América Móvil (AMXL) Q1 2026 earnings summary

Executive summary

• Revenue rose 2.1% year-over-year to MXN 237 billion, with service revenue up 0.6% and equipment revenue up 7.4%.

• EBITDA grew 3.8% in MXN (8.0% at constant FX), with margin reaching 39.9%–40%, among the highest historically.

• Net income increased 25.1% year-over-year to MXN 23.4 billion, or MXN 0.39 per share.

• Strong postpaid subscriber growth (+8.8%) and broadband accesses (+6%) compared to the same quarter last year.

• Major acquisition announced for 73% of Desktop S.A. in Brazil, pending regulatory approval.

Financial highlights

• At constant exchange rates, revenue rose 6.1%, service revenue 4.6%, and equipment revenue 11.3%.

• EBITDA up 8% at constant FX; adjusted EBITDA (excluding legal ruling) up 7%.

• Operating profit reached MXN 50.5 billion, up 12%–12.7% year-over-year.

• Free cash flow for the quarter was MXN 3.3 billion after covering MXN 21.6–22 billion in capital expenditures.

• Net debt at quarter-end was MXN 437 billion, equivalent to 1.41x EBITDA after leases.

Outlook and guidance

• CapEx for 2026 expected to be around $7 billion, subject to FX fluctuations.

• Continued focus on expanding postpaid and broadband subscriber base and balancing deleveraging, share buybacks, and M&A opportunities, targeting net debt/EBITDA of 1.3x.

• Operating leverage is expected to continue driving EBITDA growth faster than service revenue.

• Investor Day scheduled for May 27th in New York City.