Grab (GRAB) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 22% year-over-year to $997M, with adjusted EBITDA up 54% to $168M and margin expanding to 16.9% from 13.3%.

• On-demand GMV grew 21% year-over-year to $6.5B, driven by both Mobility and Deliveries; MTUs reached a record 54M, up 17% year-over-year.

• Profit for the period surged to $235M, up $215M year-over-year, aided by a one-time $307M gain from Superbank consolidation and favorable tax effects.

• Raised full-year 2026 guidance, reflecting strong H1, Superbank consolidation, and Stash acquisition.

• Board authorized a new $750M share repurchase program, raising cumulative authorization to $1.75B since 2024.

Financial highlights

• Revenue: $997M (+22% YoY); Adjusted EBITDA: $168M (+54% YoY); margin improved to 16.9% from 13.3%.

• On-demand GMV up 21% YoY to $6.5B; mobility GMV up 18%, transactions up 28%, revenue up 12%.

• Deliveries revenue up 21% YoY to $531M; GMV up 22% to $4.25B; segment adjusted EBITDA up 53% to $96M.

• Financial Services revenue up 59% YoY to $134M; gross loan portfolio up 197% YoY to $2.3B; segment adjusted EBITDA loss improved to $(15)M.

• Adjusted Free Cash Flow for Q2 was $73M, trailing twelve months at $450M; net cash liquidity at $5.4B as of June 30, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $4.10–$4.15B (22–23% YoY growth); adjusted EBITDA guidance increased to $720–$740M (44–48% YoY growth).

• Guidance incorporates Superbank and Stash consolidation, and 2-3% FX headwinds.

• Financial services expected to reach adjusted EBITDA profitability in H2 2026.

• Mobility margins expected to remain within 8.5%-9% for H2, factoring in fuel price support.