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KOFCoca-Cola bottling and beverages

Coca-Cola FEMSA

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Updated

Price
$118.41
Analysts view
Bullish
Discount category
Pricey
Pick status
Research only
Next earnings
Earnings Feb 23 · · estimated
History
Market cap
$25B
Shares of Dec 31, 2025
Yield at current rate
3.7%
Current annual rate, at the price of Nov 13, 2026
Dividend yield
2.8%
Last 12 months, at the price of Nov 13, 2026
52-week range
$85.38 – $122.14
To Nov 12, 2026
Beta
0.56
Vs S&P 500, 5 years monthly, to Oct 30, 2026
Average volume
226K
3 months, to Nov 12, 2026

Check the numbers:ExchangeGoogle FinanceYahoo FinanceSEC filings

In short

Thesis
The market weighs the growth of Coca-Cola FEMSA in Brazil and Colombia against a much higher sugar tax in Mexico and weak currencies, and stable Mexican volume through 2027 can lift its value.
Gap
Can close. The Q4 2026 report, expected in late February 2027, and the first 2027 quarters show whether volume in Mexico holds after the higher excise tax.

Price history

About

Coca-Cola FEMSA, S.A.B. de C.V. (Coca-Cola FEMSA) is based in Mexico City. It is the largest Coca-Cola franchise bottler in the world by sales volume. It makes, sells and distributes beverages of the Coca-Cola system in Mexico, Central America, Colombia, Brazil, Argentina and other countries in South America. FEMSA owns 47.2% of the capital stock and The Coca-Cola Company owns 27.8%.

Volume was 1,089.8 million unit cases in Q3 2026, and total revenues were Ps. 79,718 million. The American Depositary Shares (ADSs) trade on the NYSE in US dollars. Each ADS represents 10 units, and each unit has three Series B shares and five Series L shares.

Coca-Cola FEMSA reports in Mexican pesos under IFRS. It files a 20-F each year and furnishes quarterly results on Form 6-K.

Thesis

The price of Coca-Cola FEMSA depends on whether it can keep earnings growing in Mexico while a much higher excise tax weighs on demand, and on Latin American currencies. From January 1, 2026, the Mexican excise tax on beverages with added sugar rose to Ps. 3.0818 per liter from Ps. 1.6451.

In Q3 2026, operating income in Mexico and Central America fell 3.1%, while operating income in South America rose 51.2% on growth in Brazil and Colombia and insurance income in Brazil. Majority net income was Ps. 16,784 million for nine months, up 2.7%. For the price to hold or rise, three things must be true.

Volume and prices in Mexico must hold after the tax increase. Brazil and Colombia must keep their growth. The peso and the other currencies must not weaken a lot against the US dollar, because the ADS trades in dollars. The Q4 2026 report, expected in late February 2027, is the next test.

If demand in Mexico weakens further, the price can fall.

Checkpoints

  1. Feb 23, 2027 · est.Pending
    Q4 2026 resultsVolume in Mexico grows and majority net income for 2026 is above the Ps. 23,845 million of 2025, and this passes; lower volume in Mexico or lower full-year income fails.

Every passed and failed checkpoint across all picks

Recent events

  • October 26, 2026Coca-Cola FEMSA reported Q3 2026 results. Volume rose 5.3%, total revenues rose 10.9% to Ps. 79,718 million and operating income rose 15.4% to Ps. 11,874 million, with Ps. 1,055 million of net insurance income in Brazil. Majority net income rose 5.5% to Ps. 6,223 million.
  • October 13, 2026Coca-Cola FEMSA paid the third installment of its ordinary dividend, Ps. 0.241875 per share, or Ps. 4,065.1 million in all.
  • September 3, 2026Coca-Cola FEMSA said that it met the water use target of its sustainability-linked bonds KOF 21L, with 1.26 liters of water per liter of beverage, so their interest rate does not change.
Show 2 older events
  • May 22, 2026Moody's adjusted the rating of Coca-Cola FEMSA to Baa1 from A3 with a negative outlook, after it lowered the rating of Mexico to Baa3.
  • January 1, 2026The Mexican excise tax on beverages with added sugar rose to Ps. 3.0818 per liter from Ps. 1.6451, and a new tax of Ps. 1.50 per liter started for beverages with non-caloric sweeteners.

Latest news and filings

Next earnings
Expected about February 23, 2027. The company has not confirmed the date.
  • 20-FAnnual report for the period ended Dec 31, 2025Filed · kof-20251231
  • 20-FAnnual report for the period ended Dec 31, 2024Filed · kof-20241231

Every filing on SEC EDGAR (CIK 910631)

Risks

  • The Mexican excise tax on sugary beverages almost doubled in 2026, and a new tax applies to beverages with non-caloric sweeteners. Higher prices can lower volume in Mexico, the largest market.
  • Currency changes affect results. Most revenue is in local currencies and the ADS trades in US dollars, so a weaker Mexican peso, Brazilian real or Colombian peso lowers the dollar value.
  • Margins fell in Mexico. Operating income in Mexico and Central America fell 3.1% in Q3 2026, with higher marketing, depreciation, maintenance and freight costs.
  • FEMSA controls the company with 56.0% of the capital stock with full voting rights, and The Coca-Cola Company has substantial influence. Series L shares vote only on certain matters.
  • Moody's lowered the rating to Baa1 with a negative outlook in May 2026, after it lowered the rating of Mexico.

Balance sheet

Cash
MX$46.8B
Debt
MX$84.4B
Net debt
MX$37.6B

Cash against debt

CashMX$46.8B
DebtMX$84.4B

debt covered by cashnet debt MX$37.6B

When the debt is due

12 monthsMX$11.5B
LaterMX$72.9B

Credit ratings

  • Moody's Baa1 · negative

At September 30, 2026, Coca-Cola FEMSA had cash, cash equivalents and marketable securities of Ps. 46,772 million.

As of

Show 1 source

Dividends

Yield at the current rate
3.7% (current annual rate, at today’s price)
Dividend yield
2.8% (last 12 months, at today’s price of $118.41)
Paid per share
$3.296 in the last 12 months (3 payments)
Current annual rate
$4.336 ($1.084 × 4 a year)
Latest ex-dividend date
October 9, 2026, $1.084 per share

Dividends per share by year

Coca-Cola FEMSA dividends per share by year
2016
$1.863
2017
$1.769
2018
$0.921
2019
$1.664
2020
$2.13
2021
$2.517
2022
$2.708
2023
$3.193
2024
$3.258
2025
$1.86

From 2020 to 2025, the dividend fell by about 2.7% a year. From 2015 to 2025, the dividend fell by about 0.6% a year.

Source: company filings and market data, read on November 12, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.

Questions about Coca-Cola FEMSA

What does Coca-Cola FEMSA do?

Coca-Cola FEMSA, S.A.B. de C.V. (Coca-Cola FEMSA) is based in Mexico City. Its market cap is $25B at the current price of $118.41.

When does Coca-Cola FEMSA report earnings next?

This is an estimate: Coca-Cola FEMSA may report on February 23, 2027. It last reported results on October 26, 2026.

Is Coca-Cola FEMSA stock below its intrinsic value?

Coca-Cola FEMSA stock is pricey. This is general information, not advice.

What changed recently at Coca-Cola FEMSA?

The latest update is from October 26, 2026. Coca-Cola FEMSA reported Q3 2026 results.

What are the main risks for Coca-Cola FEMSA?

The Mexican excise tax on sugary beverages almost doubled in 2026, and a new tax applies to beverages with non-caloric sweeteners. Currency changes affect results. Margins fell in Mexico.

How much debt and cash does Coca-Cola FEMSA have?

At September 30, 2026, Coca-Cola FEMSA had MX$84.4B of debt and MX$46.8B of cash.

Does Coca-Cola FEMSA pay a dividend?

Yes. The current annual dividend of Coca-Cola FEMSA is $4.336 per share. That is a dividend yield of 3.7% at the current price of $118.41. In the last 12 months, it paid $3.296 per share (2.8%). The latest ex-dividend date was October 9, 2026.

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