Fomento Económico Mexicano, S.A.B. de C.V. · FMX · FY2025 Q1 · Calendar Q2 2025

FEMSA Q1 FY2025: Growth Amid Softer OXXO Traffic

FEMSA’s diversified growth engines and ongoing store, digital and retail-media investment supported Q1 revenue growth, but softer OXXO traffic and labor-cost pressure temper the case for durable growth until demand and returns on expansion improve.

Reported Before market openNYSEConsumer Defensive $43.33B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $0.80
EPS surprise — Reported versus consensus
Reported revenue — Consensus $195.40B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.1% Event window
SPY move +0.0% Same window
Abnormal move -0.1% Stock minus SPY
Volume 1.1× Versus trailing sessions
Subsequent drift +0.7% Up to 20 sessions
FMXSPY benchmark

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Transcript intelligence

What changed

The supplied analysis describes 11.1% year-over-year revenue growth and a 54% increase in net income, with FX gains and the PTM sale contributing to the earnings increase. At OXXO Mexico, same-store sales contracted amid consumer, calendar and weather headwinds. Management maintained guidance and emphasized affordability, digital monetization and disciplined store rollout.

Guidance delta

Guidance was maintained. The supplied transcript analysis notes management expects high-single-digit revenue growth for the full year and a sequential OXXO recovery in Q2.

Key takeaways

  • Revenue rose year over year, while net income growth was aided by FX gains and the PTM divestiture.
  • OXXO Mexico same-store sales weakened amid macro, calendar and weather pressures.
  • Gross-margin support came from financial services, retail media and a shift toward value brands.
  • Management continues store expansion while highlighting quality and return on investment.

Management priorities

  • Expand affordability and value-brand offers in core categories.
  • Grow OXXO Nico and continue store openings with attention to site quality and returns.
  • Scale retail-media screens and data-driven promotions.
  • Develop Spin Premia and OXXO Pay through fintech partnerships; test US prepared-food offerings.

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Earnings History

Estimate Beat Miss Match
FMX REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 actual $178B, None Q2 '24 estimate $11B Q2 '24 actual $11B, miss Q2 '25 estimate $11B Q2 '25 actual $11B, match Q3 '25 estimate $12B Q3 '25 actual $12B, beat Q4 '25 estimate $12B Q4 '25 actual $12B, match Q1 '26 estimate $11B Q1 '26 actual $12B, beat Q2 '26 estimate $13B Q2 '26 actual $13B, beat Q3 '26 estimate $13B Q3 '26 actual $13B, beat Q4 '26 estimate $13B Q1 '27 estimate $12B Q2 '27 estimate $13B Q3 '27 estimate $13B
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Analyst Consensus ?

ConsensusBuy11 ratings
Bullish872.7%
Neutral327.3%
Bearish00.0%

Analyst 52W Price Targets

$127.2Previous close
$116Low
$137.88Average
$158High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Neutral NeutralMaintainOct 23, 2026
JP Morgan Overweight OverweightMaintainOct 16, 2026
B of A Securities Buy NeutralUpgradeAug 4, 2026
Barclays Equal Weight Equal WeightMaintainJul 14, 2026
Goldman Sachs Buy BuyMaintainFeb 11, 2026
Show 6 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $127.2. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSRodrigo Alcantara$134$128.72 +5.3%Oct 23, 2026
Banco SantanderAnalyst unavailable$130$119.92 +2.2%Aug 11, 2026
Deutsche BankAnalyst unavailable$150$125.75 +17.9%Aug 4, 2026
BarclaysAnalyst unavailable$138$127.73 +8.5%Jul 29, 2026
BarclaysAnalyst unavailable$130$129.01 +2.2%Jul 14, 2026
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Company context

Snapshot as of publication

Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) is a diverse multinational enterprise. Its operations include acting as a key bottler, marketer, and distributor of Coca-Cola trademark beverages across a wide territory encompassing Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and Uruguay. Furthermore, FEMSA is a significant player in the retail sector, managing 20,431 OXXO convenience stores in Mexico, Colombia, Peru, Chile, and Brazil as of December 31, 2021. The company also operates 567 OXXO GAS service stations in Mexico, which supply fuels, motor oils, lubricants, and car care items.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-16T03:54:18.633982+00:00
  3. Polygon adjusted daily market bars · 2026-11-03T12:30:44.141894+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T12:30:44.139161+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.