Capital intensity remains elevated with CapEx as a percentage of revenue peaking at 34.2% in 2024Q4, which continues to pressure the company's liquidity as evidenced by a current ratio of 0.42.
| 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 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 96.94B | 85.35B | 81.73B | 85.77B | 76.2B | 91.97B | 85.08B | 73.39B | 61.12B | 58.64B | 48.98B | 69.74B | 66.02B | 73.76B | 80.37B | 79.21B | 77.26B | 74.39B | 78.45B | 77.36B | 61B | 64.75B | 73.54B | 40.94B | 37.05B | 40.04B | 22.93B | 19.09B | 11.57B | 15.43B | 9.6B |
| Operating CF Margin % | - | 38.22% | 37.69% | 40.66% | 37.29% | 47.85% | 47% | 43.38% | 37.51% | 36.89% | 29.64% | 40.76% | 38.64% | 43.85% | 49.3% | 53.35% | 51.23% | 45.91% | 53.8% | 55.82% | 48% | 52.65% | 60.69% | 36.81% | 38.57% | 54.42% | 36.45% | 34.28% | 21.34% | 43.14% | 33.51% |
| Operating CF Growth % | 112.78% | 4.42% | -4.7% | 12.55% | -17.15% | 8.1% | 15.92% | 20.08% | 4.23% | 19.73% | -29.78% | 5.65% | -10.5% | -8.22% | 1.47% | 2.52% | 3.86% | -5.18% | 1.42% | 26.81% | -5.79% | -11.95% | 79.61% | 10.52% | -7.48% | 74.61% | 20.1% | 64.99% | -24.99% | 60.8% | 8% |
| Net Income | 30.04B | 30.69B | 42.69B | 36.44B | 13.51B | 26.37B | 33.02B | 32.34B | 22.82B | 14.57B | 22.07B | 26.64B | 44.15B | 43.76B | 43.84B | 42.68B | 53.69B | 39.78B | 54.14B | 58.04B | 33.46B | 40.46B | 32.92B | 11.06B | -4.58B | 4.64B | 1.11B | 2.78B | 1.1B | 7.66B | 6.43B |
| Depreciation & Amortization | 58.88B | 60.83B | 56.23B | 58.68B | 98.94B | 51.19B | 49.98B | 40.41B | 48.13B | 52.34B | 35.38B | 32.59B | 32.53B | 31.53B | 33.92B | 28.22B | 26.66B | 25.98B | 25.12B | 28.94B | 28.42B | 28B | 21.4B | 23.28B | 18.3B | 21.54B | 17.9B | 12.93B | 12.42B | 6.14B | 4.11B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 1.19B | 0 | 638M | 208M | 827M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -638M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07B | -3.71B | 0 | -3.72B | 532.83M | 0 | 85.6M | -22.9M | 762.44M | 1.39B | 520.64M |
| Other Non-Cash Items | 19.41B | 12.12B | 12.89B | 9.58B | -14.83B | 55.38B | 12.59B | 13.62B | -673M | 4.08B | 8.99B | 8.4B | -5.18B | -3.56B | -5.78B | 16M | -5.52B | 12.05B | -949.8M | -8.34B | 1.42B | 1.01B | 15.22B | -55.56M | 20.6B | 14.63B | 1.21B | 40.32K | 3.89M | 1.11B | 144.62M |
| Working Capital Changes | -20.28B | -18.29B | -30.08B | -18.93B | -21.42B | -42.16B | -10.51B | -12.98B | -9.16B | -12.34B | -17.47B | 2.11B | -5.48B | 2.03B | 8.38B | 8.29B | 2.43B | -3.42B | 142.47M | -1.28B | -2.2B | 4.3B | 3.99B | -6.22B | 2.2B | -767.53M | 2.63B | 2.65B | -5.61B | -877.8M | -1.62B |
| Change in Receivables | -389M | -1.83B | -9.28B | 1.05B | -8.57B | -3.75B | -425M | -1.56B | -12.06B | -10.67B | -7.06B | -1.86B | -10.55B | -1.79B | -8.34B | 8.54B | 429M | -1.32B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 687M | 1.78B | 31M | 597M | 410M | 57M | -1.02B | 12M | 26M | -542M | -917M | -1.12B | -507M | 254M | 386M | -1.02B | 89M | -305M | -902.31M | -82.56M | 341.88M | 530.31M | 0 | 1.56B | 388.07M | -1.21B | -937.8M | 240.69M | 1.84B | 434.91M | 431.24M |
| Change in Payables | -10.07B | -7.93B | -27.77B | -21.29B | -18.31B | 0 | -2.81B | 18.77B | 7.82B | 7.14B | 1.36B | 11.24B | 5.38B | 4.3B | 6.14B | 904M | 6.41B | 130M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -56.96B | -60.27B | -65.7B | -55.12B | -33.01B | -103.64B | -68.67B | -84.17B | -25.05B | -23.58B | -41.98B | -39.24B | -51.69B | -21.05B | -39.06B | -29.71B | -23.28B | -49.13B | -17.05B | -31.29B | -36.63B | -13.05B | -23.93B | -18.33B | -15.22B | -30.75B | -27.43B | -18.95B | -28.81B | -29.19B | -22.68B |
| Capital Expenditures | -56.36B | -61.72B | -65.67B | -76.27B | -93.8B | -103.98B | -76.5B | -88.02B | -47.27B | -39.27B | -42.42B | -43.12B | -34.65B | -28.71B | -35.48B | -30.56B | -28.07B | -49.13B | -24.55B | -24.48B | -36.63B | -15.8B | -20.56B | -17.94B | -14.78B | -28.15B | -27.11B | -17.05B | -27.7B | -27.24B | -21.86B |
| CapEx % of Revenue | 25.52% | 27.64% | 30.29% | 36.15% | 45.9% | 54.1% | 42.27% | 52.03% | 29.01% | 24.71% | 25.67% | 25.2% | 20.28% | 17.07% | 21.76% | 20.58% | 18.61% | 30.32% | 16.84% | 17.66% | 28.82% | 12.85% | 16.97% | 16.13% | 15.39% | 38.26% | 43.1% | 30.61% | 51.07% | 76.17% | 76.35% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -153M | -556.25M | 3.09B | 22.77B | 59.52B | 337M | 5.66B | 2.05B | 11.57B | 3.49B | 6.57B | 6.67B | 1.79B | 1.03B | 3.21B | 1.72B | 1.83B | -14.75B | 1.47B | 247.68M | 732.6M | 954.55M | -1.18B | -444.44M | -1.88B | -1.37B | 0 | -319.4M | -1.11B | -3.99M | 0 |
| Cash from Financing | -39.37B | -23.2B | -22.33B | -39.42B | -42.3B | -4.9B | 463M | -15.76B | -18.14B | -40.32B | -15.34B | -11.38B | -19.9B | -59.81B | -48.63B | -40.2B | -55.32B | -20.29B | -45.54B | -44.79B | -36.78B | -47.99B | -41.57B | -14.11B | -15.06B | -14.86B | 4.13B | 1.86B | 14.11B | 15.23B | 11.89B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 71M | 0 | 7.84B | 0 | 0 | -4M | 0 | 0 | 0 | -1M | 115M | -5M | -5.4B | 2M | -103M | -1.73B | -5.27B | 82.56M | 48.84M | 318.18M | 280.9M | 111.11M | 427.81M | 232.32M | 14.19B | 3.24B | -157.55M | -718.2M | 460.16M |
| Dividends Paid | -20.57B | -21.05B | -20.75B | -23.33B | -25.23B | -17.71B | -16.72B | -15.59B | -13.93B | -16.62B | -22.99B | -32.53B | -39.9B | -37.8B | -36.93B | -41.6B | -41.08B | -39.29B | -37.18B | -28.44B | -14.95B | -11.14B | -1.46B | -1.61B | -1.59B | -1.82B | -1.88B | -1.58B | -1.68B | -1.8B | -1.57B |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4M | 0 | 0 | 0 | -1M | -51M | -5M | -5.62B | 0 | -106M | -1.75B | -5.28B | 0 | 0 | 0 | 0 | 0 | -53.48M | 0 | 0 | 0 | -348.54M | -1B | 0 |
| Other Financing | -13.79B | -14.9B | -10.31B | -10.77B | -9.22B | -9.58B | -9.94B | -7.62B | -5.98B | -3.02B | -7.23B | -6.44B | -5.63B | -5.63B | -6.6B | -6B | -6.79B | -7.33B | -1.67B | -14.86B | -2.3B | -106.06M | -1.97B | -1.75B | 1.34B | -16.07B | -79.4M | -540.81M | 6.33B | 590.52M | 1.37B |
| Net Change in Cash | 775M | 1.68B | -6.17B | -9.03B | 1.3B | -16.33B | 15.87B | -27.29B | 18.75B | -5.82B | -7.73B | 19.8B | -5.25B | -6.39B | -7.76B | 9.38B | -1.64B | 4.63B | 16.29B | 577.92M | -13.14B | 2.7B | 7.92B | 8.39B | 6.73B | -5.55B | 384.1M | 2.54B | -2.65B | 3.4B | -1.18B |
| Free Cash Flow | 37.62B | 23.85B | 13.45B | 7.33B | -19.35B | -12.01B | 6.98B | -14.63B | 13.85B | 19.37B | 6.56B | 26.62B | 31.37B | 45.06B | 44.89B | 48.65B | 49.19B | 25.25B | 53.9B | 52.88B | 24.37B | 48.95B | 52.98B | 23B | 22.27B | 11.89B | -4.18B | 2.05B | -16.12B | -11.81B | -12.27B |
| FCF Margin % | 17.03% | 10.68% | 6.2% | 3.47% | -9.47% | -6.25% | 3.85% | -8.65% | 8.5% | 12.19% | 3.97% | 15.56% | 18.36% | 26.79% | 27.53% | 32.76% | 32.62% | 15.59% | 36.96% | 38.16% | 19.18% | 39.8% | 43.72% | 20.68% | 23.19% | 16.16% | -6.64% | 3.67% | -29.73% | -33.02% | -42.84% |
| FCF Growth % | 123.45% | 77.41% | 83.42% | 137.88% | -61.16% | -272.12% | 147.68% | -205.66% | -28.49% | 195.3% | -75.37% | -15.13% | -30.38% | 0.37% | -7.73% | -1.1% | 94.78% | -53.15% | 1.93% | 116.97% | -50.21% | -7.61% | 130.34% | 3.29% | 87.3% | 384.57% | -304.22% | 112.69% | -36.52% | 3.72% | -5.49% |
| FCF per Share | 173.82 | 110.18 | 62.23 | 33.93 | -89.56 | -55.57 | 32.29 | -67.72 | 64.09 | 89.63 | 30.35 | 123.21 | 145.18 | 208.54 | 207.76 | 253.99 | 263.35 | 135.09 | 286.44 | 276.01 | 130.75 | 277.83 | 309.91 | 131.93 | 185.82 | 70.49 | -25.10 | 32.49 | -148.47 | -86.73 | -112.53 |
| FCF Conversion (FCF/Net Income) | 1.25x | 2.78x | 2.53x | 3.22x | 7.27x | 3.49x | 3.50x | 3.26x | 3.23x | 4.39x | 2.45x | 3.16x | 1.94x | 2.08x | 2.26x | 2.53x | 1.92x | 1.87x | 2.29x | 1.97x | 1.82x | 1.60x | 2.62x | 3.72x | -8.06x | 11.71x | 20.69x | 6.17x | 7.11x | 2.01x | 1.49x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 8.92B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital expenditure volatility
As reported in quarterly financial statements, PLDT's operating cash flow consistently dwarfs net income, with OCF/NI ratios frequently exceeding 2.5x, suggesting that non-cash charges like depreciation and amortization significantly distort the company's true cash-generating capacity relative to its bottom-line accounting profit figures.
The persistent gap between net income and operating cash flow indicates that reported earnings are heavily influenced by non-cash accounting entries rather than actual cash inflows. Investors should monitor whether this divergence reflects aggressive capitalization policies or simply the high depreciation burden inherent in a capital-intensive telecommunications infrastructure model.
Based on the provided cash flow data, free cash flow margins have fluctuated wildly from a negative 10.7% in 2024Q4 to a peak of 21.7% in 2025Q4, highlighting a lack of consistent cash generation that complicates long-term capital allocation and dividend sustainability for shareholders.
The erratic FCF trajectory suggests that the company's ability to fund operations and shareholder returns is highly sensitive to the timing of large-scale infrastructure projects. This inconsistency warrants further investigation into whether management can stabilize cash flows as the current cycle of heavy network investment begins to moderate.
According to recent SEC filings, PLDT's capital expenditure as a percentage of revenue has remained elevated, peaking at 34.2% in 2024Q4, which underscores the massive ongoing investment required to maintain its fiber optic network and defend its market position against emerging wireless competitors.
The high capital intensity suggests that a significant portion of operating cash flow is immediately recycled into maintenance and growth projects, leaving little room for error. Analysts should evaluate if these expenditures are effectively driving incremental revenue or if they represent defensive spending required just to prevent further market share erosion.
As evidenced by the quarterly cash flow statements, working capital changes have been highly erratic, ranging from a $15.0 billion outflow in 2024Q4 to a $7.9 billion inflow in 2023Q4, indicating significant volatility in the company's ability to manage its short-term operational liquidity and cash conversion cycle.
These sharp swings in working capital suggest potential inefficiencies in inventory management or delays in collecting receivables from enterprise clients. Such volatility complicates the forecasting of quarterly cash availability and may indicate underlying friction in the company's operational cash management processes.
Quick answers to the most common questions about buying PHI stock.
PLDT Inc. (PHI) generated $85.35B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PLDT Inc. (PHI) generated $23.85B 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.
PLDT Inc. (PHI) spent $61.72B 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, PLDT Inc. (PHI) returned $21.05B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.