Business Context and Reporting Period
Company: América Móvil, S.A.B. de C.V. (NYSE: AMX, AMOV)
Filing Type: Form 6-K (Report of a Foreign Private Issuer)
Reporting Period: Second Quarter 2026 (Ended June 30, 2026)
Announcement Date: July 22, 2026
América Móvil reported financial and operating results for Q2 2026, covering operations across Mexico, Brazil, Colombia, Peru, Ecuador, Argentina, the Southern Cone, Central America & the Caribbean, and Austria & Eastern Europe. The company operates under a diversified portfolio including wireless, fixed-line broadband, and Pay TV services.
Key Financial Metrics
| Metric | Q2 2026 | Q2 2025 | YoY Change |
|---|---|---|---|
| Total Revenue (Mex$ Billions) | 241.1 | 233.8 | +3.1% |
| Service Revenue (Mex$ Billions) | 205.9 | 199.1 | +3.4% |
| EBITDA (Mex$ Billions) | 95.9 | 92.4 | +3.8% |
| EBITDA Margin | 39.8% | 39.5% | +30 bps |
| Operating Profit (EBIT) (Mex$ Billions) | 51.8 | 47.3 | +9.5% |
| Net Income (Mex$ Billions) | 24.3 | 22.3 | +9.2% |
| Earnings Per Share (Mex$) | 0.40 | 0.37 | +8.1% |
| Free Cash Flow (H1 2026, Mex$ Billions) | 43.0 | 20.1 | +114% |
| Net Debt (Mex$ Billions) | 401.0 | 447.5 | -10.4% |
| Leverage Ratio (Net Debt/LTM EBITDAaL) | 1.31x | N/A | N/A |
Material Changes vs. Prior Period
- Subscriber Growth: Postpaid net additions totaled 3.5 million, led by Brazil (1.5 million), Colombia (250k), and Mexico (101k). Conversely, prepaid subscribers declined by 3.7 million due to base cleanup initiatives in Colombia and Argentina.
- Fixed-Line Expansion: The company added 531,000 broadband accesses, with Mexico (170k), Brazil (83k), and Colombia (74k) as primary contributors. Pay TV net additions were 110,000 units.
- Revenue Drivers: Mobile service revenue grew 6.5% year-over-year (YoY) at constant exchange rates. Fixed-line service revenue growth accelerated to 2.7% YoY, driven by broadband growth of 5.4%.
- Profitability: Operating profit rose 9.5% YoY. EBITDA would have increased 6.7% absent a one-off regulatory fine in Mexico.
- Capital Allocation: In the first half of 2026, capital expenditures were 48.1 billion pesos, and share buybacks totaled 4.6 billion pesos. Net debt decreased by 31 billion pesos in cash flow terms.
Guidance, Outlook, and Risks
- Strategic Acquisitions: Announced an agreement to acquire 100% of WOW Peru from Liberty Latin America and Narvik Capital Partners, subject to regulatory approval, to expand fiber broadband infrastructure outside Lima.
- Regulatory Environment (Mexico): The wireless line registration deadline was extended by the Mexican regulator (Cofetel) from July 1 to between August 15 and December 31, 2026, based on phone number digits. Non-compliant prepaid services will be suspended until registration is complete.
- Macroeconomic Factors: Management noted elevated oil prices and global inflation concerns due to geopolitical tensions (Iran war), impacting interest rates. However, the U.S. dollar depreciated against most regional currencies, including the Colombian peso (-6.6%) and Euro, though it appreciated against the Mexican peso (+12.3% vs USD).
- Argentina Inflation: Argentina results are reported under IAS29 (hyperinflationary accounting). All constant exchange rate comparisons exclude Argentina to ensure consistency.
- Reporting Methodology Change: Fixed Wireless Access (FWA) devices are now classified under mobile service rather than fixed-line service. Historical figures for 2025 and 2026 have been adjusted.
Investor Verification Checklist
- One-Off Charges: Verify the specific amount and nature of the regulatory fine in Mexico that impacted EBITDA growth.
- Argentina Adjustments: Confirm the impact of IAS29 inflationary accounting on reported revenue and EBITDA growth in Argentina versus constant peso terms.
- FWA Reclassification: Review the Appendix to understand the full impact of reclassifying FWA devices from fixed-line to mobile on historical comparisons.
- WOW Peru Acquisition: Monitor the status of the Peruvian competition authority approval for the WOW acquisition.
- Prepaid Base Cleanup: Assess the long-term revenue impact of the 3.7 million prepaid subscriber disconnections in Colombia and Argentina.