Coca-Cola FEMSA 3Q26: Revenue +10.9%, Operating Income +15.4%, Volume +5.3%
KOF sits 37% above its 52-week low of $84.
Summary
Coca-Cola FEMSA's 3Q26 revenue rose 10.9% and operating income 15.4%, but South America's surge leaned on Ps. 1,055 million of Brazilian insurance claims while Mexico & Central America operating income fell 3.1%.
Key Events · Earnings and Guidance · KOF
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Record Third-Quarter Volume
Volume rose 5.3% to 1,089.8 million unit cases, with growth in every operation; Colombia led at +15.9% and Brazil rose 3.9%.
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Revenue and Operating Income Growth
Total revenues increased 10.9% to Ps. 79,718 million and operating income 15.4% to Ps. 11,874 million; operating margin expanded 60 basis points to 14.9%.
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South America Boosted by Insurance Claims
South America operating income jumped 51.2% to Ps. 5,300 million, including Ps. 1,055 million net of expenses from insurance claims in Brazil; Mexico & Central America operating income fell 3.1% to Ps. 6,574 million.
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Net Income Lags on Financing Costs
Majority net income rose 5.5% to Ps. 6,223 million as the comprehensive financing result climbed to Ps. 2,019 million from Ps. 1,290 million and the tax rate rose to 33.4% from 30.9%.
Analysis · KOF · Manufacturing
Coca-Cola FEMSA posted a strong third quarter, but the quality of the growth deserves a closer look. Volume rose 5.3% to a record third-quarter 1,089.8 million unit cases, revenue grew 10.9% to Ps. 79,718 million and operating income rose 15.4% to Ps. 11,874 million, with margin up 60 basis points to 14.9%. The catch is where the growth came from. South America operating income jumped 51.2% to Ps. 5,300 million, but Ps. 1,055 million of that was net insurance claims in Brazil — without it the division's gain would be far smaller. Mexico & Central America operating income actually fell 3.1% to Ps. 6,574 million as marketing, freight and maintenance costs rose. Majority net income grew only 5.5% to Ps. 6,223 million because a higher comprehensive financing result (Ps. 2,019 million vs Ps. 1,290 million) and a 33.4% tax rate absorbed the operating gain. Balance sheet leverage improved, with net debt/Adj. EBITDA at 0.63x versus 0.89x at year-end 2025.
How filings like this one have moved
In the 30 days to Oct 26, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, KOF was trading at $114.85 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.2B. The 52-week trading range was $84.00 to $122.14. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.