Grab Holdings has come a long way since it came to the market via a SPAC deal back in 2021. Over the last few years, the Singapore-based “Super App’ company – which offers mobility, deliveries, financial services, and enterprise services across eight different countries in Asia – has grown its revenues and cash flows significantly.
Recently, Grab posted its earnings for the fourth quarter of 20251 and they showed that the company is still growing at a fast pace. Here are some highlights from the Q4 report, and a look at the company’s latest acquisition.
19% Revenue Growth in Q4
Strong growth in deliveries and mobility helped Grab post record quarterly revenue of $906 million for Q4, an increase of 19% year on year. On-demand gross merchandise value (GMV) for the period was up 21% to a record $6.1 billion, fueled by a 16% increase in On-demand monthly transacting users (MTUs).
Adjusted EBITDA for the quarter was $148 million, up 54%. Meanwhile, adjusted free cash flow was $76 million, up 10%.
For the full year, Grab’s revenue amounted to $3,307 million. This represented an increase of 20% year on year or 18% on a constant currency basis.
Adjusted EBITDA for the full year was $500 million versus $313 million in 2024. Adjusted free cash flow was $290 million compared to $162 million in 2024.
At the end of 2025, Grab had 50.5 million group MTUs. That compares to 32.7 million at the end of 2022.
On the back of this strong Q4 performance, the company announced a newly authorized $500 million share buyback program.
Source: LSEG, as of February 12, 2026
Solid Guidance
In terms of guidance, the company said that it is targeting revenue of $4.04 billion to $4.10 billion for 2026 (20-22% growth) along with adjusted EBITDA of $700 million to $720 million (40-44% growth). Looking further out, it is aiming for 20% revenue growth CAGR between 2025 and 2028 with $1.5 billion in adjusted EBITDA by 2028.
It’s worth noting that analysts at JP Morgan2 believe that this guidance could prove to be conservative. They see rising monthly transacting users as a leading indicator of platform growth and believe that on-demand earnings should see strong growth.
A New FinTech Acquisition
Now, shortly before Grab released its Q4 earnings, it announced the acquisition3 of Stash Financial, Inc. This is a US-based, AI-powered digital investing platform with over a million paying subscribers and $5 billion in AUM.
This acquisition is designed to strengthen Grab’s FinTech knowhow and help it accelerate its financial services roadmap. However, it also brings recurring, high margin subscription revenue and projected adjusted EBITDA of over $60 million by 2028.
It could turn out to be an astute deal. Today, a large percentage of Southeast Asia's population remains unbanked meaning that there’s a huge growth opportunity ahead in financial services.
Grab will make a payment for 50.1% of the equity interest at Closing at an enterprise value of US$425 million with payments for the remaining interest to be made at the fair market value over three years post-Closing. The deal values Stash at seven times projected adjusted EBITDA for 2028 versus 15 times4 for Robinhood.
Analysts’ Price Targets for GRAB Stock
As for where GRAB stock goes from here, the consensus view is that there’s a move higher on the horizon. Currently, the average price target5 is $6.80 – about 60% above the current share price.
Given this lofty price target, Grab Holdings could be a stock to watch in 2026. If analysts are right, there is significant upside to this growth stock.
Footnotes:
1Grab Press Centre, Grab Reports Fourth Quarter and 2025 Results with First Full Year Net Profit, as of February 12, 2026
2Newsfile.Refinitiv.com, as of February 12, 2026
3Grab Press Centre, Grab Accelerates Financial Services Roadmap with Acquisition of Digital Investing Platform, Stash Financial, Inc., as of February 12, 2026
4Newsfile.Refinitiv.com, as of February 12, 2026
5Investing.com, Grab Holdings Ltd (GRAB), as of February 12, 2026
