Grab’s Q1 2026 earnings surges 466.7 per cent to US$136 million

[SINGAPORE] Super app Grab reported a 466.7 per cent jump in earnings for Q1 2026 to US$136 million from US$24 million in Q1 2025.

This was driven by higher revenue and a change in fair value of financial assets and liabilities.

Revenue for Q1 2026 was higher at US$955 million from US$773 million a year prior. This was driven by growth across Grab’s on-demand and financial services segments.

Total incentives stood at US$650 million during Q1 2026, as on-demand incentives as a proportion of on-demand gross merchandise value (GMV) grew by 46 basis points to 10.5 per cent. This was due to higher partner incentives to meet festive demand and support earnings of drivers due to higher fuel costs across South-east Asia.

Regional corporate costs grew by US$26 million to US$114 million in Q1 2026 driven by increases in inflationary staff costs, cloud and software costs.

In this quarter Grab recognised US$95 million in net change in fair value of financial assets and liabilities compared to a negative of US$23 million in Q1 2025.

The deliveries segment reported a 17 per cent growth in Q1 2026 revenue to US$510 million from US$415 million in Q1 2025. This was driven mainly by GMV growth and momentum in the advertising business despite seasonal softness associated with Lunar New Year and Ramadan festive periods.

Deliveries GMV grew 25 per cent to US$3.9 billion in Q1 2026 from US$3.1 billion in Q1 2025. This was fuelled by increase in deliveries transactions, monthly transacting users (MTU) and GMV per MTU.

In the mobility segment Q1 2026 revenue grew 19 per cent to US$337 million from US$282 million in Q1 2025. This was due to growth in GMV and mobility MTUs and transactions.

Mobility GMV grew 23 per cent to US$2.2 billion in Q1 2026 from US$1.8 billion in Q1 2025. Transaction growth continues to outpace GMV growth, growing 28 per cent in Q1 2026.

Driver supply grew 16 per cent y-o-y in Q1 2026 to hit a record high, and Grab deployed targeting earnings support for drivers to maintain the supply amid elevated fuel costs. The super app is accelerating its expansion of its elective vehicle ecosystem through strategic partnerships with fleet owners and fuel operators.

In the financial services segment, Q1 2026 revenue grew 43 per cent to US$107 million from US$75 million in Q1 2025. This was driven by increased contributions from lending from both Grabfin and the digital banks.

The Gross loan portfolio 130 per cent to US$1.4 billion in Q1 2026 from US$625 million in Q1 2205. Total loans disbursed grew 67 per cent to hit a record high of US$1.1 billion in Q1 2026.

Customer deposits across GXS Bank in SIngapore and GX Bank in Malaysia remained stable quarter-on-quarter at US$1.6 billion at the end of Q1 2026.

Grab’s 2026 revenue forecast of between US$4.04 billion to US$4.1 billion at a 20 per cent to 25 per cent growth remains unchanged. Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) forecast for 2026 also remains unchanged at US$700 million to US$720 million at a 40 per cent to 44 per cent growth rate.

“As we look ahead to the rest of the year, we remain committed to delivering durable, profitable growth while standing shoulder-to-shoulder with our communities — leaning deeply into AI to outserve our users with hyper-personalized experiences, while simultaneously unlocking more sustainable earnings opportunities for our ecosystem partners,” said Anthony Tan, CEO and co-founder of Grab.