The filing confirms steady operational improvement with accelerating EBITDA growth. Monitor progress on remediation of material weaknesses in internal controls, as this may affect auditor opinions or investor confidence. The recent Desktop acquisition in Brazil and continued share buybacks signal strategic focus. Q1 2026 results reinforce the positive trajectory — watch for sustained margin expansion and debt reduction.
Price Chart
Executive Summary
America Movil's FY2025 annual report (20-F) shows solid operational performance with revenue growth of 8.6% in Mexican pesos (6.2% constant currency) and net profit surging 219% to Ps.88.1 billion, aided by foreign exchange gains. The company increased its dividend to Ps.0.54 per share and continued share buybacks. However, management identified material weaknesses in internal controls over financial reporting related to ITGC and IPE, which persist from prior years. Recent Q1 2026 results (filed 5 days ago) confirm the positive trend with revenue up 6.1% constant currency and EBITDA up 8.0%.
Key Facts
- FY2025 operating revenues: Ps.943.6 billion, up 8.6% YoY in Mexican pesos and 6.2% at constant exchange rates
- Net profit for FY2025: Ps.88.1 billion, up 219% from Ps.27.6 billion in FY2024
- EPS (basic/diluted): Ps.1.37, up from Ps.0.37 in FY2024
- EBITDA margin: 39.9% in Q1 2026, among highest levels
- Dividend increased to Ps.0.54 per share for FY2025 (from Ps.0.52), payable in two installments
- Share buybacks of Ps.11.9 billion in FY2025; new Ps.10 billion buyback program authorized for April 2026-April 2027
- Material weaknesses in internal controls identified: ineffective ITGCs (user access and change management) and controls over completeness/accuracy of information produced by entity
- Acquired Desktop in Brazil (73% stake) in March 2026, subject to regulatory approvals
- Net debt (excluding leases) at Ps.437 billion as of Q1 2026, equivalent to 1.41x Net Debt/LTM EBITDA
Financial Impact
FY2025 revenues increased by Ps.74.4 billion (8.6%) to Ps.943.6 billion; net profit increased by Ps.60.5 billion (219%) to Ps.88.1 billion.
Risk Factors
- Material weaknesses in internal control over financial reporting may lead to accounting errors or regulatory scrutiny
- Regulatory risks in Mexico, including asymmetric regulation and potential fines
- Foreign exchange exposure, particularly in Argentina, Brazil, and Colombia
- Competitive pressures in Latin American telecom markets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001140361-26-017486 |
| Document: ef20060642_ex2-1.htm | 0001140361-26-017486 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 29, 2026 21w ago | 6-K | $1.09 $0.9893 | ▼ −9.56% | ▼ −8.26% | $1.26 (+15.18%) |
Apr 28, 2026 26w ago | 20-F | $1.33 $1.36 | ▲ +2.26% | ▼ −3.79% | $1.26 (−5.26%) |
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