Is Globe Telecom profitable in 2025?

Yes. Globe reported FY2025 net income of PHP23.3 billion and core net income of PHP20.9 billion as of Dec 31 2025, though 9M25 core net income fell about 15% YoY to PHP15.5 billion, showing margin pressure despite flat revenue of PHP165.1 billion.

Who owns Globe Telecom?

Globe is majority controlled by Asiacom Philippines Inc, a joint venture between Ayala Corporation and Singapore's Singtel, holding about 52.3% of voting equity as of May 15 2025. Foreign ownership sits near 25.3-25.4%, below the 40% constitutional cap.

Is Globe Telecom losing subscribers to DITO?

No, Globe's mobile base grew to 63.1 million by Sept 30 2025, but DITO beat Globe on speed, hitting a '4-peat' #1 Ookla rating by Oct 7 2025 (DITO 3.5 vs Globe 3.2, Jan-Jun 2025), pressuring Globe's network reputation.

Could AI replace Globe Telecom?

No. Globe's core business relies on NTC spectrum licenses and physical network infrastructure serving 63.1 million subscribers as of Sept 2025. AI mainly touches internal operations and a thin consumer layer like its 'AI Fiesta' aggregator launched May 2026.

What is the GCash IPO and how does it affect Globe?

Mynt, GCash's parent, roughly 34-35% owned by Globe, filed to raise up to PHP92.3 billion (about $1.5 billion) in what's reported as the Philippines' biggest IPO, expected Q4 2026. Mynt now supplies 25% of Globe's pre-tax income as of Sept 30 2025, up from 14% in 2024.

Is Globe Telecom at a disadvantage versus PLDT and DITO?

Yes. In July 2026 PLDT, Smart, and DITO signed a network-infrastructure-sharing pact covering towers, in-building systems, and submarine cable, explicitly excluding Globe, which could raise Globe's relative cost structure versus rivals.

Telecom infrastructure · Philippines

Globe Telecom

globe.com.ph ↗

Globe Telecom: one of the Philippines' three national mobile and broadband carriers.

Defensible for now

Assessed 25 July 2026 · Evidence as of 25 July 2026

Real protection, with named pressure against it.

On the recordSince 25 July 2026 · Checkable from Q4 2026 · Every call on the record Checkpoint: Mynt (GCash) IPO expected pricing

The call

Globe's phone and broadband business holds its ground while its GCash stake, now a quarter of profit, becomes the part investors watch most closely.

Globe Telecom is one of three major cell phone carriers in the Philippines, serving 63 million customers. It is protected by government rules and control of airwave licenses that make it hard for new competitors to enter, but its profits are shrinking even though it is not losing customers. The real problem is that its main rival, PLDT and Smart, just signed a deal in July 2026 to share cell towers and cables, which cuts their costs, but Globe was left out of that deal. This cost disadvantage could squeeze profits further. The one thing that could change everything is if Globe's digital payment app, Mynt and GCash, successfully goes public in late 2026 and becomes worth the expected $8 billion, since that business is now one quarter of Globe's total profit and could give the company new money and a faster-growing business to offset the struggling phone business.

Why

AI pressure: None apparent. AI tools push more mobile data and cloud use through Globe's network rather than replacing its core service. Could AI do the core job? Unlikely.

Bigger players: PLDT/Smart. PLDT and Smart signed a July 2026 tower and cable sharing pact that excludes Globe, raising Globe's relative infrastructure costs. Could a giant copy it? No, they are blocked.

What protects it. Philippine spectrum licenses, a telecom franchise, and 63.1M subscribers make it hard for anyone but DITO to compete at scale, and DITO still trails badly.

What would change this call

Mynt/GCash files for IPO in Q4 2026 at ~US$1.5B valuation. Confirms whether fintech affiliate can offset Globe's core telecom margin decline.
Globe's Q2/Q3 2026 core net income YoY trend. Shows whether the 9M25 15% core profit decline reverses or worsens.
DITO Telecommunity's postpaid subscriber and coverage figures through 2026. Would show if DITO is closing the coverage gap and taking share from Globe.

Key numbers

63.1M mobile subscribers, up from 58.8M in Mar 2024 (2025-09-30)
9M25 core net income down 15% YoY to PHP 15.5B (2025-09-30)
Mynt now 25% of Globe's pre-tax income, up from 14% in 2024 (2025-09-30)

Named risks

Core net income fell 15% YoY through 9M25 despite flat revenue. Severity: high
Exclusion from July 2026 PLDT/Smart/DITO infrastructure-sharing pact raises relative cost structure. Severity: high
Mynt/GCash IPO (Q4 2026) could fail to price or underperform, hurting Globe's equity income. Severity: medium
DITO consistently outperforms Globe on network speed rankings. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
DITO Telecommunity	gaining on	Won 4th consecutive #1 Ookla speed rating, Oct 2025; scored 3.5 vs Globe's 3.2 (Jan-Jun 2025)
PLDT/Smart	gaining on	Joined DITO in July 2026 tower/cable-sharing pact that excludes Globe, cutting rivals' costs
Converge ICT	contesting	National fixed-broadband competitor as Globe pushes Globe At Home 5G Loop

Questions people ask

Is Globe Telecom profitable in 2025?: Yes. Globe reported FY2025 net income of PHP23.3 billion and core net income of PHP20.9 billion as of Dec 31 2025, though 9M25 core net income fell about 15% YoY to PHP15.5 billion, showing margin pressure despite flat revenue of PHP165.1 billion.
Who owns Globe Telecom?: Globe is majority controlled by Asiacom Philippines Inc, a joint venture between Ayala Corporation and Singapore's Singtel, holding about 52.3% of voting equity as of May 15 2025. Foreign ownership sits near 25.3-25.4%, below the 40% constitutional cap.
Is Globe Telecom losing subscribers to DITO?: No, Globe's mobile base grew to 63.1 million by Sept 30 2025, but DITO beat Globe on speed, hitting a '4-peat' #1 Ookla rating by Oct 7 2025 (DITO 3.5 vs Globe 3.2, Jan-Jun 2025), pressuring Globe's network reputation.
Could AI replace Globe Telecom?: No. Globe's core business relies on NTC spectrum licenses and physical network infrastructure serving 63.1 million subscribers as of Sept 2025. AI mainly touches internal operations and a thin consumer layer like its 'AI Fiesta' aggregator launched May 2026.
What is the GCash IPO and how does it affect Globe?: Mynt, GCash's parent, roughly 34-35% owned by Globe, filed to raise up to PHP92.3 billion (about $1.5 billion) in what's reported as the Philippines' biggest IPO, expected Q4 2026. Mynt now supplies 25% of Globe's pre-tax income as of Sept 30 2025, up from 14% in 2024.
Is Globe Telecom at a disadvantage versus PLDT and DITO?: Yes. In July 2026 PLDT, Smart, and DITO signed a network-infrastructure-sharing pact covering towers, in-building systems, and submarine cable, explicitly excluding Globe, which could raise Globe's relative cost structure versus rivals.

Timeline

2026-07-14Mynt (GCash) files IPO to raise up to PHP92.3B (~US$1.5B), expected Q4 2026
2026-07-07PLDT, Smart, DITO sign infrastructure-sharing MOU excluding Globe
2026-06-01Globe launches AI Fiesta and energy-crisis offers
2026-02-16FY2025 results reported: net income PHP23.3B, core PHP20.9B
2025-11-063Q/9M25 results: 63.1M subscribers, core net income down 15% YoY
2025-05-09Q1 2025 revenue falls 3% YoY to PHP39.9B
2025-03-17Mynt targets $8B+ valuation for GCash IPO
2025-02-28MUFG completes Mynt investment, valuing GCash at $5B
2024-01-01Globe forms dedicated AI Group, appoints Chief Intelligence and Trust Officer

Revision history

25 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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