Talabat, the Dubai-headquartered on-demand delivery giant, has announced resilient financial results for the fourth quarter and full year of 2025, demonstrating significant growth despite a dynamic market. The company also unveiled a strategic investment plan for 2026, committing over $100 million to scale its grocery vertical and enhance its loyalty program to drive long-term growth.
Strong 2025 Financial Performance
For the full year 2025, Talabat’s Gross Merchandise Value (GMV) grew by 28% at constant currency to reach $9.5 billion, while revenue climbed 33% to $3.9 billion. The company reported a net income of $464 million and generated an Adjusted Free Cash Flow of $559 million, with all key metrics meeting or exceeding previously upgraded guidance.
The fourth quarter continued this momentum, with GMV growing 21% year-on-year to $2.5 billion and revenue increasing 26% to $1.0 billion. Growth was notable across its verticals, with the Grocery and Retail (G&R) segment expanding by 45%, significantly outpacing the 12% growth in its core Food delivery business. This shift highlights the success of its diversification strategy.
A Disciplined Investment for Long-Term Growth
Building on its strong performance, Talabat is launching a board-approved investment plan for 2026, allocating more than $100 million to two key areas.
The first focus is scaling its integrated grocery vertical, talabat mart. The investment aims to improve affordability, increase store density to enhance delivery speed, and expand supply chain infrastructure for better product assortment and availability.
The second initiative involves strengthening its subscription loyalty program, talabat pro, as a multi-vertical engagement engine. Having successfully launched in all eight of its markets, the company plans to enhance the value proposition for both customers and participating vendors beyond its core free delivery offering.
CEO’s Vision for 2026
Toon Gyssels, Talabat’s newly-appointed Chief Executive Officer, commented on the results and future strategy.
“I am very pleased to report that in 2025, 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 an net income margin of 4.9%, amongst the highest in the industry.”
“As we enter 2026, we are now taking a deliberate step to invest more in our business with the full support of our Board. While this will weigh on near-term margins, we are confident this is the right strategy to maximize shareholder value in the medium and longer term.”
Shareholder Returns and 2026 Outlook
Reflecting its strong cash position and confidence in its outlook, Talabat’s Board of Directors has recommended a final dividend of $219 million, bringing the total dividend for 2025 to $421 million. This figure exceeds the company’s previous guidance and represents a 90% payout of reported net income.
For 2026, the company expects GMV to grow between 11-14% at constant currency. It projects an Adjusted EBITDA of $510-540 million, a net income between $280-310 million, and Free Cash Flow in the range of $370-400 million.
About Talabat
Talabat is the leading on-demand delivery platform in the Middle East and North Africa (MENA) region, offering customers a convenient and personalized way to order food, groceries, and other convenience products from a wide selection of restaurants and retailers. Founded in Kuwait in 2004, Talabat has expanded its operations to cover the United Arab Emirates, Kuwait, Qatar, Egypt, Bahrain, Oman, Jordan and Iraq. Talabat is headquartered in Dubai, the United Arab Emirates and in December 2024, successfully completed its initial public offering on the Dubai Financial Market (DFM). As a subsidiary of Delivery Hero SE, Talabat leverages global expertise to strengthen its market position and drive innovation in the on-demand delivery sector.
Source: Zawya
