Revenue growth remains negative at -3.1% for 2026Q1, while structural margin compression persists despite a reported 39.1% gross margin.
| 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 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 58.42B | 58.88B | 62.26B | 66.22B | 68.62B | 73.92B | 70.68B | 101.76B | 101.28B | 94.27B | 96.29B | 88.05B | 80.12B | 73.79B | 69.29B | 62.58B | 57.86B | 52.35B | 47.97B | 41.56B | 39.36B | 35.07B | 31.52B | 25.61B | 23.58B | 21.61B | 21.58B | 17.9B | 16.81B | 16.51B | 15.5B |
| Revenue Growth % | -4.68% | -5.43% | -5.98% | -3.49% | -7.17% | 4.58% | -30.54% | 0.47% | 7.43% | -2.09% | 9.35% | 9.9% | 8.58% | 6.49% | 10.72% | 8.17% | 10.51% | 9.13% | 15.42% | 5.6% | 12.23% | 11.26% | 23.06% | 8.62% | 9.11% | 0.14% | 20.55% | 6.51% | 1.81% | 6.54% | 18.62% |
| Cost of Goods Sold | 36.02B | 36.39B | 41.12B | 43.3B | 43.36B | 46.65B | 45.22B | 59.07B | 57.84B | 53.53B | 52.38B | 47.23B | 42.91B | 39.6B | 36.8B | 33.49B | 26.29B | 23.77B | 21.56B | 18.13B | 16.79B | 15.93B | 15.95B | 14.01B | 13.58B | 12.58B | 12.05B | 9.91B | 9.55B | 9.24B | 8.72B |
| COGS % of Revenue | - | 61.81% | 66.04% | 65.38% | 63.19% | 63.12% | 63.98% | 58.05% | 57.11% | 56.79% | 54.4% | 53.63% | 53.56% | 53.67% | 53.1% | 53.51% | 45.45% | 45.4% | 44.93% | 43.62% | 42.66% | 45.42% | 50.6% | 54.7% | 57.6% | 58.19% | 55.85% | 55.35% | 56.81% | 55.94% | 56.29% |
| Gross Profit | 22.4B | 22.48B | 21.14B | 22.93B | 25.26B | 27.26B | 25.46B | 42.69B | 43.44B | 40.74B | 43.91B | 40.83B | 37.21B | 34.19B | 32.49B | 29.1B | 31.56B | 28.58B | 26.42B | 23.43B | 22.57B | 19.14B | 15.57B | 11.6B | 10B | 9.04B | 9.53B | 7.99B | 7.26B | 7.28B | 6.77B |
| Gross Margin % | 38.34% | 38.19% | 33.96% | 34.62% | 36.81% | 36.88% | 36.02% | 41.95% | 42.89% | 43.21% | 45.6% | 46.37% | 46.44% | 46.33% | 46.9% | 46.49% | 54.55% | 54.6% | 55.07% | 56.38% | 57.34% | 54.58% | 49.4% | 45.3% | 42.4% | 41.81% | 44.15% | 44.65% | 43.19% | 44.06% | 43.71% |
| Gross Profit Growth % | - | 6.34% | -7.77% | -9.24% | -7.35% | 7.08% | -40.36% | -1.73% | 6.64% | -7.22% | 7.55% | 9.72% | 8.84% | 5.21% | 11.68% | -7.81% | 10.42% | 8.21% | 12.73% | 3.84% | 17.9% | 22.94% | 34.19% | 16.05% | 10.64% | -5.17% | 19.22% | 10.11% | -0.22% | 7.41% | 20.29% |
| Operating Expenses | 16.62B | 17.44B | 20.86B | 20.08B | 20.85B | 21.09B | 19B | 25.68B | 23.19B | 26.5B | 27.31B | 22.08B | 23.25B | 15.45B | 14.35B | 12.82B | 15.98B | 13.43B | 11.29B | 8.95B | 8.3B | 7.48B | 6.37B | 5.03B | 4.91B | 4.52B | 4.32B | 4.39B | 4.9B | 5.4B | 5.5B |
| OpEx % of Revenue | - | 29.63% | 33.51% | 30.32% | 30.38% | 28.53% | 26.88% | 25.24% | 22.9% | 28.11% | 28.36% | 25.08% | 29.02% | 20.94% | 20.72% | 20.49% | 27.62% | 25.65% | 23.53% | 21.54% | 21.09% | 21.32% | 20.2% | 19.64% | 20.83% | 20.93% | 20.01% | 24.52% | 29.16% | 32.68% | 35.51% |
| Selling, General & Admin | 16.62B | 17.44B | 20.46B | 20.08B | 20.85B | 20.69B | 20.28B | 24.92B | 25.22B | 24.68B | 25.35B | 22.4B | 18.24B | 15.53B | 14B | 12.37B | 9.4B | 8.5B | 6.98B | 5.73B | 5.52B | 4.87B | 4.14B | 3.37B | 3.33B | 3.12B | 3.01B | 2.85B | 3.46B | 4.1B | 4.4B |
| SG&A % of Revenue | - | 29.63% | 32.86% | 30.32% | 30.38% | 27.99% | 28.69% | 24.49% | 24.9% | 26.18% | 26.33% | 25.44% | 22.76% | 21.05% | 20.21% | 19.76% | 16.25% | 16.23% | 14.54% | 13.79% | 14.03% | 13.88% | 13.13% | 13.17% | 14.11% | 14.42% | 13.93% | 15.9% | 20.61% | 24.82% | 28.42% |
| 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 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 5.77B | 5.04B | 281.43M | 2.84B | 4.41B | 6.17B | 6.46B | 17.01B | 20.25B | 14.24B | 16.6B | 18.75B | 13.96B | 18.74B | 18.14B | 16.27B | 15.58B | 15.16B | 15.13B | 14.48B | 14.27B | 11.66B | 9.2B | 6.57B | 5.09B | 4.51B | 5.21B | 3.6B | 2.36B | 1.88B | 1.27B |
| Operating Margin % | 9.88% | 8.56% | 0.45% | 4.29% | 6.43% | 8.35% | 9.14% | 16.71% | 20% | 15.11% | 17.24% | 21.29% | 17.42% | 25.39% | 26.18% | 26% | 26.93% | 28.95% | 31.53% | 34.84% | 36.25% | 33.26% | 29.19% | 25.66% | 21.57% | 20.88% | 24.14% | 20.13% | 14.03% | 11.38% | 8.2% |
| Operating Income Growth % | - | 1690.67% | -90.1% | -35.55% | -28.52% | -4.42% | -62.02% | -16.04% | 42.19% | -14.19% | -11.45% | 34.31% | -25.52% | 3.3% | 11.47% | 4.43% | 2.81% | 0.19% | 4.47% | 1.51% | 22.31% | 26.75% | 40.02% | 29.21% | 12.72% | -13.4% | 44.61% | 52.8% | 25.48% | 47.9% | 73.95% |
| EBITDA | 22.8B | 22.2B | 20.82B | 24.31B | 25.65B | 27.59B | 27.72B | 38.01B | 40.09B | 32.78B | 33.58B | 33.41B | 25.52B | 28.58B | 26.61B | 23.64B | 22.52B | 20.09B | 19.44B | 17.7B | 17.05B | 14.27B | 11.43B | 8.23B | 6.67B | 5.92B | 7.14B | 5.15B | 3.53B | 2.99B | 2.37B |
| EBITDA Margin % | 39.03% | 37.7% | 33.45% | 36.71% | 37.38% | 37.33% | 39.22% | 37.36% | 39.58% | 34.77% | 34.87% | 37.94% | 31.85% | 38.74% | 38.41% | 37.77% | 38.92% | 38.37% | 40.52% | 42.6% | 43.31% | 40.71% | 36.27% | 32.13% | 28.29% | 27.39% | 33.1% | 28.75% | 20.97% | 18.13% | 15.27% |
| EBITDA Growth % | 14.09% | 6.61% | -14.35% | -5.22% | -7.03% | -0.46% | -27.08% | -5.17% | 22.29% | -2.38% | 0.51% | 30.9% | -10.72% | 7.41% | 12.6% | 4.97% | 12.1% | 3.33% | 9.8% | 3.86% | 19.41% | 24.86% | 38.92% | 23.35% | 12.7% | -17.14% | 38.8% | 46.01% | 17.76% | 26.49% | 44.33% |
| D&A (Non-Cash Add-back) | 17.03B | 17.16B | 20.54B | 21.47B | 21.24B | 21.42B | 21.26B | 21.01B | 19.83B | 18.54B | 16.98B | 14.66B | 11.56B | 9.85B | 8.47B | 7.36B | 6.93B | 4.93B | 4.31B | 3.22B | 2.78B | 2.61B | 2.23B | 1.66B | 1.59B | 1.41B | 1.93B | 1.54B | 1.17B | 1.11B | 1.1B |
| EBIT | 7.37B | 6.51B | 278.94M | 667.36M | -3.37B | 11.55B | 5.57B | 19.18B | 21.71B | 20.1B | 16.7B | 24.9B | 15.19B | 18.77B | 18.49B | 15.36B | 15.39B | 12.84B | 15.11B | 14.55B | 13.62B | 11.45B | 8.84B | 6.09B | 2.66B | 4.06B | 5.21B | 3.6B | 2.36B | 1.88B | 1.27B |
| Net Interest Income | -3.07B | -4.84B | -4.44B | -4.17B | -7.42B | -8.55B | -9.44B | -460.86M | -9B | -6.07B | -7.04B | 2.3B | -2.94B | 1.17B | -3.48B | -3.93B | -3.03B | -2.08B | -830.88M | -410.21M | -1.14B | -1.92B | -1.63B | -667.97M | -670.43M | -454.29M | -1.05B | 0 | 0 | 0 | 0 |
| Interest Income | 2.7B | 2.67B | 3.53B | 3.49B | 2.13B | 560.03M | 1.07B | 79.42M | 1.57B | 2.27B | 1.5B | 1.03B | 1.33B | 1.13B | 1.04B | 1.15B | 0 | 1.05B | 1.3B | 1.84B | 1.09B | 932.12M | 656.51M | 649.89M | 829.25M | 1.02B | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 56.11M | -1B | -7.7B | -7.07B | -12.9B | 2.44B | -4.93B | 8.78B | 12.01B | 10.85B | 8.21B | 18.66B | 9.64B | 13.96B | 14.12B | 11.18B | 11.77B | 9.7B | 12.29B | 12.37B | 11.61B | 9.14B | 6.59B | 4.59B | 1.16B | 2.74B | 1.6B | 1.96B | -623.13M | 7.36B | -822.68M |
| Pretax Margin % | 0.1% | -1.7% | -12.36% | -10.68% | -18.8% | 3.3% | -6.98% | 8.62% | 11.85% | 11.51% | 8.52% | 21.19% | 12.03% | 18.92% | 20.38% | 17.87% | 20.35% | 18.53% | 25.63% | 29.76% | 29.5% | 26.07% | 20.89% | 17.93% | 4.9% | 12.67% | 7.42% | 10.94% | -3.71% | 44.58% | -5.31% |
| Income Tax | 7.89B | 7.93B | 688.59M | 2.36B | -1.35B | 1.67B | 858.89M | 2.67B | 4.39B | 4.27B | 2.87B | 6.33B | 2.98B | 3.73B | 4.05B | 3.23B | 3.26B | 3.12B | 3.56B | 3.35B | 2.09B | 811.08M | 1.26B | 776.05M | 322.93M | 594.16M | 366.95M | 793.12M | 298.71M | 371.66M | 96.04M |
| Effective Tax Rate % | 14064.73% | -790.37% | -8.95% | -33.37% | 10.49% | 68.51% | -17.42% | 30.41% | 36.57% | 39.39% | 35% | 33.94% | 30.92% | 26.71% | 28.7% | 28.85% | 27.68% | 32.16% | 28.99% | 27.08% | 18.02% | 8.87% | 19.1% | 16.9% | 27.92% | 21.7% | 22.92% | 40.5% | -47.94% | 5.05% | -11.67% |
| Net Income | -8.11B | -9.17B | -8.27B | -8.42B | 44.71B | 6.06B | -1.25B | 4.63B | 6.01B | 4.52B | 3.72B | 10.9B | 5.39B | 7.75B | 8.76B | 6.67B | 7.68B | 6.01B | 7.8B | 8.08B | 8.91B | 6.61B | 4.64B | 3.91B | 807M | 1.48B | -872.25M | 1.06B | 760.62M | 7.07B | -820.31M |
| Net Margin % | -13.88% | -15.57% | -13.28% | -12.72% | 65.16% | 8.19% | -1.77% | 4.55% | 5.93% | 4.8% | 3.86% | 12.38% | 6.72% | 10.5% | 12.64% | 10.65% | 13.28% | 11.47% | 16.27% | 19.45% | 22.64% | 18.86% | 14.73% | 15.26% | 3.42% | 6.84% | -4.04% | 5.92% | 4.53% | 42.84% | -5.29% |
| Net Income Growth % | 8.88% | -10.92% | 1.87% | -118.84% | 638.33% | 584.33% | -127.03% | -23.02% | 32.82% | 21.58% | -65.86% | 102.33% | -30.48% | -11.56% | 31.42% | -13.24% | 27.9% | -23.02% | -3.45% | -9.28% | 34.71% | 42.49% | 18.72% | 384.43% | -45.43% | 269.55% | -182.28% | 39.38% | -89.25% | 962.2% | -158.85% |
| Net Income (Continuing) | -7.84B | -8.94B | -8.39B | -9.44B | -11.54B | 768.88M | -5.79B | 6.11B | 7.62B | 6.58B | 5.33B | 12.33B | 6.66B | 10.23B | 10.07B | 7.96B | 8.52B | 6.58B | 8.73B | 9.02B | 9.52B | 8.33B | 5.99B | 3.85B | -430.65M | 1.57B | -704.39M | 1.17B | -921.84M | 6.99B | -918.72M |
| Discontinued Operations | 0 | 0 | 56.82M | 628.12M | 56.83B | 6.59B | 6.09B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -69.74M | 1.16B | 14.62M | 25.12M | -104.87M | 1.68B | 84.65M | 98.41M |
| Minority Interest | 9.5B | 9.51B | 9.24B | 15.4B | 15.82B | 752.82M | 14.5B | 14.87B | 15.07B | 14B | 12.59B | 12.14B | 11.11B | 10.27B | 7.89B | 7.2B | 6.79B | 6.3B | 5.24B | 3.61B | 1.58B | 850.87M | -120.55M | 1.08B | 1.14B | 1.03B | 918.83M | 1.32B | 1.09B | 1.03B | 873.06M |
| EPS (Diluted) | -7.61 | -19.65 | -15.25 | -15.05 | -21.40 | -0.95 | -2.25 | 8.20 | 11.70 | 5.85 | 5.85 | 17.55 | 5.85 | 11.70 | 11.70 | 11.70 | 11.70 | 11.70 | 11.70 | 11.70 | 17.55 | 11.70 | 11.70 | 5.85 | 1.35 | 3.25 | -1.85 | 60.90 | 46.30 | 443.35 | -0.95 |
| EPS Growth % | 66.05% | -28.85% | -1.33% | 29.67% | -2152.63% | 57.78% | -127.44% | -29.91% | 100% | 0% | -66.67% | 200% | -50% | 0% | 0% | 0% | 0% | 0% | 0% | -33.33% | 50% | 0% | 100% | 333.33% | -58.46% | 275.68% | -103.04% | 31.53% | -89.56% | 46768.42% | -101.41% |
| EPS (Basic) | - | -19.65 | -15.35 | -15.05 | -21.40 | -0.95 | -2.25 | 8.20 | 11.70 | 5.85 | 5.85 | 17.55 | 11.70 | 11.70 | 17.55 | 11.70 | 11.70 | 11.70 | 11.70 | 11.70 | 17.55 | 11.70 | 11.70 | 5.85 | 1.35 | 3.25 | -1.85 | 60.90 | 46.30 | 443.35 | -0.95 |
| Diluted Shares Outstanding | 1.07B | 87.89M | 544.3M | 559.65M | 600.8M | 601.94M | 557.25M | 576.49M | 513.63M | 588.09M | 619.54M | 578.28M | 577.01M | 573.1M | 569.87M | 569.74M | 558.72M | 562.91M | 563.38M | 570.35M | 580.81M | 583.18M | 590.1M | 602.43M | 604.97M | 457.99M | 471.74M | 603.4M | 618M | 618M | 618M |
| Basic Shares Outstanding | 1.07B | 87.89M | 540.58M | 559.65M | 600.8M | 601.94M | 557.25M | 576.49M | 513.63M | 588.09M | 582.94M | 578.28M | 577.01M | 573.1M | 569.87M | 569.74M | 558.72M | 562.91M | 563.38M | 570.35M | 580.81M | 583.18M | 590.1M | 602.43M | 604.97M | 457.99M | 471.74M | 603.4M | 618M | 618M | 618M |
| Dividend Payout Ratio | - | - | - | - | 2.36% | 17.39% | - | 23.05% | 17.79% | 23.96% | 29.13% | 9.95% | - | 27.99% | 11.45% | 15.35% | - | 152.55% | 28.58% | 55.76% | 13.04% | 70.29% | 92.23% | 15.9% | - | - | - | - | - | - | - |
Structural Revenue Erosion
As indicated by recent financial disclosures, Grupo Televisa has experienced a consistent decline in top-line performance, with revenue contracting by 3.1% in 2026Q1, marking a multi-quarter trend of negative growth that highlights the ongoing challenges in stabilizing its core telecommunications and media subscription base.
The consistent year-over-year revenue decline suggests that the company is struggling to offset the structural decay of its legacy satellite business with growth in its broadband segments. Investors should monitor whether this contraction reflects a permanent loss of market share to fiber-focused competitors or merely a temporary transition period as the company pivots its service mix.
According to reported income statements, gross margins have fluctuated significantly, reaching 39.1% in 2026Q1, yet the underlying profitability remains hampered by the high fixed-cost nature of network maintenance and the rising expense of content licensing in a volatile currency environment.
The inability to maintain consistent gross margins suggests limited pricing power in the face of aggressive competitive bundling from incumbents. This margin volatility appears to be exacerbated by the company's reliance on dollar-denominated equipment costs, which may continue to pressure operational efficiency if the local currency remains unstable.
Based on the provided financial data, net income has been characterized by extreme volatility, including a significant loss of $7.7 billion in 2025Q4, which suggests that non-operating items and equity-method accounting adjustments are heavily distorting the company's true underlying operational earnings power.
The frequent swings between profitability and massive net losses indicate that investors should focus on operating income rather than bottom-line figures to gauge business health. The impact of the TelevisaUnivision equity stake appears to create significant noise, warranting further investigation into the cash-generative capacity of the core business versus these accounting-driven valuation adjustments.
As reported in recent filings, SG&A expenses have remained elevated relative to revenue, with the company spending $4.0 billion in 2026Q1, which underscores the difficulty of achieving operational leverage while simultaneously managing a complex, multi-segment cost structure during a period of top-line decline.
The persistence of high SG&A costs relative to shrinking revenue suggests that management has yet to successfully streamline the organization following the spin-off of non-core assets. This lack of expense discipline may indicate that the company is incurring higher customer acquisition costs to defend its broadband market share against fiber-to-the-home competitors.
While the company maintains a significant last-mile infrastructure footprint, the aggressive fiber-to-the-home rollout by competitors, as noted in industry analysis, poses a fundamental threat to the Izzi brand's triple-play bundle, potentially rendering the current network investment strategy insufficient for long-term market dominance.
Short-term observers might argue that the company's infrastructure provides a defensive moat, but the persistent revenue contraction suggests that this advantage is being eroded by more modern, efficient networks. Investors should monitor whether the capital expenditure required to upgrade the existing network will lead to further free cash flow pressure or if the company can successfully pivot to a wholesale backhaul model.
Quick answers to the most common questions about buying TV stock.
For fiscal year 2025, Grupo Televisa, S.A.B. (TV) reported total revenue of $58.88B. This represents a 279.9% increase compared to $15.50B in 1996.
Grupo Televisa, S.A.B. (TV) reported a net loss of $9.17B for the fiscal year ending 2025.
Grupo Televisa, S.A.B. (TV) reported an operating income of $5.04B, resulting in an operating profit margin of 8.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Grupo Televisa, S.A.B. (TV) generated $22.48B in gross profit for the year, representing a gross profit margin of 38.2%. This demonstrates the company's core pricing power and production efficiency.