Business Context and Reporting Period
Company: GRUPO TELEVISA, S.A.B.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: First Quarter ended March 31, 2026
Business Overview: Televisa is a major Mexican telecommunications company operating cable networks and a direct-to-home satellite pay television system. Beginning in Q4 2025, the Company reorganized its segment reporting to present Cable and Sky businesses as a single reportable segment, "Telecom," with three revenue categories: Residential, Satellite, and Enterprise. The Company is also the largest shareholder of TelevisaUnivision, Inc.
Key Financial Metrics
| Metric (MXN Millions) | Q1 2026 | Q1 2025 | Change % |
|---|---|---|---|
| Revenues | 14,512.5 | 14,973.6 | (3.1)% |
| Operating Segment Income | 6,001.2 | 5,702.1 | 5.2% |
| Operating Segment Margin | 41.4% | 38.1% | +330 bps |
| Operating Income | 1,542.4 | 890.0 | 73.3% |
| Net Income | 1,057.3 | 331.5 | n/a |
| Net Income Attributable to Stockholders | 1,031.9 | 319.8 | n/a |
| Basic EPS (CPO) | 0.39 | 0.12 | n/a |
| Diluted EPS (CPO) | 0.36 | 0.11 | n/a |
Liquidity and Capital Resources
- Cash and Cash Equivalents: Ps. 24,976.8 million (March 31, 2026) vs. Ps. 27,607.2 million (Dec 31, 2025).
- Total Debt: Ps. 82,048.1 million (March 31, 2026) vs. Ps. 85,994.2 million (Dec 31, 2025).
- Total Lease Liabilities: Ps. 6,509.7 million (March 31, 2026).
- Net Debt Position: Ps. 49,752.4 million (Total debt and lease liabilities less cash, cash equivalents, and short-term investments).
- Capital Expenditures: Ps. 2,491.7 million (U.S. $141.9 million) for Q1 2026.
Material Changes vs. Prior Period
- Revenue Decline: Total revenues decreased 3.1% primarily due to a 24.6% decline in Satellite Services revenue, partially offset by 0.9% growth in Residential and 30.0% growth in Enterprise Services.
- Profitability Surge: Net income attributable to stockholders increased significantly (Ps. 712.1 million) driven by a Ps. 1,247.9 million increase in the share of income from associates and joint ventures (primarily TelevisaUnivision) and a Ps. 119.3 million decrease in other expenses.
- Finance Expense Increase: Net finance expense increased by Ps. 1,208.9 million to Ps. 1,637.6 million. This was driven by a Ps. 1,088.1 million loss in fair value of derivative contracts and a Ps. 338.3 million decrease in interest income, despite a reduction in interest expense.
- Operating Metrics:
- Residential: Net additions of 137.8 thousand RGUs (driven by mobile and voice gains), though video subscribers declined by 23.5 thousand.
- Satellite: Net disconnections of 325.7 thousand RGUs, primarily due to a loss of 300.6 thousand video RGUs.
Outlook, Risks, and Contingencies
Management Commentary and Outlook
Management intends to continue strengthening its position in Residential, Satellite, and Enterprise businesses while maintaining financial discipline. The Company plans to explore ventures with TelevisaUnivision and analyze opportunities for expansion through new technologies or acquisitions. Capital increases may be utilized for deleveraging or acquisitions.
Risk Factors
- Regulatory & Political: Risks related to Mexican tax laws, labor laws, and the renewal or revocation of broadcasting concessions by the new regulatory body (CRT).
- Business Operations: Competition, network incidents, currency fluctuations (MXN devaluation), and high interest rates in Mexico.
- Investment Risk: Financial performance is heavily influenced by the results of TelevisaUnivision, in which Televisa holds a significant but non-controlling interest.
Contingencies
- Tax Audits: Several pending tax audits and administrative proceedings regarding federal taxes and customs duties from prior years (2011, 2016). As of March 31, 2026, the total potential liability from these specific contingencies amounts to approximately Ps. 2,368 million (Ps. 958m + Ps. 600m + Ps. 527m + Ps. 283m). No provision has been recognized as the outcome is uncertain.
- Legal: A U.S. Department of Justice investigation regarding FIFA-related activity may have a material impact, though the outcome is unpredictable.
Investor Verification Checklist
- TelevisaUnivision Impact: Verify the sustainability of the Ps. 1,247.9 million increase in equity income from TelevisaUnivision, which was the primary driver of net income growth.
- Derivative Valuation: Review the Ps. 1,088.1 million loss in fair value of derivative contracts included in finance expenses and assess the hedging strategy effectiveness.
- Satellite Churn: Monitor the continued decline in Satellite RGUs (300k+ video losses) and its long-term impact on revenue mix.
- Debt Maturity: Confirm the repayment schedule for the Ps. 82 billion debt load, noting the recent repayment of the 4.625% Senior Notes due 2026.
- Tax Contingencies: Track the resolution of the pending tax audits totaling over Ps. 2.3 billion to assess potential future cash outflows.