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

You're looking for the real engine behind the Latin American telecom giant, and honestly, the Business Model Canvas for América Móvil, S.A.B. de C.V. shows a massive pivot. We're talking about a company managing over 404 million total access lines while pouring capital into next-gen assets like 5G and fiber, aiming to grow that high-value postpaid segment which saw 9.1% revenue growth in Q3 2025. Forget the fluff; this breakdown cuts straight to how they fund that US$6.7 billion CapEx projection and maintain dominance across 18 countries. Dive in below to see the nine blocks that define their strategy right now.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Key Partnerships

The Key Partnerships block for América Móvil, S.A.B. de C.V. (AMX) as of late 2025 centers on securing network technology, enriching service offerings, and exploring next-generation connectivity.

Global Equipment Suppliers for 5G Deployment

América Móvil (Telcel) has accelerated its nationwide 5G rollout, working with Ericsson and Huawei to build out radio access and core infrastructure. As of late 2025, this deployment has extended 5G coverage to more than 125 cities, surpassing 10 million 5G subscribers. Furthermore, América Móvil signed a Memorandum of Understanding with Ericsson in December 2024 to promote sustainability actions, including industry decarbonization and energy efficiency.

Content Providers for Bundled Services

Partnerships with major content platforms are critical for driving postpaid subscriber additions and reducing churn across América Móvil's 328.8 million wireless lines. While specific bundle metrics for América Móvil are proprietary, the scale of the content ecosystem is evident:

• Netflix reported passing 300 million subscribers worldwide at the end of 2024.
• Amazon Prime Video has approximately 230 million users globally, inclusive of Prime members.
• Globally, there are over 1.8 billion streaming service subscriptions as of 2025.

Collaboration with SpaceX for Satellite Communications

América Móvil is actively exploring an agreement with SpaceX to connect SpaceX technology to its main mobile services network, building upon an existing service agreement with Starlink. This potential tie-up aims to enhance connectivity, particularly in areas where terrestrial networks are less dense. SpaceX reached 8 million subscribers in November 2025.

Strategic Alliances with Local Governments for Infrastructure Development

América Móvil operates in 23 countries, necessitating ongoing coordination with local regulatory bodies and governments for spectrum allocation and infrastructure deployment. Recent activity includes the termination of a non-binding agreement with Entel regarding a joint offer for Telefonica Chile assets as of December 2025.

• Countries of Operation: 23.
• Total Wireless Subscribers (Q3 2025): 328.8 million.
• Postpaid Clients (Q3 2025): 140 million.

Mobile Device Manufacturers for Exclusive Distribution Deals

Securing the latest hardware is essential for monetizing the 5G network investment. While a historical partnership with Samsung for 4.5G testing dates to 2017, current strategy involves ensuring device availability across the base, which totaled 408 million accesses as of Q3 2025.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Key Activities

You're looking at the core actions América Móvil, S.A.B. de C.V. (AMX) must execute flawlessly to keep its massive LatAm footprint running and growing, so let's look at the hard numbers from their late 2025 operational reports.

Massive 5G and fiber-to-the-home (FTTH) network deployment and maintenance is a constant capital drain and a key activity. The company is pushing 5G aggressively; for instance, its 5G network in Mexico now covers more than 120 cities as of Q3 2025. In Colombia, Claro is maintaining its lead by operating 1,600 5G base stations across 20 localities. On the fixed side, the FTTH build-out continues to be a focus, with broadband revenue growing 8.2% in Q2 2025.

Managing the sheer scale of the network is immense. América Móvil, S.A.B. de C.V. (AMX) is managing over 404 million total access lines across its 18 countries of operation, based on figures from mid-2025. By the end of the third quarter of 2025, the total access base reached 407.6 million or 408 million accesses. This base is segmented into high-value and fixed components:

Developing and selling integrated digital enterprise solutions is where the high-margin growth is found. Corporate networks revenue showed strong momentum, increasing 15.0% year-over-year in Q3 2025 at constant exchange rates. The Internet of Things (IoT) segment, represented by Machine-to-Machine (M2M) connections, added 557,000 subscribers in Q2 2025 alone.

Acquiring and managing spectrum licenses is a prerequisite for these network activities. While the CEO stated in early 2025 that the company had sufficient spectrum in major markets like Mexico, Brazil, and Colombia for current operations, specific market activities continue. For example, the subsidiary Claro Colombia won spectrum in the 3.5GHz band in a December 2023 auction, earmarking US$500 million for that spectrum and 5G installation. Future spectrum management involves monitoring upcoming auctions, such as those planned in Mexico for the 600MHz, 2.5GHz, AWS, and 3.5GHz bands.

Targeted marketing drives the focus on high-value postpaid subscriber growth, which is clearly paying off in service revenue. The company added just over 3 million postpaid clients in Q3 2025. This focus resulted in postpaid revenue climbing 9.1% year-over-year in Q3 2025, contrasting with the prepaid segment which saw net disconnections of 31,000 in the same quarter. The overall postpaid base grew 8.1% year-over-year as of September 2025.

These activities translate directly into financial performance metrics:

• Mobile service revenue growth accelerated to a 7.1% pace at constant exchange rates in Q3 2025.
• Total revenue for Q3 2025 was 232.9 billion Mexican pesos.
• EBITDA for Q3 2025 totaled 93.8 billion Mexican pesos.
• Net income for Q3 2025 was 22.7 billion Mexican pesos.
• Free cash flow rose 47% year-on-year, reaching 53 billion Mexican pesos in the first nine months of 2025.

Finance is managing the balance sheet with a net debt-to-EBITDA ratio of 1.55x as of Q3 2025.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Key Resources

You're looking at the core assets América Móvil, S.A.B. de C.V. (AMX) relies on to run its massive operation across Latin America. These aren't just assets; they are the foundation of their competitive moat, honestly.

The physical infrastructure is immense. You see this in the sheer scale of their fixed network backbone. This is a resource that takes decades and billions in CapEx to replicate.

Here's a quick look at the scale of the network assets as of late 2025, based on the latest reporting:

Brand equity and market position are just as critical. Operating under well-known banners like Telcel and Claro, América Móvil, S.A.B. de C.V. (AMX) is recognized as the largest telecom operator in Latin America when measured by both subscriber count and revenue, according to Inside Towers Intelligence.

The company's financial standing provides the necessary firepower for continuous investment and debt management. You can see this in their Q3 2025 balance sheet metrics.

The financial health snapshot from Q3 2025 looks like this:

• Net debt (excluding leases) stood at 454 billion pesos at the end of September 2025.
• This net debt level translated to a 1.55x Net Debt/LTM EBITDAaL ratio.
• Operating cash flow for the nine months ending September 2025 was 138 billion pesos.

Then there's the customer base, which is the engine for service revenue. This massive scale gives them significant negotiating leverage with suppliers and a huge installed base for upselling new services.

As of September 2025, the subscriber metrics were substantial:

• Total wireless lines reached 328,755 thousand, up 1.0% sequentially.
• The postpaid base specifically increased 8.1% year-over-year.
• Total accesses across all segments were reported at 408 million at the end of September 2025.

Finally, the regulatory assets-the licensed radio spectrum-are a non-replicable barrier to entry. The management confirmed that they possess sufficient spectrum frequencies in key markets like Argentina, Brazil, Colombia, and Mexico to maintain and develop both their 4G LTE and fifth-generation services. For 2025, the focus was on license renewals in Ecuador and a few smaller countries, indicating confidence in their existing holdings elsewhere. That's a huge advantage; you can't just buy more airwaves when you need them.

Finance: draft 13-week cash view by Friday.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose América Móvil, S.A.B. de C.V. (AMX) over the competition across Latin America. It really boils down to scale, speed, and integration. The value proposition isn't just one thing; it's a layered offering built on their massive infrastructure.

Broadest network coverage across Latin America, ensuring regional connectivity.

This is the foundation. América Móvil operates in 23 countries as of September 30, 2025. That sheer footprint means you can often keep the same provider as you move between major regional economies. By the end of Q3 2025, the company reported a total of 408 million accesses. This scale translates directly into reliability for both individuals and multinational corporations operating across borders. As of September 30, 2025, they maintained 328.8 million wireless subscriptions and 78.9 million fixed revenue generating units (RGUs).

High-speed 5G and fiber broadband for superior data experience.

Coverage is one thing, but speed is what keeps high-value users. América Móvil is pushing hard on next-generation networks. In Mexico alone, their 5G network covered more than 120 cities by Q3 2025. They also secured new spectrum, like 100 MHz in Peru's 3.5 GHz band to boost 5G operations. On the fixed side, the broadband push is evident: they added 526,000 broadband accesses in Q3 2025, bringing the total base to 36.4 million. This focus on fiber is critical for data-heavy residential and corporate users.

Integrated digital ecosystem: telecom, cloud, cybersecurity, and PayTV bundles.

The company is moving beyond just connectivity by bundling services. For instance, in Q2 2025, their PayTV revenue grew by 10.1% year-over-year, and corporate network revenue showed a strong 15.0% increase. To enhance the digital offering, Claro announced a strategic partnership with OpenAI to integrate ChatGPT into its services, offering complimentary access to the ChatGPT Plus version for Claro Multi customers during a promotional period. That's a concrete example of ecosystem integration.

Competitive pricing models for both high-end postpaid and low-end prepaid users.

You see a clear strategy to capture value at both ends of the spectrum. Postpaid is the premium play, which is working well; mobile postpaid revenue climbed 9.1% in Q3 2025, and they added 3.1 million postpaid customers that quarter. This contrasts with the prepaid segment, which saw net disconnections of 31,000 in the same period. The Average Revenue Per User (ARPU) reflects this focus: in Mexico, postpaid ARPU reached MXN 186, while the ARPU in Brazil was BRL 27. The value proposition here is choice-premium features for postpaid, and accessible entry points for prepaid, even if the latter segment is shrinking.

One-stop-shop for residential and corporate communication needs.

This is about convenience and breadth of service delivery. The fixed-line segment is growing to support this. Fixed-line service revenue grew 4.7% in Q3 2025, driven by those broadband additions. For the corporate side, the growth in corporate networks revenue by 15.0% in Q2 2025 shows they are successfully cross-selling beyond consumer mobile.

Here's a quick look at the key performance indicators that back up these value propositions for the nine months ending September 30, 2025:

What this estimate hides is the complexity of managing these value propositions across different regulatory environments, defintely. Finance: draft 13-week cash view by Friday.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Customer Relationships

You're looking at how América Móvil, S.A.B. de C.V. manages its massive customer base across Latin America as of late 2025. It's a mix of high-tech automation and high-touch service, defintely. The sheer scale means digital self-service has to carry a lot of the load.

Automated self-service via digital platforms and mobile apps is the backbone for the majority of the customer interactions. While we don't have the exact number of app users, consider the scale: by September 2025, América Móvil reported 328.8 million wireless subscriptions and a total access base of 404 million as of Q2 2025. That's a huge population that needs instant support for routine tasks.

For your high-value corporate/enterprise clients, the relationship shifts entirely. The focus here is on tailored solutions, which is reflected in the financial performance of that segment. Corporate network revenues showed a strong year-over-year increase of 15.0% in Q2 2025. This segment, along with fixed-line services, gets the dedicated attention, ensuring their complex needs-like cybersecurity, where the company maintains a dedicated Cybersecurity Committee to protect client-entrusted data-are met proactively.

Customer service centers are still in play, though the data doesn't give us a direct Net Promoter Score (NPS) or satisfaction rate. What we do see is the company's stated core value: building lasting relationships by being responsive, reliable, and proactive. They are actively seeking customer feedback to improve offerings. The operational focus is clear when you look at the segment performance; for instance, fixed-line revenues grew 6.7% at constant exchange rates in Q1 2025, showing that service quality is translating to revenue retention.

Loyalty programs are clearly geared toward locking in the higher-value postpaid segment, which is where the growth is. The company added 2.9 million postpaid subscribers in Q2 2025, and postpaid service revenue expanded by 9.5% year-over-year in that same quarter. This contrasts sharply with the prepaid segment, which saw net disconnections of 1.1 million in Q2 2025. The success in postpaid, which grew its base by 6.8% year-over-year, suggests these retention efforts are working, keeping churn manageable in key markets.

Here's a quick look at the customer base dynamics and churn performance in the postpaid segment for Q2 2025:

The relationship strategy is clearly about migrating customers up the value chain. You can see this in the subscriber flow:

• Postpaid service revenue growth at 9.5% (Q2 2025 YoY).
• Prepaid segment experienced net disconnections of 1.1 million (Q2 2025).
• Corporate network revenue growth reached 15.0% (Q2 2025 YoY).
• Broadband revenues grew by 9.8% (Q1 2025).

The focus on the premium segment is the story here. Finance: draft the Q3 2025 cash flow variance analysis by next Tuesday.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Channels

The distribution and sales channels for América Móvil, S.A.B. de C.V. are built to serve its massive footprint across 23 countries in the Americas and Europe.

The physical retail presence, operating under brands like Claro and Telcel, is the primary touchpoint for millions of customers. In Mexico alone, the Telcel subsidiary commands a 55% market share of the total wireless subscriber base, which stood at 152.4 million as of Q1 2025, indicating the sheer scale these physical channels manage.

Digital sales channels, including company websites and mobile applications, are critical for managing the growing postpaid base. Postpaid mobile revenue growth accelerated to a 9.1% pace in Q3 2025, showing the effectiveness of digital self-service and sales for contract customers. The company added over 3 million postpaid clients in Q3 2025 alone, a significant volume processed through all sales avenues.

The direct sales force targets large corporate and government contracts, a segment that saw service revenue growth of 4.7% in Q3 2025, though this represented a deceleration in the rate of growth for corporate networks.

Third-party distributors remain essential for the prepaid segment, which is more reliant on physical top-up points. However, this channel faced headwinds, as América Móvil recorded net disconnections of 1 million prepaid subscribers in Q1 2025, primarily from Mexico and Brazil, suggesting challenges in retaining or acquiring prepaid customers through these points of sale.

Here's a look at the scale of operations that these channels support as of mid-to-late 2025:

The company is actively investing in infrastructure that supports these channels, with a 2025 capital expenditure budget of US$6.7 billion, heavily focused on 5G deployment and fiber expansion.

• Fiber broadband is a key focus, with projections to double household connections by 2026.
• In Colombia, Claro planned to double the size of its 5G network in 2025.
• The company is exploring partnerships, like one with SpaceX, to address remote connectivity gaps.
• In Q2 2025, the company swung to a net profit of $1.19 billion, a significant turnaround.

The sheer volume of transactions, from adding 1.5 million postpaid clients in Brazil in Q3 2025 to managing the disconnection of 1 million prepaid subs in Q1 2025, flows directly through these channel mechanisms.

Finance: draft 13-week cash view by Friday.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Customer Segments

You're looking at how América Móvil, S.A.B. de C.V. (AMX) segments its vast customer base across Latin America and Eastern Europe as of late 2025. It's a mix of high-volume, low-ARPU (Average Revenue Per User) users and premium, high-ARPU enterprise clients.

The customer base is clearly stratified, with mobile services forming the core, supported by a significant fixed-line footprint. The company ended the third quarter of 2025 with a total wireless line count topping 328.8 million clients across its operations.

The segments can be broken down as follows:

• Mass-market prepaid mobile users (price-sensitive, high churn risk).
• High-value postpaid mobile subscribers (driving 9.1% Q3 2025 revenue growth).
• Residential fixed-line customers for broadband and PayTV services.
• Corporate and Enterprise clients for advanced digital and network solutions.
• Machine-to-Machine (M2M) connections for IoT applications.

The performance in the third quarter of 2025 shows a clear strategic focus on the postpaid segment, which is driving higher revenue quality.

Mass-market prepaid users remain a large base, though Q3 2025 saw net losses in that category overall, with prepaid service revenue growth at a slower 3.9% compared to postpaid's 9.1% growth in the same period. This dynamic highlights the price-sensitive nature of this group and the associated churn risk.

For high-value postpaid mobile subscribers, the focus is clearly on migration to higher-tier plans and 5G adoption. This segment is critical, as its revenue growth of 9.1% at constant exchange rates in Q3 2025 outpaced the overall mobile service revenue growth of 7.1%. The company is actively pursuing strategies aimed at retaining these high-value customers.

Residential fixed-line customers drive the broadband and PayTV base. In Q3 2025, the company added 526,000 broadband connections, contributing to the total base of 36.4 million fixed broadband access lines. PayTV saw losses, but the convergent offering (4Play services) in Brazil grew by 12.6% year-over-year, showing success in bundling residential services.

Corporate and Enterprise clients are served through advanced digital and network solutions. While this segment is a key driver of high-value revenue, its growth can be volatile; for instance, corporate networks revenue growth decelerated in Q3 2025 after seeing a 15.0% increase in the second quarter of 2025.

Regarding Machine-to-Machine (M2M) connections for IoT applications, the company has long-term targets related to its 5G rollout. A historical strategic goal mentioned for the year 2025 was to have 29 billion things connected, moving beyond just person-to-person connectivity.

Finance: review Q4 2025 guidance on ARPU mix shift by Monday.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep América Móvil's vast network running across Latin America and beyond. For a company of this scale, the cost structure is dominated by infrastructure upkeep, spectrum acquisition, and a massive workforce.

Capital Expenditures (CapEx) are strategically managed, reflecting a shift toward efficiency after major build-outs. The projected CapEx for 2025 is approximately US$6.7 billion. This is a slight reduction from the US$7 billion budgeted for 2024, signaling a focus on high-return initiatives like 5G densification and fiber expansion rather than broad, untargeted spending. For context, the capital expenditures for the first half of 2025 amounted to 55 billion pesos. The company's Selling, General & Administrative (SG&A) Expenses for the twelve months ending September 30, 2025, were reported at $9.436B, showing a year-over-year decline.

Network Operating Costs are a significant, ongoing drain, covering everything from the physical upkeep of cell towers to the power that runs them. América Móvil has committed to sustainability, integrating renewable energy like solar-powered base stations to manage energy costs over the long term. While prior years saw significant spending on buying spectrum, the 2025 plan reflects less immediate spectrum spend, though ongoing fees remain a factor. The Cost of Service for Q1 2025 was 59,657 million pesos.

Interconnection and Regulatory Compliance Costs are heavily influenced by local market dynamics. In Mexico, for instance, interconnection rates for dominant agents were set at zero back in 2014 as part of regulatory leveling measures. Compliance across multiple jurisdictions means constant spending on regulatory adherence, including navigating fines for violations, such as the MXN90.6m ($4.4m) fine imposed in September 2024. The company's comprehensive financing costs saw a significant decrease in Q3 2025, down 54.5% year-over-year to Mex$12,899 million.

Personnel Expenses are substantial, driven by the need for specialized technical teams and extensive customer service reach. The cost structure must account for personnel supporting over 22,600 customer support staff, in addition to technical and field teams supporting a base of 178.47K employees as of December 31, 2024. For the first quarter of 2025, labor obligations totaled 7.0 billion pesos.

The Cost of Equipment Sales is directly tied to handset subsidies and modem provisioning to drive service uptake, particularly in the competitive postpaid segment. In Q1 2025, the Cost of Equipment was reported at 27,864 million pesos. This contrasts with Equipment Revenue in Q3 2025 reaching Mex$34,083 million.

Here's a quick look at some of the key cost and revenue components from Q1 2025 (in millions of Mexican pesos):

The company's focus on cost discipline is evident, as net income jumped 38.6% in Q1 2025, partly fueled by these cost management efforts. You should watch the interplay between the US$6.7 billion CapEx plan and the ongoing operational expenses, especially as they push fiber penetration to 91% of the fixed customer base in Mexico.

América Móvil, S.A.B. de C.V. (AMX) - Canvas Business Model: Revenue Streams

You're looking at how América Móvil, S.A.B. de C.V. actually brings in the cash, and it's still heavily reliant on the core connectivity business, though the mix is shifting. The growth you're seeing in the numbers is definitely being pulled by higher-value customers, not just raw subscriber count.

Mobile Service Revenue is the engine, driven by folks moving to postpaid plans. For the third quarter of 2025, mobile service revenue growth hit a strong 7.1% at constant exchange rates. That acceleration came from postpaid revenue climbing 9.1% year-over-year, which is what management wants to see. To be fair, the prepaid side is still there, showing a 3.9% growth pace in Q3 2025, which is a nice recovery from the prior quarter.

Fixed-Line Service Revenue is showing resilience, too. In Q3 2025, this segment's service revenue grew 4.7% at constant exchange rates, though it decelerated a bit from the prior quarter. This stream is made up of broadband, PayTV, and fixed voice. For example, in Q1 2025, broadband revenue was up 9.8% and PayTV revenue increased 8.7%. By the end of Q3 2025, the fixed-line platform's share of total service revenue reached 21%.

Here's a quick look at the reported revenue snapshot from the latest quarter and the TTM figure you mentioned:

Equipment Revenue, which is the sale of mobile devices and customer premises equipment (CPE), is also a meaningful part of the top line. In Q2 2025, this stream saw a significant jump, rising 17.3% year-over-year in Mexican peso terms, showing strong device sales alongside service upgrades.

Also, don't forget Enterprise Digital Services Revenue. While the specific segment name isn't always isolated, the underlying business services are growing fast. For instance, in Q2 2025, corporate networks revenue was up 15.0%, which speaks to the strength in cloud, cybersecurity, and IoT connectivity services América Móvil, S.A.B. de C.V. is pushing to its business clients. If onboarding takes 14+ days, churn risk rises, but these enterprise contracts tend to be stickier.

Finance: draft 13-week cash view by Friday.