Background on BAIT and its Parent Company, Walmart
Bodega Aurrerá Internet y Telefonía (BAIT) is Mexico’s largest mobile virtual network operator by volume. It is a subsidiary of Walmart, one of the world’s leading retail corporations. BAIT specializes in providing mobile services and has rapidly grown to become the third-largest cellular operator by number of end-users, following AT&T and Telcel.
BAIT’s Financial Performance in 2025
In the first nine months of 2025, BAIT reported revenues amounting to 7,985.5 million pesos, surpassing its annual revenue target of 7,073.31 million pesos set for 2024. Walmart, BAIT’s parent company, announced that the operator generated 3,000 million pesos in revenue during Q3 2025 and had 23.5 million active cellular users over a six-month period.
Key Financial Indicators
- Revenue: BAIT’s revenue for the first nine months of 2025 was 7,985.5 million pesos, exceeding its annual target of 7,073.31 million pesos from 2024.
- Active Cellular Users: BAIT reported 23.5 million active cellular users over a six-month period, placing it as the third-largest operator by end-users, after AT&T and Telcel.
- Foreign Currency Earnings: In US dollars, BAIT reported earnings of 431.1 million for the nine-month period, indicating that even if BAIT experiences a weak Q4 2025 with similar revenue to its least favorable Q1, it would still surpass the 500 million dollars revenue target for 2025.
Impact on Traditional Operators
BAIT’s impressive revenue growth has come at the expense of traditional mobile operators like Telcel, AT&T, and Movistar. These established companies have seen their revenues diverted to BAIT, a relatively new entrant in the market.
BAIT’s User Growth
BAIT has experienced significant user growth in recent periods:
- Q3 2025 vs. Q2 2025 Growth: BAIT’s revenue increased by 11.1% compared to Q2 2025 and grew by 31.26% from Q1 2025.
- User Base Expansion: Between Q2 2025 and Q3 2025, BAIT added 2 million active users and gained 8.4 million new active users in the year-over-year comparison.
- Six-Month User Growth: Over the past six months, BAIT experienced a 55% growth in its active user base.
BAIT reported a substantial 60.23% increase in revenue compared to Q3 2024.
Key Questions and Answers
- What is BAIT? Bodega Aurrerá Internet y Telefonía (BAIT) is Mexico’s largest mobile virtual network operator by volume, offering mobile services under the parent company Walmart.
- Why is BAIT’s performance significant? BAIT’s rapid growth and surpassing of its 2024 revenue targets highlight its emergence as a major player in Mexico’s telecommunications sector, challenging established operators.
- How has BAIT impacted traditional mobile operators? Traditional operators like Telcel, AT&T, and Movistar have experienced a decline in revenues as users migrate to BAIT.
- What are BAIT’s key financial indicators? BAIT reported 7,985.5 million pesos in revenue for the first nine months of 2025, surpassing its annual target of 7,073.31 million pesos from 2024. It also reported 23.5 million active cellular users over a six-month period.
- What is BAIT’s user growth trajectory? BAIT has experienced significant user base expansion, with 2 million new active users added between Q2 and Q3 of 2025, and a 55% growth in active users over the past six months.
