Grab (GRAB) Q4 2025 earnings summary

Executive summary

• Achieved first full year of net profitability in 2025, with net profit of $200 million and Q4 profit of $153 million, alongside Adjusted Free Cash Flow doubling to $290 million year-over-year.

• On-demand GMV grew 21% year-over-year in Q4 and FY 2025, driven by product-led affordability and strong user engagement.

• Monthly Transacting Users surpassed 50 million in Q4, up 15% year-over-year, with a monthly user conversion rate of 37%.

• Launched digital banks in Indonesia, Singapore, and Malaysia; Superbank IPO in Indonesia was oversubscribed 318 times.

• Announced acquisition of Stash, a U.S.-based digital investing platform, to accelerate wealth management capabilities.

Financial highlights

• Q4 2025 revenue grew 19% year-over-year to $906 million; full year revenue reached $3.37 billion, up 20% year-over-year.

• Q4 Adjusted EBITDA rose 54% year-over-year to $148 million; full year Adjusted EBITDA was $500 million, up 60% year-over-year.

• Adjusted Free Cash Flow for 2025 was $290 million, a 78% increase year-over-year; Q4 Adjusted Free Cash Flow was $76 million.

• Gross cash liquidity at year-end was $7.4 billion; net cash liquidity was $5.4 billion.

• Operating profit for Q4 was $52 million, up from $2 million in Q4 2024; full year operating profit was $65 million, reversing a $168 million loss in 2024.

Outlook and guidance

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

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

• 2025–2028 guidance: 20% CAGR in group revenues, Adjusted EBITDA to reach $1.5 billion, and Adjusted Free Cash Flow conversion to expand to 80%.

• Financial services segment expected to reach EBITDA breakeven in H2 2026.

• By 2028, anticipate over $1.2 billion in full-year Adjusted Free Cash Flow.