment.
Financial Performance and Strategic Growth
Grab concluded 2025 with significant financial milestones, including attracting 50 million monthly transacting users. The company’s reported adjusted EBITDA exceeded $500 million, marking a pivotal year that also saw it achieve net profitability for the first time since its inception. Looking ahead, Grab's 2026 revenue guidance, while perceived as conservative by some analysts, is underpinned by a confident long-term strategy.
“2025 was an amazing year for us. We achieved some new milestones in the business. We have now 50 million monthly transacting users using our app constantly on a monthly basis. We also share great profitability in the business to over $500 million in adjusted EBITDA, but also our first year net profit in the business,” said Grab CFO Peter Oey.
The company also issued a three-year guidance projecting 20% revenue growth from 2025 to 2028. Grab’s growth momentum is built on three core pillars: sustaining expansion in its rides and deliveries businesses, and significantly scaling its financial services arm. Grocery delivery, in particular, stands out, growing 1.7 times faster than its food delivery segment. The company has also introduced innovative offerings like Dine In, enhancing its ecosystem.
Fintech Expansion and Capital Allocation
Financial services has emerged as Grab’s fastest-growing segment. The company’s loan book has surpassed $1 billion, with ambitions to double this portfolio by the end of 2026. This aggressive expansion in fintech is further highlighted by its recent acquisition of Stash, an investing platform. This move aims to democratize investing by offering accessible and user-friendly financial products to a broader base of users across Southeast Asia.
“Financial services also continues to be our fastest growing segment of our business today. The loan book size that we have today, we've clipped over $1 billion in loan portfolio and we expect to double that as we finish the year 2026,” Oey noted, adding, “We announced also this morning an acquisition of Stash, a financial services and investing platform that we're very excited about and bringing also that holy signals of investing, but also just not lending, but also investing into the product portfolio of our business today.”
Grab’s capital allocation strategy emphasizes organic growth, highly selective M&A opportunities, and returning capital to shareholders, as evidenced by a recently announced $400 million share buyback program.
Innovation and Regional Outlook
Beyond its core services and fintech push, Grab is making significant strides in autonomous vehicle (AV) technology. The company is currently piloting AVs in Singapore, collaborating closely with the government to ensure safety and market adoption. With over 25,000 kilometers of testing completed, Grab anticipates commercializing these vehicles in the coming months, intending to establish Singapore as a blueprint for AV deployment across Southeast Asia.
“We're leaning into autonomous vehicles and we are a lot, much more earlier than for the folks who are in the U.S. or on the markets today. But we are leaning in as the biggest on demand player. We have cars that we are piloting in the streets of Singapore today,” Oey stated, emphasizing a cautious, safety-first approach.
Contrary to concerns about cautious consumer spending, Grab has observed robust demand across Southeast Asia. Q4 2025 saw its on-demand business grow by 21%, with ride numbers increasing by 27% and deliveries by 21% year-over-year. This sustained demand is attributed to Grab’s focus on providing affordable and reliable services, alongside its extensive expansion into new cities, adding 400 new cities over the past four years to reach over 900 cities in the region.
As Grab navigates its growth trajectory, the company remains focused on leveraging its integrated platform to drive both user engagement and profitability, with strategic investments in financial technology and autonomous vehicles poised to shape its long-term future in the dynamic Southeast Asian market.
