Key Financial Indicators
- Total revenue: $1.3 billion (-3% year-over)
- Operating income: $265 million
- Adjusted OIBDA: $467 million
- Cash on hand: $464 million
- Leverage ratio: 5.5x
- Debt refinancing: $2.3 billion refinanced year-to-date, removing nearly all maturities through 2027
- Read more Q3 2025 media earnings coverage
Spanish-language media juggernaut Televisa-Univision experienced another quarter of softness in the traditional television advertising market across two countries, which chipped away at its overall revenue and profit during the third financial quarter (Q3) of the year.
On Thursday, the company said its overall income dropped to $1.27 billion for the three-month period that ended in September, down 3 percent when compared to the same period last year. Excluding the impact from political advertising revenue, the company said its overall revenue was flat on an adjusted basis.
Operating income dropped to $265 million from $419 million a year ago, though the company said last year’s results included a one-time gain from the sale of a non-core broadcast tower portfolio.
Advertising revenue declined 6 percent to $755 million, or 3 percent when factoring out political ad buys. In the United States, advertising fell 11 percent to $428 million, reflecting continued softness in linear television. Executives said its streaming platform Vix helped mitigate some of the decline in the traditional TV ad sector.
In Mexico, advertising grew 3 percent to $327 million, led primarily by Vix and the company’s recent streaming tie-up with the Walt Disney Company in that country.
Subscription and licensing revenue increased 3 percent to $493 million, driven by the premium tier of Vix and higher content licensing activity. Those gains were partly offset by linear subscription declines in Mexico due to the renewal cycle with a key distribution partner. Excluding that renewal impact, Mexico subscription revenue would have risen 5 percent.
Streaming remained core to Televisa-Univision’s business growth, with Vix offering both ad-supported and subscription-based offerings. The company promoted Vix as the largest Spanish-language streaming service in the world, and its continued profitability has influenced the broadcaster to view it as more of a priority moving forward. Vix has around 10 million global subscribers, based on metrics last shared by the company.
“Our history is one of purpose, progress and partnership with an audience that continues to shape the future of this country and beyond,” Daniel Alegre, the CEO of Televisa-Univision, said in a statement. “Televisa-Univision stands as the voice of all Hispanics around the world. Our third-quarter results demonstrate the disciplined execution of our reimagined content strategy and the continued momentum of Vix as a key growth engine.”
The earnings report released on Thursday covered the business quarter before Televisa-Univision lost one of its major distributors: At the end of September, its channels like Univision and Unimas disappeared from Google-owned YouTube TV after the company accused the streaming platform of wanting to charge its customers more for continued access to Spanish-language programming. Google denied the allegation, saying Televisa-Univision wanted more money for its channels, a demand that wasn’t justified based on viewership of its networks.
Earlier this month, YouTube TV reached an agreement with Comcast’s NBC Universal to keep rival Spanish broadcaster Telemundo on its service, in addition to around a dozen NBC-owned cable channels and Spanish network NBC Universo. At the same time, it pulled Televisa-Univision channels from its service, depriving the company of significant reach on one of the market’s biggest streaming cable TV alternatives.
In the weeks since, Televisa-Univision has rallied influential public officials to its cause. In a social media post on October 5, Alegre thanked President Donald Trump for advocating on behalf of Univision in a public statement that praised the network for producing a town hall event during his presidential campaign last year.
“They were so good to me with their highest rated ever political special, and I set a Republican record in Hispanic voting,” Trump said. “Google, for the purpose of fairness, please let Univision back.”
The dispute with YouTube TV has had a negligible effect on Univision’s ratings: The network attracted 1.05 million viewers during Nielsen’s most-recent measurement period, which ran from October 12 to October 19, according to data reviewed by The Desk. Univision was the eighth most-watched network among all broadcast and cable outlets, and the top Spanish-language network during the week, beating Telemundo by more than 220,000 viewers, the data showed.
