Grab Holdings Limited (GRAB) Earnings
Grab Holdings Limited is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.01. GRAB has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +79.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.02 | $0.03 | +59.8% | $955M | +3.6% |
| Feb 11, 2026 | $0.01 | $0.04 | +286.1% | $906M | -1.8% |
| Nov 4, 2025 | $0.01 | $0.01 | -27.5% | $873M | -0.1% |
| Jul 31, 2025 | $0.01 | $0.01 | +0.0% | $819M | -5.1% |
| Apr 30, 2025 | $0.01 | $0.01 | +60.3% | $773M | +1.1% |
| Feb 20, 2025 | $0.01 | $0.01 | +6.2% | $764M | +1.1% |
| Aug 15, 2024 | $-0.01 | $-0.01 | -27.7% | $664M | -1.5% |
| May 15, 2024 | $-0.00 | $-0.03 | -900.0% | $653M | +0.8% |
| Feb 22, 2024 | $0.00 | $0.01 | +175.5% | $653M | +3.8% |
| Nov 9, 2023 | $-0.02 | $-0.02 | -9.1% | $615M | -1.3% |
| Aug 23, 2023 | $-0.05 | $-0.03 | +40.0% | $567M | +3.2% |
| May 18, 2023 | $-0.06 | $-0.06 | +0.0% | $525M | +6.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 4, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Set out to start 2026 strongly and delivered, with on-demand GMB growth, group NTUs increase, loan dispersals growth in financial services. - AI capabilities with proprietary data foundation built over 14 years, used to optimize marketplace efficiency. Driver partners using Turbo saw 23% uplift in earnings per online hour. Merchant AI assistant Mine adopted by half of active single-store merchant base, driving GMV uplift. - Autonomous vehicles: successfully transitioned private trials to full paying public operations, AIR service deployed in partnership with WeRide in Southeast Asian residential estate. - Fuel crisis: demand trends in April resilient, mobility business transactions up, deliveries business daily transacting users record high. Product innovations like group rides, Grab Unlimited to keep demand strong. Accelerate EV transition with drive-to-own programs, preferential charging rates. - Financial services: strong EBITDA improvement due to operating leverage, loan book growth, credit quality improving, ECLs as percentage of gross loan portfolio improving. - Indonesia's 8% rider commission cap: two-wheel mobility less than 6% of total mobility GMV, mobility margins expected to stabilize within historical range. - Regional corporate costs step-up due to AI infrastructure investment, early returns on AI investments seen in driver and merchant adoption and impact on earnings. - Grocery: GrabMart growing fast, NTUs and order frequency showing good signs, long-term goal to achieve sustainable economics with AI.
Guidance
Reiterated 2026 four-year guidance: group revenue of $4.04 billion to $4.10 billion and adjusted EBITDA of $700 to $720 million. Financial services segment on track for adjusted EBITDA break-even in second half of 2026. Expect mobility margins to stabilize within historical range. GrabMart expected to maintain current growth momentum and outpace Deliver's growth.
Segment performance
On-demand GMB growth accelerated to 24% year-on-year, group NTUs increased to 52 million. Loan dispersals in financial services grew 67% to exceed $1 billion for the first time. Adjusted EBITDA grew for the 17th consecutive quarter, trailing 12-month adjusted free cash flow was $489 million. Mobility transactions growth outpacing mobility GMV growth with transactions up 28% year-on-year. Merchant AI assistant Mine adopted by approximately half of active single-store merchant base, driving 15% uplift in GMV for engaged users, average advertiser spend growing 44% year-on-year. Fuel crisis has become an opportunity to accelerate EV transition. Financial services revenue growth accelerated 43% year on year and 38% on constant currency basis, loan book growth strong with improving credit quality. GrabMart is 10% of deliveries GMB, growing 1.7 times faster than food, NTUs going into grocery 2.6 times food NTU growth year-on-year, order frequency 1.8 times higher than food-only users.
Risks & headwinds
- Fuel price volatility: impact on business performance, need to manage long-term fuel risks. - Regulatory changes: like Indonesia's 8% rider commission cap, which may impact mobility GMV and margins. - Macro-economic uncertainties: impact on credit quality and loan portfolio performance.
Analyst Q&A
Q: What's the impact of the ongoing Middle East conflict and higher fuel prices across various operating countries, has it started to impact business performance in the second quarter, can you quantify the impact and what's the strategy to manage long-term fuel risks?
A: Alex said Q1 results give good foundation, demand trends in April resilient, mobility business transactions up, deliveries business daily transacting users record high. Product innovations to keep demand strong. Monitoring fuel situation closely, committed to accelerate EV transition with drive-to-own programs, preferential charging rates.
Q: For financial services segment, loan portfolio modest quarter-to-quarter growth but step improvement in segment-adjusted EBITDA, describe factors, future expectations and how to drive.
A: Alex said strong EBITDA improvement due to operating leverage, revenue growth accelerated, loan book growth strong, credit quality improving, ECLs improving. Underwriting models tested through previous shocks, continue to monitor portfolio performance, aim for healthy returns on risk-adjusted returns, reiterate second half 2026 break-even target.
Q: Indonesia's cap on rider commissions to 8%, clarify if applicable to four wheels, levers to cushion negative impact, likely impact on profitability, impact on delivery segment.
A: Alex said immediate regulatory exposure specific to two-wheel ride hailing partners, two-wheel mobility less than 6% of total mobility GMV, mobility margins expected to stabilize within historical range.
Q: In relation to 8% commission cap in Indonesia, likelihood of consolidation, shifting policy change near to medium term investment or resource and capital allocation priorities.
A: Peter said with any M&A, take into account regulatory environment, strategy for Indonesia remains fundamentally unchanged, highly disciplined in capital allocations.
Q: Given step-up in partner incentives to offset elevated fuel costs, impact on demand elasticity and near-term financial outlook for mobility, offsetting levers.
A: Alex said first quarter driver incentives peak, targeted earning support continues in second quarter, reiterate full year guidance, multiple levers available including advertising of financial services monetization, medium term may pass some costs to consumers judiciously, AI marketplace optimization used to manage incentive spend.
Q: On AI monetization, building toward merchant and driver SaaS revenue stream, what AI tools invested in this quarter.
A: Anthony said approach to AI tools is to solve everyday problems for drivers and merchant partners, building tools that create high loyalty and engagement, translated into concrete results in ecosystem.
Q: Regional corporate costs increased, how much step-up is AI infrastructure costs, how AI spend translates into cost savings.
A: Peter said step-up in regional corporate costs due to AI infrastructure investment, early returns on AI investments seen in driver and merchant adoption and impact on earnings, expect regional corporate costs to stabilize.
Q: Grab's share repurchase, impact of dilution from stock-based compensation, consider upsizing.
A: Peter said $500 million share buyback program, $400 million accelerated, share count impact to offset dilution from stock-based compensation, still $100 million left in buyback program.
Q: Grocery contribution, where GrabMart needs to be to contribute to deliveries by 2028 to underpin $1.5 billion EBITDA target, when grocery becomes margin accretive.
A: Alex said GrabMart is exciting segment, long-term goal to achieve sustainable economics with AI, expected to maintain current growth momentum and outpace Deliver's growth.
Q: Challenges in growing deposit base, consider securitizing loan book.
A: Alex said no issue in raising deposits, carefully managing level of deposits; Peter said securitization is potential tool to recycle capital, priority now is scaling lending through digital banks.
Q: Progress on food panda acquisition in Taiwan.
A: Alex said in middle of approval process for regulators, no real updates today but will provide updates as soon as further feedback is got.