Televisa Q3 2025: Sky down 18.2%, margin 38.5%, debt lower
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Grupo Televisa (TV) reported third-quarter 2025 results under IFRS. Revenues were Ps.14,627.0 million, down 4.8% year over year, as a decline at Sky offset flat Cable. Operating segment income was Ps.5,677.1 million (down 0.7%), with a 38.5% margin.
Despite higher operating income and lower finance expense, the company posted a net loss attributable to stockholders of Ps.1,932.5 million, versus income of Ps.666.5 million a year ago, primarily due to Ps.2,837.1 million higher income taxes that included a non-cash write-off of a deferred tax asset of Ps.2,658.2 million. Income before taxes rose to Ps.1,096.4 million.
Cable revenues were Ps.11,679.8 million (flat), while Sky fell 18.2% to Ps.3,051.0 million. Finance expense, net improved to Ps.675.4 million (better by Ps.583.9 million). Capital expenditures were U.S.$196.1 million (Ps.3,656.6 million). Total debt decreased to Ps.87,061.1 million from Ps.102,955.2 million, and consolidated net debt was Ps.50,086.3 million as of September 30, 2025.
Positive
- None.
Negative
- None.
Insights
Operationally steady cable, weak Sky; net loss driven by tax write-off.
Televisa delivered modest operating resilience: revenues fell 4.8% to Ps.14,627.0 million, but operating segment income slipped only 0.7% with a margin of 38.5%. The business mix shows stability in Cable and pressure in Sky, where segment revenues declined 18.2% to Ps.3,051.0 million.
The bottom-line swing to a Ps.(1,932.5) million loss stems mainly from income taxes, including a non-cash deferred tax asset write-off of Ps.2,658.2 million. Operationally, financing costs improved: finance expense, net narrowed to Ps.675.4 million, aided by foreign exchange effects.
Balance sheet signals include total debt down to Ps.87,061.1 million and capex of U.S.$196.1 million in the quarter. Actual cash impact from selling trends will hinge on subscriber dynamics; subsequent filings may detail sustained Cable growth versus continued Sky attrition.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2025
Commission File Number: 001-12610
GRUPO TELEVISA, S.A.B.
(Translation of registrant’s name into English)
Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico City, Mexico
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.)
Form 20-F ☒ Form 40-F ☐
 |
Investor Relations
PRESS RELEASE
|
Televisa Reports Third Quarter 2025 Results
Consolidated
|
•
|
Revenue and Operating Segment Income (“OSI”) declined by 4.8% and 0.7% respectively, translating into a 38.5% margin.
|
|
•
|
OSI margin expanded by approximately 140 basis points, driven by ongoing efficiencies and synergies.
|
|
•
|
Operating Cash Flow (“OCF”)1 margin of 13.7% came in as expected due to our full year capex deployment goal.
|
Cable
|
•
|
Passed 27.7 thousand homes with fiber-to-the-home (“FTTH”), reaching around 20 million homes passed with our network.
|
|
•
|
Broadband subscribers of 5.6 million, with 21.6 thousand net adds as our customer satisfaction and retention strategies allowed us to
keep reducing churn.
|
|
•
|
Mobile subscribers of 557.6 thousand, with 94.0 thousand net adds driven by our innovative mobile virtual network operations (“MVNO”)
service relaunched in 4Q’24.
|
|
•
|
Revenue remained flat as the increase in our Enterprise Operations offset the MSO Operations slight decline. On a sequential basis,
revenue from our MSO Operations grew by 0.4%.
|
Sky
|
•
|
Total Revenue Generating Units (“RGUs”) of 4.1 million, with 329.4 thousand disconnections.
|
|
•
|
Revenue declined by 18.2%, driven by a decrease in the RGUs base of 23.9%.
|
Earnings Call Date and Time: Friday, October 24, 2025, at 11:00 A.M. ET.
Conference ID # is 7487837
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From the U.S.: +1 (877) 883 0383
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International callers: +1 (412) 902 6506
|
|
Rebroadcast: +1 (877) 344 7529
|
Rebroadcast: +1 (412) 317 0088
|
The teleconference will be rebroadcast starting at 12:00 P.M. ET with the access code #1575564
on October 24th and will end at midnight on November 7th.
Consolidated Results
Mexico City, October 23, 2025 — Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “Televisa” or “the Company”), today
announced results for the third quarter of 2025. The results have been prepared in accordance with International Financial Reporting Standards (“IFRS Accounting Standards”).
The following table sets forth condensed consolidated statements of income for the quarters ended September 30, 2025, and 2024, in millions of Mexican pesos:
|
3Q’25
|
Margin
|
3Q’24
|
Margin
|
Change
|
|
|
%
|
%
|
%
|
|||
|
Revenues
|
14,627.0
|
100.0
|
15,362.8
|
100.0
|
(4.8)
|
|
Operating segment income (1)
|
5,677.1
|
38.5
|
5,717.1
|
37.1
|
(0.7)
|
| (1) The operating segment income margin is calculated as a percentage of segment revenues. | |||||
Revenues decreased by 4.8% to Ps.14,627.0 million in the third quarter of 2025, compared with Ps.15,362.8 million in the third quarter of 2024. This decrease was mainly due to the revenue decline in the Sky segment. Operating segment income
decreased by 0.7%, translating into a 38.5% margin.
The following table sets forth condensed consolidated statements of income for the quarters ended September 30, 2025, and 2024, in millions of Mexican pesos:
|
|
3Q’25
|
Margin
%
|
3Q’24
|
Margin
%
|
Change %
|
|||
|
Revenues
|
14,627.0
|
100.0
|
15,362.8
|
100.0
|
(4.8)
|
|||
|
Net (loss) income
|
(1,911.7)
|
(13.1)
|
670.5
|
4.4
|
n/a
|
|||
|
Net (loss) income attributable to stockholders of the
Company
|
(1,932.5)
|
(13.2)
|
666.5
|
4.3
|
n/a
|
|||
|
Segment revenues
|
14,730.8
|
100.0
|
15,406.5
|
100.0
|
(4.4)
|
|||
|
Operating segment income (1)
|
5,677.1
|
38.5
|
5,717.1
|
37.1
|
(0.7)
|
|||
| (1) The operating segment income margin is calculated as a
percentage of segment revenues. |
||||||||
Net income before income taxes increased by Ps.254.9 million, or 30.3%, to Ps.1,096.4 million in the third quarter of 2025, compared to Ps.841.5 million in the third
quarter of 2024.
Net income or loss attributable to stockholders of the Company changed by Ps.2,599.0 million, to a net loss of Ps.1,932.5 million in the third quarter of 2025,
compared with a net income of Ps.666.5 million in the third quarter of 2024.
This unfavorable change reflected primarily a Ps.2,837.1 million increase in income taxes, which included a non-cash write-off of a deferred income tax asset for the
amount of Ps.2,658.2 million derived from capital tax losses that are expected to remain unused at their maturity at consolidated level, although a significant portion of these capital tax losses are intended to be converted into a tax investment
cost on a non-consolidated basis before maturity; as well as (i) a Ps.893.1 million decrease in share of income of associates and joint ventures; and (ii) a Ps.16.8 million increase in net income attributable to non-controlling interests.
These unfavorable variances were partially offset by (i) a Ps.288.5 million increase in operating income before other expense; (ii) a Ps.275.6
million decrease in other expense, net; and (iii) a decrease of Ps.583.9 million in finance expense, net.
Third-quarter Results by Business Segment
The following table presents the third quarter consolidated results for the periods ended September 30, 2025 and 2024, for each of our business segments. Consolidated results for the third quarter of 2025 and 2024
are presented in millions of Mexican pesos.
|
Revenues
|
3Q’25
|
%
|
3Q’24
|
%
|
Change
%
|
|
Cable
|
11,679.8
|
79.3
|
11,675.4
|
75.8
|
0.0
|
|
Sky
|
3,051.0
|
20.7
|
3,731.1
|
24.2
|
(18.2)
|
|
Segment Revenues
|
14,730.8
|
100.0
|
15,406.5
|
100.0
|
(4.4)
|
|
Intersegment Operations (1)
|
(103.8)
|
(43.7)
|
|||
|
Revenues
|
14,627.0
|
|
15,362.8
|
|
(4.8)
|
|
Operating Segment Income (2)
|
3Q’25
|
Margin
%
|
3Q’24
|
Margin
%
|
Change
%
|
|
Operating Segment Income (2)
|
5,677.1
|
38.5
|
5,717.1
|
37.1
|
(0.7)
|
|
Corporate Expenses
|
(57.4)
|
(0.4)
|
(61.2)
|
(0.4)
|
6.2
|
|
Depreciation and Amortization
|
(4,604.5)
|
(31.5)
|
(4,907.5)
|
(31.9)
|
(6.2)
|
|
Other Expense, net
|
(43.7)
|
(0.3)
|
(319.3)
|
(2.1)
|
n/a
|
|
Intersegment Operations (1)
|
(42.7)
|
(0.3)
|
(64.4)
|
(0.4)
|
n/a
|
|
Operating Income
|
928.8
|
6.3
|
364.7
|
2.4
|
n/a
|
| (1) For segment reporting purposes, intersegment operations are included in each of the segment operations. | |||||
| (2) Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net. | |||||
Cable Operating Metrics
Total net additions for the quarter were 113.6 thousand RGUs, primarily driven by gains of 94.0 thousand mobile subscribers,
40.7 thousand voice subscribers, and 21.6 thousand broadband subscribers. On the other hand, we lost 42.7 thousand video subscribers.
The following table sets forth the breakdown of RGUs by service type for our Cable segment as of September 30, 2025, and 2024.
|
RGUs
|
3Q’25 Net
Adds
|
3Q’25
|
3Q’24
|
|
Video
|
(42,691)
|
3,677,832
|
3,941,178
|
|
Broadband
|
21,583
|
5,648,408
|
5,711,169
|
|
Voice
|
40,688
|
5,512,882
|
5,418,270
|
|
Mobile
|
94,007
|
557,608
|
322,957
|
|
Total RGUs
|
113,587
|
15,396,730
|
15,393,574
|
Sky Operating Metrics
During the quarter, Sky had around 329.4 thousand RGUs net disconnections, primarily due to the loss of 299.8 thousand video
RGUs.
The following table sets forth the breakdown of RGUs by service type for Sky as of September 30, 2025, and 2024.
|
RGUs
|
3Q’25 Net
Adds
|
3Q’25
|
3Q’24
|
|
Video
|
(299,757)
|
3,793,812
|
4,927,928
|
|
Broadband
|
(28,951)
|
251,263
|
389,305
|
|
Voice
|
1
|
163
|
236
|
|
Mobile
|
(688)
|
10,598
|
15,523
|
|
Total RGUs
|
(329,395)
|
4,055,836
|
5,332,992
|
Revenues and Operating Segment Income
Third quarter segment revenues decreased by 4.4% to Ps.14,730.8 million compared with Ps.15,406.5 million in the third quarter
of 2024. Revenues in our MSO operations decreased by 0.7%, primarily due to a slightly lower subscriber base; however, they grew 0.4% on a sequential basis. Revenues in our Enterprise Operations increased by 7.7%. Finally, Sky’s revenues declined
by 18.2%, driven by a year-on-year decrease in RGUs.
Third quarter operating segment income decreased by 0.7% to Ps.5,677.1 million compared with Ps.5,717.1 million in the third
quarter of 2024. The margin reached 38.5%, increasing by approximately 140 basis points year-on-year, driven by ongoing efficiencies and synergies.
The following table presents the third-quarter consolidated results for the periods ended September 30, 2025, and 2024, for each of our business segments. Consolidated results for the year and the third quarter of 2025 and 2024 are presented
in millions of Mexican pesos.
|
Revenue (1)
|
3Q'25
|
3Q'24
|
Change %
|
|
Millions of Mexican pesos
|
|||
|
MSO Operations (1)
|
10,580.8
|
10,654.5
|
(0.7)
|
|
Enterprise Operations (1)
|
1,099.0
|
1,020.9
|
7.7
|
|
Cable
|
11,679.8
|
11,675.4
|
0.0
|
|
Sky
|
3,051.0
|
3,731.1
|
(18.2)
|
|
Segment Revenues
|
14,730.8
|
15,406.5
|
(4.4)
|
|
Operating Segment Income
|
5,677.1
|
5,717.1
|
(0.7)
|
|
Margin (%)
|
38.5
|
37.1
|
|
| (1) Revenue results for our MSO and Enterprise operations include consolidation adjustments. | |||
Corporate Expense
Corporate expense decreased by Ps.3.8 million, or 6.2%, to Ps.57.4 million in the third quarter of 2025, from Ps.61.2 million in the third quarter of 2024. The decrease primarily reflected a decline in share-based compensation expense, which
was partially offset by an increase in other corporate expenses.
Share-based compensation expense in the third quarter 2025 and 2024 amounted to Ps.72.3 million and Ps.110.2 million, respectively, and was accounted for as corporate expense. Share-based compensation expense is
measured at fair value at the time the equity benefits are conditionally sold to officers and employees and is recognized over the vesting period.
Other expense, Net
Other expense, net, decreased by Ps.275.6 million, or 86.3%, to Ps.43.7 million in the third quarter of 2025, from Ps.319.3 million in the third quarter of 2024. This decrease reflected primarily a recovery of an insurance claim, as well as a
lower non-recurring severance expense in connection with headcount reductions, which was partially offset by a higher loss on disposition of equipment.
The following table sets forth the breakdown of cash and non-cash other expense, net, stated in millions of Mexican pesos, for the quarters ended September 30, 2025
and 2024.
|
Other (Expense) Income, Net
|
3Q’25
|
3Q’24
|
|
Cash
|
(132.1)
|
(314.8)
|
|
Non-cash
|
88.4
|
(4.5)
|
|
Total
|
(43.7)
|
(319.3)
|
Finance Expense, Net
The following table sets forth the finance expense, net, stated in millions of Mexican pesos for the quarters ended September 30, 2025 and 2024.
|
3Q’25
|
3Q’24
|
Favorable
(Unfavorable)
Change
|
|
|
Interest expense
|
(1,756.7)
|
(2,064.9)
|
308.2
|
|
Interest income
|
536.5
|
879.0
|
(342.5)
|
|
Foreign exchange gain (loss), net
|
622.6
|
(294.8)
|
917.4
|
|
Other finance (expense) income, net
|
(77.8)
|
221.4
|
(299.2)
|
|
Finance expense, net
|
(675.4)
|
(1,259.3)
|
583.9
|
Finance expense, net, decreased by Ps.583.9 million, or 46.4%, to Ps.675.4 million in the third quarter of 2025, from Ps.1,259.3 million in the third quarter of 2024.
This decrease reflected:
|
(i)
|
a Ps.308.2 million decrease in interest expense, primarily in connection with a lower average principal amount of debt, and a lower average U.S. dollar exchange rate in the third quarter of 2025; and
|
|
(ii)
|
a Ps.917.4 million favorable change in foreign exchange gain or loss, net, resulting primarily from a 2.8% appreciation of the Mexican peso against the U.S. dollar on a higher average U.S.
dollar-denominated net liability position in the third quarter of 2025, compared with a 7.2% depreciation of the Mexican peso against the U.S. dollar on a lower average U.S. dollar-denominated net liability position in the third quarter
of 2024.
|
These favorable variances were partially offset by (i) a Ps.342.5 million decrease in interest income, explained primarily by lower interest rates applicable to our cash equivalents in Mexican pesos and U.S.
dollars in the third quarter of 2025, as well as a lower average U.S. dollar exchange rate applicable to our interest income from U.S. dollar cash equivalents, and a lower average amount of cash equivalents in the third quarter of 2025; and (ii)
a Ps.299.2 million unfavorable change in other finance income or expense, net, resulting from a loss in fair value of our derivatives contracts in the third quarter of 2025.
Share of Income of Associates and Joint Ventures, Net
Share of income of associates and joint ventures, net, decreased by Ps.893.1 million, to Ps.843.0 million in the third quarter of 2025, from Ps.1,736.1 million in the third quarter of 2024. This decrease primarily reflected a lower share of
income of TelevisaUnivision, Inc. (“TelevisaUnivision”) in the third quarter of 2025.
Share of income of associates and joint ventures, net, in the third quarter of 2025, included primarily our share of income of TelevisaUnivision.
Income Taxes
Income taxes increased by Ps.2,837.1 million, to Ps.3,008.1 million in the third quarter of 2025, from Ps.171.0 million in the third quarter of 2024. This increase reflected primarily a higher effective income tax
rate, primarily in connection with (i) as discussed above, a non-cash write-off of a deferred income tax asset derived from capital tax losses that are expected to remain unused at their maturity, which was calculated by applying the estimated
annual effective income tax rate for the nine months ended September 30,2025, and (ii) an expected tax inflationary gain derived from a net liability monetary position on certain significant companies in the Group.
Net Income Attributable to Non-controlling Interests
Net income attributable to non-controlling interests increased by Ps.16.8 million to Ps.20.8 million in the third quarter of 2025, compared with Ps.4.0 million in the third quarter of 2024. This increase reflected
primarily a higher net income attributable to non-controlling interests in our Cable segment in the third quarter of 2025.
Capital Expenditures
During the third quarter of 2025, we invested approximately U.S.$196.1 million (Ps.3,656.6 million) in property, plant and equipment as capital expenditures.
The following table sets forth the total amount of capital expenditures in property, plant and equipment for the quarters ended September 30, 2025, and 2024, in millions of U.S. dollars and Mexican pesos:
|
3Q’25
(Millions of U.S.
Dollars)
|
3Q’25
(Millions of
Mexican Pesos)
|
3Q’24
(Millions of U.S.
Dollars)
|
3Q’24
(Millions of
Mexican Pesos)
|
|
|
Capital Expenditures
|
196.1
|
3,656.6
|
128.1
|
2,426.6
|
Debt and Lease Liabilities
The following table sets forth our total consolidated debt and lease liabilities as of September 30, 2025, and December 31, 2024. Amounts are
stated in millions of Mexican pesos.
|
September 30,
2025
|
December 31,
2024
|
(Decrease)
Increase
|
|
|
)Current portion of long-term debt
|
3,802.0
|
4,557.0
|
(755.0)
|
|
Long-term debt, net of current portion
|
83,259.1
|
98,398.2
|
(15,139.1)
|
|
Total debt (1)
|
87,061.1
|
102,955.2
|
(15,894.1)
|
|
Current portion of long-term lease liabilities
|
1,265.7
|
1,243.0
|
22.7
|
|
Long-term lease liabilities, net of current portion
|
3.437.0
|
4,143.7
|
(706.7)
|
|
Total lease liabilities
|
4,702.7
|
5,386.7
|
(684.0)
|
|
Total debt and lease liabilities
|
91,763.8
|
108,341.9
|
(16,578.1)
|
| (1) As of September 30, 2025 and December 31, 2024, total debt is presented net of finance costs in the aggregate amount of Ps.1,195.3 million and Ps.1,259.0 million, respectively. | |||
As of September 30, 2025, our consolidated net debt position (total debt and lease liabilities, less cash and cash equivalents, and non-current investments in
financial instruments) was Ps.50,086.3 million. The non-current investments in financial instruments amounted to an aggregate of Ps.3,820.7 million as of September 30, 2025.
Shares Outstanding
As of September 30, 2025 and December 31, 2024, our shares outstanding amounted to 312,120.7 million and 315,451.8 million shares, respectively, and our CPO equivalents outstanding amounted to 2,667.7 million and
2,696.2 million CPO equivalents, respectively. Not all of our shares are in the form of CPOs. The number of CPO equivalents is calculated by dividing the number of shares outstanding by 117.
As of September 30, 2025 and December 31, 2024, the GDS (Global Depositary Shares) equivalents outstanding amounted to 533.5 million and 539.2 million GDS equivalents, respectively. The number of GDS equivalents is
calculated by dividing the number of CPOs equivalents by five.
Sustainability
This last august, we published our 2024 Sustainability Report "Your world, connected", aligned to the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) indicators, with a
limited assurance, where we detail our ESG strategy consisting of 4 pillars: climate-resilient connections, digital inclusion, empowering people, and leading by example, framing our initiatives to create a positive impact in our business and the
world. Through our diverse portfolio of services, we enable connectivity and fulfill our purpose: Bringing people closer to what matters most to them.
Through our actions and enhanced of our disclosure on Environmental, Social, and Governance topics, we increased our "S&P Global ESG Score" by 10 points, driven by improvements in the Social and Governance dimensions.
Finally, we completed this year's Carbon Disclosure Project (CDP) questionnaire, a non-profit organization that operates the global disclosure system for investors, companies,
cities, states, and regions to manage their environmental impacts. We expect the evaluation results later this year.
Additional Information Available on Website
The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report and on Form 20-F for the year ended December 31, 2024, which
is posted on the “Reports and Filings” section of our investor relations website at televisair.com.
In addition, from time to time, TelevisaUnivision and/or its subsidiaries publish annual and quarterly financial statements and financial information, as well as other important information concerning its business,
on its website and elsewhere. The Company is not responsible for such TelevisaUnivision information in any way, and such information is not intended to be included as part of, or incorporated by reference into, the Company’s public filings or
releases.
About Televisa
Grupo Televisa S.A.B. (“Televisa”) is a major telecommunications corporation which owns and operates one of the most significant cable
companies as well as a leading direct-to-home satellite pay television system in Mexico. Televisa’s cable business offers integrated services, including video, high-speed data and voice to residential and commercial customers as well as
managed services to domestic and international carriers. Televisa owns Sky, a leading direct-to-home satellite pay television system and broadband provider in Mexico. Televisa holds a number of concessions by the Mexican government that
authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision, Inc. (“TelevisaUnivision”), and Televisa’s cable and DTH systems. In addition, Televisa is the largest shareholder of TelevisaUnivision, a
leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the US and over 50 countries through television networks, cable operators and over-the-top or “OTT” services.
Disclaimer
This press release contains forward-looking statements regarding the Company’s results and prospects. Actual results could differ materially from these statements. The
forward-looking statements in this press release should be read in conjunction with the factors described in “Item 3. Key Information – Forward-Looking Statements” in the Company’s Annual Report on Form 20-F, which, among others, could cause
actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information
Investor Relations
www.televisair.com.mx
Tel: (52 55) 5261 2445
Rodrigo Villanueva, VP, Head of Investor Relations / rvillanuevab@televisa.com.mx
Andrés Audiffred, Investor Relations Director / aaudiffreda@televisa.com.mx
Nicolás Espinoza, Investor Relations Manager / nespinozam@televisa.com.mx
Media Relations
Rubén Acosta / Tel: (52 55) 5224 6420 / racostamo@televisa.com.mx
Alejandra García / Tel: (52 55) 4438 1205 / agarcial@televisa.com.mx
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(Millions of Mexican Pesos)
|
September 30,
2025
(Unaudited)
|
December 31,
2024
(Audited)
|
||||||
|
ASSETS
|
|||||||
|
Current assets:
|
|||||||
|
Cash and cash equivalents
|
Ps.
|
37,856.8
|
Ps.
|
46,193.2
|
|||
|
Trade accounts receivable, net
|
6,146.9
|
6,175.8
|
|||||
|
Other accounts receivable, net
|
83.3
|
125.5
|
|||||
|
Income taxes receivable
|
5,247.6
|
6,374.1
|
|||||
|
Other receivable taxes
|
2,927.4
|
3,207.9
|
|||||
|
Derivative financial instruments
|
—
|
1,297.0
|
|||||
|
Due from related parties
|
4,156.5
|
339.6
|
|||||
|
Transmission rights
|
863.6
|
950.7
|
|||||
|
Inventories
|
419.5
|
463.2
|
|||||
|
Contract costs
|
1,525.2
|
1,483.0
|
|||||
|
Other current assets
|
2,442.3
|
1,657.5
|
|||||
|
Total current assets
|
61,669.1
|
68,267.5
|
|||||
|
Non-current assets:
|
|||||||
|
Trade accounts receivable, net of current portion
|
484.4
|
484.5
|
|||||
|
Due from related party
|
—
|
3,293.5
|
|||||
|
Derivative financial instruments
|
—
|
704.1
|
|||||
|
Transmission rights
|
74.2
|
74.2
|
|||||
|
Investments in financial instruments
|
3,820.7
|
2,494.7
|
|||||
|
Investments in associates and joint ventures
|
43,873.1
|
44,436.7
|
|||||
|
Property, plant and equipment, net
|
60,094.0
|
63,664.3
|
|||||
|
Investment property, net
|
2,644.7
|
2,706.5
|
|||||
|
Right-of-use assets, net
|
3,288.6
|
3,336.9
|
|||||
|
Intangible assets, net
|
38,012.6
|
38,927.0
|
|||||
|
Deferred income tax assets
|
19,042.3
|
20,630.8
|
|||||
|
Contract costs
|
2,541.4
|
2,488.1
|
|||||
|
Other assets
|
188.9
|
149.1
|
|||||
|
Total non-current assets
|
174,064.9
|
183,390.4
|
|||||
|
Total assets
|
Ps.
|
235,734.0
|
Ps.
|
251,657.9
|
|||
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(Millions of Mexican Pesos)
|
September 30,
2025
(Unaudited)
|
December 31,
2024
(Audited)
|
||||||
|
LIABILITIES
|
|||||||
|
Current liabilities:
|
|||||||
|
Current portion of long-term debt
|
Ps.
|
3,802.0
|
Ps.
|
4,557.0
|
|||
|
Interest payable
|
1,322.2
|
1,674.5
|
|||||
|
Current portion of lease liabilities
|
1,265.7
|
1,243.0
|
|||||
|
Derivative financial instruments
|
384.8
|
—
|
|||||
|
Trade accounts payable and accrued expenses
|
12,553.0
|
11,329.9
|
|||||
|
Customer deposits and advances
|
1,094.6
|
1,130.4
|
|||||
|
Current portion of deferred revenue
|
287.7
|
287.7
|
|||||
|
Income taxes payable
|
61.2
|
1,320.6
|
|||||
|
Other taxes payable
|
2,029.4
|
2,610.1
|
|||||
|
Employee benefits
|
1,417.6
|
1,258.6
|
|||||
|
Due to related parties
|
194.0
|
202.4
|
|||||
|
Other current liabilities
|
2,330.6
|
1,688.9
|
|||||
|
Total current liabilities
|
26,742.8
|
27,303.1
|
|||||
|
Non-current liabilities:
|
|||||||
|
Long-term debt, net of current portion
|
83,259.1
|
98,398.2
|
|||||
|
Lease liabilities, net of current portion
|
3,437.0
|
4,143.7
|
|||||
|
Deferred revenue, net of current portion
|
4,386.9
|
4,602.7
|
|||||
|
Deferred income tax liabilities
|
2,351.4
|
1,251.4
|
|||||
|
Post-employment benefits
|
830.9
|
772.5
|
|||||
|
Other long-term liabilities
|
3,633.8
|
3,490.7
|
|||||
|
Total non-current liabilities
|
97,899.1
|
112,659.2
|
|||||
|
Total liabilities
|
124,641.9
|
139,962.3
|
|||||
|
EQUITY
|
|||||||
|
Capital stock
|
3,933.5
|
3,933.5
|
|||||
|
Additional paid-in capital
|
13,359.5
|
13,359.5
|
|||||
|
17,293.0
|
17,293.0
|
||||||
|
Retained earnings:
|
|||||||
|
Legal reserve
|
1,798.4
|
1,798.4
|
|||||
|
Unappropriated earnings
|
109,621.7
|
118,508.2
|
|||||
|
Net loss for the period
|
(1,138.2)
|
(8,265.5)
|
|
||||
|
110,281.9
|
112,041.1
|
||||||
|
Accumulated other comprehensive loss, net
|
(11,728.2)
|
|
(12,882.8)
|
|
|||
|
Shares repurchased
|
(14,106.7)
|
|
(13,997.3)
|
|
|||
|
84,447.0
|
85,161.0
|
||||||
|
Equity attributable to stockholders of the Company
|
101,740.0
|
102,454.0
|
|||||
|
Non-controlling interests
|
9,352.1
|
9,241.6
|
|||||
|
Total equity
|
111,092.1
|
111,695.6
|
|||||
|
Total liabilities and equity
|
Ps.
|
235,734.0
|
Ps.
|
251,657.9
|
|||
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(Millions of Mexican Pesos)
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||
|
Revenues
|
Ps.
|
14,627.0
|
Ps.
|
15,362.8
|
Ps.
|
44,330.0
|
Ps.
|
47,034.5
|
||||||
|
Cost of revenues
|
(9,258.7)
|
|
(9,944.3)
|
|
(27,493.7)
|
|
(30,862.7)
|
|
||||||
|
Selling expenses
|
(1,655.1)
|
|
(2,131.4)
|
|
(5,932.5)
|
|
(6,685.5)
|
|
||||||
|
Administrative expenses
|
(2,740.7)
|
|
(2,603.1)
|
|
(7,615.0)
|
|
(7,550.5)
|
|
||||||
|
Income before other expense or income
|
972.5
|
684.0
|
3,288.8
|
1,935.8
|
||||||||||
|
Other (expense) income, net
|
(43.7)
|
|
(319.3)
|
|
(516.6)
|
|
1,444.3
|
|||||||
|
Operating income
|
928.8
|
364.7
|
2,772.2
|
3,380.1
|
||||||||||
|
Finance expense
|
(1,834.5)
|
|
(2,359.7)
|
|
(5,799.0)
|
|
(6,088.6)
|
|
||||||
|
Finance income
|
1,159.1
|
1,100.4
|
3,022.5
|
3,105.9
|
||||||||||
|
Finance expense, net
|
(675.4)
|
|
(1,259.3)
|
|
(2,776.5)
|
|
(2,982.7)
|
|
||||||
|
Share of income of associates and joint
ventures, net
|
843.0
|
1,736.1
|
2,145.7
|
1,717.8
|
|
|||||||||
|
Income before income taxes
|
1,096.4
|
841.5
|
|
|
2,141.4
|
2,115.2
|
||||||||
|
Income tax
|
(3,008.1)
|
(171.0)
|
(3,169.1)
|
|
(627.8)
|
|
||||||||
|
Net (loss) income from continuing operations
|
(1,911.7)
|
670.5
|
|
(1,027.7)
|
1,487.4
|
|||||||||
|
Income from discontinued operations, net
|
—
|
—
|
—
|
56.8
|
||||||||||
|
Net (loss) income
|
Ps.
|
(1,911.7)
|
Ps.
|
670.5
|
|
Ps.
|
(1,027.7)
|
Ps.
|
1,544.2
|
|||||
|
Net (loss) income attributable to:
|
||||||||||||||
|
Stockholders of the Company
|
Ps.
|
(1,932.5)
|
Ps.
|
666.5
|
|
Ps.
|
(1,138.2)
|
Ps.
|
1,592.7
|
|||||
|
Non-controlling interests
|
20.8
|
4.0
|
|
110.5
|
(48.5)
|
|
||||||||
|
Net (loss) income
|
Ps.
|
(1,911.7)
|
Ps.
|
670.5
|
|
Ps.
|
(1,027.7)
|
Ps.
|
1,544.2
|
|||||
|
Basic (loss) earnings per CPO attributable to
stockholders of the Company:
|
||||||||||||||
|
Continuing operations
|
Ps.
|
(0.72)
|
Ps.
|
0.25
|
|
Ps.
|
(0.42)
|
Ps.
|
0.57
|
|||||
|
Discontinued operations
|
—
|
—
|
—
|
0.02
|
||||||||||
|
Total
|
Ps.
|
(0.72)
|
Ps.
|
0.25
|
|
Ps.
|
(0.42)
|
Ps.
|
0.59
|
|||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
|
GRUPO TELEVISA, S.A.B.
|
|||||
|
(Registrant)
|
|||||
|
Date: October 24, 2025
|
By:
|
/s/ Luis Alejandro Bustos Olivares
|
|||
|
Name:
|
Luis Alejandro Bustos Olivares
|
||||
|
Title:
|
Legal Vice President and General Counsel
|
||||
FAQ
What were Grupo Televisa (TV) revenues in Q3 2025?
Revenues were Ps.14,627.0 million, a 4.8% decline year over year.
Why did Grupo Televisa report a net loss in Q3 2025?
The loss reflects higher income taxes of Ps.3,008.1 million, including a non-cash deferred tax asset write-off of Ps.2,658.2 million.
How did Cable and Sky perform for Televisa in Q3 2025?
Cable revenues were Ps.11,679.8 million (flat), while Sky revenues declined 18.2% to Ps.3,051.0 million.
What was Televisa’s operating segment income and margin in Q3 2025?
Operating segment income was Ps.5,677.1 million with a 38.5% margin.
How did finance expense change for Televisa in Q3 2025?
Finance expense, net improved to Ps.675.4 million, better by Ps.583.9 million year over year.
What were Televisa’s capital expenditures in Q3 2025?
Capital expenditures were U.S.$196.1 million or Ps.3,656.6 million.
What is Televisa’s total and net debt as of September 30, 2025?
Total debt was Ps.87,061.1 million; consolidated net debt was Ps.50,086.3 million.
Grupo Televisa