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Grab (GRAB) investor relations material

Grab Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Revenue grew 23% year-over-year to $819M in Q2 2025, with on-demand GMV up 21% to $5.4B and profit for the period reaching $20M, reversing a loss in Q2 2024.

  • Adjusted EBITDA reached a record $109M, up 69% year-over-year, marking the fourteenth consecutive quarter of growth.

  • Trailing twelve months adjusted free cash flow reached $229M, driven by product and tech innovations and disciplined cost management.

  • Monthly transacting users reached 46.2M, up 13% year-over-year, supporting ecosystem growth.

  • Financial Services business scaled prudently, with loan portfolio up 78% year-over-year to $708M and annualized loan disposals near $3B; credit risks remain within appetite.

Financial highlights

  • Revenue: $819M (+23% YoY, +19% YoY constant currency); On-demand GMV: $5.4B (+21% YoY, +18% YoY constant currency).

  • Adjusted EBITDA: $109M (+69% YoY); Profit for the period: $20M (vs. -$68M Q2 2024).

  • Adjusted free cash flow: $112M in Q2 2025 (+177% YoY); trailing 12-month adjusted free cash flow: $229M.

  • Net cash liquidity stood at $5.7B as of June 30, 2025; cash liquidity at quarter-end was $7.6B.

  • Operating profit was $7M, a $63M improvement year-over-year.

Outlook and guidance

  • FY 2025 revenue guidance: $3.33B–$3.40B, representing 19–22% year-over-year growth (unchanged).

  • FY 2025 adjusted EBITDA guidance: $460M–$480M, up 47–53% year-over-year (unchanged).

  • Expects to deliver higher adjusted EBITDA in H2 versus H1 2025.

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Frequently asked questions

Grab Holdings Limited operates a Southeast Asian superapp offering services such as ride-hailing, food delivery, digital payments, and financial services. The company serves consumers and merchants through its integrated mobile platform across several countries in the region. It is headquartered in Singapore, and its shares are listed on the NASDAQ.

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