Grab Holdings’ revenue rose 20% in 2025 to a record $3.37 billion, as Southeast Asia’s biggest super app added users, lifted engagement across its platform, and kept incentives under tighter control, according to its annual report filed with the U.S. Securities and Exchange Commission and its full-year results release.
The Singapore-based company’s top line has climbed sharply from $469 million in 2020 and $675 million in 2021, before crossing $1 billion in 2022 with $1.43 billion and reaching $2.36 billion in 2023, underscoring the scale it has built across ride-hailing, food delivery, and financial services.
Malaysia remained Grab’s biggest market for a fourth straight year in 2025, generating $1.04 billion in revenue and becoming the only country in its network to contribute more than $1 billion.
Singapore followed with $727 million, narrowly ahead of Indonesia at $715 million. The Philippines contributed $316 million, while Thailand and Vietnam added $288 million and $255 million, respectively.
Grab’s annual report showed Singapore had been its top revenue market in 2020 and 2021 before Malaysia took the lead from 2022 onward.
By business segment, deliveries remained the biggest revenue driver at $1.8 billion in 2025, followed by mobility at $1.22 billion. Financial services contributed $347 million, while other activities accounted for $4 million.
The results release said deliveries revenue rose 21% year on year, mobility increased 16%, and financial services climbed 37%, helped by stronger lending contributions.
Grab posted a full-year profit of $200 million, improving by $358 million from a year earlier, driven by higher adjusted EBITDA, stronger net finance income, and lower share-based compensation expenses.
Adjusted EBITDA rose to $500 million in 2025 from $313 million in 2024. The company had announced in February that this was its first full-year net profit.
For 2026, Grab expects revenue of $4.04 billion to $4.10 billion, implying growth of 20% to 22% from 2025, as it continues pushing higher user activity and expanding services.
Still, Reuters reported last month that investors were cautious because the guidance came in slightly below Wall Street expectations, even as the company outlined plans to use AI and new services to lift profit over the next few years.
The numbers show Grab’s story is no longer just about scale, but about monetising scale more efficiently.
Deliveries still anchor the business, but mobility and financial services are becoming more important to margin expansion, especially as Grab leans on cross-selling inside one app.
Malaysia’s lead also suggests that Grab’s strongest economics are not confined to its home base of Singapore, but are increasingly tied to larger, higher-frequency regional markets.
The main question for investors now is whether Grab can sustain 20%-plus growth while defending margins in a still-competitive Southeast Asian market.