FEMSA

Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) is a Mexican company based in Monterrey. It reports five segments: OXXO Mexico, Americas & Mobility, Europe, Health and Coca-Cola FEMSA. OXXO Mexico had 24,759 stores at September 30, 2026. Americas & Mobility holds the OXXO stores in Brazil, Colombia, Chile, Peru and the United States, and the fuel stations in Mexico and the United States.

Europe runs convenience and food service businesses and had 2,762 stores. Health runs pharmacies and had 4,569 locations. FEMSA owns 47.2% of Coca-Cola FEMSA, the largest Coca-Cola bottler in the world by sales volume, and it consolidates the bottler. FEMSA also runs Spin by OXXO, a digital wallet with 11.7 million active users in Q3 2026, and Bara, a grocery chain with 898 stores that is not in the reported segments.

Total revenues were Ps. 235,609 million in Q3 2026. The American Depositary Shares (ADS) trade on the NYSE in US dollars. Each ADS represents 10 BD Units, and each BD Unit has five shares (20-F, April 24, 2026).

José Antonio Fernández Garza-Lagüera is Chief Executive Officer. FEMSA files a 20-F each year and furnishes its quarterly results on Form 6-K.

FEMSA trades above its intrinsic value because investors pay for a group of uneven businesses and look past the losses of its newer units. Its profit growth comes mostly from OXXO Mexico and Coca-Cola FEMSA. OXXO Mexico same-store sales rose 9.2% in Q3 2026, and customer traffic grew 3.5%, which the company calls its best in more than two years. But OXXO Mexico operating income grew only 5.8%, because its gross margin fell.

Coca-Cola FEMSA operating income rose 15.4%. Other units pull the result down. Americas & Mobility operating income fell 75.9%, as FEMSA took on the losses of OXXO Brazil and weaker fuel margins in Mexico. Europe and Health also lost profit.

Spin and Bara spend money to grow. For the price to hold, three things must be true. OXXO Mexico must keep its traffic growth with a stable margin. The losses in Brazil, Europe and Health must narrow.

FEMSA must also keep returning cash through its dividend and buybacks, including an accelerated repurchase of up to US$280 million. The Q4 report in February 2027 is the next test, and the company says that it will face a harder comparison base.

1. Oct 28, 2026Passed

   Q3 2026 results: OXXO Mexico trafficOXXO Mexico same-store sales growth of 5% or more with rising traffic passes; falling traffic fails.Outcome: Same-store sales rose 9.2% and traffic rose 3.5%.
2. Dec 2026 · est.Pending

   Accelerated share repurchase settlesThe accelerated repurchase of up to US$280 million settles before the end of 2026 passes; a delay fails.
3. Feb 24, 2027 · est.Pending

   Q4 2026 results: OXXO Mexico and the new unitsOXXO Mexico same-store sales growth of 5% or more with a stable operating margin, and a smaller loss in Americas & Mobility, passes; slower growth or a lower margin fails.

Every passed and failed checkpoint across all picks

• October 28, 2026FEMSA reported Q3 2026 results. Total revenues were Ps. 235,609 million, up 9.8%, and income from operations was Ps. 19,918 million, up 9.9%. Net majority income was Ps. 6,810 million, or US$1.10 per ADS. Net debt without Coca-Cola FEMSA was Ps. 95,203 million, or 1.19 times adjusted EBITDA. FEMSA also changed its reporting segments.
• September 23, 2026FEMSA announced CHF 300 million of five-year senior unsecured bonds on the Swiss market, at a yield of 1.73%. The sale settled on October 14, 2026. FEMSA will use the money for general purposes.
• September 14, 2026FEMSA signed an accelerated share repurchase agreement for up to US$280 million of its ADSs. The final number of ADSs depends on the average price, and settlement is expected before the end of 2026.

Next earnings

Expected about February 24, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed April 24, 2026 · fmx-20251231
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 24, 2025 · fmx-20241231

Every filing on SEC EDGAR (CIK 1061736)

• The OXXO Mexico recovery may fade. The CEO says that the consumer in Mexico is still soft and that comparison bases get harder. Gross margin fell 120 basis points in Q3 2026, partly because Q3 2025 had a high amount of commercial income. Labor costs are rising.
• The new units may keep losing money. Operating income of Americas & Mobility was Ps. 170 million in Q3 2026 against Ps. 706 million a year before, after OXXO Brazil joined on February 1, 2026. Europe operating income fell 24.8% and Health fell 63.2%.
• Coca-Cola FEMSA is a large part of profit, and Mexico is weak there. Its operating income in Mexico and Central America fell 8.6% in nine months, with weak demand and higher taxes in Mexico, while South America grew.
• Currency moves net income. FEMSA reports in pesos, and the ADS price is in US dollars. A non-cash foreign exchange gain of Ps. 1,121 million helped Q3 2026, and a loss of Ps. 1,261 million hurt Q3 2025.
• Debt and leases add fixed costs. Net debt without Coca-Cola FEMSA was Ps. 95,203 million, of which lease liabilities were Ps. 110,844 million. Financial debt was Ps. 54,762 million and cash and investments were Ps. 70,403 million.

At September 30, 2026, FEMSA without Coca-Cola FEMSA had cash and investments of Ps. 70,403 million (US$3,898 million), financial debt of Ps. Read more

Yield at the current rate

5.4% (current annual rate, at today’s price)

Dividend yield

4.1% (last 12 months, at today’s price of $132.53)

Paid per share

$5.402 in the last 12 months (3 payments)

Current annual rate

$7.12 ($1.78 × 4 a year)

Latest ex-dividend date

October 14, 2026, $1.78 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 26.9% a year. From 2015 to 2025, the dividend grew by about 12.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.