Swisscom stock holds steady as 2025 results frame the trade

Swisscom stock (CH0008742519) is anchored by the group’s 2025 full-year numbers, including CHF 11.036 billion in revenue, CHF 4.383 billion in EBITDA after leasing expense and a proposed dividend of CHF 22 per share. Those figures remain the main public reference point for the Swiss telecom group on 22 July 2026.

2025 revenue sets the base

Swisscom reported 2025 revenue of CHF 11.036 billion, up 36.9% from CHF 8.060 billion in 2024 after the Vodafone Italia consolidation, while EBITDA after leasing expense rose to CHF 4.383 billion from CHF 2.612 billion a year earlier. Net income came to CHF 1.544 billion in 2025, compared with CHF 1.540 billion in 2024, which shows that profit stayed broadly flat despite the much larger revenue base.

The scale of the business changed more than the bottom line did. That matters for investors because the 2025 comparison shows how much of the group’s reported growth came from portfolio expansion rather than from a simple organic uplift.

EBITDA up 67.8%

On an organic basis, Swisscom said revenue was down 0.7% in 2025 and EBITDA after leasing expense was down 1.0%, which is a far more modest picture than the reported year-over-year jump. In the same report, the company kept the proposed dividend at CHF 22 per share, preserving a cash-return profile that remains central to the equity case.

For the share story, that mix matters more than headline size. A business that can add nearly CHF 3.0 billion in reported revenue while keeping profit close to prior-year levels gives the market a cleaner read on integration effects, margin discipline and payout reliability.

Dividend stays at CHF 22

Swisscom’s 2025 dividend proposal of CHF 22 per share gives the stock a clear cash-return marker, even while the business digests the larger revenue base from the Vodafone Italia deal. The company also reported CHF 1.544 billion in net income and CHF 4.383 billion in EBITDA after leasing expense, which together help explain why the payout remained intact.

That combination is useful for valuation work because it links earnings power, cash distribution and reported scale in one set of numbers. The 36.9% revenue increase versus 2024 is not a simple organic growth signal, but the flat profit line and higher EBITDA still show that the enlarged group remained profitable after consolidation.

Vodafone Italia changes the scale

Swisscom said the 2025 results included the first-time consolidation of Vodafone Italia, which lifted reported revenue and EBITDA after leasing expense far above the prior year. On the company’s own numbers, revenue rose from CHF 8.060 billion in 2024 to CHF 11.036 billion in 2025, while EBITDA after leasing expense increased from CHF 2.612 billion to CHF 4.383 billion.

For investors, that makes the 2025 annual report the key baseline for any later comparison. It also means the market will continue to separate reported growth from organic growth when assessing Swisscom stock.

Mobile and broadband base

Swisscom’s business is still dominated by telecom services, with fixed-line, mobile and broadband customers forming the core of the revenue base. The annual report context matters because the group’s 2025 numbers show how the enlarged portfolio is being measured against a very different starting point than in 2024.

The most useful interpretation is simple: the 2025 report gives three anchors at once, namely CHF 11.036 billion in revenue, CHF 4.383 billion in EBITDA after leasing expense and a CHF 22 dividend proposal. Together they frame the stock as a cash-flow and integration story rather than a pure growth trade.

Swisscom shares and valuation

Swisscom stock is listed on the SIX Swiss Exchange, and the 2025 report remains the main dated numerical anchor for the equity at the moment. The price line is omitted because the available evidence in this call does not include a dated market quote, but the company’s own 2025 figures still offer a solid reference for market positioning.