Grab to buy back up to $400m of shares over next four months

Southeast Asian superapp Grab Holdings said it will repurchase up to US$400 million of its Class A shares over the next four months using deals with JP Morgan and Morgan Stanley.

The Singapore-based ride-hailing and delivery firm said the buyback includes a US$250 million accelerated share repurchase and a contingent forward purchase worth up to US$150 million under its US$500 million program approved in February 2026.

Grab said it will pay US$250 million to JP Morgan for an initial delivery of around 54.9 million shares, and the final number of shares will be set by volume-weighted average prices, with the accelerated share repurchase (ASR) expected to finish by Q2 2026.

Under the Morgan Stanley contract, Grab may buy shares up to a US$150 million cap, with settlement planned for July 2026 and purchases linked to daily prices and thresholds.

Grab said it will fund the transactions from cash and will have US$100 million left under the authorization.

The company reported gross liquidity of US$7.4 billion and net liquidity of US$5.4 billion as of Dec 31, 2025.

🔗 Source: Grab

🧠 Food for thought

Implications, context, and why it matters.

The buyback follows Grab’s first profitable year and stronger cash flow

Grab plans to return cash to shareholders after its first full year of net profitability in 2025, with a net profit of US$200 million 1.
The repurchase will use company cash after it generated US$290 million in adjusted free cash flow in 2025 1.
The move continues shareholder payouts after a prior US$500 million share repurchase program finished last year 1.
It fits Grab’s capital allocation plan that backs organic growth and disciplined M&A (mergers and acquisitions) before sending excess capital back to shareholders 1.

Grab’s buyback does not replace growth investments

Buybacks can hint at limited growth options, yet Grab is also forecasting fast expansion 2.
Grab expects group revenues to grow at a 20% CAGR (compound annual growth rate) from 2025 to 2028. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is projected to reach US$1.5 billion by 2028, up from US$500 million in 2025 1.
It is also putting money toward inorganic growth, including the announced acquisition of U.S. digital investing platform Stash (a consumer app for investing and saving) to speed up its wealth management roadmap 1.
The company is funding new bets such as its digital banks and financial services segment. Management expects that segment to reach adjusted EBITDA breakeven in the second half of 2026 1.