Bank Loans and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Bank Loans and Notes Payable [Abstract]

Summary of Detailed Information About Borrowings



		As of December 31, (1)
																			Carrying			Fair			Carrying
																2031 and			Value at			Value at			Value at
(in millions of Mexican pesos)	2026			2027			2028			2029			2030			Thereafter			December 31, 2025			December 31, 2025			December 31, 2024⁽¹⁾
Short-term debt:
Fixed-rate debt:



Argentine pesos
Bank loans	Ps.	634		Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	634		Ps.	634		Ps.	638
Interest rate		36.2	%		—	%		—	%		—	%		—	%		—	%		36.2	%		—	%		50.1	%
Chilean pesos
Bank loans		448			—			—			—			—			—			448			448			460
Interest rate		6.0	%		—	%		—	%		—	%		—	%		—	%		6.0	%		—			6.4	%
Uruguayan pesos
Bank loans		—			—			—			—			—			—			—			—			46
Interest rate		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—			10.8	%
Colombian pesos
Bank loans		—			—			—			—			—			—			—			—			345
Interest rate		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—			10.4	%
Variable-rate debt:
Mexican pesos
Bank loans		3,143			—			—			—			—			—			3,143			3,143			650
Interest rate		7.8	%		—	%		—	%		—	%		—	%		—	%		7.8	%		—			13.5	%
Colombian pesos
Bank loans		398			—			—			—			—			—			398			398			414
Interest rate		10.5	%		—	%		—	%		—	%		—	%		—	%		10.5	%					10.4	%
Chilean pesos
Bank loans		1,239			—			—			—			—			—			1,239			1,240			1,222
Interest rate		4.5	%		—	%		—	%		—	%		—	%		—	%		4.5	%		—			6.4	%
Total short-term debt	Ps.	5,862		Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	—		Ps.	5,862		Ps.	5,863		Ps.	3,775

(1)All interest rates shown in this table are weighted average contractual annual rates.



		As of December 31, (1)

																			Carrying Value at December 31, 2025			Fair Value at December 31, 2025		Carrying Value at December 31, 2024⁽¹⁾
																2031 and thereafter
(in millions of Mexican pesos)	2026			2027			2028			2029			2030
Long-term debt:
Fixed-rate debt:
Euro
Senior unsecured notes	Ps.	10,539		Ps.	—		Ps.	6,182		Ps.	—		Ps.	—		Ps.	5,035		Ps.	21,756		Ps.	20,626	Ps.	21,748
Interest rate		2.6	%		—	%		0.5	%		—	%		—	%		1.0	%		1.6	%		—		1.6	%





U.S. dollars
Yankee bond (2)		—			—			—			—			18,576			29,308			47,884			46,069		43,504
Interest rate		—	%		—	%		—	%		—	%		2.8	%		3.9	%		3.4	%		—		3.1	%
Bank of NY (FEMSA USD 2043)		—			—			—			—			—			7,586			7,586			6,736		8,563
Interest rate (1)		—	%		—	%		—	%		—	%		—	%		4.4	%		4.4	%		—		4.4	%
Bank of NY (FEMSA USD 2050)		—			—			—			—			—			24,146			24,146			17,778		27,249
Interest rate (1)		—	%		—	%		—	%		—	%		—	%		3.5	%		3.5	%		—		3.5	%
Bank loans		—			2,066			—			—			—			—			2,066			2,066		2,469
Interest rate		—	%		5.1	%		—	%		—	%		—	%		—	%		5.1	%		—		5.2	%
Mexican pesos
(CEBUR MXN L22-2L)		—			—			—			—			—			8,436			8,436			8,762		8,435
Interest rate (1)		—	%		—	%		—	%		—	%		—	%		9.7	%		9.7	%		—		9.7	%
Domestic senior notes		—			8,497			9,959			5,494			—			—			23,950			23,952		23,949
Interest rate		—	%		7.9	%		7.4	%		10.0	%		—	%		—	%		5.3	%		—		8.1	%
Bank loans		116			87			19			—			—			—			222			223		458
Interest rate		11.6	%		12.1	%		12.3	%		—	%		—	%		—	%		11.9	%		—		11.6	%






Colombian pesos
Bank loans		359			—			—			—			—			—			359			359		—
Interest rate		9.9	%		—	%		—	%		—	%		—	%		—	%		9.9	%		—		—	%
Subtotal	Ps.	11,014		Ps.	10,650		Ps.	16,160		Ps.	5,494		Ps.	18,576		Ps.	74,511		Ps.	136,405		Ps.	126,571	Ps.	136,375

(1)All interest rates shown in this table are weighted average contractual annual rates.



		As of December 31, (1)

																			Carrying Value at December 31, 2025			Fair Value at December 31, 2025		Carrying Value at December 31, 2024⁽¹⁾
																2031 and
(in millions of Mexican pesos)	2026			2027			2028			2029			2030			thereafter
Variable-rate debt:






Mexican pesos
(CEBUR MXN L22)		—			827			—			—			—			—			827			831		826
Interest rate (1)		—	%		11.6	%		—	%		—	%		—	%		—	%		11.6	%		—		11.6	%
Domestic senior notes		2,934			—			—			—			—			—			2,934			2,934		4,654
Interest rate (1)		7.6	%		—	%		—	%		—	%		—	%		—	%		7.6	%		—		10.5	%
Bank Loans		245			275			300			162			37			—			1,019			1,017		2,565
Interest rate (1)		6.4	%		9.5	%		12.3	%		9.4	%		9.3	%		—	%		9.5	%		—		13.3	%
Brazilian reais
Bank loans		3			—			—			—			—			—			3			3		9
Interest rate		8.8	%		—	%		—	%		—	%		—	%		—	%		8.8	%		—		9.1	%
Colombian pesos
Bank loans		616			—			—			—			—			—			616			617		—
Interest rate		10.5	%		—	%		—	%		—	%		—	%		—	%		10.5			—		—
Subtotal	Ps.	3,798		Ps.	1,102		Ps.	300		Ps.	162		Ps.	37		Ps.	—		Ps.	5,399		Ps.	5,402	Ps.	8,054
Total long-term debt	Ps.	14,812		Ps.	11,752		Ps.	16,460		Ps.	5,656		Ps.	18,613		Ps.	74,511		Ps.	141,804		Ps.	131,973	Ps.	144,429
Current portion of long-term debt																				(14,812)					(2,947)
Total debt (3)																			Ps.	147,666				Ps.	148,204

(1)All interest rates shown in this table are weighted average contractual annual rates.

(2)Interest rate derivatives that have been designated as fair value hedge relationships have been used by Coca-Cola FEMSA to mitigate the volatility in the fair value of existing financing instruments due to changes in floating interest rate benchmarks. Gains and losses on these instruments are recorded in “Market value (gain) loss on financial instruments” in the period in which they occur. During December 31, 2025, the Company applied hedging to a portion of the Senior Notes of US$705, which are linked to an interest rate swap. Starting in 2022, the hedging gain or loss adjust the carrying amount of the hedged item and is recognized in the consolidated income statement under “Market value (gain) loss in financial instruments”. During the year ended December 31, 2025, the Company recognized a loss of Ps. 544 in the consolidated income statement under “Market value (gain) loss in financial instruments”, which offsets the loss on interest rate derivatives used to hedge debt denominated in USD, that resulted from increases in interest rates.

(3)For the years ended December 31, 2025, 2024 and 2023, the amortization cost were Ps. 326, Ps. 1,122, and 1,121, respectively.

Summary of Financial Instruments by Type of Interest Rate



															2031			Total			Total
Hedging Derivative Financial Instruments (1)	2026			2027			2028			2029		2030			Thereafter			2025			2024
	(notional amounts in millions of Mexican pesos)																					`
Cross-currency swaps:
U.S. dollars to Mexican pesos
Fixed to a variable	Ps.	—		Ps.	—		Ps.	—		Ps.	—	Ps.	—			—		Ps.	—		Ps.	14,330
Interest pay rate		—			—			—			—		—			—			—			8.9	%
Interest receive rate		—			—			—			—		—			—			—			3.9	%
Fixed to fixed		—			—			—			—		—			—			—			10,000
Interest pay rate		—			—			—			—		—			—			—			8.9	%
Interest receive rate		—			—			—			—		—			—			—			3.5	%
Fixed to fixed (2)		—			—			—			—		5,875			31,086			36,961			—
Interest pay rate		—			—			—			—		7.6	%		8.8	%		8.6	%		9.4	%
Interest receive rate		—			—			—			—		2.8	%		4.1	%		3.9	%		4.4	%
U.S. dollars to Euro
Fixed to fixed		—			—			6,765			—		—			5,551			12,316			12,415
Interest pay rate		—			—			1.7	%		—		—			2.1	%		1.9	%		1.9	%
Interest receive rate		—			—			0.5	%		—		—			1.0	%		0.7	%		0.7	%
U.S. dollars to Brazilian reais
Fixed to variable		4,492			1,797			—			—		—			—			6,289			7,094
Interest pay rate		15.7	%		11.3	%		—			—		—			—			14.4	%		12.1	%
Interest receive rate		2.1	%		2.8	%		—			—		—			—			2.3	%		2.3	%
Fixed to fixed		—			—			—			—		8,624			—			8,624			9,729
Interest pay rate		—			—			—			—		8.0	%		—			8.0	%		8.0	%
Interest receive rate		—			—			—			—		2.8	%		—			2.8	%		2.8	%
Colombian pesos
Fixed to fixed		1,049			—			—			—		—			—			1,049			1,184
Interest pay rate		6.3	%		—			—			—		—			—			6.3	%		6.3	%
Interest receive rate		2.8	%		—			—			—		—			—			2.8	%		2.8	%
Interest rate swaps:
Fixed to variable rate:		—			—			—			—		—			8,983			8,983			10,134
Interest pay rate		—			—			—			—		—			4.5	%		4.5	%		4.8	%
Interest receive rate		—			—			—			—		—			1.9	%		1.9	%		1.9	%
Variable to a fixed rate:		—			—			2,278			—		—			—			2,278			2,331
Interest pay rate		—			—			6.1	%		—		—			—			6.1	%		3.6	%
Interest receive rate		—			—			6.0	%		—		—			—			6.0	%		1.9	%
Total		5,541			1,797			9,043			—		14,499			45,620			76,500			67,218

(1)All interest rates shown in this table are weighted average contractual annual rates.

(2)Cross Currency swaps which covers U.S. dollars to Mexican pesos with a notional of Ps. 5,398, that have a starting date in December 31, 2023; receiving a fixed rate of 4.4% and pay a fixed rate of 9.4%.

Summary of Interest Expense

For the years ended December 31, 2025, 2024 and 2023, the interest expense is comprised as follows:



	2025		2024		2023
Interest on debts and borrowings	Ps.	8,712	Ps.	8,817	Ps.	8,555
Interest expense charges for employee benefits (Note 17.4)		735		587		590
Derivative instruments		3,494		3,188		(1,891)
Finance operating charges		92		175		821
Interest expense for leases liabilities (Note 12)		8,270		7,235		6,841
	Ps.	21,303	Ps.	20,002	Ps.	14,916

Summary of Disclosure of Interest Income

For the years ended December 31, 2025, 2024 and 2023, the interest income is comprised as follows:


	2025		2024		2023
Tender Offer	Ps.	—	Ps.	782	Ps.	6,961
Interest on investments		7,347		10,764		9,566
Finance operating products		264		305		514
Others		51		59		568
	Ps.	7,662	Ps.	11,910	Ps.	17,609

Summary of Liabilities Arising from Financing Activities



	Carrying												Carrying
	Value at												Value at
	January 1, 2025		Cash Flows		Non-cash effects								December 31, 2025
									Foreign
					Acquisitions		New leases		Exchange		Others (1)
									Income
									(Loss)
Bank loans	Ps.	13,088	Ps.	1,383	Ps.	—	Ps.	—	Ps.	(336)	Ps.	(3,989)	Ps.	10,146
Notes payable		135,116		8,133		—		—		(10,248)		4,519		137,520
Total liabilities from financing activities		148,204		9,516		—		—		(10,584)		530		147,666
Lease liabilities		108,095		(24,061)		—		15,333		198		10,326		109,891
Total financing activities	Ps.	256,299	Ps.	(14,545)	Ps.	—	Ps.	15,333	Ps.	(10,386)	Ps.	10,856	Ps.	257,557

(1) Includes mainly remeasurements of leases, and amortized costs.



	Carrying
	Value at												Carrying
	January 1,												Value at
	2024		Cash Flows		Non-cash effects								December 31, 2024
									Foreign
					Acquisition		New leases		Exchange		Others (1)
									Income
									(Loss)
Bank loans	Ps.	10,518	Ps.	2,105	Ps.	—	Ps.	—	Ps.	504	Ps.	(39)	Ps.	13,088
Notes payable		126,306		(7,262)		1,510		—		16,926		(2,364)		135,116
Total liabilities from financing activities		136,824		(5,157)		1,510		—		17,430		(2,403)		148,204
Lease liabilities		96,073		(19,675)		474		17,520		3,995		9,708		108,095
Total financing activities	Ps.	232,897	Ps.	(24,832)	Ps.	1,984	Ps.	17,520	Ps.	21,425	Ps.	7,305	Ps.	256,299

(1)Includes mainly remeasurements of leases, and amortization of transaction costs.



	Carrying
	Value at												Carrying
	January												Value at
	1, 2023		Cash Flows		Non-cash effects								December 31, 2023
									Foreign
					Acquisition		New leases		Exchange		Others (1)
									Income
									(Loss)
Bank loans	Ps.	12,893	Ps.	(1,526)	Ps.	3	Ps.	—	Ps.	(852)	Ps.	—	Ps.	10,518
Notes payable		178,848		(30,657)		—		—		(15,364)		(6,521)		126,306
Total liabilities from financing activities		191,741		(32,183)		3		—		(16,216)		(6,521)		136,824
Lease liabilities		93,317		(16,171)		48		20,698		(1,891)		72		96,073
Total liabilities from financing activities		285,058		(48,354)		51		20,698		(18,107)		(6,449)		232,897

(1)Includes mainly remeasurements of leases, and amortization of transaction costs.