Ride-hailing, delivery, and financial services drove growth; full-year adjusted EBITDA hit a record $313 million.

Revenue Growth Across Segments

Grab Holdings reported total revenue of $2.77 billion for the full year ended December 31, 2024, a 19% increase from $2.35 billion in FY2023. The growth was driven by robust performance across ride-hailing, delivery, and financial services, with on-demand gross merchandise value (GMV) expanding 16% year-on-year to $18.36 billion.

On a constant currency basis, revenue growth accelerated to 21% year-on-year, exceeding the company's guidance range of 17–18% YoY growth. Fourth-quarter 2024 revenue hit an all-time high of $764 million, up 17% year-on-year (15% on a constant currency basis), according to the company's earnings release.

Segment performance in the fourth quarter was broad-based: Mobility revenue rose 19% year-on-year (17% constant currency), driven by sustained growth in Mobility monthly transacting users (MTUs), transactions, and average order frequency. Deliveries revenue increased 13% year-on-year (10% constant currency), supported by growth in Deliveries MTUs and transaction volumes. Deliveries GMV growth accelerated to 13% YoY, or 16% on a constant currency basis, compared to 4% YoY growth in 2023.

Financial services revenue posted the strongest proportional growth, rising 44% year-on-year (46% constant currency) to $253 million for the full year. In Q4 2024, financial services revenue grew 38% year-on-year (36% constant currency) to $74 million. The expansion was primarily attributed to increasing contributions from Grab's lending business across GrabFin and its digital banks.

Profitability Milestone

Grab achieved a record full-year adjusted EBITDA of $313 million in FY2024, at the upper end of the company's guidance range. This marked a significant improvement from the prior year and demonstrated the company's ability to scale profitably.

Net loss improved 67% to $158 million, down from $476 million in FY2023. The improvement was attributed to gains in Group Adjusted EBITDA, alongside lower restructuring costs and share-based compensation expenses. Non-cash expenses included $279 million in share-based compensation and $147 million in depreciation and amortization. The company also recorded $8 million in losses from equity-accounted investees.

Operating cash flow for the full year reached $852 million, and adjusted free cash flow turned positive at $136 million—another milestone for the company, noted Chief Financial Officer Peter Oey in the earnings release. Fourth-quarter adjusted EBITDA reached an all-time high of $97 million, improving $61 million year-on-year.

Segment-level profitability also improved. Mobility Segment Adjusted EBITDA grew 19% year-on-year to $153 million in Q4 2024, driven by GMV growth and operating leverage as overhead costs declined as a percentage of GMV. Deliveries Segment Adjusted EBITDA grew 1% to $57 million, with margins declining 30 basis points year-on-year to 1.8% as the company continued to invest in growth. Financial Services Segment Adjusted EBITDA improved 45% year-on-year to negative $27 million in Q4, reflecting narrowing losses as lending revenue scaled.

Operational and User Growth

Grab's platform reached a significant operational milestone in 2024, operating in more than 400 cities across Southeast Asia—nearly double the city count from 2021, according to remarks from CEO Anthony Tan reported by The Business Times. The company is leveraging generative AI to dispatch over 90% of its rides and improve credit underwriting, while headcount has remained flat despite revenues doubling between 2022 and 2024.

Gross merchandise value in non-capital cities grew more than twice as fast as in capital cities, indicating successful geographic expansion and deepening penetration beyond metropolitan hubs.

The loan portfolio expanded 64% year-on-year to $536 million, reflecting strong traction in Grab's lending business. Customer deposits at GXS Singapore and GXBank Malaysia reached $1.6 billion at the end of Q4 2024, up from $1.2 billion previously, driven by customer growth with Grab users accounting for the majority of depositors.

Monthly transacting users reached 35.5 million in FY2023, as disclosed in Grab's Form 20-F filing, and by Q2 2025 this figure had grown to 46 million, according to the company's Q2 2025 earnings report. Fourth-quarter 2024 on-demand GMV grew 20% year-on-year (19% constant currency) to $5.0 billion, with Mobility GMV accelerating to 23% YoY growth (22% constant currency) and Deliveries GMV accelerating to 19% YoY growth (18% constant currency).

Forward Guidance and Strategic Outlook

Management's forward guidance indicates continued strong revenue growth and a clear path to sustained profitability. Grab guided FY2025 revenue to a range of $3.33 billion to $3.40 billion, representing approximately 20% year-on-year growth, with adjusted EBITDA of $440 million to $470 million.

For FY2026, the company expects revenue of $4.04 billion to $4.10 billion, representing 20–22% year-on-year growth, and adjusted EBITDA of $700 million to $720 million, implying 40–44% year-on-year growth. The guidance reflects management's confidence in scaling the platform profitably while maintaining growth momentum.

Grab also announced a $500 million share buyback plan and acquired US-based digital financial services provider Stash, signaling strategic moves to enhance shareholder value and expand its financial services capabilities beyond Southeast Asia.

Revenue ($B)Source: Orionmano Industries