Revenue growth remains subdued with recent quarterly performance ranging from a 1.2% decline to a 4.3% increase, while operating margins exhibit extreme volatility between 13.6% and 52.1%.
| 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 |
|---|
| Sales/Revenue | 220.87B | 223.3B | 216.83B | 210.95B | 204.36B | 192.19B | 181B | 169.19B | 162.91B | 158.93B | 165.26B | 171.1B | 170.84B | 168.21B | 163.03B | 148.48B | 150.81B | 162.02B | 145.84B | 138.58B | 127.08B | 122.98B | 121.18B | 111.22B | 96.04B | 73.57B | 62.9B | 55.69B | 54.23B | 35.76B | 28.64B |
| Revenue Growth % | 1.37% | 2.98% | 2.79% | 3.23% | 6.34% | 6.18% | 6.98% | 3.85% | 2.5% | -3.83% | -3.41% | 0.16% | 1.56% | 3.18% | 9.8% | -1.55% | -6.92% | 11.1% | 5.24% | 9.04% | 3.34% | 1.48% | 8.95% | 15.8% | 30.54% | 16.96% | 12.95% | 2.69% | 51.64% | 24.89% | 13.18% |
| Cost of Goods Sold | 62.88B | 90.27B | 58.58B | 55.78B | 49.61B | 42.03B | 36.93B | 37.55B | 35.78B | 33.91B | 44.51B | 42.91B | 57.61B | 55.25B | 52.15B | 18.03B | 18.7B | 28.09B | 5.25B | 4.83B | 6.01B | 6.84B | 11.91B | 17.72B | 16.04B | 8.11B | 11.22B | 10.5B | 8.94B | 4.52B | 6.04B |
| COGS % of Revenue | - | 40.42% | 27.02% | 26.44% | 24.27% | 21.87% | 20.4% | 22.19% | 21.96% | 21.34% | 26.93% | 25.08% | 33.72% | 32.85% | 31.99% | 12.14% | 12.4% | 17.34% | 3.6% | 3.49% | 4.73% | 5.56% | 9.83% | 15.93% | 16.7% | 11.02% | 17.84% | 18.85% | 16.48% | 12.63% | 21.1% |
| Gross Profit | 157.99B | 133.04B | 158.25B | 155.17B | 154.75B | 150.16B | 144.07B | 131.64B | 127.14B | 125.02B | 120.75B | 128.19B | 113.23B | 112.96B | 110.88B | 130.45B | 132.12B | 133.93B | 140.59B | 133.75B | 121.07B | 116.14B | 109.27B | 93.5B | 80B | 65.46B | 51.68B | 45.19B | 45.29B | 31.25B | 22.59B |
| Gross Margin % | 71.53% | 59.58% | 72.98% | 73.56% | 75.73% | 78.13% | 79.6% | 77.81% | 78.04% | 78.66% | 73.07% | 74.92% | 66.28% | 67.15% | 68.01% | 87.86% | 87.6% | 82.66% | 96.4% | 96.51% | 95.27% | 94.44% | 90.17% | 84.07% | 83.3% | 88.98% | 82.16% | 81.15% | 83.52% | 87.37% | 78.9% |
| Gross Profit Growth % | - | -15.94% | 1.99% | 0.27% | 3.06% | 4.22% | 9.44% | 3.55% | 1.69% | 3.54% | -5.8% | 13.21% | 0.24% | 1.87% | -15% | -1.26% | -1.36% | -4.73% | 5.11% | 10.47% | 4.25% | 6.29% | 16.87% | 16.88% | 22.2% | 26.67% | 14.36% | -0.22% | 44.95% | 38.3% | 18.8% |
| Operating Expenses | 93.81B | 77.5B | 50.02B | 54.01B | 55.88B | 56.8B | 57.79B | 49.29B | 62.3B | 57.94B | 60.52B | 57.28B | 30.52B | 29.39B | 62.17B | 78.19B | 74.56B | 69.29B | 76.35B | 70.22B | 73.06B | 67.77B | 60.73B | 60.11B | 65.03B | 56.43B | 39.64B | 32.09B | 33.22B | 16.15B | 11.23B |
| OpEx % of Revenue | - | 34.7% | 23.07% | 25.6% | 27.34% | 29.55% | 31.93% | 29.13% | 38.24% | 36.45% | 36.62% | 33.48% | 17.86% | 17.47% | 38.14% | 52.66% | 49.44% | 42.76% | 52.36% | 50.67% | 57.49% | 55.11% | 50.12% | 54.05% | 67.71% | 76.7% | 63.01% | 57.61% | 61.26% | 45.16% | 39.22% |
| Selling, General & Admin | 79.76B | 77.5B | 50.02B | 54.01B | 55.88B | 56.8B | 57.79B | 49.29B | 62.3B | 57.94B | 60.52B | 57.28B | 30.52B | 29.39B | 26.71B | 35.27B | 35.28B | 40.43B | 46.41B | 38.97B | 41.03B | 35.74B | 35.22B | 33.28B | 30.37B | 34.89B | 21.74B | 16.92B | 19.55B | 10.01B | 6.89B |
| SG&A % of Revenue | - | 34.7% | 23.07% | 25.6% | 27.34% | 29.55% | 31.93% | 29.13% | 38.24% | 36.45% | 36.62% | 33.48% | 17.86% | 17.47% | 16.38% | 23.75% | 23.39% | 24.95% | 31.82% | 28.12% | 32.28% | 29.06% | 29.07% | 29.92% | 31.63% | 47.42% | 34.56% | 30.39% | 36.04% | 27.98% | 24.08% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 64.19B | 55.54B | 108.23B | 101.16B | 98.88B | 93.36B | 86.29B | 82.35B | 64.84B | 67.09B | 60.23B | 70.91B | 82.71B | 83.57B | 45.92B | 52.26B | 55.56B | 57.88B | 66.49B | 63.53B | 48.01B | 48.36B | 56.29B | 33.5B | 14.97B | 17.14B | 12.04B | 13.11B | 9.8B | 15.09B | 11.36B |
| Operating Margin % | 29.06% | 24.87% | 49.91% | 47.95% | 48.38% | 48.58% | 47.67% | 48.68% | 39.8% | 42.21% | 36.45% | 41.44% | 48.42% | 49.68% | 28.17% | 35.19% | 36.84% | 35.72% | 45.59% | 45.84% | 37.78% | 39.33% | 46.45% | 30.12% | 15.59% | 23.3% | 19.15% | 23.54% | 18.08% | 42.21% | 39.68% |
| Operating Income Growth % | - | -48.68% | 7% | 2.3% | 5.91% | 8.2% | 4.78% | 27.01% | -3.35% | 11.38% | -15.05% | -14.27% | -1.02% | 81.98% | -12.12% | -5.94% | -4.02% | -12.94% | 4.65% | 32.33% | -0.73% | -14.08% | 68.04% | 123.74% | -12.67% | 42.36% | -8.12% | 33.71% | -35.06% | 32.85% | 34.78% |
| EBITDA | 114.51B | 116.37B | 135.96B | 148.22B | 140.78B | 138.98B | 130.74B | 121.26B | 97.16B | 100.36B | 95.62B | 103.5B | 115.24B | 114.89B | 79.2B | 80.48B | 82.22B | 83.86B | 92.53B | 92.47B | 76.43B | 76.36B | 76.52B | 56.11B | 33.26B | 38.68B | 29.94B | 28.44B | 24.23B | 21.24B | 15.47B |
| EBITDA Margin % | 51.85% | 52.11% | 62.7% | 70.26% | 68.89% | 72.32% | 72.23% | 71.67% | 59.64% | 63.14% | 57.86% | 60.49% | 67.46% | 68.3% | 48.58% | 54.2% | 54.52% | 51.76% | 63.45% | 66.73% | 60.15% | 62.1% | 63.14% | 50.45% | 34.63% | 52.58% | 47.6% | 51.06% | 44.67% | 59.39% | 54.04% |
| EBITDA Growth % | 3.13% | -14.41% | -8.27% | 5.28% | 1.3% | 6.3% | 7.82% | 24.8% | -3.18% | 4.96% | -7.62% | -10.19% | 0.3% | 45.07% | -1.59% | -2.12% | -1.95% | -9.37% | 0.07% | 20.97% | 0.09% | -0.2% | 36.37% | 68.7% | -14.01% | 29.2% | 5.28% | 17.39% | 14.06% | 37.25% | 30.41% |
| D&A (Non-Cash Add-back) | 50.33B | 60.83B | 27.73B | 47.07B | 41.91B | 45.62B | 44.45B | 38.91B | 32.33B | 33.27B | 35.38B | 32.59B | 32.53B | 31.32B | 33.27B | 28.22B | 26.66B | 25.98B | 26.04B | 28.94B | 28.42B | 28B | 20.22B | 22.61B | 18.29B | 21.54B | 17.9B | 15.33B | 14.42B | 6.14B | 4.11B |
| EBIT | 48.82B | 55.54B | 57.93B | 42.72B | 51.54B | 45.23B | 44.33B | 44.2B | 33.41B | 34.65B | 25.78B | 39.39B | 44.46B | 46.71B | 45.92B | 47.42B | 60.71B | 60.16B | 59.91B | 63.53B | 48.01B | 48.36B | 48.54B | 33.39B | 14.97B | 17.14B | 12.04B | 13.11B | 12.07B | 15.09B | 11.36B |
| Net Interest Income | -78.93M | 0 | -14.51B | -12.74B | -10.89B | -9.64B | -178.95M | -131.48M | -5.12B | -5.96B | -6.31B | -5.46B | -4.57B | -5.66B | -5.52B | -5.1B | -5.35B | -5.02B | -4.19B | -5.61B | -1.03B | -1.96B | -11.52B | -11.11B | -12.16B | -12.61B | -12.2B | 0 | -8.03B | 0 | 0 |
| Interest Income | 3M | 0 | 916M | 926M | 653M | 655M | 24.39M | 33.7M | 1.94B | 1.41B | 1.05B | 799M | 752M | 932M | 1.35B | 1.37B | 1.2B | 1.54B | 1.66B | 1.49B | 1.42B | 1.43B | 955.06M | 1.06B | 2.58B | 2B | 2.36B | 0 | 23.34M | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 39.18B | 40.38B | 42.69B | 36.48B | 14.03B | 34.26B | 33.02B | 32.34B | 22.82B | 14.57B | 22.07B | 26.64B | 44.15B | 41.63B | 43.61B | 41.09B | 54.23B | 54.84B | 54.05B | 58.04B | 43.66B | 45.61B | 34.83B | 9.83B | -1.44B | 4.64B | 2.93B | 5.11B | 3.12B | 10.78B | 9.56B |
| Pretax Margin % | 17.74% | 18.08% | 19.69% | 17.29% | 6.87% | 17.82% | 18.24% | 19.11% | 14% | 9.17% | 13.36% | 15.57% | 25.84% | 24.75% | 26.75% | 27.67% | 35.96% | 33.85% | 37.06% | 41.88% | 34.36% | 37.09% | 28.74% | 8.84% | -1.5% | 6.3% | 4.66% | 9.18% | 5.76% | 30.16% | 33.37% |
| Income Tax | 8.92B | 9.48B | 10.14B | 9.61B | 2.7B | 7.46B | 8.44B | 9.55B | 3.84B | 1.1B | 1.91B | 4.56B | 10.06B | 8.25B | 8.05B | 10.73B | 13.49B | 14.74B | 19.07B | 18.78B | 9.04B | 4.83B | 6.85B | -1.39B | 3.16B | 1.22B | 1.82B | 2.02B | 1.5B | 3.12B | 3.12B |
| Effective Tax Rate % | 22.77% | 23.48% | 23.75% | 26.35% | 19.22% | 21.77% | 25.56% | 29.53% | 16.84% | 7.57% | 8.65% | 17.13% | 22.78% | 19.81% | 18.46% | 26.13% | 24.87% | 26.89% | 35.29% | 32.36% | 20.69% | 10.58% | 19.68% | -14.12% | -218.52% | 26.3% | 62.18% | 39.44% | 47.95% | 28.97% | 32.66% |
| Net Income | 30.04B | 30.69B | 32.31B | 26.61B | 10.48B | 26.37B | 24.28B | 22.52B | 18.92B | 13.37B | 20.01B | 22.07B | 34.09B | 35.42B | 35.55B | 31.28B | 40.22B | 39.78B | 34.32B | 39.26B | 33.46B | 40.46B | 28.09B | 11B | -4.6B | 3.42B | 1.11B | 3.09B | 1.63B | 7.66B | 6.43B |
| Net Margin % | 13.6% | 13.74% | 14.9% | 12.62% | 5.13% | 13.72% | 13.42% | 13.31% | 11.61% | 8.41% | 12.11% | 12.9% | 19.96% | 21.06% | 21.81% | 21.07% | 26.67% | 24.55% | 23.53% | 28.33% | 26.33% | 32.9% | 23.18% | 9.89% | -4.79% | 4.65% | 1.76% | 5.56% | 3% | 21.42% | 22.47% |
| Net Income Growth % | -4.65% | -5.02% | 21.39% | 153.83% | -60.23% | 8.58% | 7.83% | 19.06% | 41.47% | -33.17% | -9.33% | -35.28% | -3.75% | -0.37% | 13.67% | -22.23% | 1.1% | 15.92% | -12.58% | 17.34% | -17.32% | 44.05% | 155.36% | 339.19% | -234.55% | 208.36% | -64.18% | 90.25% | -78.77% | 19.06% | 11.66% |
| Net Income (Continuing) | 30.26B | 30.9B | 32.55B | 26.86B | 11.34B | 26.8B | 24.58B | 22.79B | 18.97B | 13.47B | 20.16B | 22.07B | 34.09B | 33.38B | 0 | 30.35B | 40.74B | 40.09B | 34.98B | 39.26B | 33.46B | 40.46B | 28.09B | 11.06B | -4.6B | 3.42B | 1.11B | 3.09B | 1.63B | 7.66B | 6.43B |
| Discontinued Operations | 0 | 0 | 0 | -41M | -600M | -121M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.24B | 1.19B | 1.32B | 5.17B | 5.23B | 4.25B | 4.26B | 4.3B | 4.31B | 4.34B | 362M | 290M | 304M | 179M | 184M | 386M | 316M | 550M | 1.42B | 1.4B | 2.05B | 1.11B | 842.7M | 1.67B | 2.47B | 954.12M | 709.9M | 2.82B | 5.19B | 1.3B | 660.01M |
| EPS (Diluted) | 138.83 | 141.72 | 149.26 | 123.10 | 48.26 | 121.76 | 112.12 | 103.96 | 87.55 | 61.61 | 92.33 | 101.85 | 157.51 | 163.67 | 163.86 | 163.10 | 212.85 | 210.36 | 179.95 | 204.90 | 172.41 | 211.91 | 145.26 | 45.57 | -38.25 | 11.34 | -0.85 | 44.11 | 10.14 | 56.26 | 47.86 |
| EPS Growth % | -4.85% | -5.05% | 21.25% | 155.08% | -60.36% | 8.6% | 7.85% | 18.74% | 42.1% | -33.27% | -9.35% | -35.34% | -3.76% | -0.12% | 0.47% | -23.37% | 1.18% | 16.9% | -12.18% | 18.84% | -18.64% | 45.88% | 218.76% | 219.14% | -437.3% | 1434.12% | -101.93% | 335.01% | -81.98% | 17.55% | 11.95% |
| EPS (Basic) | - | 141.72 | 149.26 | 123.01 | 48.26 | 121.76 | 112.12 | 103.96 | 87.55 | 61.61 | 92.33 | 101.85 | 157.51 | 163.67 | 163.86 | 163.24 | 212.85 | 210.38 | 179.96 | 205.86 | 172.50 | 217.82 | 146.28 | 47.04 | -27.10 | 11.34 | -0.85 | 44.11 | 10.14 | 56.26 | 47.86 |
| Diluted Shares Outstanding | 216.41M | 216.48M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 191.53M | 186.79M | 186.94M | 188.18M | 191.59M | 186.4M | 176.17M | 170.94M | 174.34M | 119.84M | 168.66M | 166.45M | 62.97M | 108.6M | 136.17M | 109.01M |
| Basic Shares Outstanding | 216.41M | 216.48M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 216.06M | 191.37M | 186.79M | 186.92M | 188.16M | 190.69M | 186.3M | 171.39M | 169.75M | 168.87M | 169.13M | 168.66M | 166.45M | 62.97M | 108.6M | 136.17M | 109.01M |
| Dividend Payout Ratio | - | 68.61% | 64.23% | 87.65% | 240.68% | 67.17% | 68.86% | 69.23% | 73.63% | 124.28% | 114.9% | 121.98% | 82.82% | 75.01% | 103.88% | 132.99% | 102.15% | 98.76% | 108.18% | 72.45% | 44.67% | 27.52% | - | - | - | 53.27% | 169.22% | 51.2% | 103.07% | 23.54% | 24.44% |
Capital expenditure volatility
As reported in recent financial statements, PLDT's revenue growth has fluctuated between a 1.2% contraction and a 4.3% expansion over the last ten quarters, indicating that the company is struggling to achieve consistent top-line momentum in an increasingly saturated Philippine telecommunications market.
The modest revenue trajectory suggests that the company's core wireless and fixed-line segments are facing significant headwinds from competitive pricing pressures. Investors should monitor whether the shift toward digital services can eventually offset the stagnation in traditional connectivity revenue streams.
Based on the provided income statement data, gross margins have exhibited extreme volatility, swinging from 55.3% to 87.5% across the observed periods, which suggests significant inconsistencies in cost of service recognition or potential accounting adjustments related to infrastructure maintenance and network operations.
This wide variance in gross profitability warrants further investigation into the company's cost allocation methodologies. Such instability makes it difficult to assess the underlying pricing power of the firm's fiber and wireless offerings against regional peers.
According to the quarterly income statement figures, operating margins have fluctuated wildly between 13.6% and 52.1%, implying that the company's ability to scale operating income relative to gross profit is currently hindered by inconsistent SG&A management and periodic spikes in operational expenses.
The lack of a stable operating leverage trend suggests that management is struggling to maintain cost discipline during periods of heavy network investment. This inconsistency may indicate that the company's cost structure is more sensitive to operational disruptions than previously anticipated.
As evidenced by the dramatic swings in net income, including a net loss in 2023Q4, the quality of reported earnings appears compromised by non-operating items and potential accounting provisions that mask the true underlying profitability of the core telecommunications business.
The significant variance in EPS, ranging from negative figures to over 45.00, suggests that investors should focus on normalized EBITDA rather than reported net income. The absence of stock-based compensation in recent quarters is notable, yet the overall earnings profile remains difficult to forecast.
While the company maintains a dominant infrastructure position, the recent history of capital expenditure overruns and fluctuating margins suggests that the current valuation may not fully account for the risk of sustained margin compression in a highly competitive and capital-intensive environment.
Short-sellers would likely focus on the inconsistency of the operating margins and the potential for future regulatory or competitive pressures to erode the company's market share. The reliance on legacy infrastructure may prove to be a liability if the transition to digital services fails to yield expected returns.
Quick answers to the most common questions about buying PHI stock.
For fiscal year 2025, PLDT Inc. (PHI) reported total revenue of $223.30B. This represents a 679.8% increase compared to $28.64B in 1996.
PLDT Inc. (PHI) is profitable, generating $30.69B in net income for the fiscal year ending 2025 with a net profit margin of 13.7%.
PLDT Inc. (PHI) reported an operating income of $55.54B, resulting in an operating profit margin of 24.9%. This margin reflects the operational efficiency of the business before interest and taxes.
PLDT Inc. (PHI) generated $133.04B in gross profit for the year, representing a gross profit margin of 59.6%. This demonstrates the company's core pricing power and production efficiency.