Company Reports

America Movil grew revenue 5.1%, adjusted for currency movements, during the second quarter, in line with the recent past year, excluding the benefit of the acquisitions. Free cash flow was especially strong, more than doubling to MXN 33 billion ($1.9 billion) year to date.

América Móvil holds a commanding position in several countries throughout Latin America. Political, regulatory, and economic uncertainty, coupled with occasional competitive flare-ups, limit its ability to exercise pricing power, but we expect Móvil’s scale and strong balance sheet will allow it to deliver steady results. The firm is now looking for new acquisition targets. We don't believe a transformative deal is likely, but we are wary that the firm will use its strong balance sheet to undertake a series of sizable transactions that could dilute its competitive position.

América Móvil holds a commanding position in several countries throughout Latin America. Significant political, regulatory, and economic uncertainty, coupled with occasional competitive flare-ups, limit its ability to exercise pricing power, but we expect Móvil’s scale and strong balance sheet will allow it to deliver steady results. The firm is now looking for new acquisition targets. We don't believe a transformative deal is likely, but we are wary that the firm will use its strong balance sheet to undertake a series of sizable transactions that could dilute its competitive position.

Excluding currency movements, América Móvil delivered 4.6% revenue growth in the first quarter, a bit slower than recent quarters, which had benefited from an acquisition in Chile. The key Mexican and Brazilian wireless markets grew by 6% and 8%, respectively.

America Movil's fourth-quarter revenue grew 5.3% year over year, excluding currency movements, closing out 2025 on the same trajectory as the past two years. By our calculation, free cash flow increased 80% to MXN 58 billion ($3 billion, or about $1 per ADR) for the year, the best result since 2020.

America Movil holds a commanding position in several countries throughout Latin America, including Mexico, its home market. Significant political, regulatory, and economic uncertainty, coupled with occasional competitive flare-ups, limit its ability to exercise pricing power, but we expect Movil’s scale and strong balance sheet will allow it to deliver steady results for shareholders.

America Movil delivered 6.2% year-over-year revenue growth, excluding currency movements, during the third quarter. Accelerating growth in the Mexican and Colombian wireless businesses offset some moderation in Brazil. The consolidated EBITDA margin continues to float around 40%.

America Movil should benefit from rising demand for internet access and wireless data services across Latin America. That exposure comes with significant political, regulatory, and economic uncertainty, but we expect Movil’s scale across multiple countries and strong balance sheet will allow it to navigate future challenges while delivering value for shareholders.

America Movil should benefit from rising demand for internet access and wireless data services across Latin America. That exposure comes with significant political, regulatory, and economic uncertainty, but we expect Movil’s scale and strong balance sheet will allow it to navigate future challenges while delivering value for shareholders.

America Movil delivered 7.3% year-over-year revenue growth, excluding currency movements, during the second quarter. Local-currency growth accelerated meaningfully in Mexico and Colombia and remained brisk in Brazil. The consolidated EBITDA margin contracted 1 percentage point to 40%.

America Movil's first-quarter revenue increased 14% year over year, thanks to the weak Mexican peso and the consolidation of its Chilean business. Absent currency benefits, growth was 6%, including a roughly 1% benefit from Chile. The EBITDA margin contracted less than one percentage point to 39%.

America Movil posted 18% revenue growth year over year during the fourth quarter, aided by currency movements and the consolidation of its Chile business. We estimate growth was about 5% absent these factors. The EBITDA margin contracted modestly, down 0.5 percentage points to 38.5%.

America Movil’s dominant position in the Mexican wireless market provides a stable source of cash flow, while its Brazilian business offers upside potential. In addition, the firm should benefit from rising demand for internet access and other data services across Latin America. That exposure comes with significant political, regulatory, and economic uncertainty, but we expect Movil’s scale and strong balance sheet will allow it to create value for shareholders.

Service revenue grew 11% compared with the third quarter of last year, or 5.5%, excluding the benefit of the weak Mexican peso. Profitability also improved, with the consolidated EBITDA margin expanding to 40% from 39% last year.

America Movil’s dominant position in the Mexican wireless market provides a stable source of cash flow, while its Brazilian business offers upside potential. In addition, the firm should benefit from rising demand for internet access and other data services across Latin America. That exposure comes with significant political, regulatory, and economic uncertainty, but we expect Movil’s scale and strong balance sheet will allow it to create value for shareholders.

America Movil’s dominant position in the Mexican wireless market provides a stable source of cash flow, while its Brazilian business offers upside potential. In addition, the firm should benefit from rising demand for internet access and other data services across Latin America. That exposure comes with significant political, regulatory, and economic uncertainty, but we expect Movil’s scale and strong balance sheet will allow it to create value for shareholders.

Several consistent themes were on display in America Movil's second-quarter results. The firm continues to post respectable growth. Service revenue increased 3.5%, or 4.7% excluding currency movements, in line with the average pace of the past two years. Growth has come more from customer gains than pricing discipline, which is somewhat disappointing, especially in Brazil. Revenue growth has produced operating leverage, but cash flow remains underwhelming despite lower capital spending. We still expect Movil will use its strong position across most markets to improve returns on capital over time. We're increasing our fair value estimate to $22 from $21, reflecting the time passed since our last update and accelerating share repurchases in 2024.

America Movil delivered solid revenue growth across most markets during the first quarter, including Mexico and Brazil, the firm’s most important operations. Reported service revenue increased for the first time since mid-2022, increasing 1.1% versus the prior year. Absent currency movements, service revenue would have increased by 5%, accelerating from less than 4% during the second half of 2023. Cash generation remains disappointing, however. Our fair value estimate remains $21 per ADR.

The rapidly devaluing Argentine peso produced messy fourth-quarter results at America Movil, but this business accounts for less than 5% of the firm’s total revenue, making it a headache but not a major contributor to our fair value estimate. Results in Mexico and Brazil were solid, and we aren’t changing our $21 fair value estimate per ADR.

America Movil’s dominant position in the Mexican wireless market provides a stable source of cash flow, while its Brazilian business offers upside potential amid a more rational competitive environment. In addition, the firm should benefit from rising demand for internet access and other data services across Latin America. That exposure comes with significant political, regulatory, and economic uncertainty, but we expect Movil’s strong competitive position in most of the markets it serves and its strong balance sheet will create value for shareholders.