China Mobile (941) Q4 2025 earnings summary

Executive summary

• Operating revenue reached RMB 1,050.2 billion in 2025, up 0.9% year-over-year, with principal business revenue at RMB 895.5 billion, up 0.7%.

• Operating profit rose 4.4% to RMB 148.9 billion; net profit was RMB 137.1 billion, down 0.9% year-over-year, but up 2.0% on a comparable basis.

• EBITDA was RMB 338.9 billion, up 1.6% year-over-year, with an EBITDA margin of 32.3%.

• Dividend per share increased 3.5% to HK$5.27, with a payout ratio of 75%.

• Continued business progress with upgrades in operational capabilities, reforms, innovation, and increased shareholder returns.

Financial highlights

• Communications services revenue was RMB 714.9 billion, down 1.0% year-over-year; computing services revenue grew 11.1% to RMB 89.8 billion; AI services revenue increased 5.3% to RMB 90.8 billion.

• International market revenue surged 28.5% to RMB 29.3 billion, with expanded global presence and acquisition of HKBN.

• Free cash flow reached RMB 82.0 billion in 2025; cash and bank deposits at RMB 232.8 billion.

• Capital expenditure was RMB 150.9 billion, down 8.0% year-over-year.

• Net cash from operating activities was RMB 232.9 billion; cash and cash equivalents at year-end were RMB 97.3 billion.

Outlook and guidance

• 2026 targets stable and healthy revenue growth and coordinated profit growth on a comparable basis.

• CAPEX for 2026 planned at RMB 136.6 billion, down 9.5% year-over-year.

• Rapid growth expected in AI and computing services, with over 37% of network investment allocated to these areas.

• Dividend payout ratio for 2026 expected to remain stable or rise.

• Company aims to become a world-class sci-tech service enterprise by 2030, focusing on communications, computing, and AI services.