San Miguel Income Statement

Financials in millions PHP. Fiscal year is January - December.

Millions PHP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,731,242	1,485,345	1,575,379	1,446,703	1,506,591	941,193
Revenue Growth	15.07%	-5.71%	8.89%	-3.98%	60.07%	29.68%
Cost of Revenue	1,430,065	1,204,575	1,316,720	1,212,489	1,318,245	754,125
Gross Profit	301,177	280,770	258,659	234,214	188,346	187,068
Selling, General & Admin	81,671	75,895	76,714	71,134	63,984	60,474
Research & Development	68	68	89	80	45	38
Other Operating Expenses	3,227	6,638	2,107	3,965	17	3,534
Operating Expenses	99,266	96,901	91,815	87,646	75,442	74,546
Operating Income	201,911	183,869	166,844	146,568	112,904	112,522
Interest Expense	-97,233	-94,926	-95,358	-87,085	-57,093	-45,521
Interest & Investment Income	18,089	16,896	15,034	14,052	8,460	6,265
Earnings From Equity Investments	13,598	11,482	2,364	1,729	1,197	1,040
Currency Exchange Gain (Loss)	-43,050	-8,709	-20,514	2,485	-21,518	-4,846
Other Non Operating Income (Expenses)	-7,349	-7,349	-6,378	-4,537	-3,817	-3,289
EBT Excluding Unusual Items	85,966	101,263	61,992	73,212	40,133	66,171
Impairment of Goodwill	-	-	-	-188	-789	-
Gain (Loss) on Sale of Investments	977	22,910	2,175	83	733	167
Gain (Loss) on Sale of Assets	-180	-	-	-	-	-
Asset Writedown	-	-	-	-	-	-386
Pretax Income	86,763	124,173	64,167	73,107	40,077	65,952
Income Tax Expense	21,178	29,495	27,492	28,408	13,317	17,793
Earnings From Continuing Operations	65,585	94,678	36,675	44,699	26,760	48,159
Net Income to Company	65,585	94,678	36,675	44,699	26,760	48,159
Minority Interest in Earnings	-53,982	-53,387	-44,086	-44,501	-39,728	-34,234
Net Income	11,603	41,291	-7,411	198	-12,968	13,925
Preferred Dividends & Other Adjustments	7,876	8,747	9,518	6,192	6,450	8,006
Net Income to Common	3,727	32,544	-16,929	-5,994	-19,418	5,919
Net Income Growth	-88.72%	-	-	-	-	-
Shares Outstanding (Basic)	2,384	2,384	2,384	2,384	2,384	2,384
Shares Outstanding (Diluted)	2,384	2,384	2,384	2,388	2,384	2,384
Shares Change	-1.15%	-	-0.17%	0.17%	-	-
EPS (Basic)	1.56	13.65	-7.10	-2.51	-8.15	2.48
EPS (Diluted)	1.56	13.65	-7.10	-2.51	-8.15	2.48
EPS Growth	-88.61%	-	-	-	-	-

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Free Cash Flow	22,815	103,765	28,637	11,923	-88,379	-24,283
Free Cash Flow Per Share	9.57	43.53	12.01	4.99	-37.07	-10.19
Dividend Per Share	1.400	1.400	1.400	1.400	1.400	1.400
Dividend Growth	0%	0%	0%	0%	0%	0%
Gross Margin	17.40%	18.90%	16.42%	16.19%	12.50%	19.88%
Operating Margin	11.66%	12.38%	10.59%	10.13%	7.49%	11.96%
Profit Margin	0.21%	2.19%	-1.07%	-0.41%	-1.29%	0.63%
Free Cash Flow Margin	1.32%	6.99%	1.82%	0.82%	-5.87%	-2.58%
EBITDA	264,314	243,644	215,236	204,189	157,898	150,046
EBITDA Margin	15.27%	16.40%	13.66%	14.11%	10.48%	15.94%
D&A For EBITDA	62,403	59,775	48,392	57,621	44,994	37,524
EBIT	201,911	183,869	166,844	146,568	112,904	112,522
EBIT Margin	11.66%	12.38%	10.59%	10.13%	7.49%	11.96%
Effective Tax Rate	24.41%	23.75%	42.84%	38.86%	33.23%	26.98%
Advertising Expenses	-	8,430	7,934	7,015	5,885	5,586