América Móvil: revenue growth hides subscriber loss

América Móvil closed at 23.05 MXN on 2026-10-30, a 1.3% rise from the prior session. Over the past twelve months the price is up 9.1% from 21.12 MXN, and it has climbed 24.2% since the start of the year. The share sits 3.6% below its twelve‑month high of 23.92 MXN and is 7.0% higher than three months ago. Average daily volume over the last 20 sessions is 35.9 million shares, down from 50.0 million in earlier periods.[1]

The headline is the top line: Telcel posted a 6.6% revenue increase in Q3 2026 despite losing lines.[2]

Revenue growth occurs alongside a loss of lines, which means more revenue per remaining line.

Revenue growth masks subscriber loss

Telcel reported revenue of 67,248 million pesos for the quarter, up 6.6% despite a decline in mobile lines.[2] The same period saw a loss of 2.9 million prepaid lines after the mandatory registration rule was enforced.[4] The combination shows that the top‑line expansion is not coming from a larger base of lines.

Pricing vs volume dynamics

With fewer lines but higher revenue, the average revenue per user (ARPU) must have risen. That average does not by itself show higher prices, because removing lines that brought in little or nothing also lifts it. How much of the rise comes from each is what the next quarters will show.

Market perception vs fundamentals

The stock’s 24.2% gain since early January reflects market optimism about the revenue story, yet the price remains 3.6% below its recent peak, suggesting the rally may be overstated relative to the underlying subscriber weakness.[1] Volume contraction to 35.9 million shares supports the view that enthusiasm is waning despite the price appreciation.[1] The three‑month advance of 7.0% and the twelve‑month rise of 9.1% are modest compared with the YTD surge, highlighting a disconnect between price momentum and core fundamentals.

What to watch

• ARPU trends. Quarterly ARPU figures will show whether the rise lasts once the registration clean-up is over.
• Regulatory timeline. CRT updates on the Ventanilla Digital process could affect network rollout costs.

More revenue per line is holding up the top line while the line count falls. The next quarters will show whether those lost lines mattered.

Correction, 3 November 2026: an earlier version said the group’s income rose 13.2% after AT&T’s exit, and attributed a reading of that figure to analysts. The 13.2% belongs to AT&T’s Mexican unit, not América Móvil, and the sources cited did not support the analysts’ view. Both were removed, along with an unsourced reference to a 5G auction, and the claim that price increases drove revenue was withdrawn.