GRAB
Grab Holdings Limited
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Grab Holdings Limited.
Coverage
Grab's Cash Flow Turned Positive. Its Record Profit Barely Came From Operations.
Grab's Q2: free cash flow back above zero at $39M, gross margin holding at 43.63% — and $235M of profit sitting on $19M of operating profit.
Grab Tripled Its Gross Margin and Still Cannot Hold Free Cash Flow Above Zero
Our first article on Grab, hours before it reports: growth holding in the low-20s, gross margin tripled since 2023, free cash flow still crossing zero.
Grab Q4 2025 earnings: Revenue $906M, EPS $0.04
Record quarterly revenue up 19% YoY. Fourth consecutive profitable quarter. Gross margins improved to 44%.
Grab reports Q3 2025 earnings
Revenue $873M (+22% YoY), EPS $0.01. Continued growth in deliveries and financial services segments.
Grab achieves profitability milestone
Reports second consecutive quarter of GAAP profitability. CEO Anthony Tan calls it 'a new chapter' for the company.
Grab expands financial services across Southeast Asia
Launches new lending products and insurance offerings. GrabFin segment now serves 35M+ users.
Where the revenue goes next
Latest: $997M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $525M |
| 2023Q2 | $567M |
| 2023Q3 | $615M |
| 2023Q4 | $653M |
| 2024Q1 | $653M |
| 2024Q2 | $664M |
| 2024Q3 | $716M |
| 2024Q4 | $764M |
| 2025Q1 | $773M |
| 2025Q2 | $819M |
| 2025Q3 | $873M |
| 2025Q4 | $906M |
| 2026Q1 | $955M |
| 2026Q2 | $997M |
Latest: $0.06 (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | -$0.06 |
| 2023Q2 | -$0.03 |
| 2023Q3 | -$0.02 |
| 2023Q4 | $0.01 |
| 2024Q1 | -$0.03 |
| 2024Q2 | -$0.01 |
| 2024Q3 | $0.01 |
| 2024Q4 | $0.01 |
| 2025Q1 | $0.01 |
| 2025Q2 | $0.01 |
| 2025Q3 | $0.01 |
| 2025Q4 | $0.04 |
| 2026Q1 | -$0.01 |
| 2026Q2 | $0.06 |
Latest: 37.7 (2026Q2)
| Period | Value |
|---|---|
| 2025Q1 | 226.5 |
| 2025Q2 | 125.8 |
| 2025Q3 | 150.5 |
| 2025Q4 | 71.3 |
| 2026Q1 | 73.2 |
| 2026Q2 | 37.7 |
Latest: $39M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | -$162M |
| 2023Q2 | -$65M |
| 2023Q3 | $299M |
| 2023Q4 | -$54M |
| 2024Q1 | -$22M |
| 2024Q2 | $258M |
| 2024Q3 | $315M |
| 2024Q4 | $224M |
| 2025Q1 | $57M |
| 2025Q2 | $55M |
| 2025Q3 | -$154M |
| 2025Q4 | $23M |
| 2026Q1 | -$69M |
| 2026Q2 | $39M |
Latest: 4.08B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | 3.89B |
| 2023Q2 | 3.90B |
| 2023Q3 | 3.91B |
| 2023Q4 | 3.92B |
| 2024Q1 | 3.95B |
| 2024Q2 | 3.96B |
| 2024Q3 | 4.03B |
| 2024Q4 | 4.07B |
| 2025Q1 | 4.12B |
| 2025Q2 | 4.08B |
| 2025Q3 | 4.09B |
| 2025Q4 | 4.09B |
| 2026Q1 | 4.09B |
| 2026Q2 | 4.08B |
Latest: $744M (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | -$162M |
| 2023Q2 | -$227M |
| 2023Q3 | $72M |
| 2023Q4 | $18M |
| 2024Q1 | -$4M |
| 2024Q2 | $254M |
| 2024Q3 | $569M |
| 2024Q4 | $793M |
| 2025Q1 | $850M |
| 2025Q2 | $905M |
| 2025Q3 | $751M |
| 2025Q4 | $774M |
| 2026Q1 | $705M |
| 2026Q2 | $744M |
Latest earnings
Company History
Founded as MyTeksi in Malaysia by Harvard Business School classmates Anthony Tan and Hooi Ling Tan to solve taxi safety issues.
Receives major investment from SoftBank, enabling aggressive expansion across Southeast Asia.
Pivots from taxi-booking to super-app model. Launches GrabPay, GrabFood, and financial services.
Acquires Uber's Southeast Asian operations in exchange for 27.5% stake. Becomes undisputed regional leader in ride-hailing.
Goes public via largest-ever SPAC merger ($40B valuation) with Altimeter Growth Corp. Stock initially struggles post-IPO.
Digital banking joint venture with Singtel expands to Malaysia. Signals serious push into financial services.
Achieves four consecutive quarters of GAAP profitability, proving the super-app model can work at scale in emerging markets.
Key Players
The CEO view — 4 podcasts, interviews & articles →
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Funds we follow holding GRAB
By latest reported 13F position value. Market value at quarter-end, not cost basis.
