China Mobile has reported a 1.8 percent decline in revenue to RMB780.3 billion and a 7.9 percent fall in net profit to RMB106.2 billion during the first nine months of 2026, despite growth in 5G subscribers and broadband connections.
The telecom operator added 8.89 million mobile customers and 13.05 million integrated broadband customers during January–September 2026. Its 5G network customer base reached 702 million, representing approximately 69.2 percent of its 1.014 billion mobile subscribers.
China Mobile’s financial results highlight the challenges of converting subscriber growth and network expansion into higher telecom revenue and profitability. The company is responding by strengthening its computing, digital services and artificial intelligence (AI) businesses.
China Mobile Financial Performance: Revenue, EBITDA and Profit
China Mobile’s principal business revenue declined 3.7 percent to RMB657.7 billion from RMB683.1 billion during the corresponding period of 2025.
Revenue from other businesses increased 9.9 percent to RMB122.6 billion, partially offsetting the decline in core operations.
EBITDA decreased 6.7 percent to RMB247.5 billion, while EBITDA margin narrowed to 31.7 percent from 33.4 percent.
Profit before taxation fell 9.1 percent to RMB133.5 billion, reflecting pressure on operating profitability.
China Mobile Financial Results: January–September 2026
| Financial indicator | 9M 2026 | YoY change |
| Operating revenue | RMB780.3 bn | −1.8% |
| Principal business revenue | RMB657.7 bn | −3.7% |
| Other business revenue | RMB122.6 bn | +9.9% |
| EBITDA | RMB247.5 bn | −6.7% |
| EBITDA margin | 31.7% | −1.7 pp |
| Operating profit | RMB105.7 bn | −14.3% |
| Profit before tax | RMB133.5 bn | −9.1% |
| Profit attributable to shareholders | RMB106.2 bn | −7.9% |
| Net profit margin attributable to shareholders | 13.6% | −0.9 pp |
The sharper decline in operating profit compared with revenue indicates that China Mobile faces profitability pressure despite its large customer base.
China Mobile Opex: Operating Expenses Rise to RMB674.6 Billion
China Mobile’s total operating expenses increased approximately 0.5 percent to RMB674.6 billion during the first nine months of 2026, compared with RMB671.3 billion a year earlier.
Network operation and support expenses decreased 2.1 percent to RMB200.8 billion, while employee benefit expenses declined 2.1 percent to RMB114.8 billion.
Operating expenses represented approximately 86.5 percent of revenue, compared with 84.5 percent in the corresponding period of 2025.
This increase in the expense-to-revenue ratio contributed to the decline in operating profitability.
China Mobile Capex: Investment-Related Payments Fall 11.8%
China Mobile reported RMB103.3 billion in cash payments for property, plant and equipment, other intangible assets and non-current assets during January–September 2026.
The figure represents an 11.8 percent decline from RMB117.1 billion during the same period of 2025.
These investment-related payments were equivalent to approximately 13.2 percent of operating revenue, compared with 14.7 percent a year earlier. The measure is a cash-flow proxy and not the company’s formally reported capex figure.
China Mobile 5G Subscribers Reach 702 Million
China Mobile’s 5G network customer base increased to 702 million at the end of September 2026, compared with 687 million at the end of June. This represents an addition of approximately 15 million 5G customers during the third quarter, indicating China Mobile’s 5G network expansion and telecom investment.
The company’s total mobile customer base reached 1.014 billion, including 8.89 million net additions during the first nine months of 2026.
The 5G customer penetration rate reached approximately 69.2 percent, compared with 68 percent at the end of June.
However, China Mobile’s results demonstrate that rising 5G adoption does not automatically translate into higher principal business revenue.
The company did not disclose separate 5G revenue, 5G ARPU or 5G capital expenditure in its nine-month announcement.
China Mobile Fiber and Broadband Customers Rise to 342 Million
China Mobile’s integrated broadband network customer base increased to 342 million at September 30, 2026, compared with 337 million at the end of June.
Net additions reached 13.05 million during the first nine months of 2026, including approximately 5.35 million during the third quarter.
The integrated broadband category includes household broadband, enterprise broadband, dedicated internet lines and dedicated data lines.
The expansion supports China Mobile’s strategy of strengthening fixed connectivity alongside its mobile network operations.
However, the company did not disclose separate fiber-to-the-home (FTTH) subscriber numbers, fiber network coverage, broadband revenue or broadband ARPU in this announcement.
China Mobile ARPU: Monetization Remains a Key Challenge
China Mobile did not report mobile ARPU or broadband ARPU figures for the first nine months of 2026.
China Mobile Digital Services, Cloud Computing and AI Strategy
China Mobile is accelerating its transformation from a traditional communications operator into a technology services enterprise.
Its strategy focuses on three interconnected businesses:
Communications services: Strengthening mobile, broadband and network connectivity.
Computing services: Expanding computing infrastructure and related technology services.
AI services: Developing AI capabilities and integrating AI with communications and computing networks.
The operator describes this approach as a network-based full-stack innovation strategy.
China Mobile’s cloud computing and AI strategy indicates that it plans to accelerate its expansion in the computing market and strengthen integrated innovation across communications, computing and AI services.
Its strategy also emphasizes coordinated deployment of communications networks, computing networks and AI networks.
China Mobile IoT Connections Reach 1.497 Billion
China Mobile reported 1.497 billion cellular IoT card connections at the end of September 2026. The company added 15.03 million IoT connections during the first nine months, although its connection base declined from 1.511 billion at the end of June. The company did not disclose separate IoT revenue or IoT ARPU figures.
BABURAJAN KIZHAKEDATH
