SINGAPORE — Grab Holdings has raised its full-year 2026 revenue and profit forecasts after stronger demand for ride-hailing, food delivery and other digital services helped the Southeast Asian super-app operator deliver a stronger-than-expected third quarter.
The company now expects 2026 revenue of between US$4.15 billion and US$4.20 billion, compared with its previous forecast of US$4.10 billion to US$4.15 billion.
Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) outlook has also increased to US$790 million to US$800 million, up substantially from the earlier range of US$720 million to US$740 million.
The revised outlook follows third-quarter revenue growth of 27% to US$1.112 billion and a record 57.2 million monthly transacting users.
One of the most significant developments was the financial-services division reporting its first positive quarterly adjusted EBITDA, suggesting that Grab’s expansion into lending, insurance and other financial products is beginning to contribute more meaningfully to profitability.
However, the company still faces challenges involving driver incentives, fuel costs, competition and the risks associated with expanding its financial-services business. <Cite refs={[“turn462003search5″,”turn320884search1”]}/>
Grab’s third-quarter revenue climbs 27%
For the quarter ended September 30, 2026, Grab recorded revenue of US$1.112 billion, compared with US$873 million in the same period last year.
The 27% increase exceeded the US$1.07 billion average analyst estimate compiled by LSEG.
The company’s adjusted EBITDA reached US$237 million, representing a 73% increase from US$136 million a year earlier.
Meanwhile, profit for the period stood at US$18 million, compared with US$17 million in the third quarter of 2025.
These figures measure different aspects of performance. Adjusted EBITDA is a non-IFRS operating-profitability measure, while profit for the period reflects the company’s reported accounting result.
Grab also reported adjusted free cash flow of US$286 million during the quarter. On a trailing 12-month basis, adjusted free cash flow reached US$533 million, nearly double the comparable previous-year period.
The results indicate that the company is growing its business while improving several profitability measures. <Cite refs={[“turn462003search5”]}/>
Record 57 million users strengthen Grab’s regional reach
Grab reported 57.2 million monthly transacting users in the third quarter, compared with 47.7 million during the same period in 2025.
That represents approximately 20% year-on-year growth.
The company also recorded US$6.835 billion in on-demand gross merchandise value (GMV), an 18% increase from the previous year, or 22% when measured on a constant-currency basis.
GMV represents the total value of transactions facilitated through the platform. It is not the same as revenue because Grab retains only a portion of the value generated through its services.
The increase suggests that more consumers are using the platform and that transaction activity remains strong across its core businesses.
Grab attributed the momentum partly to targeted consumer promotions, driver-partner incentives and the expansion of services beyond traditional food delivery.
Chief executive Anthony Tan said the company continued to attract more users despite elevated fuel prices and difficult economic conditions across the region. <Cite refs={[“turn320884search1″,”turn462003search5”]}/>
Deliveries business benefits from food, groceries and new shopping categories
Grab’s Deliveries division remained a major contributor to the company’s growth.
Third-quarter Deliveries revenue increased 21% year on year to US$561 million, while GMV climbed 21% to US$4.5 billion.
The company attributed the performance to growth in food and grocery transactions, as well as stronger monetisation of its advertising business.
Grab has also been expanding beyond conventional restaurant orders and grocery purchases.
Its platform now offers additional shopping categories, including pharmaceuticals and beauty products, allowing customers to use the service for more everyday purchases.
Promotional offers and bundled services have also helped encourage customers to place larger or more frequent orders.
The expansion is strategically important because it gives Grab more opportunities to generate revenue from its existing user base instead of relying exclusively on ride-hailing and restaurant deliveries.
The company must nevertheless balance promotions against the cost of acquiring and retaining customers.
Discounts can increase transactions, but their long-term value depends on whether users remain active when incentives are reduced. <Cite refs={[“turn320884search1″,”turn462003search5”]}/>
Ride-hailing demand holds up despite higher fuel costs
Grab’s Mobility division also recorded year-on-year growth.
Third-quarter Mobility revenue increased 10% to US$349 million, while GMV rose 14% to US$2.335 billion.
The number of mobility transactions increased 21%, supported by the company’s affordable service options and expansion of its active user base.
Grab also reported that active driver-partners increased 20% year on year, reaching another record.
The company said driver incentives and support programmes helped maintain the availability of drivers, even as elevated fuel prices increased operating pressure.
Electric vehicles are another part of its longer-term mobility strategy.
Grab reported that electric vehicles accounted for 18% of completed four-wheel trips across its regional operations during the third quarter, compared with 13% in the first quarter of 2026.
The transition could help reduce operating expenses for participating drivers, although vehicle financing, charging access and infrastructure remain important considerations.
The challenge is to maintain affordable fares for passengers while ensuring that drivers receive sufficient earnings after fuel, maintenance and other expenses. <Cite refs={[“turn462003search5″,”turn320884search1”]}/>
Financial services division records its first quarterly core profit
Perhaps the most important development for Grab’s longer-term strategy is the performance of its Financial Services division.
The segment generated US$12 million in adjusted EBITDA during the third quarter, compared with an adjusted EBITDA loss of US$28 million in the same period last year.
This marks its first positive quarterly adjusted EBITDA.
Grab attributed the improvement to greater adoption of loans, insurance products and other financial services among drivers and merchants using its platform.
The result is significant because financial services give Grab another potential source of income beyond transport and delivery transactions.
Through its ecosystem, the company can offer financial products to customers and business partners who already use its services.
However, the positive adjusted EBITDA figure should not be confused with the segment’s net profit or treated as proof that every financial product is profitable.
Lending businesses also carry credit risks, including the possibility that borrowers may fail to repay their loans.
Grab will need to maintain responsible lending standards and manage defaults carefully as the division expands. <Cite refs={[“turn320884search1″,”turn462003search5”]}/>
Atome acquisition could accelerate Grab’s financial-services expansion
Grab’s financial-services ambitions extend beyond its existing lending and insurance products.
In September 2026, the company announced an agreement to acquire a controlling 60% stake in Atome Financial for approximately US$1.49 billion in cash.
Atome operates across Singapore, Malaysia, the Philippines, Indonesia and Thailand, offering buy-now-pay-later services, consumer loans and other digital financial products.
The proposed acquisition is intended to strengthen Grab’s consumer-lending capabilities and provide additional opportunities to serve users and merchants across Southeast Asia.
Grab has said the transaction could support its longer-term financial-services targets, including a larger loan portfolio and higher adjusted EBITDA by 2028.
However, the acquisition is not yet a completed transaction. It remains subject to regulatory approvals and other customary conditions, with the first closing targeted for the third quarter of 2027.
The deal could expand Grab’s financial ecosystem, but it also increases the importance of credit quality, regulatory compliance and responsible lending.
WWC ONE MEDIA examined the transaction in Grab Locked 60% of Atome for $1.49B — So Why Is Close Still a 2027 Story?.
The report explains the acquisition structure, its proposed timetable and why the remaining stake will depend on a future valuation arrangement. <Cite refs={[“turn320884search2″,”turn123544search3”]}/>
Why Grab is raising its 2026 financial targets
The latest results prompted management to increase both revenue and adjusted EBITDA expectations.
The updated guidance is:
| Financial measure | Previous 2026 guidance | Updated 2026 guidance |
|---|---|---|
| Group revenue | US$4.10B–US$4.15B | US$4.15B–US$4.20B |
| Adjusted EBITDA | US$720M–US$740M | US$790M–US$800M |
The increase in adjusted EBITDA guidance is particularly notable.
It reflects stronger operating performance and the company’s expectation that improvements across its core businesses and financial-services operations will continue.
Adjusted EBITDA is not the same as net income or cash flow. It excludes certain expenses and adjustments, so investors should examine it alongside reported profit, cash generation and other financial measures.
Nevertheless, the upgraded outlook signals that Grab expects its business to become more profitable as its regional platform expands. <Cite refs={[“turn462003search5″,”turn320884search1”]}/>
Share buybacks add another dimension to Grab’s strategy
Grab is also returning capital to shareholders through its share-repurchase programme.
The company’s third-quarter disclosure said it repurchased approximately US$400 million worth of shares during September and October, leaving US$500 million under its existing authorisation.
Grab said that completing the remaining programme would bring cumulative share repurchases since 2024 to US$1.75 billion.
Share buybacks reduce the number of shares outstanding when completed and can affect per-share financial measures.
However, they also use company cash, making capital allocation an important consideration alongside acquisitions, technology investments and business expansion.
Investors will be watching whether Grab can continue funding its growth plans while maintaining adequate financial flexibility. <Cite refs={[“turn462003search5″,”turn462003search3”]}/>
Driver costs remain a challenge for the ride-hailing business
Despite stronger financial results, Grab’s operating environment remains complicated.
Higher fuel prices can increase the expenses borne by driver-partners, while consumers facing inflation may become more sensitive to ride and delivery prices.
This creates a difficult balance for ride-hailing platforms.
Drivers want sustainable earnings, customers want affordable services, and shareholders expect stronger profitability.
Grab has used incentives, fuel-related support and other programmes to encourage driver participation and maintain service availability.
But these measures can also increase operating costs.
The issue is not unique to Grab. Other regional platforms face similar pressure from drivers seeking better compensation and governments examining platform commissions and working conditions.
WWC ONE MEDIA explored this broader challenge in Grab and GoTo Face Driver Backlash Across Southeast Asia — But the Bigger Threat Is to Ride-Hailing’s Business Model.
The report examines how driver earnings, fuel expenses, government regulation and platform profitability are increasingly interconnected across Southeast Asia.
For Grab, maintaining growth will depend not only on attracting more customers but also on sustaining a reliable driver and merchant network. <Cite refs={[“turn123544search2″,”turn320884search1”]}/>
Artificial intelligence could improve efficiency and customer experience
Technology investment is another part of Grab’s strategy.
The company has been developing artificial-intelligence tools to improve its services, streamline operations and support drivers and merchants.
AI can potentially help platforms improve delivery matching, estimate demand, reduce inefficient routes and provide more relevant recommendations.
These applications may improve operating efficiency and customer experience, although their financial contribution should be assessed through measurable results rather than technology announcements alone.
Grab’s wider strategy is to use its large regional user base and transaction data to develop more efficient services across mobility, deliveries and financial products.
WWC ONE MEDIA previously explored this direction in Grab to Lean on Scale and AI to Navigate Rising Fuel Costs — What Its Strategy Means for Southeast Asia.
The report discusses how the company sees artificial intelligence, affordability and operational efficiency as important tools for navigating rising costs and competition.
What the results mean for Southeast Asia
Grab operates across eight Southeast Asian countries: Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Its services cover ride-hailing, food and grocery delivery, payments and financial products.
That regional footprint gives the company access to a large and diverse customer base, but each market has its own economic conditions, regulations and competitive pressures.
The Philippines, for example, remains an important market for app-based transport, food delivery and digital payments.
For consumers, stronger competition and improved services could mean more choices and convenience.
For drivers and delivery partners, however, the company’s continued focus on incentives, operating costs and platform efficiency will remain important.
For merchants, wider digital distribution and advertising opportunities could create additional ways to reach customers.
The challenge for Grab is ensuring that growth benefits the broader platform ecosystem while producing sustainable returns.
The Bottom Line
Grab’s third-quarter results show that its regional super-app strategy is generating stronger revenue, higher transaction volumes and progress toward profitability across its business segments.
The company raised its 2026 revenue forecast to US$4.15 billion–US$4.20 billion and its adjusted EBITDA guidance to US$790 million–US$800 million.
Record monthly transacting users, stronger delivery demand and the first positive quarterly adjusted EBITDA from its financial-services division are important milestones.
But the next stage will require more than increasing the number of users and transactions.
Grab must demonstrate that its growth can remain profitable while managing driver costs, competition, financial-services risks and the expenses associated with expanding into new markets.
The biggest question is whether Grab can turn its growing regional ecosystem into a consistently profitable business—or whether the cost of keeping millions of customers, drivers and merchants on its platform will continue to challenge its ambitions.
