The Q2 results are solid but not transformative — revenue and EBITDA growth are steady, and free cash flow generation improved significantly. The WOW Peru acquisition is small and pending approval. The stock may see modest positive drift on the cash flow improvement and deleveraging, but the 3.1% revenue growth and one-off charge in Mexico limit upside. Monitor the conference call for guidance on H2 trends and the regulatory fine impact.
Price Chart
Executive Summary
America Movil reported Q2 2026 results with revenue of 241 billion Mexican pesos (+3.1% YoY), EBITDA of 96 billion pesos (+3.8% YoY), and net income of 24.3 billion pesos (+9.2% YoY). The company also announced an agreement to acquire 100% of WOW Peru, a fiber broadband provider, subject to regulatory approval. Free cash flow more than doubled to 43 billion pesos in H1 2026, and net debt/EBITDAaL leverage improved to 1.31x. The results show steady operational performance with accelerating mobile and fixed-line service revenue growth, though the reported EBITDA growth was tempered by a one-off regulatory fine in Mexico.
Key Facts
- Q2 2026 revenue of 241 billion Mexican pesos, up 3.1% YoY in peso terms.
- EBITDA of 96 billion pesos, up 3.8% YoY; absent a one-off charge, EBITDA would have increased 6.7%.
- Net income of 24.3 billion pesos, up 9.2% YoY.
- Free cash flow for H1 2026 was 43.0 billion pesos, more than double the 20.1 billion pesos in H1 2025.
- Net debt/EBITDAaL leverage ratio improved to 1.31x from 1.48x at year-end 2025.
- Announced agreement to acquire 100% of WOW Peru, a fiber broadband provider, subject to regulatory approval.
- Postpaid net additions of 3.5 million in the quarter; broadband net additions of 531,000.
- Mobile service revenue growth accelerated to 6.5% YoY at constant exchange rates.
- Fixed-line service revenue growth accelerated to 2.7% from 1.7% in the prior quarter.
- Share buybacks totaled 4.6 billion pesos in H1 2026, down from 8.7 billion in H1 2025.
Financial Impact
Q2 revenue of 241 billion MXN (+3.1% YoY), EBITDA of 96 billion MXN (+3.8% YoY), net income of 24.3 billion MXN (+9.2% YoY). H1 free cash flow of 43.0 billion MXN, up from 20.1 billion MXN.
Risk Factors
- One-off regulatory fine in Mexico depressed reported EBITDA growth; further regulatory actions possible.
- Prepaid subscriber losses of 3.7 million in the quarter due to base clean-ups in Colombia and Argentina.
- Elevated macroeconomic uncertainty from the Iran war and higher interest rates could pressure Latam currencies and consumer spending.
- The WOW Peru acquisition is subject to regulatory approval and may not close.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (AMX) — Batch item 1 | 0001140361-26-029404 |
| Document: 0001140361-26-029404-index-headers.html | 0001140361-26-029404 |
| Document: 0001140361-26-029404-index.html | 0001140361-26-029404 |
| Document: 0001140361-26-029404.txt | 0001140361-26-029404 |
| 6-K Filing (AMX) — Batch item 5 | 0001140361-26-029404 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $24.98 | awaiting T+20 | — | $24.18 (−3.20%) |
Aug 7, 2026 11w ago | Institutional Cluster | $23.75 $23.00 | ▼ −3.16% | ▼ −2.76% | $24.18 (+1.81%) |
Jul 23, 2026 13w ago | 6-K | $25.95 $23.39 | ▼ −9.87% | ▼ −13.17% | $24.18 (−6.82%) |
Jul 21, 2026 13w ago | 6-K | $26.09 $23.63 | ▼ −9.43% | ▼ −11.99% | $24.18 (−7.32%) |
Jun 11, 2026 19w ago | Institutional Cluster | $27.66 $25.84 | ▼ −6.58% | ▼ −8.47% | $24.18 (−12.58%) |
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