GRAB
Grab Holdings Limited
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Grab Holdings Limited.
Grab Holdings Limited operates a superapp platform in Southeast Asia offering mobility, deliveries, and digital financial services. Mobility includes ride-hailing and mobility-adjacent services; deliveries include food and groceries; financial services include payments, lending, and insurance offerings in partnership with licensed entities. The company connects consumers, driver- and merchant-partners across multiple countries in the region.
Coverage
Grab's CEO Sold 16.8 Million Shares at $4.50. He Bought 10.35 Million Back at $2.89.
Anthony Tan's own filings record 16,813,128 shares sold for $75.6m since June 2023. On 21 September he bought 10,350,000 back for $29,876,310.
Grab's New 2028 Target Adds $1.58bn of Revenue. Atome's Own Figures Cover $470m to $800m of It Before Growing.
Grab's 30%+ CAGR puts 2028 revenue $1.58bn above its February path. Atome's own figures, $470m revenue and an $800m run-rate, cover 30% to 51% before growth.
Grab Will Add 40 Robotaxis Over Six Months. It Added 212 Ordinary Taxis in the Six Months to July.
Grab takes its Punggol fleet from 10 cars to 50. At 20 trips a day that is 0.16% of Singapore's 634,000 daily rides, and 5.3x slower than GrabCab grew.
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.
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 |
|---|---|
| 2023Q4 | n/m |
| 2024Q1 | n/m |
| 2024Q2 | n/m |
| 2024Q3 | n/m |
| 2024Q4 | n/m |
| 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.
