Grab in black for first time as Q4 earnings drive full-year profit to US$268 million

[SINGAPORE] Grab announced its first year in the black with FY2025 earnings of US$268 million on Thursday (Feb 12), reversing from a loss of US$105 million in FY2024.

Earnings for Q4 2025 jumped over six times to US$171 million from US$27 million a year prior. This was driven by higher operating profit and net finance income. Revenue for the period grew 19 per cent to US$906 million from US$764 million in Q4 2025.

All business segments except financial services delivered positive segment adjusted earnings before interest, tax, depreciation and amortisation (Ebitda). Deliveries and mobility expanded in Ebitda margin to 2.2 per cent and 8.6 per cent respectively.

Financial services revenue grew 34 per cent to US$99 million in Q4 2025 from US$74 million previously. Loans grew 120 per cent from US$536 million in Q4 2024 to US$1.2 billion in Q4 2025. Total loans disbursed rose 53 per cent to US$979 million in Q4 2025.

Customer deposits across GXS Singapore and GXBank Malaysia increased to US$1.6 billion at the end of Q4 2025 from US$1.2 billion a year ago. This was driven by customer growth, with Grab users accounting for the majority of depositors.

Earnings for the quarter drove most of full-year profit.

Revenue for FY2025 grew 20 per cent to US$3.4 billion from US$2.8 billion in FY2024. Earnings for FY2025 were driven by improvements in adjusted Edbitda, increases in net finance income and lower share-based compensation expenses.

“We exited 2025 with a record fourth quarter, delivering our first full year of net profit and crossing 50 million monthly transacting users,” said Anthony Tan, CEO and co-founder of Grab.

Grab is guiding for 2026 revenue to be between US$4.04 billion to US$4.1 billion at a growth rate of 20 to 25 per cent year-on-year (y-o-y). Guidance for adjusted Ebitda for 2026 is between US$700 million to US$720 million at a 40 to 44 per cent growth y-o-y.

The super app platform is also guiding for a 20 per cent compound annual growth rate for its revenue between 2025 to 2028. Adjusted Ebitda guidance for 2028 stands at US$1.5 billion and adjusted free cash flow conversion of 80 per cent for the same period.

This guidance and expected y-o-y growth is primarily attributable to the organic expansion of Grab’s business.

The company has also announced a newly authorised US$500 million share buyback programme.

“We will build on this momentum by executing on a multi-year strategy focused on further expanding our addressable market through greater affordability and reliability, while harnessing product-led innovations to deepen ecosystem engagement and expand user lifetime values,” Tan said.

Nasdaq-listed Grab closed down 1.7 per cent or US$0.08 to US$4.23 on Wednesday.