Singapore-based super app Grab has posted first full year net profit amid 20 percent revenue growth in 2025.
The firm said in a statement on Thursday that revenue for the full year grew 20 percent year on year, or 18 percent year on year on a constant currency basis, to a record $3.37
billion as the firm continued to grow its user base, improve frequency and engagement in the platform, and optimize incentive levels.
The firm’s on-demand gross merchandise value (GMV) grew 21 percent year on year, or 19 percent year on year on a constant currency basis, to an all-time high of $22.1 billion, underpinned by strong year on year growth in on-demand monthly transacting users (MTUs) and a year on year increase in on-demand GMV per MTU on a constant currency basis.
The firm’s profit for the year was $200 million, a $358 million improvement year on year, driven by improvements in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), increases in net finance income and lower share-based compensation expenses.
Its adjusted EBITDA for the full year was $500 million, an increase of $187 million compared to $313 million in 2024.
As for the fourth quarter last year, the firm’s revenue grew 19 percent year on year, or 17 percent on a constant currency basis to $906 million, driven by growth across its on-demand and financial services segments.
The firm’s on-demand GMV grew 21 percent year on year, or 20 percent year on year on a constant currency basis to $6.1 billion, underpinned by strong year on year growth in on-demand MTUs and total number of on-demand transactions at 16 percent and 24 percent respectively, and a 4 percent year on year constant currency increase in on-demand GMV per MTU.
The firm’s profit for the period was $153 million, an improvement of $142 million year on year, due to increased operating profit and net finance income, partially offset by higher income tax expenses incurred for the period.
Its adjusted EBITDA was $148 million for the quarter, an improvement of $52 million year on year from $97 million in the prior year period, as it grew on-demand GMV and revenue, while improving profitability on a segment adjusted EBITDA basis.
“We exited 2025 with a record fourth quarter, delivering our first full year of net profit and crossing 50 million monthly transacting users,
“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,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
Meanwhile, Peter Oey, Chief Financial Officer of Grab said the firm delivered another record full year adjusted free cash flow through disciplined cost management and strengthened unit economics, solidifying its liquidity position and validating its long-term strategy.
“This strong foundation underpins our confidence in our long-term financial outlook, where we expect to generate $1.5 billion in adjusted EBITDA with an adjusted free cash flow conversion of 80 percent by 2028,
“This provides us with greater flexibility to accelerate our platform ambitions while delivering shareholder value. To that end, we are announcing a newly authorized $500 million share repurchase program,” he added.
Grab is eyeing $4.04 billion to $4.10 billion of revenue in 2026, a 20 percent to 22 percent growth from last year.
The firm is also targeting $700 million to $720 million of adjusted EBITDA in 2026, a 40 percent to 44 percent growth from last year.
For 2025 to 2028, the firm is projecting a compound annual rate of 20 percent for its revenue.
Its adjusted EBITDA guidance for 2028 is $1.5 billion.
The guidance and expected year-over-year growth is primarily attributable to the organic expansion of the firm’s business, said the statement.