Grupo Televisa (TELEVISACPO) Q3 2025 earnings summary

Executive summary

• Revenue declined 4.8% year-over-year in Q3 2025, mainly due to a sharp drop in the Sky segment, while Cable revenue remained steady.

• Operating segment income margin expanded to 38.5% due to efficiencies and synergies, despite a 0.7% decrease in operating segment income.

• Free cash flow generation and OPEX efficiencies enabled debt reduction and margin expansion.

• Net loss attributable to stockholders was Ps.1,932.5 million, mainly due to a non-cash deferred tax asset write-off.

• TelevisaUnivision improved ViX engagement, reduced costs, and enhanced liquidity through refinancing.

Financial highlights

• Consolidated revenue for Q3 2025 was Ps.14,627 million, down 4.8% year-over-year.

• Operating segment income was Ps.5,677 million, down 0.7% year-over-year, with margin up to 38.5%.

• Free cash flow of MXN 4.2 billion generated in the first nine months.

• TelevisaUnivision Q3 revenue was $1.3 billion, down 3% year-on-year; adjusted EBITDA rose 9%.

• Finance expense, net, decreased by Ps.583.9 million (46.4%) to Ps.675.4 million, driven by lower debt and favorable FX movements.

Outlook and guidance

• CAPEX for 2025 guided at $600 million, with a CAPEX to sales ratio below 20%.

• Ongoing focus on operational efficiencies, churn reduction, and cash flow generation.

• No guidance provided for 2026 CAPEX.

• Customer satisfaction and retention strategies in Cable expected to continue reducing churn.