Operating margins have faced structural compression, declining from 29.4% in 2024Q1 to 24.6% in 2026Q1 as rising operational costs outpace revenue growth.
| 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'96 |
|---|
| Sales/Revenue | 147.29T | 146.74T | 149.97T | 149.22T | 147.31T | 143.21T | 136.45T | 135.56T | 130.79T | 128.26T | 116.33T | 102.47T | 89.7T | 82.97T | 77.13T | 71.24T | 68.53T | 64.6T | 60.69T | 59.44T | 51.21T | 41.7T | 34.27T | 27.12T | 21.49T | 16.14T | 9.38T | 9.38T | 5.66T | 7.63T |
| Revenue Growth % | -1.26% | -2.15% | 0.5% | 1.3% | 2.86% | 4.96% | 0.66% | 3.65% | 1.97% | 10.25% | 13.53% | 14.24% | 8.11% | 7.57% | 8.27% | 3.95% | 6.09% | 6.44% | 2.1% | 16.08% | 22.81% | 21.69% | 26.36% | 26.19% | 33.18% | 72.11% | -0.08% | 65.85% | -25.82% | - |
| Cost of Goods Sold | 49.49T | 48.25T | 48.08T | 46.08T | 43.62T | 43.31T | 39.98T | 42.53T | 48.18T | 39.59T | 34.48T | 31.7T | 27.18T | 24.26T | 21.46T | 20.01T | 19.13T | 14.58T | 12.22T | 9.59T | 7.48T | 5.9T | 4.57T | 3.34T | 2.44T | 2.15T | 1.01T | 1.15T | 419.66B | 872.54B |
| COGS % of Revenue | - | 32.88% | 32.06% | 30.88% | 29.61% | 30.25% | 29.3% | 31.37% | 36.84% | 30.87% | 29.64% | 30.94% | 30.3% | 29.24% | 27.83% | 28.09% | 27.92% | 22.57% | 20.13% | 16.13% | 14.61% | 14.15% | 13.34% | 12.3% | 11.37% | 13.3% | 10.77% | 12.24% | 7.42% | 11.44% |
| Gross Profit | 97.8T | 98.49T | 101.89T | 103.14T | 103.68T | 99.9T | 96.47T | 93.03T | 82.61T | 88.67T | 81.85T | 70.77T | 62.52T | 58.71T | 55.66T | 51.23T | 49.4T | 50.01T | 48.47T | 49.85T | 43.72T | 35.8T | 29.69T | 23.78T | 19.05T | 13.99T | 8.37T | 8.23T | 5.24T | 6.75T |
| Gross Margin % | 66.4% | 67.12% | 67.94% | 69.12% | 70.39% | 69.75% | 70.7% | 68.63% | 63.16% | 69.13% | 70.36% | 69.06% | 69.7% | 70.76% | 72.17% | 71.91% | 72.08% | 77.43% | 79.87% | 83.87% | 85.39% | 85.85% | 86.66% | 87.7% | 88.63% | 86.7% | 89.23% | 87.76% | 92.58% | 88.56% |
| Gross Profit Growth % | - | -3.33% | -1.21% | -0.53% | 3.79% | 3.56% | 3.7% | 12.61% | -6.83% | 8.32% | 15.66% | 13.2% | 6.48% | 5.47% | 8.66% | 3.71% | -1.23% | 3.18% | -2.76% | 14.01% | 22.15% | 20.55% | 24.86% | 24.87% | 36.14% | 67.23% | 1.6% | 57.21% | -22.45% | - |
| Operating Expenses | 65.17T | 64.37T | 58.88T | 58.65T | 63.97T | 52.24T | 52.51T | 49.03T | 44.08T | 44.76T | 42.68T | 38.4T | 33.34T | 30.98T | 30.17T | 29.2T | 26.64T | 27.41T | 26.16T | 23.38T | 22.17T | 18.67T | 14.97T | 11.81T | 9.6T | 6.38T | 4.33T | 4.49T | 3.01T | 3.52T |
| OpEx % of Revenue | - | 43.87% | 39.26% | 39.31% | 43.42% | 36.48% | 38.48% | 36.17% | 33.7% | 34.9% | 36.69% | 37.47% | 37.17% | 37.34% | 39.11% | 40.98% | 38.88% | 42.43% | 43.11% | 39.33% | 43.29% | 44.78% | 43.69% | 43.54% | 44.69% | 39.51% | 46.15% | 47.85% | 53.19% | 46.22% |
| Selling, General & Admin | 24.61T | 24.79T | 25.95T | 25.04T | 24.69T | 23.7T | 22.04T | 20.69T | 21.57T | 22.56T | 21.61T | 18.35T | 16.05T | 15.44T | 15.18T | 13.75T | 11.98T | 14.85T | 15.1T | 13.94T | 13T | 10.43T | 8.47T | 7.03T | 6.09T | 3.54T | 2.24T | 1.87T | 1.16T | 1.71T |
| SG&A % of Revenue | - | 16.89% | 17.31% | 16.78% | 16.76% | 16.55% | 16.15% | 15.26% | 16.49% | 17.59% | 18.58% | 17.91% | 17.89% | 18.61% | 19.68% | 19.31% | 17.49% | 22.98% | 24.87% | 23.45% | 25.4% | 25% | 24.72% | 25.91% | 28.32% | 21.95% | 23.9% | 19.95% | 20.43% | 22.44% |
| Research & Development | 0 | 0 | 0 | 0 | 108B | 82B | 52B | 45B | 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 | - | - | - | - | 0.07% | 0.06% | 0.04% | 0.03% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 32.63T | 34.12T | 43.01T | 44.48T | 39.72T | 47.65T | 43.96T | 43.99T | 38.53T | 43.9T | 39.17T | 32.37T | 29.17T | 27.73T | 25.5T | 22.03T | 22.75T | 22.6T | 22.31T | 26.47T | 21.56T | 17.13T | 14.72T | 11.97T | 9.44T | 7.61T | 4.04T | 3.74T | 2.23T | 3.23T |
| Operating Margin % | 22.15% | 23.25% | 28.68% | 29.81% | 26.96% | 33.27% | 32.22% | 32.45% | 29.46% | 34.23% | 33.67% | 31.59% | 32.52% | 33.42% | 33.06% | 30.93% | 33.2% | 34.99% | 36.76% | 44.54% | 42.1% | 41.07% | 42.97% | 44.16% | 43.94% | 47.19% | 43.08% | 39.91% | 39.39% | 42.34% |
| Operating Income Growth % | - | -20.67% | -3.32% | 12.01% | -16.66% | 8.41% | -0.08% | 14.17% | -12.23% | 12.07% | 21.02% | 10.96% | 5.21% | 8.75% | 15.72% | -3.16% | 0.67% | 1.33% | -15.73% | 22.81% | 25.88% | 16.31% | 22.96% | 26.82% | 24% | 88.55% | 7.85% | 68.05% | -30.99% | - |
| EBITDA | 70.92T | 71.77T | 75.61T | 77.05T | 72.84T | 79.37T | 72.88T | 71.2T | 59.98T | 64.38T | 57.73T | 50.94T | 46.35T | 43.53T | 39.97T | 36.86T | 37.33T | 36.56T | 34.62T | 36.02T | 31.52T | 25.49T | 22.04T | 17.45T | 12.96T | 10.45T | 6.13T | 6.37T | 4.08T | 5.04T |
| EBITDA Margin % | 48.15% | 48.91% | 50.41% | 51.64% | 49.45% | 55.42% | 53.41% | 52.52% | 45.86% | 50.2% | 49.62% | 49.71% | 51.67% | 52.47% | 51.82% | 51.74% | 54.48% | 56.6% | 57.05% | 60.6% | 61.56% | 61.14% | 64.31% | 64.36% | 60.31% | 64.75% | 65.33% | 67.88% | 72.15% | 66.12% |
| EBITDA Growth % | -5.5% | -5.07% | -1.88% | 5.78% | -8.22% | 8.9% | 2.37% | 18.71% | -6.84% | 11.52% | 13.32% | 9.91% | 6.47% | 8.91% | 8.45% | -1.28% | 2.12% | 5.6% | -3.88% | 14.26% | 23.66% | 15.68% | 26.25% | 34.68% | 24.04% | 70.58% | -3.83% | 56.03% | -19.06% | - |
| D&A (Non-Cash Add-back) | 38.3T | 37.65T | 32.6T | 32.57T | 33.13T | 31.71T | 28.93T | 27.2T | 21.44T | 20.48T | 18.56T | 18.57T | 17.18T | 15.8T | 14.47T | 14.82T | 14.58T | 13.96T | 12.31T | 9.55T | 9.97T | 8.37T | 7.31T | 5.48T | 3.52T | 2.83T | 2.09T | 2.62T | 1.85T | 1.81T |
| EBIT | 34.08T | 35.72T | 44.38T | 45.55T | 40.51T | 48.13T | 43.75T | 43.75T | 39.6T | 45.4T | 40.98T | 33.77T | 30.39T | 28.53T | 26.08T | 22.64T | 23.19T | 24.35T | 21.89T | 27.03T | 21.56T | 17.13T | 14.72T | 11.97T | 9.59T | 7.51T | 4.04T | 3.74T | 2.23T | 3.23T |
| Net Interest Income | -3.33T | -3.55T | -3.84T | -3.63T | -3.2T | -265.94M | -3.8T | -222.29M | -2.51T | -1.33T | -1.09T | -1.07T | -576B | -668B | -1.46T | -1.04T | -1.48T | -1.54T | -909.98B | -917.5B | -630.3B | -830.37B | -962.62B | -1.02T | -1.05T | -760.42B | -182.69B | 0 | -330.73B | -679.2B |
| Interest Income | 1.58T | 1.66T | 1.37T | 1.06T | 878B | 38.98M | 800B | 77.11M | 1.01T | 1.43T | 1.72T | 1.41T | 1.24T | 836B | 596B | 620B | 421.35B | 462.17B | 671.83B | 518.57B | 653.87B | 343.77B | 317.76B | 369.75B | 487.37B | 572.92B | 634.62B | 0 | 510.14B | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 29.17T | 30.51T | 39.16T | 40.85T | 36.43T | 43.74T | 39.15T | 38.3T | 36.08T | 42.63T | 38.17T | 31.29T | 28.58T | 27.03T | 24.03T | 20.98T | 21.26T | 22.35T | 20.31T | 25.6T | 21.96T | 16.2T | 12.87T | 11.45T | 12.4T | 6.32T | 3.44T | 3.41T | 1.22T | 3.11T |
| Pretax Margin % | 19.8% | 20.79% | 26.11% | 27.38% | 24.73% | 30.54% | 28.69% | 28.25% | 27.58% | 33.24% | 32.81% | 30.54% | 31.86% | 32.58% | 31.15% | 29.45% | 31.03% | 34.6% | 33.47% | 43.06% | 42.88% | 38.85% | 37.56% | 42.24% | 57.68% | 39.19% | 36.72% | 36.36% | 21.58% | 40.81% |
| Income Tax | 6.74T | 6.54T | 8.43T | 8.79T | 8.71T | 9.64T | 9.26T | 10.44T | 9.37T | 9.96T | 9.02T | 8.02T | 7.34T | 6.9T | 5.89T | 5.44T | 5.51T | 6.37T | 5.64T | 7.93T | 7.03T | 5.17T | 4.22T | 3.86T | 2.76T | 2.07T | 903.85B | 1.01T | 219.19B | 853.56B |
| Effective Tax Rate % | 23.12% | 21.44% | 21.54% | 21.51% | 23.91% | 22.04% | 23.65% | 27.26% | 25.96% | 23.36% | 23.63% | 25.64% | 25.69% | 25.53% | 24.5% | 25.91% | 25.92% | 28.52% | 27.76% | 30.97% | 32.01% | 31.92% | 32.77% | 33.68% | 22.24% | 32.78% | 26.26% | 29.52% | 17.96% | 27.43% |
| Net Income | 16.02T | 17.49T | 23.61T | 24.43T | 20.74T | 24.88T | 21.05T | 19.07T | 17.8T | 22.12T | 19.33T | 15.45T | 14.44T | 14.05T | 12.62T | 10.11T | 11.43T | 11.33T | 10.62T | 12.86T | 10.99T | 7.97T | 6.68T | 6.08T | 8.38T | 4.25T | 2.54T | 2.4T | 1T | 2.26T |
| Net Margin % | 10.88% | 11.92% | 15.74% | 16.37% | 14.08% | 17.37% | 15.43% | 14.07% | 13.61% | 17.25% | 16.62% | 15.08% | 16.1% | 16.93% | 16.36% | 14.19% | 16.67% | 17.54% | 17.5% | 21.63% | 21.46% | 19.12% | 19.48% | 22.44% | 38.98% | 26.34% | 27.08% | 25.62% | 17.7% | 29.62% |
| Net Income Growth % | -31.44% | -25.94% | -3.34% | 17.8% | -16.65% | 18.17% | 10.4% | 7.11% | -19.52% | 14.42% | 25.12% | 7.02% | 2.78% | 11.29% | 24.86% | -11.54% | 0.84% | 6.71% | -17.4% | 17.02% | 37.81% | 19.41% | 9.74% | -27.37% | 97.11% | 67.42% | 5.58% | 140.05% | -55.65% | - |
| Net Income (Continuing) | 22.43T | 23.97T | 30.73T | 32.07T | 27.72T | 34.1T | 29.89T | 27.86T | 26.71T | 32.67T | 29.15T | 23.27T | 21.24T | 20.13T | 18.14T | 15.54T | 15.75T | 15.98T | 14.67T | 17.67T | 10.99T | 7.97T | 6.68T | 6.08T | 8.38T | 4.25T | 2.54T | 2.4T | 1T | 2.26T |
| Discontinued Operations | 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 |
| Minority Interest | 21.32T | 19.9T | 20.4T | 20.82T | 20T | 23.75T | 18.14T | 17.69T | 18.39T | 19.42T | 21.16T | 18.29T | 18.32T | 16.88T | 15.44T | 13.31T | 12T | 10.93T | 9.68T | 9.3T | 8.17T | 6.29T | 4.98T | 3.71T | 3.46T | 1.24T | 38.46B | 27.78B | 0 | 0 |
| EPS (Diluted) | 16188.39 | 18219.00 | 23873.00 | 24792.00 | 27942.00 | 34269.00 | 30173.00 | 27853.00 | 18203.00 | 22355.00 | 19619.00 | 15777.00 | 14983.00 | 14742.00 | 13384.00 | 11273.00 | 11731.00 | 11523.00 | 10755.00 | 12882.00 | 10932.00 | 7901.00 | 6607.00 | 6025.00 | 8320.00 | 4220.00 | 2519.00 | 5014.00 | 1092.00 | 2417.00 |
| EPS Growth % | -30.32% | -23.68% | -3.71% | -11.27% | -18.46% | 13.58% | 8.33% | 53.01% | -18.57% | 13.95% | 24.35% | 5.3% | 1.63% | 10.15% | 18.73% | -3.9% | 1.81% | 7.14% | -16.51% | 17.84% | 38.36% | 19.59% | 9.66% | -27.58% | 97.16% | 67.53% | -49.76% | 359.16% | -54.82% | - |
| EPS (Basic) | - | 18219.00 | 23873.00 | 24792.00 | 27942.00 | 34269.00 | 30173.00 | 27853.00 | 18203.00 | 22355.00 | 19619.00 | 15777.00 | 14983.00 | 14742.00 | 13384.00 | 11273.00 | 11731.00 | 11523.00 | 10755.00 | 12882.00 | 10932.00 | 7901.00 | 6607.00 | 6025.00 | 8313.00 | 4216.00 | 2519.00 | 5014.00 | 1092.00 | 2417.00 |
| Diluted Shares Outstanding | 989.6M | 990.61M | 990.62M | 990.62M | 990.62M | 990.62M | 990.62M | 990.62M | 990.62M | 990.62M | 986.39M | 981.77M | 976.96M | 963.59M | 960.11M | 979.59M | 983.47M | 983.47M | 990.72M | 998.61M | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 947.39M | 917.14M | 934.52M |
| Basic Shares Outstanding | 989.6M | 990.61M | 990.62M | 990.62M | 990.62M | 990.62M | 990.62M | 990.62M | 990.62M | 990.62M | 986.39M | 981.77M | 976.96M | 963.59M | 960.11M | 979.59M | 983.47M | 983.47M | 987.43M | 998.1M | 1B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 1.01B | 947.39M | 917.14M | 934.52M |
| Dividend Payout Ratio | - | 120.36% | 74.89% | 67.97% | 71.64% | 50.17% | 53.19% | 56.74% | 74.64% | 43.82% | 49.99% | 47.37% | 54.11% | 50.33% | - | 60.04% | 47.41% | 56.17% | 75.65% | 47.04% | 48.89% | 37.39% | 46.87% | 61.46% | 29.27% | 24.02% | 43.56% | 19.76% | - | 8.96% |
Stagnant Revenue Growth
As indicated by the most recent quarterly data, TLK's revenue growth has fluctuated between contraction and modest expansion, with the 2026Q1 figure of $37.2T representing a marginal 1.5% increase, highlighting the difficulty of achieving sustained top-line momentum in a highly penetrated domestic telecommunications market.
The inconsistent revenue trajectory suggests that the company is struggling to offset competitive pricing pressures with volume growth. Investors should monitor whether the recent integration of IndiHome into Telkomsel will eventually provide the cross-selling synergies necessary to reignite organic growth or if the current stagnation reflects a permanent shift in the Indonesian mobile landscape.
Based on reported financial statements, the operating margin has experienced notable volatility, declining from 29.4% in 2024Q1 to 24.6% in 2026Q1, which suggests that the company's ability to maintain historical profitability levels is being challenged by rising operational costs and intense competition in the mobile segment.
The contraction in operating margins appears to be driven by the high fixed-cost nature of maintaining infrastructure across a fragmented geography. This trend warrants further investigation into whether the company can achieve sufficient scale efficiencies to stabilize margins or if ongoing 5G deployment and maintenance requirements will continue to exert downward pressure on profitability.
According to the income statement data, operating income has failed to scale consistently with gross profit, as evidenced by the 2025Q4 dip to $4.8T, which implies that SG&A and other operating expenses are consuming an increasing share of the company's gross margin generated from its infrastructure assets.
The lack of clear operating leverage suggests that the company's cost structure is becoming increasingly rigid. Analysts should consider whether the current level of SG&A spending is necessary for market defense or if it indicates an inability to streamline operations effectively in the face of slowing revenue growth.
As reported in recent filings, net income has shown significant quarterly variance, dropping from $6.1T in 2024Q1 to $4.3T in 2026Q1, a trend that suggests non-operating items or tax fluctuations may be creating noise that masks the underlying operational health of the core telecommunications business.
The sharp decline in EPS growth, particularly the -25.1% recorded in 2026Q1, highlights the sensitivity of the bottom line to operational and non-operating volatility. Investors should be cautious in extrapolating these figures, as the consolidation of complex subsidiaries and potential foreign exchange impacts often complicate the assessment of true recurring earnings power.
While the company's extensive fiber footprint is often cited as a competitive advantage, the recent financial data suggests that this infrastructure may be acting as a margin drag, as evidenced by the persistent difficulty in converting gross profit into stable operating income across the last ten quarters.
Short-term observers might argue that the company's reliance on capital-intensive infrastructure in remote regions is an inefficient use of capital that fails to generate adequate returns. This perspective suggests that the market may be overvaluing the 'moat' while underestimating the long-term burden of maintaining such a vast, low-density network in a competitive environment.
Quick answers to the most common questions about buying TLK stock.
For fiscal year 2025, Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) reported total revenue of $146.74T. This represents a 1824.2% increase compared to $7.63T in 1996.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) is profitable, generating $17.49T in net income for the fiscal year ending 2025 with a net profit margin of 11.9%.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) reported an operating income of $34.12T, resulting in an operating profit margin of 23.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (TLK) generated $98.49T in gross profit for the year, representing a gross profit margin of 67.1%. This demonstrates the company's core pricing power and production efficiency.