Grab Holdings Limited (NASDAQ:GRAB) shares plunged 9.2% on Tuesday after the Southeast Asian super app reported third-quarter results that topped revenue estimates but showed weaker-than-expected profit growth.
The company posted revenue of $873 million for the quarter ended September 30, 2025, slightly ahead of analyst expectations of $870.64 million and up 22% year-over-year (or 17% on a constant currency basis). However, net profit came in at just $17 million, only $2 million higher than the same period last year — a modest gain that fell short of investor hopes for stronger earnings expansion.
On-Demand GMV — combining the Mobility and Deliveries segments — rose 24% year-over-year to $5.8 billion, while Adjusted EBITDA surged 51% to $136 million. The company also reported Adjusted Free Cash Flow of $283 million on a trailing twelve-month basis.
“This quarter marks another vital step forward in our journey, not just in financial performance, but in how we are building a more resilient, technology-driven platform for the long term,” said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.
In its segment breakdown, Deliveries revenue climbed 23% year-over-year to $465 million, while Mobility revenue increased 17% to $2.04 billion in GMV. The Financial Services division delivered the strongest growth, with revenue up 39% to $90 million, supported by rising lending activity.
Grab raised its full-year revenue outlook to between $3.38 billion and $3.40 billion, up from its prior range of $3.33 billion to $3.40 billion. The company also increased its Adjusted EBITDA guidance to $490–$500 million, compared with $460–$480 million previously.
Despite the solid revenue growth and upgraded guidance, investors reacted negatively to the limited profit improvement, sending shares sharply lower as concerns persisted about the company’s ability to translate its expanding business scale into stronger bottom-line gains.