Grab’s Q3 shows a superapp quietly turning into a lender

Grab's Q3 earnings report highlights a superapp quietly transitioning into a lender. For the third quarter of 2026, the Nasdaq-listed company achieved a record Adjusted EBITDA of $237 million, marking the nineteenth consecutive quarter of growth. However, the net profit fell slightly to $17 million, unchanged from the previous year.

This disparity emphasizes the reliance on adjusted metrics, fair-value fluctuations, and customer bank deposits. Revenue increased by 27% year-over-year to $1.11 billion, with monthly transacting users reaching 57 million. Operating profit nearly quadrupled to $108 million. The company anticipates revenue between $4.15 billion and $4.20 billion and Adjusted EBITDA between $790 million and $800 million for 2026.

Non-operating items, such as a $57 million net fair-value loss on financial assets, an $12 million impairment on an equity investee, and a heavier tax bill, contribute to the variability of the bottom line. Adjusted EBITDA, which strips out these items, continues to set records. The company spent $737 million on partner and consumer incentives in the quarter, equal to roughly two-thirds of its revenue, with on-demand incentives rising by 64 basis points to 10.7% of GMV.

The most significant shift is in the Financial Services segment, where revenue grew by 124% to $201 million, and Adjusted EBITDA turned positive at $12 million. The gross loan portfolio tripled to $2.7 billion, with loans disbursed increasing by 115% to $1.9 billion in the quarter. Much of this growth was acquired, including the consolidation of Indonesia's Superbank and the Stash acquisition.

The credit push has barely begun, with Grab acquiring 60% of Atome Financial for $1.49 billion. Non-performing loans at 90 days past due stand at 2.6% of the book, with expected credit loss reserves of 6.5%, providing 2.4 times coverage. However, higher net impairment losses on financial assets will drag on operating profit. The company's cash flow is also improving, with operating cash flow growing by $55 million year-over-year, driven by a $404 million increase in deposits at GXS Bank, GXBank, and Superbank.

The bank's repayments have risen by $294 million, but deposits now total $2.7 billion, matching the loan book almost dollar for dollar.