Grupo Televisa, S.A.B. Class L (TLEVISAL) Q3 2026 Earnings Report
MX:TLEVISAL Q3 2026 EPS Results
- Actual EPS
- ―
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- -MXN 0.89
MX:TLEVISAL Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
Grupo Televisa, S.A.B. Class L's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was broadly positive, led by the $2 billion AT&T Mexico acquisition agreement, expected revenue and cost synergies, fiber expansion, strong operating margins, enterprise growth, and robust Mexican and ViX performance. These positives were partly offset by video and Sky subscriber losses, flat residential revenue, moderating broadband growth, U.S. advertising weakness, World Cup-related operating costs, and essentially flat adjusted EBITDA at TelevisaUnivision. Management remained confident in the strategic outlook while acknowledging near-term market and operating challenges.
Management expects the AT&T Mexico transaction to be concluded in the first quarter of 2027 after receiving regulatory approvals, with closing most probably in January of next year; Grupo Televisa’s net debt to EBITDA is expected to increase to 1.9x from 1.6x, each partner will contribute $400 million in equity, and no additional equity contributions are expected “for the time being.” The broadband industry is expected to have low single-digit growth moving forward, with growth converging towards low single digits; AT&T is expected to have a stand-alone capital structure that will be able to finance itself moving forward. Full year 2026 TelevisaUnivision CapEx is expected to be consistent with that of 2025, while cable CapEx is expected to end the year in low 20s and in the 20-plus range, with a fourth-quarter catch-up; management is not expecting to increase profitability from the 42.6% margin, which it considers a good number considering that Sky is included.
- AT&T Mexico Acquisition AgreementGrupo Televisa agreed to acquire AT&T's wireless telco business in Mexico for $2 billion through a 50-50 partnership with Fintech Holdings. The combined platform would include over 24 million wireless, 5.7 million broadband and 6.3 million video subscribers, with around $8 billion in annual revenue, equivalent to around 23% of Mexico's telecommunications market. The transaction is expected to close in the first quarter of 2027 after regulatory approvals.
- Acquisition Funding and Balance Sheet CapacityAt closing, each partner will contribute $400 million in equity and the remaining $1.2 billion will be funded through a five-year nonrecourse loan. Grupo Televisa's net debt-to-EBITDA is expected to increase to 1.9x from 1.6x at the end of the third quarter. Management does not expect to make additional equity contributions for the time being, and expects AT&T Mexico to operate under a stand-alone capital structure capable of financing itself.
- Expected AT&T Revenue and Cost SynergiesManagement expects synergies to be implemented from the get-go after closing through services agreements, including bundled packages, cross-selling between izzi and AT&T subscribers, back-office efficiencies and cost synergies. Management stated that the benefits should materialize on both companies' revenue and cost sides.
- Cable Network and Fiber ExpansionThe cable network ended September with over 20 million homes after passing around 8,000 new homes during the quarter. Year-to-date, over 4.3 million homes were upgraded to fiber-to-the-home, bringing fiber coverage to around 67% of the total footprint.
- Broadband Churn Remained Below Historical AverageMonthly churn remained below the historical average of 2% for six consecutive quarters, due to the focus on value customers and continued customer retention and satisfaction strategies.
- Enterprise Revenue GrowthEnterprise operations generated MXN 1.1 billion of net revenue, an increase of 6.8% year-on-year, driven by new deals with public and private customers.
- Mobile Subscriber Growth and Postpaid PositioningMobile net adds were 68,000 subscribers in the third quarter. Management described the result as solid and said the largely postpaid customer base is well positioned because registration under the new photo-ID mobile-line law is automatic for postpaid users.
- Improved Segment ProfitabilitySegment revenue was MXN 14.1 billion, down 3.8% year-on-year, while operating segment income increased 5.6% to MXN 6 billion. Operating segment income margin expanded 380 basis points year-on-year to 42.6%, the best quarter in the last three years, driven by efficiency measures and synergies from the ongoing integration of izzi and Sky. Sequentially, profitability expanded by 80 basis points, while OpEx declined 9.7%.
- Operating Cash Flow and Capital DeploymentThird-quarter total investments were MXN 3 billion, or 21.3% of sales, while operating cash flow for izzi and Sky was MXN 3 billion, equivalent to 29.3% of sales. Management expects full-year CapEx intensity to end in the low 20s, with a fourth-quarter catch-up due to the timing of imported network materials.
- TelevisaUnivision Revenue GrowthTelevisaUnivision revenue increased 9% year-on-year to $1.4 billion, or 6% excluding the impact of the Mexican peso's appreciation, driven by results in Mexico and the World Cup.
- Strong Mexican TelevisaUnivision PerformanceMexico revenue surged 51% year-on-year to $665 million, driven by the strong conclusion of the FIFA World Cup. Mexican advertising revenue increased 19% year-on-year, supported by linear and direct-to-consumer platforms, while subscription and licensing revenue increased 156%, driven by World Cup sublicensing revenue and growth in ViX's premium tier.
- Subscription and Licensing GrowthConsolidated subscription and licensing revenue increased 30% year-on-year, driven by approximately $90 million of World Cup sublicensing revenue in Latin America and continued growth in ViX premium tiers.
- ViX Engagement and Franchise PerformanceViX significantly exceeded acquisition and engagement targets for the World Cup, with cohorts retaining above modeled expectations. La Casa de Famosos continued to be the company's most successful franchise and was described as consistently generating significant revenue over the investment.
- Advertising Pipeline and Fourth-Quarter PositioningCore linear commercial fundamentals in the U.S. remained stable, with market share improving 200 basis points sequentially. Upfront revenue commitments for the upcoming cycle remained steady year-over-year, while recurring sports programming and demand for premium network inventory were driving a mid-single-digit increase in price. The fourth-quarter lineup includes the Latin Grammys and the Liga MX Apertura final.
- Strong Liquidity at TelevisaUnivisionTelevisaUnivision ended the quarter with $753 million in cash, driven by the timing of advertising upfront collections in Mexico, and had around $690 million of available capacity under its credit facilities.
- Stable TelevisaUnivision Leverage and CapEx OutlookTelevisaUnivision ended the quarter with net debt-to-EBITDA of 5.5x, in line with the prior quarter. Quarterly CapEx was $28 million versus $25 million last year, while full-year 2026 CapEx is expected to be consistent with 2025.
- Nonrecurring Expense Items IdentifiedManagement said most of the increase in other expenses was a noncash, nonrecurring impairment related to the carrying value of technical equipment. The increases in legal and other expenses were also described as nonrecurring and related to recent convertible and M&A transactions.
- Capital Allocation FlexibilityManagement said it remains ready to take advantage of opportunities in the sector and will also focus on reducing leverage going forward.
- U.S. Political Advertising OfferingManagement highlighted its linear television, digital, station-group and network offering for competitive U.S. election markets and said it expects the offering to support political advertising results.
MX:TLEVISAL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | ―- | -3.53 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | ―- | -0.89 | ― | |
| Jul 23, 2026 | 2026 (Q2) | ―-0.23 | 0.22 | -205.99% (-0.45) | |
| Apr 28, 2026 | 2026 (Q1) | ―0.48 | 0.14 | 230.56% (+0.33) | |
| Feb 26, 2026 | 2025 (Q4) | ―-3.53 | -4.44 | 20.51% (+0.91) | |
| Oct 23, 2025 | 2025 (Q3) | ―-0.89 | 0.3 | -392.08% (-1.19) | |
| Jul 22, 2025 | 2025 (Q2) | ―0.22 | -0.01 | 1908.33% (+0.23) | |
| Apr 29, 2025 | 2025 (Q1) | ―0.14 | 0.42 | -65.38% (-0.27) | |
| Feb 20, 2025 | 2024 (Q4) | ―-4.44 | -3.79 | -17.33% (-0.66) | |
| Oct 24, 2024 | 2024 (Q3) | ―0.30 | -0.4 | 175.94% (+0.70) |
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.