Grab posts Q2 2025 earnings of $35m on rising revenue, margins

Photo credit: Grab

Super app Grab reported Q2 2025 earnings of US$35 million, reversing a US$53 million loss in the same quarter last year.

The turnaround was driven by operating profit and lower finance costs, though this was partially offset by higher income tax expenses.

Revenue rose 23% year on year to US$819 million, up from US$664 million. Operating profit also reached US$7 million, compared with a US$56 million loss in Q2 2024.

Higher revenue, improved margins, cost management, and lower share-based compensation expenses led to these improvements.

Adjusted EBITDA rose 69% to US$109 million from US$64 million, fueled by an uptick in on-demand gross merchandise value and revenue as well as improved profitability on a segment-adjusted EBITDA basis.

Grab’s guidance for revenue and adjusted EBITDA is unchanged. The company still projects a revenue of between US$3.3 billion and US$3.4 billion, reflecting a 19% to 22% growth. Adjusted EBITDA is expected to range from US$460 million to US$480 million, representing a 47% to 53% growth.

Still, the company expects the second half of 2025 to have a substantially stronger performance than the first half.

For this period, on-demand gross merchandise value jumped 21% to US$5.4 billion, up from US$4 billion in Q2 2024. Meanwhile, monthly transacting users increased 13% to 46.2 million.

Partner incentives – which was at US$266 million in Q2 2024 – also rose 16% to US$307 million in the current period.

At the same time, revenue from the financial services segment expanded 41% year over year to US$84 million in the second quarter, up from US$64 million. This is the fastest growth among Grab’s business segments and was powered by stronger contributions from lending across GrabFin and the company’s digital banks.

Grab’s loan portfolio for the quarter rose 78% to US$708 million from US$397 million a year earlier. Meanwhile, total loans disbursed climbed 44% to US$721 million.

Customer deposits in GXS and GX Bank reached US$1.5 billion, jumping from the US$730 million in the year-ago period and up from the US$1.4 billion in Q1 2025.

“We will continue to execute on our strategy to drive product- and tech-led innovations to enhance the affordability and reliability of our services, further deepen user engagement and retention, while attracting new users to the Grab ecosystem,” said Anthony Tan, co-founder and CEO of Grab.