Revenue growth accelerated to 21.7% YoY in 2026Q2 with gross margin expanding 390 bps to 43.6% since 2024Q1, though operating margin remains razor-thin at 1.9% and net income of $252M is inflated by non-operating items.
Grab Holdings Limited (GRAB) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 3.73B | 3.37B | 2.8B | 2.36B | 1.43B | 675M | 469M | -845M |
| Revenue Growth % | 21.45% | 20.49% | 18.57% | 64.62% | 112.3% | 43.92% | 155.5% | - |
| Cost of Goods Sold | 2.1B | 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 | 1.63B | 1.46B | 1.17B | 860M | 77M | -395M | -494M | -2.17B |
| Gross Margin % | 43.63% | 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 | 1.37B | 1.23B | 1.23B | 1.25B | 1.37B | 1.16B | 804M | 845M |
| OpEx % of Revenue | - | 36.62% | 43.94% | 52.86% | 95.74% | 171.85% | 171.43% | -100% |
| Selling, General & Admin | 883M | 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 | 417M | 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 | -20M | -17M | -17M | -17M | 19M | 70M | 72M |
| Operating Income | 258M | 222M | -55M | -387M | -1.29B | -1.55B | -1.3B | -3.01B |
| Operating Margin % | 6.92% | 6.59% | -1.97% | -16.41% | -90.37% | -230.37% | -276.76% | 356.21% |
| Operating Income Growth % | - | 503.64% | 85.79% | 70.12% | 16.72% | -19.8% | 56.88% | - |
| EBITDA | 464M | 399M | 92M | -242M | -1.15B | -1.21B | -911M | -2.36B |
| EBITDA Margin % | 12.44% | 11.84% | 3.29% | -10.26% | -79.9% | -179.26% | -194.24% | 279.64% |
| EBITDA Growth % | 160.67% | 333.7% | 138.02% | 78.86% | 5.37% | -32.82% | 61.45% | - |
| D&A (Non-Cash Add-back) | 206M | 177M | 147M | 145M | 150M | 345M | 387M | 647M |
| EBIT | 631M | 340M | -54M | -367M | -1.57B | -1.85B | -1.31B | -2.93B |
| Net Interest Income | 426M | 169M | 146M | 98M | -58M | -1.68B | -1.44B | -977M |
| Interest Income | 539M | 240M | 187M | 197M | 107M | 26M | 53M | 76M |
| Interest Expense | 113M | 71M | 41M | 99M | 165M | 1.7B | 1.49B | 1.05B |
| Other Income/Expense | 260M | 47M | -40M | -79M | -439M | -2B | -1.45B | -971M |
| Pretax Income | 518M | 269M | -95M | -466M | -1.73B | -3.55B | -2.74B | -3.98B |
| Pretax Margin % | 13.88% | 7.98% | -3.4% | -19.75% | -121% | -526.22% | -584.86% | 471.12% |
| Income Tax | -7M | 69M | 63M | 19M | 6M | 3M | 2M | 7M |
| Effective Tax Rate % | -1.35% | 25.65% | -66.32% | -4.08% | -0.35% | -0.08% | -0.07% | -0.18% |
| Net Income | 596M | 268M | -105M | -434M | -1.68B | -3.45B | -2.61B | -3.75B |
| Net Margin % | 15.97% | 7.95% | -3.75% | -18.4% | -117.45% | -510.96% | -556.08% | 443.43% |
| Net Income Growth % | 436.94% | 355.24% | 75.81% | 74.21% | 51.2% | -32.25% | 30.4% | - |
| Net Income (Continuing) | 525M | 200M | -158M | -485M | -1.74B | -3.56B | -2.75B | -3.99B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 437M | 29M | -48M | 19M | 54M | 286M | 105M | 67M |
| EPS (Diluted) | 0.14 | 0.06 | -0.03 | -0.11 | -0.44 | -0.92 | -0.66 | -0.95 |
| EPS Growth % | 349.68% | 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 | 4.17B | 4.21B | 4B | 3.89B | 3.81B | 3.74B | 3.95B | 3.95B |
| Basic Shares Outstanding | 4.08B | 4.09B | 4B | 3.89B | 3.81B | 3.74B | 3.95B | 3.95B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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 $222.0M, resulting in an operating profit margin of 6.6%. 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.
Key Metrics
Top Statement Risk
Financial services credit losses
Revenue Growth Accelerates on Regional Scale
Grab's revenue grew 21.7% YoY in 2026Q2, accelerating from 17.0% in 2024Q4, driven by multi-vertical expansion and cross-selling, as reported in the latest quarterly data.
The sequential acceleration from 17.0% to 21.7% YoY over six quarters suggests that the superapp ecosystem is gaining traction, with each vertical lowering acquisition costs for others. The growth appears durable as it is broad-based across Mobility, Delivery, and Financial Services, though the contribution from each segment is not disclosed. Investors should monitor whether this pace can be sustained as the base grows and competition intensifies.
Gross Margin Expansion Reflects Pricing Power
Gross margin improved from 39.7% in 2024Q1 to 43.6% in 2026Q2, a 390 bps expansion, indicating reduced incentive intensity and improved take rates, per the income statement data.
The steady climb in gross margin from 39.7% to 43.6% suggests that Grab is successfully reducing consumer and merchant incentives without sacrificing growth, a sign of growing brand loyalty and marketplace liquidity. This margin expansion is critical as it provides a buffer for the still-thin operating margins, which have swung from -11.5% to +1.9% over the same period. The gap between gross and operating margins remains wide, implying that SG&A and R&D costs are still elevated, but the trend is favorable.
Operating Leverage Emerges as Costs Stabilize
Operating income swung from -$75M in 2024Q1 to +$19M in 2026Q2, with SG&A as a percentage of revenue declining from 30.3% to 24.2%, indicating improving overhead efficiency, based on reported figures.
The transition from negative to positive operating income is a clear inflection, driven by revenue growth outpacing cost growth. SG&A has grown at a slower pace than revenue, suggesting that Grab is leveraging its fixed cost base across a larger revenue stream. However, R&D spending has been volatile, with a spike in 2026Q1 to $120M, which may indicate investment in new initiatives that could pressure margins if not managed. The operating margin of 1.9% in 2026Q2 is still thin, but the trajectory suggests further expansion is possible.
Net Income Volatility Masks Underlying Progress
Net income swung from -$104M in 2024Q1 to +$252M in 2026Q2, but the 25.3% net margin in 2026Q2 appears inflated by non-operating items, as operating income was only $19M, per the income statement.
The large gap between operating income and net income in 2026Q2 suggests that non-operating gains, possibly from fair value changes or tax benefits, are boosting reported profitability. This raises questions about the sustainability of net income, as core operations are barely profitable. Investors should focus on operating income and adjusted EBITDA for a clearer picture of underlying earnings power. The absence of SBC in 2026Q2 is notable, as it was $45-80M in prior quarters, which may indicate a change in accounting or a one-time adjustment.
Cost Discipline Drives Margin Recovery
COGS as a percentage of revenue fell from 60.3% in 2024Q1 to 56.4% in 2026Q2, while SG&A as a percentage of revenue dropped from 30.3% to 24.2%, indicating improved cost control, as reported in the financials.
The reduction in COGS ratio suggests that Grab is achieving better unit economics, possibly through improved driver utilization and lower incentive payouts. SG&A efficiency is also improving, but R&D spending has been inconsistent, with a spike in 2026Q1 that may reflect investment in AI or financial services. The overall cost structure is becoming more disciplined, but the company must continue to manage these costs as it scales, especially in the face of regulatory changes that could increase labor costs.
2024Q1 Marks the Turn to Profitability
The period from 2024Q1 to 2026Q2 saw operating income improve from -$75M to +$19M, a swing of $94M, marking a clear inflection point, as per the quarterly income statement data.
The inflection is evident in the steady improvement in operating income from -$75M in 2024Q1 to positive territory by 2025Q1, with only a minor dip in 2026Q2. This was driven by a combination of revenue growth and margin expansion, as the company shifted from a land-grab strategy to a focus on unit economics. The lasting impact is that Grab has demonstrated its ability to operate profitably, which may reduce the need for external capital and support future investments. However, the sustainability of this inflection depends on maintaining growth while controlling costs.
Margin Compression Risks from Competition and Regulation
Despite recent improvements, operating margin of 1.9% in 2026Q2 is razor-thin, and any increase in incentives or regulatory costs could push it back to negative, as seen in 2024Q3, per the income statement.
The narrow operating margin leaves little room for error. If competition intensifies, particularly in the delivery segment, Grab may need to increase incentives, which would compress margins. Additionally, regulatory changes regarding gig worker benefits in Singapore and Malaysia could raise costs. The financial services segment also poses a risk, as credit losses could offset gains from core operations. Investors should monitor these factors closely, as they could reverse the recent profitability trend.