Revenue contracted 3.0% YoY to $14.3B in 2026Q2, marking the tenth consecutive quarter of decline, while operating margin improved to 11.7% but remains below the 18.3% peak in 2024Q1.
Grupo Televisa, S.A.B. (TV) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 57.98B | 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 % | -3.84% | -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 Revenue | 35.75B | 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 |
| Gross Profit | 22.22B | 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 % | 38.33% | 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 | 16.01B | 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 |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 19.27B | 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 % | 33.23% | 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 % | -5.19% | 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% |
| Depreciation & Amortization | 12.62B | 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 |
| D&A / Revenue % | 21.77% | 29.15% | 32.99% | 32.42% | 30.95% | 28.98% | 30.08% | 20.65% | 19.58% | 19.66% | 17.63% | 16.65% | 14.43% | 13.34% | 12.23% | 11.76% | 11.98% | 9.42% | 8.99% | 7.75% | 7.06% | 7.45% | 7.08% | 6.47% | 6.72% | 6.51% | 8.96% | 8.62% | 6.94% | 6.75% | 7.07% |
| Operating Income (EBIT) | 6.22B | 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 % | 10.72% | 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% |
| Interest Expense | 4M | 7.51B | 7.97B | 7.65B | 9.53B | 9.11B | 10.48B | 540.28M | 9.71B | 9.25B | 8.5B | 6.24B | 5.55B | 4.8B | 4.37B | 4.14B | 3.03B | 3.14B | 2.82B | 2.18B | 1.94B | 2.13B | 2.1B | 1.38B | 1.5B | 1.32B | 1.05B | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.87x | 0.04x | 0.09x | -0.35x | 1.27x | 0.53x | 35.49x | 2.24x | 2.17x | 1.97x | 3.99x | 2.74x | 3.91x | 4.23x | 3.71x | 5.08x | 4.09x | 5.37x | 6.68x | 7.03x | 5.36x | 4.22x | 4.43x | 1.77x | 3.07x | 4.94x | - | - | - | - |
| Interest / Revenue % | 0.01% | 12.75% | 12.8% | 11.56% | 13.89% | 12.32% | 14.83% | 0.53% | 9.58% | 9.81% | 8.83% | 7.09% | 6.93% | 6.51% | 6.31% | 6.62% | 5.23% | 5.99% | 5.87% | 5.24% | 4.92% | 6.09% | 6.65% | 5.37% | 6.36% | 6.13% | 4.89% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -2M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K |
| Pretax Income | -118.3M | -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 % | -0.2% | -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 | 8.43B | 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 % | -7128.16% | -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 | -9.08B | -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 % | -15.66% | -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 % | -8.12% | -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% |
| EPS (Diluted) | -21.00 | -17.55 | -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 % | -11277.99% | -15.08% | -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) | - | -17.55 | -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 | 432.32M | 582.26M | 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 |
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.
Key Metrics
Top Statement Risk
Competitive pressure from AMX FTTH
Revenue Contraction Amidst Competitive Pressure
According to recent financial statements, TV's revenue declined 3.0% year-over-year in 2026Q2 to $14.3B, marking the tenth consecutive quarter of contraction, reflecting sustained competitive and structural headwinds.
The persistent revenue decline, from $16.0B in 2024Q1 to $14.3B in 2026Q2, indicates that the company's subscription-based model is losing ground, likely due to cord-cutting in the Sky segment and intense broadband competition from América Móvil's fiber expansion. This trend suggests that the company's pricing power is eroding, and the shift towards lower-margin broadband services is not offsetting the decline in high-margin satellite revenue. Investors should monitor whether the rate of decline stabilizes as the company focuses on its Izzi operations.
Earned Returns Below Authorized Levels
Based on reported figures, TV's operating margin improved to 11.7% in 2026Q2 from 8.3% a year earlier, but remains below the 18.3% achieved in 2024Q1, suggesting regulatory and competitive constraints on profitability.
The operating margin recovery from the trough of 0.6% in 2024Q2 indicates some operational stabilization, yet the margin is still significantly below historical levels, implying that the company is not earning its allowed return on capital. The gap between authorized and earned returns appears to be widening due to competitive pricing pressures and the high fixed-cost structure. This may signal a deteriorating regulatory compact, as the company struggles to achieve the returns necessary to justify its capital investments.
Cost Pressures from Content and Currency
As reported in financial disclosures, TV's gross margin stands at 38.19%, but operating costs remain elevated due to programming rights and dollar-denominated expenses, which are not fully recoverable through pricing.
The company's cost structure is heavily influenced by content costs and equipment purchases priced in U.S. dollars, exposing it to MXN/USD volatility. While these costs are not pass-through in the same way as fuel for electric utilities, they represent a significant drag on margins. The inability to fully recover these costs through subscription price increases suggests that the company is absorbing cost inflation, which may continue to pressure profitability.
Non-Cash Items Obscure Core Earnings
TV's net margin swung to -3.5% in 2026Q2 from -52.8% in 2025Q4, but the reported figures include volatile non-cash items related to the TelevisaUnivision equity stake, obscuring the underlying operational performance.
The extreme volatility in net income, including a -$7.7B loss in 2025Q4 and a -$9.9B loss in 2024Q4, appears to be driven by impairments and valuation adjustments rather than operational cash losses. The company's core telecom operations, as indicated by operating income, are generating positive but modest earnings. Investors should adjust for these non-cash items to assess the true earnings power, which appears to be stabilizing but not growing.
CAPEX Not Translating to EPS Growth
Despite significant capital expenditures, TV's EPS growth has been negative in most quarters, with a -2.4% decline in 2026Q2, indicating that incremental investment is not yielding commensurate returns.
The company's heavy investment in fiber infrastructure and network upgrades has not translated into earnings growth, as evidenced by the stagnant or declining EPS figures. This suggests that the CAPEX cycle is largely maintenance-oriented or defensive, aimed at retaining market share rather than generating incremental returns. The lack of EPS growth despite capital spending raises questions about the efficiency of capital allocation and the company's ability to compete with better-capitalized rivals.
What Could Invalidate the Base Case
The most significant challenge to TV's narrative is the aggressive fiber-to-the-home expansion by América Móvil, which could erode Izzi's competitive moat and force a price war, further compressing margins.
While TV's last-mile infrastructure provides a barrier to entry, AMX's fiber rollout threatens to undermine this advantage. If AMX is allowed to offer video services, the regulatory protection that has historically shielded TV could disappear, fundamentally altering the competitive landscape. Additionally, the company's high debt levels and negative net margins suggest that it may lack the financial flexibility to invest sufficiently in network upgrades, potentially leading to a loss of market share. Investors should monitor whether TV can maintain its subscriber base and margins in the face of these competitive pressures.