A Second Profitable Quarter, With a Buyback That Keeps Changing Its Mind
Over these 12 quarters: share price Rp85 to Rp50 (-41%); operating income -2,690 to 364 Rp billion; operating income margin -74.2% to 6.4%. One graph in actual numbers: bars are the quarter's operating income, over them the share price at quarter-end (left axis) and the operating income margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.
GoTo's Rp1 trillion Adjusted EBITDA» leaves out Rp405 billion of costs the company calls non-recurring, almost four times Q1's, so operating profit fell 13% from Q1 while the headline rose 11%.
GoTo earned a second straight net profit in Q2 2026, Rp252 billion (~$14.1 million) against Rp171 billion in Q1, and Adjusted EBITDA passed Rp1 trillion (Rp1,010 billion, ~$56.4 million) for the first time, up 137% year-on-year. The catch is what that measure leaves out: Rp405 billion of "non-recurring" costs against Rp106 billion in Q1, which pulled operating profit down to Rp364 billion from Rp418 billion. Read the quarter on operating profit, watch a buyback that fell 40%, and treat Q3, the first quarter under an 8% driver-commission cap, as the real test.
Why Adjusted EBITDA and operating profit moved in opposite directions
Adjusted EBITDA and operating profit moved in opposite directions because the costs between them grew. Adjusted EBITDA is GoTo's own profit measure: it starts from operating profit and adds back depreciation and amortization (Rp202 billion), share-based pay (Rp47 billion) and "non-recurring items" (Rp405 billion), and takes out Rp8 billion of other income. It rose to Rp1,010 billion from Q1's Rp907 billion, but operating profit, which is after all of those costs, fell to Rp364 billion from Rp418 billion. Between the two quarters the non-recurring items rose Rp299 billion (from Rp106 billion), partly offset by share-based pay falling Rp144 billion (from Rp191 billion), so the gap between the two measures widened by Rp157 billion, to Rp646 billion from Rp489 billion. The non-recurring line is not new: GoTo added back Rp188 billion in Q1 2025, Rp75 billion in Q2 2025 and Rp106 billion in Q1 2026. The presentation's footnote says only that these items "also include restructuring costs", the press release gives no breakdown, and the earnings call did not explain the Rp405 billion; Rp372 billion of it sits in corporate costs that GoTo does not attribute to any segment (see the reconciliation under Segment Comparison). CFO Simon Ho pointed analysts to operating profit as the measure that shows operating performance "from a pure GAAP accounting perspective", and said he expects it to stay positive in the second half.
GoTo spent 40% less on buybacks than in Q1 and is holding back its new program
GoTo bought back Rp120.5 billion (~$6.7 million) of its own shares in Q2, 40% less than Q1's Rp201 billion, while saying it is not rushing the new program shareholders approved in June. In plain words: a buyback is GoTo spending cash to buy its own shares, and shares it holds are called treasury shares, which nobody outside the company owns (the shareholder table in the filing lists 1,066 billion shares held by owners and 125 billion in treasury separately). Cancelling treasury shares removes them from the share count but spends no new cash and books no gain or loss, so the announced cancellation of more than 32 billion of them, 2.7% of the 1,191 billion shares issued, is a signal, not a payment. The quarterly pace has swung from Rp457 billion in Q2 2025 to Rp25 billion, Rp53 billion, Rp201 billion and now Rp120.5 billion. The June meeting approved a program of up to Rp3.5 trillion through June 2027; CEO Hans Patuwo said GoTo is "choosing to be prudent by avoiding a rushed implementation", and Simon Ho said it does not "want to be rushed into share repurchases" while the 8% cap and the macro outlook are uncertain.
Fintech passed On-Demand Services for the first time, just before the commission cap
Fintech's Adjusted EBITDA (Rp481 billion) passed On-Demand Services' (Rp464 billion) for the first time, and GoTo kept its Rp3.2-3.4 trillion full-year guidance by raising Fintech's by Rp300 billion to offset a matching Rp300 billion cut to On-Demand's. Hans Patuwo called out Fintech's "profitability now exceeding that of our On-demand Services business for the first time". On July 1, the day after the quarter closed, a rule under Minister of Transportation Decree No. 532 of 2026 capped at 8% the commission GoTo can charge on two-wheel rides, about 7% of group net revenue; management put the adverse effect at about Rp300 billion of Adjusted EBITDA and cut On-Demand's full-year guidance to Rp1.4-1.5 trillion (from Rp1.7-1.8 trillion) while raising Fintech's to Rp1.7-1.8 trillion (from Rp1.4-1.5 trillion). None of Q2 reflects the cap, and On-Demand's Q2 Adjusted EBITDA rose 41% to Rp464 billion on GTV up only 2%, a margin-over-volume trade made before it took effect.
The Prescription
GoTo should stop announcing capital-return intentions (a Rp3.5 trillion buyback authorization, cancelling treasury shares) in the same results package that shows the buyback itself slowing. The Company spent Rp120.5 billion (~$6.7 million) buying back shares in Q2 2026, 40% less than Q1's Rp201 billion - even as it simultaneously announced an intention to cancel more than 32 billion treasury shares, a cancellation that spends no cash (see the buyback argument in the opening) and so is a symbolically larger signal than the quarter's actual repurchase activity. A market told on the Q1 call that GoTo might raise the pace of its buybacks as free cash flow improved, and then shown a quarter with 40% less buying, accompanied by a separate, not-yet-approved cancellation announcement, has reason to discount management's forward capital-allocation language until the numbers and the announcements start moving in the same direction.
Key Financial Metrics
Rp trillion; margin is operating income as a percent of net revenue, per quarter.
Q2 2026 vs Q2 2025 (three months ended June 30), derived by subtracting GoTo's Q1 2026 and Q1 2025 unaudited interim financial statements from the six-month figures in this quarter's unaudited interim consolidated financial statements. FX: IDR 17,908 = USD 1 (Bank Indonesia's reported middle/reference rate for 30 June 2026), applied throughout for comparability. GoTo's own Q2 2026 earnings call opened with a different reference rate for the same date - IDR 17,856 = USD 1 - used there solely to frame the call's own USD figures; the independently-sourced Bank Indonesia rate above is what this post uses throughout for consistency with prior quarters.
| Metric | Q2 2026 (IDR) | Q2 2026 (USD) | Q2 2025 (IDR) | YoY |
|---|---|---|---|---|
| Net Revenue | Rp5,653B | ~$315.7M | Rp4,328B | +30.6% |
| Profit from Operations (real, unadjusted) | +Rp364B | ~$20.3M | +Rp22B | Up ~16.6x |
| Adjusted EBITDA | Rp1,010B (17.9% of Net Revenue) | ~$56.4M | Rp427B (9.9% of Net Revenue) | +136.5%, first time over Rp1T |
| Net Profit (for the period) | +Rp252B | ~$14.1M | -Rp375B | Second consecutive profitable quarter |
| Free Cash Flow (OCF - capex) | ~+Rp523B | ~+$29.2M | ~-Rp1,639B | Fourth straight positive quarter, about half of Q1's |
| Total Cash & Equivalents (period-end) | Rp23,465B | ~$1,310.7M | Rp17,779B | +32.0% |
Profit attributable to owners of the parent was Rp350 billion (non-controlling interests booked a Rp97 billion loss for the period), more than the Rp252 billion total shown above, and up 36% from Q1 2026's Rp258 billion. Free cash flow is derived here, since GoTo discloses only its own "Adjusted Free Cash Flow" measure directly: net cash provided from operating activities of +Rp662 billion less capital expenditure (intangible assets plus fixed assets) of -Rp140 billion gives +Rp523 billion (~$29.2 million) - positive for a fourth straight quarter, but about half (52%) of Q1 2026's +Rp1,000 billion. Total assets grew to Rp47,477 billion (+1.5% quarter-on-quarter), total liabilities rose to Rp18,496 billion (+3.0% QoQ, after +5.3% in Q1), and total equity reached Rp28,981 billion (+0.6% QoQ).
Where Q2 2026's Revenue Went
Net revenue by segment, and net revenue's split into cost categories and profit, in one view. Figures come from the financial statements' own segment note and income statement (derived as Q2 2026 = H1 2026 minus Q1 2026, using each period's own filed figures, consistent with the segment breakdown above).
Rp billions, Q2 2026 (Apr-Jun 2026). Product development, operational & support, D&A, and a sub-1% intersegment elimination are grouped as "Other operating costs" (Rp1,038.7B); net finance income/costs, FX, fair value adjustments, associate share, and income tax are grouped as net finance, other charges & tax (Rp111.2B).
Key Operational Metrics
Q2 2026, per GoTo's earnings presentation and press release
Arrow = the way the number moved against a year earlier. Green = good for GoTo, red = bad, grey = flat.
- Group Annual Transacting Users»: 71 million, +19% year-on-year.
- Core GTV»: Rp164 trillion, +83% year-on-year, accelerating from Q1 2026's +65%.
- On-Demand Services GTV: Rp16.7 trillion, +2% year-on-year (Rp16.4 trillion a year ago), as management prioritized margin over volume ahead of the new commission regulation (see below).
- Delivery margin: 2.1%, up from 1.8% a year ago.
- Mobility margin: 5.0%, up two points from 3.0% a year ago.
- Completed orders, a volume metric less distorted by pricing choices than GTV: +3% year-on-year and +8% quarter-on-quarter.
- Fintech Monthly Transacting Users»: 28.8 million, +29% year-on-year.
- Fintech transactions: 2.4 billion, +91% year-on-year - deepening engagement per user, not just user growth.
- Total loans outstanding: Rp11.0 trillion, +58% year-on-year (credit quality is covered in Beyond the Usual below).
A new regulatory constraint on the On-Demand Services segment takes effect just after this quarter's close. On July 1, 2026 - the day after Q2 ended - a new 8% cap on driver commissions came into force under Indonesia's Minister of Transportation Decree No. 532 of 2026, covering Gojek's two-wheel transportation business, which management estimates at roughly 7% of Group net revenue. None of this quarter's results reflect the cap; management said one month of implementation had kept business conditions stable, but revised full-year Adjusted EBITDA guidance to reflect it regardless - lowering On-Demand Services' contribution to Rp1.4-1.5 trillion (from Rp1.7-1.8 trillion previously) while raising Fintech's to Rp1.7-1.8 trillion (from Rp1.4-1.5 trillion), leaving the Rp3.2-3.4 trillion Group total unchanged. A guidance reallocation that keeps the total identical while shifting the entire delta from the segment facing a new regulatory cap onto the segment that isn't invites the reading that the total itself may prove optimistic once Q3 shows the cap's actual bite, rather than the two offsetting moves being independently well-founded.
Three Segments: Fintech's Adjusted EBITDA Overtakes On-Demand Services
GoTo still reports the same three segments - On-Demand Services, Financial Technology, and E-Commerce. Real (unadjusted) operating profit by segment below comes from the financial statements' own segment note (derived as Q2 = H1 2026 minus Q1 2026, using each period's own filed figures); Adjusted EBITDA figures are as disclosed in the earnings materials.
On-Demand Services (Mobility & Delivery)
Rp billion; margin is segment operating profit as a percent of segment net revenue, per quarter. Revenue is the segment net revenue (segment note, third-party); profit is the segment operating profit. Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Shows the 10 quarters the segment's definition and disclosures allow.
Net revenue (real, per the segment note) grew 19.3% year-on-year to Rp3,495 billion, and real operating profit rose 82.2% to +Rp423 billion - still the largest real-profit contributor in the Group. Adjusted EBITDA reached Rp464 billion (+41% YoY), its fifth straight quarterly rise (Rp314 billion in Q1 2025, then Rp328 billion, Rp336 billion, Rp415 billion, Rp439 billion and now Rp464 billion). The margin-over-volume trade this quarter (2% GTV growth against a 41% Adjusted EBITDA increase) is a deliberate choice ahead of the July 1 commission cap - management is banking real profitability now, before a regulatory change compresses the segment's economics from Q3 onward.
Financial Technology
Rp billion; margin is segment operating profit as a percent of segment net revenue, per quarter. Revenue is the segment net revenue (segment note, third-party); profit is the segment operating profit. Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Shows the 10 quarters the segment's definition and disclosures allow.
Real operating profit reached +Rp272 billion, up from -Rp58 billion a year ago - a second consecutive quarter of real profitability after Q1 2026's first-ever positive result. Segment Adjusted EBITDA of Rp481 billion (+447% YoY) is the figure that overtook On-Demand Services' Adjusted EBITDA this quarter, and on a percentage-growth basis Fintech remains the fastest-growing segment by far: Core GTV (excluding merchant payment-gateway volume) rose 91% year-on-year to Rp157 trillion, and MTUs» grew 29% to 28.8 million. The loan book grew 58% year-on-year to Rp11.0 trillion, but the cost of that growth is showing up in the financial statements: impairment of financing and lending receivables rose 72% year-on-year in Q2 alone (to roughly Rp350 billion, from Rp203 billion) - faster than the loan book itself grew, even though the disclosed >90-days-past-due ratio held at 0.8% (see Beyond the Usual below).
E-Commerce
Rp billion; margin is segment operating profit as a percent of segment net revenue, per quarter. Revenue is the segment net revenue (segment note, third-party); profit is the segment operating profit. Values are standalone quarters; some are derived from half-year, nine-month or full-year figures in the filings. Starts at Q2 2024: earlier periods are not comparable.
Real operating profit (the Tokopedia consultancy-and-support service fee, net of costs) reached +Rp214 billion, up 33.0% from +Rp161 billion a year ago, on fee revenue that grew 31.6% to Rp262 billion. Segment Adjusted EBITDA was Rp224 billion, up 31% from Rp171 billion a year ago.
Segment Comparison
| Segment | Net Revenue YoY (real) | Adjusted EBITDA | Real Operating Profit | vs Q2 2025 |
|---|---|---|---|---|
| On-Demand Services | +19.3% | Rp464B, +41% | +Rp423B | Up from +Rp232B |
| Financial Technology | +56.8% | Rp481B, +447% - overtook ODS | +Rp272B | Up from -Rp58B (2nd straight real profit) |
| E-Commerce | +31.6% (fee) | Rp224B, +31% | +Rp214B | Up from +Rp161B |
| Group | +30.6% | Rp1,010B - first time over Rp1T | +Rp364B | Up from +Rp22B (~16.6x) |
Not attributed to any segment
The table above ends at each segment's own profit. The table below starts from the Adjusted EBITDA GoTo reports for its three segments (each already carries its share of group costs) and shows every step down to operating profit, as GoTo's own reconciliation lists them (Rp billion, three months ended June 30; presentation lines 737-758 and 776-796).
| Step | Q2 2026 | Q2 2025 |
|---|---|---|
| On-Demand Services Adjusted EBITDA | 464 | 328 |
| Financial Technology Adjusted EBITDA | 481 | 88 |
| E-Commerce Adjusted EBITDA | 224 | 171 |
| Total segment Adjusted EBITDA | 1,169 | 587 |
| Corporate cost, not attributed to any segment | (159) | (160) |
| Group Adjusted EBITDA | 1,010 | 427 |
| Share-based compensation cost, added back in Adjusted EBITDA | (47) | (139) |
| Other income/(expenses), taken out of Adjusted EBITDA | 8 | 4 |
| EBITDA | 971 | 292 |
| Non-recurring items (the Rp405 billion in the opening) | (405) | (75) |
| Depreciation and amortization | (202) | (196) |
| Profit from operations (operating profit) | 364 | 21 |
Not attributed to any segment is GoTo's head-office cost: Rp159 billion on the Adjusted EBITDA basis, level with Rp160 billion a year ago, which is why the group figure of Rp1,010 billion sits Rp159 billion below the three segments' Rp1,169 billion. On the operating-profit basis of the financial statements' segment note the same unattributed line is -Rp545 billion, up 74% from -Rp313 billion a year earlier and up 68% from Q1's -Rp325 billion, because Rp372 billion of the Rp405 billion of non-recurring items sits there (Q1: Rp42 billion); GoTo does not itemise what that Rp372 billion is, and the call transcript has no discussion of corporate costs. Neither Adjusted EBITDA nor operating profit is after income tax. The presentation prints Q2 2025 operating profit as Rp21 billion; subtracting the financial statements gives Rp22 billion, the figure used in the metrics table above (the hero chart shows 21).
Beyond the Usual
GoTo announced a plan to cancel more than 32 billion treasury shares, about a quarter of the 125 billion it and its subsidiaries hold
Alongside its results, GoTo announced its intention to cancel more than 32 billion treasury shares - approximately 2.7% of shares outstanding - pending shareholder approval at an extraordinary general meeting not yet scheduled. As of June 30, 2026, the Company held 39.78 billion of its own repurchased shares in treasury (up from 33.6 billion at the end of 2025), alongside a further 85.27 billion held by other entities the Company consolidates (down from 95.52 billion), a combined treasury balance of 125.05 billion shares (129.13 billion at the end of 2025), worth Rp5,510 billion at cost. A cancellation of the scale announced would retire about a quarter of that combined balance (32 of 125.05 billion). As explained in the opening, it spends no cash: it is a change to the share count, not a return of money.
The buyback pace GoTo said might increase instead fell 40% quarter-on-quarter
GoTo spent Rp120.5 billion (~$6.7 million) repurchasing 2.34 billion of its own shares in Q2 2026 - down 40% from Q1 2026's Rp201 billion, which had itself been a nearly fourfold rise on Q4 2025's Rp53 billion. That is a different pace in each of the last four quarters (Rp25 billion in Q3 2025, Rp53 billion in Q4 2025, Rp201 billion in Q1 2026, Rp120.5 billion in Q2 2026). On the Q1 call management said it might raise the pace of buybacks in line with improvements in adjusted free cash flow; real free cash flow roughly halved in Q2 (Rp523 billion from Rp1,000 billion, see the metrics section), which fits that link, but the Q2 call gave a different reason for holding back: uncertainty over the 8% cap and the macro outlook. The cancellation announcement spends no cash, so it does not settle what drives the buyback's pace quarter to quarter.
Bank Jago's disclosed fair value fell for a second straight quarter, now down 51% from its December 2025 level
The market-implied fair value of GoTo's 21.40% stake in Bank Jago - the IDX-listed price of the holding - fell to Rp2,862 billion at June 30, 2026, down from Q1 2026's Rp3,915 billion, a 26.9% single-quarter decline. Combined with Q1's 33.2% drop, the stake's disclosed fair value has now fallen 51.1% in two quarters, from Rp5,857 billion at the end of 2025. GoTo's own equity-method carrying amount for the stake barely moved (Rp2,935 billion at June 30, against Rp2,909 billion at March 31 and Rp2,895 billion at December 31), so the stake is now carried Rp73 billion above its market value, where at December 2025 and March 2026 the market value was above the carrying amount.
The ecosystem-wide loan delinquency rate has now risen for four consecutive quarters, even as the >90-day ratio stays near 0.8%
Total overdue balances across GoTo's ecosystem loan book (consumer and merchant lending, on- and off-balance-sheet) reached 8.2% of the Rp10.32 trillion book at June 30, 2026 - the fourth consecutive quarterly increase in this ratio (7.3% in June 2025, then 7.7%, 7.9%, 8.0% and 8.2%). The >90-days-past-due bucket, the figure closest to a conventional Non-Performing Loan» ratio, was 0.8% again, as at three of the previous four quarter-ends (0.9% in December 2025), supporting management's "stable credit quality" framing on that specific measure. But the earlier-stage buckets are where the creep is concentrated - the 31-90-days-past-due bucket rose to 4.3% of the book from 3.5% a year ago (flat on Q1's 4.3%) - and the financial statements show impairment expense for financing and lending receivables growing faster than the loan book itself this quarter (see Financial Technology segment above). Neither trend has yet reached the >90-day bucket that defines the headline NPL claim, but both are the kind of early-stage credit signal worth watching before it does.
Related-party revenue kept growing, but its share of net revenue slipped to 8.87% from Q1's 9.27%
Net revenue from PT Semangat Logistik Andalan (SLA), a subsidiary of associate Tokopedia that has appeared in the related-party note since the September 2025 report (Rp208 billion for the first nine months of 2025) and was first discussed in Q1 2026, reached approximately Rp208 billion in Q2 2026 alone (Rp404 billion for H1 2026, versus Rp196 billion in Q1 and Rp33 billion in H1 2025). Combined with the ongoing Tokopedia consultancy fee, total related-party net revenue was 8.87% of H1 2026's total net revenue, up from 5.76% in H1 2025 but below the 9.27% reported for Q1 alone, so Q2's own share was lower, about 8.5% (Rp480 billion of Rp5,653 billion), on a business relationship that predates the revenue itself (SLA already carried a related-party trade-receivable balance before it began generating disclosed revenue).
GoTo's multi-year cloud infrastructure commitment is running down as scheduled, with no changes to its terms
The Group's five-year cloud infrastructure agreement with Alibaba Cloud (Singapore) and Tencent Cloud International, which began in October 2024, carried a remaining minimum contractual commitment of USD30.4 million (Rp542 billion) as of June 30, 2026, down from USD38.7 million (Rp658 billion) three months earlier - a normal reduction as the fixed-term agreement runs its course, not a change in scope or terms. This is the kind of multi-year take-or-pay obligation that functions economically like debt but shows up only in a footnote table rather than a balance-sheet liability line - worth keeping in view given that on the Q1 call management described bringing more than 50 AI projects into a single integrated program, since AI workloads are exactly what this kind of cloud capacity commitment typically supports.
A related-party credit facility from Bank Jago remained unchanged at 75% utilization this quarter
The Rp200 billion term-loan facility GoTo subsidiary GKAB signed with Bank Jago in February 2026 remained drawn at Rp150 billion as of June 30, 2026 - unchanged from Q1 2026's level, meaning the facility neither drew down further nor was repaid this quarter.
Management's Framing: A Two-Wheel Business with Negative Unit Economics, and a Wary Answer on a Reverse Split
GoTo's Q2 2026 earnings call (July 29, 2026) added several admissions that don't show up in the presentation deck or press release on their own.
GoRide's unit economics are currently negative, and management said so plainly. Asked directly about two-wheel transportation margin sustainability, CEO Hans Patuwo said the segment's margin has "certainly deteriorated" and that its unit economics are presently negative - a materially more specific and more negative admission than the deck's own "margin over volume" framing (see Key Operational Metrics above) would suggest on its own. Management's stated fix involves adjusting pricing and "other components like platform fees and surge timings". GoRide represents roughly 7% of Group net revenue, per Hans.
Management's own framing is that Q2 was the easy quarter for On-Demand Services, not the new normal. Responding to a question about the segment's resilient ~24% take rate, Hans said the 8% commission cap only took effect July 1, so Q2 is "the last quarter where we still have the higher commission rate" - Q3 is what will actually show the cap's bite, and it was "still a bit early" to say how much. GoTo's Group COO added on a separate question that mobility margins will "compress" and that the change should "give back much of the margin improvements that we built over the last year", even as delivery's mass-market scaling should keep growing absolute Adjusted EBITDA despite lower per-order margins. Both comments sharpen the point that Q3, not Q2, is the real test of management's guidance.
On credit quality, management described "early signs of deterioration in the broader market" and responded by tightening, not waiting. CFO Simon Ho said the company has tightened underwriting for lower-scoring cohorts, become more selective in approvals, adjusted limit management, and raised provision coverage as "an additional buffer" - which is itself raising credit costs. He characterized delinquency rates and NPLs as still stable on the call, consistent with this post's own finding (see Beyond the Usual above) that the >90-day bucket has stayed at 0.8% at four of the last five quarter-ends (0.9% in December 2025) even as the earlier-stage 31-90-day bucket rose from 3.5% to 4.3% over the year - management's own commentary corroborates that the early-stage signal is real enough to be actively managed, not just a rounding artifact.
Hans opened the call by addressing the share price directly, in his own words: it "has been at the 50 Rupiah floor for almost three months." He put that in context against a genuinely weak broader market (Indonesia's equity market down roughly 30% year-to-date), and traced the specific decline to the 8% commission cap's May 1 announcement following an initially positive reaction to Q1's first-ever net profit - management's own view is that the current price "does not accurately reflect the true value of our company." Asked directly about a reverse stock split, management said it is one option under evaluation, not ruled out, but was wary of it: Citi's Ferry Wong raised it alongside the buyback question, and Simon Ho said that over the past 15 years "there's only been a handful" in Indonesia, mostly smaller companies whose share prices performed very badly afterwards, and noted public perception of a reverse split remains negative. That's a materially more cautious answer than silence would have been - management appears aware a reverse split carries real reputational risk in the local market, not just a mechanical one, and is not treating it as an easy lever to escape the Rp50 floor.
Full-year guidance (Fintech raised to Rp1.7-1.8 trillion, On-Demand Services lowered to Rp1.4-1.5 trillion, Group total unchanged at Rp3.2-3.4 trillion) as covered in Key Operational Metrics above matches exactly what Hans confirmed on the call - the transcript doesn't add anything new here beyond corroborating the deck's own disclosure.
Target Valuation Range
In line with its regional peers on revenue and cheaper than its own Q1, but richer than Grab on guided EBITDA. Enterprise value ~Rp54,589B (~$3.05B) implies 2.63x EV/TTM Revenue on issued shares (2.33x on shares held by owners, see below), down from 2.88x at Q1 although the stock closed essentially flat, because trailing net revenue is growing faster than enterprise value; that is a little below Grab (~2.7x) and below Uber (~3.3x), above Sea (~2.1x). On the FY2026 guidance midpoint it is ~16.5x EV/Adjusted EBITDA against Grab's ~13.7x and Sea's ~16.1x trailing.
In plain words: enterprise value (EV) is what the market says the whole business is worth - the value of all its shares plus what it owes, less the cash it holds - and dividing it by a year of net revenue (EV/Revenue) or a year of Adjusted EBITDA (EV/Adjusted EBITDA) lets companies of different size be compared. At Rp50 a share GoTo is priced at about 2.63 times a year of net revenue and, on the Rp3.3 trillion midpoint of its own full-year guidance, about 16.5 times Adjusted EBITDA. The takeaway: on revenue GoTo is priced a little below Grab and below Uber, and above Sea; on guided Adjusted EBITDA it is priced above Grab and close to Sea; and an EBITDA multiple is only as comparable as the profit measure beneath it, which for GoTo leaves out Rp405 billion of costs this quarter.
| Company (latest post) | Period and basis | EV/Revenue | EV/Adjusted EBITDA | P/E |
|---|---|---|---|---|
| GoTo (this post) | Q2 2026, June 30, 2026 close; EV = market cap + total liabilities - cash and equivalents, non-controlling interests not added; trailing twelve months of net revenue (Rp20,758B); the EBITDA multiple is on the FY2026 guidance midpoint (~Rp3.3T), not trailing | 2.63x (2.33x on owner-held shares, excluding 125 billion treasury shares) | ~16.5x (on guidance) | not in this post |
| Grab | Q2 2026, June 30, 2026 close; EV = market cap - net cash liquidity; trailing four quarters of revenue; the EBITDA multiple is on the FY2026 guidance midpoint ($730M), not trailing | ~2.7x | ~13.7x (on guidance) | not in that post |
| Sea | Q2 2026, June 30, 2026 close; EV = market cap + convertible notes - cash and cash equivalents; trailing four quarters (Q3 2025 to Q2 2026); P/E = market cap / trailing net income | ~2.1x | ~16.1x | ~36.1x |
| Uber | Q2 2026, June 30, 2026 close; EV = market cap + total liabilities - cash; trailing twelve months of revenue | ~3.3x | not in that post | not in that post |
On revenue GoTo (2.63x) is priced just below Grab (about 2.7x), below Uber (about 3.3x) and above Sea (about 2.1x); on Adjusted EBITDA it (about 16.5x on guidance) is above Grab (about 13.7x on guidance) and close to Sea (about 16.1x trailing). The comparison is not exact: the companies differ in business mix, country and currency; GoTo's and Uber's EVs add all liabilities, Grab's subtracts net cash liquidity and Sea's adds only convertible notes; GoTo's and Grab's EBITDA multiples rest on company guidance where Sea's is trailing; and GoTo's Adjusted EBITDA leaves out the Rp405 billion discussed in the opening.
GoTo's share count held at 1,191,144,997,220 shares issued, unchanged from Q1 2026 - the announced treasury-share cancellation (see Beyond the Usual above) had not yet been executed as of June 30, 2026. The stock closed June 2026 at Rp50, down just 2.0% from Q1 2026's Rp51 close - essentially flat for the quarter (Rp54 in April, Rp50 in May, Rp50 in June), in contrast to Q1's 20.3% fall. No stock split falls within the two-year price window used here, so Rp50 is the actual nominal quoted price. Over the trailing two years, the stock ranged from a low of Rp50 (May-June 2026) to a high of Rp85 (April 2025) - a 41.2% peak-to-trough decline - with this quarter's close sitting at the very bottom of that range.
| Market cap → enterprise value | Q2 2026 |
|---|---|
| Share price (period-end) | Rp50 |
| Shares outstanding | 1,191,144,997,220 |
| Market capitalization | Rp59,557B (~$3.33B) |
| Total liabilities | ~Rp18,496B |
| Less: cash and equivalents | ~Rp23,465B |
| Enterprise value | Rp54,589B (~$3.05B) |
In rupiah, market cap fell 2.0%, from Rp60,748B at Q1 2026's close, as the share price edged down from Rp51 to Rp50; cash rose from Rp22,735B. The larger dollar fall (about 7%, from ~$3.58B for market cap and ~$3.29B for enterprise value) is mostly the exchange rate, IDR 16,993 per US dollar at Q1 2026's close against 17,908 now (the Bank Indonesia reference rate for June 30, 2026, as in the note above the table).
This market capitalization multiplies the price by all 1,191,144,997,220 issued shares, which include the 125,052,576,391 treasury shares GoTo and its subsidiaries hold themselves. Counting only the 1,066,092,420,829 shares held by owners, market capitalization at Rp50 would be Rp53,305B, enterprise value Rp48,336B and EV/TTM net revenue about 2.33x. Earlier quarters' posts used the issued-share count, so the headline keeps that basis for comparability.
| Peer-multiple sanity check | Q1 2026 | Q2 2026 | Change |
|---|---|---|---|
| TTM Net Revenue | Rp19,432B | Rp20,758B (~$1,159M) | +6.8% |
| Enterprise value | ~$3.29B | ~$3.05B | down |
| EV/TTM Net Revenue | 2.88x | 2.63x | down, despite a flat stock price - TTM revenue grew faster than EV |
Enterprise value here does not add non-controlling interests, which are a book deficit of Rp3.42 trillion at June 30, 2026, so no claim is counted for them.
This is now the lowest EV/Revenue multiple on a post-deconsolidation basis.
GoTo's 2Q 2026 Results presentation and press release (July 2026), GoTo's own unaudited interim consolidated financial statements as of and for the six-month period ended 30 June 2026, and the transcript of GoTo's Q2 2026 earnings call (July 29, 2026).