NYSE : CHT
Chunghwa Telecom Co., Ltd. — Financial statements
Communication Services · Telecom Services · Taiwan
Last price 48.55 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 38.08B
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Financial statements
Chunghwa Telecom Co., Ltd. (CHT) reported revenue of 244.93B TWD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in TWD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 244.93B | 236.11B | 229.97B | 223.20B | 216.74B | 210.48B |
| Cost of Revenue | 155.55B | 149.15B | 146.58B | 141.77B | 136.72B | 135.11B |
| Gross Profit | 89.37B | 86.97B | 83.39B | 81.43B | 80.02B | 75.37B |
| Selling, General & Admin | 34.67B | 33.74B | 32.28B | 30.40B | 29.40B | 26.24B |
| Research & Development | 4.49B | 4.36B | 4.17B | 3.89B | 3.77B | 3.69B |
| Operating Expenses | 39.41B | 38.31B | 36.63B | 34.44B | 33.29B | 30.07B |
| Operating Income | 49.96B | 48.66B | 46.75B | 46.99B | 46.73B | 45.30B |
| Interest Expense | -396.70M | -370.37M | -339.34M | -319.16M | -263.00M | -218.00M |
| Interest & Investment Income | 1.25B | 1.18B | 1.02B | 784.72M | 406.00M | 249.00M |
| Earnings From Equity Investments | 22.74M | 63.93M | 154.19M | 243.37M | 442.00M | 421.00M |
| Currency Exchange Gain (Loss) | -79.37M | 5.95M | -21.62M | -116.12M | -185.00M | 230.00M |
| Other Non Operating Income (Expenses) | 194.17M | 83.44M | 66.55M | 46.60M | -7.00M | 451.00M |
| EBT Excluding Unusual Items | 50.95B | 49.63B | 47.63B | 47.63B | 47.12B | 46.43B |
| Gain (Loss) on Sale of Investments | 738.98M | 738.93M | -14.00M | 4.00M | ||
| Gain (Loss) on Sale of Assets | -29.99M | -12.99M | -17.35M | -573.00K | -5.00M | -3.00M |
| Asset Writedown | -83.86M | -83.86M | 139.20M | -634.79M | 98.00M | -366.00M |
| Pretax Income | 51.57B | 50.27B | 47.75B | 46.99B | 47.20B | 46.07B |
| Income Tax Expense | 9.98B | 9.75B | 9.22B | 9.00B | 9.34B | 9.02B |
| Earnings From Continuing Operations | 41.59B | 40.52B | 38.54B | 37.99B | 37.87B | 37.05B |
| Minority Interest in Earnings | -2.09B | -1.80B | -1.32B | -1.07B | -1.51B | -1.43B |
| Net Income | 39.50B | 38.71B | 37.22B | 36.92B | 36.36B | 35.62B |
| Net Income to Common | 39.50B | 38.71B | 37.22B | 36.92B | 36.36B | 35.62B |
| Shares Outstanding (Basic) | 7.76B | 7.76B | 7.76B | 7.76B | 7.76B | 7.76B |
| Shares Outstanding (Diluted) | 7.78B | 7.78B | 7.77B | 7.77B | 7.76B | 7.76B |
| EPS (Basic) | 5.09 | 4.99 | 4.80 | 4.76 | 4.69 | 4.59 |
| EPS (Diluted) | 5.08 | 4.98 | 4.79 | 4.75 | 4.68 | 4.59 |
| Free Cash Flow | 53.85B | 49.75B | 50.49B | 43.82B | 44.42B | 39.52B |
| Free Cash Flow Per Share | 6.92 | 6.40 | 6.49 | 5.64 | 5.72 | 5.09 |
| Dividend Per Share | 5.20 | 5.20 | 5.00 | 4.76 | 4.70 | 4.61 |
| Gross Margin | 36.49% | 36.83% | 36.26% | 36.48% | 36.92% | 35.81% |
| Operating Margin | 20.40% | 20.61% | 20.33% | 21.05% | 21.56% | 21.52% |
| Profit Margin | 16.13% | 16.40% | 16.18% | 16.54% | 16.78% | 16.92% |
| Free Cash Flow Margin | 21.99% | 21.07% | 21.95% | 19.63% | 20.49% | 18.78% |
| EBITDA | 86.01B | 84.30B | 81.92B | 82.30B | 81.87B | 79.37B |
| EBITDA Margin | 35.12% | 35.70% | 35.62% | 36.87% | 37.77% | 37.71% |
| D&A For EBITDA | 36.05B | 35.64B | 35.17B | 35.31B | 35.14B | 34.08B |
| EBIT | 49.96B | 48.66B | 46.75B | 46.99B | 46.73B | 45.30B |
| EBIT Margin | 20.40% | 20.61% | 20.33% | 21.05% | 21.56% | 21.52% |
| Effective Tax Rate | 19.36% | 19.40% | 19.30% | 19.16% | 19.78% | 19.58% |
Balance sheet
Fiscal year January - December; amounts in TWD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 42.22B | 36.94B | 36.26B | 33.82B | 50.19B | 39.78B |
| Short-Term Investments | 35.80B | 20.56B | 21.68B | 18.57B | 1.92B | 3.50B |
| Trading Asset Securities | 421.00K | 1.00M | 2.57M | |||
| Cash & Short-Term Investments | 78.02B | 57.50B | 57.94B | 52.40B | 52.11B | 43.28B |
| Accounts Receivable | 34.94B | 36.19B | 34.62B | 31.63B | 30.73B | 29.54B |
| Other Receivables | 795.70M | 751.74M | 725.41M | 893.63M | 890.00M | 765.34M |
| Receivables | 35.73B | 36.94B | 35.35B | 32.53B | 31.62B | 30.31B |
| Inventory | 20.26B | 15.32B | 14.09B | 13.75B | 14.70B | 14.16B |
| Prepaid Expenses | 6.51B | 3.79B | 3.14B | 2.84B | 2.40B | 2.33B |
| Other Current Assets | 3.25B | 3.82B | 2.45B | 1.69B | 1.08B | 939.59M |
| Total Current Assets | 143.77B | 117.37B | 112.97B | 103.20B | 101.90B | 91.02B |
| Property, Plant & Equipment | 290.98B | 298.93B | 300.75B | 303.58B | 302.63B | 300.15B |
| Long-Term Investments | 18.85B | 18.47B | 16.75B | 13.90B | 11.46B | 11.86B |
| Goodwill | 217.58M | 217.58M | 217.58M | 217.58M | 217.00M | 217.58M |
| Other Intangible Assets | 56.40B | 59.54B | 66.07B | 72.51B | 78.97B | 83.73B |
| Long-Term Accounts Receivable | 4.85B | 4.73B | 4.33B | 3.77B | 3.14B | 2.61B |
| Long-Term Deferred Tax Assets | 1.79B | 1.78B | 1.66B | 2.10B | 2.20B | 2.79B |
| Long-Term Deferred Charges | 1.04B | 1.11B | 1.22B | 939.41M | 980.00M | 987.66M |
| Other Long-Term Assets | 35.73B | 33.71B | 30.53B | 23.73B | 21.50B | 19.71B |
| Total Assets | 553.63B | 535.87B | 534.49B | 523.94B | 523.00B | 513.07B |
| Accounts Payable | 11.46B | 15.92B | 17.74B | 14.40B | 16.43B | 18.06B |
| Accrued Expenses | 12.75B | 15.40B | 14.34B | 13.86B | 13.61B | 13.13B |
| Short-Term Debt | 795.00M | 340.00M | 215.00M | 585.00M | 722.00M | 65.00M |
| Current Portion of Long-Term Debt | 3.50B | 1.90B | 8.80B | 1.60B | ||
| Current Portion of Leases | 4.10B | 3.89B | 3.56B | 3.50B | 3.34B | 3.21B |
| Current Income Taxes Payable | 5.69B | 5.22B | 4.72B | 4.63B | 7.00B | 4.59B |
| Current Unearned Revenue | 23.56B | 21.30B | 16.30B | 14.09B | 13.39B | 12.23B |
| Other Current Liabilities | 55.61B | 14.97B | 14.22B | 13.10B | 13.25B | 12.99B |
| Total Current Liabilities | 117.47B | 78.94B | 79.89B | 65.76B | 67.74B | 64.29B |
| Long-Term Debt | 23.03B | 24.89B | 23.32B | 30.48B | 32.08B | 28.58B |
| Long-Term Leases | 6.78B | 7.00B | 7.33B | 7.47B | 7.33B | 7.06B |
| Long-Term Unearned Revenue | 6.43B | 6.57B | 7.54B | 7.56B | 7.67B | 6.84B |
| Pension & Post-Retirement Benefits | 2.38B | 2.33B | 2.11B | 2.10B | 2.29B | 2.29B |
| Long-Term Deferred Tax Liabilities | 2.88B | 2.83B | 2.66B | 2.46B | 2.30B | 2.19B |
| Other Long-Term Liabilities | 12.57B | 12.53B | 13.53B | 13.20B | 12.06B | 10.56B |
| Total Liabilities | 171.55B | 135.08B | 136.39B | 129.04B | 131.47B | 121.81B |
| Common Stock | 77.57B | 77.57B | 77.57B | 77.57B | 77.57B | 77.57B |
| Additional Paid-In Capital | 172.57B | 172.45B | 171.59B | 171.29B | 149.84B | 171.28B |
| Retained Earnings | 115.63B | 135.21B | 135.20B | 133.09B | 151.93B | 130.89B |
| Comprehensive Income & Other | 861.78M | 1.02B | 585.68M | 352.89M | -223.00M | -408.15M |
| Total Common Equity | 366.63B | 386.26B | 384.95B | 382.31B | 379.12B | 379.33B |
| Minority Interest | 15.45B | 14.53B | 13.15B | 12.60B | 12.41B | 11.93B |
| Shareholders' Equity | 382.08B | 400.79B | 398.10B | 394.90B | 391.53B | 391.26B |
| Total Liabilities & Equity | 553.63B | 535.87B | 534.49B | 523.94B | 523.00B | 513.07B |
| Total Debt | 38.20B | 38.02B | 43.23B | 43.64B | 43.47B | 38.91B |
| Net Cash (Debt) | 39.82B | 19.48B | 14.71B | 8.75B | 8.64B | 4.37B |
| Net Cash Per Share | 5.12 | 2.51 | 1.89 | 1.13 | 1.11 | 0.56 |
| Filing Date Shares Outstanding | 7.76B | 7.76B | 7.76B | 7.76B | 7.76B | 7.76B |
| Total Common Shares Outstanding | 7.76B | 7.76B | 7.76B | 7.76B | 7.76B | 7.76B |
| Working Capital | 26.30B | 38.43B | 33.08B | 37.44B | 34.16B | 26.73B |
| Book Value Per Share | 47.26 | 49.79 | 49.62 | 49.28 | 48.87 | 48.90 |
| Tangible Book Value | 310.01B | 326.50B | 318.67B | 309.58B | 299.93B | 295.39B |
| Tangible Book Value Per Share | 39.96 | 42.09 | 41.08 | 39.91 | 38.66 | 38.08 |
| Land | 102.05B | 101.97B | 102.35B | 102.89B | 103.66B | 102.64B |
| Buildings | 74.89B | 74.63B | 74.18B | 71.75B | 72.53B | 71.36B |
| Machinery | 754.48B | 754.20B | 745.67B | 748.62B | 746.60B | 739.49B |
| Construction In Progress | 12.41B | 15.21B | 16.57B | 15.94B | 14.43B | 10.79B |
Cash flow statement
Fiscal year January - December; amounts in TWD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 39.50B | 38.71B | 37.22B | 36.92B | 36.36B | 35.62B |
| Depreciation & Amortization | 40.38B | 39.96B | 39.34B | 39.38B | 39.12B | 38.06B |
| Other Amortization | 1.19B | 1.20B | 1.18B | 1.13B | 1.15B | 1.16B |
| Loss (Gain) From Sale of Assets | 29.99M | 12.99M | 17.35M | 573.00K | 5.00M | 3.00M |
| Asset Writedown & Restructuring Costs | 83.86M | 83.86M | -139.20M | 634.79M | -98.00M | 366.00M |
| Loss (Gain) From Sale of Investments | -795.00M | -647.42M | 147.03M | 98.46M | 220.00M | -247.00M |
| Loss (Gain) on Equity Investments | -22.74M | -63.93M | -154.19M | -243.37M | -442.00M | -421.00M |
| Stock-Based Compensation | 7.97M | 10.29M | 7.70M | 8.35M | 16.00M | 19.00M |
| Provision & Write-off of Bad Debts | 256.63M | 209.45M | 188.06M | 152.07M | 117.00M | 143.00M |
| Other Operating Activities | 1.36B | 1.17B | 570.48M | 150.97M | 2.35B | 2.15B |
| Change in Accounts Receivable | -3.78B | -2.18B | -3.57B | -1.58B | -1.82B | -1.68B |
| Change in Inventory | -5.69B | -1.13B | -626.73M | -177.32M | -23.00M | 875.00M |
| Change in Accounts Payable | 340.03M | -1.81B | 3.35B | -2.03B | -1.63B | 2.47B |
| Change in Unearned Revenue | 6.56B | 4.03B | 2.19B | 584.23M | 1.99B | -1.65B |
| Change in Other Net Operating Assets | 487.29M | -2.12B | -479.08M | -464.98M | -1.37B | -2.00B |
| Operating Cash Flow | 79.90B | 77.45B | 79.24B | 74.56B | 75.95B | 74.86B |
| Capital Expenditures | -26.06B | -27.70B | -28.76B | -30.74B | -31.54B | -35.33B |
| Sale of Property, Plant & Equipment | 20.42M | 20.74M | 12.99M | 19.40M | 16.00M | 27.00M |
| Cash Acquisitions | -8.66M | -8.66M | ||||
| Sale (Purchase) of Intangibles | -183.63M | -143.33M | -234.14M | -237.21M | -1.89B | -256.00M |
| Sale (Purchase) of Real Estate | -72.72M | -73.97M | -4.33M | -54.08M | -18.00M | -1.00M |
| Investment in Securities | 332.83M | 129.88M | -6.12B | -18.63B | 1.64B | 3.34B |
| Other Investing Activities | 386.42M | -510.47M | -231.11M | -528.21M | 1.00B | 1.05B |
| Investing Cash Flow | -25.57B | -28.28B | -35.33B | -50.17B | -30.79B | -31.17B |
| Short-Term Debt Issued | 3.75B | 700.00M | 2.59B | 1.29B | 5.15B | |
| Long-Term Debt Issued | 3.50B | 35.00M | 3.50B | 7.00B | ||
| Total Debt Issued | 11.14B | 7.25B | 735.00M | 2.59B | 4.79B | 12.15B |
| Short-Term Debt Repaid | -3.56B | -1.07B | -2.73B | -635.00M | -12.16B | |
| Long-Term Debt Repaid | -12.97B | -3.94B | -3.88B | -3.78B | -3.73B | |
| Lease Payments | -4.10B | -4.13B | -3.94B | -3.88B | -3.78B | -3.73B |
| Total Debt Repaid | -19.59B | -16.52B | -5.01B | -6.61B | -4.41B | -15.88B |
| Net Debt Issued (Repaid) | -8.45B | -9.28B | -4.28B | -4.02B | 380.00M | -3.73B |
| Common Dividends Paid | -38.79B | -38.79B | -36.91B | -36.48B | -35.75B | -33.40B |
| Other Financing Activities | -29.86M | -390.19M | -326.60M | -233.41M | 566.00M | 2.82B |
| Financing Cash Flow | -47.27B | -48.46B | -41.52B | -40.73B | -34.80B | -34.31B |
| Foreign Exchange Rate Adjustments | 122.78M | -20.26M | 39.63M | -24.45M | 52.00M | -13.00M |
| Net Cash Flow | 7.19B | 684.52M | 2.44B | -16.37B | 10.41B | 9.36B |
| Free Cash Flow | 53.85B | 49.75B | 50.49B | 43.82B | 44.42B | 39.52B |
| Free Cash Flow Margin | 21.99% | 21.07% | 21.95% | 19.63% | 20.49% | 18.78% |
| Free Cash Flow Per Share | 6.92 | 6.40 | 6.49 | 5.64 | 5.72 | 5.09 |
| Levered Free Cash Flow | 49.45B | 44.16B | 43.57B | 34.09B | 36.51B | 32.49B |
| Unlevered Free Cash Flow | 49.69B | 44.40B | 43.78B | 34.29B | 36.68B | 32.63B |
| Free Cash Flow After Leases | 49.75B | 45.61B | 46.54B | 39.93B | 40.64B | 35.80B |
| Cash Interest Paid | 366.34M | 363.51M | 333.46M | 313.68M | 239.00M | 192.00M |
| Cash Income Tax Paid | 9.54B | 9.22B | 8.94B | 9.11B | 8.40B | 8.15B |
| Change in Working Capital | -2.08B | -3.20B | 862.18M | -3.67B | -2.85B | -1.98B |
Ratios
Fiscal year January - December; amounts in TWD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 37.87B | 32.24B | 29.23B | 30.38B | 28.53B | 32.61B |
| Enterprise Value | 37.12B | 32.70B | 29.59B | 30.85B | 29.19B | 33.41B |
| Last Close Price | 48.99 | 40.51 | 35.55 | 35.81 | 32.57 | 36.53 |
| PE Ratio | 31.38 | 26.15 | 25.74 | 25.22 | 24.11 | 25.38 |
| PS Ratio | 4.93 | 4.29 | 4.17 | 4.17 | 4.04 | 4.29 |
| PB Ratio | 3.16 | 2.53 | 2.41 | 2.36 | 2.24 | 2.31 |
| P/TBV Ratio | 3.89 | 3.10 | 3.01 | 3.01 | 2.92 | 3.06 |
| P/FCF Ratio | 22.93 | 20.35 | 18.98 | 21.24 | 19.74 | 22.86 |
| P/OCF Ratio | 15.45 | 13.07 | 12.09 | 12.48 | 11.54 | 12.07 |
| EV/Sales Ratio | 4.83 | 4.35 | 4.22 | 4.24 | 4.14 | 4.40 |
| EV/EBITDA Ratio | 13.75 | 12.18 | 11.84 | 11.49 | 10.96 | 11.66 |
| EV/EBIT Ratio | 23.67 | 21.11 | 20.75 | 20.12 | 19.19 | 20.44 |
| EV/FCF Ratio | 22.48 | 20.64 | 19.21 | 21.57 | 20.19 | 23.43 |
| Debt / Equity Ratio | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.10 |
| Debt / EBITDA Ratio | 0.42 | 0.43 | 0.50 | 0.51 | 0.51 | 0.47 |
| Debt / FCF Ratio | 0.71 | 0.76 | 0.86 | 1.00 | 0.98 | 0.98 |
| Net Debt / Equity Ratio | -0.10 | -0.05 | -0.04 | -0.02 | -0.02 | -0.01 |
| Net Debt / EBITDA Ratio | -0.46 | -0.23 | -0.18 | -0.11 | -0.11 | -0.06 |
| Net Debt / FCF Ratio | -0.74 | -0.39 | -0.29 | -0.20 | -0.19 | -0.11 |
| Asset Turnover | 0.45 | 0.44 | 0.43 | 0.43 | 0.42 | 0.41 |
| Inventory Turnover | 9.03 | 10.14 | 10.53 | 9.97 | 9.47 | 9.41 |
| Quick Ratio | 0.97 | 1.20 | 1.17 | 1.29 | 1.24 | 1.15 |
| Current Ratio | 1.22 | 1.49 | 1.41 | 1.57 | 1.50 | 1.42 |
| Return on Equity (ROE) | 10.92% | 10.14% | 9.72% | 9.66% | 9.68% | 9.49% |
| Return on Assets (ROA) | 5.69% | 5.68% | 5.52% | 5.61% | 5.64% | 5.55% |
| Return on Invested Capital (ROIC) | 11.07% | 10.26% | 9.80% | 9.88% | 9.74% | 9.35% |
| Return on Capital Employed (ROCE) | 11.50% | 10.60% | 10.30% | 10.30% | 10.30% | 10.10% |
| Earnings Yield | 3.19% | 3.82% | 3.89% | 3.97% | 4.15% | 3.94% |
| FCF Yield | 4.36% | 4.91% | 5.27% | 4.71% | 5.07% | 4.37% |
| Dividend Yield | 2.57% | 3.98% | 4.05% | 3.96% | 4.16% | 3.96% |
| Payout Ratio | 80.45% | 100.19% | 99.17% | 98.80% | 98.32% | 93.79% |
| Buyback Yield / Dilution | -0.00% | -0.01% | -0.12% | -0.01% | -0.01% | |
| Total Shareholder Return | 2.55% | 3.97% | 3.93% | 3.96% | 4.16% | 3.95% |