Grab (GRAB) Q3 2025 earnings summary

Executive summary

• Revenue grew 22% year-over-year to $873 million in Q3 2025, with On-Demand GMV up 24% to $5.8 billion and record growth in monthly transacting users, driving a 24% year-on-year increase in on-demand GMV.

• Adjusted EBITDA rose 51% year-on-year to $136 million, marking the fifteenth consecutive quarter of sequential profitability improvement.

• Adjusted free cash flow improved by $185 million year-on-year to $283 million on a trailing 12-month basis.

• Profit for the period increased 14% year-on-year to $17 million.

• Product-led innovations and cost discipline contributed to profitable growth and deeper user engagement.

Financial highlights

• Deliveries revenue increased 23% year-on-year to $465 million, with GMV up 26% to $3.73 billion and segment Adjusted EBITDA up 42% to $78 million.

• Mobility revenue rose 17% year-on-year to $317 million, GMV up 20% to $2.04 billion, and segment Adjusted EBITDA margin at 8.9%.

• Financial Services revenue surged 39% year-on-year to $90 million, loan portfolio up 65% to $821 million, with loan disbursals annualized at $3.5 billion.

• Adjusted Free Cash Flow for Q3 2025 was $203 million, up 37% year-on-year.

• Net cash liquidity stood at $5.29 billion as of September 30, 2025.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $3.38–$3.40 billion (21–22% year-on-year growth).

• Full-year Adjusted EBITDA guidance upgraded to $490–$500 million (57–60% year-on-year growth).

• Expect to exit 2025 at record GMV levels for both mobility and delivery segments, with sequential GMV growth into Q4.

• Margins for deliveries expected to continue growing into 2026, with no change in long-term margin outlook (deliveries to 4%+, mobility to 9%+).

• On track for financial services loan portfolio to exceed $1 billion by year-end.