Grab Holdings (GRAB) financial statements
Grab Holdings reported revenue of $3.4B in fiscal 2025, up 48.4% a year over 5 years.
Net income was $268M and the operating margin 1.9%, against 356.2% in 2019.
Free cash flow was -$44M, and the company returned $274M in net buybacks.
The diluted share count rose 2629% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Grab Holdings's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | -$845M | $469M | $675M | $1.4B | $2.4B | $2.8B | $3.4B |
| Cost of revenue | $1.3B | $963M | $1.1B | $1.4B | $1.5B | $1.6B | $1.9B |
| Gross profit | -$2.2B | -$494M | -$395M | $77M | $860M | $1.2B | $1.5B |
| Research and development | $231M | $257M | $356M | $465M | $421M | $410M | $428M |
| Selling, general and admin | $304M | $326M | $544M | $646M | $550M | $512M | $459M |
| Operating income | -$3.0B | -$1.3B | -$1.6B | -$1.4B | -$519M | -$168M | $65M |
| Interest expense | $1.1B | $1.4B | $1.7B | $166M | $99M | $106M | $71M |
| Pre-tax income | -$4.0B | $2.7B | $3.6B | -$1.7B | -$466M | -$95M | $269M |
| Income tax | $7M | $2M | $3M | $6M | $19M | $63M | $69M |
| Net income | -$3.7B | -$2.6B | -$3.4B | -$1.7B | -$434M | -$105M | $268M |
| EPS (diluted) | -$24.31 | -$14.39 | -$6.39 | -$0.44 | -$0.11 | -$0.03 | $0.06 |
| Diluted shares | 154M | 181M | 540M | 3.81B | 3.89B | 4.00B | 4.21B |
| 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% |
| Net margin | 443.4% | -556.1% | -511.0% | -117.4% | -18.4% | -3.8% | 8.0% |
Balance sheet
Fiscal years, from Grab Holdings's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | $2.2B | $5.0B | $2.0B | $3.1B | $3.0B | $3.4B |
| Receivables | — | $172M | $255M | $187M | $196M | $206M | $240M |
| Inventory | — | $3M | $4M | $48M | $49M | $59M | $87M |
| Total current assets | — | $3.8B | $8.7B | $5.7B | $5.8B | $6.6B | $8.1B |
| Property, plant and equipment | $534M | $384M | $441M | $492M | $512M | $567M | $831M |
| Total assets | — | $5.4B | $11.2B | $9.2B | $8.8B | $9.3B | $12.0B |
| Total current liabilities | — | $836M | $1.0B | $1.1B | $1.5B | $2.6B | $4.6B |
| Long-term debt | — | $111M | $2.0B | $1.2B | $668M | $241M | $373M |
| 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 |
| Net debt | — | -$1.9B | -$2.8B | -$587M | -$2.3B | -$2.6B | -$1.4B |
Cash flow
Fiscal years, from Grab Holdings's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.1B | -$643M | -$954M | -$798M | $86M | $852M | $79M |
| Capital spending | $42M | $18M | $12M | $74M | $92M | $113M | $123M |
| Free cash flow | -$2.2B | -$661M | -$966M | -$872M | -$6M | $739M | -$44M |
| Stock-based compensation | $34M | $54M | $357M | $412M | $304M | $279M | $241M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$226M | -$274M |
| Net borrowing | -$69M | -$98M | $1.8B | -$910M | -$649M | -$515M | -$67M |
| Free cash flow margin | 254.9% | -140.9% | -143.1% | -60.9% | -0.3% | 26.4% | -1.3% |
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Open GRAB in InvestinglyQuestions
What was Grab Holdings's revenue in 2025?
$3.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Grab Holdings generate?
-$44M in fiscal 2025 (operating cash flow minus capital spending).
From Grab Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.