Grab Holdings $GRAB (+2,27%) reported its first quarter 2026 results on May 5, 2026 and showed a robust financial performance that was in stark contrast to investor sentiment. Despite year-on-year revenue growth of 24% and a 46% increase in adjusted EBITDA, the stock fell 0.82% to USD 3.64 in after-hours trading, hovering near its 52-week low of USD 3.48.
The Southeast Asian super app operator proved resilient in its core businesses, with particular strength in the financial services segment, although seasonal pressures from Ramadan and the Chinese New Year impacted usual demand patterns.
Highlights of the quarterly performance
As the following overview of key financial metrics shows, Grab achieved significant growth in several dimensions in the first quarter.
The company reported revenue of USD 955 million, representing year-on-year growth of 24% (19% at constant exchange rates). Gross merchandise volume (GMV) in the on-demand segment reached USD 6.13 billion, an increase of 24% year-on-year and 21% on a constant currency basis. The number of monthly active users rose to 51.6 million, an increase of 16% compared to the same period last year.
Adjusted EBITDA reached USD 154 million, representing the 17th consecutive quarter of growth for this metric. The EBITDA margin improved to 16.2 % of sales, compared with 13.7 % in the prior-year quarter. Of particular note, adjusted free cash flow was positive at USD 98 million, compared to a negative USD 101 million in the first quarter of 2025. Adjusted free cash flow for the last twelve months reached USD 489 million.
The following chart illustrates the year-on-year development of Grab's primary financial ratios.
Analysis of segment performance
Grab's delivery business maintained its strong momentum, with the following key performance indicators demonstrating the health of the segment.
The Delivery Services segment generated revenue of USD 510 million, up 23% year-on-year, while GMV grew by 25% to USD 3.91 billion. Adjusted segment EBITDA improved by 40% to USD 88 million, representing 2.3% of GMV, compared to 2.0% in the previous year. The company noted that the number of daily active users in April 2026 exceeded the seasonal highs of December 2025, indicating continued user engagement beyond typical peak periods.
The mobility segment proved resilient despite regional fuel price increases, as illustrated in the following performance overview.
Revenue in the Mobility segment reached USD 337 million, up 19% year-on-year, with GMV increasing by 23% to USD 2.22 billion. The segment's adjusted EBITDA grew by 24% to USD 198 million and maintained a solid margin of 8.9% in relation to GMV. Operational data showed that weekly average daily transportation volume increased 32% in April 2026 compared to April 2025, while active driver partners' online hours increased 19% over the same period.
Financial services developed into Grab's fastest growing segment, as the following key figures show.
The segment's revenue increased by 43% year-on-year to USD 107 million, while the gross loan portfolio more than doubled, growing by 130% to USD 1.44 billion. Importantly, the segment's adjusted EBITDA loss decreased by 45% to USD -17 million. This corresponds to an improvement from -41.1 % of sales to -15.7 % and signals a clear path towards profitability.
Operational dynamics
Despite seasonal challenges, Grab's key operating figures showed sustained growth. The following chart shows the development of user engagement in the delivery segment.
The lending business in the financial services segment showed a particularly strong acceleration, as the trends in quarterly lending illustrate.
Loan originations reached USD 1.05 billion in the first quarter of 2026, an increase of 67% year-on-year, which corresponds to an annualized rate of USD 4.2 billion. Management emphasized that credit risk continues to be managed prudently as the business scales and pointed out that expected credit losses as a percentage of the gross loan portfolio had improved year-on-year.
The mobility business proved resilient to fuel price pressures in the region, with the following data demonstrating stable driver supply and sustained demand.
Strategic initiatives
At its GrabX event, the company unveiled several new product features designed to enhance the user experience and encourage long-term engagement. These included "Group Rides", which allows up to four passengers to share a ride and split the fare, "Travel Pay", which enables local QR code payments for tourists and travelers, and "Consumer Maps" (GrabMaps), which provides enhanced navigation and discovery features for restaurants, stores and other places of interest.
Management highlighted ongoing investments in artificial intelligence infrastructure, including the launch of 'Turbo' driving mode, which reportedly increased driver revenue by 23%. However, these AI investments contributed to increased regional corporate costs, which rose to USD 114 million from USD 86 million in the prior-year quarter.
Financial position & outlook
Grab had a strong balance sheet as of March 31, 2026 with net liquidity of USD 4.99 billion. This represents a slight decrease from the USD 5.37 billion reported at the end of 2025, but is significantly higher than the USD 5.86 billion reported a year earlier. The company's gross liquidity amounted to USD 6.93 billion, while loans and borrowings amounted to USD 1.95 billion.
The company confirmed its guidance for the full year 2026, forecasting revenue of between USD 4.04 billion and USD 4.10 billion, representing year-on-year growth of 20% to 22%. The forecast for adjusted EBITDA remained unchanged at USD 700 million to USD 720 million, which implies growth of 40% to 44%. Management is confident that the Financial Services segment will reach break-even in adjusted EBITDA in the second half of 2026.
The following slide outlines the company's unchanged outlook for the full year.
