Grab Holdings Limited Financials

GRAB

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Grab Holdings Limited (GRAB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI GRAB FY2025 2026-04-22

Profitability finally appeared, but the clearer operating story is a cash-conversion reset as growth began consuming liquidity again.

Between FY2024 and FY2025, net income improved from -$158M to $200M while free cash flow swung from $775M to -$18M and operating cash flow fell from $852M to $79M. That gap means the first profitable year did not arrive with equally strong cash earnings; the business became more cash-hungry even as accounting profit turned positive.

The balance sheet still looks liquid rather than debt-led: cash ended FY2025 at $3.4B against only $185M of long-term debt, and debt-to-equity remained just 2.7%. But liquidity is clearly less cushioned than before, with the current ratio down to 1.7x from 2.5x in FY2024 as current liabilities expanded faster than current assets.

The multi-year pattern is a real operating improvement, not just a one-year accounting jump: revenue climbed from $1.4B in FY2022 to $3.4B in FY2025 while losses narrowed from -$1.7B to a $200M profit. Still, retained earnings stayed deeply negative at -$17.5B, which shows this business is only recently beginning to offset a long period of accumulated losses.

Financial Health Signals

Financial Profile 42/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Grab Holdings Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Grab Holdings Limited's revenue surged 20.5% year-over-year to $3.4B, reflecting rapid business expansion. This strong growth earns a score of 66/100.

Leverage

100

Grab Holdings Limited carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Grab Holdings Limited's current ratio of 1.75 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Grab Holdings Limited generated $79.0M in operating cash flow, capex of $97.0M consumed most of it, leaving -$18.0M in free cash flow. This results in a low score of 45/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Grab Holdings Limited generates a 3.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 9/100. This is up from -2.5% the prior year.

Piotroski F-Score Weak

3/9

Grab Holdings Limited passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.40x

For every $1 of reported earnings, Grab Holdings Limited generates $0.40 in operating cash flow ($79.0M OCF vs $200.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.4B

YoY+20.5%

5Y CAGR+48.4%

Grab Holdings Limited generated $3.4B in revenue in fiscal year 2025. This represents an increase of 20.5% from the prior year.

EBITDA

N/A

Net Income

$200.0M

YoY+226.6%

Grab Holdings Limited reported $200.0M in net income in fiscal year 2025. This represents an increase of 226.6% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$18.0M

YoY-102.3%

Grab Holdings Limited generated -$18.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 102.3% from the prior year.

Cash & Debt

$3.4B

YoY+15.8%

5Y CAGR+9.6%

Grab Holdings Limited held $3.4B in cash against $185.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

5.9%

YoY+11.6pp

5Y CAGR+591.2pp

Grab Holdings Limited's net profit margin was 5.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.6 percentage points from the prior year.

Return on Equity

3.0%

YoY+5.5pp

Grab Holdings Limited's ROE was 3.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$97.0M

YoY+26.0%

Grab Holdings Limited invested $97.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 26.0% from the prior year.

GRAB Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.4B+20.5%	$2.8B+18.6%	$2.4B+64.6%	$1.4B+112.3%	$675.0M+43.9%	$469.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$17.0M+41.7%	$12.0M-7.7%	$13.0M0.0%	$13.0M+160.0%	$5.0M+66.7%	$3.0M
Income Tax	$69.0M+9.5%	$63.0M+231.6%	$19.0M+216.7%	$6.0M+100.0%	$3.0M+50.0%	$2.0M
Net Income	$200.0M+226.6%	-$158.0M+67.4%	-$485.0M+72.1%	-$1.7B+51.1%	-$3.6B-29.5%	-$2.7B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GRAB Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$12.0B+28.9%	$9.3B+5.7%	$8.8B-4.1%	$9.2B-18.0%	$11.2B+105.4%	$5.4B
Current Assets	$8.1B+23.1%	$6.6B+13.8%	$5.8B+1.4%	$5.7B-34.4%	$8.7B+131.0%	$3.8B
Cash & Equivalents	$3.4B+15.8%	$3.0B-5.5%	$3.1B+60.8%	$2.0B-60.9%	$5.0B+129.7%	$2.2B
Inventory	$87.0M+47.5%	$59.0M+20.4%	$49.0M+2.1%	$48.0M+1100.0%	$4.0M+33.3%	$3.0M
Accounts Receivable	$240.0M+16.5%	$206.0M+5.1%	$196.0M+4.8%	$187.0M-26.7%	$255.0M+48.3%	$172.0M
Goodwill	$1.1B+8.4%	$975.0M+6.4%	$916.0M+1.3%	$904.0M+33.9%	$675.0M-26.1%	$913.0M
Total Liabilities	$5.2B+77.5%	$2.9B+26.7%	$2.3B-7.5%	$2.5B-20.4%	$3.2B-73.1%	$11.7B
Current Liabilities	$4.6B+78.5%	$2.6B+75.4%	$1.5B+34.7%	$1.1B+6.9%	$1.0B+22.7%	$836.0M
Long-Term Debt	$185.0M+48.0%	$125.0M+0.8%	$124.0M-18.4%	$152.0M+50.5%	$101.0M+405.0%	$20.0M
Total Equity	$6.8B+6.4%	$6.4B-1.8%	$6.5B-2.8%	$6.7B-17.0%	$8.0B+227.4%	-$6.3B
Retained Earnings	-$17.5B-0.7%	-$17.3B-3.5%	-$16.8B-3.0%	-$16.3B-13.0%	-$14.4B-37.3%	-$10.5B

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Total Assets	$12.0B+7.5%	$11.1B+19.9%	$9.3B+9.8%	$8.5B-3.7%	$8.8B+6.0%	$8.3B-9.6%	$9.2B-18.0%	$11.2B
Current Assets	$8.1B-1.7%	$8.2B+25.2%	$6.6B+19.6%	$5.5B-4.9%	$5.8B+10.6%	$5.2B-8.3%	$5.7B-34.4%	$8.7B
Cash & Equivalents	$3.4B-11.5%	$3.9B+30.9%	$3.0B+21.1%	$2.4B-22.0%	$3.1B+37.5%	$2.3B+16.9%	$2.0B-60.9%	$5.0B
Inventory	$87.0M+16.0%	$75.0M+27.1%	$59.0M+22.9%	$48.0M-2.0%	$49.0M+8.9%	$45.0M-6.3%	$48.0M+1100.0%	$4.0M
Accounts Receivable	$240.0M-8.4%	$262.0M+27.2%	$206.0M+2.0%	$202.0M+3.1%	$196.0M-45.9%	$362.0M+93.6%	$187.0M-26.7%	$255.0M
Goodwill	$1.1B+1.8%	$1.0B+6.5%	$975.0M+6.7%	$914.0M-0.2%	$916.0M+0.3%	$913.0M+1.0%	$904.0M+33.9%	$675.0M
Total Liabilities	$5.2B+9.2%	$4.8B+62.5%	$2.9B+38.7%	$2.1B-8.6%	$2.3B+22.2%	$1.9B-24.3%	$2.5B-20.4%	$3.2B
Current Liabilities	$4.6B+6.1%	$4.4B+68.3%	$2.6B+41.6%	$1.8B+23.8%	$1.5B+37.4%	$1.1B-1.9%	$1.1B+6.9%	$1.0B
Long-Term Debt	$185.0M+28.5%	$144.0M+15.2%	$125.0M+5.9%	$118.0M-4.8%	$124.0M-8.8%	$136.0M-10.5%	$152.0M+50.5%	$101.0M
Total Equity	$6.8B+6.2%	$6.4B+0.2%	$6.4B+0.1%	$6.3B-1.9%	$6.5B+1.2%	$6.4B-4.0%	$6.7B-17.0%	$8.0B
Retained Earnings	-$17.5B+0.7%	-$17.6B-1.4%	-$17.3B-1.4%	-$17.1B-2.1%	-$16.8B-0.5%	-$16.7B-2.4%	-$16.3B-13.0%	-$14.4B

GRAB Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$79.0M-90.7%	$852.0M+890.7%	$86.0M+110.8%	-$798.0M+16.4%	-$954.0M-48.4%	-$643.0M
Capital Expenditures	$97.0M+26.0%	$77.0M+8.5%	$71.0M+22.4%	$58.0M	N/A	N/A
Free Cash Flow	-$18.0M-102.3%	$775.0M+5066.7%	$15.0M+101.8%	-$856.0M	N/A	N/A
Investing Cash Flow	-$782.0M-238.5%	-$231.0M-112.3%	$1.9B+276.2%	-$1.1B+61.5%	-$2.8B-857.3%	-$288.0M
Financing Cash Flow	$1.1B+242.0%	-$771.0M-0.1%	-$770.0M+31.4%	-$1.1B-117.1%	$6.6B+316.1%	$1.6B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GRAB Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	5.9%+11.6pp	-5.7%+14.9pp	-20.6%+100.9pp	-121.4%+405.3pp	-526.7%+58.6pp	-585.3%
Return on Equity	3.0%+5.5pp	-2.5%+5.0pp	-7.5%+18.6pp	-26.1%+18.2pp	-44.3%	N/A
Return on Assets	1.7%+3.4pp	-1.7%+3.8pp	-5.5%+13.5pp	-19.0%+12.8pp	-31.8%+18.6pp	-50.4%
Current Ratio	1.75-0.8	2.53-1.4	3.90-1.3	5.19-3.3	8.46+4.0	4.49
Debt-to-Equity	0.030.0	0.020.0	0.020.0	0.02+0.0	0.01+0.0	-0.00
FCF Margin	-0.5%-28.2pp	27.7%+27.1pp	0.6%+60.4pp	-59.7%	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.75-0.1	1.88-0.6	2.53-0.5	3.00-0.9	3.90-0.9	4.85-0.3	5.19-3.3	8.46
Debt-to-Equity	0.030.0	0.020.0	0.020.0	0.020.0	0.020.0	0.020.0	0.02+0.0	0.01
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Grab Holdings Limited's annual revenue?

Grab Holdings Limited (GRAB) reported $3.4B in total revenue for fiscal year 2025. This represents a 20.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Grab Holdings Limited's revenue growing?

Grab Holdings Limited (GRAB) revenue grew by 20.5% year-over-year, from $2.8B to $3.4B in fiscal year 2025.

Is Grab Holdings Limited profitable?

Yes, Grab Holdings Limited (GRAB) reported a net income of $200.0M in fiscal year 2025, with a net profit margin of 5.9%.

How much debt does Grab Holdings Limited have?

As of fiscal year 2025, Grab Holdings Limited (GRAB) had $3.4B in cash and equivalents against $185.0M in long-term debt.

What is Grab Holdings Limited's net profit margin?

Grab Holdings Limited (GRAB) had a net profit margin of 5.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Grab Holdings Limited's return on equity (ROE)?

Grab Holdings Limited (GRAB) has a return on equity of 3.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Grab Holdings Limited's free cash flow?

Grab Holdings Limited (GRAB) generated -$18.0M in free cash flow during fiscal year 2025. This represents a -102.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Grab Holdings Limited's operating cash flow?

Grab Holdings Limited (GRAB) generated $79.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Grab Holdings Limited's total assets?

Grab Holdings Limited (GRAB) had $12.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Grab Holdings Limited's capital expenditures?

Grab Holdings Limited (GRAB) invested $97.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Grab Holdings Limited's current ratio?

Grab Holdings Limited (GRAB) had a current ratio of 1.75 as of fiscal year 2025, which is generally considered healthy.

What is Grab Holdings Limited's debt-to-equity ratio?

Grab Holdings Limited (GRAB) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Grab Holdings Limited's return on assets (ROA)?

Grab Holdings Limited (GRAB) had a return on assets of 1.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Grab Holdings Limited's Piotroski F-Score?

Grab Holdings Limited (GRAB) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Grab Holdings Limited's earnings high quality?

Grab Holdings Limited (GRAB) has an earnings quality ratio of 0.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Grab Holdings Limited?

Grab Holdings Limited (GRAB) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.