Grab

GRAB Nasdaq Passenger Ground Transportation Financials FY2019–FY2025

Grab's revenue rose 20.5% to $3.4 billion in fiscal 2025. Its operating margin was 1.9%, up from −6.0% a year earlier. Free cash flow was −$18 million, against $775 million a year earlier. It paid out $274 million in dividends and buybacks. The diluted share count rose 5.3%.

Last close · Oct 23, 2026

$2.79

2.1%

Compare

Revenue

$3.4B

20.5% vs prior year

Operating margin

1.9%

7.9 pts

Net income

$268M

Free cash flow

−$18.0M

102.3%

Return on capital

0.9%

4.2 pts

Market cap

$11.7B

Oct 23 close

P/E

—

About these figures. Grab is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.

What Grab does

No business description yet.

Legal name: GRAB HOLDINGS LIMITED
Fiscal year ends: December 31, 2025
Latest annual report: —
Accession · CIK: 0001855612-26-000020
0001855612

Revenue and margins

Grab had $3.4B of revenue in fiscal 2025, up 20.5% on the year before.

Revenue

FY19

Revenue −$845M

FY20

Revenue $469M

FY21

Revenue $675M

FY22

Revenue $1.4B

FY23

Revenue $2.4B

FY24

Revenue $2.8B

FY25

Revenue $3.4B

Margins, % of revenue

FY19

Gross 256.2%

Operating 356.2%

Net 443.4%

FCF —

FY20

Gross −105.3%

Operating −276.8%

Net −556.1%

FCF —

FY21

Gross −58.5%

Operating −230.4%

Net −511.0%

FCF —

FY22

Gross 5.4%

Operating −95.8%

Net −117.5%

FCF −59.7%

FY23

Gross 36.5%

Operating −22.0%

Net −18.4%

FCF 0.6%

FY24

Gross 42.0%

Operating −6.0%

Net −3.8%

FCF 27.7%

FY25

Gross 43.2%

Operating 1.9%

Net 8.0%

FCF −0.5%

Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income

FY19

Net income −$3.7B

FY20

Net income −$2.6B

FY21

Net income −$3.4B

FY22

Net income −$1.7B

FY23

Net income −$434M

FY24

Net income −$105M

FY25

Net income $268M

Diluted EPS

FY19

Diluted EPS −$24.31

FY20

Diluted EPS −$14.39

FY21

Diluted EPS −$6.39

FY22

Diluted EPS −$0.44

FY23

Diluted EPS −$0.11

FY24

Diluted EPS −$0.03

FY25

Diluted EPS $0.06

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)

FY19

Return on capital —

Return on equity —

Return on assets —

FY20

Return on capital —

Return on equity —

Return on assets —

FY21

Return on capital —

Return on equity −517.1%

Return on assets −41.5%

FY22

Return on capital −18.8%

Return on equity −23.5%

Return on assets −16.5%

FY23

Return on capital −7.9%

Return on equity −6.7%

Return on assets −4.8%

FY24

Return on capital −3.3%

Return on equity −1.6%

Return on assets −1.2%

FY25

Return on capital 0.9%

Return on equity 4.1%

Return on assets 2.5%

Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$18.0M in fiscal 2025, −0.5% of revenue. Cash from operations minus capital spending.

Free cash flow

FY19

Free cash flow —

FY20

Free cash flow —

FY21

Free cash flow —

FY22

Free cash flow −$856M

FY23

Free cash flow $15.0M

FY24

Free cash flow $775M

FY25

Free cash flow −$18.0M

Cash from operations vs capital spending

FY19

Cash from operations −$2.1B

Capital spending —

FY20

Cash from operations −$643M

Capital spending —

FY21

Cash from operations −$954M

Capital spending —

FY22

Cash from operations −$798M

Capital spending $58.0M

FY23

Cash from operations $86.0M

Capital spending $71.0M

FY24

Cash from operations $852M

Capital spending $77.0M

FY25

Cash from operations $79.0M

Capital spending $97.0M

Cash from operations Capital spending

Dividends, buybacks and share count

Grab returned $274M to shareholders in fiscal 2025. The diluted share count rose 5.3%.

Dividends and buybacks

FY19

Dividends $0.0M

Buybacks $0.0M

FY20

Dividends $0.0M

Buybacks $0.0M

FY21

Dividends $0.0M

Buybacks $0.0M

FY22

Dividends $0.0M

Buybacks $0.0M

FY23

Dividends $0.0M

Buybacks $0.0M

FY24

Dividends $0.0M

Buybacks $226M

FY25

Dividends $0.0M

Buybacks $274M

Dividends Buybacks

Diluted shares outstanding (annual)

FY19

Diluted shares 0.00B

FY20

Diluted shares 0.18B

FY21

Diluted shares 0.54B

FY22

Diluted shares 3.81B

FY23

Diluted shares 3.89B

FY24

Diluted shares 4.00B

FY25

Diluted shares 4.21B

Balance sheet

Cash, debt and the ratios that show how comfortably Grab can carry it.

Cash vs debt (incl. leases)

FY19

Cash —

Debt —

FY20

Cash $2.2B

Debt $391M

FY21

Cash $5.0B

Debt $2.3B

FY22

Cash $2.0B

Debt $1.5B

FY23

Cash $3.1B

Debt $918M

FY24

Cash $3.0B

Debt $487M

FY25

Cash $3.4B

Debt $3.7B

Cash Debt

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	$5.0B	$2.0B	$3.1B	$3.0B	$3.4B
Debt incl. finance leases	$2.3B	$1.5B	$918M	$487M	$3.7B
Net debt / EBITDA	—	—	—	—	1.2x
Debt / equity	0.3x	0.2x	0.1x	0.1x	0.6x
Interest coverage	−0.9x	−8.3x	−5.2x	−1.6x	0.9x
Current ratio	8.5x	5.2x	3.9x	2.5x	1.8x
Quick ratio	8.5x	5.1x	3.9x	2.5x	1.7x
Total assets	$11.2B	$9.2B	$8.8B	$9.3B	$12.0B
Total liabilities	$3.2B	$2.5B	$2.3B	$2.9B	$5.2B
Shareholders' equity	$7.7B	$6.6B	$6.4B	$6.4B	$6.7B
Net debt (− = net cash)	−$2.7B	−$470M	−$2.2B	−$2.5B	$300M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

Test	FY23	FY24	FY25
Net income is positive	✕	✕	✓
Cash from operations is positive	✓	✓	✓
Return on assets rose	✓	✓	✓
Cash from operations exceeds net income	✓	✓	✕
Debt fell relative to assets	✓	✓	✕
Current ratio rose	✕	✕	✕
Share count didn't rise	✕	✕	✕
Gross margin rose	✓	✓	✓
Revenue rose relative to assets	✓	✓	✓
F-score	6 / 9	6 / 9	5 / 9
Accruals ratio	−5.8%	−10.6%	1.8%
Altman Z''	−0.49	−1.14	−1.47

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

Company	Market cap	Growth	Op. margin	FCF margin	ROIC	P/E	F-score
Grab GRAB	$11.7B	20.5%	1.9%	−0.5%	0.9%	—	5
Lyft LYFT	$6.5B	9.2%	−3.0%	—	−12.3%	2.5x	4	Compare →
Avis Budget Group CAR	$3.6B	−1.2%	—	—	—	—	5	Compare →
Uber UBER	$136.7B	18.3%	10.7%	18.8%	19.7%	14.6x	6	Compare →
IES IESC	$4.3B	16.9%	11.4%	6.5%	50.5%	9.5x	6	Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	−$845M	$469M	$675M	$1.4B	$2.4B	$2.8B	$3.4B
Gross profit	−$2.2B	−$494M	−$395M	$77.0M	$860M	$1.2B	$1.5B
Research and development	$231M	$257M	$356M	$465M	$421M	$410M	$428M
Operating income	−$3.0B	−$1.3B	−$1.6B	−$1.4B	−$519M	−$168M	$65.0M
Interest expense	$1.1B	$1.4B	$1.7B	$166M	$99.0M	$106M	$71.0M
Pretax income	−$4.0B	$2.7B	$3.6B	−$1.7B	−$466M	−$95.0M	$269M
Income tax	$7.0M	$2.0M	$3.0M	$6.0M	$19.0M	$63.0M	$69.0M
Net income	−$3.7B	−$2.6B	−$3.4B	−$1.7B	−$434M	−$105M	$268M
Diluted EPS	−$24.31	−$14.39	−$6.39	−$0.44	−$0.11	−$0.03	$0.06
Diluted shares	0.00B	0.18B	0.54B	3.81B	3.89B	4.00B	4.21B
Cash flow
Cash from operations	−$2.1B	−$643M	−$954M	−$798M	$86.0M	$852M	$79.0M
Capital expenditure	—	—	—	$58.0M	$71.0M	$77.0M	$97.0M
Free cash flow	—	—	—	−$856M	$15.0M	$775M	−$18.0M
Depreciation and amortization	$647M	$387M	$345M	$150M	$145M	$147M	$177M
Stock-based compensation	$34.0M	$54.0M	$357M	$412M	$304M	$279M	$241M
Acquisitions	$22.0M	$3.0M	$0.0M	$168M	$0.0M	$23.0M	$100M
Share buybacks	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$226M	$274M
Dividends paid	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M
Dividends and buybacks	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$226M	$274M
Balance sheet
Cash and short-term investments	—	$2.2B	$5.0B	$2.0B	$3.1B	$3.0B	$3.4B
Total debt	—	$391M	$2.3B	$1.5B	$918M	$487M	$3.7B
Finance lease liabilities	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M	$0.0M
Current assets	—	$3.8B	$8.7B	$5.7B	$5.8B	$6.6B	$8.1B
Current liabilities	—	$836M	$1.0B	$1.1B	$1.5B	$2.6B	$4.6B
Inventory	$0.0M	$3.0M	$4.0M	$48.0M	$49.0M	$59.0M	$87.0M
Property and equipment, net	$534M	$384M	$441M	$492M	$512M	—	—
Total assets	—	$5.4B	$11.2B	$9.2B	$8.8B	$9.3B	$12.0B
Total liabilities	—	$11.7B	$3.2B	$2.5B	$2.3B	$2.9B	$5.2B
Shareholders' equity	−$4.2B	−$6.4B	$7.7B	$6.6B	$6.4B	$6.4B	$6.7B
Margins
Gross margin	256.2%	−105.3%	−58.5%	5.4%	36.5%	42.0%	43.2%
Operating margin	356.2%	−276.8%	−230.4%	−95.8%	−22.0%	−6.0%	1.9%
EBITDA margin	279.6%	−194.2%	−179.3%	−85.4%	−15.9%	−0.8%	7.2%
Net margin	443.4%	−556.1%	−511.0%	−117.5%	−18.4%	−3.8%	8.0%
FCF margin	—	—	—	−59.7%	0.6%	27.7%	−0.5%
Returns
Return on capital	—	—	—	−18.8%	−7.9%	−3.3%	0.9%
Return on capital employed	—	—	−21.1%	−15.1%	−6.8%	−2.4%	0.9%
Return on equity	—	—	−517.1%	−23.5%	−6.7%	−1.6%	4.1%
Return on assets	—	—	−41.5%	−16.5%	−4.8%	−1.2%	2.5%
Growth
Revenue growth	—	—	43.9%	112.3%	64.6%	18.6%	20.5%
FCF growth	—	—	—	—	—	5,066.7%	−102.3%
Share count change	—	117,459.7%	198.0%	606.5%	2.1%	2.6%	5.3%
Financial health
Net debt / EBITDA	—	—	—	—	—	—	1.2x
Debt / equity	—	—	0.3x	0.2x	0.1x	0.1x	0.6x
Interest coverage	−2.9x	−0.9x	−0.9x	−8.3x	−5.2x	−1.6x	0.9x
Current ratio	—	4.5x	8.5x	5.2x	3.9x	2.5x	1.8x
Quick ratio	—	4.5x	8.5x	5.1x	3.9x	2.5x	1.7x
Capital allocation
Capex / revenue	—	—	—	4.1%	3.0%	2.8%	2.9%
Stock comp / revenue	−4.0%	11.5%	52.9%	28.8%	12.9%	10.0%	7.2%
Payouts / FCF	—	—	—	—	0.0%	29.2%	—
Quality scores
Piotroski F-score	—	—	—	5.0	6.0	6.0	5.0
Altman Z''	—	−4.9	2.0	−0.7	−0.5	−1.1	−1.5
Accruals ratio	—	—	−30.0%	−8.7%	−5.8%	−10.6%	1.8%

Source: SEC EDGAR XBRL filings (CIK 0001855612). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.