Revenue growth has decelerated to a modest 2.1% as of 2026Q1, while gross margins have faced persistent contraction, falling to 42.6% in 2025Q4 due to rising infrastructure and handset costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 944.51B | 885.08B | 869.22B | 816.01B | 844.5B | 830.69B | 815.4B | 851.48B | 1.04T | 1.02T | 975.41B | 893.74B | 848.58B | 786.1B | 775.07B | 665.16B | 607.86B | 394.71B | 345.65B | 312.36B | 232.37B | 182.29B | 134.31B | 85.67B | 57.89B | 41.08B | 29.31B | 15.29B | 9.41B |
| Revenue Growth % | 4.12% | 1.82% | 6.52% | -3.37% | 1.66% | 1.88% | -4.24% | -17.99% | 1.62% | 4.74% | 9.14% | 5.32% | 7.95% | 1.42% | 16.52% | 9.43% | 54% | 14.19% | 10.66% | 34.42% | 27.47% | 35.72% | 56.79% | 47.98% | 40.92% | 40.16% | 91.68% | 62.43% | - |
| Cost of Goods Sold | 490.96B | 505.03B | 331.18B | 316.48B | 330.53B | 328.51B | 323.47B | 348.78B | 508.82B | 496.34B | 485.06B | 420.26B | 386.71B | 358.33B | 343.45B | 290.59B | 253.45B | 165.04B | 146.03B | 162.03B | 128B | 89.28B | 65.2B | 37.35B | 24.59B | 17.62B | 14.98B | 7.16B | 3.7B |
| COGS % of Revenue | - | 57.06% | 38.1% | 38.78% | 39.14% | 39.55% | 39.67% | 40.96% | 49.01% | 48.58% | 49.73% | 47.02% | 45.57% | 45.58% | 44.31% | 43.69% | 41.7% | 41.81% | 42.25% | 51.87% | 55.08% | 48.98% | 48.55% | 43.6% | 42.48% | 42.89% | 51.1% | 46.8% | 39.34% |
| Gross Profit | 453.55B | 380.05B | 538.04B | 499.54B | 513.97B | 502.18B | 491.93B | 502.71B | 529.39B | 525.3B | 490.35B | 473.47B | 461.87B | 427.77B | 431.62B | 374.56B | 354.41B | 229.67B | 199.63B | 150.32B | 104.38B | 93.01B | 69.11B | 48.31B | 33.3B | 23.46B | 14.33B | 8.14B | 5.71B |
| Gross Margin % | 48.02% | 42.94% | 61.9% | 61.22% | 60.86% | 60.45% | 60.33% | 59.04% | 50.99% | 51.42% | 50.27% | 52.98% | 54.43% | 54.42% | 55.69% | 56.31% | 58.3% | 58.19% | 57.75% | 48.13% | 44.92% | 51.02% | 51.45% | 56.4% | 57.52% | 57.11% | 48.9% | 53.2% | 60.66% |
| Gross Profit Growth % | - | -29.36% | 7.71% | -2.81% | 2.35% | 2.08% | -2.14% | -5.04% | 0.78% | 7.13% | 3.56% | 2.51% | 7.97% | -0.89% | 15.23% | 5.69% | 54.31% | 15.05% | 32.8% | 44.02% | 12.22% | 34.59% | 43.04% | 45.08% | 41.93% | 63.69% | 76.17% | 42.48% | - |
| Operating Expenses | 255.07B | 194.16B | 357.94B | 331.75B | 343.1B | 334.62B | 343.12B | 358.91B | 389.83B | 425.15B | 380.74B | 332.06B | 305.32B | 273.61B | 274.31B | 121.96B | 202.09B | 125.46B | 104.08B | 64.91B | 45.68B | 59.29B | 45.69B | 30.41B | 20.72B | 17.43B | 11.51B | 5.96B | 10.7B |
| OpEx % of Revenue | - | 21.94% | 41.18% | 40.66% | 40.63% | 40.28% | 42.08% | 42.15% | 37.55% | 41.62% | 39.03% | 37.15% | 35.98% | 34.81% | 35.39% | 18.34% | 33.25% | 31.79% | 30.11% | 20.78% | 19.66% | 32.52% | 34.02% | 35.5% | 35.79% | 42.43% | 39.26% | 39.01% | 113.71% |
| Selling, General & Admin | 206.31B | 194.16B | 200.63B | 186.58B | 191.83B | 187.96B | 197.31B | 206.88B | 237.16B | 249.36B | 237.28B | 207.06B | 190.5B | 162.59B | 167.15B | 118.81B | 107.41B | 72.38B | 62.32B | 53.32B | 38.61B | 38.01B | 27.15B | 16.58B | 12.33B | 11.06B | 8.5B | 4.49B | 3.11B |
| SG&A % of Revenue | - | 21.94% | 23.08% | 22.86% | 22.72% | 22.63% | 24.2% | 24.3% | 22.84% | 24.41% | 24.33% | 23.17% | 22.45% | 20.68% | 21.57% | 17.86% | 17.67% | 18.34% | 18.03% | 17.07% | 16.62% | 20.85% | 20.22% | 19.35% | 21.3% | 26.91% | 29% | 29.37% | 32.99% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 198.48B | 185.89B | 180.1B | 167.78B | 170.87B | 167.56B | 148.81B | 143.8B | 139.56B | 100.14B | 109.61B | 141.41B | 156.55B | 154.16B | 157.31B | 252.6B | 152.32B | 104.21B | 95.55B | 85.41B | 58.69B | 33.72B | 23.42B | 17.9B | 12.58B | 6.03B | 2.82B | 2.17B | 1.82B |
| Operating Margin % | 21.01% | 21% | 20.72% | 20.56% | 20.23% | 20.17% | 18.25% | 16.89% | 13.44% | 9.8% | 11.24% | 15.82% | 18.45% | 19.61% | 20.3% | 37.98% | 25.06% | 26.4% | 27.64% | 27.34% | 25.26% | 18.5% | 17.44% | 20.9% | 21.73% | 14.68% | 9.63% | 14.2% | 19.29% |
| Operating Income Growth % | - | 3.21% | 7.34% | -1.81% | 1.98% | 12.6% | 3.49% | 3.04% | 39.36% | -8.64% | -22.49% | -9.67% | 1.55% | -2% | -37.72% | 65.84% | 46.17% | 9.07% | 11.87% | 45.52% | 74.05% | 44% | 30.81% | 42.29% | 108.58% | 113.59% | 30.09% | 19.56% | - |
| EBITDA | 376.3B | 355.47B | 306.35B | 283.21B | 297.51B | 295.15B | 273.4B | 274.93B | 290.98B | 256B | 253.33B | 263.65B | 269.74B | 255.7B | 260.89B | 346.6B | 243.39B | 157.29B | 137.31B | 126.34B | 85.5B | 55B | 41.95B | 31.94B | 20.92B | 10.48B | 5.83B | 3.65B | 2.6B |
| EBITDA Margin % | 39.84% | 40.16% | 35.24% | 34.71% | 35.23% | 35.53% | 33.53% | 32.29% | 28.03% | 25.06% | 25.97% | 29.5% | 31.79% | 32.53% | 33.66% | 52.11% | 40.04% | 39.85% | 39.73% | 40.45% | 36.79% | 30.17% | 31.24% | 37.29% | 36.14% | 25.51% | 19.89% | 23.84% | 27.66% |
| EBITDA Growth % | 4.34% | 16.03% | 8.17% | -4.81% | 0.8% | 7.96% | -0.56% | -5.52% | 13.66% | 1.05% | -3.91% | -2.26% | 5.49% | -1.99% | -24.73% | 42.4% | 54.74% | 14.55% | 8.69% | 47.77% | 55.45% | 31.1% | 31.33% | 52.67% | 99.69% | 79.7% | 59.96% | 39.98% | - |
| D&A (Non-Cash Add-back) | 177.82B | 169.58B | 126.25B | 115.42B | 126.64B | 127.6B | 124.58B | 131.13B | 151.42B | 155.85B | 143.72B | 122.23B | 113.19B | 101.53B | 103.58B | 94B | 91.07B | 53.08B | 41.77B | 40.93B | 26.8B | 21.28B | 18.53B | 14.04B | 8.34B | 4.45B | 3.01B | 1.47B | 788.54M |
| EBIT | 219.36B | 206.27B | 166.25B | 149.15B | 159.43B | 146.33B | 135.96B | 132.54B | 130.25B | 91.57B | 100.44B | 135.84B | 151.92B | 134.58B | 162.06B | 149.71B | 152.4B | 157.8B | 88.41B | 88.85B | 60.99B | 35.41B | 25.41B | 19.46B | 12.58B | 6.03B | 2.82B | 2.17B | -4.99B |
| Net Interest Income | -63.78B | -64.53B | -56.7B | -34.34B | -35.38B | -32.65B | -34.16B | -37.44B | -23.74B | -31.14B | -36.14B | -28.35B | -27.33B | -24.28B | -18.26B | -15.36B | -12.21B | -10.53B | -7.02B | -7.85B | -4.21B | -3.85B | -2.25B | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.12B | 8.56B | 10.26B | 9.4B | 4.7B | 3.88B | 4.69B | 6.31B | 10.93B | 3.07B | 4.65B | 5.17B | 7.29B | 6.24B | 5.77B | 7.56B | 4.7B | 3.53B | 2.59B | 2.94B | 4.46B | 3.14B | 2.29B | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 148.46B | 133.18B | 62.83B | 115.33B | 134.27B | 104.81B | 52.62B | 110.38B | 100.99B | 57.1B | 23.48B | 56.14B | 87.21B | 106.09B | 138.52B | 126.41B | 135.12B | 99.26B | 79.46B | 81.35B | 59.12B | 32.12B | 24.96B | 18.6B | 7.8B | 2.15B | 3.9B | 5.36B | 5B |
| Pretax Margin % | 15.72% | 15.05% | 7.23% | 14.13% | 15.9% | 12.62% | 6.45% | 12.96% | 9.73% | 5.59% | 2.41% | 6.28% | 10.28% | 13.5% | 17.87% | 19% | 22.23% | 25.15% | 22.99% | 26.04% | 25.44% | 17.62% | 18.59% | 21.71% | 13.48% | 5.24% | 13.32% | 35.02% | 53.07% |
| Income Tax | 55.76B | 50.53B | 35.24B | 34.54B | 46.04B | 32.72B | 13.18B | 49.91B | 46.48B | 24.94B | 11.4B | 19.18B | 39.71B | 31.49B | 46.38B | 40.44B | 36.21B | 22.26B | 19.89B | 22.5B | 16.28B | 336.97M | 8.5B | 3.27B | 3.3B | 2.97B | 3.03B | 1.1B | 1.1B |
| Effective Tax Rate % | 37.56% | 37.94% | 56.09% | 29.95% | 34.29% | 31.22% | 25.05% | 45.22% | 46.02% | 43.68% | 48.55% | 34.16% | 45.53% | 29.68% | 33.48% | 31.99% | 26.8% | 22.43% | 25.03% | 27.66% | 27.53% | 1.05% | 34.06% | 17.56% | 42.34% | 138.23% | 77.53% | 20.58% | 22.02% |
| Net Income | 87.21B | 77.68B | 22.9B | 76.11B | 76.16B | 192.42B | 46.85B | 67.73B | 52.57B | 29.33B | 8.65B | 35.05B | 46.15B | 74.63B | 91.44B | 82.62B | 91.12B | 77B | 59.58B | 58.74B | 42.48B | 31.66B | 16.46B | 15.33B | 4.5B | -822.43M | 877.11M | 4.25B | 3.9B |
| Net Margin % | 9.23% | 8.78% | 2.63% | 9.33% | 9.02% | 23.16% | 5.75% | 7.95% | 5.06% | 2.87% | 0.89% | 3.92% | 5.44% | 9.49% | 11.8% | 12.42% | 14.99% | 19.51% | 17.24% | 18.8% | 18.28% | 17.37% | 12.26% | 17.9% | 7.77% | -2% | 2.99% | 27.82% | 41.41% |
| Net Income Growth % | 157.37% | 239.18% | -69.91% | -0.06% | -60.42% | 310.7% | -30.83% | 28.85% | 79.25% | 239.05% | -75.33% | -24.04% | -38.16% | -18.39% | 10.67% | -9.33% | 18.34% | 29.24% | 1.43% | 38.27% | 34.15% | 92.38% | 7.34% | 240.86% | 647% | -193.77% | -79.38% | 9.11% | - |
| Net Income (Continuing) | 92.7B | 82.65B | 27.59B | 80.79B | 88.23B | 72.09B | 39.44B | 60.47B | 54.52B | 32.16B | 12.08B | 36.96B | 47.5B | 74.97B | 91.65B | 88.2B | 98.91B | 106.9B | 59.58B | 58.59B | 44.39B | 31.88B | 17.86B | 16.29B | 4.5B | -822.43M | 877.11M | 4.26B | 3.9B |
| Discontinued Operations | 0 | 0 | 0 | 0 | -6.72B | 124.24B | 11.59B | 9.84B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 65.69B | 65.71B | 63.1B | 54.99B | 64.02B | 64.41B | 64.64B | 49B | 49.88B | 66.47B | 62.11B | 48.58B | 50.25B | 7.9B | 10.53B | 10B | 28.39B | 732.44M | 656.48M | 620.9M | 658.5M | 1.02B | 1.65B | 5.08B | 1.18B | 742.73M | 2.15B | 659.24M | 0 |
| EPS (Diluted) | 28.85 | 25.80 | 7.40 | 24.20 | 26.00 | 20.60 | 10.60 | 17.60 | 15.80 | 8.80 | 2.60 | 10.40 | 13.40 | 21.20 | 24.20 | 21.40 | 23.00 | 23.60 | 17.40 | 16.80 | 12.40 | 9.20 | 5.00 | 4.60 | 1.16 | -0.21 | 0.21 | 1.00 | 0.90 |
| EPS Growth % | 164.73% | 248.65% | -69.42% | -6.92% | 26.21% | 94.34% | -39.77% | 11.39% | 79.55% | 238.46% | -75% | -22.39% | -36.79% | -12.4% | 13.08% | -6.96% | -2.54% | 35.63% | 3.57% | 35.48% | 34.78% | 84% | 8.7% | 296.55% | 652.38% | -200% | -79% | 11.11% | - |
| EPS (Basic) | - | 25.80 | 7.40 | 24.20 | 26.00 | 20.60 | 10.60 | 17.60 | 16.00 | 8.80 | 2.60 | 10.40 | 13.40 | 21.20 | 24.20 | 21.40 | 23.00 | 23.60 | 17.40 | 16.80 | 12.40 | 9.20 | 5.00 | 4.60 | 1.16 | -0.21 | 0.21 | 1.00 | 0.90 |
| Diluted Shares Outstanding | 3.02B | 3.02B | 3.09B | 3.15B | 3.2B | 3.3B | 3.31B | 3.3B | 3.3B | 3.3B | 3.28B | 3.34B | 3.46B | 3.52B | 3.79B | 3.85B | 3.95B | 3.27B | 3.42B | 3.52B | 3.59B | 3.64B | 3.71B | 3.9B | 3.94B | 3.99B | 4.35B | 4.35B | 4.35B |
| Basic Shares Outstanding | 3.02B | 3.02B | 3.09B | 3.15B | 3.2B | 3.23B | 3.31B | 3.86B | 3.33B | 3.33B | 3.33B | 3.37B | 3.46B | 3.52B | 3.79B | 3.85B | 3.95B | 3.27B | 3.42B | 3.51B | 3.55B | 3.58B | 3.68B | 3.84B | 3.94B | 3.96B | 4.27B | 4.35B | 4.35B |
| Dividend Payout Ratio | - | 40.04% | 135.39% | 40.03% | 38.78% | 14.46% | 20.47% | 35.8% | 42.56% | 54.87% | 159.66% | 106.57% | 36.96% | 21.07% | 16.82% | 20.63% | 18.87% | 33.07% | 14.8% | 71.72% | 5.39% | 42.65% | 6.37% | 5.16% | 13.39% | - | - | - | - |
Regulatory and currency volatility
As indicated by the most recent quarterly data, América Móvil's top-line growth has fluctuated significantly, moving from a 24.4% expansion in 2024Q4 to a modest 2.1% increase in 2026Q1, reflecting the inherent sensitivity of its multi-market footprint to regional economic conditions and currency translation effects.
The erratic revenue trajectory suggests that organic growth is frequently masked by foreign exchange volatility across its Latin American markets. Investors should monitor whether the recent deceleration in growth rates signals a saturation of the mobile subscriber base or merely a temporary pause in the 5G-driven ARPU expansion cycle.
Based on reported financial statements, the company's gross margin experienced a notable contraction to 42.6% in 2025Q4, down from historical averages, which appears to reflect the rising costs of handset subsidies and the ongoing capital intensity required to maintain competitive network infrastructure across its diverse operating regions.
The structural reliance on equipment sales to drive service adoption creates a persistent drag on gross profitability that may not be fully offset by service revenue gains. This margin profile warrants further investigation into whether the company can successfully transition toward higher-margin digital services to mitigate these hardware-related cost pressures.
According to the provided income statement data, operating income has remained relatively stagnant near $50 billion over the last several quarters, suggesting that the company is struggling to achieve meaningful operating leverage despite fluctuations in gross profit and consistent investment in its regional telecommunications network infrastructure.
The inability of operating income to scale proportionally with revenue suggests that SG&A expenses are largely fixed and resistant to optimization efforts. This lack of operating leverage may indicate that the company is prioritizing market share retention over immediate margin expansion in its highly competitive domestic and international markets.
As reported in the quarterly filings, net income has exhibited extreme volatility, ranging from a net loss of $1.1 billion in 2024Q2 to a peak of $23.4 billion in 2026Q1, which suggests that non-operating items and currency fluctuations significantly distort the underlying quality of reported earnings.
The wide swings in net income appear to be driven by factors outside of core operational control, such as financial hedging results or tax adjustments. Analysts should focus on operating income as a more reliable proxy for performance, as the net income figure is clearly susceptible to non-recurring accounting noise.
Based on the provided financial data, the company's reliance on high-CAPEX infrastructure and the potential for regulatory intervention in Mexico present a significant challenge to the narrative of sustained profitability, particularly as the company faces a debt-to-equity ratio that may limit its future financial flexibility.
Short-term margin improvements may be misleading if they are achieved through temporary cost-cutting rather than sustainable operational efficiencies. The market should remain cautious regarding the company's ability to maintain its current dividend and buyback pace if regulatory headwinds in Mexico intensify or if currency devaluation continues to erode local earnings.
Quick answers to the most common questions about buying AMX stock.
For fiscal year 2025, América Móvil, S.A.B. de C.V. (AMX) reported total revenue of $885.08B. This represents a 9301.8% increase compared to $9.41B in 1998.
América Móvil, S.A.B. de C.V. (AMX) is profitable, generating $77.68B in net income for the fiscal year ending 2025 with a net profit margin of 8.8%.
América Móvil, S.A.B. de C.V. (AMX) reported an operating income of $185.89B, resulting in an operating profit margin of 21.0%. This margin reflects the operational efficiency of the business before interest and taxes.
América Móvil, S.A.B. de C.V. (AMX) generated $380.05B in gross profit for the year, representing a gross profit margin of 42.9%. This demonstrates the company's core pricing power and production efficiency.