Coca-Cola FEMSA (KOF) Q2 2026 earnings summary

Executive summary

• Sequential improvement at the consolidated level, with record Q2 volumes in Brazil, Colombia, and Guatemala, offsetting headwinds in Mexico from excise tax increases and a softer consumer environment.

• FIFA World Cup activations and digital initiatives drove brand engagement and incremental demand, especially in Mexico and Brazil.

• Humanitarian support provided in Venezuela following June earthquakes, including donations of water and emergency supplies.

• South America delivered strong double-digit operating income growth, especially in Colombia, Guatemala, and Brazil.

Financial highlights

• Consolidated volume grew 3.5% year-over-year to 1.1 billion unit cases, led by Brazil, Colombia, and Guatemala; Argentina saw a contraction.

• Total revenues increased 4.7% to MXN 76.3 billion; currency-neutral revenue growth was 6.6%.

• Gross profit rose 8.8% to MXN 35.9 billion, with gross margin expanding 180 bps to 47.1%.

• Operating income up 9.1% to MXN 10.7 billion; operating margin expanded 60 bps to 14%.

• Adjusted EBITDA grew 12.1% to MXN 15 billion; EBITDA margin expanded 130 bps to 19.7%.

• Majority net income increased 16.9% to MXN 6.2 billion, driven by higher operating income and lower effective tax rate.

Outlook and guidance

• Mexico's consumer environment expected to remain subdued; focus remains on affordability, innovation, and digital execution.

• Guatemala and Brazil expected to maintain strong momentum, supported by favorable demographics and disciplined execution.

• Colombia anticipated to continue healthy growth, though comps will be tougher in the second half.

• Flattish volume guidance for Mexico for the full year, with potential for improvement post-August price adjustments.

• Focus remains on adapting to evolving consumer environments, accelerating digital transformation, and leveraging revenue growth management.