Televisa Q2: Revenue slips 3%, but OSI margin expands to 41.8% as net loss hits Ps.497M

summarizeSummary

Televisa's Q2 2026 revenue declined 3% to Ps.14.3B, yet operating segment income rose 5% with margin expansion to 41.8%. A net loss attributable to stockholders of Ps.497.4M—swinging from a profit a year ago—was driven by lower TelevisaUnivision income and higher taxes. Residential broadband grew, while Satellite Services continued to shrink.

check_boxKey Events · Earnings and Guidance · TV

• Revenue Decline, Margin Expansion

  Consolidated revenue fell 3.0% to Ps.14,288.9 million, but operating segment income rose 5.0% to Ps.5,978.1 million, expanding the margin by 310 basis points to 41.8%.

• Net Loss Swings to Ps.497.4M

  Net loss attributable to stockholders was Ps.497.4 million, compared to net income of Ps.474.5 million in Q2 2025, driven by a Ps.1,136.7 million decrease in share of income from TelevisaUnivision and a Ps.540.2 million unfavorable change in income taxes.

• Residential Broadband Growth, Satellite Decline

  Residential Services revenue grew 1.8% with 9.4 thousand broadband net adds, the fifth consecutive quarter of growth. Satellite Services revenue dropped 20.3% with 279.1 thousand RGUs disconnections.

• Capex Nearly Doubles for FTTH

  Capital expenditures increased to U.S.$208.0 million (Ps.3,612.7 million) from U.S.$109.1 million a year ago, as the company upgraded over 1.5 million homes to fiber-to-the-home.

auto_awesomeAnalysis · TV · Technology

Televisa's second quarter paints a mixed picture. While the top line contracted 3%—dragged down by a steep 20.3% plunge in Satellite Services—Residential Services managed a 1.8% gain, marking the fifth straight quarter of broadband net additions. Cost efficiencies lifted operating segment income 5%, pushing margins up 310 basis points to 41.8%. The bottom line, however, swung to a net loss of Ps.497.4 million attributable to stockholders, reversing a profit of Ps.474.5 million a year ago, largely because of a sharp drop in income from TelevisaUnivision and higher taxes. Capital expenditures nearly doubled to U.S.$208 million as the company accelerates its fiber-to-the-home upgrade. On the balance sheet, debt has been trimmed, but the recent Ps.6.9 billion convertible debenture issuance—which will convert into 19.48% of capital stock—introduces potential dilution. Set against recent credit downgrades and a suspended dividend, these results underscore ongoing operational gains in core broadband alongside persistent headwinds in satellite and associate income.