High-quality earnings are supported by an OCF/NI ratio of 1.13 in 2026Q1, though capital intensity remains high with CapEx peaking at 37.4% of revenue in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 75.94B | 77.5B | 79.24B | 74.56B | 75.95B | 74.86B | 74.46B | 72.43B | 66.37B | 70.93B | 64.95B | 76.32B | 71.38B | 75.29B | 67.56B | 75.36B | 84.77B | 77.29B | 91.87B | 87.24B | 100.13B | 86.42B | 91.56B | 93.45B | 91.58B | 73.1B |
| Operating CF Margin % | - | 33.02% | 34.67% | 33.66% | 35.21% | 35.74% | 35.9% | 40.39% | 30.8% | 31.18% | 28.24% | 32.93% | 31.5% | 33.02% | 30.69% | 34.65% | 41.88% | 38.96% | 45.55% | 43.42% | 53.74% | 46.65% | 49.45% | 51.3% | 50.94% | 39.64% |
| Operating CF Growth % | -16.45% | -2.2% | 6.28% | -1.83% | 1.46% | 0.54% | 2.8% | 9.13% | -6.44% | 9.21% | -14.9% | 6.93% | -5.19% | 11.44% | -10.35% | -11.1% | 9.68% | -15.87% | 5.3% | -12.88% | 15.87% | -5.62% | -2.01% | 2.04% | 25.28% | - |
| Net Income | 39.02B | 38.69B | 47.84B | 36.96B | 47.2B | 46.07B | 42.83B | 41.87B | 44.98B | 48B | 49.38B | 51.97B | 46.56B | 49.11B | 41.04B | 48.1B | 48.56B | 44.5B | 45.79B | 49.46B | 42.07B | 33.41B | 50.92B | 47.23B | 44.21B | 37.4B |
| Depreciation & Amortization | 30.59B | 0 | 39.62B | 40.51B | 39.43B | 38.4B | 36.37B | 35.18B | 31.87B | 31.93B | 32.48B | 33.45B | 34.11B | 32.19B | 32.53B | 32.37B | 34.06B | 36.34B | 38.22B | 39.37B | 40.63B | 41.27B | 40.7B | 41.49B | 40.42B | 0 |
| Stock-Based Compensation | 2.5M | 0 | 8M | 8.35M | 16M | 19M | 8M | 2M | 17.3M | 21.78M | 17.2M | 36M | 93.29M | 69.58M | 3.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 457M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.63B | -5.67B | -7.79B | -7.35B | -9.49B | -7.94B | -125.67M | 56.18M | 26.57M | 1.1B | -156M | 259.45M | 1.4B | 9.73B | 157M | 407.47M | 765.22M | 0 |
| Other Non-Cash Items | 6.21B | 42.03B | -9.09B | -697.5M | -7.85B | -7.64B | -7.93B | -7.92B | 1.76B | -180.97M | -169.04M | -273.02M | -241.99M | -526.4M | 514.51M | 37.07M | 246.49M | 518.38M | 563M | 745.93M | 2.28B | -32.88M | 1.73B | 33.96M | 5.29B | 35.7B |
| Working Capital Changes | -5.75B | -3.22B | 863M | -2.22B | -2.85B | -1.98B | 3.19B | 3.3B | -1.63B | -3.17B | -8.97B | -1.5B | 349.93M | 2.38B | -6.39B | -4.94B | 1.42B | -5.58B | 5.72B | -3.34B | 14.66B | -12.17B | -2.4B | -1.02B | 904.35M | 0 |
| Change in Receivables | -7.72B | -2.21B | -3.69B | -1.58B | -1.85B | -1.49B | 3.65B | 4.22B | 1.35B | -1.19B | -4.61B | -1.13B | -3.62B | 1.22B | -482.98M | -8.31B | 0 | 0 | 0 | 0 | 0 | 0 | -382M | 0 | 0 | 0 |
| Change in Inventory | -3.01B | -1.14B | -626M | -177.32M | -23M | 875M | 3.92B | -2.7B | -6.78B | -1.47B | 1.17B | -1.85B | 463.21M | -854.69M | -1.95B | -665.06M | -491.69M | -143.7M | -823M | -616.2M | 586.53M | -822.13M | -326M | -1.73B | -486.96M | 0 |
| Change in Payables | 107M | -2.13B | 3.35B | -2.03B | -1.63B | 2.47B | 21M | -5.15B | 1.07B | 586.94M | 2.5B | -2.22B | 2.97B | 2.08B | 13.58M | 2.38B | 0 | 0 | 0 | 0 | 0 | 0 | 2.41B | 0 | 0 | 0 |
| Cash from Investing | -23.87B | -28.2B | -35.33B | -50.17B | -30.79B | -31.17B | -68.25B | -27.13B | -32.61B | -36.72B | -21.66B | -30.45B | -27.38B | -49.17B | -38.87B | -33.1B | -17.36B | -29.47B | -34.53B | -39.4B | -19.13B | -28.12B | -32.45B | -32.16B | -55.44B | -53.7B |
| Capital Expenditures | -21.88B | 0 | -28.76B | -50.17B | -31.54B | -35.33B | -23.51B | -24.17B | -29.05B | -38.18B | -23.8B | -35.46B | -33.2B | -76.25B | -33.87B | -27.43B | -24.89B | -25.75B | -30.33B | -39.4B | -27.83B | 0 | -23.01B | -32.19B | -43.37B | 0 |
| CapEx % of Revenue | 9.15% | 11.86% | 12.58% | 22.65% | 14.62% | 16.87% | 11.34% | 13.48% | 13.48% | 16.78% | 10.35% | 15.3% | 14.65% | 33.45% | 15.39% | 12.61% | 12.3% | 12.98% | 15.04% | 19.61% | 14.94% | - | 12.43% | 17.67% | 24.12% | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15.9B | -28.2B | -456M | -799.69M | -891M | 825M | -46.7B | -594M | 964.42M | 10.52B | 1.37B | 1.32B | 1.65B | 1.06B | -1.01B | -422.51M | -2.37B | 459.1M | -365M | 97.3M | 782.04M | -295.96M | 32.78B | 237.69M | -12.07B | -53.7B |
| Cash from Financing | -45.74B | -48.46B | -41.52B | -40.73B | -34.8B | -34.31B | -9.8B | -38.93B | -35.04B | -36.61B | -42.52B | -39.19B | -35.12B | -42.47B | -42.84B | -65.74B | -46.96B | -56.45B | -52.33B | -42.84B | -52.23B | -45.68B | -43.38B | -55.42B | -33.11B | -38.9B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -4.9M | -5.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.3B | -9.7B | 0 | 0 | -7.2B | -11.4B | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -38.14B | -39B | -36.91B | -36.48B | -35.75B | -33.4B | -32.78B | -34.75B | -37.2B | -38.34B | -42.55B | -37.67B | -35.1B | -41.5B | -42.36B | -42.85B | -39.37B | -37.84B | -41.2B | -34.6B | -40.63B | -45.48B | -43.41B | -38.54B | -33.84B | 0 |
| Share Repurchases | 136.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.39B | -9.7B | 0 | 0 | -7.23B | -11.4B | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.94B | -4.28B | -327M | -233M | 566M | 2.82B | -309M | -450M | 2.14B | 1.8B | 155M | -329.58M | -523M | -747M | -442M | -1.85B | -597.43M | -20.07B | -11.31B | -53.47M | -4.61M | 0 | 32M | 28.9M | 42M | -38.9B |
| Net Change in Cash | 5.68B | 829.31M | 2.44B | -16.37B | 10.41B | 9.36B | -3.63B | 6.41B | -1.18B | -2.28B | 828.92M | 6.71B | 8.97B | -16.35B | -14.19B | -23.49B | 17.62B | -8.03B | 5.05B | 5.58B | 28.77B | 12.66B | 15.73B | 5.87B | 3.03B | -38.9B |
| Free Cash Flow | 54.04B | 49.6B | 50.25B | 24.39B | 42.52B | 39.27B | 3.34B | 47.9B | 37.32B | 32.75B | 41.15B | 40.86B | 38.18B | -965.18M | 33.69B | 47.93B | 59.87B | 51.53B | 61.54B | 47.84B | 72.31B | 86.42B | 68.55B | 61.26B | 48.21B | 73.1B |
| FCF Margin % | 22.61% | 21.13% | 21.99% | 11.01% | 19.71% | 18.75% | 1.61% | 26.71% | 17.32% | 14.4% | 17.89% | 17.63% | 16.85% | -0.42% | 15.3% | 22.04% | 29.58% | 25.98% | 30.52% | 23.81% | 38.81% | 46.65% | 37.02% | 33.63% | 26.81% | 39.64% |
| FCF Growth % | 47.75% | -1.29% | 106.09% | -42.65% | 8.29% | 1075.72% | -93.03% | 28.35% | 13.94% | -20.41% | 0.71% | 7.03% | 4055.4% | -102.86% | -29.7% | -19.95% | 16.18% | -16.26% | 28.65% | -33.84% | -16.33% | 26.06% | 11.91% | 27.07% | -34.05% | - |
| FCF per Share | 67.36 | 63.98 | 64.64 | 31.40 | 54.76 | 50.57 | 4.30 | 61.68 | 48.05 | 42.16 | 52.97 | 52.55 | 49.13 | -1.24 | 43.32 | 61.36 | 76.96 | 66.23 | 78.69 | 55.23 | 69.30 | 75.01 | 59.48 | 53.15 | 41.83 | 63.31 |
| FCF Conversion (FCF/Net Income) | 1.39x | 2.00x | 2.13x | 2.02x | 2.09x | 2.10x | 2.23x | 2.20x | 1.87x | 1.82x | 1.62x | 1.78x | 1.85x | 1.90x | 1.69x | 1.60x | 1.78x | 1.77x | 2.01x | 1.76x | 2.38x | 2.59x | 1.80x | 1.98x | 2.07x | 1.95x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29M | 41M | 98M | 14M | 4M | 0 | 0 | 0 | 4M | 66M | 122M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.21B | 9.57B | 8.84B | 13.02B | 15.62B | 0 | 0 | 0 | 10.99B | 11.12B | 8.78B | 0 |
Infrastructure CapEx Intensity
As reported in recent financial filings, Chunghwa Telecom consistently generates operating cash flow in excess of net income, with an OCF/NI ratio reaching 1.13 in 2026Q1, which suggests that the company's reported earnings are supported by high-quality, cash-generative operations rather than accounting accruals.
The consistent premium of operating cash flow over net income indicates that the company's earnings are not reliant on non-cash adjustments. This relationship suggests a conservative accounting approach that provides investors with a high degree of confidence in the underlying profitability of the core telecom business.
Based on the provided quarterly data, CHT's free cash flow exhibits significant volatility, ranging from a negative $6.2B in 2025Q1 to a positive $33.6B in 2025Q3, which highlights the impact of lumpy capital expenditure cycles on the company's ability to generate consistent surplus cash.
The wide variance in free cash flow margins suggests that the company's cash generation is highly sensitive to the timing of infrastructure investments. Investors should monitor whether these fluctuations represent structural shifts in capital intensity or merely the timing of large-scale network deployment projects.
According to the company's cash flow statements, CHT maintains a high capital intensity, with CapEx as a percentage of revenue peaking at 37.4% in 2024Q4, reflecting the ongoing, heavy investment required to maintain its dominant fiber and 5G network infrastructure across the Taiwan market.
The elevated CapEx levels suggest that the company is prioritizing long-term network superiority over short-term cash flow maximization. This strategy appears to be a defensive necessity to protect its market position, though it may limit the immediate cash available for shareholder returns.
As indicated by the quarterly cash flow data, working capital changes have been a significant driver of cash flow variance, with a notable $12.6B outflow in 2026Q1, suggesting that the company's cash position is frequently impacted by the timing of large enterprise project settlements.
The significant swings in working capital appear to be tied to the company's ICT and system integration projects, which often involve milestone-based payments. This suggests that investors should look past quarterly working capital noise to assess the underlying cash-generating capability of the core subscription business.
Quick answers to the most common questions about buying CHT stock.
Chunghwa Telecom Co., Ltd. (CHT) generated $77.50B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Chunghwa Telecom Co., Ltd. (CHT) generated $49.60B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Chunghwa Telecom Co., Ltd. (CHT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Chunghwa Telecom Co., Ltd. (CHT) returned $39.00B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.