How Did GoTo and Grab Perform in Q4-2025?

Two major Southeast Asian technology companies with ride-hailing services—Grab and GoTo—have released their financial performance reports for Q4 2025.

PT GoTo Gojek Tokopedia Tbk (GoTo) announced its Q4 2025 financial results on Wednesday, 11 March 2026, in Jakarta. In an official statement to the media, GoTo said it exceeded its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) target for 2025 of 1.8–1.9 trillion rupiah.

The company then set an adjusted EBITDA guidance for 2026 of 3.2–3.4 trillion rupiah—50% larger than 2025.

GoTo’s Chief Financial Officer Simon Ho stated that the Group’s EBITDA achievements were supported by increased net revenue, disciplined operating costs, and positive operating leverage—a measure of how sensitive a company’s operating profit is to changes in sales volume.

“We also recorded an improvement in adjusted free cash flow, which indicates a strengthening of business fundamentals and effective capital allocation. Our 2025 performance serves as a foundation for sustained growth,” said Simon.

GoTo’s Chief Executive Hans Patuwo expressed confidence that the company’s profits would continue to grow across all fintech and on-demand services business lines, including ride-hailing. GoTo will remain focused on providing solutions tailored to consumer needs, serving both the upper-income and mass-market segments.

GoTo recorded adjusted free cash flow of 748 billion rupiah in Q4 2025, or 966 billion rupiah for the full year, indicating improved business fundamentals and effective capital allocation.

Grab Holdings Limited announced its Q4 2025 financial results earlier, on 12 February 2026. Grab’s revenue increased 19% year-on-year to 906 million US dollars, driven by the on-demand services and fintech segments.

Grab also increased incentives to partners, particularly due to high seasonal demand for mobility services. Profitability continued to improve. Operating profit rose to 52 million US dollars and net income jumped to 153 million US dollars. Adjusted EBITDA also increased to 148 million US dollars.

In its February 21, 2026 article on Grab, Nikkei Asia reported that Grab announced a new three-year target through 2028, targeting a 70% increase in revenue from the fiscal year ending December 2025, and doubling its key profit metric—adjusted EBITDA—to 1.5 billion US dollars.

Approximately one in five residents of Southeast Asia’s 700 million-strong population uses Grab at least once annually. According to Singapore-based management consultancy Momentum Works, Grab expanded its market share in the Southeast Asian food delivery market to 55% in 2025, up 1.2 percentage points from 2024.

However, Grab’s journey has not always been smooth. The company has struggled to achieve profitability since its founding in 2012, even after listing on the US stock exchange in 2021.

When shares of US-listed companies experienced sharp declines in 2022, investors—who had previously celebrated revenue growth—began demanding profitability.

That same year, Grab began restructuring its cost base. This reform bore fruit, and the company’s adjusted EBITDA returned to positive territory in 2024.

Its gross merchandise volume, which had previously declined due to reduced promotional spending, also recovered. Grab then recorded its first annual net profit in 2025.

To drive further growth, the company is starting by strengthening its existing businesses. Grab has added 400 cities over the past four years, but many remain untapped.

The company will also prioritise investment in startups with cutting-edge technology for business expansion and efficiency. In 2025, Grab invested in Chinese autonomous vehicle companies WeRide and Momenta, and in Vay Technology from Germany, a specialist in remote driving technology. In February 2026, Grab announced an investment in US fintech company Stash Financial.

Grab is leveraging its Southeast Asia location, which faces less impact from US-China tensions, to invest in startups from both Western and Chinese countries.

“This [geopolitically] neutral approach allows us to leverage our unique position, with the ability to adopt the best technologies from around the world and adapt them to the specific nuances of Southeast Asia’s infrastructure,” said Chief Executive Anthony Tan.

When contacted on Thursday, 12 March 2026, Nailul Huda, Director of Digital Economy at the Center of Economic and Law Studies (Celios), noted that Grab achieved profitability ahead of GoTo.

A striking difference is that GoTo relies heavily on its fintech business segment. From on-demand services alone, total gross merchandise volume grew only 8%. Grab’s on-demand services, by contrast, recorded gross merchandise volume growth of 21%.

In fintech, GoTo achieved growth of up to 60% in this business segment, whilst Grab achieved only 20%.

“I have long suspected that GoTo’s fintech services ecosystem is actually more attractive,” said Nailul.

Both companies have faced speculation for years about a possible merger, with numerous reports in national and international media outlets suggesting that negotiations between them have been protracted.