Shares of Grab Holdings surged 10.1% to $3.15 in pre-market trading after the Southeast Asian super-app delivered a Q3 earnings report that beat expectations on nearly every metric — and raised full-year guidance for the second time this year. The question now: whether a stock still trading more than 50% below its 52-week high of $6.24 has finally turned a corner.
Every Division Is Making Money for the First Time
All three core segments — Mobility, Deliveries, and Financial Services — achieved profitability simultaneously for the first time in company history.
The financial services arm posted $12 million in adjusted EBITDA , a stark reversal from a $28 million loss a year ago. Financial services revenue surged 124% year over year to $201 million , powered by lending expansion and bank consolidation. This matters because it validates Grab's long-held argument that its ride-hailing and delivery users could be cross-sold banking products at scale.
The Profit Acceleration Is Outpacing Revenue Growth
Adjusted EBITDA margin improved to 21.3% of revenue, expanding 565 basis points from 15.6% a year earlier.
CEO Anthony Tan noted that adjusted EBITDA has now expanded for 19 consecutive quarters. Revenue of $1.112 billion beat consensus by roughly $40 million, while adjusted EBITDA of $237 million crushed the Street's $197 million estimate. When profits grow nearly three times faster than sales, it signals the company is extracting more from each transaction — the clearest sign yet that Grab's spending-heavy growth phase is winding down.
The Raised Outlook Signals Confidence, but Q4 Spending Will Rise
Grab lifted full-year revenue guidance to $4.15–$4.20 billion (23–25% growth) and adjusted EBITDA to $790–$800 million (58–60% growth), up from a prior range of $720–$740 million.
Management also reiterated a 2028 target of $1.7 billion in adjusted EBITDA. However, Grab warned of increased Q4 spending on driver supply, seasonal demand, and newer products, along with continued fuel-cost pressure.
A $60 million regulatory break fee will also land in Q4.
$500 Million in Buybacks Still Ahead
Grab plans to complete the remaining $500 million of its share-repurchase program within 12 months , a meaningful cushion for a company whose market cap hovers around $12 billion. With $5 billion in net cash, Grab has dry powder — but investors must weigh whether Southeast Asia's macro headwinds and rising lending risk can slow this trajectory before the 2028 targets come into view.