Grab Holdings Ltd (GRAB): Financial results for Q3 2026
Grab Holdings Ltd (GRAB) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Grab Reports Third Quarter 2026 Results, Raises Full-Year Guidance ● Q3 2026 Revenue grew 27% YoY or 30% on a constant currency basis 1 to $1,112 million ● Q3 2026 Profit for the Period of $18 million ● Q3 2026 Adjusted EBITDA 2 grew 73% YoY to a record $237 million
How this was made
The 30-second read
Why it matters
The earnings release provides fresh, material data on revenue growth, profitability and capital allocation, all of which are new to the market.
Market read
Grab's raised guidance and share buyback are likely to drive short‑term upside in the stock and may influence regional tech sentiment.
What to watch
Higher fuel costs and inflationary pressure could erode margins despite higher revenue.
Grab Reports Third Quarter 2026 Results, Raises Full-Year Guidance
Revenue grew 27% YoY to $1,112 million, Adjusted EBITDA grew 73% YoY to a record $237 million, Financial Services achieved positive Segment Adjusted EBITDA for the first time, and the company raised both full-year revenue and Adjusted EBITDA guidance.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| 2026 Group Revenue guidance | $4.10 billion - $4.15 billion; 22% - 23% growth YoY | FY 2026 actual not reported | n/a |
| 2026 Adjusted EBITDA guidance | $720 million - $740 million; 44% - 48% growth YoY | FY 2026 actual not reported | n/a |
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Revenueother | $1.11B | – | 27% |
| Q3 2026 Revenue constant currency growthother | 30% | – | 30% |
| Q3 2026 On-Demand GMVother | $6.83B | – | 18% |
| Q3 2026 On-Demand GMV constant currency growthother | 22% | – | 22% |
| Q3 2026 On-Demand GMV per MTUother | $135 | – | 2% |
| Q3 2026 Group MTUsother | 57.2 million of users | – | 20% |
| Q3 2026 Partner incentivesother | $331M | – | 26% |
| Q3 2026 Consumer incentivesother | $406M | – | 26% |
| Q3 2026 Total incentivesother | $737M | – | – |
| Q3 2026 On-Demand incentives as a proportion of On-Demand GMVother | 10.7% | declined 17 basis points | increased 64 basis points YoY |
| Q3 2026 Gross loan portfolioother | $2.71B | – | 200% |
| Q3 2026 Operating profitother | $108M | – | 297% |
| Q3 2026 Profit for the periodother | $18M | – | 5% |
| Q3 2026 Basic earnings per shareother | $0.01 | – | – |
| Q3 2026 Diluted earnings per shareother | ($0.00) | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $237M | – | 73% |
| Q3 2026 Adjusted EBITDA marginnon-GAAP | 21.3% of revenue | – | expanding 565 basis points YoY |
| Q3 2026 Total Segment Adjusted EBITDAnon-GAAP | $338M | – | 46% |
| Q3 2026 Regional corporate costsnon-GAAP | $101M | declined by $3 million | – |
| Q3 2026 Regional corporate costs as a proportion of Group Revenuenon-GAAP | 9.2% of Group Revenue | – | – |
| Q3 2026 Net cash from operating activitiesother | $55M | – | an improvement of $182 million YoY |
| Q3 2026 Adjusted Free Cash Flownon-GAAP | $286M | – | 41% |
| Trailing twelve-month Adjusted Free Cash Flownon-GAAP | $533M | – | nearly double the prior year period |
| Nine months ended September 30, 2026 Revenueother | $3.06B | – | – |
| Nine months ended September 30, 2026 Operating profitother | $149M | – | – |
| Nine months ended September 30, 2026 Profit for the periodother | $373M | – | – |
| Nine months ended September 30, 2026 Basic earnings per shareother | $0.10 | – | – |
| Nine months ended September 30, 2026 Diluted earnings per shareother | $0.06 | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $560M | – | – |
| Nine months ended September 30, 2026 Net cash from operating activitiesother | $52M | – | – |
| Nine months ended September 30, 2026 Adjusted Free Cash Flownon-GAAP | $457M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| DeliveriesGrowth was primarily driven by Food and Groceries GMV expansion and improving monetization in the Advertising business. | $561M | – | 21% |
| MobilityRevenue growth was underpinned by increases in Mobility GMV and continued expansion of Mobility MTUs and transactions. | $349M | – | 10% |
| Financial ServicesRevenue growth was primarily driven by increased lending contributions across GrabFin and its Digibanks, including the consolidation of Superbank in June and the acquisition of Stash beginning this quarter. | $201M | – | 124% |
| OthersNo driver was provided. | $1M | – | (17)% |
FY 2026 outlook
- Revenue$4.15 billion - $4.20 billion; 23% - 25% growth YoY
- Note2026 Adjusted EBITDA: $790 million - $800 million; 58% - 60% growth YoY
Capital returns
- Repurchased $400 million worth of Class A ordinary shares in September and October.
- $500 million remained under share repurchase programs after the September and October repurchases.
- Repurchase of ordinary shares was $174 million in the three months ended September 30, 2026.
- Repurchase of ordinary shares was $574 million in the nine months ended September 30, 2026.
What drove it
- Group revenue growth was driven by growth across all core segments.
- On-Demand GMV growth reflected 16% growth in On-Demand MTUs and 2% growth in On-Demand GMV per MTU.
- Deliveries Segment Adjusted EBITDA margin expansion was driven by higher Advertising monetization and higher operating leverage.
- Mobility transactions grew 21% YoY, outpacing Mobility GMV growth, as affordable offerings brought more MTUs onto the platform.
- Financial Services Segment Adjusted EBITDA improved to positive $12 million, reflecting lending revenue and contributions from Superbank and Stash.
- Financial Services gross loan portfolio grew 200% YoY to $2.7 billion, while total customer deposits across GXS Bank, GXBank and Superbank grew to $2.7 billion.
Concerns
- Profit for the period increased only to $18 million from $17 million despite operating profit of $108 million, due to non-operating items including a $57 million net fair value loss on financial assets and liabilities, a $12 million impairment loss on an equity-accounted investee, lower finance income and higher income tax expense.
- Grab stated that profit for the period is expected to continue to reflect variability tied to fair value measurements and other non-operating items.
- On-Demand incentives as a proportion of On-Demand GMV increased 64 basis points YoY to 10.7% amid investment in driver supply and new product adoption.
- Net impairment losses on financial assets were $58 million in Q3 2026, compared with $37 million in Q3 2025.
- Taiwan's Fair Trade Commission rejected the proposed acquisition of Delivery Hero's foodpanda Taiwan business, resulting in a $60 million break fee to be recorded in Q4 2026. The expense will be reflected in IFRS results before profit for the period and excluded from Adjusted EBITDA.
What to watch
- Delivery of the raised FY 2026 Group Revenue guidance of $4.15 billion - $4.20 billion and Adjusted EBITDA guidance of $790 million - $800 million.
- Whether Financial Services maintains positive Segment Adjusted EBITDA as lending and digital banking operations scale.
- Credit quality as the gross loan portfolio grows, including NPLs of 2.6% of gross loan portfolio and Expected Credit Loss reserves of 6.5% of gross loan portfolio.
- The Q4 2026 recording of the $60 million foodpanda Taiwan break fee and its effect on IFRS profit for the period.
- The pace of share repurchases, with $500 million remaining under the programs.
- The impact of continued supply incentives, elevated fuel prices and macroeconomic headwinds on GMV, incentives and margins.
Balance sheet and cash flow
- Gross cash liquidity totaled $7.1 billion as of September 30, 2026, compared to $7.4 billion at the end of the prior quarter.
- Net cash liquidity was $5.0 billion as of September 30, 2026, compared to $5.4 billion at the end of the prior quarter.
- Cash and cash equivalents were $2,848 million as of September 30, 2026, compared to $3,433 million as of December 31, 2025.
- Loans and borrowings were $452 million in non-current liabilities and $1,618 million in current liabilities as of September 30, 2026.
- Deposits from customers in the banking business were $2,703 million as of September 30, 2026, compared to $1,629 million as of December 31, 2025.
- Total assets were $14,208 million and total equity was $7,255 million as of September 30, 2026.
- Q3 operating cash flow was $55 million, primarily driven by a $404 million increased inflow of deposits from customers in digital banking, partially offset by a $294 million increase in loans disbursals in Financial Services.
Analysis
Grab reported a strong third quarter, with revenue rising 27% YoY to $1,112 million and 30% on a constant currency basis. On-Demand GMV increased 18% to $6,835 million, supported by 20% growth in Group MTUs to 57.2 million of users. Management described record monthly transacting users despite elevated fuel prices and macroeconomic headwinds. Incentive intensity rose year over year, with On-Demand incentives as a proportion of On-Demand GMV increasing 64 basis points to 10.7%, although it declined 17 basis points sequentially.
Profitability expanded materially at the operating level. Operating profit increased 297% to $108 million, Adjusted EBITDA rose 73% to a record $237 million, and Adjusted EBITDA margin reached 21.3% of revenue from 15.6% in the prior-year period. Total Segment Adjusted EBITDA increased 46% to $338 million, while regional corporate costs increased to $101 million but declined as a proportion of Group Revenue to 9.2% from 10.8%. Profit for the period was only $18 million, however, as operating performance was offset by a $57 million net fair value loss on financial assets and liabilities, a $12 million impairment loss on an equity-accounted investee, lower finance income and higher income tax expense.
The segment mix increasingly reflects Financial Services. Deliveries revenue grew 21% to $561 million, with growth attributed to Food and Groceries GMV expansion and improved advertising monetization. Mobility revenue increased 10% to $349 million, while Mobility transactions grew 21%. Financial Services revenue rose 124% to $201 million, gross loan portfolio grew 200% to $2,711 million, and the segment reached positive Segment Adjusted EBITDA of $12 million, compared with negative $28 million in the prior-year period. The lending expansion also puts credit quality in focus, with NPLs at 2.6% of gross loan portfolio and Expected Credit Loss reserves at 6.5%.
Cash generation improved, with operating cash flow of $55 million versus an outflow of $127 million a year earlier and Adjusted Free Cash Flow of $286 million versus $203 million. Trailing twelve-month Adjusted Free Cash Flow was $533 million. Gross cash liquidity was $7.1 billion and net cash liquidity was $5.0 billion as of September 30, 2026, both lower than at the end of the prior quarter. The company repurchased $400 million of shares in September and October and had $500 million remaining under its repurchase programs.
Grab raised FY 2026 Group Revenue guidance to $4.15 billion - $4.20 billion from $4.10 billion - $4.15 billion, and raised Adjusted EBITDA guidance to $790 million - $800 million from $720 million - $740 million. The company stated that the $60 million break fee following the rejection of its foodpanda Taiwan transaction will be recorded in Q4 2026 IFRS results before profit for the period, excluded from Adjusted EBITDA, and will not affect its full-year Group Revenue and Adjusted EBITDA guidance.
Management, verbatim
We delivered a record 57 million monthly transacting users on our platform this quarter, despite the elevated fuel prices and macroeconomic headwinds across the region.
Anthony Tan, Group Chief Executive Officer and Co-Founder
This was another quarter of profitable growth. Group revenue was up 27% YoY or 30% YoY on a constant currency basis, and we recorded our nineteenth consecutive quarter of Adjusted EBITDA growth to a record $237 million.
Peter Oey, Chief Financial Officer
As operating leverage continues to build across our core segments, we are raising our full-year 2026 guidance for Group revenue to $4.15 billion to $4.20 billion, and Adjusted EBITDA to $790 million to $800 million.
Peter Oey, Chief Financial Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- GAAP measures were not reported because Grab reports under IFRS.
- Non-GAAP EPS was not reported.
- A full-year 2026 actual revenue figure was not reported.
- A full-year 2026 actual Adjusted EBITDA figure was not reported.
- Quarterly debt comparison with the prior quarter was not reported.
- Quarterly free cash flow on an IFRS basis was not reported.
- Dividend information was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Grab Holdings Ltd filed a Form 6‑K with the SEC announcing its Q3 2026 results and full‑year guidance.
Ticker impact
Grab reported Q3 2026 revenue of $1.112 billion, adjusted EBITDA of $237 million and raised full‑year 2026 revenue guidance to $4.15‑$4.20 billion.
likely upward pressure as investors price in higher revenue outlook and a $400 million share repurchase
The earnings beat, record adjusted EBITDA growth and upgraded full‑year guidance together constitute material new information that can move the stock immediately.
Market effects
Strong performance may lift Southeast Asian ride‑hailing and fintech peers.
Positive earnings could boost broader Singapore and regional tech indices.
Limited to emerging‑market exposure; minimal direct effect on global markets.
Counterpoint
If macro headwinds persist, the raised guidance may be overly optimistic and could lead to a pull‑back.
Key entities
- companyGrab Holdings Ltd
Southeast Asian ride‑hailing and fintech platform listed on NASDAQ.
