Core net income last year declined 2.8 percent to P20.9 billion from P21.5 billion in 2024. Reported net income eased to P23.3 billion from P24.3 billion a year earlier, reflecting elevated interest and depreciation expenses, the telecommunications giant said in a stock exchange filing on Wednesday.
Earnings before interest, taxes, depreciation and amortization increased 1 percent year on year to P87.6 billion, while the margin held at 53.1 percent, above guidance. Fourth quarter EBITDA climbed 6 percent quarter on quarter to P23.4 billion, signaling stable momentum into year end.
GCash Q4 contributions fall below P1 billion
Mynt, the parent company of GCash, played a pivotal role in 2025 results. Globe’s equity share from Mynt surged to P6.1 billion, up from P3.8 billion in the prior year.
The contribution represented about 22 percent of Globe’s pre-tax income, a solid driver despite headwinds from regulatory changes.
The full-year figure implied that GCash contributions slowed further in the fourth quarter to P800 million, down nearly 47 percent from the previous quarter.
This compared to contributions of P1.5 billion, P2 billion and P1.8 billion for the past three quarters of 2025, respectively, reflecting the impact of Bangkok Sentral ng Pilipinas’ order for mobile wallets to delink to online gambling apps.
Revenues set new records
On the topline, Globe delivered another record year. Consolidated gross service revenues reached P165.1 billion, surpassing 2024 levels despite inflation and widespread service disruptions caused by severe natural calamities.
Fourth quarter service revenues alone hit P43.4 billion, up 5 percent from the third quarter. Data and digital services accounted for 88 percent of total service revenues, up from 86 percent a year earlier, reflecting sustained demand across mobile, broadband, and enterprise connectivity.
Management’s view
“Our fourth-quarter results marked another resilient year for Globe,” said Carl Raymond R. Cruz, president and CEO of Globe Telecom.
“Our 2025 results provide a solid springboard for 2026, as we deepen our focus on creating everyday impact for our customers. 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,” he added.
Data growth, tighter spending
Mobile remained the backbone of growth. Full-year mobile service revenues reached a record P116.90 billion, while fourth quarter revenues rose 5 percent sequentially to P30.70 billion. Mobile data revenues increased 4 percent to P101.2 billion as customers deepened data usage and 5G adoption expanded. The mobile subscriber base grew 8 percent to 65.8 million.
Home broadband revenues edged up 1 percent to P24 billion on continued fiber uptake, while corporate data revenues stabilized at a record P20.7 billion.
Globe’s capital expenditures fell 18 percent year on year to P46.20 billion, enabling Globe to deliver positive free cash flow within guidance and maintain leverage ratios comfortably within covenant limits.
—Edited by Miguel R. Camus
