GRAB · Forward model · Mobility
What has to happen in Mobility
Model as of
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Mobility
Basis quarter$331M
Final quarter$650M
Implied CAGR+14%
Final revenue mix28%
Ride-hailing and taxi across eight countries, plus GrabRentals and the GrabCab fleet. The profit engine and the slowest grower: $331m of revenue and $191m of Segment Adjusted EBITDA, a 57.7% margin on revenue and 8.6% of GMV. Same disclosure as Deliveries, so the driver is GMV times take rate - but here the take rate is falling, from 15.63% to 14.95% over six quarters, and revenue fell sequentially in the basis quarter for the first time.
Last four quarters
2025 Q3
$317M
Reported
2025 Q4
$325M
Reported
2026 Q1
$337M
Reported
2026 Q2
$331M
Reported
Ride-hailingTaxi and GrabCabGrabRentalsAdvertising attributed to Mobility
Units
2214/qtr
growing +3.5% per quarter
Mobility GMV, $2,214M in the June quarter, down $9m sequentially. Units are millions of dollars of GMV.
Price per unit
$149503
drifting −0.1% per quarter
Revenue per $1M of GMV: a 14.950% take rate, the lowest in the six-quarter series.
Mobility
Latest: $650M (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | $282M |
| 2025Q2 | $295M |
| 2025Q3 | $317M |
| 2025Q4 | $325M |
| 2026Q1 | $337M |
| 2026Q2 | $331M |
| 2026Q3E | $342M |
| 2026Q4E | $354M |
| 2027Q1E | $365M |
| 2027Q2E | $378M |
| 2027Q3E | $391M |
| 2027Q4E | $404M |
| 2028Q1E | $418M |
| 2028Q2E | $432M |
| 2028Q3E | $447M |
| 2028Q4E | $462M |
| 2029Q1E | $478M |
| 2029Q2E | $495M |
| 2029Q3E | $512M |
| 2029Q4E | $530M |
| 2030Q1E | $548M |
| 2030Q2E | $567M |
| 2030Q3E | $587M |
| 2030Q4E | $607M |
| 2031Q1E | $628M |
| 2031Q2E | $650M |
Assumptions & reasoning
- Autonomous vehicles are deliberately not a vertical. Grab discloses no AV revenue, and an autonomous trip that replaces a human one already sits inside this GMV, so a separate line would count the same trip twice. Anthony Tan said on the Q2 2026 call that Grab aims to launch its first revenue-generating point-to-point AV service in Punggol, Singapore in Q4 2026; it lives in the margin glide and the scenarios, nowhere else.
- The Q2 2026 sequential decline is small in dollars - $6m of revenue on $9m of GMV - but it is the first in the series and it arrives with the lowest take rate in the series. The model does not smooth it over: the price drift stays negative for years.
- Grab does not publish Mobility trips, fares or Mobility MTUs as levels, only YoY growth rates, so GMV is the only per-segment volume that exists as a number. Transactions grew 28% YoY against GMV's 18%, which is the affordability push in one comparison.
- In April 2026 Grab was awarded the inaugural International Cross-border Ride-hail Service Operator Licence between Singapore and Johor. No revenue has been attached to it by the company and none is assumed here.