EarningsQ2 2026 Earnings Report
MX:TLEVISAB Q2 2026 EPS Results
Actual EPS-$0.23
Consensus EPS―
Beat/Miss―
One Year Ago EPS$0.22
MX:TLEVISAB Q2 2026 Revenue Results
Actual Revenue$14.29B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth-2.99%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeAfter Close
Conference CallThursday, July 23, 2026
MX:TLEVISAB Upcoming Earnings
Grupo Televisa, S.A.B. Class B's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive operational turnaround: strong margin expansion, meaningful OpEx and headcount reductions, disciplined CapEx, robust free cash flow and clear progress on the FTTH upgrade, alongside record streaming and Mexico World Cup-driven revenue at TelevisaUnivision. Key near-term challenges include Sky subscriber declines and Sky revenue contraction, U.S. advertising softness (advertising down 9% consolidated; U.S. ads down 29%), elevated TelevisaUnivision leverage (5.5x), and short-term softness in broadband gross adds due to pricing, competition and weather. On balance, the strategic and financial improvements outweigh the remaining execution and market headwinds.Company Guidance
Stabilized and Improving Subscriber Metrics
Internet subscriber base stabilized and grew sequentially for 5 consecutive quarters; churn remained below 2% for 5 consecutive quarters and reached the lowest level in the last 10 quarters in Q2 2026.
Residential & Enterprise Revenue Growth
Residential and enterprise revenue for H1 2026 was MXN 23.7 billion, up 2.6% year-on-year; Q2 residential net revenue MXN 10.7 billion, up 1.8% year-on-year and +1.1% sequentially — best quarterly residential revenue performance in ~2.5 years.
Margin Expansion and Profitability Improvement
Operating segment income margin expanded to 40.7% (up ~260 bps vs three years ago) and Cable+Sky operating segment income margin reached 41.8%, up 310 bps year-on-year; Cable+Sky operating segment income increased 5% YoY to MXN 6.0 billion.
Material OpEx Reductions
Annual OpEx declined to MXN 34.5 billion, an 18.4% reduction from MXN 42.2 billion three years prior despite cumulative inflation of 14.7%; programming costs cut ~20% over the same period.
Headcount and Labor Cost Improvements
Employee count reduced from ~34,000 to ~25,000 (≈9,000 reduction), enabling labor cost reductions of nearly 8% despite cumulative minimum wage increases of >50% over 3 years.
Accelerated FTTH Rollout
Committed to upgrading 100% of 20 million homes to fiber-to-the-home; passed ~12 million homes and upgraded ~1.5 million homes in the quarter (≈60% footprint passed), on track for full FTTH by end of Q2 2027.
Disciplined CapEx and Strong Cash Generation
Average annual CapEx of MXN 11.3 billion (36.5% lower than pre-turnaround average) and aggregate CapEx/sales 18.5% vs 25.8% before; cumulative free cash flow of MXN 16.4 billion over 3 years (~$300M/year), or MXN 20.6 billion excluding network upgrade (~$375M/year).
Leverage Reduction at Grupo Televisa
Grupo Televisa leverage declined to 1.6x EBITDA from 2.4x at the end of Q2 2023, reflecting improved cash generation and deleveraging.
Operational Improvements in Net Adds and Churn Trends
Broadband net adds totaled ~80,000 over the last 4 quarters (in line with internal annual goals); Q2 broadband net adds were soft at 9,400 but management attributes this to short-term factors (price increase, competition, rainy season). Video and Sky disconnections improved versus recent averages (video -31k vs avg -38k; Sky -279k RGUs vs avg -326k).
TelevisaUnivision: Strong World Cup-Driven Growth in Mexico and Streaming
TelevisaUnivision revenue rose 10% YoY to $1.3 billion; Mexico revenue surged 53% YoY to $605 million driven by FIFA World Cup. Consolidated subscription and licensing revenue increased 40% YoY, with ViX reporting record subscriber growth and highest quarterly subscription revenue in its history.
MX:TLEVISAB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed