Grab (GRAB) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 24% year-over-year to $955 million, with On-Demand GMV up 24% to $6.13 billion and group MTUs reaching 52 million.

• Adjusted EBITDA increased 46% year-over-year to $154 million, with margin improving to 16.2% of revenue.

• Profit for the period reached $120 million, a significant improvement from $10 million in Q1 2025, driven by operating profit improvements and a $118 million net gain on fair value of financial assets and liabilities.

• Financial services loan disbursements rose 67% year-over-year, surpassing $1 billion for the first time, with gross loan portfolio up 130% to $1.44 billion.

• AI investments and new products such as Group Rides, Travel Pay, and Consumer Maps are driving measurable financial outcomes and engagement.

Financial highlights

• Revenue for Q1 2026 was $955 million (+24% YoY), with adjusted EBITDA at $154 million (+46% YoY) and adjusted free cash flow at $98 million for the quarter, $489 million trailing 12 months.

• Operating profit was $22 million, compared to a $21 million loss in Q1 2025.

• Net cash liquidity as of March 31, 2026, was $4.99–$5.0 billion, with gross cash liquidity at $6.9–$6.93 billion.

• Share buyback program accelerated with $400 million repurchase; total program is $500 million.

• Total incentives as a percentage of On-Demand GMV rose to 10.5% in Q1 2026.

Outlook and guidance

• Full-year 2026 revenue guidance is $4.04–$4.10 billion, representing 20–22% year-over-year growth.

• Adjusted EBITDA guidance for 2026 is $700–$720 million, up 40–44% year-over-year.

• Financial services segment expected to achieve adjusted EBITDA breakeven in the second half of 2026.

• GrabMart expected to outpace Deliveries growth and contribute more to GMV by 2028.