Revenue growth remains highly inconsistent, fluctuating from a 13.5% peak in 2025Q2 to a 1.1% contraction in 2024Q4, while gross margins compressed significantly to 32.7% in 2026Q1.
| 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 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 28.39T | 28.25T | 26.38T | 26.29T | 25.64T | 24.9T | 24.1T | 24.64T | 23.22T | 23.26T | 22.8T | 22.21T | 22.36T | 22.82T | 23.86T | 21.31T | 19.99T | 19.64T | 19.59T | 18.66T | 16.94T | 17.02T | 16.49T | 16.85T | 16.39T | 15.95T | 13.54T | 11.75T | 9.92T |
| Revenue Growth % | 6.85% | 7.1% | 0.35% | 2.53% | 2.98% | 3.31% | -2.19% | 6.11% | -0.17% | 2.02% | 2.64% | -0.66% | -2.01% | -4.35% | 11.95% | 6.59% | 1.78% | 0.26% | 5% | 10.18% | -0.51% | 3.25% | -2.15% | 2.79% | 2.77% | 17.83% | 15.21% | 18.5% | - |
| Cost of Goods Sold | 12.49T | 10.16T | 9.36T | 9.56T | 9.74T | 10.04T | 9.79T | 10.34T | 9.58T | 9.39T | 9.01T | 9.06T | 9.28T | 9.71T | 10.13T | 8.38T | 2.93T | 3.7T | 4.13T | 3.89T | 3.53T | 3.23T | 3.29T | 1.75T | 11.69T | 12.24T | 7.13T | 6.58T | 5.44T |
| COGS % of Revenue | - | 35.95% | 35.5% | 36.38% | 37.99% | 40.32% | 40.62% | 41.98% | 41.28% | 40.37% | 39.5% | 40.78% | 41.51% | 42.57% | 42.46% | 39.34% | 14.67% | 18.84% | 21.08% | 20.84% | 20.85% | 18.97% | 19.97% | 10.36% | 71.29% | 76.71% | 52.66% | 55.99% | 54.91% |
| Gross Profit | 15.9T | 18.1T | 17.02T | 16.72T | 15.9T | 14.86T | 14.31T | 14.3T | 13.64T | 13.87T | 13.79T | 13.15T | 13.08T | 13.1T | 13.73T | 12.93T | 17.06T | 15.94T | 15.46T | 14.77T | 13.4T | 13.79T | 13.2T | 15.11T | 4.71T | 3.71T | 6.41T | 5.17T | 4.47T |
| Gross Margin % | 56% | 64.05% | 64.5% | 63.62% | 62.01% | 59.68% | 59.38% | 58.02% | 58.72% | 59.63% | 60.5% | 59.22% | 58.49% | 57.43% | 57.54% | 60.66% | 85.33% | 81.16% | 78.92% | 79.16% | 79.15% | 81.03% | 80.03% | 89.64% | 28.71% | 23.29% | 47.34% | 44.01% | 45.09% |
| Gross Profit Growth % | - | 6.35% | 1.74% | 5.19% | 7% | 3.83% | 0.1% | 4.85% | -1.68% | 0.55% | 4.87% | 0.57% | -0.2% | -4.53% | 6.17% | -24.22% | 7% | 3.11% | 4.68% | 10.19% | -2.82% | 4.53% | -12.65% | 220.94% | 26.7% | -42.03% | 23.92% | 15.67% | - |
| Operating Expenses | 13.5T | 15.5T | 16.14T | 15.04T | 14.11T | 13.16T | 13.29T | 13.27T | 12.53T | 12.8T | 12.41T | 12.08T | 13.86T | 12.87T | 12.05T | 10.94T | 15.05T | 14.97T | 14.02T | 13.03T | 11.14T | 11.38T | 10.8T | 13.19T | 2.37T | 1.77T | 5.36T | 4.41T | 3.89T |
| OpEx % of Revenue | - | 54.87% | 61.19% | 57.2% | 55.01% | 52.85% | 55.14% | 53.85% | 53.98% | 55.03% | 54.43% | 54.37% | 61.98% | 56.4% | 50.49% | 51.34% | 75.29% | 76.22% | 71.57% | 69.81% | 65.75% | 66.86% | 65.5% | 78.3% | 14.45% | 11.1% | 39.58% | 37.5% | 39.21% |
| Selling, General & Admin | 5.8T | 7.58T | 8.27T | 7.3T | 7.27T | 6.92T | 6.8T | 6.72T | 6.48T | 6.49T | 6.26T | 6.02T | 7.36T | 6.38T | 3.86T | 3.37T | 5.02T | 3.89T | 9.29T | 8.18T | 7.37T | 7.36T | 6.89T | 8.92T | 1.2T | 1.22T | 1.99T | 1.58T | 795.3B |
| SG&A % of Revenue | - | 26.84% | 31.36% | 27.76% | 28.37% | 27.8% | 28.22% | 27.26% | 27.91% | 27.88% | 27.48% | 27.1% | 32.93% | 27.96% | 16.19% | 15.79% | 25.09% | 19.82% | 47.4% | 43.86% | 43.52% | 43.26% | 41.82% | 52.92% | 7.32% | 7.64% | 14.74% | 13.42% | 8.02% |
| Research & Development | -61.41B | 0 | 0 | 0 | 174.94B | 168.97B | 156.94B | 165.03B | 176.76B | 168.63B | 167.88B | 183.82B | 192.03B | 171.49B | 153.17B | 147.82B | 317.58B | 239.51B | 283.15B | 291.01B | 206.64B | 265.4B | 256.19B | 256.55B | 172.24B | 137.98B | 140.33B | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 0.68% | 0.68% | 0.65% | 0.67% | 0.76% | 0.73% | 0.74% | 0.83% | 0.86% | 0.75% | 0.64% | 0.69% | 1.59% | 1.22% | 1.45% | 1.56% | 1.22% | 1.56% | 1.55% | 1.52% | 1.05% | 0.86% | 1.04% | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 2.4T | 2.59T | 874.44B | 1.69T | 1.79T | 1.7T | 1.02T | 1.03T | 1.1T | 1.07T | 1.38T | 1.08T | -778.84B | 234.59B | 1.68T | 1.99T | 2.01T | 970.55B | 1.44T | 1.75T | 2.27T | 2.41T | 2.4T | 1.91T | 2.34T | 1.94T | 1.05T | 765.23B | 582.84B |
| Operating Margin % | 8.45% | 9.17% | 3.31% | 6.43% | 7% | 6.83% | 4.24% | 4.17% | 4.74% | 4.6% | 6.07% | 4.85% | -3.48% | 1.03% | 7.04% | 9.32% | 10.04% | 4.94% | 7.35% | 9.35% | 13.4% | 14.17% | 14.53% | 11.34% | 14.26% | 12.18% | 7.76% | 6.51% | 5.88% |
| Operating Income Growth % | - | 196.4% | -48.23% | -5.89% | 5.62% | 66.23% | -0.45% | -6.71% | 2.97% | -22.7% | 28.41% | 238.29% | -432.01% | -86.04% | -15.45% | -1% | 106.81% | -32.61% | -17.48% | -23.09% | -5.91% | 0.66% | 25.37% | -18.25% | 20.3% | 84.99% | 37.29% | 31.29% | - |
| EBITDA | 6.34T | 6.53T | 4.8T | 5.56T | 5.51T | 5.35T | 4.69T | 4.69T | 4.47T | 4.51T | 4.8T | 4.72T | 3.08T | 3.86T | 4.99T | 4.98T | 5.25T | 4.33T | 5.14T | 5.4T | 5.72T | 6.02T | 6.06T | 5.85T | 6.13T | 5.96T | 4.52T | 3.59T | 3.68T |
| EBITDA Margin % | 22.33% | 23.11% | 18.21% | 21.14% | 21.47% | 21.47% | 19.46% | 19.03% | 19.23% | 19.38% | 21.07% | 21.24% | 13.76% | 16.9% | 20.93% | 23.39% | 26.24% | 22.05% | 26.25% | 28.95% | 33.78% | 35.38% | 36.78% | 34.73% | 37.42% | 37.33% | 33.41% | 30.59% | 37.07% |
| EBITDA Growth % | 27.46% | 35.91% | -13.55% | 0.93% | 2.97% | 14% | 0.03% | 4.99% | -0.91% | -6.2% | 1.86% | 53.35% | -20.22% | -22.8% | 0.21% | -5% | 21.1% | -15.77% | -4.8% | -5.56% | -5.02% | -0.69% | 3.64% | -4.62% | 3.02% | 31.66% | 25.86% | -2.22% | - |
| D&A (Non-Cash Add-back) | 3.94T | 3.94T | 3.93T | 3.87T | 3.71T | 3.65T | 3.67T | 3.66T | 3.36T | 3.44T | 3.42T | 3.64T | 3.85T | 3.62T | 3.31T | 3T | 3.24T | 3.36T | 3.7T | 3.66T | 3.45T | 3.61T | 3.67T | 3.94T | 3.8T | 4.01T | 3.47T | 2.83T | 3.09T |
| EBIT | 2.46T | 2.77T | 946.18B | 1.66T | 2.19T | 2.24T | 1.3T | 1.29T | 1.33T | 1.12T | 1.5T | 1.1T | -824.17B | 322.46B | 1.89T | 2.09T | 2.17T | 1.22T | 1.19T | 1.91T | 2.27T | 2.41T | 2.4T | 1.91T | 2.34T | 1.94T | 1.05T | 765.23B | 582.84B |
| Net Interest Income | -111.82B | -106.81B | -59.06M | -60.47M | -21.93B | 10.07B | 6.99B | 3.67M | -38.88B | -202.44B | -196.52B | -313.6B | -407.34B | -340.48B | -279.46B | -330.62B | -393.32B | -308.13B | -329.51B | -310.6B | 107.07B | 86.94B | 113B | 121.25B | 123.13B | 132.72B | 126.42B | 0 | 172.15B |
| Interest Income | 257.48B | 259.23B | 222.58M | 213.98M | 271.93B | 273.46B | 270.57B | 242.42M | 244.8B | 93.08B | 115.69B | 70.03B | 254.9B | 108.79B | 496.4B | 151.29B | 2.74T | 2.58T | 151.56B | 155.95B | 107.07B | 86.94B | 113B | 121.25B | 123.13B | 132.72B | 126.42B | 0 | 172.15B |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 2.22T | 2.4T | 571.51B | 1.3T | 1.89T | 1.98T | 1.03T | 1.02T | 1.03T | 817B | 1.17T | 710.74B | -1.3T | -113.92B | 1.41T | 1.61T | 1.68T | 719.27B | 707.2B | 1.45T | 1.91T | 1.73T | 1.94T | 1.66T | 2.69T | 1.53T | 1.54T | 428.09B | 290.6B |
| Pretax Margin % | 7.81% | 8.5% | 2.17% | 4.96% | 7.38% | 7.95% | 4.28% | 4.12% | 4.45% | 3.51% | 5.12% | 3.2% | -5.81% | -0.5% | 5.93% | 7.55% | 8.41% | 3.66% | 3.61% | 7.76% | 11.26% | 10.19% | 11.77% | 9.84% | 16.4% | 9.62% | 11.36% | 3.64% | 2.93% |
| Income Tax | 559.7B | 576.82B | 164.84B | 330.44B | 505.76B | 519.02B | 285.35B | 320.06B | 314.56B | 270.66B | 334.91B | 227.13B | -271.44B | 11.89B | 277.87B | 318.46B | 396.11B | 107.76B | 167.86B | 356.8B | 467.4B | 384.3B | 558.24B | 549.16B | 741.28B | 421.81B | 551.2B | 45.98B | 100.24B |
| Effective Tax Rate % | 25.24% | 24.02% | 28.84% | 25.37% | 26.74% | 26.23% | 27.66% | 31.5% | 30.42% | 33.13% | 28.7% | 31.96% | 20.89% | -10.44% | 19.64% | 19.79% | 23.55% | 14.98% | 23.74% | 24.64% | 24.5% | 22.16% | 28.76% | 33.12% | 27.58% | 27.48% | 35.86% | 10.74% | 34.49% |
| Net Income | 1.58T | 1.72T | 459.86B | 993.33B | 1.26T | 1.36T | 700.89B | 645.7B | 645.57B | 461.56B | 745.09B | 546.36B | -1.03T | -189.93B | 1.05T | 1.45T | 1.3T | 494.85B | 513.29B | 1.17T | 1.23T | 1.08T | 1.24T | 861.79B | 1.95T | 1.11T | 986.09B | 1.45T | 190.36B |
| Net Margin % | 5.56% | 6.08% | 1.74% | 3.78% | 4.92% | 5.45% | 2.91% | 2.62% | 2.78% | 1.98% | 3.27% | 2.46% | -4.61% | -0.83% | 4.39% | 6.78% | 6.48% | 2.52% | 2.62% | 6.28% | 7.28% | 6.33% | 7.51% | 5.11% | 11.88% | 6.98% | 7.28% | 12.32% | 1.92% |
| Net Income Growth % | 152.96% | 273.77% | -53.7% | -21.19% | -7.11% | 93.59% | 8.55% | 0.02% | 39.87% | -38.05% | 36.37% | 153.03% | -442.43% | -118.16% | -27.64% | 11.56% | 161.87% | -3.59% | -56.17% | -4.97% | 14.4% | -13.04% | 43.73% | -55.73% | 74.92% | 12.87% | -31.89% | 660.54% | - |
| Net Income (Continuing) | 1.66T | 1.82T | 406.67B | 972.18B | 1.39T | 1.46T | 746.26B | 695.87B | 719.41B | 546.34B | 831.85B | 483.61B | -1.03T | -125.81B | 1.14T | 1.29T | 1.29T | 611.51B | 539.34B | 1.1T | 1.23T | 1.08T | 1.24T | 861.79B | 1.95T | 1.11T | 986.09B | 382.11B | 190.36B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 141.07B | 86.4B | 38.06B | -31.53B | 164.59B | 29.27B | -1.82B | -26.05B | 74.2B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.78T | 1.8T | 1.79T | 1.81T | 1.79T | 1.59T | 1.54T | 1.49T | 1.53T | 1.42T | 1.35T | 1.32T | 1.41T | 1.11T | 864.51B | 832.4B | 220.31B | 290.99B | 1.9T | 2.28T | 2.29T | 2.51T | 1.8T | 1.94T | 1.94T | 2.05T | 1.06T | 745.98B | 274.62B |
| EPS (Diluted) | 2841.09 | 3534.00 | 952.90 | 2019.00 | 2598.00 | 2873.61 | 1341.50 | 1255.13 | 1404.74 | 941.50 | 1520.50 | 1115.50 | -1976.32 | -333.22 | 2148.00 | 2971.00 | 2664.00 | 1061.90 | 1112.16 | 2556.00 | 2932.12 | 2532.73 | 2751.65 | 1737.83 | 3301.03 | 1357.09 | 1578.52 | 4801.81 | 329.03 |
| EPS Growth % | 145.81% | 270.87% | -52.8% | -22.29% | -9.59% | 114.21% | 6.88% | -10.65% | 49.2% | -38.08% | 36.31% | 156.44% | -493.1% | -115.51% | -27.7% | 11.52% | 150.87% | -4.52% | -56.49% | -12.83% | 15.77% | -7.96% | 58.34% | -47.35% | 143.24% | -14.03% | -67.13% | 1359.38% | - |
| EPS (Basic) | - | 3537.00 | 954.08 | 2021.50 | 2600.00 | 2879.50 | 1342.00 | 1255.81 | 1404.75 | 942.00 | 1521.50 | 1115.50 | -1976.32 | -333.22 | 2148.00 | 2971.50 | 2664.00 | 1061.90 | 1112.16 | 2556.00 | 2935.46 | 2536.19 | 2938.57 | 1994.34 | 3752.60 | 1357.09 | 1578.52 | 4801.81 | 329.03 |
| Diluted Shares Outstanding | 555.73M | 504.05M | 492.01M | 499.18M | 484.65M | 471.37M | 490.55M | 490.48M | 490.1M | 490.19M | 489.95M | 489.71M | 488.89M | 487.47M | 487.08M | 486.6M | 486.45M | 435.54M | 411.63M | 411.78M | 420.25M | 425.27M | 450.14M | 495.9M | 600.19M | 820.15M | 624.69M | 604.71M | 575.83M |
| Basic Shares Outstanding | 555.73M | 504.05M | 491.82M | 498.94M | 484.47M | 470.4M | 490.48M | 490.34M | 490.1M | 490.03M | 489.78M | 489.71M | 488.89M | 487.47M | 487.03M | 486.54M | 486.41M | 427.67M | 411.63M | 411.78M | 419.78M | 424.69M | 421.51M | 432.12M | 518.9M | 820.15M | 624.69M | 604.71M | 575.83M |
| Dividend Payout Ratio | - | 34.07% | 189.7% | 53.04% | 35.73% | 25.82% | 44.31% | 47.26% | 46.26% | 52.68% | 24.71% | 7.61% | - | - | 46.51% | 40.54% | 37.53% | 46.35% | 79.73% | 40.37% | 40.08% | 63.41% | 55.16% | 25.96% | 11.55% | 14.52% | 9.62% | 4.68% | 42.72% |
Regulatory and competitive pressure
According to reported financial data, KT's revenue growth has exhibited significant inconsistency, fluctuating from a 13.5% peak in 2025Q2 to a 1.1% contraction in 2024Q4, suggesting that the company's transition toward DIGICO services has yet to establish a stable, predictable top-line expansion trajectory for investors.
The erratic revenue performance reflects the difficulty of balancing legacy telecommunications stability with the cyclical nature of enterprise-focused digital services. Investors should monitor whether the recent 2.0% growth in 2026Q1 represents a stabilization or merely a temporary reprieve from the underlying volatility observed in previous quarters.
As indicated by the income statement, KT's gross margin experienced a sharp contraction to 32.7% in 2026Q1 from historical levels typically exceeding 60%, highlighting potential vulnerabilities in the company's ability to maintain pricing power amidst rising operational costs and shifting service delivery requirements across its business segments.
The significant variance in gross margins suggests that the cost of revenue is becoming increasingly difficult to manage, potentially due to the integration of lower-margin digital services or increased network maintenance requirements. This compression warrants further investigation into whether the company can successfully pass through inflationary pressures to its subscriber base.
Based on the provided financial statements, KT's operating income has struggled to scale efficiently, with the operating margin dropping to 7.0% in 2026Q1, a trend that underscores the difficulty of achieving meaningful operating leverage while managing high fixed costs and substantial administrative overhead across diverse business units.
The inability to consistently expand operating margins despite revenue growth suggests that SG&A expenses are not being optimized effectively. This lack of scalability may indicate that the company's current organizational structure is too heavy to benefit from the economies of scale typically expected in the telecommunications industry.
As reported in recent filings, KT's net income has shown extreme sensitivity to non-operating items, evidenced by the swing from a 666.0B loss in 2024Q4 to a 399.9B profit in 2026Q1, which complicates the assessment of the company's underlying profitability and long-term earnings power for institutional stakeholders.
The frequent, large-scale fluctuations in net income suggest that one-off gains or losses, potentially related to real estate divestments or accounting adjustments, are significantly distorting the bottom line. Investors should exercise caution when relying on headline EPS figures, as they may not accurately reflect the recurring cash-generating capability of the core business.
Based on an analysis of the income statement, the primary challenge to the current narrative is the reliance on non-core segments to drive growth, as evidenced by the 2024Q4 operating loss which suggests that the company's core utility-like operations may be insufficient to support its broader strategic ambitions.
Short-term performance improvements may be masking structural weaknesses in the core telecommunications business, which remains the primary source of cash flow. If the DIGICO pivot fails to deliver consistent profitability, the company may face a difficult choice between maintaining dividend payouts and funding the necessary capital expenditures for network modernization.
Quick answers to the most common questions about buying KT stock.
For fiscal year 2025, KT Corporation (KT) reported total revenue of $28.25T. This represents a 184.9% increase compared to $9.92T in 1998.
KT Corporation (KT) is profitable, generating $1.72T in net income for the fiscal year ending 2025 with a net profit margin of 6.1%.
KT Corporation (KT) reported an operating income of $2.59T, resulting in an operating profit margin of 9.2%. This margin reflects the operational efficiency of the business before interest and taxes.
KT Corporation (KT) generated $18.10T in gross profit for the year, representing a gross profit margin of 64.0%. This demonstrates the company's core pricing power and production efficiency.