Q3 FY2026
Filed Oct 22, 2026Third quarter revenue was 250,634 million Mexican pesos, up 7.6%, while EBITDA rose 8.9% to 102,156 million Mexican pesos and net income increased 7.0% to 24,282 million Mexican pesos.
Consolidated service revenue, EBITDA, EBIT and net income all increased year-on-year, with EBITDA margin expanding to 40.8%. Postpaid and broadband additions were strong, free cash flow increased, and net debt declined. Offsetting factors included 5.0 million prepaid net disconnections, a 75.0% increase in comprehensive financing cost, and EBITDA declines or margin pressure in certain operations.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Service Revenueother | 211,392 million Mexican pesos | – | 7.2% |
| Q3 2026 Equipment Revenueother | 37,959 million Mexican pesos | – | 11.4% |
| Q3 2026 Other Revenueother | 1,283 million Mexican pesos | – | -17.8% |
| Q3 2026 Total Revenueother | 250,634 million Mexican pesos | – | 7.6% |
| Q3 2026 Cost of Serviceother | 59,844 million Mexican pesos | – | 4.3% |
| Q3 2026 Cost of Equipmentother | 33,133 million Mexican pesos | – | 10.8% |
| Q3 2026 Selling, General & Administrative Expensesother | 53,565 million Mexican pesos | – | 6.8% |
| Q3 2026 Total Costs and Expensesother | 148,478 million Mexican pesos | – | 6.7% |
| Q3 2026 EBITDAother | 102,156 million Mexican pesos | – | 8.9% |
| Q3 2026 EBITDA Marginother | 40.8% | – | – |
| Q3 2026 Depreciation & Amortizationother | 45,043 million Mexican pesos | – | 3.1% |
| Q3 2026 EBITother | 57,113 million Mexican pesos | – | 13.9% |
| Q3 2026 EBIT Marginother | 22.8% | – | – |
| Q3 2026 Net Interest Expensesother | 11,796 million Mexican pesos | – | -11.2% |
| Q3 2026 Foreign Exchange Lossother | 3,603 million Mexican pesos | – | 157.2% |
| Q3 2026 Comprehensive Financing Cost (Income)other | 22,568 million Mexican pesos | – | 75.0% |
| Q3 2026 Income & Deferred Taxesother | 8,728 million Mexican pesos | – | -32.1% |
| Q3 2026 Net Incomeother | 24,282 million Mexican pesos | – | 7.0% |
| Q3 2026 Earnings per Shareother | 0.41 Mex$ | – | – |
| Q3 2026 Earnings per ADRother | 0.47 US$ | – | – |
| Jan-Sep 2026 Total Revenueother | 728,549 million Mexican pesos | – | 4.3% |
| Jan-Sep 2026 EBITDAother | 292,568 million Mexican pesos | – | 5.5% |
| Jan-Sep 2026 EBITDA Marginother | 40.2% | – | – |
| Jan-Sep 2026 EBITother | 159,446 million Mexican pesos | – | 12.1% |
| Jan-Sep 2026 Net Incomeother | 72,015 million Mexican pesos | – | 13.1% |
| Jan-Sep 2026 Net cash flows from operating activitiesother | 204,793 million Mexican pesos | – | – |
| Jan-Sep 2026 Funds from Operationsother | 150,875 million Mexican pesos | – | – |
| Jan-Sep 2026 Capital Expendituresother | 75,915 million Mexican pesos | – | – |
| Jan-Sep 2026 Free Cash Flownon-GAAP | 74,960 million Mexican pesos | – | – |
| Sep 2026 Cash, Marketable Securities & Other Short Term Investmentsother | 83,829 million Mexican pesos | – | – |
| Sep 2026 Total Debtother | 483,910 million Mexican pesos | – | – |
| Sep 2026 Net Debtother | 400,081 million Mexican pesos | – | – |
| Sep 2026 Net Debt to EBITDAaLother | 1.21x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| MexicoService revenue increased 5.2%, with fixed-line service revenue growth of 4.6%, a 10.0% increase in corporate networks revenue, 9.7% broadband revenue growth, and mobile service revenue growth of 5.4%. | 90,295 million Mexican pesos | – | 5.6% |
| BrazilMobile service revenue increased 7.1%, driven by 8.5% postpaid revenue growth, ongoing migration from prepaid to postpaid plans and strong demand for connectivity. Fixed-line service revenue rose 2.8%. | 13,804 million BrL | – | 6.1% |
| ColombiaService revenue grew 9.2%, led by 12.8% mobile service revenue growth. The company cited strong connectivity demand and the superior quality of Claro’s 5G network. | 4,441 billion COP | – | 7.4% |
| PeruService revenue increased 5.4%, supported by 4.3% mobile service revenue growth and 9.0% fixed-line service revenue growth. Corporate networks revenue increased 20.5% and broadband revenue increased 9.7%. | 1,832 million Soles | – | 5.2% |
| EcuadorService revenue rose 3.8%, with mobile service revenue growth improving to 2.6% and fixed-line service revenue growth of 12.3%, supported by broadband service revenue and corporate networks revenue. | 268 million USD | – | 4.4% |
| ArgentinaRevenue and service revenue both increased 12.1% in constant pesos. Mobile service revenue growth accelerated to 13.4%, while fixed-line service revenue grew 6.9%. | 1,125,915 million of Constant ARS as of September 2026 | – | 12.1% |
| Southern Cone (Chile, Paraguay & Uruguay)Service revenue increased 5.5%, with mobile service revenue growth of 13.5%, while fixed-line service revenue declined 1.1%. | 368,520 million Chilean Pesos | – | 9.7% |
| Central America & The CaribbeanService revenue growth accelerated to 8.6%, with mobile service revenue increasing 9.4% and fixed-line service revenue growing 6.9%. Broadband and corporate networks revenue growth accelerated to 12.9% and 11.5%. | 1,318 million Dollars | – | 8.5% |
| Austria & Eastern EuropeService revenue grew 3.9%. Wireless service revenue growth accelerated to 3.3%, driven by improved performance in Austria, while fixed-line service revenue increased 4.7%. | 1,466 million Euros | – | 4.6% |
Capital returns
- Jan-Sep 2026 Shareholder Distributions: 27,470 million Mexican pesos; Jan-Sep 2025: 26,271 million Mexican pesos.
- Jan-Sep 2026 Dividends: 16,650 million Mexican pesos; Jan-Sep 2025: 15,457 million Mexican pesos.
- Jan-Sep 2026 Share Buybacks: 10,821 million Mexican pesos; Jan-Sep 2025: 10,815 million Mexican pesos.
- Shares Outstanding End of Period: 59.7 billion in 3Q26; 60.3 billion in 3Q25.
What drove it
- Postpaid net additions totaled 3.1 million in the quarter, led by Brazil with 743 thousand, Colombia with 348 thousand, Peru with 229 thousand and Mexico with 144 thousand.
- Broadband net additions were 390 thousand, led by Brazil with 94 thousand, Colombia with 67 thousand and Argentina with 53 thousand.
- At constant exchange rates, consolidated service revenue rose 5.3% and EBITDA increased 6.7%.
- Consolidated mobile service revenue increased 6.3%, including 7.5% postpaid revenue growth and 4.3% prepaid revenue growth at constant exchange rates.
- Fixed-line service revenue growth accelerated to 3.7% from 2.7% in the prior quarter, driven by broadband revenue and corporate networks revenue growth.
- The acquisition of a 72.83% interest in Desktop was announced on October 1st, 2026, to strengthen Claro’s fiber footprint in the state of São Paulo and enhance its fixed-line service offerings.
Concerns
- The company recorded 5.0 million prepaid net disconnections, reflecting subscriber base cleanups in Mexico and Colombia.
- Consolidated comprehensive financing cost increased 75.0% to 22,568 million Mexican pesos, as foreign exchange losses were 3,603 million Mexican pesos compared with foreign exchange gains of 6,301 million Mexican pesos a year before.
- Southern Cone EBITDA declined 3.0% to 88,844 million Chilean Pesos, although the company said extraordinary items affected both periods.
- Austria & Eastern Europe EBITDA increased 1.4% to 575 million Euros and its EBITDA margin declined to 39.2% from 40.5%.
- Mexico's prepaid revenue growth slowed to 3.5%, partly reflecting the subscriber registration process mandated by the regulator.
What to watch
- Completion of Mexico's prepaid subscriber registration process, which is expected to be completed on December 31st.
- Whether postpaid momentum, including 8.0% postpaid revenue growth in Mexico, 8.5% in Brazil and 12% in Colombia, continues.
- Fixed-line growth and broadband expansion, particularly following the announced Desktop acquisition in Brazil.
- The effect of foreign exchange movements on comprehensive financing cost and net income.
- The pace of margin expansion after consolidated EBITDA margin reached 40.8% and net debt to EBITDAaL fell to 1.21x.
Balance sheet and cash flow
- Net cash flows from operating activities were 204,793 million Mexican pesos in Jan-Sep 2026, versus 186,665 million Mexican pesos in Jan-Sep 2025.
- Free Cash Flow was 74,960 million Mexican pesos in Jan-Sep 2026, versus 52,992 million Mexican pesos in Jan-Sep 2025.
- Capital expenditures were 75,915 million Mexican pesos in Jan-Sep 2026, versus 84,870 million Mexican pesos in Jan-Sep 2025.
- Cash, Marketable Securities & Other Short Term Investments were 83,829 million Mexican pesos as of Sep '26, versus 77,384 million Mexican pesos as of Dec '25.
- Total Debt was 483,910 million Mexican pesos as of Sep - 26, versus 524,907 million Mexican pesos as of Dec - 25.
- Net Debt was 400,081 million Mexican pesos as of Sep - 26, versus 447,522 million Mexican pesos as of Dec - 25.
- Net debt stood at 400 billion pesos excluding leases and was equivalent to 1.21x net debt to EBITDAaL, down from 1.52x at the end of 2025.
Analysis
América Móvil reported broad consolidated growth in the third quarter. Total revenue increased 7.6% to 250,634 million Mexican pesos, service revenue rose 7.2% to 211,392 million Mexican pesos, and EBITDA increased 8.9% to 102,156 million Mexican pesos. EBITDA margin expanded to 40.8% from 40.3%, while EBIT increased 13.9% to 57,113 million Mexican pesos as depreciation and amortization grew 3.1%. At constant exchange rates, service revenue increased 5.3% and EBITDA rose 6.7%.
The operating profile continued to shift toward postpaid and broadband. The company added 3.1 million postpaid subscribers and connected 390 thousand broadband accesses, while mobile postpaid revenue increased 7.5% and fixed-line service revenue growth accelerated to 3.7% from 2.7% in the prior quarter. Mexico, Brazil and Colombia recorded postpaid revenue growth of 8.0%, 8.5% and 12%, respectively. However, prepaid base cleanups in Mexico and Colombia resulted in 5.0 million net disconnections, reducing total wireless lines by 0.6% from Jun '26 to 332,353 thousand.
Regional performance was led by Colombia, Central America & The Caribbean, Mexico and Brazil on EBITDA growth. Colombia EBITDA increased 12.4%, Central America & The Caribbean EBITDA rose 15.7%, Mexico EBITDA increased 6.0%, and Brazil EBITDA increased 6.6%. Argentina EBITDA increased 31.6% in constant peso terms. Southern Cone EBITDA declined 3.0%, with extraordinary items affecting both current and prior-year quarters, while Austria & Eastern Europe EBITDA increased 1.4% and its EBITDA margin declined to 39.2% from 40.5%.
Net income increased 7.0% to 24,282 million Mexican pesos, trailing EBIT growth because comprehensive financing cost rose 75.0% to 22,568 million Mexican pesos. The company attributed the increase to foreign exchange losses of 3,603 million Mexican pesos, compared with foreign exchange gains of 6,301 million Mexican pesos a year earlier. Net interest expenses declined 11.2% to 11,796 million Mexican pesos. Earnings per share were 0.41 Mex$, and earnings per ADR were 0.47 US$.
Cash generation and deleveraging remained material features of the nine-month period. Net cash flows from operating activities were 204,793 million Mexican pesos, free cash flow was 74,960 million Mexican pesos, capital expenditures were 75,915 million Mexican pesos, and shareholder distributions were 27,470 million Mexican pesos. Net debt was 400,081 million Mexican pesos as of Sep - 26, down from 447,522 million Mexican pesos as of Dec - 25. Net debt to EBITDAaL was 1.21x, down from 1.52x at the end of 2025. The release did not provide forward financial guidance.
Not in the filing
stated, not guessed- Exact period-end date.
- Forward revenue, margin, operating expense, tax-rate and other financial guidance.
- Gross profit and gross margin.
- Quarterly operating cash flow and quarterly free cash flow.
- GAAP or IFRS net income and EPS labeling beyond the issuer's IFRS cash-flow reconciliation disclosure.
- Prior-quarter comparisons for most consolidated income statement metrics.
- Named executive commentary or attributable executive quotes.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.