P23.3B as service revenues hit new record
Ayala-led Globe Telecom, Inc. saw its bottom line decline by 4.12 percent in 2025, as higher depreciation and interest expenses offset record-high service revenues.
In a disclosure to the local bourse on Wednesday, Globe said its net income had fallen to P23.3 billion last year, down from P24.3 billion in 2024.
Core net income likewise slipped 2.79 percent to P20.9 billion.
This was even as Globe booked an all-time high P165.1 billion in consolidated gross service revenues, driven by strong demand for data and digital services. This surpassed its 2024 peak amid resilient demand for services despite persistent inflation and disruptions from severe natural calamities.
Fourth-quarter revenues reached a record P43.4 billion, up 5 percent from the previous quarter, supported by higher mobile data traffic, resilient broadband demand and improved operational execution.
“Our fourth-quarter results marked another resilient year for Globe,” said Globe president and CEO Carl Cruz. “The sustained pace across mobile, broadband and corporate data, coupled with disciplined cost management, enabled us to achieve positive free cash flow while continuing to invest in network quality and customer experience.”
Cash flow, as measured by earnings before interests, taxes, depreciation and amortization, rose 1 percent to P87.6 billion.
Capital expenditures declined 18 percent to P46.2 billion, which Globe said reflected its “disciplined and strategic capital deployment.”
Still mobile-driven
Globe said its digital ecosystem remained a primary growth engine in 2025, with data-related services accounting for 88 percent of total service revenues, up from 86 percent in the previous year.
Mobile revenues hit a record P116.9 billion, while mobile data revenues climbed 4 percent to P101.2 billion.
Over the past year, Globe grew its mobile subscriber base by 8 percent to 65.8 million, while mobile data users increased to 39.2 million.
For its broadband business, Globe at Home generated P24 billion in revenues, up 1 percent, as strong fiber adoption offset declines in legacy services. Fiber now accounted for 91 percent of home broadband revenues.
Its corporate data segment posted an all-time high of P20.7 billion in revenues, supported by strong demand for tech services such as cloud, cybersecurity and business applications.
Globe’s nontelecommunications portfolio recorded a 12-percent decline in revenue to P2.3 billion.
Globe’s equity share in Mynt, the parent firm of leading e-wallet GCash, reached P6.1 billion, contributing about 22 percent of pretax income.
Regulatory woes
Despite GCash remaining a “cornerstone” of Globe’s ecosystem, the company said performance in the fourth quarter had been affected by regulatory changes in online gaming, among other factors.
For 2026, Globe said capital spending would remain below $1 billion as it focuses on “extracting greater returns” from its existing network investments.
“Our 2025 results provide a solid springboard for 2026, as we deepen our focus on creating everyday impact for our customers,” Cruz said. “We will further enhance our 5G footprint, broaden GFiber Prepaid’s reach and scale our digital ventures such as GCash and enterprise solutions to meet the consumer’s evolving demands.”
