Televisa Swings to Ps.882.7M Profit as Margin Hits 42.6% Despite 3.8% Revenue Drop

summarizeSummary

Televisa posted 3Q26 net income of Ps.882.7M versus a year-ago loss, driven mainly by lower taxes and finance costs, while revenue fell 3.8% and the operating margin expanded to 42.6%.

check_boxKey Events · Earnings and Guidance · TV

• Televisa Swings to 3Q26 Profit

  Net income attributable to stockholders was Ps.882.7M versus a Ps.1,932.5M loss in 3Q25, a Ps.2,815.2M favorable change.

• Margin Expands on Cost Cuts

  Operating segment income rose 5.6% to Ps.5,996.0M with a 42.6% margin, up about 380 basis points, even as revenue fell 3.8% to Ps.14,077.7M.

• Satellite Subscriber Base Shrinks

  Satellite revenue dropped 20.5% on a 28.6% decline in RGUs, with 250.6 thousand net disconnections in the quarter.

• Impairment and Tax Items Drive Swing

  Other expense, net rose Ps.925.8M to Ps.969.5M on a non-cash impairment of Enterprise equipment, while income taxes fell Ps.2,885.1M versus last year's deferred tax write-offs.

auto_awesomeAnalysis · TV · Technology

The headline swing to profit at Televisa is mostly accounting, not operating. Net income attributable to stockholders came in at Ps.882.7M in 3Q26 versus a Ps.1,932.5M loss a year ago, helped by a Ps.2,885.1M drop in income taxes (last year carried non-cash write-offs of deferred tax assets) and a Ps.407.0M fall in net finance expense. Partly offsetting that was a Ps.925.8M jump in other expense, which includes a non-cash impairment of Enterprise technical equipment. The operating picture is mixed: revenue fell 3.8% to Ps.14,077.7M as Satellite shrank 20.5% on a 28.6% smaller RGU base, while cost cuts lifted operating segment income 5.6% to Ps.5,996.0M and the margin to 42.6%. With the stock near its 52-week low, the market is likely to focus on the shrinking top line and the pending US$2B AT&T Mexico joint venture, which is expected to close in Q1 2027 and requires roughly US$400M of Televisa cash.