What it measures
Gross merchandise value (GMV) is the total value of transactions flowing through a platform: rides, deliveries, orders, payments. It includes fees and taxes and is measured before the platform's own take rate is applied.
In one line: GMV = total value of transactions on the platform in the period. It is in currency. It is an operating metric, not a line item in the financial statements.
How to read it
GMV is the headline growth measure for marketplaces and super-apps. Rising GMV means more activity. The useful second step is to compare it with revenue: revenue divided by GMV shows how much of each unit of activity the company keeps. If GMV grows faster than revenue, the share kept is shrinking.
Where it misleads
GMV measures activity on the platform, not what the company earns. It is gross of incentives and, depending on the company, of tax. Companies also define and name it differently: Gross Bookings at Uber, Gross Order Value at DoorDash, Gross Payment Volume at Square, Gross Transaction Value at Meituan. The numbers are not comparable across companies unless the definitions are checked. A company that headlines GMV while net revenue grows much less is telling a gross story.
Worked example
In Grab's Q2 2026 post, On-Demand GMV was $6,463M, against $5,354M a year earlier, up 21%. It is the sum of two segments: Deliveries $4,249M and Mobility $2,214M (4,249 + 2,214 = 6,463). Segment revenue was $531M for Deliveries and $331M for Mobility.
Dividing, by this entry's arithmetic: Deliveries 531 / 4,249 = 12.5% and Mobility 331 / 2,214 = 15.0% of GMV. These are not figures the post states.
Where to find it
Operating metrics disclosure. It is not a financial statement line item.
See also: Take Rate, Gross Bookings, TPV.