Record revenue of $3.37B and first full-year net profit underscore the platform’s deepening integration into daily life.

The 77% Reach Metric in Context

Grab’s super-app reached 77% of adult smartphone users in Singapore in 2025, a penetration rate that positions the platform as the dominant digital utility in a city-state with near-universal smartphone adoption. For investors and market observers, this figure signals that the super-app model can achieve quasi-monopoly-level reach in mature, high-connectivity markets. Singapore’s contribution of $727 million in revenue during 2025—second only to Malaysia among Grab’s markets—demonstrates that this extensive reach translates directly into monetisation. The 77% penetration among adult smartphone users is particularly significant given that Singapore’s smartphone penetration among adults exceeds 95%, making it one of the world’s most saturated mobile markets. Grab has effectively become the default digital platform for a substantial majority of the country’s economically active population, embedding itself across ride-hailing, food delivery, payments, and logistics use cases.

Record Revenue and First Full-Year Net Profit

Grab posted record annual revenue of $3.37 billion in 2025, a 20% year-on-year increase that reflects sustained growth across its service verticals. The company also achieved its first full-year net profit, a milestone that validates the long-term viability of the super-app model after years of heavy investment in market share and service expansion. In the first quarter of 2025 alone, Grab reported $773 million in revenue and $10 million in net profit, according to unaudited financial results—indicating that profitability is now embedded in the operating model, rather than driven solely by year-end adjustments.

The revenue trajectory since 2020 illustrates the scale of Grab’s expansion. Revenue grew from $469 million in 2020 to $675 million in 2021, then nearly doubled to $1.43 billion in 2022, climbed to $2.36 billion in 2023, and reached $3.37 billion in 2025—representing a compound annual growth rate of approximately 48% across the period for which data is available. The progression underscores not only top-line growth but also improving unit economics as the platform scales.

Revenue ($B)Source: Orionmano Industries

Country-Level Revenue Breakdown Highlights Regional Dynamics

Malaysia remained Grab’s largest market in 2025, contributing $1.04 billion in revenue—the only country where the company exceeded the billion-dollar threshold. This marks a continuation of Malaysia’s position as the top revenue generator from 2022 through 2025, reflecting deep market penetration and strong cross-service adoption among Malaysian users. Singapore followed with $727 million, demonstrating that the city-state’s smaller population base can still produce substantial revenue through high per-user spending and the 77% penetration rate among adult smartphone users.

Indonesia contributed $715 million in 2025, a figure that reflects the platform’s ability to monetise in the region’s largest economy, though per-capita revenue remains lower than in Singapore and Malaysia. The Philippines generated $316 million, Thailand $288 million, and Vietnam $255 million. The revenue distribution highlights a diversified portfolio across Southeast Asia’s six largest economies, with no single market contributing more than 31% of total revenue (Malaysia’s share is approximately 31% of $3.37 billion). This geographic diversification provides a buffer against regulatory or macroeconomic volatility in any one country.

$BSource: Orionmano Industries

Super-App Strategy Fosters Cross-Service Engagement

Grab’s super-app model—integrating ride-hailing, food delivery, digital payments, and logistics into a single platform—drives user retention and increases the average revenue per user by offering multiple transaction opportunities within one interface. The strategy is particularly effective in Southeast Asia, where consumers have leapfrogged desktop internet usage and are highly receptive to mobile-first, multi-service platforms.

Evidence of this cross-service engagement can be seen in Grab’s market share performance. In seafood delivery services across Southeast Asia, Grab holds a 55% market share, with a 6.8% year-on-year increase. This level of dominance in a specialised vertical demonstrates how the super-app infrastructure—including logistics networks, payment integration, and user trust—enables rapid scaling into adjacent categories. Food delivery, ride-hailing, and payments remain the core pillars, but the platform’s expansion into logistics and financial services is creating additional revenue streams and increasing the switching costs for users considering alternative apps.

As Grab continues to deepen its super-app integration, further penetration in other Southeast Asian markets and cross-service engagement remain the primary growth levers for 2026 and beyond. With Malaysia, Singapore, and Indonesia already generating strong revenue, the opportunity exists to increase per-user transaction frequency in markets such as the Philippines, Thailand, and Vietnam. The combination of record revenue, first-time full-year profitability, and near-universal reach in Singapore provides a validated blueprint for expansion in the region’s less mature digital economies.