Grab Holdings Limited posted its first-ever full-year net profit in 2025, with revenue reaching a record USD 3.37 billion, while its digital banking and lending operations delivered the fastest growth of any segment, underscoring the superapp’s deepening role as a financial services platform across Southeast Asia.
Key Facts At A Glance
- Full-year 2025 revenue: USD 3.37 billion, up 20% year-on-year
- First full-year net profit: USD 200 million, compared to a loss of USD 158 million in 2024
- Adjusted EBITDA: USD 500 million for 2025, up 60% year-on-year
- Financial services revenue: USD 347 million, up 37% year-on-year
- Net loan portfolio: USD 1.18 billion, up 120% year-on-year
- Customer deposits across GXS Bank (Singapore) and GX Bank (Malaysia): USD 1.6 billion at year-end 2025, up from USD 1.2 billion in 2024
- Malaysia remained the largest revenue market for the fourth consecutive year, contributing USD 1.04 billion
- Board authorized a USD 500 million share repurchase program
- Annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 6, 2026
Grab Holdings Limited (NASDAQ: GRAB) crossed a milestone in 2025 that its founders had pursued since the company’s founding in 2012, posting a full-year net profit of USD 200 million while recording USD 3.37 billion in revenue. The result, disclosed in Q4 and full-year earnings released on February 12, 2026, and subsequently codified in the company’s annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 6, 2026, marks the end of more than a decade of net losses as Grab invested aggressively in market share across ride-hailing, food delivery, and financial services.
Financial Services As The Growth Engine
Grab’s financial services segment, which operates through the GrabFin lending platform, digital bank GXS Bank in Singapore, and digital bank GX Bank in Malaysia, delivered revenue of USD 347 million in 2025, a 37% year-on-year increase that made it the fastest-growing segment in the group. The net loan portfolio expanded 120% year-on-year to USD 1.18 billion, reflecting rapid scaling of unsecured consumer and micro-business lending across the two digital banking licenses. Customer deposits at GXS Bank and GX Bank combined reached an all-time high of USD 1.6 billion by December 31, 2025, rising from USD 1.2 billion a year earlier, with the majority of depositors also active Grab platform users.
Despite the strong revenue trajectory, the financial services segment recorded a Segment Adjusted EBITDA loss of USD 110 million for the full year, a reflection of higher credit loss provisions as the loan book scales. Grab’s management had previously indicated it expects the financial services segment to reach Adjusted EBITDA breakeven in the second half of 2026.
Malaysia Leads; Deliveries Anchor Revenue
Malaysia remained Grab’s largest revenue market for a fourth consecutive year, generating USD 1.04 billion in 2025, the only country in its network to exceed USD 1 billion in revenue. Singapore followed at USD 727 million and Indonesia at USD 715 million. By business segment, deliveries contributed USD 1.8 billion, mobility USD 1.22 billion, and financial services USD 347 million. On-Demand GMV, which covers both deliveries and mobility, reached USD 22.1 billion for the full year, up 21% year-on-year. Monthly transacting users averaged 50.5 million in Q4 2025.
For 2026, the company guided full-year revenue of USD 4.04 billion to USD 4.10 billion, implying growth of 20% to 22%, while also authorizing a USD 500 million share repurchase program funded from its gross cash liquidity position of USD 7.4 billion.
Capital Position And Investor Considerations
Adjusted Free Cash Flow reached USD 290 million for full-year 2025. However, net cash from operating activities declined sharply to USD 79 million in 2025 from USD 852 million in 2024, primarily because of higher cash outflows tied to growth in the loan book and a smaller year-on-year increase in customer deposits. This divergence between profitability and operating cash flow is a direct consequence of the credit expansion strategy at GXS Bank and GX Bank and will be a key metric investors watch as Grab targets EBITDA breakeven in its digital banking operations.
The Form 20-F also noted that Vietnam’s Law on Artificial Intelligence came into effect in March 2026, and that Malaysia’s Gig Workers Act 2025 is expected to come into operation in March 2026, both of which carry potential compliance and operational cost implications for Grab’s regional operations.