Abstract

Grupo Televisa SAB is scheduled to release its quarterly results on February 26, 2026 Post Market, with consensus pointing to modest top-line expansion, mixed profitability metrics, and a neutral tilt in institutional views.

Market Forecast

For the current quarter, forecasts indicate total revenue of $806.46 million, up 4.07% year over year, with EBIT of $38.30 million, up 58.51% year over year, and an estimated adjusted EPS of -$0.02, reflecting a 32.47% year-over-year decline; gross margin and net margin guidance were not disclosed in the forecast. The main business is poised for steady performance: cable remains the primary revenue driver, and the company’s revenue mix suggests broadband and convergent service bundles will support the quarter’s modest growth. The most promising segment is cable, which contributed approximately $627.39 million last quarter; segment-level year-over-year growth was not disclosed, although cable is broadly expected to underpin the anticipated 4.07% year-over-year revenue increase.

Last Quarter Review

In the previous quarter, Grupo Televisa SAB reported revenue of $785.70 million, a gross profit margin of 36.70%, GAAP net income attributable to the parent company of approximately -$103.66 million (based on a net profit margin of -13.21%), and adjusted EPS of -$0.19, down 392.42% year over year. One notable highlight was profitability on an operating basis: EBIT reached $49.89 million, up 159.01% year over year, and exceeded internal estimates by $16.43 million, indicating disciplined cost control and improved operating leverage against a softer revenue backdrop. By main business, cable accounted for roughly $627.39 million (79.85% of total), while Sky contributed about $163.88 million (20.86% of total); the quarter’s total revenue declined 3.17% year over year, with segment-level year-over-year data not disclosed.

Current Quarter Outlook

Cable

Cable remains the backbone of Grupo Televisa SAB’s earnings profile, and it is central to the quarter’s expected revenue growth of 4.07% year over year. Last quarter, cable contributed approximately $627.39 million and 79.85% of the company’s total revenue, reflecting the breadth of the customer base across residential broadband, pay TV, and value-added services. The forecasted 58.51% year-over-year increase in EBIT suggests that operating efficiencies, pricing discipline in higher-speed tiers, and cost optimization in customer acquisition and support functions are collectively lifting operating margins. Execution in convergent offerings—combining broadband, video, and IP telephony—remains important for average revenue per user and churn management, particularly as consumer preferences continue to shift toward IP-based video consumption and on-demand content. With last quarter’s gross margin at 36.70% and total net margin at -13.21%, the swing in EBIT versus net profit implies non-operating pressures (e.g., financing costs or one-time items) that management must mitigate for earnings quality to improve; near-term outcomes will depend on how effectively cable’s margin gains feed through to net income, given the weak EPS baseline of -$0.19 last quarter.

Sky

Sky contributed approximately $163.88 million last quarter, or 20.86% of consolidated revenue. The satellite video business faces a structurally challenging environment, yet it remains relevant in regions where satellite delivery provides reliable service quality. For the current quarter, Sky’s performance will be influenced by the effectiveness of packaging and pricing strategies, promotional cadence, and any targeted migrations toward hybrid IP-satellite setups that preserve customer stickiness while controlling content and distribution costs. While the forecast does not break out segment-level metrics, total company EBIT is projected to grow 58.51% year over year, indicating that even modest stabilization in Sky—when paired with cable-led expansion—could leverage fixed-cost structures and lift consolidated operating profitability. The primary sensitivity for Sky lies in subscriber trends and tenure. A balanced approach to promotional intensity is necessary to support net adds without eroding unit economics; given last quarter’s company-wide net margin of -13.21%, the degree to which Sky’s unit economics can avoid diluting consolidated margins is a key factor in investor reactions post-release.

Stock-Price Drivers

Three dynamics are likely to weigh most on the stock’s reaction this quarter: the balance between revenue growth and earnings quality, the visibility on cost normalization below EBIT, and the clarity around capital allocation. First, while revenue is forecast to be $806.46 million, up 4.07% year over year, the EPS estimate of -$0.02 (down 32.47% year over year) highlights a tension between operating progress and the net-income line; investors will seek evidence that operating gains translate into sustained improvements in net profitability. Second, last quarter’s profile—EBIT strength of $49.89 million up 159.01% year over year combined with a net margin of -13.21%—suggests that financing costs, foreign-exchange effects, or discrete items may be dampening net results; clear commentary on these items and their trajectory will be essential for assessing forward EPS normalization. Third, disciplined capital allocation, including how growth investments in network upgrades and customer experience are paced against deleveraging objectives, remains a focal point given a weak EPS base and the need to support margin recovery. The market will also look for consistency between management’s narrative and the numerical forecast bridge—specifically how cable expansion and operational efficiencies are expected to sustain EBIT growth while gradually improving net margins through the year.

Analyst Opinions

Neutral views dominate the coverage captured since January 1 through February 19, 2026, with the majority stance aligning to Hold ahead of the release. The prevailing message from institutional observers is that the company’s cable-led operating momentum and anticipated 4.07% year-over-year revenue increase are encouraging, but near-term EPS softness and the need for greater clarity on below-EBIT items temper more aggressive calls. Investors also note recent institutional positioning disclosures, which underscore sustained interest while reinforcing a measured outlook; however, these filings, by nature, do not constitute explicit forward earnings calls. The Hold consensus hinges on a few central points for the quarter: first, whether EBIT’s forecasted 58.51% year-over-year rise can be preserved without elevating customer-acquisition costs in cable; second, how non-operating headwinds are trending and whether they are transient or structural; and third, whether management’s guidance cadence demonstrates enough precision to support confidence in net-margin recovery over the coming quarters. Under this majority Hold framework, analysts emphasize monitoring the bridge from topline growth to bottom-line improvement, including any color on financing costs and working-capital discipline, as the key validation points during the results and commentary on February 26, 2026 Post Market.