For the First Time, GoTo's Fintech Arm Made More Money Than Its Ride-Hailing Business
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PT GoTo Gojek Tokopedia Tbk (IDX: GOTO), the company behind Gojek and Tokopedia, reported its second consecutive profitable quarter on July 29, 2026. Group net revenue rose 31% year on year to IDR 5.7 trillion, and for the first time since the ride-hailing and e-commerce merger, the company's fintech business generated more profit than its ride-hailing and delivery business.
That last fact is the actual story in this earnings release. Not "GoTo is profitable" (it was already profitable last quarter), but which part of the business is now doing the heavy lifting.
Net income reached IDR 252 billion, up 47% from the first quarter and the company's second straight quarter of net profit. Adjusted EBITDA more than doubled year on year to just over IDR 1 trillion, the first time the group has cleared that level.
| Metric | Q2 2026 | Change |
|---|---|---|
| Net revenue | IDR 5.7 trillion | +31% YoY |
| Adjusted EBITDA | approx. IDR 1.005 trillion | +137% YoY |
| Net income | IDR 252 billion | +47% QoQ |
| Fintech loan book | IDR 11 trillion | +58% YoY |
Fintech net revenue grew 53% year on year to IDR 2.1 trillion, and the loan book grew 58% year on year to IDR 11 trillion. Growing a loan book that fast is worth watching rather than just celebrating, since credit quality can deteriorate quickly if underwriting standards slip, but management has said delinquency rates have stayed stable so far.
On July 1, 2026, an 8% commission cap on two-wheel ride-hailing transport took effect in Indonesia. GoTo has already cut its full-year on-demand services EBITDA guidance by IDR 300 billion because of it, and two-wheel unit economics have worsened since the cap began.
Despite reporting its strongest quarter on record, GOTO has traded near the bottom of its 52-week range for months. Two things are weighing on the share price independent of the earnings themselves: the Indonesian equity market has been broadly weak this year, and GoTo was removed from the FTSE All-World Index in the June 2026 review, a change tied to its listing segment on the IDX rather than to its financial performance, which likely triggered mechanical selling from index-tracking funds.
GoTo's board also approved a share buyback of up to IDR 3.5 trillion in June 2026, running through June 2027, funded by a balance sheet that management describes as holding more than IDR 20 trillion in cash against comparatively low debt.
Coverage of GOTO skews bullish on the sell side, with published fair value estimates in the IDR 78 to 82 range as of the most recent updates, well above where the stock has traded. That reflects real, quantifiable improvement in the business this quarter.
Rather than telling you what to do with that information, NetWort tracks GOTO's own live price, Health Score, volatility, and drawdown alongside macro indicators like Indonesia's inflation rate and BI rate, the same macro conditions GoTo's own management flagged as a risk to consumer spending this quarter. Pull up the actual current numbers before deciding anything, rather than relying on a single earnings release or a single analyst's price target.