TAGUIG CITY, PHILIPPINES — November 10, 2026 — Philippine telecommunications giant Globe Telecom is generating more revenue than ever before, but its latest financial results reveal a growing challenge: billions of pesos in additional earnings are being offset by the escalating cost of financing and operating one of the country’s largest digital networks.
The Ayala-backed company reported a record ₱129 billion in consolidated service revenue during the first nine months of 2026, an increase of 6% from ₱121.7 billion during the corresponding period last year.
Its earnings before interest, taxes, depreciation and amortization (EBITDA) also reached an all-time high of approximately ₱68 billion, rising 6% year over year.
Yet despite those records, Globe’s consolidated net income fell 7% to ₱16.5 billion, compared with ₱17.7 billion a year earlier.
The reason lies in a combination of rising financing expenses, higher depreciation charges and the absence of certain exceptional gains recorded in 2025.
Meanwhile, the company’s outstanding debt climbed to approximately ₱272.1 billion at the end of September, compared with ₱256.3 billion at the end of 2025.
The figures highlight the difficult balancing act facing Globe president and chief executive officer Carl Cruz.
Globe must continue investing in faster mobile networks, fiber broadband, corporate connectivity and data centers while protecting profitability and its financial position.
The company also has a significant investment in Mynt, the fintech business behind GCash, which remains an important earnings contributor.
But as Globe celebrates record revenue and operating earnings, the bigger question is whether its expanding digital empire can generate enough additional profit to overcome the rising cost of maintaining and upgrading its network.
Globe’s Record ₱129-Billion Revenue Shows Strong Demand for Connectivity
According to Globe’s November 9 financial disclosure and reporting from InsiderPH, the company’s core telecommunications businesses continued expanding through September 2026.
Consolidated service revenue reached ₱129 billion, representing 6% growth over the previous year.
Total operating revenue, which is a broader accounting measure, reached approximately ₱139.3 billion, also up 6%.
These two figures should not be confused.
Service revenue reflects the income generated by Globe’s telecommunications and related services.
Total operating revenue includes additional revenue categories.
The strong performance came from three major businesses: mobile connectivity, home broadband and corporate data.
Demand for internet services remained resilient even as households faced pressure from inflation and other living expenses.
But growing revenue is only one measure of success.
For shareholders, the more important question is how much of that revenue becomes sustainable earnings and cash flow.
Mobile Revenue Climbs to ₱91.4 Billion
Mobile services remained Globe’s largest revenue source.
The business generated approximately ₱91.4 billion, a 6% increase from the previous year.
Mobile data revenue climbed 10% to ₱81.2 billion, accounting for roughly 89% of mobile service revenue.
The figures show how substantially telecommunications usage has shifted toward internet connectivity.
Traditional voice and text messaging services have continued losing ground as Filipinos increasingly use internet-based communication platforms.
Globe reported that average monthly mobile data usage increased to approximately 17 gigabytes from 15 gigabytes a year earlier.
Total mobile data traffic also increased to 5,705 petabytes from 4,846 petabytes.
These figures reflect stronger demand for streaming, online communication, gaming and other digital services.
However, the company’s mobile subscriber base declined by approximately 781,000 during the third quarter, according to its regulatory disclosures.
Higher prepaid customer churn remains a concern.
This means Globe is generating more data revenue even while facing challenges in retaining certain subscribers.
The long-term test will be whether increasing data consumption can consistently offset subscriber losses and other competitive pressures.
Fiber Broadband Becomes an Important Growth Engine
Globe’s home broadband business also delivered stronger results.
Revenue increased 6% to approximately ₱18.9 billion.
The company reported that total home broadband subscribers reached around 2.48 million, up 21% year over year.
Wired broadband customers increased to approximately 2.17 million, reflecting continued migration toward fiber-based internet services.
Globe also reported a 30% increase in its fiber subscriber base using the measure highlighted in its earnings announcement.
These metrics cover different subscriber categories and should not be presented as interchangeable.
Fiber has become a major priority because households increasingly require dependable internet for education, entertainment, work and financial transactions.
However, building and maintaining fiber networks requires substantial capital investment.
Higher subscriber numbers are encouraging, but profitability also depends on installation costs, customer retention, pricing and the efficiency of network operations.
Corporate Data Revenue Grows 10% as Businesses Invest in Digital Services
Globe’s corporate data segment was another major contributor.
Revenue increased approximately 10% to ₱16.5 billion during the nine-month period.
The business provides connectivity, data-network services and information and communications technology solutions for corporate customers.
Its growth reflects continued demand from companies modernizing their digital operations.
Businesses increasingly rely on high-capacity networks, cloud applications, cybersecurity and data services.
In the first half of the year, Globe had already reported record corporate data revenue of ₱11 billion.
The latest results show that the segment maintained strong year-on-year growth through September.
However, quarterly performance was more mixed.
Third-quarter corporate data revenue declined approximately 7% from the preceding quarter, mainly because of weaker domestic data contributions.
That sequential decrease is important.
It suggests management cannot assume that every digital business will continue growing at the same pace each quarter.
Record ₱68-Billion EBITDA Fails to Lift Net Profit
One of Globe’s strongest achievements was its record EBITDA.
The company generated approximately ₱68 billion, up 6% from ₱64.2 billion a year earlier.
Its EBITDA margin remained strong at 52.7%.
That means Globe retained a significant proportion of service revenue as operating earnings before depreciation, interest, taxes and amortization.
But EBITDA is not equivalent to net income.
Telecommunications networks require expensive towers, equipment, fiber cables, transmission facilities and other assets.
These investments create depreciation expenses over time.
The company also incurs interest costs on its borrowings.
Once those expenses and other items are accounted for, the financial picture becomes less favorable.
Globe’s reported operating profit grew only 2% to approximately ₱24.8 billion.
Its consolidated net income declined 7%.
The contrast reveals why record EBITDA alone is not enough to establish that profitability is improving.
Why Globe’s Profit Fell to ₱16.5 Billion
Globe’s earnings were affected by several separate financial pressures.
Operating expenses and subsidies increased approximately 6% to ₱61 billion.
Depreciation and amortization climbed approximately 8% to ₱43.3 billion.
Interest expense rose 14% to around ₱13.5 billion.
The company also recorded approximately ₱4.2 billion in foreign-exchange losses.
According to InsiderPH, total financing costs increased 51% to approximately ₱18.2 billion, although gains from financial hedges partly offset the effect.
The 51% figure refers to the broader financing-cost measure, not interest expense alone.
The company also faced a less favorable comparison with 2025.
During the previous year, Globe recorded one-time gains connected with tower transactions and changes in its ownership interest in Mynt.
Those gains did not recur at the same level during the latest period.
Together, these factors explain why stronger operating revenue did not produce a similar increase in reported profit.
Importantly, Globe’s core net income remained approximately ₱15.5 billion, broadly unchanged from a year earlier.
This suggests the decline in reported earnings was not caused solely by a collapse in day-to-day operations.
Globe’s ₱272-Billion Debt Burden Draws Attention
Globe’s balance sheet is another important part of the story.
Total debt increased to approximately ₱272.1 billion by September 30, compared with ₱256.3 billion at the end of December 2025.
That represents an increase of approximately ₱15.8 billion.
Cash and cash equivalents stood at around ₱19.7 billion, down from approximately ₱25 billion at the end of 2025.
The figures show that Globe continues carrying substantial financial obligations.
However, debt should not be interpreted as evidence that the company is insolvent.
Large telecommunications businesses routinely use borrowing to finance infrastructure with long economic lives.
The relevant questions include the cost of borrowing, debt maturities, operating cash flow and the company’s ability to meet financial commitments.
Globe reported gross debt to EBITDA of 2.72 times and net debt to EBITDA of 2.52 times.
The company said it remained within applicable debt-covenant limits.
Investors will nevertheless be monitoring whether stronger service revenue and operating cash flow can offset rising financing costs.
Globe Spends ₱35.8 Billion on Network Expansion
Despite financial pressure, Globe continued investing heavily in infrastructure.
Capital expenditure reached approximately ₱35.8 billion during the first nine months of 2026.
That represented a 14% increase from the previous year.
Approximately 89% of the spending was directed toward data-related requirements.
The investments support network modernization, increased mobile capacity and fiber deployment.
During the nine-month period, Globe added 1,481 new 5G sites and deployed 128,732 fiber-to-the-home lines.
These are important steps toward improving connectivity across the Philippines.
But capital expenditure does not immediately become profit.
The financial return may take years to materialize as more customers use the infrastructure.
The company maintained its full-year 2026 capital expenditure guidance of below US$1 billion.
That target reflects management’s attempt to balance necessary investment with financial discipline.
GCash Parent Mynt Remains a Major Earnings Contributor
One of Globe’s most valuable strategic investments is its stake in Mynt, the company behind GCash.
During the first nine months of 2026, Mynt accounted for approximately 28% of Globe’s net income before tax, based on the contribution measure reported by the telecommunications company.
That is a significant contribution from a business operating outside traditional mobile and broadband services.
GCash provides digital payments, remittances, lending and other financial services to millions of Filipinos.
Its continued growth gives Globe exposure to the expanding Philippine digital economy.
The fintech business also reached a major milestone when Mynt completed its initial public offering on the Philippine Stock Exchange in October 2026.
As previously reported by WWC ONE MEDIA, GCash’s IPO raised approximately ₱60.9 billion and attracted major international institutional investors.
Related WWC ONE MEDIA coverage: GCash’s Record ₱60.9-Billion IPO Draws BlackRock, Citadel and Global Investors — But the Real Test for Philippine Tech Begins Now
The public listing provides an additional reference point for assessing Mynt’s market valuation.
However, Mynt’s contribution to Globe’s earnings should not be confused with GCash’s total revenue or the gross value of transactions processed on the platform.
These represent different financial measures.
GCash’s Market Valuation Adds a New Dimension to Globe’s Investment
GCash’s public listing has also changed how investors evaluate its role within the Globe group.
The fintech company reached a valuation of approximately $7 billion following its landmark IPO.
Its continued expansion into digital financial services makes it an important source of long-term investment value.
But a higher market valuation does not automatically translate into immediate cash earnings for Globe.
Actual benefits depend on the accounting treatment of its investment, dividends, ownership changes and any future transactions.
As WWC ONE MEDIA previously reported, Mynt’s leadership believes significant growth opportunities remain in the Philippine market.
Related WWC ONE MEDIA coverage: GCash Hits $7-Billion Valuation After Record ₱60.9-Billion IPO — But Ernest Cu Says Its Biggest Opportunity Is Still in the Philippines
For Globe, the strategic opportunity is to benefit from the growth of GCash while maintaining the financial strength of its core telecom operations.
The two businesses have different cost structures and competitive environments.
Their financial contributions must therefore be evaluated separately.
GCash’s Retail Investor Expansion Highlights Its Growing Reach
GCash is also becoming a platform through which Filipinos can access financial products.
Its GStocks PH service participated in the retail distribution of Mynt’s IPO shares.
The offering provided eligible investors with another way to subscribe through a digital platform.
As WWC ONE MEDIA reported before the listing, the retail offering was made available through GStocks PH at an offer price of ₱6.60 per share.
Related WWC ONE MEDIA coverage: Mynt IPO Opens to Retail Investors Through GStocks PH at ₱6.60 Per Share
These developments show how the GCash ecosystem extends beyond mobile payments.
However, investing through a digital platform does not eliminate stock-market risks.
For Globe shareholders, the more direct issue is whether Mynt can maintain earnings growth and contribute meaningfully to the group’s financial performance.
Globe’s Data Center Venture Targets the AI Infrastructure Market
Beyond GCash, Globe is developing new growth opportunities through digital infrastructure.
Its investment in STT GDC Philippines gives it exposure to the market for data centers.
These facilities house computing equipment used by businesses, cloud-service providers and artificial intelligence companies.
According to InsiderPH, the first two levels of the venture’s Fairview data center facility were fully contracted.
The first phase of its Cavite facility was also ready for service.
The venture is targeting approximately 30 megawatts of operational capacity before the end of 2026.
That figure is a target rather than a confirmed completed capacity level.
The opportunity is significant because businesses increasingly require secure facilities with dependable electricity, cooling and network connectivity.
But data centers also involve substantial costs.
Projects require considerable capital investment, power availability and long-term customer commitments.
For Globe, the challenge will be turning growing demand for digital infrastructure into reliable investment returns.
Digital Expansion Is Creating Both Opportunities and Expenses
The challenge facing Globe is common among capital-intensive technology and telecommunications businesses.
Companies must invest before they can fully monetize new services.
A new fiber network can take time to attract enough customers.
An upgraded mobile network may improve service quality before it generates additional revenue.
A data center may require substantial construction spending before customers begin making regular payments.
These investments can eventually become valuable.
But they also increase depreciation and may require additional borrowing.
That creates a timing problem.
The costs may appear in financial statements before the full benefits arrive.
Globe’s latest results illustrate this tension.
Its service revenues and EBITDA reached record levels, yet net income fell because financing and other expenses absorbed much of the improvement.
Management’s task is to ensure that infrastructure spending eventually produces enough additional earnings and cash flow to justify its cost.
Competition and Customer Retention Remain Critical
Globe also faces ongoing competition from PLDT’s Smart business, DITO Telecommunity and fixed-broadband providers.
Consumers increasingly compare network reliability, pricing and data allowances before choosing a provider.
The shift toward fiber services offers opportunities, but it also requires companies to maintain installation quality and customer support.
Mobile competition can be especially intense in prepaid services.
Globe’s reported subscriber losses during the third quarter show why customer retention remains important.
Even if average data consumption increases, higher churn can force the company to spend more on promotions and acquisition.
Improving the customer experience can help protect revenue quality.
But the results must ultimately appear in subscriber trends, customer spending and sustainable profitability.
GCash’s Everyday Services Could Help Deepen Digital Engagement
Globe’s relationship with GCash also offers exposure to increasingly frequent digital transactions.
Services such as digital payments, savings, insurance and investments may encourage consumers to use financial platforms more regularly.
GCash continues developing products aimed at everyday transactions.
One example is GSukli, a service designed to convert small amounts of retail change into digital wallet balances through participating merchants.
As previously covered by WWC ONE MEDIA, the service includes specific usage conditions that customers should understand.
Related WWC ONE MEDIA coverage: GCash Is Turning Your Loose Change Into Digital Money — But One GSukli Limit Could Catch Shoppers Off Guard
Product innovations like these illustrate the breadth of the fintech ecosystem.
But they do not guarantee higher earnings for Globe.
The financial impact depends on transaction activity, monetization, operating expenses and Globe’s continuing economic interest in Mynt.
Will Globe’s Fourth Quarter Deliver Stronger Results?
Management remains cautiously optimistic about the final quarter of 2026.
Globe president and CEO Carl Cruz warned that inflation and tighter household budgets could continue weighing on consumer spending.
However, he also highlighted the possibility of stronger seasonal demand during the holiday period.
Connectivity remains an important household expense.
Many consumers depend on mobile data and broadband for employment, education, entertainment and financial services.
That provides a degree of resilience.
But management cannot assume that rising data consumption will automatically improve net income.
The company must still control operating costs, manage debt and ensure that network investments generate reasonable returns.
Investors will also be watching whether corporate data and home broadband can maintain their growth momentum.
Another important issue will be the contribution from Mynt following its public listing.
The Bigger Picture: Can Globe Turn Record Revenue Into Record Profit?
Globe’s nine-month results tell two stories.
The first is encouraging.
The company generated record service revenue of ₱129 billion and record EBITDA of ₱68 billion.
Its mobile data, broadband and corporate connectivity businesses all expanded.
It also continues participating in the growth of GCash and investing in data centers.
But the second story is more challenging.
Reported net income declined 7%.
Debt increased to ₱272.1 billion.
Depreciation, interest expenses and foreign-exchange losses placed additional pressure on earnings.
The absence of certain prior-year gains made the reported profit comparison more difficult.
The company remains profitable and continues generating substantial operating cash flow.
Nevertheless, investors will increasingly want to see evidence that infrastructure spending can support higher net income rather than merely higher revenue.
For Globe, the most important task may no longer be proving that Filipinos need more data.
That demand is already evident.
The next test is proving that every additional peso invested in networks, digital infrastructure and financial technology can generate sustainable returns for the business and its shareholders.
And as Globe celebrates record-breaking revenue while its profit declines and borrowing costs rise, one question remains: Will GCash, fiber broadband and the AI data center boom finally deliver the earnings growth investors want—or could the rising cost of expansion continue eating into Globe’s profits?
