Grab posts 22% rise in Q3 revenue to $873m

Grab reported Q3 2025 revenue of US$873 million, up 22% year-on-year.

The Singapore-based super app operator posted a quarterly profit of US$17 million, compared to US$15 million a year earlier.

On-demand gross merchandise value (GMV) grew 24% to US$5.8 billion, while deliveries revenue rose 23% to US$465 million.

Mobility revenue increased 17% year-on-year, and financial services revenue jumped 39% to US$90 million.

Adjusted EBITDA for the quarter was US$136 million, a 51% rise from the previous year.

Total incentives paid out to consumers and partners reached US$585 million.

The company ended the quarter with US$7.4 billion in gross cash liquidity and US$5.3 billion in net cash liquidity.

Grab raised its full-year 2025 revenue forecast to between US$3.4 billion and US$3.4 billion.

🔗 Source: Grab

🧠 Food for thought

Implications, context, and why it matters.

Grab posted a US$17 million profit in Q3 2025, yet it did not share take rates (the percentage Grab keeps from each transaction) or incentive spending as a percentage of Gross Merchandise Value (GMV the total value of all transactions processed) by business segment or one-off gains and losses (non-recurring items).
Grab paid US$585 million in incentives to consumers and partners in the quarter, about 10% of its US$5.8 billion on-demand GMV. No segment data clarifies which lines rely on subsidies or earn money per order.
This gap matters because markets vary, with mobility facing ride-hailing rivals, deliveries competing with food specialists, and financial services needing heavy upfront investment.

GMV rose 24% in 2025. GrabAds (the ad business inside the Grab app) grew over 100% year on year and delivered returns “north of three times” for advertisers 1.
Brands and small and medium-sized businesses (SMBs) can shift spend to GrabAds if 2025 reach or performance stay strong, helped by GroupM geo-based audience insights across these markets. Coverage spans Indonesia, Malaysia, and the Philippines. It also includes Singapore, Thailand, and Vietnam 2.
Agencies should test self-serve tools and the Cost-per-order pricing model. It ties ad spend directly to sales conversions and is live in six Southeast Asian markets 3, with regional retail media spend forecast at US$4.7 billion by 2030 4.
Grab raised its full-year 2025 revenue outlook to between US$3.38 billion and US$3.40 billion 5.