The company maintains structural resilience with a 37.6% gross margin and a 22.0% operating margin as of 2026Q1, reflecting disciplined cost management in a saturated market.
| 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 |
|---|
| Sales/Revenue | 238.99B | 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 % | 4.21% | 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 Goods Sold | 152.18B | 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 |
| COGS % of Revenue | - | 63.53% | 64.13% | 64% | 63.38% | 64.51% | 66.07% | 64.72% | 64.76% | 64.54% | 64.16% | 63.9% | 65.48% | 64.61% | 64.13% | 60.48% | 56.97% | 56.83% | 56.27% | 53.91% | 33.6% | 37.97% | 32.54% | 32.67% | 32.4% | 39.43% |
| Gross Profit | 86.81B | 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 % | 36.32% | 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 | 37.56B | 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 |
| OpEx % of Revenue | - | 15.74% | 15.36% | 15.07% | 14.91% | 14.04% | 13.5% | 13.89% | 15.04% | 14.89% | 14.71% | 14.32% | 15.03% | 14.51% | 13.65% | 14.2% | 14.69% | 14.74% | 14.66% | 14.83% | 36.18% | 38.68% | 35.12% | 36.66% | 36.54% | 75.81% |
| Selling, General & Admin | 34.24B | 33.74B | 32.28B | 30.4B | 29.4B | 26.24B | 25.92B | 21.69B | 27.76B | 29.98B | 30.05B | 29.59B | 30.55B | 29.35B | 26.34B | 27.35B | 26.48B | 26.06B | 26.41B | 24.91B | 23.95B | 27.23B | 21.85B | 22.68B | 22.85B | 25.4B |
| SG&A % of Revenue | - | 14.37% | 14.12% | 13.72% | 13.63% | 12.53% | 12.5% | 12.09% | 12.88% | 13.18% | 13.07% | 12.76% | 13.48% | 12.87% | 11.97% | 12.58% | 13.08% | 13.14% | 13.1% | 12.4% | 12.85% | 14.7% | 11.8% | 12.45% | 12.71% | 13.77% |
| Research & Development | 4.45B | 4.36B | 4.17B | 3.89B | 3.77B | 3.69B | 3.85B | 3.34B | 3.73B | 3.89B | 3.78B | 3.62B | 3.5B | 3.72B | 3.7B | 3.53B | 3.25B | 3.17B | 3.14B | 2.59B | 2.83B | 3.16B | 2.48B | 2.58B | 2.43B | 0 |
| R&D % of Revenue | - | 1.86% | 1.82% | 1.76% | 1.75% | 1.76% | 1.86% | 1.86% | 1.73% | 1.71% | 1.65% | 1.56% | 1.55% | 1.63% | 1.68% | 1.62% | 1.61% | 1.6% | 1.56% | 1.29% | 1.52% | 1.7% | 1.34% | 1.42% | 1.35% | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 49.25B | 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 % | 20.61% | 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% | - |
| EBITDA | 89.66B | 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 % | 37.51% | 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 % | 2.83% | 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% | - |
| D&A (Non-Cash Add-back) | 40.41B | 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 |
| EBIT | 51.13B | 50.64B | 48.18B | 47.33B | 47.47B | 46.28B | 43.03B | 41.39B | 45B | 47.61B | 48.92B | 51.99B | 46.6B | 49.13B | 49.98B | 56.37B | 57.64B | 57.25B | 59.69B | 62.79B | 56.31B | 43.24B | 62.18B | 57.66B | 57.1B | -28.1B |
| Net Interest Income | 507.19M | 534M | 442M | 299M | -14M | -123M | -90M | 4.74M | 179M | 183M | 169M | 273M | 242M | 527M | 720M | 651M | 368M | 464M | 1.91B | 1.46B | 814.62M | 460.39M | 219M | 57M | 16M | 0 |
| Interest Income | 890.35M | 904M | 781M | 618M | 249M | 95M | 116M | 8.11M | 196.89M | 205.45M | 188.85M | 306.17M | 288.13M | 562.81M | 741.94M | 681.86M | 475.46M | 478.71M | 1.92B | 1.46B | 814.62M | 460.39M | 224M | 101.87M | 208.7M | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 50.75B | 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 % | 21.23% | 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% | 31.57% | 31.75% | 25.43% |
| Income Tax | 9.85B | 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 % | 19.4% | 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 | 39.02B | 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 % | 16.33% | 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 % | 3.77% | 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% | - |
| Net Income (Continuing) | 40.9B | 40.49B | 38.51B | 38.06B | 37.87B | 37.05B | 34.7B | 33.92B | 35.95B | 39.64B | 40.75B | 42.76B | 38.37B | 40.16B | 42.62B | 47.73B | 48.41B | 44.5B | 45.79B | 49.79B | 42.07B | 33.41B | 50.92B | 47.31B | 44.09B | 37.4B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 114.09M | 417.99M | -766.73M | -1.65B | 0 | 0 | -375K | -399K | 0 | 0 | -331.61M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 15.12B | 14.54B | 12.98B | 12.43B | 12.41B | 11.75B | 403.14M | 10.12B | 10.01B | 8.7B | 6.5B | 5.27B | 5.08B | 5.05B | 4.47B | 4.31B | 4.02B | 3.75B | 3.14B | 2.66B | 97.75M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 48.63 | 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 % | 3.3% | 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 | 802.34M | 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 |
| Basic Shares Outstanding | 802.34M | 775.35M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 775.74M | 778.93M | 775.74M | 775.74M | 782.1M | 866.2M | 1.03B | 1.15B | 1.15B | 1.15B | 1.15B | 1.15B |
| Dividend Payout Ratio | - | 100.76% | 99.25% | 98.7% | 98.32% | 93.79% | 98.1% | 105.46% | 104.8% | 98.62% | 106.2% | 88.01% | 90.9% | 104.5% | 106.16% | 91.05% | 82.69% | 86.47% | 89.98% | 69.98% | 96.65% | 129.94% | 85.26% | 81.7% | 76.38% | - |
Regulatory and infrastructure CapEx
According to recent financial disclosures, CHT achieved a 7.7% year-over-year revenue increase in 2026Q1, suggesting that the company is successfully leveraging its enterprise ICT and 5G migration strategies to offset the inherent limitations of a mature, highly saturated domestic telecommunications market in Taiwan.
The revenue trajectory appears resilient, supported by the company's ability to pivot toward higher-value digital services rather than relying solely on legacy voice and data subscriptions. Investors should monitor whether this growth remains sustainable as the initial tailwinds from 5G adoption begin to normalize across the broader subscriber base.
As reported in quarterly filings, CHT maintained a gross margin of 37.6% in 2026Q1, demonstrating the company's ability to preserve profitability despite the capital-intensive nature of maintaining nationwide fiber and 5G infrastructure in a competitive environment that often pressures pricing power.
The consistency of these margins suggests that CHT possesses significant operational discipline, effectively managing the high fixed-cost base inherent in its network assets. However, the recurring seasonal compression observed in fourth-quarter figures warrants further investigation into whether year-end project-based costs are becoming more structurally burdensome.
Based on the provided income statement data, CHT's operating income scaled to $13.1B in 2026Q1, reflecting an operating margin of 22.0% that indicates efficient management of SG&A expenses relative to the company's gross profit generation during the most recent reporting period.
The company appears to be successfully containing overhead growth, which allows a greater portion of incremental revenue to flow directly to the operating line. This efficiency suggests that management is prioritizing cost control, which is essential for maintaining profitability in a sector characterized by high depreciation and maintenance requirements.
As indicated by the financial statements, CHT's net income of $10.1B in 2026Q1 was achieved with negligible stock-based compensation, suggesting that reported earnings are not being artificially inflated or diluted by aggressive equity-based incentive programs common in other technology-adjacent sectors.
The absence of significant non-operating noise or excessive stock-based compensation points to a high quality of earnings that aligns with the company's conservative utility-like profile. Investors should continue to view this as a positive indicator of management's commitment to shareholder value preservation rather than aggressive accounting practices.
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.