América Móvil Invests US$44.5 Billion in Networks Since 2020

América Móvil invested MX$865.42 billion (US$44.5 billion) in capital expenditures between 2020 and 2025, expanding its cellular sites, fiber-optic network, and fixed-line infrastructure, while its second-quarter 2026 results showed MX$48.1 billion (US$2.84 billion) in capital investment during the first half of the year and a 9.2% increase in net income.

América Móvil has committed more than US$44.5 billion in nominal capital expenditures between 2020 and 2025, a six-year investment cycle that expanded the physical infrastructure supporting Telcel, Telmex-Telnor, Claro, and other businesses across Latin America and the European Union.

The company’s reported CAPEX reached US$6.03 billion in 2020, MX$158.071 billion (US$7.79 billion) in 2021, MX$159.798 billion (US$7.94 billion) in 2022, MX$156.339 billion (US$8.81 billion) in 2023, MX$130.835 billion (US$7.15 billion) in 2024 and MX$130.817 billion (US$6.80 billion) in 2025. Carlos Slim, Chairman of the Board of Directors, América Móvil, described connectivity as requiring sustained capital deployment and continuous technological upgrades at the México Siglo XXI forum.

“We connect people, companies and organizations in Mexico and 25 countries in Latin America and the European Union… With very strong and continuous investments,” Slim says. The company describes its capital expenditures as investments to maintain and expand networks, increase capacity, and update systems, and technology. The physical footprint of its infrastructure expanded alongside that spending, particularly across mobile and fiber networks.

Investment Expands Network Footprint

In 2020, América Móvil reported 100,122 cellular sites across Latin America and the European Union. By the end of 2025, that figure had reached 121,100, an increase of 20,978 sites, or about 21%. The fixed network also expanded. América Móvil reported more than 1.081 million kilometers of fiber-optic network in 2020, reaching approximately 81 million homes. Five years later, it reported more than 1.5 million kilometers of fiber and approximately 116 million homes reached.

The company now operates a network architecture spanning terrestrial fiber, data centers and cloud services, mobile 5G networks, submarine cables, and geostationary satellites. “América Móvil is and will be a proudly Mexican company of global reference,” Slim says.

The network expansion also coincides with continued growth in the company’s customer base. At the end of June 2026, América Móvil reported 334.3 million mobile subscribers and 80.2 million fixed-line revenue-generating units. Postpaid mobile subscribers increased 9.1% year over year, while fixed broadband accesses increased 6.1%.

Mexico remained a significant component of that footprint. Telcel ended the second quarter with 84.5 million mobile subscribers, up 0.5% year over year, while Telmex added 170,000 broadband accesses. Mexico's broadband base reached 12.345 million accesses, up 6.4% from a year earlier.

CAPEX Continues as Financial Performance Improves

The investment cycle has continued into 2026, although at a lower quarterly pace than the peak recorded in 2022. América Móvil's second-quarter financial report shows MX$48.1 billion (US$2.84 billion) in capital investment during the first half of 2026. The company generated MX$43 billion (US$2.54 billion) in free cash flow in the period, compared with MX$20.1 billion (US$1.19 billion) a year earlier, while reducing net debt by MX$30.9 billion (US$1.83 billion).

The second-quarter results also show that infrastructure spending is taking place alongside higher operating income. Consolidated revenue reached MX$241.071 billion (US$14.25 billion), up 3.1% year over year, while service revenue increased 3.4%. EBITDA rose 3.8% to MX$95.908 billion (US$5.67 billion), while operating profit increased 9.5% to MX$51.814 billion (US$3.06 billion). Net income reached MX$24.332 billion (US$1.44 billion), a 9.2% increase from the second quarter of 2025.

At constant exchange rates, service revenue increased 5.1% and EBITDA grew 5.3%. Excluding an extraordinary effect in Mexico, EBITDA growth would have reached 6.7%. 

Operations in Mexico also showed stronger service trends in the quarter. Mobile service revenue increased 6.6% year over year, with postpaid service revenue rising 7.7%. Broadband revenue increased 6.3%, although corporate network revenue declined 7.8%. Telmex's EBITDA rose 0.6% to MX$35.229 billion (US$2.08 billion); excluding the effect of a regulatory fine, the company says EBITDA would have increased 4.3%.

For businesses that depend on telecommunications infrastructure, the investment figures point to an expanding network base rather than a single technology upgrade. Fiber capacity, mobile sites, broadband access, and 5G coverage form part of the infrastructure layer supporting enterprise connectivity and digital services.

That investment also remains geographically distributed. In the second quarter, América Móvil added 531,000 broadband accesses across its operations, with Mexico contributing 170,000, Brazil 83,000 and Colombia 74,000. The company also added 3.5 million postpaid subscribers, led by Brazil with 1.5 million.

The latest financial results therefore place the six-year investment cycle in a broader context. After allocating more than MX$865 billion (US$51.15 billion) in nominal CAPEX from 2020 through 2025, América Móvil entered the second half of 2026 with a larger fixed and mobile network, continued capital deployment and lower net debt.