PLDT Inc (PHI) Cash Flow Statement
Where PHI’s cash came from and went, 2025
December 31, 2025 · PHP- Cash from operations
- ₱85.35B +4.4% vs 2024
- Capital expenditures
- ₱61.49B 27.5% of revenue
- Free cash flow
- ₱23.85B 10.7% margin
- Returned to shareholders
- ₱21.05B 88% of free cash flow
- Change in cash
- ₱1.68B cash at year-end ₱11.86B
Cash from operations
₱85.35B
Capital expenditures
−₱61.49B
Investments (net)
−₱393.0M
Acquisitions & other
+₱1.62B
Dividends
−₱21.05B
Net borrowing (repayment)
−₱1.59B
Other financing
−₱561.4M
Change in cash
₱1.68B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PHI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PHI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₱48.98B2016 | ₱85.35B2025 | +6.4%/yr | |
| Capital expenditures | ₱42.42B2016 | ₱61.49B2025 | +4.2%/yr | |
| Free cash flow | ₱6.56B2016 | ₱23.85B2025 | +15.4%/yr | |
| Free cash flow margin | 4.0%2016 | 10.7%2025 | +6.7 pts | |
| Operating cash flow / net income | 2.222016 | 2.782025 | +0.56 | |
| Stock-based compensation | ₱827.0M2017 | ₱839.0M2023 | +0.2%/yr | |
| Dividends paid | ₱22.99B2016 | ₱21.05B2025 | −1.0%/yr | |
| Share buybacks (net) | ₱02016 | ₱4.0M2019 | — | |
| Capex / revenue | 25.7%2016 | 27.5%2025 | +1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PHI cash flow by activity
OperatingInvestingFinancingChange in cash
PHI 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).
PHI cash flow statement in PHP
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₱30.69B | ₱42.69B | ₱36.44B | ₱13.51B | ₱34.15B | ₱33.02B | ₱32.34B | ₱22.82B | ₱14.57B | ₱22.07B |
| Depreciation & amortization | ₱60.83B | ₱56.23B | ₱58.68B | ₱98.94B | ₱54.99B | ₱49.98B | ₱40.41B | ₱48.13B | ₱52.75B | ₱35.38B |
| Stock-based compensation | — | — | ₱839.0M | ₱1.27B | ₱1.19B | ₱1.13B | ₱638.0M | ₱208.0M | ₱827.0M | — |
| Change in working capital | −₱18.29B | −₱30.08B | −₱18.93B | −₱20.98B | −₱12.78B | ₱2.38B | −₱12.98B | −₱9.16B | −₱12.34B | −₱17.47B |
| Other non-cash items | ₱12.12B | ₱12.89B | ₱8.74B | −₱16.54B | ₱14.26B | ₱1.00B | ₱12.98B | −₱881.0M | ₱2.83B | ₱8.99B |
| Cash from operating activities | ₱85.35B | ₱81.73B | ₱85.77B | ₱76.20B | ₱91.81B | ₱87.52B | ₱73.39B | ₱61.12B | ₱58.64B | ₱48.98B |
| Investing activities | ||||||||||
| Capital expenditures | −₱61.49B | −₱68.29B | −₱78.44B | −₱95.55B | −₱102.39B | −₱76.50B | −₱88.02B | −₱47.27B | −₱39.27B | −₱42.42B |
| Investments (net) | −₱393.0M | −₱65.70B | −₱55.12B | −₱33.01B | −₱1.61B | −₱74.35B | −₱84.32B | ₱13.38B | ₱11.95B | −₱41.98B |
| Acquisitions & other investing | ₱1.62B | ₱68.29B | ₱78.44B | ₱95.55B | ₱519.0M | ₱76.50B | ₱88.02B | ₱8.83B | ₱3.74B | ₱42.42B |
| Cash from investing activities | −₱60.27B | −₱65.70B | −₱55.12B | −₱33.01B | −₱103.48B | −₱74.35B | −₱84.32B | −₱25.05B | −₱23.58B | −₱41.98B |
| Financing activities | ||||||||||
| Dividends paid | −₱21.05B | −₱20.75B | −₱23.33B | −₱25.23B | −₱17.71B | −₱16.72B | −₱15.59B | −₱13.93B | −₱16.62B | −₱22.99B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −₱4.0M | ₱26.0M | ₱0 | ₱34.06B |
| Net borrowing (repayment) | −₱1.59B | ₱8.66B | −₱5.32B | −₱15.68B | ₱22.39B | ₱30.36B | ₱11.61B | ₱1.76B | −₱20.68B | ₱14.88B |
| Shares issued | ₱0 | ₱71.0M | ₱0 | ₱7.84B | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 |
| Other financing | −₱561.4M | −₱10.31B | −₱10.77B | −₱9.22B | −₱9.58B | −₱9.94B | −₱11.77B | −₱6.00B | −₱3.02B | −₱41.29B |
| Cash from financing activities | −₱23.20B | −₱22.33B | −₱39.42B | −₱42.30B | −₱4.90B | ₱3.70B | −₱15.76B | −₱18.14B | −₱40.32B | −₱15.34B |
| Summary | ||||||||||
| Net change in cash | ₱1.68B | −₱6.17B | −₱9.03B | ₱1.30B | −₱16.33B | ₱15.87B | −₱27.29B | ₱18.75B | −₱5.82B | −₱7.73B |
| Cash at end of period | ₱11.86B | ₱10.01B | ₱16.18B | ₱25.21B | ₱23.91B | ₱40.24B | ₱24.37B | ₱51.65B | ₱32.91B | ₱38.72B |
| Free cash flow | ₱23.85B | ₱13.45B | ₱7.33B | −₱19.35B | −₱10.58B | ₱11.01B | −₱14.63B | ₱13.85B | ₱19.37B | ₱6.56B |
| Free cash flow margin | 10.7% | 6.2% | 3.5% | −9.5% | −5.5% | 6.1% | −8.6% | 8.5% | 12.2% | 4.0% |
| Capex / revenue | 27.5% | 31.5% | 37.2% | 46.8% | 53.3% | 42.3% | 52.0% | 29.0% | 24.7% | 25.7% |
| Operating cash flow / net income | 2.78 | 1.91 | 2.35 | 5.64 | 2.69 | 2.65 | 2.27 | 2.68 | 4.02 | 2.22 |
| 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 | ₱7.64B | ₱11.26B | ₱6.77B | ₱9.04B | ₱11.87B | ₱11.80B | ₱5.63B | ₱12.76B | ₱11.11B | ₱13.19B | −₱1.26B | ₱12.79B |
| Depreciation & amortization | ₱14.27B | ₱14.28B | ₱17.67B | ₱15.63B | ₱13.12B | ₱13.07B | ₱18.89B | ₱12.94B | ₱12.70B | ₱11.70B | ₱22.45B | ₱12.15B |
| Stock-based compensation | — | — | — | — | — | — | — | — | ₱180.0M | ₱298.0M | ₱171.0M | ₱205.0M |
| Change in working capital | −₱4.68B | −₱6.82B | −₱8.62B | ₱48.0M | −₱4.89B | −₱4.42B | −₱15.05B | −₱12.09B | ₱945.0M | −₱3.89B | ₱7.92B | −₱4.62B |
| Other non-cash items | ₱2.34B | ₱4.04B | ₱7.15B | ₱4.34B | ₱2.06B | ₱4.09B | ₱4.14B | ₱3.48B | ₱2.33B | ₱2.47B | −₱9.36B | ₱2.41B |
| Cash from operating activities | ₱19.57B | ₱22.75B | ₱22.97B | ₱29.06B | ₱22.16B | ₱24.55B | ₱13.61B | ₱17.09B | ₱27.26B | ₱23.77B | ₱19.93B | ₱22.93B |
| Investing activities | ||||||||||||
| Capital expenditures | −₱10.87B | −₱12.39B | −₱10.99B | −₱18.02B | −₱17.94B | −₱16.14B | −₱19.61B | −₱11.22B | −₱18.70B | −₱18.75B | −₱11.61B | −₱10.28B |
| Investments (net) | ₱4.0M | −₱16.0M | −₱869.0M | −₱17.11B | −₱16.62B | −₱15.85B | −₱18.50B | −₱9.27B | −₱21.23B | −₱16.71B | −₱3.26B | −₱5.25B |
| Acquisitions & other investing | −₱271.9M | ₱575.0M | ₱462.0M | ₱18.02B | ₱17.94B | ₱16.14B | ₱19.61B | ₱11.22B | ₱18.70B | ₱18.75B | ₱11.61B | −₱36.32B |
| Cash from investing activities | −₱11.14B | −₱11.83B | −₱11.39B | −₱17.11B | −₱16.62B | −₱15.85B | −₱18.50B | −₱9.27B | −₱21.23B | −₱16.71B | −₱3.26B | −₱51.86B |
| Financing activities | ||||||||||||
| Dividends paid | −₱10.20B | −₱19.0M | −₱14.0M | −₱10.36B | −₱10.17B | −₱39.0M | −₱6.0M | −₱10.71B | −₱10.03B | −₱7.0M | −₱15.0M | −₱10.58B |
| Net borrowing (repayment) | −₱1.28B | −₱5.46B | −₱6.62B | ₱798.0M | ₱6.28B | −₱2.04B | ₱2.44B | ₱6.13B | — | — | — | ₱789.0M |
| Shares issued | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 | ₱0 |
| Other financing | ₱280.2M | −₱2.88B | −₱3.12B | −₱3.27B | −₱4.51B | −₱2.83B | ₱1.37B | −₱2.71B | ₱1.75B | −₱10.56B | −₱21.87B | −₱2.71B |
| Cash from financing activities | −₱11.21B | −₱8.36B | −₱9.76B | −₱12.84B | −₱8.41B | −₱4.92B | ₱3.80B | −₱7.29B | −₱8.27B | −₱10.57B | −₱21.89B | −₱12.50B |
| Summary | ||||||||||||
| Net change in cash | −₱2.79B | ₱2.67B | ₱1.77B | −₱745.0M | −₱2.92B | ₱3.75B | −₱2.29B | ₱340.0M | −₱2.09B | −₱2.12B | −₱5.29B | ₱5.29B |
| Cash at end of period | ₱11.92B | ₱14.53B | ₱11.87B | ₱10.09B | ₱10.84B | ₱13.76B | ₱10.01B | ₱12.31B | ₱11.97B | ₱14.06B | ₱16.18B | ₱21.47B |
| Free cash flow | ₱8.70B | ₱10.36B | ₱11.98B | ₱11.04B | ₱4.22B | ₱8.40B | −₱6.00B | ₱5.87B | ₱8.56B | ₱5.01B | ₱8.32B | ₱12.65B |
| Free cash flow margin | 15.5% | 18.0% | 21.7% | 20.6% | 7.8% | 15.2% | −10.7% | 11.0% | 16.0% | 9.2% | 15.2% | 24.2% |
| Capex / revenue | 19.4% | 21.5% | 19.9% | 33.5% | 33.0% | 29.2% | 35.1% | 21.0% | 35.1% | 34.6% | 21.3% | 19.7% |
| Operating cash flow / net income | 2.56 | 2.02 | 3.39 | 3.21 | 1.87 | 2.08 | 2.42 | 1.34 | 2.45 | 1.80 | — | 1.79 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in PHP as reported; data from EODHD.
PHI cash generation
In fiscal 2025 (ended December 31, 2025), PLDT generated ₱85.3 billion of cash from operations (up 4.4%) and spent ₱61.5 billion on capital expenditures, leaving free cash flow of ₱23.9 billion, 10.7% of revenue. It returned ₱21.1 billion to shareholders through dividends (₱21.1 billion) and net share buybacks (₱0). Cash and equivalents rose by ₱1.7 billion over the year.
Related: PHI income statement, PHI balance sheet, PHI dividend history. See the PHI stock overview for the latest quote and news.
PHI cash flow FAQ
What is PLDT's free cash flow?
PLDT's free cash flow was ₱23.9 billion in fiscal 2025: ₱85.3 billion of operating cash flow minus ₱61.5 billion of capital expenditures It was ₱13.4 billion a year earlier..
How much cash does PLDT generate from operations?
PLDT generated ₱85.3 billion of cash from operating activities in fiscal 2025, 2.78 times its net income of ₱30.7 billion.
How much does PLDT spend on capital expenditures?
PLDT spent ₱61.5 billion on capital expenditures in fiscal 2025, 27.5% of revenue, compared with ₱68.3 billion the year before.
How much does PLDT pay in dividends?
PLDT paid ₱21.1 billion in dividends in fiscal 2025, 88.3% of free cash flow.