FEMSA Announces Third Quarter 2026 Results

Operating income declined in Americas & Mobility, Europe and Health despite consolidated growth.

Rhea-AI Summary

FEMSA (NYSE: FMX) reported third-quarter 2026 consolidated revenue growth of 9.8%, with OXXO Mexico and Coca-Cola FEMSA contributing to the increase. Consolidated operating income rose 9.9%; for the first nine months, revenue increased 8.7% and operating income grew 7.9% versus the corresponding 2025 periods.

OXXO Mexico’s quarterly revenue rose 10.3%, operating income increased 5.8% and same-store sales grew 9.2%. Coca-Cola FEMSA’s revenue increased 10.9% and operating income rose 15.4%. Americas & Mobility revenue grew 18.1%, but operating income fell 75.9%. Europe and Health operating income declined 24.8% and 63.2%, respectively. Spin by OXXO reached 11.7 million active users, up 17.3%.

The reporting structure now separates OXXO Mexico from Americas & Mobility, which includes OXXO outside Mexico and fuel operations in Mexico and the United States.

19 points · 0 major

PositiveiHow this balance works

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0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointConsolidated revenue rose 9.8% in Q3 and 8.7% year to date; comparable growth was 9.4% for both periods.
• Moderate pointConsolidated operating income increased 9.9% in Q3 and 7.9% year to date; comparable growth was 13.4% and 12.4%.
• Moderate pointOXXO Mexico revenue increased 10.3% in Q3 and 10.2% year to date, on reported and comparable bases.
• Moderate pointOXXO Mexico operating income rose 5.8% in Q3 and 12.0% year to date, on reported and comparable bases.
• Moderate pointCoca-Cola FEMSA revenue grew 10.9% in Q3 and 6.2% year to date; comparable growth was 11.3% and 10.4%.
• Moderate pointCoca-Cola FEMSA operating income rose 15.4% in Q3 and 8.0% year to date; comparable growth was 16.4% and 11.9%.
• Moderate pointAmericas & Mobility revenue increased 18.1% in Q3 and 16.2% year to date; comparable growth was 10.9% and 11.1%.
• Moderate pointHealth revenue increased 7.0% in Q3 and 3.3% year to date; comparable growth was 3.4% and 4.9%.

11 minor points

• Minor pointConsolidated gross profit grew 9.7% in Q3 and 8.3% year to date; comparable growth was 9.8% and 9.3%.
• Minor pointOXXO Mexico gross profit increased 7.4% in Q3 and 9.6% year to date, on reported and comparable bases.
• Minor pointOXXO Mexico same-store sales grew 9.2% in Q3 and 8.3% year to date, on reported and comparable bases.
• Minor pointCoca-Cola FEMSA gross profit grew 14.5% in Q3 and 9.8% year to date; comparable growth was 14.8% and 14.1%.
• Minor pointAmericas & Mobility gross profit rose 18.6% in Q3 and 20.1% year to date; comparable growth was 4.5% and 9.8%.
• Minor pointAmericas & Mobility merchandise same-store sales grew 13.8% in Q3 and 10.1% year to date as reported.
• Minor pointAmericas & Mobility currency-neutral merchandise same-store sales grew 15.8% in Q3 and 16.3% year to date.
• Minor pointHealth same-store sales rose 4.6% in Q3 and 1.8% year to date; comparable growth was 6.5% and 6.6%.
• Minor pointSpin by OXXO active users reached 11.7 million, up 17.3% versus Q3 2025.
• Minor pointSpin Premia active loyalty users reached 30.0 million, up 8.3% versus Q3 2025.
• Minor pointSpin Premia’s share of OXXO Mexico sales involving redemption or accrual increased to 52.1% from 48.2% in Q3 2025.

Negative

• Moderate pointAmericas & Mobility operating income fell 75.9% in Q3 and 66.5% year to date; comparable declines were 29.9% and 8.7%.
• Moderate pointHealth operating income declined 63.2% in Q3 and 46.1% year to date; comparable declines were 63.8% and 44.2%.
• Moderate pointEurope operating income fell 24.8% in Q3 and 11.6% year to date; comparable declines were 17.5% and 5.4%.
• Minor pointEurope revenue fell 5.2% in Q3 and 3.1% year to date, despite comparable growth of 4.0% and 2.9%.
• Minor pointEurope gross profit declined 10.8% in Q3 and 6.5% year to date; comparable declines were 2.2% and 0.6%.

5 minor points

• Minor pointEurope same-store sales fell 7.7% in Q3 and 5.5% year to date, despite comparable growth of 1.3% and 1.0%.
• Minor pointHealth gross profit declined 7.4% in Q3 and 8.7% year to date; comparable declines were 8.2% and 5.9%.
• Minor pointMexico’s consumer environment remains soft, FEMSA said.
• Minor pointBrazil has faced recent volatility, FEMSA said.
• Minor point. Forward-looking: it has not happened yet and may not happen.Upcoming quarters face a more demanding comparison base, FEMSA said.

News Explained

In FEMSA’s third-quarter results, Americas & Mobility operating income fell 75.9% as reported and 29.9% on the comparable basis; both show a decline, but the comparable figure shows a smaller contraction.

Key Figures

Consolidated revenue growth: 9.8% Consolidated income from operations growth: 9.9% Revenue growth: 10.3% +5 more

Consolidated revenue growth

9.8%

FEMSA consolidated, 3Q26 vs. comparable period, as reported

Consolidated income from operations growth

9.9%

FEMSA consolidated, 3Q26 vs. comparable period, as reported

Revenue growth

10.3%

OXXO Mexico, 3Q26 vs. comparable period, as reported

Income from operations growth

5.8%

OXXO Mexico, 3Q26 vs. comparable period, as reported

Revenue growth

10.9%

Coca-Cola FEMSA, 3Q26 vs. comparable period, as reported

Income from operations growth

15.4%

Coca-Cola FEMSA, 3Q26 vs. comparable period, as reported

Income from operations change

(75.9%)

Americas & Mobility, 3Q26 vs. comparable period, as reported

Income from operations change

(63.2%)

Health, 3Q26 vs. comparable period, as reported

Previous Earnings Reports

2 past events · Latest: Jul 28

Same Type 2 events

1. Jul 28

   2Q26 earnings

   24h Move

   -3.3%

   Consolidated revenue and operating income grew, with OXXO and Coca-Cola FEMSA gains.

2. Oct 28

   3Q25 earnings

   24h Move

   -0.6%

   Prior-year quarter posted consolidated revenue and operating-income growth, providing the year-over-year comparison base.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

same-store sales

1 terms

same-store sales financial

"same-store sales accelerated"

Same-store sales measure the revenue generated by stores that have been open for a certain period, typically a year, comparing their sales over different time frames. It helps assess whether a business is growing due to increased customer activity at existing locations rather than new stores. For investors, this figure indicates the health and performance of a company's core operations, independent of expansion efforts.

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MONTERREY, Mexico, Oct. 28, 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 third quarter of 2026.

Reporting Segments Update: In our continuous effort to improve our disclosure, we have updated FEMSA’s reporting segment structure to better reflect the scale, stage of development, and strategic differentiation of our various operations.  This updated structure should provide investors with greater visibility into the drivers of performance across our operations. Our updated reporting segments are as follows: i) OXXO Mexico; ii) Americas & Mobility which now includes all OXXO convenience store operations outside of Mexico (Brazil, Colombia, Chile, Peru and the U.S.), as well as the fuel operations in Mexico and the U.S; iii) Europe; iv) Health; and v) Coca-Cola FEMSA.  Only segments i) and ii) changed relative to our previous reporting structure.

• FEMSA: Total consolidated revenues grew 9.8% and Income from operations increased 9.9% compared to 3Q25.
• OXXO Mexico: Total revenues grew 10.3% and Income from operations increased 5.8% versus 3Q25.
• SPIN: Spin by OXXO had 11.7 million active users¹ representing 17.3% growth compared to 3Q25 while Spin Premia had 30.0 million active loyalty users¹ representing 8.3% growth compared to 3Q25, and an average tender² at OXXO Mexico of 52.1% which increased from 48.2% in 3Q25.
• COCA-COLA FEMSA: Total revenues grew 10.9% and Income from Operations increased 15.4% against 3Q25.
  

Financial Summary for the Third Quarter and First Nine Months of 2026
Change vs. comparable period
	Total Revenues		Gross Profit		Income from Operations		Same-Store Sales
As Reported	3Q26	YTD26	3Q26	YTD26	3Q26	YTD26	3Q26		YTD26
FEMSA Consolidated	9.8%	8.7%	9.7%	8.3%	9.9%	7.9%
OXXO Mexico	10.3%	10.2%	7.4%	9.6%	5.8%	12.0%	9.2%		8.3%
Americas & Mobility	18.1%	16.2%	18.6%	20.1%	(75.9%)	(66.5%)	13.8%3		10.1%3
Europe	(5.2%)	(3.1%)	(10.8%)	(6.5%)	(24.8%)	(11.6%)	(7.7%)		(5.5%)
Health	7.0%	3.3%	(7.4%)	(8.7%)	(63.2%)	(46.1%)	4.6%		1.8%
Coca-Cola FEMSA	10.9%	6.2%	14.5%	9.8%	15.4%	8.0%
Comparable(A)
FEMSA Consolidated	9.4%	9.4%	9.8%	9.3%	13.4%	12.4%
OXXO Mexico	10.3%	10.2%	7.4%	9.6%	5.8%	12.0%	9.2%		8.3%
Americas & Mobility	10.9%	11.1%	4.5%	9.8%	(29.9%)	(8.7%)	15.8%4		16.3%4
Europe	4.0%	2.9%	(2.2%)	(0.6%)	(17.5%)	(5.4%)	1.3%		1.0%
Health	3.4%	4.9%	(8.2%)	(5.9%)	(63.8%)	(44.2%)	6.5%		6.6%
Coca-Cola FEMSA	11.3%	10.4%	14.8%	14.1%	16.4%	11.9%

Jose Antonio Fernández Garza-Lagüera, FEMSA’s Chief Executive Officer, commented:

“During the third quarter we delivered a strong set of results, led by OXXO Mexico and Coca-Cola FEMSA, our two largest businesses. OXXO Mexico continued to build on the positive momentum seen in recent quarters, while Coca-Cola FEMSA delivered strong growth across the income statement, mainly supported by solid performances in most of its territories.

We are particularly encouraged by the continued recovery at OXXO Mexico, where same-store sales accelerated and customer traffic delivered its strongest performance in more than two years. This result was driven largely by stronger execution in most regions, commercial initiatives focused on key traffic-driving categories, and the consumer-centric strategy we began implementing last year. These initiatives are gaining traction and allowing us to generate additional traffic while maintaining a disciplined approach to profitability. Beyond OXXO Mexico, Coca-Cola FEMSA delivered a very strong quarter, with solid volume trends and double-digit growth in revenues and operating income, reflecting broad-based contributions across its operations.

We also continued to see encouraging progress in some of our growth platforms, with Bara gaining momentum as it accelerates expansion and strengthens the performance of its growing store base, while our OXXO operations in South America maintained a solid commercial trajectory, especially in Colombia. However, certain other business units faced operating headwinds, particularly our Europe and Health divisions, which delivered mixed results. We continue to work hard to bring those business units to their potential.

As we enter the final quarter of the year, we remain mindful that the consumer environment in Mexico continues to be soft, Brazil has faced some volatility recently and that we will face a more demanding comparison base in the coming quarters. Nevertheless, we are encouraged by the momentum we are seeing across most of our businesses. While we recognize that the final stretch of the year will present its share of challenges, we believe the strength of our geographically diversified platform positions us well to continue executing against our long-term strategy in pursuit of sustainable, profitable growth.”

CONFERENCE CALL INFORMATION
Our third quarter 2026 Conference Call will be held on: Wednesday, October 28, 2026, 11:00 AM Eastern Time (9:00 AM Mexico City Time). The conference call will be live through our Zoom link. For registration, please visit:
Registration:	https://bit.ly/FEMSA_3Q26
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 two core sectors, retail and beverages. In retail, FEMSA is present through four divisions: i) OXXO Mexico, operating the largest small-format store chain in Mexico; ii) Americas & Mobility, which includes its OXXO convenience store operations across Latin America and the United States, as well as its gas station business in Mexico and the United States; iii) Europe, operating convenience and foodvenience formats in five European countries; and iv) FEMSA Health, which includes drugstores and related activities in four Latin American countries. In Mexico, OXXO’s operations are enhanced by, and comprise a customer-focused ecosystem with Spin, a digital platform that leverages the OXXO store network to provide Mexican consumers with access to digital financial services, including Spin by OXXO and Spin Premia, among other initiatives. In the beverage sector, FEMSA 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 369,000 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 12 for our definition of “comparable” and a description of the factors affecting the comparability of our financial and operating performance.
¹ 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.
² Tender: OXXO MXN sales with Spin Premia redemption or accrual / Total OXXO MXN Sales, during the period.
³ Only includes merchandise.
⁴ Currency-neutral. Only includes merchandise. Same-store sales includes a weighted average of OXXO Colombia, Chile, Peru and the U.S.A.

Investor Contact
(52) 818-328-6000
investor@femsa.com
femsa.gcs-web.com

Media Contact
(52) 555-249-6843
comunicacion@femsa.com
femsa.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did FEMSA’s revenue and operating income perform in Q3 2026?

FEMSA’s consolidated revenue increased 9.8% and operating income rose 9.9% compared with Q3 2025. On a comparable basis, revenue grew 9.4% and operating income increased 13.4%.

How does FEMSA define active users for Spin by OXXO and Spin Premia?

A Spin by OXXO active user has a balance or has transacted within the last 56 days; a Spin Premia active user has transacted at least once with OXXO Premia within the last 90 days.

What operations are included in FEMSA’s Americas & Mobility same-store sales comparison?

The comparable same-store sales measure includes a weighted average of OXXO operations in Colombia, Chile, Peru and the United States. It covers merchandise only and is currency-neutral.