Revenue grew 10.1% YoY in 2026Q2 to $62.1B, with operating margin stable at 21.6%, but EPS growth of 7.6% YoY suggests limited earnings acceleration from 5G investments.
Chunghwa Telecom Co., Ltd. (CHT) annual income statement — 25-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 244.66B | 234.75B | 228.57B | 221.5B | 215.71B | 209.44B | 207.39B | 179.32B | 215.48B | 227.51B | 229.99B | 231.8B | 226.61B | 227.98B | 220.13B | 217.49B | 202.43B | 198.36B | 201.67B | 200.91B | 186.32B | 185.24B | 185.16B | 182.17B | 179.79B | 184.4B |
| Revenue Growth % | 5.5% | 2.7% | 3.2% | 2.68% | 2.99% | 0.99% | 15.65% | -16.78% | -5.29% | -1.08% | -0.78% | 2.29% | -0.6% | 3.57% | 1.21% | 7.44% | 2.05% | -1.64% | 0.38% | 7.83% | 0.58% | 0.04% | 1.64% | 1.32% | -2.5% | - |
| Cost of Revenue | 156.56B | 149.15B | 146.58B | 141.77B | 136.72B | 135.11B | 137.03B | 116.06B | 139.55B | 146.84B | 147.55B | 148.13B | 148.38B | 147.29B | 141.18B | 131.53B | 115.33B | 112.74B | 113.49B | 108.32B | 62.6B | 70.34B | 60.26B | 59.52B | 58.26B | 72.7B |
| Gross Profit | 88.11B | 85.61B | 81.99B | 79.73B | 78.99B | 74.33B | 70.58B | 63.27B | 75.94B | 80.68B | 82.44B | 83.67B | 78.23B | 80.69B | 78.95B | 85.96B | 87.1B | 85.63B | 88.18B | 92.59B | 123.73B | 114.9B | 124.91B | 122.65B | 121.53B | 111.7B |
| Gross Margin % | 36.01% | 36.47% | 35.87% | 36% | 36.62% | 35.49% | 34.03% | 35.28% | 35.24% | 35.46% | 35.84% | 36.1% | 34.52% | 35.39% | 35.87% | 39.52% | 43.03% | 43.17% | 43.73% | 46.09% | 66.4% | 62.03% | 67.46% | 67.33% | 67.6% | 60.57% |
| Gross Profit Growth % | - | 4.41% | 2.84% | 0.93% | 6.27% | 5.31% | 11.56% | -16.69% | -5.87% | -2.14% | -1.47% | 6.95% | -3.05% | 2.2% | -8.15% | -1.3% | 1.72% | -2.9% | -4.76% | -25.16% | 7.68% | -8.01% | 1.84% | 0.92% | 8.8% | - |
| Operating Expenses | 38B | 36.95B | 35.12B | 33.38B | 32.17B | 29.4B | 28B | 24.9B | 32.4B | 33.87B | 33.84B | 33.2B | 34.06B | 33.08B | 30.04B | 30.88B | 29.73B | 29.23B | 29.56B | 29.8B | 67.42B | 71.66B | 65.03B | 66.79B | 65.7B | 139.8B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 90.69B | 88.88B | 86.49B | 86.01B | 86.25B | 83.33B | 78.73B | 74.69B | 77.45B | 78.61B | 80.57B | 83.81B | 78.92B | 79.87B | 81.44B | 87.45B | 91.43B | 92.73B | 96.84B | 102.16B | 96.94B | 84.51B | 100.58B | 97.35B | 96.24B | -28.1B |
| EBITDA Margin % | 37.07% | 37.86% | 37.84% | 38.83% | 39.99% | 39.79% | 37.96% | 41.65% | 35.94% | 34.55% | 35.03% | 36.16% | 34.83% | 35.03% | 37% | 40.21% | 45.17% | 46.75% | 48.02% | 50.85% | 52.03% | 45.62% | 54.32% | 53.44% | 53.53% | -15.24% |
| EBITDA Growth % | 3.1% | 2.76% | 0.56% | -0.29% | 3.51% | 5.85% | 5.4% | -3.56% | -1.47% | -2.43% | -3.86% | 6.2% | -1.19% | -1.93% | -6.88% | -4.35% | -1.4% | -4.25% | -5.21% | 5.38% | 14.7% | -15.98% | 3.32% | 1.15% | 442.5% | - |
| Depreciation & Amortization | 40.57B | 40.22B | 39.62B | 39.66B | 39.43B | 38.4B | 36.37B | 36.35B | 33.81B | 31.91B | 32.47B | 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 | -72.7B |
| D&A / Revenue % | 16.58% | 17.13% | 17.33% | 17.9% | 18.28% | 18.33% | 17.54% | 20.27% | 15.69% | 14.02% | 14.12% | 14.43% | 15.05% | 14.12% | 14.78% | 14.88% | 16.83% | 18.32% | 18.95% | 19.6% | 21.81% | 22.28% | 21.98% | 22.78% | 22.48% | -39.43% |
| Operating Income (EBIT) | 50.11B | 48.66B | 46.87B | 46.35B | 46.83B | 44.93B | 42.36B | 38.35B | 43.64B | 46.7B | 48.11B | 50.36B | 44.8B | 47.68B | 48.91B | 55.08B | 57.37B | 56.39B | 58.63B | 62.79B | 56.31B | 43.24B | 59.88B | 55.86B | 55.83B | 44.6B |
| Operating Margin % | 20.48% | 20.73% | 20.51% | 20.93% | 21.71% | 21.45% | 20.43% | 21.38% | 20.25% | 20.53% | 20.92% | 21.73% | 19.77% | 20.91% | 22.22% | 25.33% | 28.34% | 28.43% | 29.07% | 31.25% | 30.22% | 23.34% | 32.34% | 30.66% | 31.05% | 24.19% |
| Operating Income Growth % | - | 3.81% | 1.12% | -1.01% | 4.22% | 6.06% | 10.47% | -12.14% | -6.55% | -2.92% | -4.48% | 12.41% | -6.03% | -2.53% | -11.2% | -3.98% | 1.72% | -3.81% | -6.63% | 11.51% | 30.21% | -27.78% | 7.2% | 0.06% | 25.17% | - |
| Interest Expense | 4M | 370M | 339M | 319M | 263M | 218M | 206M | 3.37M | 17.6M | 21.91M | 19.81M | 33.14M | 46.15M | 36.41M | 22.03M | 30.71M | 107.25M | 15.22M | 4M | 0 | 0 | 0 | 5M | 33.96M | 173.91M | 0 |
| Interest Coverage | - | 136.86x | 142.12x | 148.36x | 180.48x | 212.32x | 208.89x | 12286.42x | 2557.63x | 2172.76x | 2469.69x | 1568.49x | 1009.75x | 1349.34x | 2268.19x | 1835.23x | 537.49x | 3760.97x | 14922.00x | - | - | - | 12436.40x | 1698.00x | 328.31x | - |
| Interest / Revenue % | 0% | 0.16% | 0.15% | 0.14% | 0.12% | 0.1% | 0.1% | 0% | 0.01% | 0.01% | 0.01% | 0.01% | 0.02% | 0.02% | 0.01% | 0.01% | 0.05% | 0.01% | 0% | 0% | 0% | 0% | 0% | 0.02% | 0.1% | 0% |
| Non-Operating Income | 4M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Pretax Income | 51.1B | 50.27B | 47.84B | 47.01B | 47.2B | 46.07B | 42.83B | 40.26B | 44.98B | 48B | 49.38B | 51.97B | 46.56B | 49.11B | 48.9B | 56.7B | 57.69B | 57.24B | 59.68B | 64.31B | 57.35B | 46.17B | 62.18B | 57.52B | 57.08B | 46.9B |
| Pretax Margin % | 20.89% | 21.41% | 20.93% | 21.22% | 21.88% | 22% | 20.65% | 22.45% | 20.87% | 21.1% | 21.47% | 22.42% | 20.55% | 21.54% | 22.21% | 26.07% | 28.5% | 28.86% | 29.59% | 32.01% | 30.78% | 24.92% | 33.58% | 31.58% | 31.75% | 25.43% |
| Income Tax | 10.05B | 9.78B | 9.33B | 8.95B | 9.34B | 9.02B | 8.12B | 7.47B | 8.52B | 7.95B | 8.15B | 8.3B | 7.39B | 8.27B | 7.86B | 8.6B | 9.13B | 12.74B | 13.89B | 14.53B | 15.28B | 12.76B | 11.26B | 10.29B | 12.87B | 9.5B |
| Effective Tax Rate % | 19.66% | 19.45% | 19.51% | 19.03% | 19.78% | 19.58% | 18.97% | 18.56% | 18.95% | 16.57% | 16.51% | 15.98% | 15.88% | 16.84% | 16.07% | 15.17% | 15.83% | 22.26% | 23.28% | 22.59% | 26.65% | 27.64% | 18.11% | 17.89% | 22.55% | 20.26% |
| Net Income | 39.11B | 38.7B | 37.19B | 36.96B | 36.36B | 35.62B | 33.42B | 32.95B | 35.5B | 38.87B | 40.07B | 42.81B | 38.62B | 39.72B | 39.9B | 47.07B | 47.61B | 43.76B | 45.79B | 49.46B | 42.07B | 33.41B | 50.92B | 47.23B | 44.21B | 37.4B |
| Net Margin % | 15.98% | 16.49% | 16.27% | 16.69% | 16.86% | 17.01% | 16.11% | 18.37% | 16.48% | 17.09% | 17.42% | 18.47% | 17.04% | 17.42% | 18.13% | 21.64% | 23.52% | 22.06% | 22.71% | 24.62% | 22.58% | 18.04% | 27.5% | 25.93% | 24.59% | 20.28% |
| Net Income Growth % | 3.06% | 4.08% | 0.63% | 1.65% | 2.08% | 6.57% | 1.43% | -7.2% | -8.67% | -2.98% | -6.4% | 10.85% | -2.77% | -0.47% | -15.22% | -1.14% | 8.8% | -4.44% | -7.41% | 17.57% | 25.91% | -34.38% | 7.8% | 6.84% | 18.21% | - |
| EPS (Diluted) | 53.09 | 49.90 | 47.90 | 47.60 | 47.00 | 46.00 | 43.00 | 42.20 | 45.70 | 50.00 | 51.60 | 55.00 | 49.70 | 51.10 | 60.90 | 60.30 | 72.50 | 72.10 | 57.90 | 56.00 | 37.10 | 29.00 | 44.20 | 41.00 | 38.30 | 32.40 |
| EPS Growth % | 4.5% | 4.18% | 0.63% | 1.28% | 2.17% | 6.98% | 1.9% | -7.66% | -8.6% | -3.1% | -6.18% | 10.66% | -2.74% | -16.09% | 1% | -16.83% | 0.55% | 24.52% | 3.39% | 50.94% | 27.93% | -34.39% | 7.8% | 7.05% | 18.21% | - |
| EPS (Basic) | - | 49.90 | 47.90 | 47.60 | 47.00 | 46.10 | 43.10 | 42.30 | 45.80 | 50.10 | 51.60 | 55.20 | 49.80 | 51.20 | 61.10 | 60.40 | 72.80 | 72.40 | 58.00 | 56.10 | 40.80 | 29.00 | 44.20 | 41.00 | 38.30 | 32.40 |
| Diluted Shares Outstanding | 736.67M | 775.35M | 777.49M | 776.57M | 776.5M | 776.5M | 776.46M | 776.53M | 776.65M | 776.79M | 776.94M | 777.57M | 776.98M | 776.99M | 777.72M | 781.06M | 778.04M | 778.05M | 782.1M | 866.2M | 1.04B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B |
Quick answers to the most common questions about buying CHT stock.
For fiscal year 2025, Chunghwa Telecom Co., Ltd. (CHT) reported total revenue of $234.75B. This represents a 27.3% increase compared to $184.40B in 2001.
Chunghwa Telecom Co., Ltd. (CHT) is profitable, generating $38.70B in net income for the fiscal year ending 2025 with a net profit margin of 16.5%.
Chunghwa Telecom Co., Ltd. (CHT) reported an operating income of $48.66B, resulting in an operating profit margin of 20.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Chunghwa Telecom Co., Ltd. (CHT) generated $85.61B in gross profit for the year, representing a gross profit margin of 36.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dividend coverage and valuation
Steady Revenue Growth Amid Saturation
According to the latest quarterly data, CHT's revenue grew 10.1% YoY in 2026Q2, reaching $62.1B, driven by 5G migration and enterprise ICT services, though the market remains saturated.
The revenue growth is primarily driven by 5G ARPU uplift and enterprise ICT solutions, not by rate base expansion typical of utilities. The sequential pattern shows a seasonal Q4 spike, but the underlying trend is stable, with TTM growth at 2.7%. This suggests that CHT is successfully offsetting legacy voice declines with data and ICT services, though the pace is modest and dependent on continued 5G adoption.
Margins Stable, Regulatory Lag Minimal
Operating margin has remained in a tight 17.6%-22.6% band over the past ten quarters, with 2026Q2 at 21.6%, indicating consistent cost control and a stable regulatory environment, as reported in financial statements.
The stability in operating margin suggests that CHT is effectively managing its cost structure, with no significant regulatory lag affecting profitability. The slight dip in 2025Q4 to 17.6% appears seasonal, likely due to year-end expenses. The consistency implies that the regulatory framework for interconnection and pricing is predictable, allowing CHT to maintain its earned returns near authorized levels.
Cost Structure Absorbs Input Pressures
Depreciation and amortization have risen steadily to $10.2B in 2026Q2, reflecting ongoing 5G and fiber investments, while operating margins remain stable, suggesting efficient cost recovery mechanisms, based on reported figures.
The increase in D&A is a direct result of capital-intensive 5G and FTTH deployments, which are typical for telecom incumbents. Despite this, operating margins have not compressed, indicating that CHT is able to recover these costs through service revenues. However, electricity costs, a variable input, could pressure margins if energy prices spike, but the current data shows no such impact.
Earnings Quality Solid, No Non-Recurring Items
Net income growth has been positive in recent quarters, with 2026Q2 EPS at $14.10, up 7.6% YoY, and no apparent one-time items, indicating durable regulated earnings power, as per the income statement data.
The earnings trajectory appears clean, with no significant non-recurring gains or losses distorting the picture. The consistent net margin around 16-18% suggests that reported earnings are a reliable indicator of underlying profitability. However, the lack of guidance in the latest report leaves some uncertainty about future earnings sustainability, particularly given the competitive pressures in the mobile market.
CAPEX Translating to Modest EPS Growth
Despite rising D&A from 5G and fiber investments, EPS growth has been modest, averaging around 3-4% annually, suggesting that incremental CAPEX is not yet yielding significant earnings acceleration, based on reported quarterly figures.
The relationship between CAPEX and EPS growth appears muted, as the heavy investments in 5G and FTTH are being amortized over time, but the revenue uplift from these investments is gradual. This suggests that the current CAPEX cycle is more about maintaining competitive position and defending market share rather than driving a step-change in earnings. Investors should monitor whether future 5G monetization and enterprise ICT growth can improve the return on invested capital.
Dividend Coverage and Valuation Risks
The dividend yield of 3.88% is flagged as not well covered by earnings, and the high P/E ratio suggests limited upside, posing risks if earnings disappoint, as noted in external analyses.
The dividend payout appears to exceed free cash flow generation, potentially supported by cash reserves rather than operating earnings. This raises concerns about the sustainability of the dividend if earnings growth stalls. Additionally, the market's 'Value Score of D' and elevated P/E indicate that the stock is priced for stability, leaving little room for error. If competitive pressures intensify or regulatory changes occur, the stock could face de-rating. The absence of forward guidance in the latest earnings report adds to the uncertainty.