Chunghwa Telecom Co., Ltd (CHT) Cash Flow Statement
Where CHT’s cash came from and went, 2025
December 31, 2025 · New Taiwan dollars- Cash from operations
- NT$77.50B −2.2% vs 2024
- Capital expenditures
- NT$27.85B 11.9% of revenue
- Free cash flow
- NT$49.60B 21.1% margin
- Returned to shareholders
- NT$39.00B 79% of free cash flow
- Change in cash
- NT$829.3M cash at year-end NT$37.09B
Cash from operations
NT$77.50B
Capital expenditures
−NT$27.85B
Acquisitions & other
−NT$496.8M
Dividends
−NT$39.00B
Net borrowing (repayment)
−NT$9.28B
Change in cash
NT$829.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CHT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CHT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | NT$64.95B2016 | NT$77.50B2025 | +2.0%/yr | |
| Capital expenditures | NT$23.80B2016 | NT$27.85B2025 | +1.8%/yr | |
| Free cash flow | NT$41.15B2016 | NT$49.60B2025 | +2.1%/yr | |
| Free cash flow margin | 17.9%2016 | 21.1%2025 | +3.2 pts | |
| Operating cash flow / net income | 1.322016 | 1.992025 | +0.68 | |
| Stock-based compensation | NT$17.2M2016 | NT$10.0M2025 | −5.8%/yr | |
| Dividends paid | NT$42.55B2016 | NT$39.00B2025 | −1.0%/yr | |
| Share buybacks (net) | NT$02016 | NT$02019 | — | |
| Capex / revenue | 10.3%2016 | 11.9%2025 | +1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CHT cash flow by activity
OperatingInvestingFinancingChange in cash
CHT net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CHT cash flow statement in New Taiwan dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | NT$38.92B | NT$47.84B | NT$36.96B | NT$47.23B | NT$46.07B | NT$42.83B | NT$40.26B | NT$44.98B | NT$48.00B | NT$49.38B |
| Depreciation & amortization | NT$38.71B | NT$39.62B | NT$39.62B | NT$39.43B | NT$38.40B | NT$36.37B | NT$34.02B | NT$31.87B | NT$31.93B | NT$32.48B |
| Stock-based compensation | NT$10.0M | NT$8.0M | NT$8.4M | NT$15.5M | NT$19.4M | NT$7.6M | NT$2.0M | NT$17.3M | NT$21.8M | NT$17.2M |
| Change in working capital | −NT$3.22B | NT$863.0M | −NT$2.22B | −NT$2.85B | −NT$1.98B | NT$3.19B | −NT$1.02B | −NT$1.63B | −NT$3.17B | −NT$8.97B |
| Other non-cash items | NT$3.08B | −NT$9.09B | NT$194.6M | −NT$7.87B | −NT$7.64B | −NT$7.94B | −NT$3.12B | −NT$8.87B | −NT$5.85B | −NT$7.96B |
| Cash from operating activities | NT$77.50B | NT$79.24B | NT$74.56B | NT$75.95B | NT$74.86B | NT$74.46B | NT$70.14B | NT$66.37B | NT$70.93B | NT$64.95B |
| Investing activities | ||||||||||
| Capital expenditures | −NT$27.85B | −NT$28.99B | −NT$30.98B | −NT$33.43B | −NT$35.59B | −NT$71.12B | −NT$22.71B | −NT$29.05B | −NT$38.18B | −NT$23.80B |
| Investments (net) | NT$149.5M | −NT$35.33B | −NT$38.37B | −NT$29.79B | NT$3.34B | −NT$66.48B | −NT$27.13B | −NT$32.61B | −NT$36.72B | −NT$21.66B |
| Acquisitions & other investing | −NT$496.8M | NT$28.99B | NT$19.18B | NT$32.42B | NT$1.08B | NT$69.34B | NT$22.71B | NT$29.05B | NT$38.18B | NT$23.80B |
| Cash from investing activities | −NT$28.20B | −NT$35.33B | −NT$50.17B | −NT$30.79B | −NT$31.17B | −NT$68.25B | −NT$27.13B | −NT$32.61B | −NT$36.72B | −NT$21.66B |
| Financing activities | ||||||||||
| Dividends paid | −NT$39.00B | −NT$36.91B | −NT$36.48B | −NT$35.75B | −NT$33.40B | −NT$32.78B | −NT$34.75B | −NT$37.20B | −NT$38.34B | −NT$42.55B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | NT$0 | NT$0 | NT$0 | NT$0 |
| Net borrowing (repayment) | −NT$9.28B | −NT$4.28B | −NT$4.02B | NT$380.0M | −NT$3.73B | NT$23.29B | −NT$3.74B | NT$30.0M | −NT$68.0M | −NT$122.0M |
| Shares issued | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 |
| Other financing | −NT$177.8M | −NT$327.0M | −NT$233.0M | NT$566.0M | NT$2.82B | −NT$308.5M | NT$670.8M | NT$2.14B | NT$1.80B | NT$154.5M |
| Cash from financing activities | −NT$48.46B | −NT$41.52B | −NT$40.73B | −NT$34.80B | −NT$34.31B | −NT$9.80B | −NT$37.81B | −NT$35.04B | −NT$36.61B | −NT$42.52B |
| Summary | ||||||||||
| Net change in cash | NT$829.3M | NT$2.44B | −NT$16.37B | NT$10.41B | NT$9.36B | −NT$3.63B | NT$8.16B | −NT$1.18B | −NT$2.28B | NT$828.9M |
| Cash at end of period | NT$37.09B | NT$36.26B | NT$33.82B | NT$50.19B | NT$39.78B | NT$30.42B | NT$25.08B | NT$27.64B | NT$28.82B | NT$31.10B |
| Free cash flow | NT$49.60B | NT$50.25B | NT$43.58B | NT$42.52B | NT$39.27B | NT$3.34B | NT$47.43B | NT$37.32B | NT$32.75B | NT$41.15B |
| Free cash flow margin | 21.1% | 22.0% | 19.7% | 19.7% | 18.7% | 1.6% | 26.5% | 17.3% | 14.4% | 17.9% |
| Capex / revenue | 11.9% | 12.7% | 14.0% | 15.5% | 17.0% | 34.3% | 12.7% | 13.5% | 16.8% | 10.3% |
| Operating cash flow / net income | 1.99 | 1.66 | 2.02 | 1.61 | 1.62 | 1.74 | 1.74 | 1.48 | 1.48 | 1.32 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | NT$13.95B | NT$10.21B | NT$12.18B | NT$12.26B | NT$13.13B | NT$12.70B | NT$9.00B | NT$11.49B | NT$12.35B | NT$11.99B | NT$8.26B | NT$11.64B |
| Depreciation & amortization | NT$10.25B | NT$10.20B | NT$10.16B | NT$10.01B | NT$10.03B | NT$10.01B | NT$10.17B | NT$9.88B | NT$9.89B | NT$9.91B | NT$10.15B | NT$9.91B |
| Stock-based compensation | NT$0 | NT$0 | NT$6.3M | NT$1.4M | NT$1.1M | NT$1.2M | NT$918,000 | NT$2.2M | NT$2.3M | NT$2.4M | NT$664,000 | NT$2.5M |
| Change in working capital | NT$1.69B | −NT$12.60B | NT$10.21B | −NT$1.44B | −NT$2.06B | −NT$9.84B | NT$2.51B | NT$3.70B | −NT$2.63B | −NT$7.95B | NT$7.79B | NT$187.3M |
| Other non-cash items | −NT$5.26B | NT$3.58B | −NT$567.2M | −NT$4.59B | −NT$4.77B | NT$82.6M | NT$7.80B | −NT$4.46B | −NT$4.50B | NT$183.5M | −NT$1.19B | −NT$316.2M |
| Cash from operating activities | NT$20.64B | NT$11.39B | NT$31.99B | NT$16.24B | NT$16.33B | NT$12.95B | NT$29.49B | NT$20.61B | NT$15.10B | NT$14.13B | NT$25.00B | NT$21.42B |
| Investing activities | ||||||||||||
| Capital expenditures | −NT$5.43B | −NT$4.60B | −NT$8.97B | −NT$6.14B | −NT$6.95B | −NT$5.78B | −NT$12.74B | −NT$5.80B | −NT$5.62B | −NT$5.42B | −NT$12.33B | −NT$7.15B |
| Investments (net) | −NT$5.61B | −NT$9.95B | −NT$6.62B | NT$17.43B | −NT$8.93B | −NT$19.14B | −NT$24.20B | NT$11.42B | −NT$9.56B | −NT$12.99B | −NT$22.58B | −NT$1.19B |
| Acquisitions & other investing | NT$209.6M | −NT$274.5M | −NT$2.05B | NT$6.14B | NT$6.95B | NT$5.78B | NT$1.61B | NT$5.80B | NT$5.62B | NT$5.42B | — | NT$7.15B |
| Cash from investing activities | −NT$10.83B | −NT$14.82B | −NT$17.64B | NT$17.43B | −NT$8.93B | −NT$19.14B | −NT$35.33B | NT$11.42B | −NT$9.56B | −NT$12.99B | — | −NT$1.19B |
| Financing activities | ||||||||||||
| Dividends paid | — | −NT$318.1M | −NT$232,000 | −NT$38.46B | — | −NT$69,000 | −NT$69,000 | −NT$36.91B | — | −NT$486,000 | −NT$486,000 | −NT$36.48B |
| Share repurchases & issuance (net) | — | NT$5.1M | NT$5.1M | −NT$4.9M | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | −NT$2.56B | NT$1.61B | −NT$1.39B | −NT$6.10B | −NT$963.1M | −NT$823.6M | −NT$1.20B | −NT$917.2M | — | — | — | −NT$687.8M |
| Shares issued | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 |
| Other financing | −NT$251.0M | NT$367.0M | NT$404.3M | −NT$610.8M | −NT$306.9M | −NT$234.8M | NT$956.9M | −NT$632.1M | −NT$1.16B | −NT$1.65B | −NT$272.9M | −NT$831.2M |
| Cash from financing activities | −NT$2.81B | NT$1.66B | −NT$983.4M | −NT$45.17B | −NT$1.27B | −NT$1.06B | −NT$243.3M | −NT$38.46B | −NT$1.16B | −NT$1.65B | −NT$273.4M | −NT$37.99B |
| Summary | ||||||||||||
| Net change in cash | NT$6.99B | −NT$2.36B | NT$13.42B | −NT$11.47B | NT$5.99B | −NT$7.21B | NT$5.04B | −NT$6.42B | NT$4.38B | −NT$493.4M | NT$1.82B | −NT$17.75B |
| Cash at end of period | NT$42.22B | NT$35.22B | NT$36.94B | NT$23.56B | NT$35.03B | NT$29.05B | NT$36.26B | NT$31.30B | NT$37.71B | NT$33.33B | NT$33.82B | NT$32.01B |
| Free cash flow | NT$15.21B | NT$6.79B | NT$23.02B | NT$10.10B | NT$9.38B | NT$7.17B | NT$16.75B | NT$14.81B | NT$9.48B | NT$8.70B | NT$12.67B | NT$14.27B |
| Free cash flow margin | 24.5% | 11.4% | 35.2% | 17.5% | 16.6% | 12.9% | 25.6% | 26.8% | 17.6% | 15.9% | 20.5% | — |
| Capex / revenue | 8.7% | 7.7% | 13.7% | 10.7% | 12.3% | 10.4% | 19.5% | 10.5% | 10.4% | 9.9% | 19.9% | — |
| Operating cash flow / net income | 1.48 | 1.11 | 2.63 | 1.32 | 1.24 | 1.02 | 3.27 | 1.79 | 1.22 | 1.18 | 3.03 | 1.84 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in New Taiwan dollars as reported; data from EODHD.
CHT cash generation
In fiscal 2025 (ended December 31, 2025), Chunghwa Telecom generated NT$77.5 billion of cash from operations (down 2.2%) and spent NT$27.8 billion on capital expenditures, leaving free cash flow of NT$49.6 billion, 21.1% of revenue. It returned NT$39.0 billion to shareholders through dividends (NT$39.0 billion) and net share buybacks (NT$0). Cash and equivalents rose by NT$829.3 million over the year.
Related: CHT income statement, CHT balance sheet, CHT dividend history. See the CHT stock overview for the latest quote and news.
CHT cash flow FAQ
What is Chunghwa Telecom's free cash flow?
Chunghwa Telecom's free cash flow was NT$49.6 billion in fiscal 2025: NT$77.5 billion of operating cash flow minus NT$27.8 billion of capital expenditures It was NT$50.3 billion a year earlier..
How much cash does Chunghwa Telecom generate from operations?
Chunghwa Telecom generated NT$77.5 billion of cash from operating activities in fiscal 2025, 1.99 times its net income of NT$38.9 billion.
How much does Chunghwa Telecom spend on capital expenditures?
Chunghwa Telecom spent NT$27.8 billion on capital expenditures in fiscal 2025, 11.9% of revenue, compared with NT$29.0 billion the year before.
How much does Chunghwa Telecom pay in dividends?
Chunghwa Telecom paid NT$39.0 billion in dividends in fiscal 2025, 78.6% of free cash flow.