CFE reports operating profit of 90,511 million pesos at the close of the third quarter

The Comisión Federal de Electricidad (CFE) reported accumulated operating profit of 90,511 million pesos for the third quarter of 2026, a margin of 17.5%, and EBITDA of 164,128 million pesos, equivalent to 31.7% of its revenue, according to its financial bulletin.

The report, with figures as of September 30, notes that the volume of energy sold grew 3.4% and that energy and fuel costs fell 6.3%. Total costs, by contrast, rose 1.3% on labor obligations and benefits. The 31.7% EBITDA margin marks the sixth consecutive quarter above 30%. The figure the electricity market watches is liquidity: 190,229 million pesos in cash and equivalents, 30% more than at the close of 2025, an amount the company ties to the funding of its 2026-2030 Development Program and to the transmission and generation infrastructure serving demand from the National Electric System (SEN).

The exchange rate weighed on net income. El Economista reports a foreign exchange loss of around 20,000 million pesos from the peso's appreciation of 33 centavos, an accounting revaluation with no cash outflow. Accumulated net income came to 24,313 million pesos. The company also cut interest expense by 6.8% and other net financial expenses by 27.5%, and reduced short-term debt by 4.3%, from 82,809 to 79,288 million pesos. Financial leverage moved from 58.6% to 52.2% over one year. Current assets rose to 315,191 million pesos, 21.6% more.

It is worth separating the metrics: the 90,511 million corresponds to the year's accumulated operating profit, not the quarter's standalone result, which El Economista's analysis places at around 18,000 million pesos. Comparison with 2025 should be made on accumulated figures, because the bulletin and the press analysis use different cutoffs. The next verification point is the audited figures and the fourth-quarter report, together with the physical and financial progress of the 2026-2030 Development Program. The exchange rate will keep affecting net income as long as dollar-denominated debt remains on the balance sheet.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.