Grab Q4 2025 revenue rises 19% to $906m

Grab reported its fourth-quarter and full-year 2025 financial results, showing a first full year of net profit.

Revenue for Q4 2025 increased 19% year-on-year to US$906 million, with on-demand GMV rising 21% to US$6.1 billion.

The company posted a quarterly profit of US$153 million, up from US$11 million in the same period last year.

Adjusted EBITDA for Q4 grew 54% to US$148 million.

For the full year, revenue reached US$3.37 billion, a 20% rise, with GMV hitting US$22.1 billion, up 21%.

The company also reported a full-year adjusted free cash flow of US$290 million.

Grab announced a US$500 million share repurchase program and expects to reach US$1.5 billion in adjusted EBITDA by 2028.

The company’s user base grew to over 50 million monthly transacting users, driven by growth across its mobility, delivery, and financial services segments.

🔗 Source: Grab

🧠 Food for thought

Implications, context, and why it matters.

Grab’s profitability signals a shift toward tighter spending and possible shareholder returns

Grab launched a US$500 million share repurchase program, which suggests management sees enough excess cash and liquidity to return capital, subject to market conditions and board review 1.
The first full year of net profit plus US$290 million in adjusted free cash flow moves Grab away from a growth-at-all-costs tech platform playbook and toward steadier financial discipline 1.
Grab also set a 2028 outlook of US$1.5 billion in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) with 80% adjusted free cash flow conversion, which treats current results as a base for longer-term targets 1.

The super-app model’s profits could shift investor priorities and raise pressure across the market

Full-year profitability gives investors a concrete example of the super-app model that combines mobility, delivery, and financial services on one platform 1.
That result may lift confidence in similar integrated platforms in other emerging markets, while attention shifts from user growth to credible profitability and positive cash generation 1.
With adjusted free cash flow supporting spending, Grab can keep funding product work or expansion, which may speed up consolidation as rivals in ride-hailing, food delivery, and fintech that rely on outside capital struggle to match the pace.