Singapore — May 14, 2026, 02:02 SGT
- Grab shares slipped in New York, despite the company topping first-quarter revenue forecasts.
- Investors have growth in ride-hailing, delivery, and fintech to consider, but Indonesia’s fresh 8% ride-hailing commission cap is in the mix too.
- Grab left its 2026 targets for revenue and adjusted EBITDA right where they were.
Grab Holdings Limited shares dipped in New York on Wednesday, reigniting questions about whether Southeast Asia’s largest ride-hailing and delivery group can translate its solid first-quarter results into more consistent gains for the stock.
The company, which trades on the Nasdaq, was last seen at $3.60, off 1.1%. Trading volume hovered close to 40 million shares. Market cap: about $14.23 billion, per market data.
Grab finally turned in a quarter with the numbers investors have been chasing: revenue picked up speed, platform spending climbed, profits swelled. Yet even with those wins, the stock is still shadowed by questions around Indonesia’s regulatory climate, rising fuel prices, incentive pressures, and the ongoing cash outlay required to defend growth.
Grab posted first-quarter revenue of $955 million, climbing 24% year-on-year and topping the $921.1 million analyst consensus tracked by LSEG, according to Reuters. Deliveries brought in $510 million, up 23%, and mobility pulled in $337 million, a 19% gain.
The company reported on-demand gross merchandise value up 24%, hitting $6.1 billion. Net profit surged to $120 million, a sharp climb from $10 million last year. Adjusted EBITDA reached $154 million, a 46% increase.
Anthony Tan, the chief executive, described it as a “strong start to 2026,” emphasizing Grab’s commitment to “durable, profitable growth.” Chief Financial Officer Peter Oey pointed to improved operating leverage in the quarter and said the results keep the company “firmly on track” for its 2026 revenue guidance of $4.04 billion to $4.10 billion, along with adjusted EBITDA expected between $700 million and $720 million. SEC
Growth isn’t the only focus here. Grab’s total incentives hit $650 million for the quarter, with on-demand incentives climbing to 10.5% of GMV as the company looked to back drivers grappling with festive demand and pricier fuel. Net cash used in operating activities landed at $59 million, mostly due to outflows from loan receivables as lending picked up.
Indonesia is proving unpredictable. Earlier this month, President Prabowo Subianto announced the country will slash the cap on ride-hailing commissions to 8% from 20%, according to Reuters. That’s a potential margin hit for Grab and local competitor GoTo, both of which count Indonesia among their most crucial gig-work markets.
During Grab’s earnings call, Oey wouldn’t address “specific M&A speculation” tied to Indonesia or sector consolidation, instead pointing to the “regulatory environment” as a key factor in any transaction. Management added that two-wheel mobility affected by the recent decree made up less than 6% of the company’s total mobility GMV. Despite that, Grab is sticking to guidance on mobility margins, saying they should stay inside their usual range. The Motley Fool
The rivalry hasn’t eased. In Indonesia, GoTo’s Gojek continues to square off with Grab, while over in Taiwan, Delivery Hero’s Foodpanda figures into Grab’s expansion plans. Earlier this year, Grab struck a deal to acquire Foodpanda’s Taiwan delivery unit for $600 million, according to Reuters—a push that would see it step outside its usual Southeast Asian base.
Financial services are moving the needle more these days. Grab reported a 43% jump in first-quarter financial services revenue, reaching $107 million, as lending grew across both GrabFin and its digital banks. Gross loan portfolio shot up too, more than doubling to $1.44 billion. Still, the unit wasn’t profitable, with adjusted EBITDA negative $17 million.
The company is pushing further into that segment with its planned takeover of Stash Financial, a U.S. digital investing outfit. Back in February, Grab said it would acquire a 50.1% stake in Stash at closing, valuing the deal at $425 million enterprise-wide. The closing is targeted for the third quarter, pending regulatory nods.
The catch: growth might not feed straight into shareholder returns. Rising fuel costs could squeeze the company into boosting driver support or hiking prices for consumers. There’s always a chance Indonesia’s commission cap turns out wider or harsher than what management has penciled in. On top of that, Grab’s fintech bet ramps up its exposure to credit and regulation, all while it’s in the middle of a buyback.
Right now, the numbers are there. But judging by the stock, investors aren’t convinced Grab can hold onto those margins without heavy incentives, one-off accounting boosts, or chasing another deal.
