Televisa Q2 Revenue Dips 3% but Margin Expands to 41.8%; Satellite Losses Weigh
TV sits 22% above its 52-week low of $2.27.
Summary
Televisa's Q2 2026 revenue slipped 3% to Ps.14.3B as satellite losses offset residential growth, but operating margins expanded to 41.8%. Net loss attributable to stockholders was Ps.497M, impacted by lower TelevisaUnivision income. Capex surged to U.S.$208M, and the recent convertible debenture issuance will dilute existing holders by 19.48% upon conversion.
Key Events · Earnings and Guidance · TV
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Revenue Decline, Margin Expansion
Q2 2026 revenue fell 3% to Ps.14.3B, with Satellite Services down 20.3% offsetting 1.8% growth in Residential. Operating segment income rose 5% to Ps.5.98B, expanding margin to 41.8% from 38.7% a year ago.
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Net Loss Swings to Negative
Net loss attributable to stockholders was Ps.497.4M, compared to a net income of Ps.474.5M in Q2 2025, driven by a Ps.1.14B decrease in share of income from TelevisaUnivision and a Ps.540M unfavorable tax swing.
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Capital Expenditures Nearly Double
Capex reached U.S.$208.0M (Ps.3,612.7M) in Q2 2026, up from U.S.$109.1M (Ps.2,125.4M) in Q2 2025, reflecting heavy investment in network infrastructure.
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Convertible Debentures Add Dilution Overhang
The Ps.6,917.8M zero-coupon convertible debentures issued on June 3, 2026, will mandatorily convert into shares representing 19.48% of capital stock on June 3, 2027, diluting existing shareholders.
Analysis · TV · Technology
Televisa's Q2 results show a mixed picture: total revenue fell 3% year-on-year to Ps.14.3 billion, dragged by a 20.3% plunge in Satellite Services as subscribers continued to disconnect. However, the core Residential business grew 1.8% and operating segment income rose 5%, pushing margins to 41.8% — a 310 basis point improvement driven by cost cuts. The bottom line swung to a net loss of Ps.497 million attributable to stockholders, largely due to a sharp drop in income from its TelevisaUnivision stake and higher taxes. Capital expenditures nearly doubled to U.S.$208 million, signaling aggressive network investment. The filing also details the recent Ps.6.9 billion convertible debenture issuance, which will convert into 19.48% of the company's shares, adding significant potential dilution. Against a backdrop of recent credit downgrades and a suspended dividend, the margin expansion offers a glimmer of operational resilience, but the satellite erosion and heavy capex raise questions about cash flow sustainability.
How filings like this one have moved
In the 30 days to Sep 23, 2026, 29.1% of the 1683 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.32%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, TV was trading at $2.78 on NYSE in the Technology sector, with a market capitalization of approximately $1.5B. The 52-week trading range was $2.27 to $3.49. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.