América Móvil, S.A.B. de C.V. (AMX): BCG Matrix [Dec-2025 Updated]

As a seasoned analyst, I see América Móvil, S.A.B. de C.V. (AMX) balancing its dominant, cash-rich core with aggressive, capital-intensive expansion into next-generation services. This portfolio review shows the massive 400 million total access base generating stable cash flow, evidenced by a 47% year-over-year rise in operating cash flow, but that strength is immediately tested by high-CapEx Stars like 5G and the persistent bleed from Dogs like Fixed Voice lines losing 82 thousand net disconnections. You need to know exactly where this powerhouse is placing its bets for the next cycle-read on to see the breakdown of its Stars, Cash Cows, Dogs, and Question Marks.

Background of América Móvil, S.A.B. de C.V. (AMX)

You're looking at the profile of América Móvil, S.A.B. de C.V. (AMX), which is definitely one of the biggest telecom players across Latin America and Europe. Honestly, this company's scale is what you need to appreciate first; as of the end of 2024, they were managing about 323 million wireless subscribers alongside 78 million fixed revenue generating units. That's a massive footprint to manage, so you know their operational complexity is high.

The strategy in 2025 clearly leaned into high-value customers and infrastructure upgrades. For instance, in the second quarter of 2025, they added 2.9 million postpaid clients, and that trend kept going, adding just over three million more in the third quarter of 2025. This focus on contract customers is key, especially when you see the prepaid segment struggling a bit, like the 1 million net losses reported in Q1 2025, largely from Mexico and Brazil.

Financially, the story for the first half of 2025 looked strong, showing solid growth in Mexican peso terms. Their Q2 2025 net profit hit 22.28 billion pesos, which was about $1.19 billion at the time. They are also investing heavily to keep up; the board approved a capital expenditure budget of US$6.7 billion for 2025, with a big chunk going toward that accelerated 5G deployment across key Latin American markets like Mexico and Brazil.

You should also note some structural changes that set the stage for 2025 performance. Specifically, the company fully consolidated Claro Chile, SpA into its main operations late in 2024, which means their 2025 results reflect that Chilean business fully integrated from the start. This kind of integration, plus the ongoing fiber optic network expansion, underpins their recent revenue acceleration, like the 7.3% service revenue growth seen in Q2 2025 at constant exchange rates.

América Móvil, S.A.B. de C.V. (AMX) - BCG Matrix: Stars

You're looking at the growth engines for América Móvil, S.A.B. de C.V. (AMX) right now, the segments that dominate their markets and demand heavy investment to maintain that lead. These are the Stars, the units where high market share meets a high-growth market.

The Postpaid Mobile Base is definitely a Star. As of the end of September 2025, this high-value segment showed a year-over-year subscriber growth of 8.1%. This base, which stood at 140 million clients at the close of the quarter, is where postpaid revenue growth is accelerating, climbing 9.1% year-over-year in Q3 2025. It's a segment that consumes cash for expansion but promises future stability.

Consider the 5G Network and Services rollout. While I don't have the specific 5G market share for Colombia, we know the company is aggressively investing, with a significant 5G network expansion covering more than 120 cities in Mexico. This technological push is crucial for defending market share in a growing connectivity market, supporting the overall mobile service revenue growth of 7.1% at constant exchange rates for the quarter.

The expansion in Fixed Broadband Accesses also fits this quadrant. In Q3 2025 alone, América Móvil added 526 thousand broadband accesses across its footprint. This growth is translating to a 5.1% annual increase in the total broadband base, showing continued demand for fixed high-speed connections.

The standout growth engine geographically is Brazil Postpaid. This market contributed 1.5 million of the total 3.1 million postpaid net additions seen across the company in Q3 2025. That's nearly half the total additions coming from one market, underscoring its role as a primary driver of current subscriber momentum.

Here's a quick look at the key metrics defining these Star performers based on the Q3 2025 report:

These units are consuming capital to fuel their growth, which is expected. For instance, the company reported a Free Cash Flow of 53 billion Mexican pesos, a 47% increase year-on-year, which is being deployed to support these high-growth areas while also funding shareholder distributions.

The key operational achievements supporting the Star status include:

• Total wireless lines reached 328.8 million, up over 2% year-over-year.
• Total broadband access lines hit 36.4 million.
• Postpaid revenue climbed 9.1% year-over-year.
• Total Q3 revenues were 232.9 billion Mexican pesos.

If América Móvil sustains this success until the high-growth markets mature, these operations are defintely set to transition into the Cash Cow quadrant, generating significant, stable returns.

América Móvil, S.A.B. de C.V. (AMX) - BCG Matrix: Cash Cows

You're looking at the core engine of América Móvil, S.A.B. de C.V. (AMX), the business units that are firmly established leaders in mature markets. These are the Cash Cows, and for AMX, they print money. They require minimal aggressive marketing spend because their market share is already dominant, so the cash they generate can be redeployed elsewhere in the portfolio. Honestly, this is where the stability comes from.

Core Latin American Mobile Operations: These established mobile businesses represent a massive, mature subscriber base. As of the mid-year 2025 review, the company reported total accesses reaching 408 million, which solidly places this segment in the high market share category. This scale provides a predictable revenue stream, even if the overall market growth rate is low. You defintely want to keep these operations running smoothly; they fund everything else.

Network Infrastructure: The extensive, mature asset base is a significant barrier to entry for competitors and a source of reliable margin. For the third quarter of 2025, the EBITDA margin remained practically unchanged at a very healthy 40.3%. This high margin on a massive revenue base is what defines a strong Cash Cow. Supporting this infrastructure to maintain efficiency, perhaps through targeted CapEx on modernization rather than expansion, is the smart play here.

Mexico Mobile Market: As the home market, this operation provides predictable, high-margin cash flow. While the market is mature, América Móvil maintains its leadership position, evidenced by strategic moves like the 5G network expansion covering more than 120 cities in Mexico as of Q3 2025. This dominance ensures consistent returns to support the overall corporate structure.

Operating Cash Flow: The financial results from Q3 2025 clearly show the strength of this segment. The company reported strong free cash flow generation, which rose 47% year-over-year to 53 billion pesos in Q3 2025. This massive cash generation is what allows América Móvil to service debt, fund buybacks, and support riskier ventures.

Here's a quick look at the key financial performance indicators for the Cash Cow segment based on the Q3 2025 results:

The role of these Cash Cows is multifaceted, providing the necessary financial ballast for the entire organization. They are the source of capital for other portfolio needs:

• Fund administrative costs for América Móvil.
• Service a portion of the corporate debt.
• Fund research and development initiatives.
• Pay dividends and support share buybacks.

The cash flow in the nine months leading up to September 2025 was substantial. After deducting working capital changes of 34 billion pesos and interest/taxes of 67 billion pesos from EBITDA after leases, the resulting free cash flow was 53 billion pesos. This allowed the company to distribute 29 billion pesos to shareholders, including 11 billion pesos in share buybacks, and reduce net debt by 16 billion pesos by the end of September 2025.

América Móvil, S.A.B. de C.V. (AMX) - BCG Matrix: Dogs

You're looking at the parts of América Móvil, S.A.B. de C.V. (AMX) that are stuck in low-growth areas with shrinking market relevance. These are the units where cash is often trapped, and turning them around is a tough ask.

The fixed voice business is definitely showing its age. We saw a net disconnection figure of 82 thousand lines in the third quarter of 2025 alone. That trend points to a legacy service that isn't attracting new customers.

For Pay-TV, the shift to streaming is clear in the numbers. América Móvil (AMX) lost 48 thousand Pay-TV units during the third quarter of 2025. This segment is clearly in a low-growth or declining market space.

When you look at the underlying infrastructure, the copper-based fixed networks represent a significant cost center. While specific maintenance cost figures aren't always broken out against fiber investment, the strategic pivot is evident: fixed broadband accesses grew by 5.1% year-over-year by the end of Q3 2025, while the older voice lines are contracting.

The prepaid segment in certain saturated markets shows significant customer attrition. In the second quarter of 2025, the prepaid platform recorded net disconnections totaling 1.1 million subscribers, with Brazil and Chile being key contributors to that loss. Even in the most recent quarter, Q3 2025, the segment still saw net disconnections of 31 thousand subscribers, despite gains elsewhere.

Here's a quick look at the key negative operational metrics for these areas as of the latest reported quarters:

The overall fixed-line picture shows a split performance, which is telling. The legacy voice lines are declining, but the newer broadband is growing, though the revenue growth for fixed-line services is decelerating.

• Fixed-line Service Revenue Growth (Constant Rates) in Q3 2025: 4.7%.
• Corporate Networks Revenue Growth decelerated from 15% increase in Q2 2025 to 3.5% increase in Q3 2025.
• Total Fixed-line Revenue Generating Units (RGUs) at end of Q3 2025: 79 million.
• Total Company Accesses at end of Q3 2025: 408 million.

These units tie up capital that could be better deployed in the high-growth postpaid segment, which added 3 million clients in Q3 2025.

América Móvil, S.A.B. de C.V. (AMX) - BCG Matrix: Question Marks

You're looking at the areas of América Móvil, S.A.B. de C.V. (AMX) that are in high-growth markets but haven't yet captured significant market share. These units consume cash because they require investment to scale, but their current returns are low. Honestly, these are the units that keep the finance department up at night, but they also hold the potential to become the next Stars.

For these Question Marks, the strategy is clear: invest heavily to capture market share quickly, or divest if the path to dominance isn't visible. Here's a look at the specific segments fitting this profile as of late 2025, based on recent performance data.

Segment Performance Snapshot

We can map out the recent volatility and investment needs for these segments. Remember, these figures are based on the latest reported quarterly results, so they reflect the near-term reality of these growth bets.

Corporate Networks/B2B Services: Contract Volatility

The Corporate Networks business, which falls under the broader fixed-line platform, shows the classic signs of a Question Mark when it comes to revenue consistency. While the market for enterprise digital transformation is definitely growing, the revenue recognition is lumpy. In the third quarter of 2025, revenue from corporate networks actually declined by 5.8% year-over-year. That follows a strong period, mind you, with a 10.8% increase in the second quarter of 2025.

This sharp swing shows why this area is a Question Mark. It has high growth prospects tied to enterprise IT projects, but the low market share in securing those large, infrequent contracts makes the revenue stream unpredictable. You need to decide if you can smooth out that volatility with more recurring service contracts.

Prepaid Mobile Segment: Volume vs. Value

The Prepaid Mobile Segment is characterized by a high volume of users who, on average, generate lower revenue per user (low-ARPU). The good news is that the revenue growth showed a nice recovery in the third quarter of 2025, hitting 3.9%, up from 3.1% in the prior quarter. That's a positive sign that marketing efforts are working to stabilize the top line.

However, the subscriber base remains volatile. In Q3 2025, the segment registered net disconnections of 31,000 lines, despite additions in key markets like Argentina and Mexico. This churn risk means you're constantly spending cash just to maintain the base, which is why it's not yet a Star. You're spending to keep the lights on while trying to upsell these users to higher-value plans.

New 5G Market Launches: High-CapEx Bets

New 5G market launches represent significant, necessary capital expenditure (CapEx) for future growth, but they are cash-consuming right now. América Móvil, S.A.B. de C.V. (AMX) has a total CapEx guidance of US$6.7bn for 2025, much of which is funding these next-generation rollouts.

Consider the launch of 5G services in a smaller, competitive market like Costa Rica. This move is strategic for future positioning, but the market share is unproven, meaning the return on that initial high CapEx is uncertain. In Central America overall, mobile service revenue grew by 12.8% year-over-year in Q3 2025, with postpaid leading at 16.8% growth. The challenge here is ensuring the 5G investment translates into a dominant postpaid share in these new areas, rather than just matching competitors.

Key investment areas for these growth plays include:

• 5G network expansion in multiple countries.
• Modernizing infrastructure and cloud facilities.
• Securing market position in smaller, competitive territories.

Machine-to-Machine (M2M) Connections: Emerging Potential

The Machine-to-Machine (M2M) segment, which is the core of the emerging Internet of Things (IoT) business, shows explosive growth but currently contributes little to overall revenue. This is the definition of a high-growth, low-share unit. In the second quarter of 2025, the company added 557 thousand M2M connections.

That kind of subscriber growth is fantastic, but it's still a small piece of the total 408 million accesses at the end of September. The immediate task is to monetize these connections effectively. If you can't quickly translate those 557 thousand new connections into meaningful service revenue, this segment risks becoming a Dog once the initial growth phase matures without commercial success.