PLDT (PHI) Cash Flow: Operating & Free Cash Flow

PLDT Cash Flow Statement Analysis

Values in billions PHP

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for PLDT Inc. (PHI) - Annual data in billions PHP
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	30.69	42.69	72.87	13.51	26.37	33.02	32.34	22.82	14.57
Depreciation & Amortization	60.83	56.23	58.68	98.94	51.19	49.98	40.41	48.13	52.34
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	0.00	-0.64	0.00	0.00
Stock Based Compensation	0.00	0.00	0.84	0.00	1.19	0.00	0.64	0.21	0.83
Change in Working Capital	-18.29	-30.08	-18.94	-21.42	-42.16	-10.51	-12.98	-9.16	-12.34
Change in Accounts Receivable	-1.83	-9.28	1.05	-8.58	-3.75	-0.43	-1.56	-12.06	-10.67
Change in Inventory	1.78	0.03	0.60	0.41	0.06	-1.02	0.01	0.03	-0.54
Change in Accounts Payable	-7.93	-27.77	-21.29	-18.31	0.00	-2.81	18.77	7.82	7.14
Change in Other Working Capital	-10.32	13.57	12.49	5.05	-38.47	-6.26	-30.20	-4.94	-8.27
Other Operating Activities	12.12	13.57	12.49	-14.83	55.38	12.59	13.62	-0.67	4.08
Net Cash from Operating Activities	85.35	81.73	85.77	76.20	91.97	85.08	73.39	61.12	58.64
Investing Activities
Capital Expenditures	-61.49	-68.29	-78.44	-95.55	-103.98	-78.10	-88.02	-47.27	-39.27
Acquisitions	1.25	-3.77	-1.64	-1.06	0.00	-0.58	-0.10	-2.88	8.99
Purchases of Investments	-0.19	-0.20	-0.45	-6.55	0.00	-6.34	-0.57	-5.99	-18.50
Sales/Maturities of Investments	0.95	0.85	0.46	8.88	0.00	9.10	2.47	19.51	21.71
Other Investing Activities	-0.56	3.09	0.99	59.52	0.34	5.66	2.05	11.57	3.49
Net Cash from Investing Activities	-60.27	-65.70	-55.12	-33.01	-103.64	-68.67	-84.17	-25.05	-23.58
Financing Activities
Debt Repayment	12.75	-28.34	-43.32	-15.68	22.39	27.13	11.61	1.76	-20.68
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividends Paid	-21.05	-20.75	-23.33	-25.24	-17.71	-16.72	-15.59	-13.93	-16.62
Other Financing Activities	-14.90	0.43	-1.06	-1.39	-9.58	-9.94	-7.62	-5.98	-3.02
Net Cash from Financing Activities	-23.20	-22.33	-39.42	-42.30	-4.90	0.46	-15.76	-18.14	-40.32
Summary
Effect of Forex Changes on Cash	-0.19	0.14	-0.26	0.41	0.24	-1.00	-0.75	0.83	-0.55
Net Change in Cash	1.68	-6.17	-9.03	1.30	-16.33	15.87	-27.29	18.75	-5.82
Cash at Beginning of Period	10.18	16.18	25.21	23.91	40.24	24.37	51.65	32.91	38.72
Cash at End of Period	11.86	10.01	16.18	25.21	23.91	40.24	24.37	51.65	32.91
Free Cash Flow	23.85	13.45	7.33	-19.35	-12.01	6.98	-14.63	13.85	19.37
Supplemental Disclosures
Interest Paid	-	10.74	9.72	9.01	8.92	8.35	-	-	-
Income Taxes Paid	-	3.28	2.06	4.19	2.12	2.25	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About PLDT Cash Flow

What is PLDT's free cash flow?

PLDT generated free cash flow of PHP 23.85B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of PHP 85.35B minus PHP 61.49B of capital expenditures. That was up 77.4% from PHP 13.45B a year earlier. Free cash flow equaled 10.7% of revenue.

How much does PLDT spend on capital expenditures?

PLDT spent PHP 61.49B on capital expenditures in fiscal 2025, compared with PHP 68.29B a year earlier. That equals 72.1% of operating cash flow.

Does PLDT pay dividends or buy back shares?

Yes. In fiscal 2025 PLDT returned PHP 21.05B in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition