Singapore's Grab Lifts 2026 Revenue Forecast on Solid Delivery, Ride-Hailing Demand

Singapore-based Grab raised its annual revenue and profit forecasts on Tuesday, betting on stronger demand for its ride-hailing and delivery services, helped by promotional offers and platform expansion efforts by the company. The upbeat projections pushed shares of the Nasdaq-listed company up more than 3% in extended trading.

Grab now expects total revenue of between US$4.10 billion and US$4.15 billion for 2026, compared with its prior projection of US$4.04 billion to US$4.10 billion. Analysts on average expect annual revenue of US$4.12 billion, according to data compiled by LSEG.

The company also raised its forecast for annual adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) to between US$720 million and US$740 million, from US$700 million to US$720 million earlier. Adjusted EBITDA margin expanded to 16.9% of Group revenue from 13.3% a year ago.

Record Second Quarter Performance

The revised guidance follows a record-breaking second quarter that exceeded market expectations. Revenue rose 22% year-on-year to US$997 million in the quarter ended June 30, beating analysts' estimate of US$990.8 million. Operating profit came at US$19 million for the quarter, up 186%.

Profit for the period surged to US$235 million, growing from US$20 million in the prior year period. The sharp increase was driven largely by a US$307 million one-off gain from consolidating Indonesia's Superbank since June 2026, alongside a favourable movement in income tax expense from the recognition of deferred tax assets. These gains were partly offset by a US$183 million increase in fair-value losses on financial assets and liabilities.

Grab said profit in the second half could remain volatile because of fair-value measurements and other non-operating items.

What's Driving the Growth

Strong Consumer Demand

Gross merchandise value (GMV), or the total dollar value of transactions, across Grab's mobility and deliveries businesses climbed 21% year-on-year to US$6.5 billion in the second quarter, driven by growth in the number of active users. On-demand monthly transacting users (MTU) grew 17% to a record 54 million.

"We're seeing demand continue to be very strong in the business in July itself, and our financial services continue to scale and are at an inflection point today," Grab CFO Peter Oey told CNBC.

Promotional Strategy and Product Innovation

Grab has rolled out features such as order bundling and a budget-friendly service tier called "Saver", targeting cost-conscious consumers grappling with higher fuel prices. The company is also rapidly scaling its grocery delivery operations, one of its fast-growing segments as well as its financial services business by building out its loan and insurance offerings for riders and merchants on its platform.

Total incentives were US$706 million during the quarter, with On-Demand incentives as a proportion of On-Demand GMV increasing 72 basis points year-on-year to 10.9%, driven by initiatives to support earnings of driver-partners in light of increased fuel costs across the region.

AI Driving Efficiency

Grab's intelligence layer is now embedded across every layer of its platform. The technology has helped the company ship products more than 30% faster, translating into better margins and a more efficient cost structure.

"AI is now embedded in the Grab way of life, whether it's in our products or the way we work," Oey said. "We expect this intelligence layer to further strengthen as it scales, translating directly into deeper user engagement and durable, profitable growth for Grab".

Segment Performance

Mobility

Mobility revenue increased 12% year-on-year to US$331 million, while segment adjusted EBITDA grew accordingly. The company saw a 28% year-on-year jump in the number of rides in the second quarter "one of the highest that we've seen," Oey said.

Deliveries

Deliveries revenue grew 21% to US$531 million, with segment adjusted EBITDA rising 53% to US$96 million.

Financial Services

Financial services revenue rose 59% to US$134 million, while adjusted EBITDA improved to negative US$15 million from negative US$26 million a year earlier. Grab's gross loan portfolio nearly tripled to US$2.32 billion, including Superbank. Excluding Superbank, the loan book doubled year-on-year.

Customer deposits across GXS Bank in Singapore, GXBank in Malaysia and Superbank in Indonesia reached US$2.5 billion at the end of June.

US$750 Million Share Buyback Programme

In a move that further boosted investor confidence, Grab announced a new US$750 million share repurchase programme. This brings the company's cumulative authorisation to US$1.75 billion since 2024.

"We remain anchored to a disciplined capital allocation framework," Oey said. The buyback signals management's confidence in the company's underlying business strength and long-term growth prospects.

Taiwan Acquisition on Track

On Grab's agreement to buy Delivery Hero's foodpanda delivery business in Taiwan, Oey said the company was working closely with regulators and has not yet closed the transaction, hoping to complete it in the second half of this year.

"A lot of the products that the Southeast Asian community has been seeing and using day in and day out, we want to bring to the Taiwan market as well," he said.

Stock Performance

Grab's shares, which had been down more than 26% so far in 2026, rose in response to the positive news. The stock gained 4.86% in extended trading following the announcement.

Outlook

"We delivered another strong quarter. We executed against our product and AI-led strategy with On-Demand GMV growth accelerating to 22% year-over-year on a constant currency basis," said Anthony Tan, Group Chief Executive Officer and Co-Founder of Grab.

The revised full-year guidance reflects the strength of Grab's underlying businesses, alongside the consolidation of Superbank and the acquisition of Stash, a US investing and banking platform that Grab completed in July. Stash's financial results will be consolidated into Grab's financial services segment beginning in the third quarter.

"We're seeing demand continue to be very strong in the business in the month of July itself," Oey said, expressing confidence in the business outlook.

Grab, which serves 54 million users in over 900 cities, continues to demonstrate the resilience of its business model and the strength of its position as Southeast Asia's leading superapp.