FEMSA Announces Fourth Quarter 2025 Results
Rhea-AI Summary
FEMSA (NYSE:FMX) reported 4Q25 results: Total consolidated revenues +5.7% and income from operations +8.5% year-over-year. Spin reached 10.5 million active users (+22.0%) and Spin Premia had 28.1 million loyalty users (+13.8%). Coca-Cola FEMSA revenues rose 2.9% and operating income climbed 13.3% versus 4Q24.
The company closed the transaction to acquire full ownership of OXXO Brazil and launched a corporate restructuring to integrate Proximity & Health into FEMSA corporate, aiming for efficiency gains fully in place by 2027.
Positive
- Coca-Cola FEMSA operating income increased by 13.3% in 4Q25
- Spin active users grew 22.0% to 10.5 million in 4Q25
- Completed transaction granting full ownership of OXXO Brazil
Negative
- Health segment income from operations declined by 52.3% in 4Q25
- Proximity Europe gross profit fell by 10.5% in 4Q25
- New taxes in Mexico may pressure consumer categories and margins
News Market Reaction – FMX
On the day this news was published, FMX gained 0.78%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FEMSA gained 0.41% pre-release while key beverage peers were mixed: ABEV +2.54%, BUD +0.64%, TAP +0.71%, STZ +0.22%, and CCEP -0.04%. Momentum data flagged only DEO moving sharply down, suggesting today’s setup is more stock-specific than a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 28 | 3Q25 earnings | Positive | -0.6% | 3Q25 revenues and operating income grew with strong Proximity and digital metrics. |
| Jul 28 | 2Q25 earnings | Neutral | -6.7% | Mixed Q2 2025 results with consolidated growth but pressure in Mexico operations. |
| Apr 28 | 1Q25 earnings | Positive | -0.1% | Q1 2025 showed revenue and operating income growth with mixed divisional trends. |
| Feb 27 | 4Q24 earnings | Positive | +5.2% | Strong Q4 and full-year 2024 growth with margin expansion and capital returns. |
| Oct 28 | 3Q24 earnings | Positive | +1.7% | Q3 2024 delivered solid growth and digital user expansion despite soft consumer demand. |
Earnings headlines have produced relatively modest and mixed stock reactions, with an average move of -0.1%, and several instances where positive results coincided with flat or negative price moves.
Across recent earnings, FEMSA has consistently reported revenue and operating income growth, with digital platforms Spin by OXXO and Spin Premia expanding their user bases. Results range from strong quarters like Q4 2024 with double-digit growth, to more mixed quarters in 2025 where some divisions lagged despite consolidated gains. The current 4Q25 release, showing consolidated revenue growth of 5.7% and operating income up 8.5% versus 4Q24, follows this pattern of steady top-line expansion with varied performance across segments.
Historical Comparison
In the past five earnings releases, FEMSA’s average move was -0.1%, with generally positive revenue and operating income trends but mixed price reactions, underscoring that strong prints have not always translated into post-earnings strength.
Recent earnings show FEMSA transitioning from very strong 2024 growth into more mixed but still expanding results in 2025, while steadily scaling Spin by OXXO and Spin Premia and maintaining solid performance at Coca-Cola FEMSA.
Market Pulse Summary
This announcement reports 4Q25 consolidated revenue growth of 5.7% and operating income up 8.5% versus 4Q24, with Proximity Americas and Coca-Cola FEMSA both contributing. Digital platforms continued to scale, as Spin by OXXO reached 10.5M active users and Spin Premia 28.1M. Historically, earnings moves averaged just -0.1%, so investors may focus more on segment mix, execution of the new organizational structure, and ongoing digital and international growth metrics in upcoming quarters.
AI-generated analysis. Not financial advice.
MONTERREY, Mexico, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) announced today its operational and financial results for the fourth quarter of 2025.
- FEMSA: Total Consolidated Revenues grew
5.7% and Income from Operations increased8.5% compared to 4Q24. - FEMSA RetailA: Proximity Americas total Revenues grew
5.3% and Income from operations increased7.7% versus 4Q24. - SPIN: Spin by OXXO had 10.5 million active usersB representing
22.0% growth compared to 4Q24 while Spin Premia had 28.1 million active loyalty usersB representing13.8% growth compared to 4Q24, and an average tenderC at OXXO Mexico of 49.3% which increased from40.7% in 4Q24. - COCA-COLA FEMSA: Total Revenues and Income from Operations grew
2.9% and13.3% , respectively against 4Q24.
| Financial Summary for the Fourth Quarter 2025 Change vs. comparable period | ||||||||
| Total Revenues | Gross Profit | Income from Operations | Same-Store Sales | |||||
| As Reported | 4Q25 | YTD25 | 4Q25 | YTD25 | 4Q25 | YTD25 | 4Q25 | YTD25 |
| FEMSA Consolidated | ||||||||
| Proximity Americas | ||||||||
| Proximity Europe | ( | N.A. | N.A. | |||||
| Health | ( | ( | ( | ( | ||||
| Fuel | ||||||||
| Coca-Cola FEMSA | ||||||||
| Comparable(A) | ||||||||
| FEMSA Consolidated | ||||||||
| Proximity Americas | ( | N.A. | ||||||
| Proximity Europe | ( | N.A. | N.A. | |||||
| Health | ( | ( | ( | ( | N.A. | |||
| Fuel | ||||||||
| Coca-Cola FEMSA | ||||||||
Jose Antonio Fernández Garza-Lagüera, FEMSA’s Chief Executive Officer, commented:
“As I begin my tenure at the helm of this amazing Company, I am humbled by the responsibility but excited at the size and relevance of the opportunities ahead for FEMSA. The people that built this business over the past 135 years, and those who led them before me, created one of the premier enterprises not only in Mexico or Latin America, but I truly believe, in the world.
I am convinced we have in OXXO and Coca-Cola FEMSA, two of the most remarkable and valuable assets in their respective global industries, not just because of what they represent today, but just as importantly, what they can become in the future. There are many opportunities for our retail and beverage platforms to continue to grow, in Mexico and beyond, consistent with our strategic intent of creating economic and social value wherever we operate.
During the fourth quarter, our results in Mexico maintained the positive trend that we first saw during the third quarter, particularly at OXXO, where traffic continued to recover sequentially helping us achieve comparable sales approaching the mid-single digit range. Outside of Mexico, OXXO again showed positive dynamics in South America, and we were able to close the transaction giving us full ownership of OXXO Brazil, while in Europe the team delivered strong operating income for the period. For its part, Coca-Cola FEMSA closed the year on a strong note, with consolidated volume growth and the highest December volumes in its history for the four largest operations.
Beyond the operational results, we have launched an important restructuring effort that includes the integration of the corporate teams from the Proximity & Health division into FEMSA corporate, creating a flatter, more efficient structure, as well as aligning Spin closer to OXXO and refocusing our digital strategy to maximize the combined potential of our unique platform. The efficiency and top line benefits derived from this effort will ramp up during this year and will be fully in place for 2027 and beyond.
As we look ahead at 2026, despite still facing a soft but stabilizing consumer environment and recently implemented taxes on important categories in our key Mexico market, we like our current momentum across most of our business units, and we are optimistic that the resilience and strength of our geographically diversified platform will again serve us well as we pursue our ambitious growth agenda.”
| CONFERENCE CALL INFORMATION |
| Our fourth quarter 2025 Conference Call will be held on: Wednesday, February 25, 2026, 12:00 PM Eastern Time (11:00 AM Mexico City Time). The conference call will be live through our Zoom link. For registration, please visit: |
| Registration: https://bit.ly/FEMSA_4Q25 |
| If you are unable to participate live, the conference call audio will be available on https://femsa.gcs-web.com/financial-reports/quarterly-results |
ABOUT FEMSA
FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail industry through a Proximity Americas Division operating OXXO, a small-format store chain, and other related retail formats, and Proximity Europe which includes Valora, our European retail unit which operates convenience and foodvenience formats. In the retail industry it also participates though a Health Division, which includes drugstores and related activities and Spin, which includes Spin by OXXO and Spin Premia, among other digital financial services initiatives. In the beverage industry, it participates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume. Across its business units, FEMSA has more than 392,000 employees in 18 countries. FEMSA is a member of the Dow Jones Best-in-Class World Index & Dow Jones Best-in-Class MILA Pacific Alliance Index, both from S&P Global; FTSE4Good Emerging Index; MSCI EM Latin America ESG Leaders Index; S&P/BMV Total México ESG, among other indexes.
_____________
(A) Please refer to page 13 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
A FEMSA Retail: Proximity Americas & Europe, Fuel and FEMSA Health.
B Active User for Spin by OXXO: Any user with a balance or that has transacted within the last 56 days.
Active User for Spin Premia: User that has transacted at least once with OXXO Premia within the last 90 days.
C Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.
Investor Contact (52) 818-328-6000 investor@femsa.com.mx femsa.gcs-web.com Media Contact (52) 555-249-6843 comunicacion@femsa.com.mx femsa.com