FEMSA operates through five reportable segments: Coca-Cola FEMSA, Proximity Americas Division, Proximity Europe Division, Health Division, and Fuel Division, with additional businesses classified as Other. Coca-Cola FEMSA is the largest franchise bottler of Coca-Cola trademark products in the world by sales volume, and in 2025 its sales volume represented approximately 12.3% of the total sales volume of the Coca-Cola system in the world. The Proximity Americas Division operates the OXXO small-format store chain in Mexico, Latin America, the U.S., and gas stations in the U.S. The Proximity Europe Division operates small-format retail and foodvenience chains in Europe. The Health Division includes pharmacy services locations and related operations. The Fuel Division operates the OXXO Gas chain of retail service stations. The company also operates Spin, a digital solutions business leveraging the competitive advantages of its businesses to address financial needs of customers and business partners.
Coca-Cola FEMSA faces competition in the beverage industry, and the Proximity Americas Division faces competition in the retail industry. The company competes mainly in terms of price, packaging, effective promotional activities, access to retail outlets and sufficient shelf space, customer service, product innovation and product alternatives and the ability to identify and satisfy consumer preferences. The Coca-Cola Company indirectly owned 27.8% of Coca-Cola FEMSA's outstanding capital stock, representing 32.9% of Coca-Cola FEMSA's capital stock with full voting rights, and FEMSA indirectly owned 47.2% of Coca-Cola FEMSA's outstanding capital stock, representing 56.0% of Coca-Cola FEMSA's capital stock with full voting rights. The voting trust owned 40.6370% of FEMSA's capital stock and 76.2768% of FEMSA's capital stock with full voting rights.
FEMSA generates revenue through the sale of beverages via Coca-Cola FEMSA, retail sales through its Proximity Americas and Proximity Europe divisions, fuel sales through the Fuel Division, and healthcare product sales through the Health Division. Coca-Cola FEMSA produces, markets, sells and distributes Coca-Cola trademark beverages through standard bottler agreements. The Proximity Americas Division generates revenue from its OXXO small-format store chain. The Proximity Europe Division generates revenue from small-format retail and foodvenience chains. The Health Division generates revenue from pharmacy services locations and related operations. The Fuel Division generates revenue from the OXXO Gas chain of retail service stations. Spin generates revenue through digital solutions and financial services.
Coca-Cola FEMSA produces, markets, sells and distributes mainly The Coca-Cola Company trademark beverage portfolio, including sparkling beverages, waters, and other non-carbonated beverages, as well as certain alcoholic ready-to-drink beverages. Coca-Cola FEMSA's most important brand, Coca-Cola, together with its line of reduced- or no-sugar products, accounted for 60.3% of Coca-Cola FEMSA's total sales volume in 2025. Coca-Cola FEMSA operates 55 bottling plants and 256 distribution centers, marketing and selling approximately 4.2 billion unit cases per year through approximately 2.1 million points of sale. In 2025, Coca-Cola FEMSA's total revenues were Ps. 291,746 million 1 and gross profit was Ps. 133,176 million 2. The Proximity Americas Division's total revenues were Ps. 328,839 million 3 and gross profit was Ps. 148,495 million 4. The Proximity Europe Division's total revenues were Ps. 57,028 million 5 and gross profit was Ps. 23,250 million 6. The Health Division's total revenues were Ps. 88,129 million 7 and gross profit was Ps. 23,854 million 8. The Fuel Division's total revenues were Ps. 67,195 million 9 and gross profit was Ps. 8,191 million 10.
Coca-Cola FEMSA's sales volume in 2025 was 4,150.4 million unit cases 11, a decrease of 1.8% compared to 2024. The number of Transactions in 2025 was 24,812.9 million 12, a decrease of 0.5% compared to 2024. The Proximity Americas Division increased the number of OXXO stores at a compound annual growth rate of 5.8% from 2023 to 2025. In September 2024, FEMSA acquired Delek's retail operations, consisting of 249 convenience stores located mainly in Texas, for a total of US$385 million 13 on a cash-free, debt-free basis. In November 2024, FEMSA finalized the divestment of its refrigeration and foodservice equipment operations, Imbera and Torrey, for a total amount of approximately Ps. 8,000 million 14. In January 2025, FEMSA finalized the divestment of its plastics solutions operations for Ps. 3,165 million 15. In May 2025, FEMSA completed the sale of its equity interests in Heineken for approximately €359 million 16. In July 2025, FEMSA finalized the divestment of its transportation management operations and contract logistics operations doing business as Solistica for Ps. 4,100 million 17. In February 2026, FEMSA completed the separation of its joint venture with Raízen in Brazil, retaining 607 OXXO stores in Brazil as of December 31, 2025 18.
Consolidated total revenues for 2025 were Ps. 840,954 million 19, compared to Ps. 781,585 million 20 in 2024 and Ps. 702,692 million 21 in 2023. Net income for 2025 was Ps. 26,356 million 22, compared to Ps. 24,990 million 23 in 2024 and Ps. 22,270 million 24 in 2023. Diluted earnings per share for 2025 were Ps. 2.73 25, compared to Ps. 2.41 26 in 2024 and Ps. 2.14 27 in 2023. Total assets as of December 31, 2025 were Ps. 795,877 million 28.
FEMSA's growth strategy includes expanding its store network organically, entering new geographic regions, and pursuing selective acquisitions and partnerships. The Proximity Americas Division increased the number of OXXO stores at a compound annual growth rate of 5.8% from 2023 to 2025. The acquisition of Delek's retail operations in September 2024, consisting of 249 convenience stores located mainly in Texas, for a total of US$385 million 29, represents an important milestone as it strategically expands FEMSA's retail footprint into the U.S. market. The company is also focusing on its digital solutions business, Spin, leveraging the competitive advantages and strong market position of its businesses to build innovative digital businesses in the financial services industry.
FEMSA's growth strategy also includes expanding its store network organically and entering new geographic regions. The Proximity Europe Division, operating through Valora, positions FEMSA in closer proximity to the conflict in Russia and Ukraine, and thus its European operations may be more significantly affected. The company is also focusing on its digital solutions business, Spin, leveraging the competitive advantages and strong market position of its businesses to build innovative digital businesses in the financial services industry.
The filing does not contain specific margin or cost outlook figures.
The filing does not contain specific operational outlook details regarding supply chain, manufacturing capacity, technology infrastructure investments, or headcount strategy.
On March 27, 2026, at the AGM, shareholders approved an amount of Ps. 34,000 million 30 that may only be used for share repurchases. Dividends declared for fiscal year 2024 totaled Ps. 47,501,042,093 31, including ordinary dividends of Ps. 14,728,723,836 32 and extraordinary dividends of Ps. 32,488,894,791 33. Dividends declared for fiscal year 2023 totaled Ps. 24,990,902,326 34, including ordinary dividends of Ps. 14,404,167,269 35 and extraordinary dividends of Ps. 10,090,865,110 36.
The company faces headwinds from global economic conditions, including inflation, which has led to further increases in the costs of labor, raw materials, utilities and services. The imposition of new import tariffs by the U.S. and retaliatory tariffs by Mexico or other countries could negatively affect the company's business. Geopolitical conflicts, including the ongoing military conflict involving Russia and Ukraine and the ongoing military conflict in the Middle East, have resulted in volatile commodity markets, supply chain disruptions, and greater risk of cyber incidents. The Mexican economy continues to be heavily influenced by the U.S. economy, and deterioration in economic conditions in the U.S. may hinder any recovery in Mexico.
The company faces constraints from regulatory developments in the countries where it operates, including changes in laws and regulations related to labor, zoning, operations, environmental, health and safety, anti-bribery, energy, taxation, antitrust, anti-money laundering, and cybersecurity. The company is also subject to additional regulations applicable to payment providers and fintechs in the markets where it conducts Spin operations. Price controls or voluntary price restraints in the countries where the company operates may limit its ability to set prices for its products. The company also faces risks related to water shortages, which could adversely affect Coca-Cola FEMSA's business.
Management's message emphasizes the FEMSA Forward strategy, announced in February 2023, which focuses on core business verticals with the highest strategic relevance, growth potential, and financial and competitive strengths: retail businesses, Coca-Cola FEMSA, and digital solutions business. The strategic framework is comprised of six priorities: continued growth, going digital, think global, rooted sustainability, talent and culture, and proactive engagement with audiences. The company aims to generate economic and social value through its business units. In September 2025, the company announced the appointment of Jose Antonio Fernández Garza Lagüera as CEO, effective November 1, 2025.
Consolidated total revenues for 2025 were Ps. 840,954 million 39, compared to Ps. 781,585 million 40 in 2024 and Ps. 702,692 million 41 in 2023. Net income for 2025 was Ps. 26,356 million 42, compared to Ps. 24,990 million 43 in 2024 and Ps. 22,270 million 44 in 2023. Diluted earnings per share for 2025 were Ps. 2.73 45, compared to Ps. 2.41 46 in 2024 and Ps. 2.14 47 in 2023. Operating income for 2025 was Ps. 59,779 million 48, compared to Ps. 56,759 million 49 in 2024. Gross profit for 2025 was Ps. 341,576 million 50, compared to Ps. 316,447 million 51 in 2024. Cash and cash equivalents as of December 31, 2025 were Ps. 68,574 million 52, compared to Ps. 62,579 million 53 as of December 31, 2024. Total debt as of December 31, 2025 was Ps. 131,142 million 54, compared to Ps. 131,142 million 55 as of December 31, 2024. For Coca-Cola FEMSA, total revenues were Ps. 291,746 million 56 in 2025, compared to Ps. 279,793 million 57 in 2024. For Proximity Americas Division, total revenues were Ps. 328,839 million 58 in 2025, compared to Ps. 307,197 million 59 in 2024.
Coca-Cola FEMSA's business depends on its relationship with The Coca-Cola Company, as substantially all of its sales are derived from Coca-Cola trademark beverages, and termination of any bottler agreement would prevent Coca-Cola FEMSA from selling those beverages in the affected territory. The company faces risks from foreign exchange rate volatility, as Mexican peso-denominated debt represented 53.4% of total debt as of December 31, 2025 37, and a severe devaluation of the Mexican peso could disrupt the ability to transfer or convert pesos into U.S. dollars for making timely payments on U.S. dollar-denominated debt. The company also faces risks from adverse economic conditions in Mexico, which accounted for 64% of consolidated total revenues for the year ended December 31, 2025 38, and the Mexican economy is heavily influenced by the U.S. economy. Additionally, the company faces risks from cybersecurity incidents and system disruptions, which could result in unauthorized disclosure of material confidential information, violations of data privacy laws, and damage to reputation, and as the company grows its digital business, it expects to hold more personal information of customers, increasing these risks.
Analysis on 9/27/2026
