Televisa (NYSE: TV) Q1 2026 profit surges despite revenue dip
Rhea-AI Filing Summary
Grupo Televisa reported mixed first-quarter 2026 results. Telecom revenues fell 3.1% to Ps.14,512.5 million, as a 24.6% drop in Satellite Services more than offset modest growth of 0.9% in Residential and a strong 30.0% increase in Enterprise revenues.
Profitability improved sharply. Operating segment income rose 5.2% to Ps.6,001.2 million, lifting margin to 41.4% from 38.1% thanks to efficiency measures and lower corporate and other expenses. Net income attributable to stockholders jumped to Ps.1,031.9 million from Ps.319.8 million, helped by higher income from associates, especially TelevisaUnivision, and lower income taxes.
Finance expense, net, increased to Ps.(1,637.6) million, largely due to a loss in the fair value of derivatives and lower interest income. Televisa invested U.S.$141.9 million in capital expenditures and modestly reduced total debt and lease liabilities to Ps.88,557.8 million while maintaining a sizable cash and investment position.
Positive
- Sharp earnings improvement and margin expansion: Net income attributable to stockholders rose to Ps.1,031.9 million from Ps.319.8 million, while operating segment income margin expanded from 38.1% to 41.4%, reflecting cost efficiencies and stronger contributions from associates such as TelevisaUnivision.
Negative
- Ongoing satellite contraction and higher financial volatility: Satellite Services revenues fell 24.6% year-on-year and lost about 325.7 thousand RGUs, while finance expense, net, deteriorated to Ps.(1,637.6) million due in part to derivative fair-value losses and reduced interest income.
Insights
Televisa’s Q1 shows strong profit rebound on better margins and JV income despite modest telecom revenue pressure.
Televisa delivered a 3.1% revenue decline to Ps.14,512.5 million, driven by a 24.6% fall in Satellite Services, while Residential revenues inched up 0.9% and Enterprise grew 30.0%. This indicates ongoing pressure in legacy satellite but healthier demand in higher-value enterprise and residential offerings.
Operating segment income increased 5.2% to Ps.6,001.2 million, expanding margin to 41.4% from 38.1% as cost controls cut corporate and other expenses. Net income attributable to stockholders climbed to Ps.1,031.9 million from Ps.319.8 million, helped by a Ps.1,247.9 million jump in share of income of associates and joint ventures, mainly TelevisaUnivision, and lower income taxes.
Finance expense, net, worsened to Ps.(1,637.6) million, largely from derivative fair-value losses and weaker interest income, offsetting some operating gains. Still, total debt and lease liabilities declined to Ps.88,557.8 million, and Televisa invested U.S.$141.9 million in capital expenditures, suggesting continued network investment while gradually deleveraging.
Key Figures
Telecom revenues: Ps.14,512.5 million
Operating segment income: Ps.6,001.2 million
Net income attributable to stockholders: Ps.1,031.9 million
+5 more
8 metrics
Telecom revenues
Ps.14,512.5 million
Quarter ended March 31, 2026; down 3.1% year-on-year
Operating segment income
Ps.6,001.2 million
Q1 2026; margin 41.4% vs 38.1% in Q1 2025
Net income attributable to stockholders
Ps.1,031.9 million
Q1 2026; up from Ps.319.8 million in Q1 2025
Satellite Services revenues
Ps.2,615.9 million
Q1 2026; 24.6% decline vs Q1 2025
Enterprise Services revenues
Ps.1,284.7 million
Q1 2026; 30.0% increase vs Q1 2025
Capital expenditures
U.S.$141.9 million (Ps.2,491.7 million)
Property, plant and equipment in Q1 2026
Total debt and lease liabilities
Ps.88,557.8 million
As of March 31, 2026; down from Ps.91,430.2 million
Consolidated net debt
Ps.49,752.4 million
As of March 31, 2026, after cash and investments
Key Terms
Operating segment income, RGUs, share of income of associates and joint ventures, TelevisaUnivision, +2 more
6 terms
Operating segment income financial
"Operating segment income increased by 5.2%, translating into a 41.4% margin."
RGUs financial
"Total net additions for the quarter were 137.8 thousand RGUs, primarily driven by gains of 94.7 thousand mobile subscribers."
RGUs, or revenue-generating units, count individual services or subscriptions that bring in money for a company—think of each phone line, broadband connection or paid channel as a separate unit. Investors watch RGUs because they show how many active, paying relationships a business has and help gauge growth, churn and potential revenue per customer, much like tracking how many seats are filled at a theater to predict ticket income.
TelevisaUnivision financial
"This increase reflected primarily a share of income of TelevisaUnivision, Inc. (“TelevisaUnivision”) in the first quarter of 2026."
finance expense, net financial
"Finance expense, net, increased by Ps.1,208.9 million, to Ps.1,637.6 million in the first quarter of 2026."
capital expenditures financial
"During the first quarter of 2026, we invested approximately U.S.$141.9 million (Ps.2,491.7 million) in property, plant and equipment as capital expenditures."
Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Grupo Televisa (TV) perform financially in Q1 2026?
Grupo Televisa delivered revenues of Ps.14,512.5 million, down 3.1% year-on-year, but significantly improved profitability. Net income attributable to stockholders rose to Ps.1,031.9 million from Ps.319.8 million, supported by higher margins and stronger income from associates.
What drove Grupo Televisa’s profit increase in the first quarter of 2026?
Profit rose mainly due to a higher share of income from associates and joint ventures, especially TelevisaUnivision, improved operating efficiency, and lower other expenses and income taxes. These factors lifted operating segment margin to 41.4% despite a modest decline in total telecom revenues.
How did each Telecom revenue line at Televisa (TV) perform in Q1 2026?
Residential revenues grew 0.9% to Ps.10,611.9 million, Enterprise revenues increased 30.0% to Ps.1,284.7 million, while Satellite revenues fell 24.6% to Ps.2,615.9 million. Overall Telecom revenues declined 3.1% compared with the first quarter of 2025.
What happened to Televisa’s subscriber base and RGUs in Q1 2026?
Residential Services added 137.8 thousand RGUs, led by gains in mobile, voice, and broadband, partially offset by video losses. Satellite Services, however, recorded about 325.7 thousand net disconnections, mainly a loss of 300.6 thousand video RGUs, reducing that business’s scale.
How did Grupo Televisa’s debt and net debt change by March 31, 2026?
Total debt and lease liabilities decreased to Ps.88,557.8 million from Ps.91,430.2 million. Consolidated net debt, after subtracting cash, cash equivalents, short-term investments, and non-current financial investments, stood at Ps.49,752.4 million as of March 31, 2026.
What level of capital expenditures did Televisa (TV) make in Q1 2026?
Televisa invested approximately U.S.$141.9 million, equivalent to Ps.2,491.7 million, in property, plant and equipment during the first quarter of 2026. This compares with U.S.$87.0 million or Ps.1,777.0 million in capital expenditures in the same quarter of 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2026
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 First Quarter 2026 Results
Consolidated
|
●
|
Revenue declined by 3.1%, while Operating Segment Income (“OSI”) increased by 5.2%, representing a 41.4% margin, continuing the sequential improvements.
|
|
●
|
OSI margin expanded by approximately 330 basis points, driven by ongoing efficiencies and synergies.
|
|
●
|
Operating Cash Flow (“OCF”)1 margin of 24.2% remained solid due to a combination of opex and capex optimizations.
|
Residential & Enterprise Services
|
●
|
Upgraded to fiber-to-the-home (“FTTH”) over 1.5 million homes, in line with our full-year goal.
|
|
●
|
Passed 11.8 thousand homes with FTTH, reaching over 20.0 million homes passed with our network.
|
|
●
|
Broadband subscribers of 5.7 million, with 25.0 thousand net adds, as we keep focusing on value customers as well as customer satisfaction and retention.
|
|
●
|
Mobile subscribers of 747.6 thousand, with 94.7 thousand net adds driven by our innovative mobile virtual network operations (“MVNO”).
|
|
●
|
Residential Services revenue increased by 0.9% year-on-year, driven by consecutive broadband net adds over the last four quarters. Enterprise Services revenue grew by 30.0%, supported by
the signing of new projects with the public and private sectors.
|
Satellite Services
|
●
|
Total Revenue Generating Units (“RGUs”) of 3.4 million, with 325.7 thousand disconnections.
|
|
●
|
Revenue declined by 24.6%, driven by a decrease in the RGUs base of 27.6%.
|
Earnings Call Date and Time: Wednesday, April 29, 2026, at 11:00 A.M. ET.
Conference ID # is 8395964
|
From the U.S.: +1 (877) 883 0383
|
International callers: +1 (412) 902 6506
|
|
Rebroadcast: +1 (855) 669 9658
|
Rebroadcast: +1 (412) 317 0088
|
The teleconference will be rebroadcast with the access code #2542597
from April 29, 2026 until May 13, 2026.
1 OCF is defined as total OSI minus capital expenditures in property, plant and equipment. A reconciliation of total OSI to consolidated operating income, and the
amount of capital expenditures in property, plant and equipment, are presented in the Notes of Segment Information, and Property, Plant and Equipment, respectively, to our Interim Unaudited Condensed Consolidated Financial Statements as of March 31,
2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025.
1
Consolidated Results
Mexico City, April 28, 2026 — Grupo Televisa, S.A.B. (NYSE: TV; BMV: TLEVISA
CPO; “Televisa” or “the Company”), today announced results for the first quarter of 2026. The results have been prepared in accordance with International Financial Reporting Standards (“IFRS Accounting Standards”).
Beginning in the fourth quarter of 2025, we present the operating results of our Cable and Sky businesses as a single reportable segment, Telecom, with three categories of
revenues: Residential, Satellite and Enterprise. This change in segment reporting is a result of organizational changes that integrated the operations of our Cable and Sky businesses into one single business, and our senior management now analyzes
the results of our operation, makes decisions and assigns resources to it as a single business. Through September 30, 2025, the operating results of our Cable and Sky businesses were presented as separate reportable segments. As a result of this
change in our segment reporting, the operations previously reported under our former Cable and Sky segments are now classified into a single reportable segment for any comparative period presented.
The following table sets forth condensed consolidated statements of income for the quarter ended March 31, 2026 and 2025, in millions of Mexican pesos:
|
1Q’26
|
Margin
|
1Q’25
|
Margin
|
Change
|
|
|
%
|
%
|
%
|
|||
|
Revenues
|
14,512.5
|
100.0
|
14,973.6
|
100.0
|
(3.1)
|
|
Operating segment income 1
|
6,001.2
|
41.4
|
5,702.1
|
38.1
|
5.2
|
|
Net income
|
1,057.3
|
7.3
|
331.5
|
2.2
|
n/a
|
|
Net income attributable to stockholders of the Company
|
1,031.9
|
7.1
|
319.8
|
2.1
|
n/a
|
|
1Operating segment income is defined as operating income before
corporate expenses, depreciation and amortization, and other expense, net.
|
|||||
|
|
|||||
Revenues decreased by 3.1% to Ps.14,512.5 million in the first quarter of 2026, compared with Ps.14,973.6 million in the first quarter of 2025. This decrease was mainly due
to the revenue decline in Satellite Services, partially offset by revenue growth in Residential and Enterprise Services. Operating segment income increased by 5.2%, translating into a 41.4% margin.
Income before income taxes increased by Ps.691.4 million, to Ps.1,243.9 million in the first quarter of 2026, compared with Ps.552.5 million in the
first quarter of 2025.
Net income attributable to stockholders of the Company increased by Ps.712.1 million to Ps.1,031.9 million in the first quarter of 2026, from Ps.319.8
million in the first quarter of 2025.
This increase reflected primarily (i) a Ps.1,247.9 million increase in share of income in associates and joint ventures; (ii) a Ps.119.3 million
decrease in other expense, net; (iii) a Ps.533.1 million increase in operating income before other expense, net; and (iv) Ps.34.4 million decrease in income taxes.
These favorable variances were partially offset by (i) a Ps.1,208.9 million increase in finance expense, net; and (ii) a Ps.13.7 million increase in
net income attributable to non-controlling interests.
2
First-quarter Results by Business Segment
The following table presents the first quarter consolidated results for the periods ended March 31, 2026 and 2025, for each of our revenue lines and our business segment.
Consolidated results for the first quarter of 2026 and 2025 are presented in millions of Mexican pesos.
|
Revenues
|
1Q’26
|
%
|
1Q’25
|
%
|
Change
%
|
|||||||||||||||
|
Residential
|
10,611.9
|
73.1
|
10,516.5
|
70.2
|
0.9
|
|||||||||||||||
|
Satellite
|
2,615.9
|
18.0
|
3,469.0
|
23.2
|
(24.6
|
)
|
||||||||||||||
|
Enterprise
|
1,284.7
|
8.9
|
988.1
|
6.6
|
30.0
|
|||||||||||||||
|
Telecom Revenues
|
14,512.5
|
100.0
|
14,973.6
|
100.0
|
(3.1
|
)
|
||||||||||||||
|
Operating Segment Income and
Operating Income
|
1Q’26
|
Margin
%
|
1Q’25
|
Margin
%
|
Change
%
|
|||||||||||||||
|
Operating Segment Income 1
|
6,001.2
|
41.4
|
5,702.1
|
38.1
|
5.2
|
|||||||||||||||
|
Corporate Expenses
|
(74.5
|
)
|
(0.5
|
)
|
(118.6
|
)
|
(0.8
|
)
|
(37.2
|
)
|
||||||||||
|
Intercompany Operations
|
(43.5
|
)
|
(0.3
|
)
|
(43.0
|
)
|
(0.3
|
)
|
1.2
|
|||||||||||
|
Depreciation and Amortization
|
(4,261.4
|
)
|
(29.4
|
)
|
(4,451.8
|
)
|
(29.7
|
)
|
(4.3
|
)
|
||||||||||
|
Other Expense, net
|
(79.4
|
)
|
(0.5
|
)
|
(198.7
|
)
|
(1.3
|
)
|
(60.0
|
)
|
||||||||||
|
Operating Income
|
1,542.4
|
10.6
|
890.0
|
5.9
|
73.3
|
|||||||||||||||
|
1Operating segment income is defined as operating income before corporate expenses, depreciation and amortization, and other expense, net.
|
3
Residential Services Operating Metrics
Total net additions for the quarter were 137.8 thousand RGUs, primarily
driven by gains of 94.7 thousand mobile subscribers, 41.5 thousand voice subscribers, and 25.0 thousand broadband subscribers. On the other hand, we lost 23.5 thousand video subscribers, showing material sequential improvement for five
consecutive quarters as we keep focusing on value customers as well as customer satisfaction and retention.
The following table sets forth the breakdown of RGUs per service type for our Residential Services as of March 31, 2026 and 2025.
|
RGUs
|
1Q’26 Net
Adds
|
1Q’26
|
1Q’25
|
|
Video
|
(23,503)
|
3,623,066
|
3,773,536
|
|
Broadband
|
25,046
|
5,698,169
|
5,620,444
|
|
Voice
|
41,464
|
5,593,777
|
5,444,680
|
|
Mobile
|
94,749
|
747,609
|
380,112
|
|
Total RGUs
|
137,756
|
15,662,621
|
15,218,772
|
Satellite Services Operating Metrics
During the quarter, Satellite Services had around 325.7 thousand RGUs net
disconnections, primarily due to the loss of 300.6 thousand video RGUs.
The following table sets forth the breakdown of RGUs per type of service for Satellite Services as of March 31, 2026 and 2025.
|
RGUs
|
1Q’26 Net
Adds
|
1Q’26
|
1Q’25
|
|
Video
|
(300,591)
|
3,215,605
|
4,404,534
|
|
Broadband
|
(24,409)
|
200,967
|
314,697
|
|
Voice
|
5
|
154
|
186
|
|
Mobile
|
(655)
|
8,976
|
12,394
|
|
Total RGUs
|
(325,650)
|
3,425,702
|
4,731,811
|
4
Revenues and Operating Segment Income
First quarter segment revenues decreased by 3.1% to Ps.14,512.5 million
compared with Ps.14,973.6 million in the first quarter of 2025. Our Residential Services revenues continue improving on a sequential basis and increased by 0.9% year-on-year. Our Enterprise Services revenues increased by 30.0% mainly due to the
signing of new projects with the public and private sectors and the timing of revenue recognition of an important project. Finally, our Satellite Services revenues declined by 24.6%, driven by a year-on-year decrease in RGUs.
First quarter operating segment income increased by 5.2% to Ps.6,001.2
million compared with Ps.5,702.1 million in the first quarter of 2025. The margin reached 41.4%, increasing by around 330 basis points year-on-year due to the efficiency measures and Opex reductions that have been implemented over the last few
quarters.
The following table presents first-quarter consolidated results ended March 31, 2026 and 2025, for each of our revenue lines and our business segment. Consolidated results
for the first quarter of 2026 and 2025 are presented in millions of Mexican pesos.
|
Revenue
|
1Q'26
|
1Q'25
|
Change
%
|
|
Millions of Mexican pesos
|
|||
|
Residential
|
10,611.9
|
10,516.5
|
0.9
|
|
Satellite
|
2,615.9
|
3,469.0
|
(24.6)
|
|
Enterprise
|
1,284.7
|
988.1
|
30.0
|
|
Telecom Revenues
|
14,512.5
|
14,973.6
|
(3.1)
|
|
Operating Segment Income
|
6,001.2
|
5,702.1
|
5.2
|
|
Margin (%)
|
41.4
|
38.1
|
|
Corporate Expense
Corporate expense decreased by Ps.44.1 million, or 37.2%, to Ps.74.5 million in the first quarter of 2026, from Ps.118.6 million in the first quarter of 2025. The decrease
primarily reflected a decline in share-based compensation expense.
Share-based compensation expense in the first quarter of 2026 and 2025 amounted to Ps.84.7 million and Ps.123.7 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.
5
Other Expense, Net
Other expense, net, decreased by Ps.119.3 million, to Ps.79.4 million in the first quarter of 2026, from Ps.198.7 million in the first quarter of 2025. This decrease
reflected primarily a lower non-recurring severance expense in connection with headcount reductions. This favorable variance was partially offset primarily by (i) an increase in expenses related to legal and financial advisory services; and (ii) a
non-cash increase in 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 March 31, 2026 and 2025.
|
Other Expense, Net
|
1Q’26
|
1Q’25
|
|
Cash
|
(121.0)
|
(149.2)
|
|
Non-cash
|
41.6
|
(49.5)
|
|
Total
|
(79.4)
|
(198.7)
|
Finance Expense, Net
The following table sets forth the finance expense, net, stated in millions of Mexican pesos for the quarters ended March 31, 2026 and 2025.
|
1Q’26
|
1Q’25
|
Favorable
(Unfavorable)
Change
|
|
|
Interest expense
|
(1,653.8)
|
(1,850.0)
|
196.2
|
|
Interest income
|
303.1
|
641.4
|
(338.3)
|
|
Foreign exchange gain, net
|
69.7
|
48.4
|
21.3
|
|
Other finance (expense) income, net
|
(356.6)
|
731.5
|
(1,088.1)
|
|
Finance expense, net
|
(1,637.6)
|
(428.7)
|
(1,208.9)
|
Finance expense, net, increased by Ps.1,208.9 million, to Ps.1,637.6 million in the first quarter of 2026, from Ps.428.7 million in the first quarter of 2025.
This increase reflected:
|
(i)
|
a Ps.196.2 million decrease in interest expense, primarily in connection with a lower average principal amount of debt; and
|
|
(ii)
|
a Ps.21.3 million increase in foreign exchange gain, net, resulting primarily from an average depreciation of the Mexican peso against the U.S. dollar on a U.S. dollar-denominated net asset position in the
first quarter of 2026, compared with an average appreciation of the Mexican peso against the U.S. dollar on a U.S. dollar-denominated net liability position in the first quarter of 2025.
|
These favorable variances were partially offset by (i) a Ps.338.3 million decrease in interest income, explained primarily by lower interest rates applicable to our cash
equivalents and short-term investments in Mexican pesos and U.S. dollars in the first quarter of 2026, and a lower average amount of cash equivalents and short-term investments in the first quarter of 2026; and (ii) a Ps.1,088.1 million unfavorable
change in other finance income or expense, net, resulting from a loss in fair value of our derivatives contracts in the first quarter of 2026.
6
Share of Income of Associates and Joint Ventures, Net
Share of income of associates and joint ventures, net, increased by Ps.1,247.9 million, to Ps.1,339.1 million in the first quarter of 2026, from Ps.91.2 million in the first
quarter of 2025. This increase reflected primarily a share of income of TelevisaUnivision, Inc. (“TelevisaUnivision”) in the first quarter of 2026, which reflected primarily an increase in the net income of TelevisaUnivision and a gain derived from
an increase in our share of TelevisaUnivision from 43.2% to 44.3% in the first quarter of 2026.
Share of income of associates and joint ventures, net, in the first quarter of 2026, included primarily our share of income of TelevisaUnivision.
Income Taxes
Income taxes decreased by Ps.34.4 million, to Ps.186.6 million in the first quarter of 2026, from Ps.221.0 million in the first quarter of 2025. This decrease reflected a
lower effective income tax rate primarily in connection with the non-taxable effect of our share of income of associates and joint ventures for the first quarter of 2026.
Net Income Attributable to Non-controlling Interests
Net income attributable to non-controlling interests increased by Ps.13.7 million, to Ps.25.4 million in the first quarter of 2026, from Ps.11.7 million in the first quarter
of 2025. This increase reflected primarily a higher net income attributable to non-controlling interests in our Telecom segment in the first quarter of 2026.
Capital Expenditures
During the first quarter of 2026, we invested approximately U.S.$141.9 million (Ps.2,491.7 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 first quarter of 2026 and 2025 in millions of U.S. dollars
and Mexican pesos:
|
Capital Expenditures
|
1Q´26
(Millions of U.S.
Dollars)
|
1Q´26
(Millions of
Mexican Pesos)
|
1Q´25
(Millions of U.S.
Dollars)
|
1Q´25
(Millions of
Mexican Pesos)
|
|
Total
|
141.9
|
2,491.7
|
87.0
|
1,777.0
|
7
Debt and Lease Liabilities
The following table sets forth our total consolidated debt and lease liabilities as of March 31, 2026, and December 31, 2025. Amounts are stated in millions of Mexican
pesos.
|
March 31,
2026
|
December 31,
2025
|
(Decrease)
Increase
|
|
|
Current portion of long-term debt
|
—
|
3,737.0
|
(3,737.0)
|
|
Long-term debt, net of current portion
|
82,048.1
|
82,257.2
|
(209.1)
|
|
Total debt (1)
|
82,048.1
|
85,994.2
|
(3,946.1)
|
|
Current portion of long-term lease liabilities
|
1,843.9
|
1,583.9
|
260.0
|
|
Long-term lease liabilities, net of current portion
|
4,665.8
|
3,852.1
|
813.7
|
|
Total lease liabilities
|
6,509.7
|
5,436.0
|
1,073.7
|
|
Total debt and lease liabilities
|
88,557.8
|
91,430.2
|
(2,872.4)
|
(1) As of March 31, 2026, and December 31, 2025, total debt is presented net of finance costs in the aggregate amount of Ps.1,163.1 million and Ps.1,181.8
million, respectively.
As of March 31, 2026, our consolidated net debt position (total debt and lease liabilities, less cash and cash equivalents, short-term investments, and non-current
investments in financial instruments) was Ps.49,752.4 million. The non-current investments in financial instruments amounted to an aggregate of Ps.4,095.2 million as of March 31, 2026.
Shares Outstanding
As of March 31, 2026 and December 31, 2025, our shares outstanding amounted to 308,329.4 million and 311,114.8 million shares, respectively, and our CPOs equivalents
outstanding amounted to 2,635.3 million and 2,659.1 million CPOs equivalents, respectively. Not all of our shares are in the form of CPOs. The number of CPOs equivalents is calculated by dividing the number of shares outstanding by 117.
As of March 31, 2026 and December 31, 2025, the GDS (Global Depositary Shares) equivalents outstanding amounted to 527.1 million and 531.8 million GDS equivalents,
respectively. The number of GDS equivalents is calculated by dividing the number of CPOs equivalents by five.
8
Sustainability
Recently, we reaffirmed our purpose of “bringing people closer to what matters most to them”, integrating it into our Environmental, Social, and Governance (ESG) actions.
These actions are structured around four pillars that guide our sustainability strategy: climate resilient connections, digital inclusion, empowering people, and leading by example.
Furthermore, we advanced a new approach to our Sustainability strategy, aimed at strengthening its alignment with the business strategy, ensuring that our efforts contribute
tangibly to operational efficiency, risk mitigation, and business resilience.
Under this approach, each pillar incorporates key elements that enhance the management of risks and opportunities, while reinforcing its contribution to value creation and
business resilience.
|
●
|
Climate resilient connections comprise clean energy and energy
efficiency, efficient mobility, and circular economy initiatives.
|
|
●
|
Digital inclusion focuses on customer satisfaction, expanding our
reach, improving accessibility, and developing digital skills.
|
|
●
|
Empowering people encompasses organizational climate, occupational
health and safety, human rights protection, and a sense of belonging.
|
|
●
|
Finally, Leading by Example addresses personal data protection, information security, and sustainable supply chain management.
|
Additionally, we have conducted a climate scenario analysis that will enable us to identify and assess risks associated with the effects of climate change in the short,
medium, and long term.
Finally, we continue to be signatories of the United Nations Global Compact, the world’s largest corporate sustainability initiative, and we maintain our commitment to
transparency by completing the Carbon Disclosure Project (CDP) questionnaire as well as S&P Global’s Corporate Sustainability Assessment.
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, 2025, which will be posted on the “Reports and Filings” section of our investor relations website at televisair.com, when filled with the Comisión Nacional Bancaria y de Valores and the Securities and Exchange
Commission, respectively.
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.
9
About Televisa
Grupo Televisa S.A.B. (“Televisa”) is a major telecommunications company that owns and operates one of the most significant cable network groups as well
as a leading direct-to-home satellite pay television system in Mexico. Televisa’s cable networks offer integrated services, including high-speed data, video, mobile, and voice to residential and commercial customers as well as telecommunications
managed services to domestic and international enterprises. Televisa also offers pay television and broadband services through its direct-to-home satellite system. 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 networks and satellite system. 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 U.S. 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 / General Director of Communications / racostamo@televisaunivision.com
Florencia López de Rodas / Communications and Media Director / flopezd@televisa.com.mx
10
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
(Millions of Mexican Pesos)
|
March 31,
2026
(Unaudited)
|
December 31,
2025
(Audited)
|
||||||
|
ASSETS
|
|||||||
|
Current assets:
|
|||||||
|
Cash and cash equivalents
|
Ps.
|
24,976.8
|
Ps.
|
27,607.2
|
|||
|
Short-term investments
|
9,733.4
|
11,397.8
|
|||||
|
Trade accounts receivable, net
|
5,296.7
|
5,720.8
|
|||||
|
Other accounts receivable, net
|
111.4
|
70.6
|
|||||
|
Income taxes receivable
|
6,275.9
|
6,135.5
|
|||||
|
Other receivable taxes
|
3,829.6
|
3,624.4
|
|||||
|
Due from related parties
|
820.9
|
727.5
|
|||||
|
Transmission rights
|
891.9
|
877.7
|
|||||
|
Inventories
|
557.7
|
584.9
|
|||||
|
Contract costs
|
1,519.5
|
1,499.8
|
|||||
|
Other current assets
|
2,576.7
|
1,970.1
|
|||||
|
Total current assets
|
56,590.5
|
60,216.3
|
|||||
|
Non-current assets:
|
|||||||
|
Trade accounts receivable, net of current portion
|
—
|
3.0
|
|||||
|
Transmission rights
|
74.2
|
74.2
|
|||||
|
Investments in financial instruments
|
4,095.2
|
3,425.4
|
|||||
|
Investments in associates and joint ventures
|
43,033.4
|
41,900.1
|
|||||
|
Property, plant and equipment, net
|
59,624.5
|
60,698.2
|
|||||
|
Investment property, net
|
2,603.9
|
2,624.3
|
|||||
|
Right-of-use assets, net
|
5,415.1
|
4,184.5
|
|||||
|
Intangible assets, net
|
24,744.8
|
24,913.5
|
|||||
|
Goodwill
|
13,454.9
|
13,454.9
|
|||||
|
Deferred income tax assets
|
13,923.1
|
14,083.0
|
|||||
|
Contract costs, net of current portion
|
2,671.9
|
2,653.0
|
|||||
|
Other assets
|
190.9
|
187.6
|
|||||
|
Total non-current assets
|
169,831.9
|
168,201.7
|
|||||
|
Total assets
|
Ps.
|
226,422.4
|
Ps.
|
228,418.0
|
|||
11
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
(Millions of Mexican Pesos)
|
March 31,
2026
(Unaudited)
|
December 31,
2025
(Audited)
|
||||||
|
LIABILITIES
|
|||||||
|
Current liabilities:
|
|||||||
|
Current portion of long-term debt
|
Ps.
|
—
|
Ps.
|
3,737.0
|
|||
|
Interest payable
|
1,239.1
|
1,425.0
|
|||||
|
Current portion of lease liabilities
|
1,843.9
|
1,583.9
|
|||||
|
Derivative financial instruments
|
129.7
|
413.2
|
|||||
|
Trade accounts payable and accrued expenses
|
13,569.8
|
14,039.7
|
|||||
|
Customer deposits and advances
|
1,052.0
|
958.2
|
|||||
|
Current portion of deferred revenue
|
287.7
|
287.7
|
|||||
|
Income taxes payable
|
37.9
|
287.9
|
|||||
|
Other taxes payable
|
1,812.1
|
1,833.1
|
|||||
|
Employee benefits
|
1,346.1
|
1,249.6
|
|||||
|
Due to related parties
|
319.8
|
224.6
|
|||||
|
Other current liabilities
|
2,070.7
|
2,065.2
|
|||||
|
Total current liabilities
|
23,708.8
|
28,105.1
|
|||||
|
Non-current liabilities:
|
|||||||
|
Long-term debt, net of current portion
|
82,048.1
|
82,257.2
|
|||||
|
Lease liabilities, net of current portion
|
4,665.8
|
3,852.1
|
|||||
|
Deferred revenue, net of current portion
|
4,243.1
|
4,315.0
|
|||||
|
Deferred income tax liabilities
|
2,717.4
|
2,667.5
|
|||||
|
Post-employment benefits
|
934.8
|
954.2
|
|||||
|
Other long-term liabilities
|
3,764.7
|
3,738.1
|
|||||
|
Total non-current liabilities
|
98,373.9
|
97,784.1
|
|||||
|
Total liabilities
|
122,082.7
|
125,889.2
|
|||||
|
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
|
100,969.6
|
110,022.0
|
|||||
|
Net income (loss) for the period
|
1,031.9
|
(9,168.3
|
)
|
||||
|
103,799.9
|
102,652.1
|
||||||
|
Accumulated other comprehensive loss, net
|
(11,164.0
|
)
|
(11,872.8
|
)
|
|||
|
Shares repurchased
|
(15,087.4
|
)
|
(15,016.2
|
)
|
|||
|
77,548.5
|
75,763.1
|
||||||
|
Equity attributable to stockholders of the Company
|
94,841.5
|
93,056.1
|
|||||
|
Non-controlling interests
|
9,498.2
|
9,472.7
|
|||||
|
Total equity
|
104,339.7
|
102,528.8
|
|||||
|
Total liabilities and equity
|
Ps.
|
226,422.4
|
Ps.
|
228,418.0
|
|||
12
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE
THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(Millions of Mexican Pesos)
|
Three months ended March 31,
|
|||||||
|
2026
(Unaudited)
|
2025
(Unaudited)
|
||||||
|
Revenues
|
Ps.
|
14,512.5
|
Ps.
|
14,973.6
|
|||
|
Cost of revenues
|
(8,841.9
|
)
|
(9,215.4
|
)
|
|||
|
Selling expenses
|
(1,760.6
|
)
|
(2,029.4
|
)
|
|||
|
Administrative expenses
|
(2,288.2
|
)
|
(2,640.1
|
)
|
|||
|
Income before other expense
|
1,621.8
|
1,088.7
|
|||||
|
Other expense, net
|
(79.4
|
) |
(198.7
|
)
|
|||
|
Operating income
|
1,542.4
|
890.0
|
|||||
|
Finance expense
|
(2,010.4
|
)
|
(1,850.0
|
)
|
|||
|
Finance income
|
372.8
|
1,421.3
|
|||||
|
Finance expense, net
|
(1,637.6
|
)
|
(428.7
|
)
|
|||
|
Share of income of associates and
joint ventures, net
|
1,339.1
|
91.2
|
|||||
|
Income before income taxes
|
1,243.9
|
552.5
|
|||||
|
Income taxes
|
(186.6
|
)
|
(221.0
|
)
|
|||
|
Net income
|
Ps.
|
1,057.3
|
Ps.
|
331.5
|
|||
|
Net income attributable to:
|
|||||||
|
Stockholders of the Company
|
Ps.
|
1,031.9
|
Ps.
|
319.8
|
|||
|
Non-controlling interests
|
25.4
|
11.7
|
|||||
|
Net income
|
Ps.
|
1,057.3
|
Ps.
|
331.5
|
|||
|
Basic earnings per CPO attributable to
stockholders of the Company
|
Ps.
|
0.39
|
Ps.
|
0.12
|
|||
13
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: April 29, 2026
|
By:
|
/s/ Luis Alejandro Bustos Olivares
|
|||
|
Name:
|
Luis Alejandro Bustos Olivares
|
||||
|
Title:
|
Legal Vice President and General Counsel
|
||||