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FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V., known as FEMSA, is a holding company whose largest businesses are OXXO-led retail in the Americas and Coca-Cola FEMSA. OXXO sells everyday purchases such as drinks, snacks and groceries to shoppers through small-format stores. Its Mexican stores also handle transactions such as bill payments, deposits and withdrawals, earning service fees rather than keeping the money customers transfer.
Coca-Cola FEMSA buys concentrate from The Coca-Cola Company’s affiliates, makes finished beverages, and sells and delivers them to retailers, restaurants and distributors. Almost all of this business’s sales come from beverages bearing The Coca-Cola Company’s trademarks. Its bottling agreements define where it can operate, require approved suppliers and prevent it from bottling or distributing other beverages without that partner’s consent.
Together, these two businesses generate most of FEMSA’s revenue. Mexico supplies the majority of group revenue, making local consumer spending and store traffic particularly important. Cash reaches the holding company mainly through dividends, interest and other distributions from subsidiaries; those subsidiaries are not contractually required to pay dividends.
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Beyond beverages, watch OXXO’s Mexican store traffic and expansion for FEMSA’s results, and Grupo GEPP for Mexican bottling competition missing from this list.
Coca-Cola FEMSA’s beverage sales to retailers and consumers feed directly into FEMSA’s results: FEMSA controls and consolidates the bottler, a major contributor to revenue and profit. Watch its Mexico and Central America business, which supplied 61.0% of its gross profit in 2025.
FEMSA’s bottling business depends on Coca-Cola Company for permission to sell its brands in assigned territories and must buy the beverage concentrate from its affiliates. Watch concentrate price changes: Coca-Cola FEMSA pays a percentage of local-currency retail prices, net of applicable taxes, so those terms directly affect its beverage costs.
Ambev competes for beverage buyers with FEMSA’s Coca-Cola FEMSA business in Brazil and Argentina through Pepsi and local-brand drinks. Its Brazilian non-alcoholic beverage sales are a more relevant comparison for that rivalry than its beer sales.
Embotelladora Andina and FEMSA’s Coca-Cola FEMSA make and sell Coca-Cola beverages in separate territories in Brazil and Argentina, so they face similar consumer demand and production costs rather than competing in the same territories. Watch Andina’s beverage volumes and sales in those two countries for a comparison with FEMSA’s bottling business.
Keurig Dr Pepper competes for Mexican sparkling-beverage buyers with FEMSA’s Coca-Cola FEMSA business. Its news about Mexican sparkling beverages is the relevant signal for this rivalry, rather than its U.S. sales of concentrates and finished drinks to bottlers and retailers.
Coca-Cola Europacific Partners shares FEMSA’s bottling economics: both buy concentrate, make Coca-Cola beverages and sell and distribute them under franchise agreements. Its results offer a comparison for how Coca-Cola demand and concentrate and packaging costs affect the money left from beverage sales.
Monster Beverage supplies energy-drink brands that FEMSA’s Coca-Cola FEMSA sells and distributes in every country where it operates, giving FEMSA revenue beyond Coca-Cola trademark drinks. Watch Monster’s packaged energy-drink sales to bottlers and beverage distributors, the business most closely tied to that distribution role.
Coca-Cola FEMSA, S.A.B DE C.V earningsKOF
Coca-Cola FEMSA's report will show whether its Mexico and Central America bottling business continues to support an important source of FEMSA's revenue and gross profit.
Compare Mexico and Central America's volume with its gross profit, the amount left after direct product costs. If both hold up, the business is selling drinks and retaining the economics of bottling them. If volume or gross profit weakens, demand or bottling margins are under pressure, affecting a business FEMSA consolidates in its own results.
Coca-Cola Company earningsKO
Coca-Cola Company's report can show how the brand owner's concentrate pricing and bottler terms affect Coca-Cola FEMSA's beverage costs and room to earn a profit.
Watch Coca-Cola Company's disclosures on concentrate pricing and bottler terms, then compare them with Coca-Cola FEMSA's gross profit. Easing cost pressure or more favorable terms would make it easier for the bottler to retain profit; higher costs or less favorable terms alongside narrowing gross profit would show it cannot absorb the pressure within its business, affecting FEMSA's profit too.
FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V. earningsThis company
FEMSA's report will show whether customer demand is growing at OXXO and other retailers as well as its Coca-Cola bottler, rather than growth depending mainly on higher prices or new stores.
Read Proximity Americas same-store sales alongside Coca-Cola FEMSA's beverage volume. Growth in both means existing stores are selling more and the bottler is moving more drinks, so demand supports two major businesses. If revenue grows while same-store sales and volume weaken, price increases, new stores or other businesses are carrying the total, and growth is narrower.
AMBEV S.A. earningsABEV
Ambev's report will show how Brazilian buyers are responding to non-alcoholic drinks, a direct read on the beverage customers Coca-Cola FEMSA also serves there.
Focus on Ambev's Brazilian non-alcoholic beverage sales, not beer. Growth would show demand for drinks in Brazil is holding up, but if it comes from categories that compete with Coca-Cola FEMSA, the fight for shelf space and customers is tougher; weaker sales would suggest less pressure from this rival.
Monster Beverage Corporation earningsMNST
Monster Beverage's report will show sales of packaged energy drinks to bottlers and distributors, a signal for the additional brand revenue Coca-Cola FEMSA earns through distribution.
Watch Monster's packaged energy-drink sales to bottlers and beverage distributors. Stronger sales indicate firmer channel demand, supporting Coca-Cola FEMSA's Monster distribution business; weaker sales mean less demand support for this additional brand, though Monster's total sales alone cannot establish FEMSA's actual sales.
