Grab reports 22% YoY increase in Q3 revenue to US$873M, achieves positive operating profit

Ride-hailing giant Grab just announced its Q3 2025 results, reporting a 22% year-over-year (YoY) revenue increase to US$873 million from US$716 million in the previous corresponding period.

This is driven by growth across Grab’s On-Demand and Financial Services segments, the company stated in a media release published today (Nov 4).

Grab also reported an operating profit of US$27 million in the quarter, reversing from a loss of US$38 million in Q3 2024 and an improvement of US$65 million YoY—primarily driven by revenue increases, improvements in Adjusted EBITDA margins, and disciplined cost management.

On-Demand gross merchandise value grew 24% YoY to about US$5.8 billion, which was underpinned by strong YoY growth in On-Demand monthly transacting users and the total number of On-Demand transactions at 16% and 27% respectively.

Revenue for Financial Services grew 39% YoY to US$90 million in the third quarter of 2025, which was mainly driven by increased contributions from lending across GrabFin and its digibanks. Lending through these two revenues also continued to gain traction, with total loans disbursed growing by 56% YoY to US$886 million during the third quarter.

Grab has increased provisions for expected credit losses in line with disbursals growth, resulting in increased losses in Segment Adjusted EBITDA by 8% YoY to negative US$28 million, as it scaled its lending businesses across GrabFin and Digibanks during the third quarter.

Charles Wong, CEO of GXS Bank. / Image Credit: GXS Bank

Customer deposits in GXS Bank (Singapore) and GX Bank (Malaysia) grew 20% YoY to US$1,311 million in the third quarter, but declined 15% quarter-on-quarter from US$1,543 million in the previous corresponding period. Grab explained that the sequential decline reflects its move to proactively manage funding costs across its digibanks and align deposit rates with the prevailing interest rate environment.

The company also noted that while total deposits declined sequentially, the number of total deposit customers across GXS Bank (Singapore) and GX Bank (Malaysia) reached another all-time high at the end of the third quarter, indicating the continued momentum of its digital banks.

Anthony Tan, Group CEO and co-founder of Grab, stated that the company will continue to prioritise innovation to fuel profitable growth in its core On-Demand business, while making disciplined investments to accelerate growth in Financial Services and explore Autonomous Vehicle (“AV”) and Remote Driving opportunities.

“We now expect full-year Group revenue to come in at US$3.38 billion to US$3.40 billion from our prior range of US$3.33 billion to US$3.40 billion, and are also upgrading our full-year Adjusted EBITDA guidance to US$490 million to US$500 million from US$460 million to US$480 million,” wrote Peter Oey, Chief Financial Officer of Grab.

• Read the full statement by Grab here.
• Read more stories we’ve written on Singaporean businesses here.

Featured Image Credit: Grab