Several analysts are recommending investors to accumulate shares of PT GoTo Gojek Tokopedia Tbk (GOTO), especially after the company released its performance through the third quarter of 2025. In Q3 2025, GOTO posted a pre-tax profit for the first time and raised its performance guidance targets for 2026. GOTO reported adjusted EBITDA of IDR 516 billion in Q3 2025, up 239% year on year. Cumulatively over the first nine months of 2025, adjusted EBITDA reached IDR 1.3 trillion, surging from IDR 79 billion in the same period last year.

Oktavianus Audi, VP Head of Marketing Strategy & Planning at Kiwoom Sekuritas, said GOTO’s results were driven by 43% year-on-year growth in group core GTV and an improvement in adjusted free cash flow, which turned positive at IDR 247 billion. In addition, the on-demand services segment recorded 115% year-on-year growth in adjusted EBITDA to IDR 336 billion. “We see GOTO’s performance as still in line with its 2025 revenue target of IDR 17.9 trillion, as well as our projection that net losses will narrow to around IDR 891 billion,” Audi told Katadata on Wednesday (29/10).

Meanwhile, BinaArtha Sekuritas analyst Ivan Rosanova advised investors to enter GOTO at IDR 51–52, with nearest target price levels at IDR 65, 71, 78, and 87. In Wednesday’s trading session (29/10), GOTO shares closed up 1.82% (1 point) at IDR 56. Since the beginning of the year, the stock has been volatile and is down 20%.

GOTO’s Financial Performance in Q3 2025

GOTO recorded revenue of IDR 13.29 trillion in the first nine months of 2025, up 14% year on year. Net losses narrowed by 82% year on year to IDR 775.55 billion.

Based on the company’s financial statements, GOTO also managed to reduce costs and expenses over the first nine months of 2025, from IDR 13.71 trillion in January–September 2024 to IDR 13.51 trillion. The company posted adjusted pre-tax profit for the first time in Q3 at IDR 62 billion.

“In the third quarter, we achieved a new milestone by recording adjusted pre-tax profit for the first time at IDR 62 billion,” said GoTo Group CEO Patrick Walujo in a press release on Wednesday (29/10).

GoTo Group CFO Simon Ho said the company’s third-quarter performance reflected continued progress in efficiency and financial discipline across the business. “We achieved another record for Group adjusted EBITDA and generated positive adjusted free cash flow, supported by revenue growth and disciplined cost management,” he said.

GOTO’s group adjusted EBITDA in Q3 2025 came in at IDR 516 billion, up 239% year on year. Cumulatively, adjusted EBITDA for the first nine months of 2025 reached IDR 1.34 trillion, reversing from a loss of IDR 79 billion in the same period last year.

GOTO’s strong performance was supported by its financial technology services (GoPay) and on-demand services (Gojek). The fintech business delivered a record adjusted EBITDA of IDR 136 billion, up 201% year on year. Meanwhile, on-demand services posted adjusted EBITDA of IDR 336 billion, up 115% year on year. The company also generated positive adjusted free cash flow of IDR 247 billion.

Tokopedia’s e-commerce service fees paid to GoTo reached IDR 211 billion in Q3.

The company also maintained a solid cash position and balance sheet. As of 30 September 2025, GoTo held IDR 18 trillion (US$1.1 billion) in cash, cash equivalents, and short-term deposits.