Grab reports Q3 profit up 5% at US$18 million, raises full-year guidance
[SINGAPORE] Grab announced a 5 per cent increase in Q3 2026 earnings to US$18 million from US$17 million in Q3 2025 on Tuesday (Nov 3).
Revenue also rose 27 per cent in Q3 2026 to US$1.1 billion from US$873 million the previous year.
Operating profit rose 297 per cent to US$108 million in the quarter from US$27 million previously on revenue growth across all business segments and was partially offset by increases in revenue costs and net impairment losses on financial assets.
“We delivered a record 57 million monthly transacting users on our platform this quarter, despite the elevated fuel prices and macroeconomic headwinds across the region,” said Anthony Tan, CEO and co-founder, Grab.
By segment
Delivery revenue grew 21 per cent to US$561 million in Q3 2026 from US$465 million in Q3 2025. This was driven by the expansion in gross merchandise value (GMV) for food and groceries to US$4.5 billion in Q3 2026 from US$3.7 billion in Q3 2025 and improving monetisation of the advertising businesses.
Users of Grab’s loyalty programme, GrabUnlimited, have contributed 35 per cent of deliveries GMV and transact about three times more frequently than non-subscribers, said Alex Hungate, chief operating officer of Grab.
“This loyal, high-frequency user base is the natural springboard for our retail adjacencies,” he added.
Mobility revenue grew 10 per cent to US$349 million in the quarter from US$317 million the prior year. The growth was driven by increases in GMV, monthly transacting users and transactions.
Financial services revenue surged 124 per cent to US$201 million in Q3 2026 from US$90 million in Q3 2025. This was mostly driven by increased lending across GrabFin and the digital banks, including the consolidation of Indonesian Superbank in June, and the acquisition of Stash at the start of the quarter.
The financial services segment’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) turned positive for the first time in Q3 2026 at US$12 million compared to a loss of US$28 million in Q3 2025.
GXS’ credit card users increased their transaction frequency and spending by over 25 per cent after their first transaction, said Hungate. In Indonesia, Superbank has served 8.5 million customers as at end-September, up 73 per cent year on year, and its loan book grew 265 per cent driven by volume from Grab.
“In Malaysia, GXBank FlexiCredit disbursals grew 169 per cent year on year as it reaches users inside the Grab app, where the data we see across the ecosystem sharpens our underwriting,” he added.
Total loans disbursed grew 115 per cent to US$1.9 billion in Q3 2026. The gross loan portfolio increased 200 per cent to US$2.7 billion in the quarter from US$903 million the year before. Non-performing loans stood at 2.6 per cent as at end-September.
Grab measures loans on a lending risk-adjusted margin basis, said Hungate. The margin stood at 7 per cent in Q3 2026, and is expected to reach 10 to 12 per cent, he added.
The loan portfolio mix is shifting towards Grab’s digital banks, which are funded by low-cost deposits. The fastest-growing lending products have the heaviest provisioning, said Hungate, as Grab reserves it at disbursement.
“As interest income builds against those reserves, we expect provisioning to normalise and margins to rise,” he added.
Grab’s proposed acquisition of Atome would take this strategy further, said Hungate. Atome will provide a consumer lending scale that would take years to build, an established network of over 30,000 merchants and a proven underwriting engine. The two companies are still working together even with the acquisition in the backdrop.
“In October, we launched our partnership with Atome in Indonesia, embedding their cash lending capabilities into Grab, and we are moving quickly to build more products together,” said Hungate.
Customers’ deposits across GXS Bank, GXBank, and Superbank hit $2.7 billion at the end of Sept 2026.
Grab will incur a US$60 million break fee as part of the rejection by Taiwan’s Fair Trade Commission of its proposed acquisition of foodpanda Taiwan. The expense has no impact on the guidance for 2026.
The company is raising its full year guidance for 2026 on the back of these results, revenue is guided to come in between US$4.15 billion to US$4.2 billion with a 23 per cent to 25 per cent growth. Previously Grab guided revenue for 2026 to come in between US$4.1 billion to US$4.15 billion on the back of 22 per cent to 23 per cent growth.
Adjusted Ebitda for 2026 is now forecasted to come in between US$790 million to US$800 million with a 58 per cent to 60 per cent growth. This was an increase from US$720 million to US$740 million with a 44 per cent to 48 per cent growth rate in an earlier guidance.
