Is América Móvil profitable in 2026?

Yes. América Móvil reported Q2 2026 net income of MXN 24.3bn, up 8.9% year over year, and H1 2026 revenue of MXN 477.9bn versus MXN 465.8bn a year earlier, per results reported July 21, 2026.

Who owns América Móvil?

América Móvil is controlled by Mexico's Slim family. CEO Daniel Hajj Aboumrad and Chairman Carlos Slim Domit run the company, with Slim-family vehicles and foundations holding roughly 44 to 48 percent and insiders about 24 percent, as of 2026.

Who is América Móvil's biggest competitor?

In Mexico, AT&T and Telefónica's Movistar trail far behind: América Móvil held 57.3 percent of Mexican mobile share versus Telefónica's 15.6 percent and AT&T's 15.1 percent in 2023 data. Telefónica has since retreated, selling its Ecuador unit in June 2025.

Could AI replace América Móvil's business?

No. América Móvil's core value is physical infrastructure, spectrum licenses and fiber networks across roughly 20 countries. AI mainly touches customer service and back-office layers; headcount stayed flat at 177,545 as of March 31, 2026 despite subscriber growth to 334.5 million lines.

Is América Móvil facing regulatory or antitrust risk?

Yes. Brazil's CADE formally requested more information on the Claro-Desktop fiber deal on June 24, 2026, and Peru's INDECOPI must still approve the Claro-WOW Tel acquisition announced July 21, 2026, which would give Claro Peru about 39 percent of fixed-internet share.

What is América Móvil's debt situation like in 2026?

Improving. América Móvil's leverage ratio fell to 1.31x LTM EBITDA excluding leases in Q2 2026, down from 1.57x a year earlier, landing inside its stated 1.2 to 1.5x target range, per results reported July 23, 2026.

Telecom infrastructure · Mexico

América Móvil

americamovil.com ↗

Latin America's biggest mobile carrier, Telcel/Claro networks across ~20 countries.

Hard to displace

Assessed 25 July 2026 · Evidence as of 25 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 25 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: CADE antitrust ruling on the Desktop fiber deal in Brazil

The call

América Móvil sits on physical networks and spectrum that rivals are exiting rather than attacking, with AI and satellite broadband as slow-moving pressures, not present ones.

América Móvil runs phone and internet networks in about 20 countries, with nearly three-quarters of Mexico's mobile customers. Competitors like Telefónica and Liberty are selling off their assets in the region instead of fighting back, because building rival networks from scratch costs billions and governments tightly control who can get the radio frequencies needed to operate. The main risk is not a competitor or AI, but Mexican regulators deciding to force the company to break itself apart or cut prices, which would hurt profits but not kill the business itself.

Why

AI pressure: Agentic AI in customer service, billing, and network operations. AI trims call-center and NOC costs for América Móvil, it does not replace spectrum or fiber, so it feeds margins rather than eating the business. Could AI do the core job? Unlikely.

Bigger players: Starlink satellite broadband. Starlink could pull low-density rural subscribers off Claro networks over time, but has not shown visible share loss yet. Could a giant copy it? No, they are blocked.

What protects it. Spectrum licenses, fiber and tower networks, and >70% Mexican mobile share that took decades and heavy capital to build.

What would change this call

IFT/Cofece issues new preponderant-carrier remedies or wholesale pricing mandates on América Móvil. Would show regulators forcing margin or network-sharing concessions on the Mexican core.
CADE ruling on the Desktop fiber deal in Brazil within the next six months. Blocking or delay would show regulatory pushback limiting América Móvil's Brazilian expansion.
Starlink subscriber growth reported in low-density Latin American markets América Móvil serves. Would show satellite broadband starting to draw customers from América Móvil's rural base.

Key numbers

Q2 2026 revenue MXN 241.07bn, up 3.1% YoY (2026-06-30)
Leverage down to 1.31x EBITDA from 1.57x a year ago (2026-06-30)
334.5 million total wireless lines, +3.2% YoY (2026-03-31)

Named risks

Mexican regulator IFT could impose preponderant-carrier remedies forcing network sharing. Severity: high
Brazil's CADE could block or delay the Claro-Desktop fiber deal after June 2026 info request. Severity: medium
Peru's INDECOPI could block the Claro-WOW Tel deal that would push Claro to ~39% fixed-internet share. Severity: medium
Peso and real FX swings can sharply hit net income, as seen in Q4 2024's 47.5% profit drop. Severity: medium
Satellite broadband like Starlink could erode subscriber base in low-density markets. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Telefónica (Movistar)	losing to	Sold Ecuador's Movistar/Otecel to Millicom for $380m, June 2025
Liberty Latin America	losing to	Selling WOW Tel Peru fiber stakes to América Móvil, announced July 21, 2026
AT&T Mexico	contesting	Holds 15.1% of Mexican mobile market vs América Móvil's 57.3%, 2023 data
Millicom (Tigo)	gaining on	Expanding via Ecuador and Guatemala acquisitions as of mid-2025

Questions people ask

Is América Móvil profitable in 2026?: Yes. América Móvil reported Q2 2026 net income of MXN 24.3bn, up 8.9% year over year, and H1 2026 revenue of MXN 477.9bn versus MXN 465.8bn a year earlier, per results reported July 21, 2026.
Who owns América Móvil?: América Móvil is controlled by Mexico's Slim family. CEO Daniel Hajj Aboumrad and Chairman Carlos Slim Domit run the company, with Slim-family vehicles and foundations holding roughly 44 to 48 percent and insiders about 24 percent, as of 2026.
Who is América Móvil's biggest competitor?: In Mexico, AT&T and Telefónica's Movistar trail far behind: América Móvil held 57.3 percent of Mexican mobile share versus Telefónica's 15.6 percent and AT&T's 15.1 percent in 2023 data. Telefónica has since retreated, selling its Ecuador unit in June 2025.
Could AI replace América Móvil's business?: No. América Móvil's core value is physical infrastructure, spectrum licenses and fiber networks across roughly 20 countries. AI mainly touches customer service and back-office layers; headcount stayed flat at 177,545 as of March 31, 2026 despite subscriber growth to 334.5 million lines.
Is América Móvil facing regulatory or antitrust risk?: Yes. Brazil's CADE formally requested more information on the Claro-Desktop fiber deal on June 24, 2026, and Peru's INDECOPI must still approve the Claro-WOW Tel acquisition announced July 21, 2026, which would give Claro Peru about 39 percent of fixed-internet share.
What is América Móvil's debt situation like in 2026?: Improving. América Móvil's leverage ratio fell to 1.31x LTM EBITDA excluding leases in Q2 2026, down from 1.57x a year earlier, landing inside its stated 1.2 to 1.5x target range, per results reported July 23, 2026.

Timeline

2026-07-21Agreed to acquire Liberty Latin America's WOW Tel stakes in Peru fiber business
2026-07-21Reported Q2 2026 revenue MXN 241.07bn, net income MXN 24.3bn
2026-06-24Brazil's CADE formally requested more information on Claro-Desktop fiber deal
2026-03-31Total wireless lines reached 334.5 million, up 3.2% year over year
2026-03-22Announced acquisition of ~73% of Brazilian ISP Desktop S.A. for ~US$750m
2025-09-28Ended pact capping KPN stake at 30%, remained largest shareholder at ~29.8%
2025-06Telefónica sold Ecuador's Movistar/Otecel to Millicom for $380m
2024-10-01Regained full ownership and consolidation of Claro Chile
2024-02-14América Móvil's KPN stake reported below 3% before later rebuilding

Revision history

25 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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