PT GoTo Gojek Tokopedia (GOTO) Q3 2026 earnings summary

Executive summary

• Net profit reached IDR 441 billion for a third consecutive quarter; operating income was IDR 351 billion.

• Q3 net revenue rose 17% YoY to IDR 5.555 trillion, while Core GTV increased 89% to IDR 193.894 trillion.

• Adjusted EBITDA rose 84% YoY to IDR 950 billion; FY26 guidance increased to IDR 3.5 trillion–IDR 3.7 trillion.

• 9M26 net revenue was IDR 16.549 trillion, operating profit IDR 1.133 trillion and net profit IDR 864.173 billion, reversing prior-year losses.

Financial highlights

• Q3 adjusted EBITDA was IDR 950 billion, up 84% YoY; cash recurring fixed costs grew 5%, below revenue growth of 17%.

• Operating income improved IDR 402 billion YoY to IDR 351 billion; excluding a one-time IDR 230 billion tax provision, it would have been IDR 581 billion.

• Q3 adjusted free cash flow was IDR 1.209 trillion; cash, cash equivalents and short-term time deposits totaled IDR 24.5 trillion at September-end.

• 9M26 net revenue was IDR 16,549,006 million versus IDR 13,295,481 million in 9M25; operating profit was IDR 1,133,256 million versus an operating loss of IDR 222,369 million.

• Q3 net profit included IDR 164 billion from the share of Tokopedia's net profit; net profit remained positive excluding that contribution.

Outlook and guidance

• FY26 adjusted EBITDA guidance increased to IDR 3.5 trillion–IDR 3.7 trillion from IDR 3.2 trillion–IDR 3.4 trillion.

• Fintech FY26 adjusted EBITDA guidance rose to IDR 1.9 trillion–IDR 2.0 trillion from IDR 1.7 trillion–IDR 1.8 trillion, absorbing the new QR-payment MDR rules.

• On-demand FY26 adjusted EBITDA guidance widened to IDR 1.4 trillion–IDR 1.6 trillion from IDR 1.4 trillion–IDR 1.5 trillion, allowing for delivery-cap uncertainty.

• Q4 fintech revenue and EBITDA face an estimated IDR 50 billion impact from lower MDR on QR transactions under IDR 100,000; Tokopedia service-fee revenue may decline QoQ as fee rates step down with GMV.