GoTo's Tokopedia Contribution to 2025 Financial Performance Revealed
Jakarta, CNBC Indonesia - Technology company PT GoTo Gojek Tokopedia Tbk (GOTO) has recently released its financial performance for the 2025 financial year. Notably, the financial results reveal Tokopedia’s contribution to GOTO’s financial position.
As a reminder, Tokopedia ceased being consolidated by GOTO from February 2024 onwards and its status changed to that of an associated entity. Nevertheless, Tokopedia continues to make positive contributions to GOTO’s financial position.
These contributions can be traced through its deconsolidation process. At that time, TikTok entered as a 75.01% shareholder in Tokopedia by absorbing new Tokopedia shares, whilst GOTO retained 24.99% of Tokopedia shares in a non-dilutive manner.
As part of this agreement, GOTO retained the right to receive cash flows from its associated entity Tokopedia in the form of e-commerce service fees paid quarterly, and the company absorbed Tokopedia’s proportional profits or losses corresponding to GOTO’s shareholding in the e-commerce giant.
The value of e-commerce service fees obtained by GOTO reached Rp820 billion in 2025, an increase of 32% compared to 2024, which stood at Rp622 billion.
However, GOTO only truly deconsolidated Tokopedia in February 2024, meaning the e-commerce service fees obtained in 2024 did not cover a full 12-month period. What is particularly noteworthy about this income item is that GOTO has no associated expenses, so the e-commerce service fees will directly have a positive impact on the company’s profit and cash flows.
Subsequently, under the share of profit or loss from associated entities and joint ventures, GOTO recorded a gain of Rp249 billion as of December 2025, reversing from a loss of Rp2.3 trillion. One trigger for this was Tokopedia, which as GOTO’s associated entity, recorded a profit of Rp600 billion throughout 2025.
This was confirmed by GOTO management during the performance presentation on Wednesday evening (11 March). Tokopedia reported a net profit of Rp2.4 trillion in the fourth quarter of 2025, with this increase attributed to non-operational items such as interest income and foreign exchange gains.
“In addition, we receive service fee income each quarter based on the combined gross merchandise value (GMV) of Tokopedia and TikTok Shop,” said Simon Ho, Chief Financial Officer, during the online performance presentation on Wednesday evening (11 March).
As part of the agreement when the TikTok-Tokopedia deal with GOTO was concluded, the company continues to receive e-commerce service fees and absorbs a portion of Tokopedia’s profit or loss proportional to its shareholding percentage as part of the accounting treatment.