PLDT Inc. (PHI) Income Statement

30Y historyFree accessUpdated daily

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%.

Annual statement

PHI Income Statement

PLDT Inc. (PHI) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

Revenue	222.54B	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 %	1.7%	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 Revenue	78.38B	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
Gross Profit	144.16B	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 %	64.78%	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	80.31B	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
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	119.54B	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 %	53.71%	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 %	6.45%	-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%
Depreciation & Amortization	55.69B	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
D&A / Revenue %	25.03%	27.24%	12.79%	22.31%	20.51%	23.74%	24.56%	23%	19.84%	20.93%	21.41%	19.05%	19.04%	18.62%	20.41%	19.01%	17.68%	16.03%	17.86%	20.88%	22.37%	22.77%	16.69%	20.33%	19.04%	29.27%	28.45%	27.53%	26.59%	17.18%	14.36%
Operating Income (EBIT)	63.84B	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 %	28.69%	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%
Interest Expense	2M	0	15.42B	13.66B	11.54B	10.3B	203.34M	165.18M	6.93B	7.23B	7.19B	6.15B	5.15B	6.21B	6.46B	5.31B	6.7B	5.32B	6.13B	7.1B	2.44B	3.39B	12.47B	12.17B	14.74B	14.61B	14.56B	0	8.06B	0	0
Interest Coverage	-	-	3.76x	3.13x	4.46x	4.39x	217.99x	267.62x	4.82x	4.79x	3.59x	6.40x	8.63x	7.53x	7.11x	8.93x	9.06x	11.31x	9.78x	8.95x	19.66x	14.25x	3.89x	2.74x	1.02x	1.17x	0.83x	-	1.50x	-	-
Interest / Revenue %	0%	0%	7.11%	6.48%	5.65%	5.36%	0.11%	0.1%	4.25%	4.55%	4.35%	3.59%	3.02%	3.69%	3.96%	3.58%	4.44%	3.28%	4.2%	5.12%	1.92%	2.76%	10.29%	10.94%	15.35%	19.86%	23.15%	0%	14.86%	0%	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	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income	37.42B	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 %	16.81%	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%	37.08%	28.74%	8.84%	-1.5%	6.3%	4.66%	9.18%	5.76%	30.16%	33.37%
Income Tax	8.59B	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 %	22.95%	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	28.57B	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 %	12.84%	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 %	-10.79%	-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%
EPS (Diluted)	132.25	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 %	-11.15%	-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	216.06M	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

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Capital expenditure volatility

Revenue Growth Remains Subdued

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.

Volatile Gross Margin Profile

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.

Operating Leverage Remains Highly Variable

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.

Earnings Quality Obscured by Volatility

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.

Structural Risks to Margin Sustainability

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.

PHI — Frequently Asked Questions

Quick answers to the most common questions about buying PHI stock.

What was PLDT Inc.'s (PHI) revenue in 2025?

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.

Is PLDT Inc. (PHI) profitable?

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%.

What is PLDT Inc.'s operating profit margin?

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.

What is PLDT Inc.'s gross profit and gross margin?

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.