América Móvil, S.A.B. de C.V.

What they do

América Móvil provides wireless and fixed-line telecommunications services, including voice, data, and broadband, across multiple countries. The company operates under the Claro brand in Latin America and Telcel in Mexico. It also offers pay-TV and enterprise services. As of December 31, 2025, it had 60,264 million B shares outstanding.

Revenue drivers

• Wireless services — Primary revenue source, including postpaid and prepaid mobile voice and data services, sold under Claro and Telcel brands across Latin America.
• Fixed-line data and broadband — Includes residential and enterprise broadband, leased lines, and data services, contributing meaningfully to total operating revenues.
• Pay-TV and other services — Includes cable TV and satellite TV offerings, along with value-added services, generating additional recurring revenue.
• Equipment sales — Sales of handsets and other devices, typically bundled with service contracts, providing incremental revenue.

Recent performance

For fiscal year 2025, América Móvil reported operating revenues of Ps. 943,638 million (U.S. $52,521 million), up from Ps. 869,221 million in 2024. Operating income rose to Ps. 191,404 million from Ps. 180,100 million, driven by revenue growth and cost control. Depreciation and amortization increased to Ps. 180,805 million, reflecting ongoing capital investments. The consolidation of Claro Chile, completed in July 2025, contributed to the revenue increase.

Strategy

América Móvil's stated strategy includes expanding its network infrastructure, particularly in 4G/5G and fiber, to support data traffic growth. The company focuses on integrating acquisitions, as seen with the full consolidation of Claro Chile. It also emphasizes operational efficiency and cost management to sustain margins. Investments are directed towards high-growth segments like mobile data and enterprise solutions.

Risks

• Regulatory and legal risks — The company operates in many jurisdictions with varying telecom regulations, including price controls, spectrum licensing, and competition rules, which could affect operations and costs.
• Currency and macroeconomic exposure — Significant operations in Latin America expose the company to currency volatility and economic downturns, impacting revenue and profitability.
• Intense competition — Competitive pressures from other telecom operators and new entrants could affect market share and pricing power.
• Technological disruption — Rapid changes in technology and consumer preferences require continuous investment, and failure to keep pace could lead to obsolescence.

Outlook

Management expects continued revenue growth driven by data demand across mobile and fixed segments. They anticipate further integration benefits from Claro Chile and other recent acquisitions. Capital expenditure will remain elevated to support network expansion and technology upgrades. The company plans to maintain a strong focus on debt management and liquidity.