Grupo Televisa, S.A.B (TV) Cash Flow Statement
Where TV’s cash came from and went, 2025
December 31, 2025 · Mexican pesos- Cash from operations
- MX$23.20B −28.7% vs 2024
- Capital expenditures
- MX$13.47B 22.9% of revenue
- Free cash flow
- MX$9.72B 16.5% margin
- Returned to shareholders
- MX$1.61B 17% of free cash flow
- Change in cash
- −MX$9.82B cash at year-end MX$36.38B
Cash from operations
MX$23.20B
Capital expenditures
−MX$13.47B
Investments (net)
−MX$11.40B
Acquisitions & other
+MX$8.25B
Dividends
−MX$1.02B
Share buybacks (net)
−MX$594.2M
Net borrowing (repayment)
−MX$8.37B
Shares issued
+MX$495.8M
Other financing
−MX$6.84B
Change in cash
−MX$9.82B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TV operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | MX$36.66B2016 | MX$23.20B2025 | −5.0%/yr | |
| Capital expenditures | MX$30.41B2016 | MX$13.47B2025 | −8.6%/yr | |
| Free cash flow | MX$6.24B2016 | MX$9.72B2025 | +5.0%/yr | |
| Free cash flow margin | 6.5%2016 | 16.5%2025 | +10.0 pts | |
| Operating cash flow / net income | 4.472016 | 4.472021 | 0.00 | |
| Stock-based compensation | MX$1.41B2016 | MX$373.5M2025 | −13.7%/yr | |
| Dividends paid | MX$1.08B2016 | MX$1.02B2025 | −0.7%/yr | |
| Share buybacks (net) | MX$1.72B2016 | MX$594.2M2025 | −11.1%/yr | |
| Capex / revenue | 31.6%2016 | 22.9%2025 | −8.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TV cash flow by activity
OperatingInvestingFinancingChange in cash
TV 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).
TV cash flow statement in Mexican pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −MX$8.56B | −MX$7.63B | −MX$6.13B | −MX$12.15B | MX$6.58B | MX$5.53B | MX$6.20B | MX$12.01B | MX$10.85B | MX$8.21B |
| Depreciation & amortization | MX$17.16B | MX$20.54B | MX$21.47B | MX$21.24B | MX$21.42B | MX$21.26B | MX$21.01B | MX$19.83B | MX$18.54B | MX$16.98B |
| Stock-based compensation | MX$373.5M | MX$488.8M | MX$748.5M | MX$1.67B | MX$1.18B | MX$984.4M | MX$1.13B | MX$1.33B | MX$1.49B | MX$1.41B |
| Change in working capital | MX$4.06B | MX$4.11B | −MX$2.52B | −MX$10.05B | −MX$3.99B | −MX$1.33B | −MX$5.12B | −MX$2.17B | −MX$6.34B | −MX$401.5M |
| Other non-cash items | MX$10.16B | MX$15.04B | MX$1.63B | MX$6.17B | MX$4.21B | MX$6.71B | MX$4.68B | MX$2.71B | MX$557.6M | MX$10.46B |
| Cash from operating activities | MX$23.20B | MX$32.55B | MX$15.20B | MX$6.88B | MX$29.40B | MX$33.16B | MX$27.91B | MX$33.71B | MX$25.10B | MX$36.66B |
| Investing activities | ||||||||||
| Capital expenditures | −MX$13.47B | −MX$10.48B | −MX$16.58B | −MX$19.18B | −MX$25.17B | −MX$21.37B | −MX$21.20B | −MX$26.27B | −MX$18.54B | −MX$30.41B |
| Investments (net) | −MX$11.40B | −MX$9.68B | −MX$21.47B | MX$48.30B | −MX$19.04B | −MX$15.64B | −MX$17.01B | −MX$23.90B | −MX$17.33B | −MX$29.00B |
| Acquisitions & other investing | MX$8.25B | MX$11.14B | MX$22.29B | MX$19.18B | MX$25.17B | MX$21.08B | MX$20.74B | MX$26.27B | MX$18.54B | MX$30.41B |
| Cash from investing activities | −MX$16.62B | −MX$9.01B | −MX$15.76B | MX$48.30B | −MX$19.04B | −MX$15.92B | −MX$17.47B | −MX$23.90B | −MX$17.33B | −MX$29.00B |
| Financing activities | ||||||||||
| Dividends paid | −MX$1.02B | −MX$1.02B | −MX$1.03B | −MX$1.05B | −MX$1.05B | −MX$112.0M | −MX$1.07B | −MX$1.07B | −MX$1.08B | −MX$1.08B |
| Share repurchases & issuance (net) | −MX$594.2M | −MX$511.5M | −MX$1.46B | −MX$1.28B | −MX$438.2M | −MX$504.6M | −MX$1.39B | −MX$4.60B | −MX$5.19B | −MX$1.72B |
| Net borrowing (repayment) | −MX$8.37B | −MX$1.57B | −MX$7.69B | −MX$18.40B | −MX$1.07B | −MX$4.86B | MX$117.2M | −MX$2.03B | −MX$2.66B | MX$1.78B |
| Shares issued | MX$495.8M | MX$378.9M | MX$980.4M | MX$774.1M | MX$774.1M | MX$112.0M | MX$100.2M | MX$1.95B | MX$0 | MX$0 |
| Other financing | −MX$6.84B | −MX$16.67B | −MX$8.96B | −MX$9.81B | −MX$12.05B | −MX$10.83B | −MX$12.76B | −MX$10.76B | −MX$7.53B | −MX$8.96B |
| Cash from financing activities | −MX$16.32B | −MX$19.39B | −MX$18.15B | −MX$29.77B | −MX$13.84B | −MX$16.20B | −MX$14.99B | −MX$16.50B | −MX$16.47B | −MX$9.99B |
| Summary | ||||||||||
| Net change in cash | −MX$9.82B | MX$4.30B | −MX$18.94B | MX$25.30B | −MX$3.46B | MX$1.61B | −MX$4.62B | −MX$6.67B | −MX$8.81B | −MX$1.85B |
| Cash at end of period | MX$36.38B | MX$36.89B | MX$32.19B | MX$51.13B | MX$25.59B | MX$29.06B | MX$27.45B | MX$32.07B | MX$38.73B | MX$47.55B |
| Free cash flow | MX$9.72B | MX$22.08B | −MX$1.38B | −MX$12.31B | MX$4.23B | MX$11.79B | MX$6.70B | MX$7.44B | MX$6.56B | MX$6.24B |
| Free cash flow margin | 16.5% | 35.5% | −2.1% | −17.9% | 5.7% | 16.7% | 6.6% | 7.3% | 7.0% | 6.5% |
| Capex / revenue | 22.9% | 16.8% | 25.0% | 28.0% | 34.0% | 30.2% | 20.8% | 25.9% | 19.7% | 31.6% |
| Operating cash flow / net income | — | — | — | — | 4.47 | 6.00 | 4.50 | 2.81 | 2.31 | 4.47 |
| 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$499.7M | MX$1.06B | −MX$7.56B | −MX$1.91B | MX$474.4M | MX$331.5M | −MX$9.84B | MX$670.5M | −MX$25.6M | MX$951.8M | −MX$9.02B | −MX$1.05B |
| Depreciation & amortization | MX$4.21B | MX$4.26B | MX$3.64B | MX$4.60B | MX$4.40B | MX$4.45B | MX$5.36B | MX$4.91B | MX$5.20B | MX$5.01B | MX$5.34B | MX$5.54B |
| Stock-based compensation | MX$108.3M | MX$84.7M | MX$85.0M | MX$72.3M | MX$92.5M | MX$123.7M | MX$82.0M | MX$110.2M | MX$110.2M | MX$186.4M | MX$186.4M | MX$166.3M |
| Change in working capital | −MX$43.8M | −MX$1.19B | MX$4.46B | −MX$429.6M | −MX$48.4M | MX$622.6M | MX$2.63B | MX$425.6M | MX$2.00B | MX$551.4M | MX$356.5M | −MX$2.82B |
| Other non-cash items | MX$954.1M | −MX$1.24B | MX$7.94B | MX$2.69B | −MX$2.70B | −MX$14.6M | MX$11.77B | MX$2.55B | MX$1.23B | −MX$1.47B | MX$9.49B | MX$3.52B |
| Cash from operating activities | MX$4.73B | MX$2.98B | MX$8.57B | MX$5.03B | MX$2.22B | MX$5.52B | MX$10.00B | MX$8.66B | MX$8.52B | MX$5.24B | MX$6.36B | MX$5.36B |
| Investing activities | ||||||||||||
| Capital expenditures | −MX$3.64B | −MX$2.54B | −MX$4.46B | −MX$3.89B | −MX$2.13B | −MX$2.02B | −MX$3.08B | −MX$2.73B | −MX$1.76B | −MX$2.43B | −MX$4.42B | −MX$3.77B |
| Investments (net) | MX$0 | MX$0 | −MX$11.40B | MX$0 | MX$0 | MX$0 | −MX$2.80B | −MX$2.41B | — | — | −MX$4.23B | −MX$3.56B |
| Acquisitions & other investing | −MX$2.44B | MX$1.72B | MX$7.12B | MX$424.3M | −MX$43.7M | MX$209.4M | −MX$3.81B | MX$2.73B | MX$228.4M | −MX$504.7M | MX$4.42B | MX$3.77B |
| Cash from investing activities | −MX$6.08B | −MX$812.4M | −MX$8.74B | −MX$3.47B | −MX$2.17B | −MX$1.81B | −MX$9.68B | −MX$2.41B | −MX$1.53B | −MX$2.94B | −MX$4.23B | −MX$3.56B |
| Financing activities | ||||||||||||
| Dividends paid | MX$0 | −MX$861,922 | −MX$15.5M | −MX$1.02B | −MX$1.02B | MX$0 | −MX$1.02B | −MX$1.02B | −MX$1.02B | −MX$1.02B | MX$0 | −MX$1.03B |
| Share repurchases & issuance (net) | −MX$286,026 | −MX$40.7M | −MX$558.5M | — | MX$0 | −MX$511.5M | −MX$132.6M | MX$0 | — | −MX$358.8M | −MX$358.8M | −MX$186.3M |
| Net borrowing (repayment) | −MX$860.4M | −MX$4.13B | −MX$584.6M | −MX$5.64B | MX$2.65B | −MX$4.79B | −MX$420.3M | −MX$9.38B | — | — | — | — |
| Shares issued | MX$0 | MX$0 | MX$495.8M | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$173.0M | MX$0 |
| Other financing | MX$6.93B | −MX$713.8M | −MX$699.5M | MX$4.53B | −MX$6.74B | −MX$1.03B | MX$8.48B | MX$8.21B | −MX$1.72B | −MX$882.7M | −MX$1.96B | −MX$6.45B |
| Cash from financing activities | MX$6.07B | −MX$4.88B | −MX$1.36B | −MX$2.13B | −MX$5.11B | −MX$6.33B | MX$6.91B | −MX$2.19B | −MX$2.74B | −MX$2.26B | −MX$2.14B | −MX$7.66B |
| Summary | ||||||||||||
| Net change in cash | MX$5.46B | −MX$2.70B | −MX$753.4M | −MX$592.4M | −MX$5.09B | −MX$2.66B | −MX$41.03B | MX$4.07B | MX$4.35B | MX$20.4M | −MX$101.8M | −MX$5.84B |
| Cash at end of period | MX$29.66B | MX$24.75B | MX$36.43B | MX$37.86B | MX$38.45B | MX$43.54B | MX$46.19B | MX$41.03B | MX$36.96B | MX$32.61B | MX$32.59B | MX$33.06B |
| Free cash flow | MX$1.09B | MX$441.2M | MX$4.11B | MX$1.13B | MX$92.2M | MX$3.50B | MX$6.93B | MX$5.93B | MX$6.76B | MX$2.80B | MX$1.93B | MX$1.59B |
| Free cash flow margin | 7.7% | 3.0% | 28.7% | 7.7% | 0.6% | 23.4% | 45.5% | 38.6% | 43.0% | 17.6% | 10.5% | 9.7% |
| Capex / revenue | 25.5% | 17.5% | 31.2% | 26.6% | 14.4% | 13.5% | 20.2% | 17.8% | 11.2% | 15.3% | 24.0% | 23.0% |
| Operating cash flow / net income | — | 2.82 | — | — | 4.67 | 16.64 | — | 12.91 | — | 5.50 | — | — |
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.
TV cash generation
In fiscal 2025 (ended December 31, 2025), Grupo Televisa, S.A.B generated MX$23.2 billion of cash from operations (down 28.7%) and spent MX$13.5 billion on capital expenditures, leaving free cash flow of MX$9.7 billion, 16.5% of revenue. It returned MX$1.6 billion to shareholders through dividends (MX$1.0 billion) and net share buybacks (MX$594.2 million). Cash and equivalents fell by MX$9.8 billion over the year.
Related: TV income statement, TV balance sheet, TV dividend history. See the TV stock overview for the latest quote and news.
TV cash flow FAQ
What is Grupo Televisa, S.A.B's free cash flow?
Grupo Televisa, S.A.B's free cash flow was MX$9.7 billion in fiscal 2025: MX$23.2 billion of operating cash flow minus MX$13.5 billion of capital expenditures It was MX$22.1 billion a year earlier..
How much cash does Grupo Televisa, S.A.B generate from operations?
Grupo Televisa, S.A.B generated MX$23.2 billion of cash from operating activities in fiscal 2025.
How much does Grupo Televisa, S.A.B spend on capital expenditures?
Grupo Televisa, S.A.B spent MX$13.5 billion on capital expenditures in fiscal 2025, 22.9% of revenue, compared with MX$10.5 billion the year before.
How much stock does Grupo Televisa, S.A.B buy back?
Grupo Televisa, S.A.B spent MX$594.2 million on net share repurchases in fiscal 2025.
How much does Grupo Televisa, S.A.B pay in dividends?
Grupo Televisa, S.A.B paid MX$1.0 billion in dividends in fiscal 2025, 10.5% of free cash flow.