Grab Raises 2026 Outlook as Financial Services Turn Profitable — But Lending Risk Grows

November 3, 2026. Southeast Asian transport, delivery and financial-services platform Grab reported third-quarter revenue of $1.112 billion, up 27% from a year earlier, and raised its full-year forecasts. The results show a business growing beyond ride-hailing and food delivery, while its fast-expanding loan book introduces risks that headline growth alone cannot capture.

What the numbers show

Grab reported $18 million in profit for the quarter, compared with $17 million a year earlier. Operating profit rose to $108 million from $27 million. Adjusted EBITDA, a non-IFRS measure that should not be confused with net profit, increased 73% to $237 million. The company now forecasts 2026 revenue of $4.15 billion to $4.20 billion and adjusted EBITDA of $790 million to $800 million.

Monthly transacting users reached 57.2 million, compared with 47.7 million a year earlier. Delivery revenue grew 21% to $561 million, while mobility revenue rose 10% to $349 million. Promotions still matter: the company recorded $737 million in consumer and partner incentives during the quarter, up from $585 million a year earlier.

The banking milestone — and its trade-off

Financial-services revenue more than doubled to $201 million, and that segment recorded positive adjusted EBITDA of $12 million for the first time, compared with a $28 million loss a year earlier. Grab attributed part of the growth to its lending operations, consolidation of Superbank and the Stash acquisition.

But the gross loan portfolio also tripled to $2.71 billion. Grab reported loans at least 90 days overdue equal to 2.6% of the portfolio and expected-credit-loss reserves equal to 6.5%. Those ratios provide a snapshot, not a guarantee that credit quality will remain stable as lending expands.

Why it matters

The strategic question is whether a large consumer platform can turn frequent transport and delivery use into sustainably profitable financial relationships without taking excessive credit risk. Growth in users and operating profit is encouraging, but investors should watch lending losses, promotional spending, cash flow and the difference between adjusted earnings and statutory profit.

Featured photograph: Singapore harbour, an illustrative image of the regional commercial setting, not Grab’s offices or the earnings announcement. Peter Leong / Unsplash.

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