Talabat (TALABAT) Q4 2025 earnings summary

Executive summary

• Achieved 21% year-over-year GMV growth and 26% revenue growth in Q4 2025, with full-year GMV up 28% to $9.5bn and revenue up 33% to $3.92bn, meeting or exceeding guidance.

• Adjusted EBITDA reached $156 million (6.3% of GMV) in Q4 and $615 million (6.5% of GMV) for the year; net income was $123 million in Q4 and $464 million for the year.

• Total dividends for FY 2025 were $421 million, representing 90% of reported net income, with a final dividend of $219 million subject to approval.

• Expanded customer base by 1.2 million (+19% y/y), with high-value and multi-vertical customers driving retention and engagement.

• Strategic focus for 2026 includes grocery acceleration, new ventures, Talabat Pro subscription, AI-driven personalization, and cultural revitalization.

Financial highlights

• Q4 2025 GMV reached $2.5bn, management revenue $1.0bn, adjusted EBITDA $156mn (6.3% of GMV), and net income $123mn (5.0% of GMV).

• Full-year 2025 GMV was $9.5bn (+28% y/y), management revenue $3.92bn (+33% y/y), adjusted EBITDA $615mn (6.5% of GMV), and net income $464mn (4.9% of GMV).

• Talabat Mart now makes up 15% of GMV and 33% of total revenue, up from 12% and 28% respectively.

• Adjusted free cash flow for FY 2025 was $559mn (5.9% of GMV), up 21% y/y.

• Net income for the quarter was 11% lower year-over-year due to non-recurring items, but up 34% for the full year.

Outlook and guidance

• 2026 guidance: GMV growth of 11%-14%, IFRS revenue growth of 14%-17%, adjusted EBITDA of $510-$540 million, net income of $280-$310 million, and free cash flow of $370-$400 million.

• Guidance includes InstaShop and factors in macroeconomic headwinds, competitive intensity, and investment cycle impacts.

• Strategic investments of over $100mn planned for 2026, including $45mn capex for Talabat Mart and enhancements to the subscription program.

• Dividends for 2026 expected at 90% of net income, subject to board and shareholder approval.