Grab Holdings came into this Q3 2026 report with a stock that had cooled over the past three months, down about 15% over 90 days. Yet it ripped 9.1% higher to US$3.12 on the first full day after results. That jump reflects one clear headline. The super app reported record adjusted EBITDA of US$237 million and positive contributions from all three core segments, a profitability milestone for a business long treated as a pure growth story.
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Q3 2026 Earnings Summary
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Revenue (Q3 2026 vs Q3 2025):US$1,112 million vs. US$873 million (up about 27%)
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Net Income, Excl. Extra Items (Q3 2026 vs Q3 2025):US$27 million vs. US$37 million (down about 27%)
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Basic EPS (Q3 2026 vs Q3 2025):US$0.0066 vs. US$0.0091 (down about 27%)
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Adjusted EBITDA (Q3 2026 vs Q3 2025):US$237 million vs. roughly US$137 million (up about 73%)
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Grab's Bull Story Hinges On Execution Milestones Hit
The bullish angle argues that Grab Holdings can turn its AI and fintech push into a more profitable super app, not just a bigger one.
"Scaling AI across a 14 year proprietary data set of over 20 billion transactions and 52 million monthly transacting users is already feeding into products like Turbo and the merchant AI assistant. Management links these initiatives to higher earnings per driver hour, stronger GMV for merchants and more efficient incentive spend, all of which can support revenue and adjusted EBITDA."
Q3 gives some tangible proof. Management reports driver AI assistant users earning over 10% more per online hour and merchants using the AI assistant earning about 20% more, while Deliveries and Mobility both produced segment adjusted EBITDA and group adjusted EBITDA reached a record. That combination of higher partner productivity and broader profitability directly supports the AI led efficiency claim.
That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for .
Grab Bear Case: Costs, Credit And Grocery Pressure
The cautious view argues that Grab Holdings could see its AI gains eaten up by rising tech spend and stubbornly high risk costs in lending.
"The increasing spend on AI infrastructure, including tokenization and cloud capacity, may not be fully offset by efficiency gains or higher merchant and driver monetization. This would keep regional corporate costs elevated and limit improvements in group EBITDA and net margins."
Q3 margins and record adjusted EBITDA suggest those cost fears are not biting yet, helped by a 42% drop in cost per AI interaction. The miss sits elsewhere. Net income excluding extra items declined 27% year on year and basic EPS fell the same, so bottom line progress is not matching EBITDA gains. That keeps the bearish focus on earnings quality alive.
Hunt For Mispriced Earnings Power
Grab Holdings recently highlighted how quickly sentiment can adjust when profitability becomes clearer. The real opportunity is researching stocks that may be undervalued before steady execution is fully reflected in expectations.
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Company 1 - 36% below our estimate - scales branded and private label coconut drinks as retailers expand the category beyond niche shelves.
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Company 2 - 45% below our estimate - co-designs complex hardware for clients that want manufacturing partners involved from blueprint to final deployment.
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Company 3 - 43% below our estimate - rolls out cash recycling machines and branch-in-a-box systems as banks and retailers upgrade their transaction infrastructure.
Those are three of them. See every one of the 35 undervalued companies on it →
This article is general in nature and was produced with the assistance of AI automation, based on data and analysis from Simply Wall St. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include GRAB .
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