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Grab (GRAB) investor relations material
Grab Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue grew 19% year-over-year in Q4 2025 to $906M and 20% for FY 2025 to $3.37B, with strong constant currency performance.
Achieved first full year of net profit in 2025, with Q4 profit of $153M and annual profit of $200M, a $358M improvement year-over-year.
On-Demand Gross Merchandise Value (GMV) increased 21% YoY in Q4 to $6.1B and FY 2025 to $22.1B, reflecting robust platform activity.
Adjusted EBITDA rose 54% YoY in Q4 2025 to $148M and 60% for FY 2025 to $500M, indicating improved operational efficiency.
Monthly Transacting Users surpassed 50M in Q4, up 15% YoY.
Financial highlights
Q4 2025 revenue: $906M (+19% YoY, +17% constant currency); FY 2025 revenue: $3.37B (+20% YoY, +18% constant currency).
Q4 2025 Adjusted EBITDA: $148M (+54% YoY); FY 2025 Adjusted EBITDA: $500M (+60% YoY).
Q4 2025 Adjusted Free Cash Flow: $76M; FY 2025: $290M (+78% YoY).
Q4 2025 profit for the period: $153M (vs. $11M in Q4 2024); FY 2025 profit: $200M (vs. -$158M in FY 2024).
Net cash liquidity as of Dec 31, 2025: $5.4B, up from $5.29B at Sep 30, 2025; gross cash liquidity at $7.4B.
Outlook and guidance
2026 revenue guidance: $4.04B–$4.10B, representing 20–22% YoY growth.
2026 Adjusted EBITDA guidance: $700M–$720M, up 40–44% YoY.
Three-year outlook (2025–2028): 20% CAGR in group revenue, $1.5B Adjusted EBITDA, 80% Adjusted Free Cash Flow conversion by 2028.
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