Mexico's oil revenue totaled 754.4 billion pesos between January and September 2026, equivalent to 12% of the 6.304 trillion pesos received by the public sector in the period, according to Energía a Debate, citing an analysis by the Instituto Mexicano para la Competitividad (IMCO) published on November 2, 2026.
The report "Hacienda en la mira. Resultados al tercer trimestre de 2026" reviews the report that the Secretaría de Hacienda y Crédito Público (SHCP) presented with a cutoff to September. Total budget revenues fell 2.8% in real annual terms and came in 239,527 million pesos below the programmed level, according to El Economista. Taxes contributed 4.2926 trillion pesos, 68% of the total. Income tax (ISR) revenue was 2.2 trillion pesos, 5.3% less in real terms than a year earlier, while VAT grew 12%. The figure matters for the Mexican community in North America because the revenue mix determines the public sector's margin to finance public works and infrastructure without resorting to more debt.
Oil revenue fell 21.5% in real annual terms from the 926.5 billion pesos of January-September 2025, according to El Economista. Hacienda attributed the decline to a high comparison base: in September 2025 the federal government gave Pemex an extraordinary contribution to reduce its debt. Pemex contributed 556.6 billion pesos, 57.3% of the 971.7 billion budgeted for the full year and 27.6% below the same period of 2025, according to the IMCO analysis. Oil's share of public revenue went from between 33% and 35% at the start of the millennium to between 10% and 13% at the close of 2024, based on Hacienda figures cited by the institute.
The next data point will be the public finance report for December 2026, which will allow the full year to be compared with the 1.2043 trillion pesos programmed for oil revenue that year.
This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.
