América Móvil, S.A.B. de C.V. (AMX) Balance Sheet

The sequential dip from $887.1B in 2026Q1 to $877.7B in 2026Q2 appears modest, but the year-over-year increase from $792.9B in 2024Q1 indicates a robust capex cycle. This asset growth, however, has not translated into proportional equity growth, as equity rose only 10.3% over the same period, suggesting that debt is funding a significant portion of the expansion. Investors should monitor whether this investment translates into authorized rate base recovery.

The gap between PPE growth and equity growth suggests that the company is leveraging its balance sheet to finance network upgrades, which is typical for telecom utilities. However, the regulatory recovery timeline for these assets remains a key uncertainty, as depreciation charges have risen to $44.3B in 2026Q2, according to prior income statement analysis, indicating a growing rate base that must be recovered through tariffs. If regulators delay or reduce allowed returns, the return on these assets could be strained.

The sharp reduction in debt from 2025Q4 to 2026Q2, alongside a rise in cash from $35.0B to $50.8B, indicates that the company used available liquidity to deleverage. This pattern may reflect seasonal working capital needs or opportunistic refinancing, but the D/E of 1.58 in 2026Q2 remains above the 1.35 of AT&T, suggesting a higher leverage profile. Regulatory capital structure parameters are not disclosed, but the current leverage appears within manageable bounds given the stable equity base.

The steady equity growth, despite quarterly fluctuations, suggests that retained earnings are accumulating, supported by improving profitability. However, the ROE of 5.6% remains below the typical authorized ROE for utilities, which may indicate that the company is not yet earning its allowed return. Dividend payout appears conservative, with only $9.5M paid in 2026Q2, per prior cash flow analysis, which may support equity retention but could also signal a cautious approach to shareholder returns.

The increase in cash and the reduction in total debt indicate that the company has rebuilt its liquidity cushion after the 2025Q4 spike. However, the current ratio remains below 1.0, which is typical for telecoms but implies reliance on operating cash flow and credit facilities to meet short-term obligations. Given the capex intensity, maintaining access to revolver and commercial paper programs is critical, though the data does not disclose the size or utilization of these facilities.