Grab (GRAB) Q3 2026 earnings summary

Executive summary

• Adjusted EBITDA reached a record $237M, up 73% YoY, marking the 19th consecutive quarter of growth; all three core segments were profitable.

• On-Demand GMV grew 22% YoY in constant currency; monthly transacting users reached a record 57.2M, up 20%.

• FY2026 revenue and Adjusted EBITDA guidance was raised for the second time; 2028 expectations remain 30%+ revenue CAGR and $1.7B Adjusted EBITDA, including proposed Atome acquisition subject to completion.

Financial highlights

• Revenue rose 27% YoY to $1.112B, or 30% in constant currency; operating profit increased to $108M from $27M.

• Total Segment Adjusted EBITDA grew 46% to $338M; Adjusted EBITDA margin expanded 565 bps YoY to 21.3% of revenue.

• Profit for the period was $18M versus $17M a year earlier; net cash from operating activities was $55M versus negative $127M.

• Adjusted Free Cash Flow was $286M in Q3 and $533M on a trailing-12-month basis.

Outlook and guidance

• FY2026 revenue guidance rose to $4.15B–$4.20B, implying 23%–25% YoY growth, from $4.10B–$4.15B and 22%–23%.

• FY2026 Adjusted EBITDA guidance rose to $790M–$800M, implying 58%–60% YoY growth, from $720M–$740M and 44%–48%.

• 2028 Financial Services targets are $500M Segment Adjusted EBITDA and a gross loan portfolio above $6B, including Atome and subject to acquisition completion.

• Q4 On-Demand GMV is expected to grow sequentially in Mobility and Deliveries; Financial Services is expected to deliver sequential revenue and Adjusted EBITDA growth.