The research investigates how liquidity and good corporate governance (GCG) influence profitability among hospitality and tourism firms on the Indonesia Stock Exchange from 2019 to 2023. The study measures liquidity using current ratio, while examining GCG through three components: institutional ownership, managerial ownership, and independent commissioners. For profitability measurement, the research employs return on assets (ROA) as the key indicator. The study examined panel data regression analysis of 18 companies annual reports selected through purposive sampling. Findings revealed that return on assets was positively and significantly influenced by current ratio. However, no significant relationships were found between return on assets and three variables: institutional ownership, managerial ownership, and independent commissioners. When tested together, none of the variables demonstrated significant impact on return on assets, suggesting that other external elements may have been more influential on profitability in this timeframe.