Markets: Mexico
Key Facts
—Who. América Móvil, the Mexican telecom group controlled by Carlos Slim, with mobile and broadband operations across Latin America, listed in New York as AMX.
—What. Third-quarter net income rose 7.0% to Ps 24.28 billion (about US$1.32 billion), while revenue grew 7.6% to Ps 250.63 billion (about US$13.62 billion).
—Margin. EBITDA, or earnings before interest, tax, depreciation and amortisation, rose 8.9% to Ps 102.16 billion (about US$5.55 billion), a margin of 40.8%.
—Mexico. The prepaid mobile base fell 4.4% to 65.53 million lines as about 2.9 million lines were disconnected under the phone registry.
—Why it matters. US investors who hold AMX saw profit grow and debt fall, but results came in below analyst forecasts.
América Móvil, the Mexican telecom group controlled by billionaire Carlos Slim, reported third-quarter net income of Ps 24.28 billion (about US$1.32 billion), up 7.0% from a year earlier. Revenue grew 7.6% to Ps 250.63 billion (about US$13.62 billion), but both figures came in below the average analyst forecast.
The shares trade in New York as AMX, so the results matter directly to US investors. The company is also one of the largest mobile operators in Latin America, with Telcel in Mexico.
The company published the results on Tuesday 20 October 2026. Our full company profile of América Móvil carries the background on its ownership and operations.
What América Móvil Reported
Net income rose 7.0% to Ps 24.28 billion (about US$1.32 billion), compared with Ps 22.70 billion a year earlier. Peso amounts in this article are converted at about Ps 18.40 per US dollar, a rate close to the market level on 20 October.
Revenue rose 7.6% to Ps 250.63 billion (about US$13.62 billion), up from Ps 232.92 billion in the third quarter of 2025. Service revenue, which leaves out handset sales, grew 7.2%.
Earnings came to Ps 0.41 per share, equal to US$0.47 for each American depositary receipt (ADR), the form in which US investors hold the stock. Net income for the first nine months rose 13.1% to Ps 72.02 billion (about US$3.91 billion).
Profit Margins and Debt
EBITDA rose 8.9% to Ps 102.16 billion (about US$5.55 billion), a margin of 40.8% of revenue. Operating income climbed 13.9% to Ps 57.11 billion (about US$3.10 billion).
Capital spending over the first nine months totalled Ps 75.9 billion (about US$4.12 billion). Net debt fell by Ps 34.3 billion (about US$1.86 billion) over the same period.
Net debt stood at about Ps 400 billion (about US$21.7 billion), or 1.21 times EBITDAaL, which is EBITDA after lease payments. Net debt fell over the nine months, as shown above.
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Short of Analyst Forecasts
Analysts surveyed by LSEG had forecast net income of US$1.51 billion on revenue of US$14.05 billion, according to Reuters data reported by Forbes México. Reuters converted the actual results to US$1.34 billion and US$13.86 billion, so the quarter fell short on both lines.
Those dollar figures use Reuters’ own exchange rate, which differs slightly from ours. The shortfall remains under either conversion.
Subscribers: Brazil Leads, Mexico’s Prepaid Base Shrinks
Postpaid mobile additions, which are customers on monthly contracts, were led by Brazil with 743,000 and Colombia with 348,000. Peru added 229,000, Mexico 144,000 and Argentina 126,000.
Fixed broadband accesses rose by 390,000 in the quarter, including 94,000 in Brazil, 67,000 in Colombia and 53,000 in Argentina.
In Mexico the prepaid base fell 4.4% to 65.53 million lines, from 68.56 million a year earlier. Its Mexican unit Telcel disconnected about 2.9 million prepaid lines in the quarter.
It tied the disconnections to the user-registration process required by the Telecommunications Regulatory Commission (CRT). Our earlier reports explain how the phone registry suspended millions of lines and why Mexico lost mobile lines as the cleanup bit.
Our Mexico coverage tracks the other companies reporting this season, and our explainer on América Móvil covers the group’s business model.
What It Means for You
For US investors in AMX, the quarter shows steady profit growth and a falling debt ratio, set against a result below forecasts. The pace of prepaid disconnections in Mexico is a number to watch in the coming quarters.
For expats and travellers in Mexico, the registry rules decide whether a prepaid SIM card keeps working. Anyone relying on a Mexican prepaid number should confirm that it is registered.
What Is Not Known
The reporting we reviewed does not say how much the prepaid disconnections cost in revenue. It also gives no outlook for the fourth quarter.
We could not confirm what drove the gap to analyst forecasts. The forecasts themselves come from a Reuters-LSEG survey whose individual estimates are not public.
Frequently Asked Questions
What did América Móvil earn in the third quarter of 2026?
Net income was Ps 24.28 billion (about US$1.32 billion at Ps 18.40 per US dollar), up 7.0%. Revenue rose 7.6% to Ps 250.63 billion (about US$13.62 billion).
Did América Móvil beat analyst expectations?
No. Analysts surveyed by LSEG had forecast net income of US$1.51 billion on revenue of US$14.05 billion, and the reported results came in below both.
How much is América Móvil earning per ADR?
Earnings were Ps 0.41 per share, equal to US$0.47 per American depositary receipt (ADR). US investors hold the stock in New York as AMX.
Why did América Móvil lose prepaid lines in Mexico?
The company linked the disconnections to the user-registration process required by Mexico’s Telecommunications Regulatory Commission (CRT). Its Mexican unit Telcel disconnected about 2.9 million prepaid lines in the quarter.
Which countries added the most postpaid customers?
Brazil led with 743,000 postpaid additions, followed by Colombia with 348,000 and Peru with 229,000. Mexico added 144,000 and Argentina 126,000.
Sources
El Financiero · EFE via ABC Color · Zócalo · El CEO · Forbes México (Reuters-LSEG survey)
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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