America Movil, S.A.B. de C.V (AMX) Cash Flow Statement
Where AMX’s cash came from and went, 2025
December 31, 2025 · Mexican pesos- Cash from operations
- MX$228.00B −4.7% vs 2024
- Capital expenditures
- MX$107.33B 12.1% of revenue
- Free cash flow
- MX$120.67B 13.6% margin
- Returned to shareholders
- MX$42.30B 35% of free cash flow
- Change in cash
- MX$3.27B cash at year-end MX$35.01B
Cash from operations
MX$228.00B
Capital expenditures
−MX$107.33B
Investments (net)
+MX$4.77B
Acquisitions & other
−MX$15.96B
Dividends
−MX$31.10B
Share buybacks (net)
−MX$11.20B
Net borrowing (repayment)
−MX$69.97B
Other financing
+MX$4.06B
Currency & other
+MX$1.99B
Change in cash
MX$3.27B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AMX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AMX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | MX$235.80B2016 | MX$228.00B2025 | −0.4%/yr | |
| Capital expenditures | MX$155.02B2016 | MX$107.33B2025 | −4.0%/yr | |
| Free cash flow | MX$80.77B2016 | MX$120.67B2025 | +4.6%/yr | |
| Free cash flow margin | 8.3%2016 | 13.6%2025 | +5.4 pts | |
| Operating cash flow / net income | 10.042016 | 2.942025 | −7.11 | |
| Stock-based compensation | −MX$45.63B2022 | MX$3.72B2024 | — | |
| Dividends paid | MX$13.81B2016 | MX$31.10B2025 | +9.4%/yr | |
| Share buybacks (net) | MX$7.02B2016 | MX$11.20B2025 | +5.3%/yr | |
| Capex / revenue | 15.9%2016 | 12.1%2025 | −3.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AMX cash flow by activity
OperatingInvestingFinancingChange in cash
AMX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AMX cash flow statement in Mexican pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | MX$77.68B | MX$28.31B | MX$115.33B | MX$3.91B | MX$9.38B | MX$2.36B | MX$3.58B | MX$100.99B | MX$57.10B | MX$23.48B |
| Depreciation & amortization | MX$169.58B | MX$164.13B | MX$151.79B | MX$7.99B | MX$7.46B | MX$7.61B | MX$8.18B | MX$155.71B | MX$160.17B | MX$148.53B |
| Stock-based compensation | — | MX$3.72B | MX$3.94B | −MX$45.63B | — | — | — | — | — | — |
| Change in working capital | −MX$44.31B | −MX$47.63B | −MX$23.26B | −MX$409.9M | MX$716.0M | MX$573.5M | MX$368.1M | −MX$6.34B | −MX$10.36B | MX$28.28B |
| Other non-cash items | MX$25.05B | MX$90.81B | MX$293.4M | MX$45.70B | −MX$4.97B | MX$3.58B | MX$257.5M | −MX$2.03B | MX$10.87B | MX$35.52B |
| Cash from operating activities | MX$228.00B | MX$239.34B | MX$248.09B | MX$11.56B | MX$12.58B | MX$14.12B | MX$12.39B | MX$248.33B | MX$217.77B | MX$235.80B |
| Investing activities | ||||||||||
| Capital expenditures | −MX$107.33B | −MX$113.08B | −MX$156.34B | −MX$7.50B | −MX$6.86B | −MX$5.31B | −MX$7.03B | −MX$151.82B | −MX$136.72B | −MX$155.02B |
| Investments (net) | MX$4.77B | −MX$129.24B | −MX$177.18B | −MX$108.34B | MX$72.36B | −MX$8.13B | −MX$20.5M | MX$548.5M | MX$340.0M | −MX$151.00B |
| Acquisitions & other investing | −MX$15.96B | MX$113.08B | MX$168.53B | MX$7.50B | −MX$142.02B | −MX$122.12B | −MX$156.03B | MX$2.49B | −MX$4.36B | MX$155.02B |
| Cash from investing activities | −MX$118.52B | −MX$129.24B | −MX$164.99B | −MX$108.34B | −MX$76.52B | −MX$135.56B | −MX$163.08B | −MX$148.78B | −MX$140.74B | −MX$151.00B |
| Financing activities | ||||||||||
| Dividends paid | −MX$31.10B | −MX$31.01B | −MX$30.47B | −MX$1.52B | −MX$1.36B | −MX$482.4M | −MX$1.28B | −MX$22.37B | −MX$16.09B | −MX$13.81B |
| Share repurchases & issuance (net) | −MX$11.20B | −MX$22.75B | −MX$14.33B | −MX$1.34B | −MX$1.79B | −MX$255.3M | −MX$23.0M | −MX$511.4M | −MX$1.23B | −MX$7.02B |
| Net borrowing (repayment) | −MX$69.97B | −MX$15.98B | −MX$4.85B | −MX$37.49B | −MX$88.90B | −MX$82.72B | −MX$18.49B | −MX$47.49B | −MX$27.43B | −MX$61.39B |
| Shares issued | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 |
| Other financing | MX$4.06B | −MX$33.39B | −MX$35.30B | MX$36.58B | MX$83.40B | MX$77.07B | MX$16.03B | −MX$30.98B | −MX$31.28B | −MX$28.43B |
| Cash from financing activities | −MX$108.21B | −MX$103.12B | −MX$84.95B | −MX$3.76B | −MX$8.64B | −MX$6.38B | −MX$3.77B | −MX$101.36B | −MX$76.04B | −MX$110.66B |
| Summary | ||||||||||
| Net change in cash | MX$3.27B | MX$10.05B | −MX$7.10B | −MX$155.5M | MX$78.6M | MX$761.9M | −MX$58.0M | −MX$2.61B | MX$1.05B | −MX$21.94B |
| Cash at end of period | MX$35.01B | MX$36.65B | MX$26.60B | MX$1.73B | MX$1.88B | MX$1.81B | MX$1.04B | MX$21.66B | MX$24.27B | MX$23.22B |
| Free cash flow | MX$120.67B | MX$126.26B | MX$91.75B | MX$4.06B | MX$5.72B | MX$8.82B | MX$5.37B | MX$96.51B | MX$81.05B | MX$80.77B |
| Free cash flow margin | 13.6% | 14.5% | 11.2% | 0.5% | 0.7% | 1.1% | 0.6% | 9.4% | 7.9% | 8.3% |
| Capex / revenue | 12.1% | 13.0% | 19.2% | 0.9% | 0.8% | 0.7% | 0.8% | 14.8% | 13.4% | 15.9% |
| Operating cash flow / net income | 2.94 | 8.45 | 2.15 | 2.96 | 1.34 | 5.99 | 3.46 | 2.46 | 3.81 | 10.04 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | MX$24.45B | MX$23.40B | MX$18.83B | MX$22.70B | MX$43.34B | MX$18.70B | MX$9.48B | MX$6.43B | −MX$1.09B | MX$13.49B | MX$2.03B | MX$2.03B |
| Depreciation & amortization | MX$44.31B | MX$43.98B | MX$45.06B | MX$43.70B | MX$44.90B | MX$46.23B | MX$44.72B | MX$41.98B | MX$37.61B | MX$39.83B | MX$38.35B | MX$38.35B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | −MX$115.87B | −MX$80.72B | — |
| Change in working capital | −MX$8.23B | −MX$42.25B | MX$1.54B | −MX$16.05B | −MX$63.91B | −MX$19.77B | MX$4.48B | −MX$8.01B | −MX$16.34B | −MX$27.76B | −MX$22.06B | −MX$11.65B |
| Other non-cash items | MX$13.31B | −MX$243.7M | MX$13.74B | MX$25.11B | MX$86.88B | −MX$5.31B | MX$22.59B | MX$26.80B | MX$42.88B | MX$118.14B | MX$136.40B | MX$28.83B |
| Cash from operating activities | MX$73.83B | MX$24.89B | MX$79.18B | MX$75.46B | MX$111.20B | MX$39.86B | MX$81.27B | MX$67.19B | MX$63.05B | MX$27.83B | MX$74.00B | MX$57.57B |
| Investing activities | ||||||||||||
| Capital expenditures | −MX$26.84B | −MX$21.62B | −MX$36.50B | −MX$28.54B | −MX$48.31B | −MX$19.13B | −MX$31.91B | −MX$32.88B | −MX$29.41B | −MX$18.89B | −MX$32.72B | −MX$32.72B |
| Investments (net) | — | — | −MX$203.6M | — | — | — | −MX$36.42B | — | — | — | −MX$73.48B | −MX$923.2M |
| Acquisitions & other investing | MX$703.6M | MX$0 | −MX$8.00B | MX$2.22B | −MX$2.91B | −MX$4.50B | MX$31.91B | MX$2.71B | −MX$6.81B | −MX$7.54B | MX$58.89B | −MX$57.87B |
| Cash from investing activities | −MX$26.14B | −MX$21.62B | −MX$44.71B | −MX$26.32B | −MX$51.22B | −MX$23.64B | −MX$36.42B | −MX$30.17B | −MX$36.21B | −MX$26.43B | −MX$47.30B | −MX$91.51B |
| Financing activities | ||||||||||||
| Dividends paid | −MX$9.5M | −MX$681.0M | −MX$14.74B | −MX$15.47B | −MX$2.30B | −MX$1.0M | −MX$14.46B | −MX$16.53B | −MX$12.6M | −MX$5.9M | −MX$14.29B | −MX$14.29B |
| Share repurchases & issuance (net) | −MX$3.21B | −MX$1.38B | −MX$1.23B | −MX$2.16B | −MX$8.65B | −MX$3.78B | −MX$6.36B | −MX$3.86B | −MX$7.75B | −MX$4.78B | −MX$4.63B | −MX$4.63B |
| Net borrowing (repayment) | — | — | −MX$31.21B | — | — | — | −MX$6.41B | — | — | — | — | MX$2.59B |
| Shares issued | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 |
| Other financing | −MX$42.66B | −MX$2.57B | MX$1.01B | −MX$26.54B | −MX$39.98B | −MX$14.56B | −MX$6.33B | −MX$25.59B | −MX$15.62B | MX$4.57B | −MX$11.05B | −MX$13.63B |
| Cash from financing activities | −MX$45.88B | −MX$4.63B | −MX$46.17B | −MX$44.16B | −MX$50.93B | −MX$18.35B | −MX$33.55B | −MX$45.97B | −MX$23.38B | −MX$218.5M | −MX$29.97B | −MX$29.97B |
| Summary | ||||||||||||
| Net change in cash | MX$914.7M | MX$13.11B | −MX$13.87B | MX$4.11B | MX$8.99B | −MX$1.37B | MX$11.81B | −MX$6.45B | MX$3.96B | MX$727.0M | −MX$4.03B | −MX$4.03B |
| Cash at end of period | MX$50.82B | MX$90.50B | MX$35.01B | MX$49.76B | MX$45.65B | MX$35.28B | MX$36.65B | MX$24.84B | MX$31.29B | MX$27.32B | MX$28.27B | MX$28.27B |
| Free cash flow | MX$46.98B | MX$3.27B | MX$42.68B | MX$46.93B | MX$63.00B | MX$20.73B | MX$49.36B | MX$34.31B | MX$33.65B | MX$8.93B | MX$41.29B | MX$24.85B |
| Free cash flow margin | 19.4% | 1.4% | 17.7% | 20.1% | 26.9% | 8.9% | 20.8% | 15.4% | 16.4% | 4.4% | 20.3% | 12.2% |
| Capex / revenue | 11.1% | 9.1% | 15.1% | 12.3% | 20.7% | 8.2% | 13.5% | 14.7% | 14.3% | 9.3% | 16.1% | 16.1% |
| Operating cash flow / net income | 3.02 | 1.06 | 4.21 | 3.32 | 2.57 | 2.13 | 8.57 | 10.46 | — | 2.06 | 36.48 | 28.38 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Mexican pesos as reported; data from EODHD.
AMX cash generation
In fiscal 2025 (ended December 31, 2025), America Movil, S.A.B. de C.V generated MX$228.0 billion of cash from operations (down 4.7%) and spent MX$107.3 billion on capital expenditures, leaving free cash flow of MX$120.7 billion, 13.6% of revenue. It returned MX$42.3 billion to shareholders through dividends (MX$31.1 billion) and net share buybacks (MX$11.2 billion). Cash and equivalents rose by MX$3.3 billion over the year.
Related: AMX income statement, AMX balance sheet, AMX dividend history. See the AMX stock overview for the latest quote and news.
AMX cash flow FAQ
What is America Movil, S.A.B. de C.V's free cash flow?
America Movil, S.A.B. de C.V's free cash flow was MX$120.7 billion in fiscal 2025: MX$228.0 billion of operating cash flow minus MX$107.3 billion of capital expenditures It was MX$126.3 billion a year earlier..
How much cash does America Movil, S.A.B. de C.V generate from operations?
America Movil, S.A.B. de C.V generated MX$228.0 billion of cash from operating activities in fiscal 2025, 2.94 times its net income of MX$77.7 billion.
How much does America Movil, S.A.B. de C.V spend on capital expenditures?
America Movil, S.A.B. de C.V spent MX$107.3 billion on capital expenditures in fiscal 2025, 12.1% of revenue, compared with MX$113.1 billion the year before.
How much stock does America Movil, S.A.B. de C.V buy back?
America Movil, S.A.B. de C.V spent MX$11.2 billion on net share repurchases in fiscal 2025.
How much does America Movil, S.A.B. de C.V pay in dividends?
America Movil, S.A.B. de C.V paid MX$31.1 billion in dividends in fiscal 2025, 25.8% of free cash flow.