Q3 FY2026
Filed Oct 30, 2026Televisa Reports Third Quarter 2026 Results
Revenue declined by 3.8%, reflecting a 20.5% decline in Satellite Services revenue, while Operating Segment Income increased by 5.6% and its margin expanded to 42.6%. Net income attributable to stockholders of the Company was Ps.882.7 million, compared with a net loss of Ps.1,932.5 million in the prior-year quarter.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenueother | Ps.14,077.7 million | – | (3.8%) |
| Q3 2026 operating segment incomeother | Ps.5,996.0 million | – | 5.6% |
| Q3 2026 operating segment income marginother | 42.6% | – | increasing by around 380 basis points year-on-year |
| Q3 2026 cost of revenuesother | Ps. (8,721.6) million | – | – |
| Q3 2026 selling expensesother | Ps. (1,843.4) million | – | – |
| Q3 2026 administrative expensesother | Ps. (1,862.3) million | – | – |
| Q3 2026 income before other expenseother | Ps.1,650.4 million | – | – |
| Q3 2026 other expense, netother | Ps. (969.5) million | – | – |
| Q3 2026 operating incomeother | Ps.680.9 million | – | (26.7%) |
| Q3 2026 operating income marginother | 4.8% | – | – |
| Q3 2026 finance expense, netother | Ps. (268.4) million | – | decreased by Ps.407.0 million |
| Q3 2026 share of income of associates and joint ventures, netother | Ps.521.0 million | – | decreased by Ps.322.0 million |
| Q3 2026 income before income taxesother | Ps.933.5 million | – | (14.9%) |
| Q3 2026 income taxesother | Ps. (123.0) million | – | decreased by Ps.2,885.1 million |
| Q3 2026 net income (loss)other | Ps.810.5 million | – | – |
| Q3 2026 net income (loss) attributable to stockholders of the Companyother | Ps.882.7 million | – | changed by Ps.2,815.2 million |
| Q3 2026 basic earnings (loss) per CPO attributable to stockholders of the Companyother | Ps. 0.30 | – | – |
| Nine months ended September 30, 2026 revenueother | Ps.42,879.1 million | – | – |
| Nine months ended September 30, 2026 operating incomeother | Ps.3,795.6 million | – | – |
| Nine months ended September 30, 2026 net income (loss)other | Ps.1,705.7 million | – | – |
| Nine months ended September 30, 2026 net income (loss) attributable to stockholders of the Companyother | Ps.1,417.2 million | – | – |
| Nine months ended September 30, 2026 basic earnings (loss) per CPO attributable to stockholders of the Companyother | Ps. 0.48 | – | – |
| Q3 2026 capital expenditures in property, plant and equipmentother | approximately U.S.$173.2 million (Ps.2,992.6 million) | – | – |
| Q3 2026 operating cash flow marginother | 21.3% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ResidentialRevenue remained essentially flat year-on-year partly due to the phase out of revenue coming from World Cup subscription packages. | Ps.10,566.0 million | – | (0.1%) |
| SatelliteRevenue declined, driven by a year-on-year decrease in RGUs. | Ps.2,363.9 million | – | (20.5%) |
| EnterpriseRevenue increased mainly due to the signing of new projects with the public and private sectors. | Ps.1,147.8 million | – | 6.8% |
| Telecom RevenuesThe decline in Satellite Services was partially offset by revenue growth in Enterprise Services. | Ps.14,077.7 million | – | (3.8%) |
What drove it
- Operating Segment Income increased by 5.6% to Ps.5,996.0 million, and the margin reached 42.6% due to efficiency measures and Opex reductions implemented over the last several quarters.
- Residential Services recorded 125.1 thousand total net RGU additions, driven by 96.2 thousand voice subscribers, 68.4 thousand mobile subscribers, and 8.6 thousand broadband subscribers, partly offset by the loss of 48.1 thousand video subscribers.
- Satellite Services had around 250.6 thousand RGU net disconnections, primarily due to the loss of 231.0 thousand video RGUs.
- Finance expense, net decreased by Ps.407.0 million, primarily due to lower interest expense associated with a lower average principal amount of debt and a gain on repurchase of Senior Notes.
- Income taxes decreased by Ps.2,885.1 million, mainly reflecting the absence of non-cash write-offs of deferred income tax assets derived from capital tax losses that expired in 2025.
Concerns
- Satellite Services revenue declined by 20.5% and total RGUs were 2,895,984 as of September 30, 2026, compared with 4,055,836 as of September 30, 2025.
- Operating income declined by 26.7% to Ps.680.9 million as other expense, net increased to Ps.969.5 million from Ps.43.7 million.
- Other expense, net included a non-recurring non-cash impairment loss in the carrying amount of certain technical equipment in Enterprise operations, increased legal and financial advisory expenses, and the absence of a third-quarter 2025 insurance claim recovery.
- Share of income of associates and joint ventures, net decreased to Ps.521.0 million from Ps.843.0 million, primarily due to a lower share of income of TelevisaUnivision.
- The Company expects to make a cash contribution for an estimated amount of U.S.$400.0 million in connection with the acquisition of a 50% interest in AT&T México by the closing date.
What to watch
- Residential Services FTTH upgrades exceeded 1.3 million homes during the quarter, and the network reached over 20.1 million homes.
- Broadband subscribers were 5.7 million, with close to 9 thousand net adds, while mobile subscribers were 888 thousand, with 68 thousand net adds.
- The Consortium expects to acquire AT&T Mexico for a purchase price of U.S.$2 billion, subject to certain adjustments, with closing expected in the first quarter of 2027.
- The AT&T Mexico acquisition is expected to be financed through a combination of cash on hand and non-recourse secured debt financing and accounted for as an investment in a joint venture using the equity method.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: Ps. 31,020.3 million; December 31, 2025: Ps. 27,607.2 million.
- Short-term investments as of September 30, 2026: Ps. 11,345.2 million; December 31, 2025: Ps. 11,397.8 million.
- Total debt as of September 30, 2026: Ps.81,155.8 million; December 31, 2025: Ps.85,994.2 million.
- Total lease liabilities as of September 30, 2026: Ps.7,162.1 million; December 31, 2025: Ps.5,436.0 million.
- Total debt and lease liabilities as of September 30, 2026: Ps.88,317.9 million; December 31, 2025: Ps.91,430.2 million.
- Consolidated net debt position as of September 30, 2026: Ps.42,473.6 million.
- Non-current investments in financial instruments as of September 30, 2026: Ps.3,478.8 million.
- In September 2026, the Company repurchased Senior Notes with aggregate principal amounts of Ps.256.6 million and U.S.$60.1 million (Ps.1,067.6 million), paid aggregate cash amounts of Ps.187.1 million and U.S.$44.7 million (Ps.795.0 million), including accrued interest, and recognized a gain of Ps.365.9 million.
- Operating cash flow is defined as total OSI minus capital expenditures in property, plant and equipment.
Analysis
Televisa reported a mixed third quarter under IFRS Accounting Standards. Revenue declined by 3.8% to Ps.14,077.7 million from Ps.14,627.0 million, as a 20.5% decline in Satellite Services revenue outweighed 6.8% Enterprise Services growth. Residential revenue was essentially flat, partly because revenue from World Cup subscription packages was being phased out.
Underlying segment profitability improved despite the revenue decline. Operating Segment Income rose 5.6% to Ps.5,996.0 million and the OSI margin reached 42.6%, compared with 38.8% in the prior-year quarter. The Company attributed the approximately 380-basis-point expansion to efficiency measures and Opex reductions. Residential operating activity included 125.1 thousand total net RGU additions, with gains in voice, mobile, and broadband more than offsetting video losses.
Reported operating income moved in the opposite direction, falling 26.7% to Ps.680.9 million. Other expense, net increased to Ps.969.5 million from Ps.43.7 million, principally due to a non-recurring non-cash impairment in Enterprise technical equipment, higher legal and financial advisory expenses, and the absence of a prior-year insurance claim recovery. The decline in share of income from associates and joint ventures to Ps.521.0 million from Ps.843.0 million was another headwind.
Net income attributable to stockholders of the Company was Ps.882.7 million, compared with a net loss of Ps.1,932.5 million. The improvement reflected lower finance expense, net, and a substantial reduction in income taxes, partly offset by the increase in other expense and lower associate income. Finance expense, net declined to Ps.268.4 million from Ps.675.4 million, while income taxes declined to Ps.123.0 million from Ps.3,008.1 million.
Capital expenditures were approximately U.S.$173.2 million (Ps.2,992.6 million), and the Company reported a 21.3% operating cash flow margin. Total debt and lease liabilities were Ps.88,317.9 million at September 30, 2026, while consolidated net debt was Ps.42,473.6 million. The announced AT&T Mexico transaction is expected to require an estimated U.S.$400.0 million cash contribution for Televisa's 50% interest and is expected to close in the first quarter of 2027, subject to customary closing conditions and regulatory approvals.
Not in the filing
stated, not guessed- Forward revenue, margin, operating expense, tax-rate, earnings, capital expenditure, and cash flow guidance were not provided.
- Prior-period earnings guidance was not provided.
- Gross margin was not reported.
- Operating cash flow amount was not reported.
- Free cash flow was not reported.
- Cash flow from operating activities was not reported.
- Dividend declarations or payments were not reported.
- Common-share repurchase activity, authorization, or spending was not reported.
- No named executive quotes were included in the filing.
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.