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FEMSA reported Q2 earnings and revenues above estimates, with OXXO Mexico sales up 9.5%.
Spin by OXXO active users rose 22.1% to 11.5M as FEMSA expands its digital ecosystem.
Bara added 112 net new stores, reaching 786 locations with 11.3% same-store sales growth.
Fomento Económico Mexicano, S.A.B. de C.V. (FMX - Free Report) emphasized a consumer-focused transformation across its retail ecosystem during its second-quarter 2026 earnings call, with management highlighting improving traffic trends, digital expansion and disciplined growth initiatives.
The company reported results above the Zacks Consensus Estimate, with earnings of 93 cents per ADS beating the consensus estimate of 82 cents. Revenues were $13.29 billion, ahead of the consensus estimate of $12.94 billion.
Fomento Economico Mexicano S.A.B. de C.V. Price, Consensus and EPS Surprise
CEO Jose Antonio Garza-Laguera said OXXO Mexico’s second-quarter performance reflected early progress from strategic changes launched in the second half of the prior year. Management is prioritizing customer relevance through pricing, assortment and execution improvements.
OXXO Mexico delivered 9.5% same-store sales growth, supported by 2% traffic growth and a 7.4% increase in average ticket. Management noted that World Cup-related activity contributed to the quarter, but underlying initiatives also improved engagement.
Garza-Laguera said the company is balancing pricing competitiveness with profitability rather than focusing solely on gross margin expansion. The goal is to increase traffic, strengthen market share and build longer-term operating income growth.
FEMSA Expands Digital Ecosystem
FEMSA highlighted continued momentum at Spin by OXXO as a key part of its broader consumer ecosystem strategy. Active users increased 22.1% year over year to 11.5 million, while monthly transactions reached 119.1 million.
Management discussed its partnership with QED Investors to develop a lending platform, with CFO Martin Arias Yaniz noting that the initiative will begin with a controlled approach focused on risk management.
Arias said the long-term goal is to build credit capabilities that can leverage FEMSA’s customer data and ecosystem, while keeping the business disciplined as it develops.
FMX Sees Growth Beyond Mexico
Management pointed to Bara, Colombia and Brazil as important growth platforms. Bara delivered record store openings during the quarter, adding 112 net new stores and reaching 786 locations.
Garza-Laguera said Bara continues to benefit from consumer demand for value-oriented formats, with private label remaining a key element of the model. Same-store sales increased 11.3% for the business during the quarter.
FEMSA also highlighted progress in Latin American OXXO operations. Colombia revenues increased approximately 30%, while Brazil continued improving store economics as the company refined its expansion model.
FEMSA Manages Mixed Segment Trends
FEMSA reported consolidated revenue growth of 9.3% year over year and operating income growth of 7.2% in the quarter. Adjusted EBITDA increased 12.7%, while net consolidated income rose 64.9%.
Coca-Cola FEMSA delivered revenue growth of 4.7% and operating income growth of 9.1%, helped by stronger South American performance despite challenges in Mexico from weaker consumer demand and tax increases.
Health and Europe faced pressure during the quarter, while management highlighted cost control, operational improvements and portfolio discipline as ongoing priorities.
FMX Faces a More Normalized Back Half
Management cautioned that second-half comparisons will become more challenging as World Cup benefits fade and consumer conditions remain soft, particularly in Mexico.
Garza-Laguera said sustaining momentum will depend on continued execution of pricing, assortment and operational initiatives across the company’s businesses.
Capital allocation remained disciplined, with FEMSA completing a $300 million accelerated share repurchase program and reporting a net debt-to-EBITDA ratio of 1.15x.
FEMSA Highlights Analyst Focus Areas
A Goldman Sachs analyst asked about Spin’s lending opportunity and how FEMSA plans to use its ecosystem advantage. Management emphasized the importance of QED’s expertise and a gradual rollout focused on responsible credit expansion.
A Barclays analyst questioned OXXO’s pricing and assortment strategy. Management explained that the company is adjusting price-pack architecture to improve competitiveness while maintaining operating discipline.
The Q&A reinforced management’s focus on customer engagement, supply chain capabilities and selective growth rather than short-term margin maximization.
The Zacks Style Scores evaluate value, growth and momentum characteristics, with A and B scores representing stronger attributes than lower-rated scores. The VGM Score combines these factors to assess broader style characteristics.
The Zacks Rank can change as analysts update earnings estimates following new company information, including developments after reported results.
View the Zacks #1 Rank List
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FMX Q2 Earnings Call Highlights OXXO Strategy Shift
Key Takeaways
Fomento Económico Mexicano, S.A.B. de C.V. (FMX - Free Report) emphasized a consumer-focused transformation across its retail ecosystem during its second-quarter 2026 earnings call, with management highlighting improving traffic trends, digital expansion and disciplined growth initiatives.
The company reported results above the Zacks Consensus Estimate, with earnings of 93 cents per ADS beating the consensus estimate of 82 cents. Revenues were $13.29 billion, ahead of the consensus estimate of $12.94 billion.
Fomento Economico Mexicano S.A.B. de C.V. Price, Consensus and EPS Surprise
Fomento Economico Mexicano S.A.B. de C.V. price-consensus-eps-surprise-chart | Fomento Economico Mexicano S.A.B. de C.V. Quote
FMX Refocuses OXXO on Customers
CEO Jose Antonio Garza-Laguera said OXXO Mexico’s second-quarter performance reflected early progress from strategic changes launched in the second half of the prior year. Management is prioritizing customer relevance through pricing, assortment and execution improvements.
OXXO Mexico delivered 9.5% same-store sales growth, supported by 2% traffic growth and a 7.4% increase in average ticket. Management noted that World Cup-related activity contributed to the quarter, but underlying initiatives also improved engagement.
Garza-Laguera said the company is balancing pricing competitiveness with profitability rather than focusing solely on gross margin expansion. The goal is to increase traffic, strengthen market share and build longer-term operating income growth.
FEMSA Expands Digital Ecosystem
FEMSA highlighted continued momentum at Spin by OXXO as a key part of its broader consumer ecosystem strategy. Active users increased 22.1% year over year to 11.5 million, while monthly transactions reached 119.1 million.
Management discussed its partnership with QED Investors to develop a lending platform, with CFO Martin Arias Yaniz noting that the initiative will begin with a controlled approach focused on risk management.
Arias said the long-term goal is to build credit capabilities that can leverage FEMSA’s customer data and ecosystem, while keeping the business disciplined as it develops.
FMX Sees Growth Beyond Mexico
Management pointed to Bara, Colombia and Brazil as important growth platforms. Bara delivered record store openings during the quarter, adding 112 net new stores and reaching 786 locations.
Garza-Laguera said Bara continues to benefit from consumer demand for value-oriented formats, with private label remaining a key element of the model. Same-store sales increased 11.3% for the business during the quarter.
FEMSA also highlighted progress in Latin American OXXO operations. Colombia revenues increased approximately 30%, while Brazil continued improving store economics as the company refined its expansion model.
FEMSA Manages Mixed Segment Trends
FEMSA reported consolidated revenue growth of 9.3% year over year and operating income growth of 7.2% in the quarter. Adjusted EBITDA increased 12.7%, while net consolidated income rose 64.9%.
Coca-Cola FEMSA delivered revenue growth of 4.7% and operating income growth of 9.1%, helped by stronger South American performance despite challenges in Mexico from weaker consumer demand and tax increases.
Health and Europe faced pressure during the quarter, while management highlighted cost control, operational improvements and portfolio discipline as ongoing priorities.
FMX Faces a More Normalized Back Half
Management cautioned that second-half comparisons will become more challenging as World Cup benefits fade and consumer conditions remain soft, particularly in Mexico.
Garza-Laguera said sustaining momentum will depend on continued execution of pricing, assortment and operational initiatives across the company’s businesses.
Capital allocation remained disciplined, with FEMSA completing a $300 million accelerated share repurchase program and reporting a net debt-to-EBITDA ratio of 1.15x.
FEMSA Highlights Analyst Focus Areas
A Goldman Sachs analyst asked about Spin’s lending opportunity and how FEMSA plans to use its ecosystem advantage. Management emphasized the importance of QED’s expertise and a gradual rollout focused on responsible credit expansion.
A Barclays analyst questioned OXXO’s pricing and assortment strategy. Management explained that the company is adjusting price-pack architecture to improve competitiveness while maintaining operating discipline.
The Q&A reinforced management’s focus on customer engagement, supply chain capabilities and selective growth rather than short-term margin maximization.
Zacks Signals for FMX
FMX currently carries a Zacks Rank #2 (Buy), with Style Scores of A for Value, B for Growth, B for Momentum and A for VGM. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Style Scores evaluate value, growth and momentum characteristics, with A and B scores representing stronger attributes than lower-rated scores. The VGM Score combines these factors to assess broader style characteristics.
The Zacks Rank can change as analysts update earnings estimates following new company information, including developments after reported results.