Grab (GRAB) Q1 2025 earnings summary

Executive summary

• Revenue grew 18% year-over-year to $773 million, with On-Demand GMV up 16–17% to $4.93 billion, and record user numbers despite seasonal headwinds.

• Adjusted EBITDA rose 71% year-over-year to $106 million, marking the thirteenth consecutive quarter of improvement.

• Net profit for the quarter was $10 million, reversing a $115 million loss in Q1 2024.

• Trailing 12-month adjusted free cash flow reached $157 million.

• Operating cash flow was $73 million for the quarter, with net cash liquidity at $5.9 billion at quarter-end.

Financial highlights

• On-demand GMV up 16–17% year-over-year to $4.9–$4.93 billion; number of transactions up 19% year-over-year.

• Revenue reached $773 million (+18% YoY); monthly transacting users at all-time high of 44.5 million (+16% YoY).

• Total Segment Adjusted EBITDA increased 26% year-over-year to $192 million.

• Partner and consumer incentives totaled $501 million, or 10.1% of GMV, up from 9.7% in Q1 2024.

• Net cash liquidity stood at $5.86–$5.9 billion as of March 31, 2025.

Outlook and guidance

• FY2025 revenue guidance is $3.33–$3.40 billion, representing 19–22% year-over-year growth in constant currency.

• 2025 Group Adjusted EBITDA guidance raised to $460–$480 million, up 47–53% year-over-year.

• Management expects strong sequential On-Demand GMV and revenue growth in Q2, with continued cost discipline.

• Focused on expanding user base and increasing daily transacting users through new product initiatives.