Key Financial Data
- Q4 Total revenue: $1.32 billion (-2% year-over)
- Q4 U.S. total revenue: $777.2 million (-7%)
- Q4 Mexico total revenue: $545.6 million (+7%)
- Q4 Total advertising revenue: $856.3 million (no change)
- Q4 U.S. advertising revenue: $423.2 million (-11%)
- Q4 Mexico advertising revenue: $433.1 million (+15%)
- Q4 Subscription revenue: $444.6 million (-4%)
- Q4 Operating loss: $88.7 million
- Q4 Total operating expenses: $926.4 million (+4%)
- FY25 Total revenue: $4.83 billion (-5%)
- FY25 U.S. revenue: $3.13 billion (-3%)
- FY25 Mexico revenue: $1.69 billion (-7%)
- FY25 Total advertising revenue: $2.92 billion (-5%)
- Read more Q4 2025 media earnings coverage
Televisa-Univision narrowed its losses and returned to full-year operating profitability in 2025, even as total revenue declined amid continued pressure in advertising and subscription revenue tied to distributor renewals and political advertising comparisons.
The Spanish-language media company reported fourth-quarter (Q4) revenue of $1.32 billion, down 2 percent from $1.34 billion in the same period last year. U.S. revenue fell 7 percent to $777 million, while Mexico revenue increased 7 percent to $546 million, helped in part by favorable foreign exchange rates.
Advertising revenue in the fourth quarter was flat at $856 million. U.S. advertising declined 11 percent to $423 million, reflecting difficult comparisons to political advertising in the prior year. In Mexico, advertising revenue rose 15 percent to $433 million. Subscription and licensing revenue decreased 4 percent to $446 million, with U.S. subscription revenue down 2 percent and Mexico down 12 percent.
Televisa-Univision posted an operating loss of $89 million in the fourth quarter, a significant improvement from a loss of $795 million a year earlier, which included large impairment charges. Adjusted OIBDA declined 12 percent to $396 million. Operating expenses rose 4 percent to $926 million.
Stock Price
For the full year, Televisa-Univision reported operating income of $605 million, compared to an operating loss of $62 million in 2024. Adjusted OIBDA increased 2 percent to $1.61 billion, driven by continued profitability in its direct-to-consumer business and cost discipline. Net loss narrowed to $36 million from $667 million a year ago.
Full-year advertising revenue declined 5 percent to $2.92 billion. U.S. advertising fell 9 percent to $1.66 billion, while Mexico advertising dipped 1 percent to $1.26 billion. Subscription and licensing revenue decreased 2 percent to $1.82 billion, as 6 percent growth in the U.S. to $1.42 billion was offset by a 23 percent decline in Mexico to $399 million, largely tied to the renewal cycle with a key distributor.
Televisa-Univision generated $331 million in cash from operating activities during the year, down from $415 million in 2024. The company ended 2025 with $440 million in cash, up 33 percent year over year, and reduced its leverage ratio to 5.6 times from 5.9 times. During the year, the broadcaster refinanced $2.3 billion of debt.
The company’s stock price was initially down around 2 percent in early morning trading before rebounding slightly. As of Tuesday afternoon, Televisa-Univision’s stock price was trading around $3.32 per share, or nearly 1 percent lower than the prior day’s closing price.
“2025 was a pivotal year for our company, our first as a new leadership team and the first in which we showcased our revamped content and platform investment and windowing strategy,” Daniel Alegre, the CEO of Televisa-Univision, said in a prepared statement. “We meaningfully transformed our business and delivered on the expectations that we set at the outset of the year.”
Alegre said Vix, the company’s streaming service, “delivered record revenue, achieved profitability in every quarter, and expanded operating margins throughout the year, evolving into a scalable growth engine that is now a strategically central component to our business model.”
“In 2026, we are building on this momentum to deepen audience engagement, unlock greater value for our partners, and reinforce our leadership as the Voice of Hispanics,” Alegre affirmed.
Televisa-Univision’s business in the U.S. market was afflicted by a handful of new carriage agreements and disputes with distributors. The company’s channels were unavailable to subscribers of Google-owned YouTube TV for about two months after a distribution contract expired in late September; the channels returned under a new agreement toward the end of November. Univision and other channels are still unavailable to Fubo subscribers.
Comcast added Univision, TUDN (Televisa-Univision Deportes Network) and other channels to its Now TV Latino streaming package, which boosted the availability of the Spanish-language broadcasters linear offerings in lower-cost pay TV offerings.
