Globe Telecom Reports Mixed Financial Results Amid Record Revenues

Globe Telecom, Inc. has reported a decline in net income for the first half of 2026, despite achieving record revenues in its core services. The company posted a net income of ₱11 billion (approximately $197 million), down 11% from ₱12.4 billion ($221 million) in the same period last year, according to disclosures made to the Philippine Stock Exchange.

The decrease in net income was primarily attributed to higher non-operating charges and a smaller net gain from the dilution of its stake in Mynt, Inc., the operator of the popular GCash e-wallet platform. Globe's equity share in Mynt's net income was ₱3.7 billion ($66 million), slightly lower than the ₱3.8 billion ($68 million) recorded a year earlier. The fintech company is preparing for an initial public offering (IPO) that could raise up to ₱92 billion ($1.6 billion) in October, which may influence Globe's future financial position.

Despite the drop in net income, Globe reported record service revenues of ₱85.4 billion ($1.5 billion) for the first half of 2026, marking a 6% increase from ₱80.2 billion ($1.4 billion) in the previous year. The mobile segment remained the largest contributor, generating ₱60.39 billion ($1.07 billion), up 6% year-on-year. The company noted that mobile data usage surged, with traffic increasing to 3,723 petabytes from 3,187 petabytes a year earlier, and average monthly data usage per subscriber rising to 17 gigabytes (GB) from 15 GB. Globe's mobile subscriber base reached approximately 67.7 million by the end of June 2026.

Globe's home broadband services also saw growth, contributing ₱12.44 billion ($221 million) in revenues, while corporate data revenues reached ₱11 billion ($197 million), reflecting a 15% increase year-on-year. The company attributed this growth to the increasing demand for fiber services, which now account for 93% of total home broadband revenues.

“Our first-half results demonstrate the strength of our core business and the solid contribution of our digital ecosystem to Globe’s overall performance.”Carl Raymond R. Cruz, President and CEO

However, total expenses rose by 10.4% to ₱43.41 billion ($775 million), driven by higher costs in interconnection, lease, marketing, utility, and personnel. As a result, the company's attributable net income for the first half of the year declined by 11% to ₱11 billion ($197 million) from ₱12.44 billion ($221 million) in the previous year.

Globe's capital expenditures (capex) for the first half reached ₱26.3 billion ($469 million), a 39% increase from the previous year, primarily focused on expanding its network and digital infrastructure. The company deployed 80,052 new fiber-to-the-home (FTTH) lines and added 878 fifth-generation (5G) sites during this period.

Globe President and CEO Carl Raymond R. Cruz stated that the company's first-half results demonstrate the strength of its core business and the solid contribution of its digital ecosystem to Globe’s overall performance. He emphasized the company's commitment to investing in technology platforms and AI capabilities to enhance customer experience and support future growth.

Despite the challenges faced in the first half, Globe's focus on digital services and infrastructure expansion positions it for future opportunities in the rapidly evolving telecommunications landscape in the Philippines.