America Movil, S.A.B. de C.V. American Depositary Shares (each representing the right to receive twenty (20) Series B Shares
AMX · NYSE
AMX · NYSE
Expected to report Feb 11, 2027 — estimated from last year’s reporting date.
Consensus is $0.47 EPS for Dec 2026 across 2 estimates, ranging $0.47 to $0.48.
América Móvil delivered a solid Q3, with EPS of 0.47 modestly ahead of the 0.46 consensus estimate. Revenue increased 7.6% year over year to MXN 251 billion, and constant-currency EBITDA growth of 6.7% outpaced service-revenue growth of 5.3%; the EBITDA margin reached 40.8%, up 0.5 percentage points from a year earlier. Operating profit rose 13.9% to MXN 57 billion, helped by depreciation and amortization growth of just 3%. Management described postpaid additions as roughly in line with the average of the previous four quarters, while prepaid disconnections reflected deliberate subscriber cleanups and Mexico’s registration mandate.
The quarter’s main drivers were resilient mobile and broadband demand, stronger monetization of postpaid customers, and improved cash generation. Mobile service revenue grew 6.3% at constant exchange rates and postpaid service revenue 7.5%; management cited plan upgrades, migrations from prepaid and higher usage. Mexico broadband net additions slowed after a cleanup, but revenue growth improved as the company upgraded speeds and focused on upselling and retention. Free cash flow rose 41% year over year, supporting MXN 34 billion of net-debt reduction and MXN 27 billion in shareholder distributions during the first nine months. Net debt to EBITDA after leases declined to 1.21x from 1.51x at the end of 2025.
Revenue reached MXN 251 billion, up 7.6% year over year. At constant exchange rates, service revenue increased 5.3% and EBITDA 6.7%, extending the pattern of EBITDA growth outpacing service revenue. The 40.8% EBITDA margin improved 0.5 percentage points from the year-earlier quarter. Operating profit rose 13.9% to MXN 57 billion as depreciation and amortization charges increased only 3%. Net interest expense fell 11.2%, although foreign-exchange losses of MXN 3.6 billion weighed on comprehensive financing costs.
Mexico’s postpaid service revenue grew 8% at constant exchange rates. Management attributed momentum to customers moving to higher-priced plans when renewing, migration from prepaid to postpaid, and increased 5G usage; about half of renewing customers were taking a better plan, and postpaid ARPU growth was described as the strongest in at least three years. Prepaid revenue may face near-term pressure as customers register their numbers, a process continuing through December, but management expects recovery over the medium to long term. In fixed broadband, net additions were lower than in preceding quarters after the company removed inactive or non-paying accounts. Revenue improved with speed upgrades, upselling and churn management; 94% of the customer base was already connected to fiber.
Mobile service revenue grew 6.3% at constant exchange rates, with postpaid service revenue up 7.5%. Postpaid growth accelerated in Mexico, Brazil and Colombia to 8%, 8.5% and 12%, respectively; Chile and Peru also recorded growth of 11.5% and 7.5%. Management pointed to network quality, 5G coverage, retention and upselling, particularly in Colombia. Central America was another bright spot, with service revenue growth of 11.4% and EBITDA growth of 16.1%. In Brazil, management said mobile promotions appeared to be stabilizing, while fiber competition remained intense.
América Móvil began consolidating Brazilian broadband provider Desktop on October 1, with the tender offer still pending and expected to be completed around the turn of the year. Management cited approximately 4.8 million home passes, more than half outside the company’s existing fiber footprint, as an opportunity to extend fiber and cross-sell broadband and mobile services. It expects commercial synergies but said the near-term priority is integration. Beyond Desktop, management cited a Peru acquisition awaiting regulatory approval and said it had no other material M&A pipeline; capital allocation is intended to balance acquisitions, shareholder distributions and leverage within a 1.2x–1.5x range.
