CFE Reports MX$125 Billion Profit in 3Q25, Strongest Since 2018

Mexico’s state utility CFE reported total revenues of MX$524 billion in 3Q25, up 4.2% from the same period last year, supported by higher power sales in the domestic and commercial sectors. Net profit reached MX$125.1 billion, the highest level recorded since 2018, marking a solid financial performance a year after the company’s transition into a State Public Enterprise.

Electricity sales accounted for 74.3% of total revenues, increasing 1.4% year-on-year. The domestic segment rose 6.9%, while the commercial sector grew 4.1%, reflecting stronger demand and a stable user base across Mexico. Meanwhile, revenue from fuel sales to third parties and energy transport surged 58.4%, driven by higher international gas prices and increased billing to private combined-cycle plants using CFE’s infrastructure.

Operating costs and expenses reached MX$422.3 billion, up 11% compared with the previous year, largely due to a 49.7% increase in natural gas prices. Despite cost pressures, CFE reported an EBITDA of MX$171.8 billion, equivalent to a 32.8% margin, consistent with similar global utilities and underscoring the company’s capacity to generate strong cash flow.

Operating income stood at MX$101.7 billion, supported by revenue diversification and cost management that offset fuel price volatility. The net profit of MX$125.1 billion was boosted by a 9.3% appreciation of the peso compared to December 2024, which led to a favorable financing result of MX$30.2 billion.

CFE’s balance sheet showed a 15.6% increase in current assets, mainly due to higher cash and equivalents from the issuance of CFE Fibra E’s amortizable bond. These funds will help finance transmission infrastructure projects under the National Electric System Expansion Plan 2025–2030.

Total liabilities fell 1.9% compared to the end of 2024, driven by a 3.9% decrease in lease liabilities and a 97.6% drop in income tax liabilities following a fiscal regime change. Total financial debt also declined by 0.7%, reflecting CFE’s disciplined financial management.

At the close of the 3Q25, CFE reported sustained growth and financial stability, underscoring its operational strength and commitment to efficient, reliable, and sustainable electricity supply in Mexico.