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América Móvil provides mobile and fixed-line communications across the Americas and Central and Eastern Europe. Mobile voice and data bring in most of its revenue: customers pay in advance for prepaid plans or receive monthly bills for postpaid service. The money it earns depends on how many subscriptions it has, package prices and customer usage. Telcel is its main mobile business in Mexico.
Fixed-line services form its other major business. Households pay for broadband, typically bundled with telephone service, while businesses buy connectivity and IT services. Telmex is its main fixed-line business in Mexico. Equipment sales and Pay TV subscriptions also contribute revenue, but communications services carry the business.
Mexico and Brazil together supply most of its revenue. Keeping customers connected requires continued network investment and access to licensed radio spectrum. In Mexico, special rules require it to give other carriers access to parts of its networks and obtain regulatory approval for retail rates. Telcel, Telmex and Telnor also need approval to add Pay TV; Telmex and Telnor lack authorization to offer it.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
América Móvil also depends on Huawei for network supplies, making trade restrictions that affect Huawei’s access to technology and products worth watching.
Telefônica Brasil’s Vivo competes with América Móvil’s Claro for mobile and fixed-connectivity customers in Brazil, which supplied 19.4% of América Móvil’s 2025 revenue. Vivo’s share of monthly-billed mobile customers and fiber broadband connections shows the competition Claro faces.
Millicom International Cellular S.A. competes with América Móvil for mobile, broadband and Pay TV customers in overlapping Latin American markets. Its expansion of broadband for homes and businesses is worth watching, as América Móvil expects Millicom to become its second-largest regional rival by geographic reach and subscriber base.
TIM S.A. competes with América Móvil’s Claro for Brazilian consumers and businesses buying mobile service and broadband. Watch TIM’s 5G coverage and TIM UltraFibra broadband expansion for the network competition Claro faces.
AT&T competes with América Móvil’s Telcel for wireless customers in Mexico, América Móvil’s largest revenue market. AT&T’s Latin America segment reports its Mexican wireless business, making it more relevant to this rivalry than AT&T’s U.S. results.
Telecom Argentina competes with América Móvil for mobile, broadband and other telecommunications customers in Argentina. Its 2025 purchase of TMA brought a nationwide mobile, fixed-phone, broadband and video customer base under its control, making that enlarged business worth watching.
Liberty Latin America Ltd. competes with América Móvil for residential and business connectivity customers in Puerto Rico, but also owns a minority stake in América Móvil-controlled Claro Chile. América Móvil has the right to buy that remaining Chilean stake for US$16 million.
América Móvil depends on Ericsson’s network equipment and services to keep its telecommunications networks running and expand them. Delays in Ericsson’s deliveries could disrupt América Móvil’s service and revenue, so equipment-supply news matters to its network rollout.
América Móvil relies on Nokia’s network equipment and services to operate and expand the networks that deliver phone and internet service to its customers. Watch Nokia’s supply of network equipment: delays could disrupt América Móvil’s operations and revenue.
America Movil S.A.B de C.V earningsThis company
América Móvil earns from wireless and fixed services, and its report will show whether revenue growth is turning into more operating income.
Read wireless and fixed-service revenue alongside operating income and operating margin. If both revenue streams and operating income grow, subscriptions, usage and broadband demand are bringing in more than the cost of serving customers and expanding networks. If revenue grows but operating income or margin weakens, those costs are taking a greater share, making the quality of growth the question.
