The Shares Fell 27% While The Business Grew Through A Fuel Shock
Over these 12 quarters: share price $3.43 to $3.66 (+7%); operating income -176.0 to 22.0 US$ million; operating income margin -31.0% to 2.3%. One graph in actual numbers: bars are the quarter's operating income, over them the share price at quarter-end (left axis) and the operating income margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.
Grab's business grew through a fuel-price shock, yet its shares fell 27% in the quarter.
Q1 is Grab's seasonally softest quarter, and a fuel-price spike in March made it harder. Revenue still grew 24% year on year to $955 million, On-Demand GMV» grew 24% to $6.1 billion, and Adjusted EBITDA» grew 46% to $154 million, the highest of the eight quarters in this post (Grab calls it a record). The shares still fell from $4.99 to $3.66. The stock now trades in line with GoTo and below Uber on EV/revenue (see Target Valuation Range). The open question is cost: the central costs Grab keeps outside its segments grew faster than revenue, and management expects them to level off.
The fuel shock came with higher incentives, not slower growth
Grab says it raised partner incentives to meet festive demand and to support driver earnings as fuel costs rose, and growth held while the incentive bill grew faster than GMV. The press release gives both reasons, "to meet festive demand and to support earnings of our driver-partners in light of increased fuel costs across the region", so the rise is not all fuel. In March Grab launched fuel-discount programmes with partners (Seaoil, Caltex and Blu Energy in the Philippines, "to unlock fuel savings"), a Shell Fuel Card rebate through GrabFin that delivered cashback to nearly 20,000 eligible partners, and per-trip cashback; the materials do not say who funded the discounts. Partner incentives were $305 million against $215 million a year earlier (+42%) while On-Demand GMV grew 24%, and On-Demand incentives rose to 10.5% of GMV, up 46 basis points. The pattern is not new this quarter: partner incentives were already up 40% year on year in Q4 2025, before the March fuel rise ($285 million against $204 million). Mobility held its Segment Adjusted EBITDA margin at 8.9% of GMV against 8.8%, and CEO Anthony Tan said Mobility saw "some softness", particularly in the Philippines.
Costs outside the segments grew faster than revenue, and the explanations differ
The costs Grab does not charge to any segment rose 33% to $114 million, against revenue growth of 24%, the first time since at least Q3 2024 that they grew faster than revenue. They were 11.9% of revenue, against 10.6% in Q4 2025 and 11.1% a year earlier. The press release puts the rise down to "inflationary staff costs, cloud and software costs"; the CFO ties it to AI infrastructure (a tokenization stack and cloud capacity) and says the costs should "stabilize around current levels for the remainder of 2026". Neither splits the $28 million increase in dollars. The Segment Results section shows where these costs sit between the segments' profit and the group's.
The shares fell 27%, and Grab paid $400 million for its own
The shares fell 27% in the quarter to $3.66, the lowest month-end close since August 2024, and Grab used its cash to buy its own stock. In March it entered an accelerated share repurchase for $250 million and a contingent forward purchase for up to $150 million, and the cash flow statement shows $400 million paid in the quarter, taking gross cash liquidity from $7.4 billion to $6.9 billion. CFO Peter Oey called the "share price dislocation" "a clear opportunity to enhance shareholder value". The $500 million programme behind it was authorized with the Q4 2025 results on 12 February. On 23 March Grab also agreed to buy Delivery Hero's foodpanda delivery business in Taiwan for $600 million in cash, expected to close in the second half of 2026 and, in Grab's words, its first market outside Southeast Asia. The $55 million Vay Technology stake and the pending Stash Financial acquisition, both disclosed in the FY2025 20-F, got no update this quarter (see Beyond the Usual).
The Prescription
Grab should keep doing what produced this quarter. On-Demand GMV growth accelerated to 24% year on year in its seasonally softest quarter and through a fuel shock; Deliveries Segment Adjusted EBITDA margin, as a share of segment revenue, rose year on year for a fifth straight quarter (17.3% from 15.2%; as a share of GMV, 2.3% from 2.0%); and Financial Services narrowed its segment loss 45% to $17 million while the Gross Loan Portfolio» more than doubled to $1.44 billion. The $400 million repurchase, paid from a balance sheet that still holds $6.9 billion of gross cash liquidity, is a reasonable response to the lowest month-end close since August 2024.
What it should stop doing: letting the costs outside its segments rise without a split. Neither explanation of the $28 million increase to $114 million (above) puts a figure on its parts, and the promise that the costs will level off is a statement about the future; it does not say how much of the $28 million is the "tokenization stack and cloud capacity" Oey named, how much is headcount, and how much is software. A company that itemises its convertible-note items to the million (see Key Financial Metrics below) can do the same for the fastest-growing cost line it has.
Key Financial Metrics
US$ million; margin is operating income as a percent of net revenue, per quarter.
Q1 2026 vs. Q1 2025 - consolidated, reported in USD
Grab reports natively in US dollars, so no FX conversion is needed here. Management calls Q1 Grab's seasonally softest quarter: the Ramadan fasting month and Lunar New Year typically lower demand and supply, which makes this quarter's 24% GMV growth (an acceleration from Q4 2025's 21%) a genuinely stronger result than the same headline number would be in a seasonally strong quarter.
| Metric | Q1 2026 | Q1 2025 | YoY | Note |
|---|---|---|---|---|
| On-Demand GMV | $6,131M | $4,932M | +24% | +21% constant-currency; accelerated despite seasonality |
| Revenue | $955M | $773M | +24% | +19% constant-currency; highest of the 12 quarters charted above |
| Total Segment Adjusted EBITDA | $268M | $192M | +40% | Outpaced revenue growth |
| Adjusted EBITDA | $154M | $106M | +46% | Highest of the eight quarters below; CFO calls it "another all-time high"; Grab counts it as the seventeenth consecutive quarter of Adjusted EBITDA growth |
| Operating profit (IFRS) | $22M | $(21)M | NM | Swing from loss to profit; down from $52M in Q4 2025 |
| Profit for the period | $120M | $10M | NM | Includes non-cash fair-value items (below); lower than Q4 2025's $153M |
| Net cash used in operating activities | $(59)M | $73M | NM | $132M worse YoY, mostly higher loan disbursements |
| Adjusted Free Cash Flow (quarter) | $98M | $(101)M | NM | $199M swing YoY |
| Adjusted Free Cash Flow (trailing 12 months) | $489M | $157M | +211% | Highest of the trailing figures Grab has reported (from $76M in Q3 2024), up from $290M last quarter; the metric's definition changed in Q1 2025 |
Profit for the period improved $110 million YoY to $120 million, and unlike Q4 2025's finance-income-driven jump, $43 million of this quarter's improvement came from operating profit itself (a $21 million loss became a $22 million profit). Operating profit was lower than Q4 2025's $52 million, with share-based compensation up 73% from the prior quarter on the seasonal equity grants, according to the CFO. Below the operating line, CFO Oey quantified the moving pieces precisely on the call: a $163 million non-cash gain from the convertible notes' embedded-derivative fair-value adjustment (against $21 million of related interest expense), offset by a $62 million non-cash net loss from mark-to-market accounting on Grab's investment portfolio. Regional corporate costs rose to $114 million (from $86 million a year ago and $96 million last quarter), or 11.9% of revenue after a year in which they had fallen from 11.4% of revenue (Q4 2024) to 10.6% (Q4 2025); the bridge in Segment Results shows where they sit.
| Balance sheet metric | Mar 2026 | Dec 2025 | Change |
|---|---|---|---|
| Total Assets | $11,700M | $11,983M | — roughly flat |
| Total Liabilities | $5,166M | $5,226M | — roughly flat |
| Total Equity | $6,534M | $6,757M | -3% |
Gross cash liquidity fell to $6.9 billion from $7.4 billion three months ago, and net cash liquidity - gross cash liquidity less loans and borrowings - fell to $5.0 billion from $5.4 billion, reversing last quarter's rebound in a quarter in which Grab paid $400 million for its own shares (see Target Valuation Range below).
Trailing Eight Quarters
| Period | Revenue | Adjusted EBITDA | Profit/(Loss) for the Period |
|---|---|---|---|
| Q2 2024 | $664M | $64M | $(68)M |
| Q3 2024 | $716M | $90M | $15M |
| Q4 2024 | $764M | $97M | $11M |
| Q1 2025 | $773M | $106M | $10M |
| Q2 2025 | $819M | $109M | $20M |
| Q3 2025 | $873M | $136M | $17M |
| Q4 2025 | $906M | $148M | $153M |
| Q1 2026 | $955M | $154M | $120M |
Adjusted EBITDA rose from the prior quarter in each of the eight quarters in the table, including Q1, the seasonally softest, and has risen every quarter since Q3 2023's first positive Adjusted EBITDA quarter; Grab counts seventeen consecutive quarters of growth (its Q1 2025 release counted thirteen). Profit for the period settled at $120 million after Q4 2025's $153 million, the second-highest of the eight quarters shown. Both profit figures are driven by large non-cash fair-value items on the convertible notes, so operating profit ($22 million, from $(21) million) is the better guide to earnings power.
Where Q1 2026's Revenue Went
Net revenue, and how much of it was left as operating profit and net income, in one view. Figures are the same standalone-quarter figures as the metrics table.
US$ million, Q1 2026. Thin slices are drawn at a minimum height so they stay visible; the printed values and percentages are exact. Operating costs are net revenue less operating income; non-operating gains (net income above operating income) are shown as a green input.
Segment Results
Q1 2026, four reportable segments
Grab reports four segments - Deliveries, Mobility, Financial Services, and Others - unchanged since Q1 2024's restructuring.
| Segment | GMV (Q1'26) | YoY | Revenue (Q1'26) | Segment Adj. EBITDA (Q1'26) | Margin | YoY Margin |
|---|---|---|---|---|---|---|
| Deliveries | $3,908M | +25% (+22% CC) | $510M | $88M | 2.3% (of GMV) | vs 2.0% in Q1'25 |
| Mobility | $2,223M | +23% (+19% CC) | $337M | $198M | — 8.9% (of GMV) | vs 8.8% in Q1'25, roughly flat |
| Financial Services | n/a (GMV discontinued, see Gross Loan Portfolio) | — | $107M | $(17)M | (15.9)% (of revenue) | vs (40.0)% in Q1'25 |
| Others | n/a | — | $1M | $(1)M | NM | roughly flat YoY |
Not attributed to any segment. The four segments earned $268 million of Segment Adjusted EBITDA, but the group's Adjusted EBITDA was $154 million. The difference is the regional corporate costs that Grab does not charge to any segment. The table below follows the press release's reconciliation from the segments to operating profit and on to profit for the period (US$ million; a bracket is a deduction).
| Step | Q1 2026 | Q1 2025 |
|---|---|---|
| Deliveries Segment Adjusted EBITDA | 88 | 63 |
| Mobility | 198 | 159 |
| Financial Services | (17) | (30) |
| Others | (1) | less than 1 |
| Total Segment Adjusted EBITDA | 268 | 192 |
| Not attributed to any segment: regional corporate costs | (114) | (86) |
| Adjusted EBITDA (group) | 154 | 106 |
| Depreciation and amortization | (54) | (40) |
| Share-based compensation | (78) | (80) |
| Costs related to mergers and acquisitions | (2) | (2) |
| Restructuring costs | (4) | (2) |
| Legal, tax and regulatory settlement provisions | 6 (a credit) | (4) |
| Net other income | less than 1 | 1 |
| Operating profit (IFRS) | 22 | (21) |
| Net finance income (including foreign exchange) | 101 | 44 |
| Share of profit of equity-accounted investees | 1 | 1 |
| Income tax expense | (4) | (14) |
| Profit for the period | 120 | 10 |
Segment Adjusted EBITDA is the measure Grab reports for each segment. Income tax is deducted only below operating profit, in the last block; Adjusted EBITDA excludes it. The $114 million of unattributed costs (cloud computing, mapping and payment technology, shared finance, legal and human resources functions, and some marketing, per the press release's footnote) is 43% of the segments' $268 million, which is why the group figure is so much lower than the sum of the segments. The filing does not split the $114 million by item.
Deliveries
US$ million; margin is Segment Adjusted EBITDA as a percent of segment revenue, per quarter. Revenue is the segment revenue (press release); profit is the segment Adjusted EBITDA. Shows the 11 quarters the segment's definition and disclosures allow.
Deliveries GMV grew 25% YoY (22% constant-currency) to $3,908 million - an acceleration from Q4 2025's 21% YoY, the fourth straight quarter above 20% (22%, 26%, 21% and 25% since Q2 2025), achieved against the Lunar New Year/Ramadan seasonal headwind but also against a soft comparison, since Q1 2025 GMV had grown 16%. Segment Adjusted EBITDA margin expanded to 2.3% of GMV from 2.0% a year ago (17.3% of segment revenue from 15.2%), the fifth consecutive quarter of YoY margin expansion on segment revenue, driven by advertising (average spend per self-serve advertiser up 44% YoY, though quarterly active advertiser count grew a more modest 5% YoY) and continued operating leverage. Priority Deliveries, the higher-value tier, grew to 19% of Deliveries GMV from 15% a year ago, with users spending 1.5x more per basket than the average - the same upsell mix-shift flagged in Q3 2025 continuing to compound. Management said GrabMart MTUs» are growing at 2.6x the rate of Food MTUs year on year, which points at where incremental Deliveries growth is coming from.
Mobility
US$ million; margin is Segment Adjusted EBITDA as a percent of segment revenue, per quarter. Revenue is the segment revenue (press release); profit is the segment Adjusted EBITDA. Shows the 11 quarters the segment's definition and disclosures allow.
Mobility GMV grew 23% YoY (19% constant-currency) to $2,223 million, an acceleration from Q4 2025's 20% YoY - all while absorbing the fuel-price shock CEO Anthony Tan and COO Alex Hungate both flagged as this quarter's central operational challenge (see Management's Case below). Segment margin held essentially flat at 8.9% of GMV versus 8.8% a year ago. Grab says it deployed targeted earnings support for driver-partners to keep supply healthy amid elevated fuel costs, and the post reads the flat margin as consistent with that cost (an inference; the press release does not link the two). Mobility transactions grew 28% YoY, again faster than GMV, as in Q1 2025 (25% against 17%) and Q2 2025 (23% against 19%); the press release credits affordability, and the CEO credits Turbo, the AI driving mode.
Financial Services
US$ million; margin is Segment Adjusted EBITDA as a percent of segment revenue, per quarter. Revenue is the segment revenue (press release); profit is the segment Adjusted EBITDA. Shows the 11 quarters the segment's definition and disclosures allow.
Financial Services revenue grew 43% YoY (38% constant-currency) to $107 million, again the fastest-growing segment, and the segment Adjusted EBITDA loss narrowed 45% YoY to $17 million. Total loans disbursed grew 67% YoY to a first-ever $1.05 billion in a single quarter (a $4.2 billion annualized run-rate), and the Gross Loan Portfolio - which Grab now discloses alongside the net loan portfolio, as a measure gross of expected-credit-loss allowances - more than doubled YoY to $1,438 million from $625 million. Management stated expected-credit-loss provisions as a percentage of the Gross Loan Portfolio improved YoY even as the book more than doubled, attributing this to better AI-driven underwriting rather than looser standards; the underlying dollar figures behind that percentage claim aren't broken out (see Beyond the Usual). Customer deposits across GXS Bank (Singapore) and GX Bank (Malaysia) held roughly stable QoQ at $1,630 million. Management said Indonesia's Superbank now serves over 6 million customers, with daily transactions exceeding 1 million. Superbank completed an initial public offering on the Indonesia Stock Exchange during 2025, per last quarter's FY2025 20-F - a real capital-markets event that filing itself only disclosed in a "2025 Highlights" bullet, not in the earnings materials proper - and that same 20-F already downgraded Grab's own ownership disclosure from the exact 37.88% given as of Q3 2025 to a vaguer statement that Grab holds less than 50%, almost certainly reflecting dilution from the IPO itself. This quarter's press release and presentation add nothing further - no updated percentage, and no mention of the IPO's existence at all; the call transcript only repeats the footnote that Grab holds "less than 50% effective equity interest" in PT Super Bank Indonesia - despite a new $105 million "acquisition of associates and joint venture" cash outflow in the cash flow statement, larger than the $64 million (Q3 2025) and $80 million (Q4 2025) outflows before it, that could plausibly represent a post-IPO stake purchase (see Beyond the Usual).
Others posted $1 million of revenue and a $1 million Adjusted EBITDA loss, immaterial to the group total.
The clearest read across the table: all three operating segments grew faster than in Q4 2025 (Deliveries GMV 25% against 21%, Mobility GMV 23% against 20%, Financial Services revenue growth, which Grab says "accelerated to 43%"), and Deliveries and Financial Services improved their margins while Mobility held its own, in a quarter management itself describes as facing a regional fuel shock on top of the year's seasonally softest window. That is the growth-and-margin-together pattern first flagged in Q3 2024, with the cost outside the segments the one line that went the other way.
Beyond the Usual
Grab's only Q1 2026 source documents are the earnings press release (also furnished to the SEC as a 6-K exhibit, identical in content), the supplemental investor presentation, and CEO/COO/CFO prepared remarks - no quarterly filing with real footnotes exists this quarter, and no annual 20-F was filed between the FY2025 filing covered last quarter and this one, so none of the legal/governance threads (the resolved securities settlement, the resolved Malaysia Competition Commission case, the still-undisclosed GrabMart trademark suit, the Toyota agreement, the Singapore tax assessments) have any new company-disclosed developments this quarter - the same limitation as every non-20-F quarter since Q1 2025.
The New $500 Million Buyback Finally Started Executing, Via A Structure That Front-Loads The Cash Outflow
The $400 million described above, an accelerated share repurchase of $250 million plus a contingent forward purchase for up to $150 million, left the company in Q1, but the CFO said the repurchases would run "over the next 4 months", so the cash left before the shares were all bought: a different cash-timing profile from buying in the open market as the shares trade, which the $500 million authorization (open-market purchases, privately negotiated transactions and block trades) also allowed. Management framed it as opportunistic, which ties the timing to a share price that fell 27% in the quarter.
Financial Services' Improving Credit Quality Claim Isn't Broken Out In Dollar Terms
Management stated on the call that expected-credit-loss» provisions as a percentage of the Gross Loan Portfolio improved year-over-year even as that portfolio more than doubled to $1,438 million - a reassuring claim if verifiable, since a rapidly scaling loan book improving its provisioning ratio is a stronger signal than either fact alone. But neither the press release nor the presentation states the ratio or the allowance balance this quarter. The balance sheet does show loan receivables net of allowances of $1,321 million ($476 million non-current and $845 million current), which against the $1,438 million gross portfolio implies an allowance of about $117 million, or 8.1% of the gross portfolio (this post's calculation, not a disclosed figure). Grab gives no year-earlier net figure in these materials, so the improvement cannot be checked. The income statement's net impairment losses on financial assets, which cover more than loans, rose to $48 million from $33 million (+45%).
A Third Consecutive Quarter Of An Unexplained Associate/JV Cash Outflow, Larger Than The Last One, Now Against The Backdrop Of A Superbank IPO Neither Document Mentions
The cash flow statement shows a $105 million "Acquisition of associates and joint venture" outflow this quarter, up from $0 in the comparative Q1 2025 column. It is the third quarter in a row with such an outflow, each larger than the last: $64 million in Q3 2025, which lined up with Grab's disclosed Superbank stake rising to 37.88% from 30.84%, then $80 million in Q4 2025, then $105 million. Since then, the FY2025 20-F has disclosed that Superbank completed its Indonesia Stock Exchange IPO and that Grab's stake is now described only as "less than 50%" (the Q1 call transcript repeats the footnote "less than 50% effective equity interest", with no percentage) - so this quarter's $105 million outflow could just as plausibly be a post-IPO share purchase as a continuation of the pre-IPO stake-building pattern. Neither this quarter's press release nor its presentation names what the $105 million actually bought, or mentions the IPO at all - a further inference gap layered on top of an already-imprecise ownership disclosure.
Regional Corporate Costs Grew Faster Than Revenue For The First Time Since At Least Q3 2024, With Two Different Explanations
Regional corporate costs, the costs outside the segments described above, rose 33% YoY to $114 million; the two explanations are given above. What is new here is the history and two further remarks from CFO Oey. In the six quarters from Q3 2024 to Q4 2025, the earliest with a year-earlier figure in this site's data, they had grown more slowly than revenue every time. Oey said the "core cost base remains lean" excluding the AI step-up and foreign-exchange headwinds, and that the AI step-up is "now largely embedded in our run-rate". The two explanations overlap (cloud) but are not the same, and neither gives a dollar split of the $28 million (see The Prescription above).
Management's Strategy For A Fuel Shock Quarter, And What It Didn't Address
CEO Anthony Tan opened by framing the quarter around resilience under pressure rather than growth for its own sake - explicitly naming the Southeast Asian fuel-price crisis as the quarter's defining external event and crediting Grab's AI-driven marketplace efficiency (Turbo driving mode, which he said gave adopting drivers a 23% uplift in earnings per online hour against non-adopters; the Driver AI Assistant, adopted by approximately 50% of active driver-partners) for absorbing the shock without a growth slowdown. Tan used the earnings call to unveil "GrabX 2026," a slate of 13 new AI-powered consumer and merchant features, and gave an unusually direct update on Autonomous Vehicles: the Ai.R robotaxi service with WeRide moved from private trials to full public operation in Singapore in April, becoming - in Tan's words - "the first autonomous passenger service ever deployed within a residential estate in Southeast Asia," having logged over 40,000 kilometers with no material incident disclosed. COO Alex Hungate detailed the specific fuel-crisis response - multi-partner fuel discount programs with Seaoil, Caltex, and Blu Energy in the Philippines, a Shell Fuel Card rebate reaching nearly 20,000 partners, and a shift to per-trip cashback incentive structures - while Tan separately said Mobility had seen "some softness", particularly in the Philippines.
Neither Tan's nor Hungate's remarks addressed any of the dormant legal/governance threads (GrabMart trademark, Singapore tax assessments) - consistent with every non-20-F quarter tracked here, since those matters only surface in the annual filing. More notably, CFO Oey gave the Regional Corporate Cost totals ($114 million, $86 million, $96 million) and the AI-infrastructure link, but not the split by item that he gave for the convertible-note items to the million (see Beyond the Usual above). Hungate also raised Indonesia's new regulatory directive on ojol (on-demand motorcycle ride-hailing) commissions, characterizing Grab as "in active consultations" with regulators and noting the affected business is under 6% of total Mobility GMV - a new regulatory thread worth tracking in coming quarters, introduced this quarter with no resolution yet.
Target Valuation Range
Verdict: in line with GoTo and cheaper than Uber on EV/revenue, richer than Sea on EV/Adjusted EBITDA, and cheaper than its own prior quarter. At ~2.8x trailing-twelve-month EV/revenue (GoTo ~2.88x, Uber ~3.3x, Sea ~2.0x as computed in the peer table) and ~18.2x EV/Adjusted EBITDA (Sea ~14.1x), Grab's annualized run-rate EV/revenue eased from ~4.1x to ~2.6x as the stock fell 27% to $3.66 to its lowest month-end close since August 2024, while Adjusted EBITDA and trailing Adjusted Free Cash Flow reached their highest levels in the series.
Grab's stock closed the first quarter at $3.66, down 27% from $4.99 at the end of Q4 2025 and its lowest month-end close since August 2024 ($3.22) - a larger single-quarter drop than Q4 2025's own 17% decline. Using the 4,092,677 thousand weighted-average basic shares Grab discloses for the quarter:
| Market cap → enterprise value | Q1 2026 |
|---|---|
| Share price (period-end) | $3.66 |
| Shares outstanding | ~4.093B |
| Market capitalization | ~$15.0B |
| Total liabilities | n/a (net cash basis used) |
| Less: net cash liquidity | $5.0B |
| Enterprise value | ~$10.0B |
Market cap is down from ~$20.4B at Q4's close; EV is down from ~$15.0B three months ago. Net cash liquidity is down from $5.4 billion last quarter (see Key Financial Metrics above).
| Peer-multiple sanity check | Q4 2025 | Q1 2026 | Change |
|---|---|---|---|
| Enterprise value | ~$15.0B | ~$10.0B | down |
| EV/Revenue (annualized run-rate) | ~4.1x | ~2.6x | down |
| EV/Revenue (FY guidance/actual) | ~4.5x (FY2025 actual) | ~2.5x (FY2026 guidance) | down |
| EV/On-Demand GMV (annualized run-rate) | ~0.62x | ~0.41x | down |
The Q4 2025 column is carried from the Q4 2025 post, except EV/Revenue (annualized run-rate), recomputed here as ~$15.0B over $3,624 million (Q4 2025 revenue of $906 million times four) = ~4.1x; the Q4 post printed ~4.2x. Every multiple compressed sharply again this quarter - the second straight quarter of compression, but this time driven by a falling stock rather than Q4 2025's mix of a falling stock and rising net cash, since net cash liquidity itself fell this quarter. Against peers. The table puts Grab beside the other companies this site covers that run similar businesses, each figure taken from that company's own latest post (linked) for the March 2026 quarter, on the basis stated.
| Share price move in the quarter | EV / revenue | EV / Adjusted EBITDA | Enterprise value | |
|---|---|---|---|---|
| Grab (this post, Q1 2026) | -27% ($4.99 to $3.66) | ~2.8x trailing twelve months (~2.6x on Q1 annualized) | ~18.2x trailing twelve months | ~$10.0B (market cap less $5.0B net cash liquidity) |
| GoTo (1Q26) | -20.3% (Rp64 to Rp51) | ~2.88x trailing twelve months | not in that post | ~$3.29B (market cap plus liabilities less cash) |
| Sea (Q1 2026) | -35.1% ($127.57 to $82.81) | not stated in that post (its EV and trailing revenue give ~2.0x, computed here) | ~14.1x trailing twelve months | ~$49.64B (market cap plus convertible notes less cash) |
| Uber (March 2026) | ~-12% ($81.71 to $71.93) | ~3.3x trailing twelve months | not in that post | ~$174.9B (market cap plus total liabilities less cash) |
Grab's trailing-twelve-month figures are Q2 2025 to Q1 2026: revenue $3,553 million and Adjusted EBITDA $547 million. On revenue, Grab (2.8x) is priced about level with GoTo and below Uber, and Sea is lower still; on Adjusted EBITDA it is priced above Sea (18.2x against 14.1x), although Sea's Adjusted EBITDA grew only 9.3% year on year in that post against Grab's 46%. Grab's shares fell more than GoTo's and Uber's in the quarter and less than Sea's. The comparison is not exact: the companies are in different countries and at different growth rates and risk, each subtracts a different amount of cash and liabilities to get from market cap to EV (using the CFO's $4.7 billion net cash, which adjusts for bank deposits and adds back the loan portfolio, instead of $5.0 billion, Grab's EV is ~$10.3B and EV/revenue ~2.9x), and Uber and Sea are profitable at a far larger scale.
Grab Holdings Limited's Q1 2026 earnings press release, supplemental investor presentation, and CEO/COO/CFO prepared remarks (all dated May 5, 2026); its announcement of the foodpanda Taiwan acquisition (March 23, 2026); and its Q4 2025 earnings release (February 12, 2026).