ID_GOTO: revenue up 30%, but operating cash flow is nearly zero

On August 25, ID_GOTO reported Q2 2026 results: revenue grew 30.6% YoY to IDR 5,652.8 million, EBITDA rose 289.3% to IDR 402.7 million, and net profit increased 181.6% to IDR 349.5 million. However, operating cash flow for the quarter was only IDR 662.5 million, and for the trailing twelve months just IDR 0.3 million. At the current price, the shares look rather attractive due to strong growth and margin improvement, but investors should watch the conversion of profit into cash.

Key takeaways

— Q2 revenue grew 30.6% YoY to IDR 5,652.8 million

— EBITDA margin reached 7.1% versus 2.4% a year earlier – driven by operating leverage

— Net profit rose 181.6% to IDR 349.5 million, but this is barely visible in cash terms

— Operating cash flow for the quarter was IDR 662.5 million, and for the trailing twelve months just IDR 0.3 million

— Capital expenditures in Q2 reached IDR 101,462 million – almost 2.5 times operating cash flow

— Net debt is negative: minus IDR 15,244 million at the end of the quarter

— Return on equity is 4.6%, below the cost of capital

Attractiveness

Key figures, IDR bn

Q2 revenue grew 30.6% YoY to IDR 5,652.8 million

In Q2 2026, ID_GOTO's revenue reached IDR 5,652.8 million, up 30.6% from the same quarter a year earlier. This is an acceleration from Q1 growth of 26.3% and a significant improvement from 18.3% in Q2 2025.

The main driver remains ecosystem growth: the company continues to increase monetization of delivery services, financial products, and advertising. Although the report lacks segment breakdown, the dynamics indicate sustained demand from consumers and merchants.

EBITDA margin reached 7.1% versus 2.4% a year earlier – driven by operating leverage

EBITDA in Q2 grew 289.3% YoY to IDR 402.7 million, and the EBITDA margin expanded from 2.4% to 7.1%. This is the result of operating leverage: revenue is growing faster than operating expenses, which increased only 17% in the first half.

Operating profit also turned positive – IDR 363.7 million versus IDR 21.8 million a year earlier. The company continues to reduce losses and move toward sustainable profitability, although the margin is still low compared to mature tech platforms.

Net profit rose 181.6% to IDR 349.5 million, but this is barely visible in cash terms

Net profit for the quarter was IDR 349.5 million versus IDR 124.1 million a year earlier – up 181.6%. However, this result includes significant non-cash items: loss on impairment of investments in associates and joint ventures (14.7 million), fair value adjustment of financial instruments (minus 328.1 million), and share of net losses in associates (15.0 million).

Excluding these factors, operating activities generate modest cash flow, raising questions about earnings quality. Investors should look not only at the income statement but also at cash flows.

Operating cash flow for the quarter was IDR 662.5 million, and for the trailing twelve months just IDR 0.3 million

In Q2, operating cash flow (OCF) was IDR 662.5 million – much better than minus IDR 912.7 million a year earlier. However, over the trailing twelve months, OCF is almost zero: IDR 0.3 million. This means that all the profit shown over the year is not converting into cash.

The reason lies in significant outflows for user financing (loan disbursements) and working capital growth. The company is investing in growth, but this is not yet yielding a commensurate cash result.

Capital expenditures in Q2 reached IDR 101,462 million – almost 2.5 times operating cash flow

Capital expenditures (capex) in Q2 were IDR 101,462 million – 2.5 times the operating cash flow for the same period. Major investments are going into technology infrastructure, software development, and capacity expansion.

In the first half, capex reached IDR 135,733 million, significantly exceeding OCF of IDR 1,724 million. This gap is covered by existing cash and borrowings, but it limits the company's ability to generate free cash flow.

Net debt is negative: minus IDR 15,244 million at the end of the quarter

At the end of Q2, the company's net debt was minus IDR 15,244 million, meaning cash and deposits exceeded debt obligations. This provides a safety cushion and allows financing investments without a significant increase in debt.

However, over the quarter net debt changed slightly: at the end of Q1 it was minus IDR 14,735 million. The company maintains a conservative balance sheet structure, reducing refinancing risks.

Return on equity is 4.6%, below the cost of capital

Return on equity (ROE) for the trailing twelve months was 4.6%. This is below the typical cost of capital for emerging markets, meaning the company is not yet creating sufficient shareholder value.

Low ROE is explained by a large capital base (IDR 28,981 million) and modest net profit. To improve ROE, the company needs either to increase profit or return capital to shareholders through dividends or buybacks.

Valuation on the latest reported figures

Bottom line

Bottom line: ID_GOTO shows strong revenue growth and margin improvement, confirming the business potential. However, operating cash flow is almost zero, and capital expenditures are several times higher, limiting financial flexibility. With negative net debt and growing profit, the shares look rather attractive, but investors should wait for improved profit-to-cash conversion. If OCF starts to grow sustainably, it will confirm the quality of the business.