EarningsQ2 2026 Earnings Report

Grupo Televisa, S.A.B. Class D (TLEVISAD) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:TLEVISAD Q2 2026 EPS Results

Actual EPS-$0.23

Consensus EPS―

Beat/Miss―

One Year Ago EPS$0.22

MX:TLEVISAD 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:TLEVISAD Upcoming Earnings

Grupo Televisa, S.A.B. Class D'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

Q2 2026

Earnings Call Date:Jul 23, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong operational progress and financial discipline at Grupo Televisa's telecom operations — including sustained churn control, meaningful OpEx reductions, margin expansion, disciplined CapEx, significant FTTH rollout progress and healthy free cash flow — combined with a successful World Cup-driven quarter and record ViX momentum at TelevisaUnivision. Counterbalancing these positives are continued subscriber losses and revenue declines at Sky, weakness in U.S. advertising and elevated leverage at TelevisaUnivision, plus some short-term softness in broadband gross adds and mobile net adds. On balance, the operational wins, cash-generation and margin improvements outweigh the near-term revenue and advertising headwinds.

Company Guidance

Management's forward-looking message emphasized disciplined, cash‑focused execution and clear operational targets: they are on track to complete the FTTH upgrade of 20 million homes by end‑Q2 2027 (currently ~60%/12M homes passed, adding 1.5M FTTH homes and ~12,000 homes passed in Q2), target sustainable top‑line recovery after H1 residential+enterprise revenue of MXN 23.7bn (+2.6% YoY) with Q2 residential revenue MXN 10.7bn (+1.8% YoY) and enterprise MXN 1.0bn (+0.8% YoY), and aim to keep churn below 2% (below 2% for five consecutive quarters; Q2 churn the lowest in 10 quarters) while delivering broadband net adds (9,400 in Q2; >80,000 over the last four quarters) and mobile net adds (72k in Q2). They reiterated profitability and efficiency targets—segment revenue MXN 14.3bn (−3% YoY) with operating segment income MXN 6.0bn (+5% YoY) and a 41.8% margin (+310 bps YoY), Q2 CapEx MXN 3.6bn (25.3% of sales) and operating cash flow (EBITDA−CapEx) MXN 2.4bn (16.6% of sales), an average annual CapEx of MXN 11.3bn (−36.5% vs pre‑2023) and organic CapEx MXN 9.1bn, annual OpEx MXN 34.5bn (−18.4% vs MXN 42.2bn three years ago) with headcount reduced to ~25,000 from ~34,000, corporate costs cut ~65% to ~MXN 400m, cumulative free cash flow MXN 16.4bn (~$300m/yr; MXN 20.6bn ex‑upgrade), and leverage lowered to 1.6x EBITDA from 2.4x; for TelevisaUnivision they expect continued World Cup momentum to offset U.S. ad softness, after Q2 revenue $1.3bn (+10% YoY; Mexico $605m +53%, U.S. $722m −11%), adjusted EBITDA $388m (−3%), cash $766m, ~$770m available credit, Q2 CapEx $36m and net debt/EBITDA 5.5x (improved from 5.7x).

Stabilized Internet Base and Low Churn

Internet subscriber base has grown sequentially for 5 consecutive quarters; monthly churn remained below 2% for 5 consecutive quarters and was the lowest in the last 10 quarters in Q2 2026.

Residential and Enterprise Revenue Growth

First half 2026 residential and enterprise revenue of MXN 23.7 billion, up 2.6% year‑on‑year; Q2 residential net revenue MXN 10.7 billion up 1.8% YoY (best quarter in ~2.5 years); sequential residential revenue growth +1.1%; enterprise revenue MXN 1.0 billion up 0.8% YoY.

Material OpEx Reductions and Margin Expansion

Annual OpEx reduced to MXN 34.5 billion, 18.4% lower versus MXN 42.2 billion three years ago despite cumulative inflation of 14.7%; headcount reduced from ~34,000 to ~25,000; labor costs cut ~8%; programming costs down ~20%; consolidated operating segment income margin expanded ~260 bps to 40.7% (and 41.8% reported, +310 bps YoY), with operating segment income of MXN 6.0 billion, +5% YoY.

FTTH Network Upgrade Progress

Committed to upgrade 100% of a 20 million homes network to fiber-to-the-home; passed ~12 million homes (≈60% of footprint) 18 months after launch; upgraded ~1.5 million homes in the quarter; on track for full FTTH by Q2 2027.

Disciplined CapEx and Strong Free Cash Flow

Average annual CapEx of MXN 11.3 billion (36.5% lower than the prior comparable period), aggregate CapEx-to-sales 18.5% vs 25.8% previously; organic CapEx ~MXN 9.1 billion (nearly 50% lower). Cumulative free cash flow over 3 years MXN 16.4 billion (MXN 20.6 billion excluding network upgrade). Leverage at Grupo Televisa declined to 1.6x EBITDA from 2.4x (end Q2 2023).

Izzi–Sky Integration Synergies and Profitability

OpEx decline of 8% drove operating segment income growth (+5% YoY) despite a revenue decline; Q2 operating segment income margin best in 3 years (41.8%), reflecting synergies from Izzi–Sky integration.

TelevisaUnivision: Strong World Cup-Driven Performance and ViX Momentum

Consolidated TelevisaUnivision revenue $1.3 billion, +10% YoY (FX‑inclusive); Mexico revenue $605 million, +53% YoY driven by FIFA World Cup; subscription & licensing revenue +40% YoY (including ≈$90 million in World Cup sublicensing in Latin America); ViX delivered record subscriber growth and highest quarterly subscriber additions (including ~1 million World Cup add‑ons).

TelevisaUnivision Liquidity and Slight Deleveraging

TelevisaUnivision ended Q2 with $766 million cash and ~ $770 million of available credit capacity; net debt-to-EBITDA modestly improved to 5.5x from 5.7x quarter-over-quarter.

Operating Cash Flow (Cable & Sky)

Operating cash flow (EBITDA minus CapEx) for Cable & Sky was MXN 2.4 billion in Q2, representing 16.6% of sales.

MX:TLEVISAD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 22, 2026	2026 (Q3)	- / -	-0.885	―
Jul 23, 2026	2026 (Q2)	- / -0.23	0.217	-205.99% (-0.45)
Apr 28, 2026	2026 (Q1)	- / 0.48	0.144	230.56% (+0.33)
Feb 26, 2026	2025 (Q4)	- / -3.53	-4.441	20.51% (+0.91)
Oct 23, 2025	2025 (Q3)	- / -0.89	0.303	-392.08% (-1.19)
Jul 22, 2025	2025 (Q2)	- / 0.22	-0.012	1908.33% (+0.23)
Apr 29, 2025	2025 (Q1)	- / 0.14	0.416	-65.38% (-0.27)
Feb 20, 2025	2024 (Q4)	- / -4.44	-3.785	-17.33% (-0.66)
Oct 24, 2024	2024 (Q3)	- / 0.30	-0.399	175.94% (+0.70)
Jul 23, 2024	2024 (Q2)	- / -0.01	0.058	-120.69% (-0.07)

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