MEXICAN ECONOMIC DEVELOPMENT (FMX) Company Report

Analyst Coverage

Research analysts who have asked questions during MEXICAN ECONOMIC DEVELOPMENT earnings calls.

Ricardo Alves

Morgan Stanley

9 questions for FMX

Also covers: ABEV, JBS, JBSAY +3 more

Rodrigo Alcantara

UBS

9 questions for FMX

Also covers: ABEV, KOF

Alvaro Garcia

BTG Pactual

8 questions for FMX

Also covers: ARCO, CCU, KOF +1 more

Robert Ford

Bank of America Merrill Lynch

8 questions for FMX

Also covers: ASAI, HYPMY, MELI +1 more

Benjamin Theurer

Barclays Corporate & Investment Bank

7 questions for FMX

Also covers: ADM, BG, BYND +17 more

Héctor Maya López

Scotiabank

7 questions for FMX

Also covers: PSMT, TBBB

Thiago Bortoluci

Goldman Sachs

6 questions for FMX

Also covers: ARCO, BRFS, JBS +3 more

Carlos Laboy

HSBC

5 questions for FMX

Also covers: ABEV, CCEP, KO +4 more

Antonio Hernandez

Actinver

4 questions for FMX

Also covers: KOF

Renata Cabral

Citigroup

4 questions for FMX

Also covers: ABEV, JBS, KOF

Ulises Argote Bolio

Banco Santander, S.A.

4 questions for FMX

Also covers: KOF, TBBB

Alejandro Fuchs

Itaú BBA

2 questions for FMX

Also covers: KOF, OMAB, TBBB

Antonio Hernández Vélez

Actinver

2 questions for FMX

Also covers: KOF, VTMX

Emiliano Hernández Marvan

GBM

2 questions for FMX

Froylan Mendez

JPMorgan Chase & Co.

2 questions for FMX

Also covers: ARCO, KOF

Henrique Brustolin

Bradesco BBI

2 questions for FMX

Also covers: ABEV, AGRO3.SA, BRFS +5 more

Thiago Bertolucci

The Goldman Sachs Group, Inc.

2 questions for FMX

Also covers: BRFS, KOF

Ulises Argote

Santander

2 questions for FMX

Also covers: KOF

Elisa Liam

Bank of America

1 question for FMX

Fernando Froylan Mendez Solther

JPMorgan Chase & Co.

1 question for FMX

Also covers: TBBB

Luis Yance

Santander

1 question for FMX

Renata Fonseca Cabral Sturani

Citibank

1 question for FMX

Also covers: ABEV, BRFS, KOF

Latest news

Recent press releases and 8-K filings for FMX.

FEMSA Announces Shareholders' Meetings and Dividend Proposal

FMX

Dividends

Proxy Vote Outcomes

Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) will hold its Annual Ordinary and Extraordinary Shareholders’ Meetings on March 27, 2026.
The Board of Directors proposed an increase in ordinary dividends per unit by 3.7% compared to 2025, to be paid in four quarterly installments of Ps. 0.9900 per FEMSAUB unit, Ps. 1.1880 per FEMSAUBD unit, and Ps. 11.88 per ADS.
An extraordinary dividend was also proposed, to be distributed in four quarterly installments starting in April 2026, with amounts of Ps. 1.679125 per FEMSAUB unit, Ps. 2.014925 per FEMSAUBD unit, and Ps. 20.14925 per ADS.

9 hours ago

6-K

FMX Reports Q4 2025 Results, Announces Restructuring and 2026 Growth Plans

FMX

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Fomento Económico Mexicano (FMX) reported that Proximity Americas' same-store sales grew 4.4% in Q4 2025, with traffic improving to -0.6%.
The company is undergoing a significant organizational restructuring, including consolidating leadership teams and aligning Spin with OXXO Mexico. This is expected to generate MXN 800 million in annualized savings from the initial "Fit for Purpose" initiative, plus an additional MXN 1 billion on an annual run rate basis starting in 2027 from further initiatives. Spin's negative EBIT reduced by almost 30% in 2025, with a further 20% improvement estimated for 2026.
FMX plans aggressive store expansion for 2026, targeting approximately one-third growth for Bara, 100 net new stores (over 15% growth) for OXXO Brazil, and a 20% increase for OXXO Colombia.
Full-year 2025 CapEx was MXN 45.3 billion, lower than 2024, reflecting a measured slowdown in OXXO LATAM expansion and increased capital allocation discipline. The company returned $3.1 billion to shareholders from March 2025 to March 2026, including a $1.7 billion extraordinary dividend, and plans $1.3 billion in extraordinary returns for March 2026 to March 2027.

3 days ago

Transcript

FEMSA Reports Strong Q4 2025 Results Amidst Strategic Restructuring and Shareholder Returns

FMX

Earnings

Share Buyback

Dividends

FEMSA reported a strong Q4 2025, with total revenues increasing by 5.7% and operating income up 8.5% year-over-year, leading to a 33.6% increase in net consolidated income to MXN 12.7 billion.
The company is undergoing a significant organizational restructuring, including the consolidation of leadership teams and alignment of Spin with OXXO Mexico, which is expected to generate a positive impact of approximately MXN 1 billion on an annualized basis, with full impact by 2027. This is in addition to MXN 800 million from the "Fit for Purpose" initiative.
OXXO Mexico showed improved performance in Q4 2025, with same-store sales for Proximity Americas approaching 4.4% growth and traffic improving to negative 0.6%, attributed to tactical, affordability-focused initiatives. The company aims to regain growth and relevance in 2026.
FEMSA returned $3.1 billion to shareholders from March 2025 to March 2026 through dividends and share buybacks, including $1.7 billion in extraordinary dividends and $600 million in share repurchases. Plans for March 2026 to March 2027 include approximately $1.3 billion in extraordinary returns.
The Health Division faced challenges, registering a provision for uncollectible accounts of COP 487 million in Q4 2025 from its Colombian institutional business, and 2026 is expected to be a tough year for this division.

3 days ago

Transcript

FEMSA Reports Strong Q4 2025 Results, Announces Significant Restructuring and Shareholder Returns

FMX

Earnings

Guidance Update

Share Buyback

FEMSA reported a strong Q4 2025, with total revenues increasing by 5.7% and operating income rising by 8.5% year-over-year, leading to a 33.6% increase in net consolidated income to MXN 12.7 billion.
The company is implementing a significant organizational restructuring and integration of Spin with OXXO Mexico, which is expected to result in a positive impact of approximately MXN 1 billion on an annualized basis on the bottom line, primarily at the corporate level, with full impact by 2027.
FEMSA returned $3.1 billion to shareholders from March 2025 to March 2026, including a $1.7 billion extraordinary dividend in January 2026, and plans approximately $1.3 billion in extraordinary returns for March 2026 to March 2027.
OXXO Mexico saw an improved trend in same-store sales, approaching mid-single-digit growth at 4.4% in Q4 2025, following initiatives to address competitiveness issues earlier in the year.

3 days ago

Transcript

Fomento Económico Mexicano (FEMSA) Reports Strong Q4 2025 Operational Results and Strategic Progress

FMX

Earnings

Share Buyback

M&A

FEMSA's consolidated Total Revenues grew 5.7% and Income from Operations increased 8.5% in 4Q25 compared to 4Q24, with full-year 2025 Total Revenues increasing 7.6% to Ps. 840,954 million.
The company's digital platforms, Spin by OXXO and Spin Premia, showed significant growth, with Spin by OXXO reaching 10.5 million active users (22.0% growth) and Spin Premia reaching 28.1 million active loyalty users (13.8% growth) in 4Q25.
FEMSA completed the repayment of €500 million exchangeable bonds on February 24, 2026, and gained full ownership of OXXO Brazil by separating the Grupo Nós joint venture on February 2, 2026.
Net consolidated income for 4Q25 increased 33.6% to Ps. 12,709 million, but full-year 2025 net consolidated income declined 17.9% to Ps. 33,053 million, primarily due to a non-cash foreign exchange loss and higher net interest expense. The company also initiated a USD $260 million accelerated share repurchase agreement on December 2, 2025.

3 days ago

6-K

FEMSA Completes Separation of Grupo Nós Joint Venture in Brazil

FMX

M&A

FEMSA completed the separation of the Grupo Nós joint venture in Brazil with Raízen S.A. on February 2, 2026.
As a result of this transaction, FEMSA retained full ownership of the OXXO stores in Brazil, along with the distribution center located in Cajamar, São Paulo.
The remaining assets and liabilities of Grupo Nós were allocated between FEMSA and Raízen in accordance with their business.

Feb 2, 2026, 11:02 AM

6-K

FEMSA Announces Accelerated Share Repurchase Agreement

FMX

Share Buyback

Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) announced an accelerated share repurchase (ASR) agreement with a financial institution in the United States of America on December 2, 2025.
Under the terms of the ASR agreement, FEMSA will repurchase an aggregate amount of USD $260 million of its American Depositary Shares (ADS).
An initial delivery of 540,035 ADSs is scheduled for December 3, 2025, with the final settlement of the agreement expected by the first quarter of 2026.

Dec 2, 2025, 2:00 PM

6-K

FEMSA Reports Q3 2025 Results and Announces CEO Transition

FMX

Earnings

CEO Change

Revenue Acceleration/Inflection

Jos\u00e9 Antonio Fern\u00e1ndez Garza-Laguera will assume the role of CEO of FEMSA, succeeding Jos\u00e9 Antonio Fern\u00e1ndez Carbajal, and plans to maintain strategic continuity with a focus on core business verticals and capital allocation.
For Q3 2025, FEMSA reported a 9.1% increase in total revenue and a 4.3% increase in operating income. However, net consolidated income decreased 36.8% to $5.8 billion pesos, primarily due to a non-cash foreign exchange loss of $1.3 billion pesos.
Proximity Americas' same-store sales increased 1.7% in Q3 2025, driven by a 4.9% rise in average ticket, despite a 3.1% contraction in traffic, marking an improvement over the first half of the year.
The company is implementing initiatives to improve OXXO Mexico's competitive position through affordability and promotions, and sees significant long-term growth opportunities in OXXO Brazil, Colombia, Bara, and the Spin ecosystem.
FEMSA distributed $11.8 billion pesos in dividends during the quarter but was not active in share buybacks.

Oct 28, 2025, 2:30 PM

Transcript

FEMSA Reports Q3 2025 Results and CEO Transition

FMX

CEO Change

Earnings

New Projects/Investments

José Antonio Fernández Carbajal is stepping down as CEO at the end of the week, with José Antonio Fernández Garza-Laguera assuming the role.
FEMSA has executed its FEMSA Forward strategy, divesting nearly $11 billion of assets and planning to distribute approximately $7.8 billion of capital through ordinary and extraordinary dividends and share buybacks between March 2024 and March 2027.
For Q3 2025, Proximity Americas reported a 1.7% increase in same-store sales, with average ticket rising 4.9% and average traffic contracting 3.1%, marking an improvement from the first half of the year.
The company is focused on improving its competitive position in key retail categories through affordability initiatives, assortment adjustments, and promotional campaigns, and is expanding OXXO Brazil, OXXO Colombia, Bara, and OXXO USA.

Oct 28, 2025, 2:30 PM

Transcript

FEMSA Announces Q3 2025 Results and CEO Transition

FMX

Earnings

CEO Change

Dividends

FEMSA reported Q3 2025 total revenue growth of 9.1% and an operating income increase of 4.3% year over year. However, net consolidated income decreased by 36.8% to $5.8 billion pesos, primarily due to a non-cash foreign exchange loss of $1.3 billion pesos compared to a gain of $4.3 billion pesos in the prior year.
The company is undergoing a leadership transition, with José Antonio Fernández Carbajal stepping down as CEO at the end of the week, and José Antonio Fernández Garza-Laguera assuming the CEO role of FEMSA. The incoming CEO emphasized strategic continuity with the FEMSA Forward plan.
Proximity Americas (OXXO Mexico) experienced a 1.7% increase in same-store sales, driven by a 4.9% average ticket growth but partially offset by a 3.1% traffic decline. This performance marks an improvement over previous quarters. Bara's same-store sales grew 10.8%.
FEMSA distributed $11.8 billion pesos in dividends during Q3 2025, as part of its capital allocation framework which aims to distribute approximately $7.8 billion between March 2024 and March 2027 through dividends and share buybacks.
Management expressed cautious optimism for the coming year, noting signs of improvement in October data in Mexico and anticipating a tailwind from the upcoming FIFA World Cup.