PT GoTo Gojek Tokopedia (GOTO) Q4 2025 earnings summary

Executive summary

• Achieved record Adjusted EBITDA of IDR 2 trillion ($120M) in FY25, up 544% year-on-year, with Q4 Adjusted EBITDA of IDR 672 billion ($40M), up 106% year-on-year, exceeding guidance.

• Group Net Revenue grew 24% year-on-year to IDR 18.3 trillion ($1.1B) for 2025; Q4 net revenue up 19% to IDR 5 trillion ($300M).

• Group GTV reached IDR 685.6 trillion for FY25, up 32% year-on-year, and IDR 211.7 trillion for Q4, up 47% year-on-year.

• Annual transacting users increased 24% year-on-year to 66 million, representing a quarter of Indonesia's population.

• Exceeded profitability guidance for 2025, driven by revenue growth, operational efficiency, and strategic partnerships, especially in e-commerce.

Financial highlights

• Adjusted EBITDA for 2025 increased over 6x to IDR 2 trillion ($120M); Q4 Adjusted EBITDA up 106% to IDR 672 billion ($40M).

• Adjusted Free Cash Flow was IDR 966 billion for FY25 and IDR 748 billion for Q4.

• Net revenues reached Rp18,322,117 million for 2025, up from Rp15,894,462 million in 2024.

• Loss from operations narrowed to IDR 378 billion in FY25 from IDR 2.2 trillion in FY24 (pro forma); loss for the year improved to Rp1,501,685 million from Rp5,464,855 million.

• Cash and cash equivalents at year-end were Rp21,755,165 million (IDR 22.1 trillion), up from Rp19,177,524 million.

Outlook and guidance

• FY26 Group Adjusted EBITDA guidance is IDR 3.2–3.4 trillion ($190–200M), representing 59–69% year-on-year growth.

• FY26 segment guidance: Fintech Adjusted EBITDA IDR 1.4–1.5 trillion; ODS Adjusted EBITDA IDR 1.7–1.8 trillion.

• Strategy focuses on expanding user engagement, supporting partners, and leveraging technology for long-term growth.

• Monitoring macroeconomic risks, especially oil prices, which could impact driver income and consumer demand.

• Financial technology segment aims to grow user base and loan book while maintaining healthy delinquency rates.