Grab (GRAB) Q2 2025 earnings summary

Executive summary

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

• Adjusted EBITDA rose 69% year-over-year to $109 million, with trailing 12-month adjusted free cash flow at $229 million, up $274 million year-over-year.

• Mobility and Deliveries segments drove growth, with Mobility MTUs up 16% and Deliveries GMV up 22% year-over-year.

• Loan portfolio expanded 78% year-over-year to $708 million, with annualized loan disbursals at $2.9 billion and credit risks within target levels.

• Advertising revenue run-rate reached $236 million, up 45%, with 1.7% GMV penetration and a 31% increase in self-serve advertisers.

Financial highlights

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

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

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

• Net cash liquidity stood at $5.7 billion as of June 30, 2025.

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

Outlook and guidance

• FY 2025 revenue guidance maintained at $3.33–$3.40 billion, representing 19–22% year-over-year growth.

• FY 2025 adjusted EBITDA guidance unchanged at $460–$480 million, 47–53% year-over-year growth.

• Expectation to deliver higher adjusted EBITDA in the second half versus the first half of 2025.

• Deliveries segment margin expected to improve sequentially in H2; committed to 4%+ steady-state margin for deliveries and 9%+ for mobility.

• Financial services loan book expected to exceed $1 billion by year-end; break-even for financial services in H2 2026, and for digital banks in Q4 2026.