Is PLDT profitable in 2025?

Yes. PLDT reported FY2025 net income of PHP30.2 billion, though that was down 7% year over year from PHP32.55 billion in 2024, per results reported February 26, 2026. Core income also fell 3% to PHP33.9 billion despite record net service revenue of PHP196.2 billion.

PLDT ownership as of Q1 2026 is split among BTF Holdings (40.98% of voting preferred shares, tied to PLDT's employee retirement fund), NTT DOCOMO group (~12% common shares), First Pacific-linked entities (~13%), and JG Summit (6.65%). Chairman Manuel Pangilinan and First Pacific's Anthony Salim jointly control the structure.

Is PLDT losing market share to Globe or Converge?

PLDT is under competitive pressure in fiber broadband: Converge was recognized as the DICT's national broadband leader in January 2026 and nPerf's top-rated fixed broadband provider by mid-2026, while Globe leads in FTTH speed with 63.1 million subscribers as of November 2025.

Could AI replace PLDT's business?

No. PLDT's core moat is physical infrastructure, roughly 1.3 million km of fiber network and regulatory franchises/spectrum that AI cannot substitute. AI is instead a tailwind: its Vitro Sta. Rosa data center, live since July 2024, hosts NVIDIA GPUs and positions PLDT as an AI compute infrastructure provider.

Is PLDT laying off employees?

PLDT's headcount has declined steadily but not via a single dramatic layoff: from 17,155 employees in 2022 to 14,304 by December 31, 2025 (down 4.03% year over year), falling further to 14,128 by Q1 2026, reflecting ongoing efficiency and automation initiatives.

How much debt does PLDT have?

PLDT's net debt stood at PHP284.7 billion as of FY2025 results (reported February 27, 2026), with net debt-to-EBITDA of 2.56x against a management target of 2.0x. PHP16.6 billion is due in 2026 and PHP27.9 billion in 2027, driving a planned data-center REIT listing.

Telecom infrastructure · Philippines

PLDT Inc.

pldt.com ↗

PLDT is the Philippines' largest telecom, running fiber, mobile, and data center infrastructure.

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 August 11, 2026 · Every call on the record Checkpoint: Q2 2026 earnings report

The call

PLDT keeps its physical and regulatory position secure while facing debt pressure and shrinking net-add share in fiber, its main growth engine.

PLDT owns and operates the Philippines' biggest telephone and internet backbone, including 1.3 million kilometers of fiber cable and radio spectrum that regulators do not easily give to competitors. The company is not going away in the next few years because of these physical assets and government approvals, but it is growing slowly (revenue up only 2 percent in 2025) while rivals Globe Telecom and Converge ICT Solutions are winning more new broadband customers, especially in the fastest-growing fiber segment where most money is made. PLDT also carries heavy debt of 284.7 billion pesos that comes due soon, which limits how much cash it can return to shareholders, so investors must watch whether the company can speed up growth or cut debt faster than expected.

Why

AI pressure: None apparent. AI does not attack PLDT's fiber or spectrum; AI compute demand instead fills its new Vitro Sta. Rosa GPU data center. Could AI do the core job? Unlikely.

Bigger players: Globe Telecom and Converge ICT Solutions. PLDT is losing broadband net-add share to Globe and Converge in fiber, the segment driving 85% of service revenue. Could a giant copy it? No, they are blocked.

What protects it. 1.3M km fiber network, national backbone, spectrum holdings, and a telecom franchise that new entrants cannot easily replicate.

What would change this call

PLDT reports fiber/broadband net-add numbers in Q2 2026 earnings (due August 11, 2026). Would show whether Converge and Globe are still outpacing PLDT in new subscriber growth.
PLDT refinances or defaults on the P16.6B debt maturing in 2026. Would show whether debt pressure is manageable or becomes a real financial constraint.
Vitro REIT IPO proceeds or stalls at PSE/SEC by Q4 2026. Would show whether data-center capital structure plan executes as a growth offset to telecom pressure.

Key numbers

Revenue up 2%, net income down 7% in FY2025 (FY2025)
Total debt at 284.7B pesos, 2.56x EBITDA (FY2025)
44.5B pesos in debt maturing 2026 to 2027 (2026)

Named risks

PHP16.6B debt due 2026 and PHP27.9B due 2027 create refinancing pressure ahead of REIT IPO. Severity: high
UBS downgraded PLDT to Neutral from Buy, cutting price target from PHP1,500 to PHP1,200. Severity: medium
Core service revenue growth flat (net service revenue up only 1% YoY in FY2025) amid rising fiber competition. Severity: medium
Continued headcount decline (14,304 end-2025 vs 17,155 in 2022) signals ongoing restructuring. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Globe Telecom	gaining on	63.1M subscribers and leads FTTH speed category as of Nov 2025
Converge ICT Solutions	gaining on	DICT-certified national broadband leader Jan 2026; nPerf top-rated fixed broadband mid-2026
DITO Telecommunity	contesting	Signed infrastructure-sharing MOU with PLDT/Smart in July 2026, excluding Globe

Questions people ask

Is PLDT profitable in 2025?: Yes. PLDT reported FY2025 net income of PHP30.2 billion, though that was down 7% year over year from PHP32.55 billion in 2024, per results reported February 26, 2026. Core income also fell 3% to PHP33.9 billion despite record net service revenue of PHP196.2 billion.
Who owns PLDT?: PLDT ownership as of Q1 2026 is split among BTF Holdings (40.98% of voting preferred shares, tied to PLDT's employee retirement fund), NTT DOCOMO group (~12% common shares), First Pacific-linked entities (~13%), and JG Summit (6.65%). Chairman Manuel Pangilinan and First Pacific's Anthony Salim jointly control the structure.
Is PLDT losing market share to Globe or Converge?: PLDT is under competitive pressure in fiber broadband: Converge was recognized as the DICT's national broadband leader in January 2026 and nPerf's top-rated fixed broadband provider by mid-2026, while Globe leads in FTTH speed with 63.1 million subscribers as of November 2025.
Could AI replace PLDT's business?: No. PLDT's core moat is physical infrastructure, roughly 1.3 million km of fiber network and regulatory franchises/spectrum that AI cannot substitute. AI is instead a tailwind: its Vitro Sta. Rosa data center, live since July 2024, hosts NVIDIA GPUs and positions PLDT as an AI compute infrastructure provider.
Is PLDT laying off employees?: PLDT's headcount has declined steadily but not via a single dramatic layoff: from 17,155 employees in 2022 to 14,304 by December 31, 2025 (down 4.03% year over year), falling further to 14,128 by Q1 2026, reflecting ongoing efficiency and automation initiatives.
How much debt does PLDT have?: PLDT's net debt stood at PHP284.7 billion as of FY2025 results (reported February 27, 2026), with net debt-to-EBITDA of 2.56x against a management target of 2.0x. PHP16.6 billion is due in 2026 and PHP27.9 billion in 2027, driving a planned data-center REIT listing.

Timeline

2026-07-24PLDT signals support for government data residency rules, ties to Pilipinas AI push
2026-07-07PLDT completes National Fiber Backbone reaching all 91 provinces; signs tower-sharing MOU with Smart and DITO
2026-06-09PLDT board approves data-center REIT (Vitro REIT) listing plan, targeting $300M-$400M raise
2026-02-26PLDT reports FY2025 results: net income down 7% to PHP30.2B, net service revenue up 1% to record PHP196.2B
2025-04-25PLDT launches Vitro Sta. Rosa AI-ready hyperscale data center, confirms 12th data center plan
2024-07Vitro Sta. Rosa data center becomes operational (NVIDIA GPU-equipped)
2022-06-01PLDT closes sale-leaseback of 5,907 towers for PHP77 billion to edotco and EdgePoint

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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