SINGAPORE, June 30, 2026, 03:04 (SGT)
- Grab gained 3.8% to $3.685 late Monday in New York. Nearly 38.6 million shares changed hands.
- Indonesia made up 21.2% of Grab’s 2025 revenue, less than Malaysia and about the same as Singapore. Investors may factor this in when looking at the July 1 driver commission cut.
- GoTo Gojek Tokopedia PT Tbk IDX:GOTO and Grab are dropping commissions for two-wheeled drivers in Indonesia to 8% from 20% starting July 1.
- Grab’s $500 million buyback plan equals roughly 3.4% of its market cap as of Monday’s close.
Grab Holdings Limited NASDAQ:GRAB traded higher late Monday in New York. Buyers stepped in ahead of a July 1 change to commission rules in Indonesia. The adjustment trims fee revenue, but analysts said the impact may be less severe for the entire company than the headline rate.
Shares rose 3.8% to $3.685 at 18:48 UTC, putting the company’s market cap near $14.57 billion. The stock outperformed Uber Technologies Inc NYSE:UBER, which dropped 2.2%. DoorDash Inc NASDAQ:DASH and Sea Ltd NYSE:SE also gained but not as much at that point.
| Company | Latest price | Intraday move | Volume | Market value |
|---|---|---|---|---|
| Grab Holdings Limited NASDAQ:GRAB | $3.685 | up 3.8% | 38.6 mln | $14.57 bln |
| Uber Technologies Inc NYSE:UBER | $74.52 | down 2.2% | 16.9 mln | $154.26 bln |
| DoorDash Inc NASDAQ:DASH | $184.77 | added 0.9% | 2.2 mln | $81.73 bln |
| Sea Ltd NYSE:SE | $91.74 | rose 0.4% | 1.7 mln | $52.69 bln |
Bigger markets lent support. On Monday afternoon, the Nasdaq Composite jumped 1.84% to 25,761.96, and the S&P 500 added 1.07%. Peter Cardillo, chief market economist at Spartan Capital Securities, told Reuters the market was “looking forward and preparing for earnings season.” Reuters
Indonesia is the main problem for Grab right now. Reuters said last week that Grab and GoTo plan to cut per-trip commissions for two-wheeled drivers in Indonesia to 8% from 20% starting July 1. GoTo vice president director Catherine Hindra Sutjahyo said both firms support “increasing the prosperity of the drivers.” Grab Indonesia chief Neneng Goenadi confirmed the companies will use the 8% rate. Reuters
This is key since Grab reports most of its revenue comes from service fees and commissions from drivers and merchants. The company logs incentives as revenue reductions. Its annual filing shows deliveries and mobility brought in over 85% of revenue in 2025.
The geography table lays out the risk more clearly for investors. Indonesia brought in $715 million of Grab’s $3.37 billion revenue in 2025, which is 21.2%. Malaysia was bigger with $1.04 billion. Singapore followed at $727 million.
| Market | 2025 revenue | Share of 2025 revenue | YoY change |
|---|---|---|---|
| Malaysia | $1.04 bln | 30.8% | up 27% |
| Singapore | $727 mln | 21.6% | rose 26% |
| Indonesia | $715 mln | 21.2% | 11% higher |
| Philippines | $316 mln | 9.4% | up 19% |
| Thailand | $288 mln | 8.5% | up 14% |
| Vietnam | $255 mln | 7.6% | gained 12% |
| Rest of Southeast Asia | $30 mln | 0.9% | doubled |
Capital return is also in focus. Grab said in March it would put up to $400 million toward its $500 million buyback, with $250 million via an accelerated share repurchase and up to $150 million set aside for a contingent forward purchase. CFO Peter Oey has called the share price gap a “clear opportunity to enhance shareholder value.” Grab Holdings Investor Relations
At Monday’s close, the $500 million repurchase authorization amounts to about 3.4% of Grab’s equity. The $400 million scheduled for execution is around 2.7%. Those buybacks alone won’t solve the company’s earnings problem. But the program does put a buyer in the market just as investors gauge how Indonesia’s rule is hitting margins.
Grab’s latest report shows revenue up 24% to $955 million in the first quarter. Profit came in at $120 million, and adjusted EBITDA climbed 46% to $154 million. The company left its 2026 guidance unchanged, still seeing revenue at $4.04 billion to $4.10 billion and adjusted EBITDA at $700 million to $720 million.
| Q1 2026 item | Figure | Investor read |
|---|---|---|
| Revenue | $955 mln, +24% YoY | Still beating 2026 growth target |
| On-Demand GMV | $6.1 bln, +24% YoY | Main business volumes kept pace |
| Adjusted EBITDA | $154 mln, +46% YoY | Profits climbed faster than sales |
| Total incentives | $650 mln | Heavy promo spending stayed |
| Incentives as share of On-Demand GMV | 10.5%, up 46 bps YoY | Take-rate offset still a headwind |
| Gross loan portfolio | $1.44 bln, +130% YoY | Loan book is growing faster, raising risk |
Grab group CEO and co-founder Anthony Tan said Q1 was a “strong start to 2026.” Oey said the results keep Grab on track for its full-year revenue and adjusted EBITDA guidance. Q4 Capital
Financial services is growing faster, but the segment remains small and in the red. In Q1, revenue from financial services jumped 43% to $107 million, but segment adjusted EBITDA came in at minus $17 million. Gross loans were $1.44 billion. Deliveries brought in $510 million, while mobility had $337 million in revenue.
