Revenue reached $955.0 million in 2026Q1 with gross margins stabilizing at 43.4%, signaling successful scaling of the multi-vertical ecosystem.
| Sales/Revenue | 3.55B | 3.37B | 2.8B | 2.36B | 1.43B | 675M | 469M | -845M |
| Revenue Growth % | 21.8% | 20.49% | 18.57% | 64.62% | 112.3% | 43.92% | 155.5% | - |
| Cost of Goods Sold | 2.01B | 1.91B | 1.62B | 1.5B | 1.36B | 1.07B | 963M | 1.32B |
| COGS % of Revenue | - | 56.8% | 58.03% | 63.54% | 94.63% | 158.52% | 205.33% | -156.21% |
| Gross Profit | 1.55B | 1.46B | 1.17B | 860M | 77M | -395M | -494M | -2.17B |
| Gross Margin % | 43.54% | 43.2% | 41.97% | 36.46% | 5.37% | -58.52% | -105.33% | 256.21% |
| Gross Profit Growth % | - | 24.02% | 36.51% | 1016.88% | 119.49% | 20.04% | 77.18% | - |
| Operating Expenses | 1.34B | 1.25B | 1.34B | 1.38B | 1.45B | 1.16B | 804M | 845M |
| OpEx % of Revenue | - | 37.21% | 47.98% | 58.46% | 101.19% | 171.85% | 171.43% | -100% |
| Selling, General & Admin | 856M | 826M | 836M | 843M | 924M | 785M | 477M | 542M |
| SG&A % of Revenue | - | 24.51% | 29.89% | 35.74% | 64.48% | 116.3% | 101.71% | -64.14% |
| Research & Development | 428M | 428M | 410M | 421M | 465M | 356M | 257M | 231M |
| R&D % of Revenue | - | 12.7% | 14.66% | 17.85% | 32.45% | 52.74% | 54.8% | -27.34% |
| Other Operating Expenses | 1000K | 0 | 96M | 115M | 61M | 19M | 70M | 72M |
| Operating Income | 204M | 202M | -168M | -519M | -1.37B | -1.55B | -1.3B | -3.01B |
| Operating Margin % | 5.74% | 5.99% | -6.01% | -22% | -95.81% | -230.37% | -276.76% | 356.21% |
| Operating Income Growth % | - | 220.24% | 67.63% | 62.2% | 11.7% | -19.8% | 56.88% | - |
| EBITDA | 395M | 379M | -21M | -374M | -1.22B | -1.21B | -911M | -2.36B |
| EBITDA Margin % | 11.12% | 11.25% | -0.75% | -15.85% | -85.35% | -179.26% | -194.24% | 279.64% |
| EBITDA Growth % | 1061.76% | 1904.76% | 94.38% | 69.42% | -1.07% | -32.82% | 61.45% | - |
| D&A (Non-Cash Add-back) | 191M | 177M | 147M | 145M | 150M | 345M | 387M | 647M |
| EBIT | 290M | 202M | -54M | -367M | -1.57B | -1.85B | -1.31B | -2.93B |
| Net Interest Income | 107M | 169M | 146M | 98M | -58M | -1.68B | -1.44B | -977M |
| Interest Income | 205M | 240M | 187M | 197M | 107M | 26M | 53M | 76M |
| Interest Expense | 98M | 71M | 41M | 99M | 165M | 1.7B | 1.49B | 1.05B |
| Other Income/Expense | 166M | 67M | 73M | 53M | -361M | -2B | -1.45B | -971M |
| Pretax Income | 370M | 269M | -95M | -466M | -1.73B | -3.55B | -2.74B | -3.98B |
| Pretax Margin % | 10.41% | 7.98% | -3.4% | -19.75% | -121% | -526.22% | -584.86% | 471.12% |
| Income Tax | 60M | 69M | 63M | 19M | 6M | 3M | 2M | 7M |
| Effective Tax Rate % | 16.22% | 25.65% | -66.32% | -4.08% | -0.35% | -0.08% | -0.07% | -0.18% |
| Net Income | 379M | 268M | -105M | -434M | -1.68B | -3.45B | -2.61B | -3.75B |
| Net Margin % | 10.67% | 7.95% | -3.75% | -18.4% | -117.45% | -510.96% | -556.08% | 443.43% |
| Net Income Growth % | 1547.83% | 355.24% | 75.81% | 74.21% | 51.2% | -32.25% | 30.4% | - |
| Net Income (Continuing) | 310M | 200M | -158M | -485M | -1.74B | -3.56B | -2.75B | -3.99B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 17M | 29M | -48M | 19M | 54M | 286M | 105M | 67M |
| EPS (Diluted) | 0.09 | 0.06 | -0.03 | -0.11 | -0.44 | -0.92 | -0.66 | -0.95 |
| EPS Growth % | 848.35% | 342.21% | 76.09% | 75% | 52.17% | -39.39% | 30.53% | - |
| EPS (Basic) | - | 0.07 | -0.03 | -0.11 | -0.44 | -0.92 | -0.66 | -0.95 |
| Diluted Shares Outstanding | 4.44B | 4.21B | 4B | 3.89B | 3.81B | 3.74B | 3.95B | 3.95B |
| Basic Shares Outstanding | 4.09B | 4.09B | 4B | 3.89B | 3.81B | 3.74B | 3.95B | 3.95B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Regulatory and competitive pressure
According to recent financial disclosures, GRAB has maintained a consistent growth trajectory, with quarterly revenue reaching $955.0 million in 2026Q1, representing a 23.5% year-over-year increase that suggests the company is successfully scaling its multi-vertical ecosystem despite a maturing Southeast Asian digital services market.
The consistent double-digit revenue growth indicates that the superapp strategy is effectively capturing wallet share across mobility and delivery segments. Investors should monitor whether this growth remains organic or if it requires increasing promotional intensity to defend market share against regional competitors.
As reported in the company's income statements, GRAB has stabilized its gross margin at approximately 43.4% as of 2026Q1, reflecting a significant improvement from the 39.7% levels observed in early 2024, which suggests enhanced pricing power and more efficient management of marketplace incentives.
The expansion of gross margins implies that the platform is successfully reducing its reliance on heavy subsidies to drive transaction volume. This structural shift is critical for long-term profitability, though it remains sensitive to fuel price volatility and competitive pricing dynamics in the delivery sector.
Based on the provided quarterly data, GRAB has successfully transitioned to positive operating income, reaching $75.0 million in 2026Q1, which demonstrates that operating expenses are now scaling at a slower rate than gross profit, signaling a pivot toward disciplined overhead management and improved platform efficiency.
The shift from operating losses to consistent profitability suggests that the company has moved past its most capital-intensive growth phase. The ability to maintain this leverage will depend on management's continued success in containing SG&A costs while scaling the higher-margin financial services segment.
Financial statements indicate that GRAB's net income has turned consistently positive, reaching $136.0 million in 2026Q1, a trend supported by a notable reduction in stock-based compensation expenses compared to the peak levels of $94.0 million observed in the first quarter of 2024.
The reduction in stock-based compensation suggests a more disciplined approach to labor costs and a focus on shareholder value. Investors should continue to scrutinize the gap between GAAP net income and adjusted figures to ensure that non-operating items do not mask underlying operational performance.
While recent figures show improvement, the competitive landscape in Southeast Asia remains intense, and as noted in regulatory filings, potential shifts in gig-worker classification could structurally increase labor costs, threatening the sustainability of the current 7.9% operating margin achieved in the most recent quarter.
Short-term profitability gains may be vulnerable if regulatory bodies mandate higher benefits or insurance contributions for drivers. The market should remain cautious about whether the current margin expansion is truly structural or merely a temporary result of reduced promotional spending that could be reversed by new entrants.
Quick answers to the most common questions about buying GRAB stock.
For fiscal year 2025, Grab Holdings Limited (GRAB) reported total revenue of $3.37B.
Grab Holdings Limited (GRAB) is profitable, generating $268.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.0%.
Grab Holdings Limited (GRAB) reported an operating income of $202.0M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Grab Holdings Limited (GRAB) generated $1.46B in gross profit for the year, representing a gross profit margin of 43.2%. This demonstrates the company's core pricing power and production efficiency.