Grab Holdings Ltd (GRAB) Q4 2025 Earnings Call Highlights: Record Revenue Growth and Strategic …

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Thu, February 12, 2026 at 4:00 PM GMT+9 4 min read

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**Revenue:** Grew 19% year over year to $906 million.

**On-Demand GMV:** Increased 21% year over year.

**Gross Loan Portfolio:** Surpassed $1 billion, ending the year at $1.3 billion.

**Adjusted EBITDA:** Reached $148 million for the fourth quarter; $500 million for the full year, a 60% increase year over year.

**Adjusted Free Cash Flow:** Generated $76 million for the quarter and $290 million for the full year.

**Net Profit:** Achieved first full year of net profit in 2025.

**2026 Revenue Guidance:** Expected to grow 20% to 22% year over year, reaching $4.04 billion to $4.1 billion.

**2026 Adjusted EBITDA Guidance:** Expected to grow by 40% to 44% year over year, reaching $700 million to $720 million.

**Share Repurchase Program:** Announced a new $500 million share repurchase program.

Warning! GuruFocus has detected 3 Warning Signs with GRAB.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Grab Holdings Ltd (NASDAQ:GRAB) reported a 21% year-over-year increase in On-Demand GMV, driven by product-led demand and ecosystem expansion strategies.

The company's financial services segment achieved significant growth, with a gross loan portfolio surpassing $1.3 billion, and is expected to reach $2 billion by the end of 2026.

Grab Holdings Ltd (NASDAQ:GRAB) achieved its first full year of net profit in 2025, marking a milestone in its financial performance.

The acquisition of Stash, a US-based digital investing platform, is expected to contribute over $60 million in adjusted EBITDA by 2028, enhancing Grab's wealth management capabilities.

The company is leveraging AI to improve operational efficiency, with over 90% of mobility rides dispatched using AI, and has reduced cloud costs per transaction by retiring idle resources.

Negative Points

Despite strong growth, Grab Holdings Ltd (NASDAQ:GRAB) faces macroeconomic headwinds, particularly in Indonesia, which could impact future performance.

The company's expansion into new markets and services, such as autonomous vehicles, requires significant investment and regulatory collaboration, posing potential risks.

Grab Holdings Ltd (NASDAQ:GRAB) is still in the early stages of penetrating the Southeast Asian market, with modern retail and online grocery penetration remaining low.

The company's financial services segment, while growing, is not expected to reach EBITDA breakeven until the second half of 2026, indicating ongoing financial challenges.

There is uncertainty regarding the impact of potential regulatory changes in Indonesia, such as ride-hailing commission caps, which could affect margins and take rates.

 






Story Continues  

Q & A Highlights

Q: Could you outline the key assumptions by segment for the tripling of EBITDA between 2025 and 2028? What are the biggest drivers for this growth? A: Peter Oey, CFO, explained that the growth is driven by sustainable revenue growth and operating leverage. Key pillars include the On-Demand segment’s user growth and margin expansion, the scaling of the Financial Services segment, and cost reductions through operating leverage. The focus is on driving growth across core segments and improving margins to reach the $1.5 billion EBITDA target.

Q: What prompted Grab to provide a 2025-2028 guidance, and how predictable is the business model? Is this growth driven by organic growth? A: Peter Oey, CFO, stated that the guidance is based on organic growth. The business has reached an inflection point with strong momentum, and the guidance provides a long-term financial roadmap for investors. The focus is on maintaining growth and profitability, with a target of $1.5 billion EBITDA by 2028.

Q: Is there any update on Indonesia’s proposal to lower ride-hailing commissions, and how would this impact take rates and segment margins? A: Alexander Hungate, COO, clarified that there are no proposed changes to commission caps in Indonesia. Grab is aligned with the government’s goal of improving driver welfare and is using technology to enhance driver productivity. The company expects to maintain margins through operating leverage and increased financial services velocity.

Q: Can you provide an update on the progress of Grab’s autonomous vehicle (AV) initiatives and potential commercial rollout in other ASEAN countries? A: Ping Yeow Tan, CEO, highlighted that AVs are seen as a buffer to ensure reliability, not a replacement for drivers. Singapore serves as a blueprint, with successful AV shuttle services. Grab is committed to transitioning driver partners to new roles and working with regulators to define safety standards.

Q: Could you provide an update on Grab’s grocery strategy and recent growth trends? How do you plan to invest capital into this vertical? A: Alexander Hungate, COO, noted that the grocery market in ASEAN has low online penetration, presenting growth opportunities. Grab is expanding its grocery selection and improving integration with partners. The focus is on disciplined investment to achieve sustainable returns while leveraging On-Demand capabilities.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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