The revenue decline and satellite subscriber losses are concerning, but margin expansion and strong net income provide a mixed signal. Watch for stabilization in satellite metrics and any updates on the DOJ investigation. The stock may trade range-bound until revenue trends improve.
Price Chart
Executive Summary
Grupo Televisa's Q1 2026 results show a 3.1% revenue decline to Ps.14,512.5M, driven by a 24.6% drop in Satellite services, partially offset by Residential (+0.9%) and Enterprise (+30%) growth. Operating segment income improved 5.2% with margin expansion to 41.4%, and net income attributable to stockholders surged to Ps.1,031.9M from Ps.319.8M, largely due to higher share of income from TelevisaUnivision. However, the revenue decline and heavy satellite subscriber losses (325.7k RGUs) temper the positive earnings beat.
Key Facts
- Revenue decreased 3.1% YoY to Ps.14,512.5 million
- Operating segment income increased 5.2% to Ps.6,001.2 million (margin 41.4%)
- Net income attributable to stockholders rose to Ps.1,031.9 million from Ps.319.8 million
- Satellite revenue fell 24.6%; Residential grew 0.9%; Enterprise grew 30.0%
- Satellite services lost 325.7k RGUs, primarily 300.6k video subscribers
- Total debt and lease liabilities reduced to Ps.88,557.8 million from Ps.91,430.2 million
- Capital expenditures of U.S.$141.9 million (Ps.2,491.7 million)
- Share of income from TelevisaUnivision increased by Ps.1,247.9 million to Ps.1,339.1 million
Financial Impact
Revenue declined ~Ps.461M vs prior year; net income increased ~Ps.712M (attributable).
Risk Factors
- Continued satellite subscriber losses and revenue decline
- U.S. DOJ investigation into FIFA-related activity (potential material impact)
- Foreign exchange and derivative losses (Ps.1,088.1M unfavorable change in finance income)
- Regulatory changes in Mexican telecommunications and broadcasting
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000895345-26-000180 |
| Document: 0000895345-26-000180-index-headers.html | 0000895345-26-000180 |
| Document: 0000895345-26-000180-index.html | 0000895345-26-000180 |
| Document: 0000895345-26-000180.txt | 0000895345-26-000180 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 4, 2026 20w ago | 6-K | $0.5740 $0.5500 | ▲ +4.18% | ▲ +6.06% | $0.4430 (+22.82%) |
May 5, 2026 24w ago | 6-K | $0.5490 $0.5500 | ▲ +0.18% | ▼ −1.88% | $0.4430 (−19.31%) |
Apr 29, 2026 25w ago | 6-K | $0.6000 $0.5500 | ▲ +8.33% | ▲ +11.44% | $0.4430 (+26.17%) |
US Market Status
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