Grab Raises 2026 Outlook as Q3 Revenue Climbs 27% to $1.11B and Adjusted EBITDA Jumps 73%

Grab (GRAB) reported third-quarter 2026 revenue of $1.112 billion, up 27% from a year earlier (30% in constant currency), and adjusted EBITDA of $237 million, up 73%. The Southeast Asian ride-hailing, delivery and financial services company raised its full-year 2026 revenue and adjusted EBITDA outlook as monthly transacting users reached a record 57.2 million. Regulators in Taiwan, however, rejected its planned purchase of foodpanda Taiwan, which triggers a $60 million termination fee in the fourth quarter.

Third-quarter results

By our calculation, revenue rose about 11.5% from the second quarter's $997 million and adjusted EBITDA rose about 41% from $168 million, while monthly transacting users added about 3.3 million from 53.9 million.

Segments

Financial Services is the fastest-growing line. Gross loans tripled to $2.71 billion, with a 2.6% nonperforming loan ratio and credit-loss reserves equal to 6.5% of loans. By our calculation, Financial Services was about 18% of group revenue.

Raised 2026 guidance

By our calculation, the revenue midpoint rose about $50 million, or 1.2%, to $4.175 billion, and the adjusted EBITDA midpoint rose about $65 million, or 8.9%, to $795 million.

Cash and buybacks

Grab reported about $5 billion of net cash liquidity and trailing 12-month adjusted free cash flow of $533 million, nearly double a year earlier. It repurchased $400 million of shares in September and October.

The Taiwan setback

Grab agreed in March to buy Delivery Hero's foodpanda Taiwan business for about $600 million in cash. Taiwanese regulators rejected the deal, so Grab will book a $60 million termination fee in the fourth quarter, which it excludes from adjusted EBITDA.

What to watch

• Call commentary. Management's view on Deliveries margins, Mobility demand and the pace of Financial Services lending.
• Credit quality. Whether the 2.6% nonperforming ratio holds as the loan book grows.
• Capital use. Pace of repurchases and use of the roughly $5 billion liquidity after the Taiwan deal fell through.
• Q4 costs. The $60 million termination fee against the raised outlook.
• Related coverage. See our reports on Fabrinet, Lattice and Tempus AI.

Sources: Grab's investor relations site and its SEC filings. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.

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