Indonesia’s GoTo Group reported its third consecutive quarterly net profit in the third quarter of 2026, as rapid growth in financial services helped offset pressure from a regulatory cap on ride-hailing commissions.
The technology group recorded net profit of Rp441 billion ($26.4 million) for the period, compared with a Rp255 billion net loss a year earlier, according to its third-quarter results. Core gross transaction value rose 89 percent year over year to Rp194 trillion, while net revenue increased 17 percent to Rp5.6 trillion.
Group adjusted earnings before interest, taxes, depreciation and amortization rose 84 percent to Rp950 billion. Adjusted free cash flow increased nearly fivefold to Rp1.21 trillion, although both measures are non-IFAS metrics calculated by the company. GoTo said average transacting users rose 16 percent to 72.5 million.
Fintech drives growth while on-demand services slow
GoTo’s financial technology business was the main earnings driver. The segment’s adjusted EBITDA climbed 304 percent to Rp550 billion, while net revenue rose 49 percent to Rp2.3 trillion. Monthly transacting users increased 26 percent to 30.4 million, and the number of transactions rose 86 percent to 2.8 billion.
The segment’s core GTV almost doubled to Rp187 trillion. GoTo’s consumer loan book reached Rp12 trillion at the end of September, up 51 percent from a year earlier. The group said it continued to manage credit risk through its own systems and through Bank Jago, in which it holds a minority stake.
Performance was more restrained in on-demand services. Adjusted EBITDA rose 3 percent to Rp347 billion, while net revenue increased 3 percent to Rp3.3 trillion. Delivery adjusted EBITDA grew 20 percent to Rp227 billion, but mobility adjusted EBITDA fell 16 percent to Rp159 billion.
GoTo attributed the decline in mobility earnings mainly to Indonesia’s 8 percent cap on commissions charged to four-wheel ride-hailing drivers, which took effect during the quarter. The company estimated the cap reduced third-quarter adjusted EBITDA by about Rp150 billion. It said the regulation’s full-quarter impact would continue to weigh on results.
The company also recognized Rp235 billion in service-fee revenue from Tokopedia during the quarter under its e-commerce partnership. TikTok’s owner ByteDance acquired control of Tokopedia in 2024, while GoTo retained a minority stake and receives a service fee linked to the platform’s transaction value.
GoTo raises guidance and returns capital
Following the quarter, GoTo raised its 2026 adjusted EBITDA guidance to between Rp3.5 trillion and Rp3.7 trillion, from a previous range of Rp3.2 trillion to Rp3.4 trillion. The target remains a company forecast and excludes the effect of any further regulatory changes or macroeconomic disruption.
GoTo also said shareholders approved the cancellation of 32 billion treasury shares, equal to about 2.7 percent of its outstanding stock, subject to regulatory procedures. Separately, the group had repurchased nearly 36 billion shares for Rp985 billion as of October 29, representing almost 3 percent of outstanding shares.
The company has authorization to spend up to Rp2.5 trillion on share repurchases through June 2027. It said the cancellation and buyback are intended to improve its capital structure and offset dilution, although the timing of additional purchases will depend on market conditions and regulatory requirements.
Regulation remains a key variable
The quarter shows the growing contribution of GoTo’s financial-services operations as the group seeks more durable profitability. At the same time, the mobility commission cap illustrates how regulation can quickly affect unit economics in its core Indonesian market.
GoTo said it would continue to balance affordability for consumers, earnings opportunities for driver-partners and sustainable platform economics. The group is also awaiting implementing rules for parts of Indonesia’s delivery sector, leaving the potential financial impact uncertain. The third-quarter figures were unaudited and had not been reviewed by GoTo’s external auditor.
Indonesia’s GoTo reports first-ever quarterly net profit, $12.7M, in strong start to 2026