talabat Q4 2025 financial results showed gross merchandise value growth of 21% year-on-year, reaching $2.5 billion. The company reported adjusted EBITDA of $156 million and net income of $123 million for the quarter ended December 31, 2025.
The Dubai-based delivery platform achieved full-year GMV of $9.5 billion, representing 28% growth at constant currency. Revenue reached $3.9 billion for 2025, up 33% at constant currency. Adjusted EBITDA totaled $615 million, or 6.5% of GMV.
talabat Q4 2025 Performance by Segment
GCC markets generated $2.0 billion in GMV during Q4, up 15% year-on-year and representing 80% of total volume. Non-GCC markets grew faster at 57% to reach $501 million, accounting for 20% of total GMV.
Food delivery GMV reached $1.7 billion in Q4, up 12% year-on-year. Grocery and retail GMV grew 45% to $788 million, driven by expansion of the talabat mart integrated vertical.
Management revenue for the quarter totaled $1.0 billion, up 26% year-on-year. The GMV-to-revenue conversion ratio improved to 42% from 40% in the prior year period.
Profitability and Cash Generation
Adjusted EBITDA grew 13% to $156 million in Q4, equivalent to 6.3% of GMV compared to 6.8% in Q4 2024. The margin compression reflected lower gross profit margins due to product mix shifts, partially offset by improved operating cost efficiency.
Net income declined 11% to $123 million, or 5.0% of GMV. The decrease reflected higher corporate income tax rates of 15% in GCC markets and base effects including deferred tax income in the prior year.
Adjusted free cash flow increased 14% to $134 million, representing 5.4% of GMV. The cash conversion ratio reached 86% compared to 85% in the prior year period.
Investment Plan and 2026 Guidance
The company announced plans to invest more than $100 million in 2026 to scale talabat mart and enhance the talabat pro loyalty subscription program. The investments will focus on improving affordability, increasing store density, and expanding supply chain infrastructure.
For 2026, talabat expects GMV growth of 11-14% at constant currency, adjusted EBITDA of $510-540 million, net income of $280-310 million, and free cash flow of $370-400 million. The guidance incorporates instashop’s expected performance.
“We demonstrated the strength and scalability of our business model by delivering robust growth and profitability despite a dynamic operating environment. We achieved GMV growth of 28% at constant currency with an Adjusted EBITDA margin of 6.5% and a net income margin of 4.9%, amongst the highest in the industry.”
Toon Gyssels, Chief Executive Officer, talabat
Dividend Recommendation
The Board of Directors recommended a final dividend of $219 million, bringing total dividends for 2025 to $421 million. This represents a payout of 90% of reported net income and exceeds the company’s previous guidance of $400 million.
The dividend recommendation remains subject to shareholder approval at the Annual General Meeting. The company maintained its dividend policy with a payout ratio of 90% of net income for 2026.
