Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Grab Holdings Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
-845
469
675
1,433
2,359
2,797
3,370
Cost of revenue
1,320
963
1,070
68
1,499
1,623
1,914
Gross profit
-2,165
-494
-395
1,365
860
1,174
1,456
Research and development
231
257
356
465
421
410
428
Operating income
-3,010
-1,298
-1,555
-1,373
-519
-168
65
Interest expense
1,056
1,448
1,701
166
99
106
71
Interest income
85
53
28
107
198
187
240
Pre-tax income
-3,981
2,743
3,552
-1,734
-466
-95
269
Income tax
7
2
3
6
19
63
69
Net income to minority interests
-241
-137
-106
-57
-51
-53
-68
Net income
-3,747
-2,608
-3,449
-1,683
-434
-105
268
EBITDA
-2,363
-911
-1,210
-1,223
-374
-21
242
EPS, basic
-24.31
-14.39
-6.39
-0.44
-0.11
-0.03
0.07
EPS, diluted
-24.31
-14.39
-6.39
-0.44
-0.11
-0.03
0.06
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2,173
4,991
1,952
3,138
2,964
3,433
Receivables
172
255
187
196
206
240
Inventory
3
4
48
49
59
87
Total current assets
3,755
8,675
5,688
5,768
6,566
8,080
Property, plant and equipment
534
384
441
492
512
Lease right-of-use assets
49
39
118
171
143
138
218
Total assets
5,442
11,178
9,170
8,792
9,295
11,983
Accounts payable
661
844
930
925
1,169
1,256
Short-term debt
140
144
117
125
123
1,680
Total current liabilities
836
1,026
1,097
1,478
2,592
4,627
Lease liabilities
20
101
152
124
125
185
Total liabilities
11,736
3,159
2,513
2,324
2,944
5,226
Total debt
251
2,175
1,365
793
364
2,053
Retained earnings
-10,490
-14,402
-16,277
-16,764
-17,347
-17,470
Shareholders' equity
-6,399
7,733
6,603
6,449
6,399
6,728
Minority interests
105
286
54
19
-48
29
Total equity
-4,224
-6,294
8,019
6,657
6,468
6,351
6,757
Total liabilities and equity
5,442
11,178
9,170
8,792
9,295
11,983
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-3,988
-2,745
-3,555
-1,740
-485
-158
200
Depreciation and amortization
647
387
345
150
145
147
177
Cash from operations
-2,112
-643
-954
-798
86
852
79
Capital expenditures
-58
-71
-77
-97
Cash from investing
393
-288
-2,757
-1,062
1,871
-231
-782
Debt issued
0
8
1,980
109
116
120
193
Debt repaid
-69
-106
-176
-1,019
-765
-635
-260
Share buybacks
0
0
-226
-274
Cash from financing
1,951
1,578
6,566
-1,122
-770
-771
1,095
Exchange rate effect
12
15
-37
-57
-1
-24
77
Free cash flow
-856
15
775
-18
Income taxes paid
8
7
3
26
45
58
89
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.13 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
43.2%
Gross profit / revenue.
Operating margin
1.9%
Operating income / revenue.
EBITDA margin
7.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
8.0%
Pre-tax income / revenue.
Net margin
8.0%
Net income / revenue.
FCF margin
-0.5%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
2.3%
Cash from operations / revenue.
Effective tax rate
25.7%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
4.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
2.5%
Net income / average total assets.
Return on invested capital (ROIC)
1.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
12.7%
Research and development expense / revenue.
Capex / revenue
2.9%
Capital expenditures / revenue.
D&A / revenue
5.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
20.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
33.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
48.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
24.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
2.2%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-90.7%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-102.3%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
5.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
0.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
28.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
9.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
17.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.75x
Current assets / current liabilities.
Quick ratio
0.79x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.74x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.31x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
17.1%
Total debt / total assets.
Liabilities / assets
43.6%
Total liabilities / total assets.
Net debt
-$1.38B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
-5.70x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Days inventory + days sales outstanding - days payables.
FCF conversion
-6.7%
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
122.8%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.06
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$0.07
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$12.83B
Share price x shares outstanding.
Enterprise value
$11.45B
Market cap + total debt - cash - short-term investments.
P/E
47.9x
Market cap / net income. Only when net income is positive.
P/S
3.81x
Market cap / revenue.
P/B
1.91x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.91x
Market cap / tangible book value, when positive.
P/OCF
162x
Market cap / cash from operations, when positive.
EV/Sales
3.40x
Enterprise value / revenue.
EV/EBIT
176x
Enterprise value / operating income, when both are positive.
EV/EBITDA
47.3x
Enterprise value / EBITDA, when both are positive.
FCF yield
-0.1%
Free cash flow / market cap.
Earnings yield
2.1%
Net income / market cap (the inverse of P/E).
Shareholder yield
2.1%
(Dividends paid + share buybacks) / market cap.
What was Grab Holdings Ltd's revenue in fiscal 2025?
Grab Holdings Ltd reported revenue of $3.37B for fiscal 2025, 20.5% higher than the year before.
Was Grab Holdings Ltd profitable in fiscal 2025?
Yes. Net income was $268.0M, a net margin of 8%.
How much free cash flow did Grab Holdings Ltd generate in fiscal 2025?
Cash from operations of $79.0M minus capital expenditures of $97.0M left free cash flow of -$18.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.