Financial Instruments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Investments in Financial Instruments |
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| Schedule of carrying value and estimated fair value of financial instruments |
| | | | | | | | | | | | | | | 2025 | | 2024 | | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Assets: | | | | | | | | | | | | | Cash and cash equivalents | | Ps. | 27,607,244 | | Ps. | 27,607,244 | | Ps. | 46,193,173 | | Ps. | 46,193,173 | Short-term investments | | | 11,397,798 | | | 11,397,798 | | | — | | | — | Trade accounts receivable, net | | | 5,720,759 | | | 5,720,759 | | | 6,175,819 | | | 6,175,819 | Long-term loan and interest receivable from GTAC (see Note 10) | | | 1,030,233 | | | 1,033,922 | | | 1,024,371 | | | 1,031,497 | Open-Ended Fund (see Note 9) | | | 817,332 | | | 817,332 | | | 784,769 | | | 784,769 | Publicly traded equity instruments (see Note 9) | | | 2,608,027 | | | 2,608,027 | | | 1,709,942 | | | 1,709,942 | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | Senior Notes due 2025, 2032 and 2040 | | Ps. | 16,214,850 | | Ps. | 15,154,885 | | Ps. | 23,361,664 | | Ps. | 22,806,032 | Senior Notes due 2045 | | | 14,244,025 | | | 9,438,233 | | | 16,499,319 | | | 11,969,101 | Senior Notes due 2037 and 2043 | | | 10,725,690 | | | 6,858,590 | | | 10,725,690 | | | 6,794,877 | Senior Notes due 2026 and 2046 | | | 19,583,791 | | | 15,790,836 | | | 22,684,545 | | | 19,734,233 | Senior Notes due 2049 | | | 11,907,609 | | | 7,889,506 | | | 13,792,972 | | | 10,280,454 | Notes due 2027 | | | 4,500,000 | | | 4,483,980 | | | 4,500,000 | | | 4,252,725 | Long-term loans payable to Mexican banks | | | 10,000,000 | | | 10,083,966 | | | 12,650,000 | | | 12,777,242 | Lease liabilities | | | 5,435,988 | | | 5,595,514 | | | 5,386,639 | | | 5,454,171 |
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| Schedule of financial assets and liabilities measured at fair value |
Financial assets and liabilities measured at fair value as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | | | Quoted Prices in | | Internal Models | | Internal Models | | | Balance as of | | Active Markets | | with Significant | | with Significant | | | December 31, | | for Identical | | Observable | | Unobservable | | | 2025 | | Assets (Level 1) | | Inputs (Level 2) | | Inputs (Level 3) | Assets: | | | | | | | | | | | | | At FVOCIL: | | | | | | | | | | | | | Open-Ended Fund | | Ps. | 817,332 | | Ps. | — | | Ps. | 817,332 | | Ps. | — | Publicly traded equity instruments | | | 2,608,027 | | | 2,608,027 | | | — | | | — | | | Ps. | 3,425,359 | | Ps. | 2,608,027 | | Ps. | 817,332 | | Ps. | — | Liabilities: | | | | | | | | | | | | | Derivative financial instruments | | Ps. | 413,188 | | Ps. | — | | Ps. | 413,188 | | Ps. | — |
| | | | | | | | | | | | | | | | | | Quoted Prices in | | Internal Models | | Internal Models | | | Balance as of | | Active Markets | | with Significant | | with Significant | | | December 31, | | for Identical | | Observable | | Unobservable | | | 2024 | | Assets (Level 1) | | Inputs (Level 2) | | Inputs (Level 3) | Assets: | | | | | | | | | | | | | At FVOCIL: | | | | | | | | | | | | | Open-Ended Fund | | Ps. | 784,769 | | Ps. | — | | Ps. | 784,769 | | Ps. | — | Publicly traded equity instruments | | | 1,709,942 | | | 1,709,942 | | | — | | | — | Derivative financial instruments | | | 2,001,051 | | | — | | | 2,001,051 | | | — | Total | | Ps. | 4,495,762 | | Ps. | 1,709,942 | | Ps. | 2,785,820 | | Ps. | — |
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| Derivatives |
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| Investments in Financial Instruments |
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| Schedule of carrying value and estimated fair value of financial instruments |
| | | | | | | | | | | | | | Notional | | | | | | | | Amount | | | December 31, 2025: | | Carrying | | (U.S. Dollars in | | | Derivative Financial Instruments | | Amount | | Thousands) | | Maturity Date | Liabilities: | | | | | | | | | Derivatives recorded as accounting hedges (cash flow hedges): | | | | | | | | | Forwards (a) | | Ps. | 267,224 | | U.S.$ | 388,220 | | January through November 2026 | Derivatives not recorded as accounting hedges: | | | | | | | | | TVI’s Forwards (b) | | | 11,671 | | U.S.$ | 6,900 | | February through April 2026 | Empresas Cablevision’s Forwards (c) | | | 13,070 | | U.S.$ | 7,500 | | March through April 2026 | Cablemás’s Forwards (d) | | | 46,840 | | U.S.$ | 31,600 | | January through May 2026 | Sky’s Forwards (e) | | | 41,960 | | U.S.$ | 23,500 | | January through May 2026 | Forwards (f) | | | 32,423 | | U.S.$ | 20,000 | | January through May 2026 | Total liabilities | | Ps. | 413,188 | | | | | |
| | | | | | | | | | | | | | Notional | | | | | | | | Amount | | | December 31, 2024: | | Carrying | | (U.S. Dollars in | | | Derivative Financial Instruments | | Amount | | Thousands) | | Maturity Date | Assets: | | | | | | | | | Derivatives recorded as accounting hedges (cash flow hedges): | | | | | | | | | Forwards (a) | | Ps. | 1,975,071 | | U.S.$ | 592,005 | | January 2025 through January 2026 | Derivatives not recorded as accounting hedges: | | | | | | | | | TVI’s Forwards (b) | | | 4,408 | | U.S.$ | 8,000 | | January through March 2025 | Empresas Cablevision’s Forwards (c) | | | 2,502 | | U.S.$ | 4,000 | | February through March 2025 | Cablemás’s Forwards (d) | | | 2,180 | | U.S.$ | 5,000 | | January 2025 | Sky’s Forwards (e) | | | 8,072 | | U.S.$ | 15,000 | | March 2025 | Forwards (f) | | | 8,818 | | U.S.$ | 14,000 | | January through March 2025 | Total assets | | Ps. | 2,001,051 | | | | | |
| (a) | As of December 31, 2025 and 2024, the Company had entered into derivative contracts of foreign currency (forwards) to fix the exchange rate for the purchase of U.S.$388 million and U.S.$592 million, respectively, at an average exchange rate of Ps.18.8517 and Ps.18.0059, respectively. The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative income of Ps.2,242,294 and Ps.1,857,456 respectively, for this transaction agreement in other comprehensive income or loss as of December 31, 2025 and 2024, respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps.(747,698) and Ps.456,559, in consolidated other finance income or expense, respectively. |
| (b) | As of December 31, 2025 and 2024, TVI had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$7 million and U.S.$8 million, respectively, at an average rate of Ps.19.8344 and Ps.20.4503, respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps.(58,536) and Ps.39,791, in consolidated other finance income or expense, respectively. |
| (c) | As of December 31, 2025 and 2024, Empresas Cablevisión had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$8 million and U.S.$4 million, respectively, at an average rate of Ps.19.9257 and Ps.20.4637, respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps.(44,919) and Ps.36,474, in consolidated other finance income or expense, respectively. |
| (d) | As of December 31, 2025 and 2024, Cablemás had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$32 million and U.S.$5 million, respectively, at an average rate of Ps.19.6552 and Ps.20.4915, respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps.(76,178) and Ps.2,181, in consolidated other finance income or expense, respectively. |
| (e) | As of December 31, 2025 and 2024, Sky had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$24 million and U.S.$15 million, respectively, at an average rate of Ps.19.9350 and Ps.20.4548, respectively. As a result of the change in fair value of these agreements in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps.(120,308) and Ps.82,065, in consolidated other finance income or expense, respectively. |
| (f) | As of December 31, 2025 and 2024, the Company had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$20 million and U.S.$14 million, respectively, at an average rate of Ps.19.7829 and Ps.20.4645, respectively. As a result of the change in fair value of these agreements, in the years ended December 31, 2025 and 2024, the Company recorded a (loss) income of Ps.(145,470) and Ps.149,593, in consolidated other finance income or expense, respectively. |
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