América Móvil (AMXL) Q4 2025 earnings summary

Executive summary

• Added 2.8 million postpaid subscribers in Q4 2025, led by Brazil, Colombia, Peru, and Mexico; total wireless subscribers reached 331 million and fixed-line RGUs 79 million.

• Prepaid segment saw strong net adds in Argentina, Colombia, and Mexico.

• Connected 524,000 new broadband accesses, with Mexico, Brazil, and Argentina as top contributors.

• Pay TV added 77,000 units; disconnected 79,000 landlines.

• Both postpaid mobile and fixed-broadband access growth accelerated over recent months.

Financial highlights

• Q4 revenue rose 3.4% year-over-year in MXN to 245 billion; service revenue up 5.3%.

• EBITDA reached 94.9 billion MXN, up 4.2% YoY (6.9% at constant FX), margin at 38.8%.

• Operating profit totaled 49.1 billion MXN, up 5.9% YoY; net income reached 19.1 billion MXN, up nearly 4x YoY.

• Free cash flow for 2025 was 82 billion MXN, a 39.4% increase from the prior year.

• Shareholder distributions reached 45 billion MXN, including 11.9 billion MXN in share buybacks.

Outlook and guidance

• CapEx for 2026 targeted at 14%-15% of revenues, or approximately $6.8–$7.1 billion, with similar levels expected for the next 2–3 years.

• Ongoing network investments, 5G rollouts, and fiber expansion are expected to support future growth.

• Focus remains on maintaining leverage within 1.3x–1.5x net debt to EBITDA, prioritizing debt reduction and shareholder returns.

• Regulatory changes in Brazil and new 5G spectrum in Europe and Ecuador position the company for long-term growth.

• Mobile service revenue remains stable, with prepaid and postpaid segments complementing each other.