v3.26.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
Summary of Fair value of Financial Instruments The following table summarizes the Company’s financial assets and liabilities measured at fair value, as of December 31, 2025, and December 31, 2024:
December 31, 2025December 31, 2024
    Level 1Level 2Level 1Level 2
Financial instruments (current asset)157222401,328
Financial instruments (non-current asset) 17,4445,86516,46116,907
Financial instruments (current liability) 4768913208
Financial instruments (non-current liability) —6,651—4,625
Summary of Fair Value of Company's Publicly Traded Debt The fair value of the Company’s publicly traded debt is based on quoted market prices as of December 31, 2025 and December 31, 2024, which is considered to be level 1 in the fair value hierarchy.
    December 31, 2025December 31, 2024
Carrying value Ps.147,666Ps.148,204
Fair value 137,836132,174
Summary of Disclosure of Outstanding Interest Rate Swap Agreements
As of December 31, 2025, the Company has the following outstanding interest rate swap agreements:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2025December 31, 2025
2027Ps.2,278Ps.(29)Ps.—
20328,983(1,200)—
As of December 31, 2024, the Company has the following outstanding interest rate swap agreements:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.2,339Ps.—Ps.1
203210,134(1,784)—
Summary of Disclosure of Outstanding Forward Agreements to Purchase Foreign Currency
As of December 31, 2025, the Company had the following outstanding forward agreements to purchase foreign currency:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2025December 31, 2025
2026Ps.10,533Ps.(653)Ps.34

As of December 31, 2024, the Company had the following outstanding forward agreements to purchase foreign currency:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.8,052 Ps.(138)Ps.560 
Summary of Disclosure of Outstanding Cross Currency Swap Agreements
As of December 31, 2025, the Company had the following outstanding cross–currency swap agreements:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2025December 31, 2025
2026Ps.7,217Ps.(218)Ps.53
202711,913(1,111)130
20288,705(149)387
20291,327(12)370
203019,526(550)1,505
20323,683(30)30
20334,722—296
203511,797(3,507)—
20435,398—2,029
20503,471—1,118

As of December 31, 2024, the Company had the following outstanding cross–currency swap agreements:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.4,483 Ps.— Ps.679 
20267,243 (1)547 
202719,300 (137)836 
20286,819 (211)— 
20292,182 — 615 
203026,086 (68)3,166 
2033263 (31)— 
203510,000 (2,248)— 
204312,492 — 3,588 
20503,471 — 1,714 
Summary of Disclosure of Fair Value of Commodity Price Contracts
As of December 31, 2025, Coca-Cola FEMSA had the following sugar price contracts:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2025December 31, 2025
2026Ps.2,085Ps.(404)Ps.—
20271,672(63)—
As of December 31, 2024, Coca-Cola FEMSA had the following sugar price contracts:
    NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.3,108Ps.(183)Ps.6
20262,214(118)—
2027440(27)—

As of December 31, 2025, Coca-Cola FEMSA had the following aluminum price contracts:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2025December 31, 2025
2026Ps.1,619Ps.(9)Ps.156

As of December 31, 2024, Coca-Cola FEMSA had the following aluminum price contracts:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2024
2025Ps.828Ps.(2)Ps.33 

As of December 31, 2025, the Company had no outstanding diesel price contracts.
As of December 31, 2024, the Company had the following diesel price contracts:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2025
2025Ps.22Ps.—Ps.— 

As of December 31, 2025, the Company had no outstanding PX + MEG price contracts.
As of December 31, 2024, the Company had the following PX + MEG price contracts:
NotionalFair Value LiabilityFair Value Asset
Maturity DateAmountDecember 31, 2024December 31, 2025
202572(5)— 
As of December 31, 2025, the Company had the following outstanding option agreements to purchase foreign currency:

Notional
Liability
Asset
Maturity DateAmount
December 31, 2025
December 31, 2025
2026Ps.1,377Ps.(83)Ps.136 


As of December 31, 2024, the Company had the following outstanding option agreements to purchase foreign currency:

Notional
Liability
Asset
Maturity DateAmount
December 31, 2024
December 31, 2024
2025Ps.3,701Ps.(24)Ps.248 
Summary of Disclosure of Net Effects of Expired Contracts Met Hedging Criteria
Impact in Consolidated
Income StatementDecember 31, 2025December 31, 2024December 31, 2023
Cross-currency swaps (1)
 Interest expense Ps.— Ps.— Ps.(392)
Cross-currency swaps (1)
 Foreign exchange — — (747)
Swap Locks Interest expense 14 — — 
Forward agreements to purchase foreign currencyForeign exchange 2 (3)180 
Commodity price contracts Cost of goods sold 231 (15)430 
Options to purchase foreign currency Cost of goods sold 305 39 — 
Forward agreements to purchase foreign currencyCost of goods sold 406 136 (1,834)
(1)This amount corresponds to the settlement of cross-currency swaps portfolio in Brazil presented as part of the other financial activities.
Summary of Disclosure of Net Effect of Changes in Fair Value of Derivative Financial Instruments Did Not Meet Hedging Criteria for Accounting Purposes
    Impact in Consolidated
Type of Derivatives Income StatementDecember 31, 2025December 31, 2024December 31, 2023
 Cross currency swaps and interest rate swaps Market value gain (loss) on financial instruments Ps.185Ps.938Ps.141 
Summary of Disclosure of Sensitivity Analysis of Market Risks Management
The following disclosures provide a sensitivity analysis of the market risks management considered to be reasonably possible at the end of the reporting period based on a stress test of the exchange rates according to an annualized volatility estimated with historic prices obtained for the underlying asset over a period, in the cases of derivative financial instruments related to foreign currency risk, which the Company is exposed to as it relates to in its existing hedging strategy:
Change in
Foreign Currency RiskExchange RateEffect on Equity
2025
FEMSA (1)
+9% MXN/USDPs.— 
‑9% MXN/USD— 
+5% CHF/EUR85 
‑5% CHF/EUR(85)
Coca-Cola FEMSA+9% MXN/USD565 
‑9% MXN/USD(565)
+10% BRL/USD194 
‑10% BRL/USD(194)
+11% COP/USD91 
‑11% COP/USD(91)
+25% ARS/USD40 
‑25% ARS/USD(40)
+6% UYU/USD25 
‑6% UYU/USD(25)
+3% CRC/USD10 
-3% CRC/USD(10)
Change in
Foreign Currency RiskExchange RateEffect on Equity
2024
FEMSA (1)
+13% MXN/USDPs.15 
‑13% MXN/USD(15)
+5% CHF/EUR125 
‑5% CHF/EUR(125)
+7% CHF/USD7 
‑7% CHF/USD(7)
Coca-Cola FEMSA+13% MXN/USD183 
‑13% MXN/USD(183)
+13% BRL/USD50 
‑13% BRL/USD(50)
+11% COP/USD34 
‑11% COP/USD(34)
+2% ARS/USD11 
‑2% ARS/USD(11)
+5% UYU/USD13 
‑5% UYU/USD(13)
+5% CRC/USD14 
-5% CRC/USD(14)
2023
FEMSA (1)
+11% MXN/USDPs.9 
‑11% MXN/USD(9)
+7% CHF/EUR78 
‑7% CHF/EUR(78)
+7% EUR/USD(6)
‑7% EUR/USD6 
Coca-Cola FEMSA+11% MXN/USD465 
‑11% MXN/USD(465)
+12% BRL/USD521 
‑12% BRL/USD(521)
+16% COP/USD225 
‑16% COP/USD(225)
+120% ARS/USD685 
‑120% ARS/USD(685)
+5% UYU/USD20 
‑5% UYU/USD(20)
+7% CRC/USD15 
-7% CRC/USD(15)
(1)Does not include Coca-Cola FEMSA
Change in
Cross Currency Swaps (1)
Exchange RateEffect on EquityEffect on Profit or Loss
2025
FEMSA (2)
+9% MXN/USDPs.— Ps.1,443 
‑9% MXN/USD— (1,443)
+10% BRL/USD— 227 
‑10% BRL/USD— (227)
+5% PEN/USD— 22 
‑5% PEN/USD— (22)
+11% COP/USD— 506 
‑11% COP/USD— (506)
+11% CLP/USD— 602 
‑11% CLP/USD— (602)
+8% EUR/USD— 848 
‑8% EUR/USD— (848)
Coca-Cola FEMSA+9% MXN/USD1,758 — 
‑9% MXN/USD(1,758)— 
+10% BRL/USD1,209 — 
‑10% BRL/USD(1,209)— 
2024
FEMSA (2)
+13% MXN/USDPs.— Ps.2,424 
‑13% MXN/USD— (2,424)
+13% BRL/USD— 163 
‑13% BRL/USD— (163)
+6% PEN/USD— 16 
‑6% PEN/USD— (16)
+11% COP/USD— 434 
‑11% COP/USD— (434)
+12% CLP/USD— 709 
‑12% CLP/USD— (709)
Coca-Cola FEMSA+13% MXN/USD1,863 — 
‑13% MXN/USD(1,863)— 
+13% BRL/USD2,187 — 
‑13% BRL/USD(2,187)— 
2023
FEMSA (2)
+14% CLP/USDPs.— Ps.678 
‑14% CLP/USD— (678)
+11% MXN/USD— 1,796 
‑11% MXN/USD— (1,796)
+16% COP/USD— 425 
‑16% COP/USD— (425)
+12% BRL/USD— 34 
‑12% BRL/USD— (34)
+8% EUR/USD— 742 
‑8% EUR/USD— (742)
Coca-Cola FEMSA+11% MXN/USD1,314 — 
‑11% MXN/USD(1,314)— 
+12% BRL/USD1,683 — 
‑12% BRL/USD(1,683)— 


(1)Includes the sensitivity analysis effects of all derivative financial instruments related to foreign exchange risk.
(2)Does not include Coca-Cola FEMSA.
Change in
Net Cash in Foreign Currency (2)
Exchange RateEffect on Profit or Loss
2025
FEMSA (1)
+13% EUR/ +13 % USDPs.4,880 
‑13% EUR/ -13 % USD(4,880)
Coca-Cola FEMSA+13% USD— 
‑13% USD— 
2024
FEMSA (1)
+13% EUR/ +13 % USDPs.14,855 
‑13% EUR/ -13 % USD(14,855)
Coca-Cola FEMSA+13% USD1,397 
‑13% USD(1,397)
2023
FEMSA (1)
+11% EUR/ +11 % USDPs.14,617 
‑11% EUR/ -11 % USD(14,617)
Coca-Cola FEMSA+11% USD1,797 
‑11% USD(1,797)
(1)Does not include Coca-Cola FEMSA.
(2)Differential for the variation in total cash at the exchange rate as of December 31, 2024 and exchange rate sensitivity.

Change in
Commodity Price Contracts
U.S.$ RateEffect on Equity
2025
Coca-Cola FEMSASugar -25%Ps.(809)
Aluminum -16%Ps.(248)
2024
Coca-Cola FEMSASugar -29%Ps.(1,578)
Aluminum -22%Ps.(189)
2023
Coca-Cola FEMSASugar -29%Ps.(765)
Aluminum -22%Ps.(2,812)

Change in
Options to purchase foreign currency (MXN to USD)
U.S.$ RateEffect on Equity
2025
Coca-Cola FEMSA(9)%Ps.(168)
2024
Coca-Cola FEMSA(13)%Ps.(136)
2023
Coca-Cola FEMSA0%Ps.— 
Change in
Options to purchase foreign currency (BRL to USD)
U.S.$ RateEffect on Equity
2025
Coca-Cola FEMSA0%Ps.— 
2024
Coca-Cola FEMSA(13)%Ps.(119)
2023
Coca-Cola FEMSA— %Ps.— 

Change in
Options to purchase foreign currency (COP to USD)
U.S.$ RateEffect on Equity
2024
Coca-Cola FEMSA(11)%Ps.(7)
2023
Coca-Cola FEMSA(11)%Ps.(54)
2022
Coca-Cola FEMSA— %Ps.— 
Summary of Sensitivity Analysis of Interest Rate Risks Management
The following disclosures provide a sensitivity analysis of the interest rate risks management considered to be reasonably possible at the end of the reporting period, which the Company is exposed to as it relates to its fixed and floating rate borrowings, which it considers in its existing hedging strategy:
Change in
Interest Rate Swap (1)
Bps.Effect on Equity
2025
FEMSA (2)
(100 Bps.)Ps.(46)
2024
FEMSA (2)
(100 Bps.)Ps.(148)
2023
FEMSA (2)
(100 Bps.)Ps.(9)
(1)The sensitivity analysis effects include all subsidiaries of the Company.
(2)Does not include Coca-Cola FEMSA.
Interest Effect of Unhedged Portion Bank Loans202520242023
Change in interest rate+100 Bps.+100 Bps.+100 Bps.
Effect on profit lossPs.(243)Ps.(258)Ps.(250)
Summary of Maturity Analysis for Non-derivative and Derivative Financial Liabilities
The following table reflects all contractually fixed pay-offs for settlement, repayments and interest resulting from recognized financial liabilities. It includes expected net cash outflows from derivative financial liabilities that are in place as of December 31, 2025. Such expected net cash outflows are determined based on each particular settlement date of an instrument. The amounts disclosed are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest date on which the Company could be required to pay. Cash outflows for financial liabilities (including interest and excluding lease liabilities) without fixed amount or timing are based on economic conditions (like interest rates and foreign exchange rates) existing on December 31, 2025.
202620272028202920302031 and thereafterTotal
Non-derivative financial liabilities:
Notes and bondsPs.13,473 Ps.9,324 Ps.16,141 Ps.5,494 Ps.18,576 Ps.74,511 Ps.137,519 
Loans from Banks7,201 2,428 319 162 37 — 10,147 
Derivative financial liabilities(988)(1,073)238 358 955 (1,264)(1,774)
Summary of Disclosure of Financial Liabilities That Are Part of Supplier Finance Arrangements
All trade payables subject to the supplier finance arrangement, included in the table below, are recorded as suppliers in the consolidated statement of financial position.

    20252024
Carrying amount of trade payables that are part of a supplier finance arrangement Ps.17,185Ps.10,590
Of which suppliers have received payment 8,66822,001
2023
Ps.2,416
823
Summary of Financial Instruments to Hedge Exposure to Foreign Exchange Rates and Interest Rates
As of December 31, 2025, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
Maturity 
1‑6 months6‑12 monthsMore than 12 
Foreign exchange currency risk                  
Foreign exchange currency forward contracts         
Net exposure 3,6002,714—
Average exchange rate MXN/USD 19.2819.06—
Net exposure 1,446617—
Average exchange rate BRL/USD 6.006.07—
Net exposure 548322—
Average exchange rate COP/USD 4,214.174,107.59—
Net exposure 21116—
Average exchange rate ARS/USD 1,543.361,735.00—
Net exposure 296119—
Average exchange rate URY/USD 43.9541.14—
Net exposure169119—
Average exchange rate CRC/USD529.18520.47—
Foreign exchange currency swap contracts 
Net exposure ——36,961
Average exchange rate MXN/USD ——19.25
Net exposure 3,1441,34812,543
Average exchange rate BRL/USD 5.395.305.06
Net exposure 1,6329043,078
Average exchange rate COP/USD 3,750.493,971.393,970.99
Net exposure ——5,495
Average exchange rate CLP/USD ——862.04
Net exposure — — 583 
Average exchange rate EUR/USD ——1.09
Net exposure — 189— 
Average exchange rate PEN/USD— 3.71 — 
Foreign exchange currency options contracts
Notional amount (in millions of pesos)879498
Average exchange rate MXN/USD20.1718.61
Interest rate risk 
Interest rate swaps 
Net exposure ——8,983
Interest rate average BRL ——0.16%
Net exposure ——2
Interest rate average CLP ——6.10%
Commodities risk 
Aluminum 1,489130—
Average price (USD/Ton) 2,672.022,692.41—
Sugar 1,332752787
Average price (USD cent/Lb) 17.6417.4917.94


As of December 31, 2024, the Company’s financial instruments used to hedge its exposure to foreign exchange rates and interest rates are as follows:
Maturity 
1‑6 months6‑12 monthsMore than 12 
Foreign exchange currency risk                  
Foreign exchange currency forward contracts         
Net exposure Ps.1,455Ps.126Ps.—
Average exchange rate MXN/USD 18.7420.71—
Net exposure 95145—
Average exchange rate BRL/USD 5.506.07—
Net exposure 27522—
Average exchange rate COP/USD 4,1344,164—
Net exposure 51760—
Average exchange rate ARS/USD 1,1981,286—
Net exposure 169113—
Average exchange rate URY/USD 41.5944.13—
Net exposure240152—
Average exchange rate CRC/USD531.13540.05—
Foreign exchange currency swap contracts 
Net exposure ——35,064
Average exchange rate MXN/USD ——20.51
Net exposure ——17,903
Average exchange rate BRL/USD ——5.09
Net exposure 5615932,761
Average exchange rate COP/USD 3,817.003,420.154,271.98
Net exposure ——325
Average exchange rate CLP/USD ——816.00
Net exposure— — 583 
Average exchange rate EUR/USD— — 1.09 
Net exposure— — 67 
Average exchange rate PEN/USD— — 3.74 
Foreign exchange currency options contracts
Notional amount (in millions of pesos)5681,127—
Average exchange rate MXN/USD19.5520.61—
Notional amount (in millions of pesos)472928—
Average exchange rate BRL/USD)5.776.04—
Notional amount (in millions of pesos)307299—
Average exchange rate COP/USD)4,313.00 4,361.66 — 
Interest rate risk 
Interest rate swaps 
Net exposure ——10,134
Interest rate average BRL ——0.16%
Net exposure—2—
Interest rate average CLP— 6.10 %— 
Commodities risk 
Aluminum 440389—
Average price (USD/Ton) 2,480.152,542.39—
Diesel (in millions of pesos)1111—
Maturity 
1‑6 months6‑12 monthsMore than 12 
Average price (USD/Gallons)2.142.14—
PX+MEG72——
Average price (USD /Ton)950.00——
Sugar 3,4761,500787
Average price (USD cent/Lb) 19.3819.1417.94
Summary of Reconciliation Per Category of Equity Components and Analysis of OCI Components, Net of Tax Generated by Cash Flow Hedges
As of December 31, 2025, a reconciliation per category of equity components and an analysis of OCI components, net of tax; generated by the cash flow hedges were as follows:
Hedging
 reserve
Balances at beginning of the period Ps.3,121 
Cash flows hedges 
Fair value changes: 
Foreign exchange currency risk – Purchase of stock (689)
Foreign exchange currency risk – Other stock (9,164)
Interest rate risk (30)
Commodity price contracts – Purchase of stock— 
The amounts reclassified to profit and loss:
Foreign exchange currency risk – Other stock5,631 
Interest rate risk— 
The amounts included in non-financial costs: 
Foreign exchange currency risk – Purchase of stock— 
Commodity price contracts – Purchase of stock13 
Taxes due to changes in reserves during the period 1,062 
Balances at the end of the period Ps.(56)
Summary of Component of Equity and Analysis of Other Comprehensive Income
Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:
Foreign exchange forward contracts
Foreign currency option
Cross-currency swapsInterest rate swapsTreasury Lock contractsCommodity price contractsEquity holders of the parentNon-controlling interestTotal
As at January 1, 2024 Ps.(273)Ps.— Ps.1,225 Ps.357 Ps.— Ps.(48)Ps.1,260 Ps.(304)Ps.956 
Financial instruments – purchases 41 77 (261)— — 88 (54)332 278 
Change in fair value of financial instruments recognized in OCI 345 36 6,898 (64)— (133)7,082 3,949 11,031 
Amount reclassified from OCI to profit or loss (45)(18)(4,039)— — (1)(4,103)(125)(4,228)
Foreign currency revaluation of the net foreign operations— — (2,194)— — — (2,194)(2,842)(5,036)
Effects of changes in foreign exchange rates12 — (14)— — (1)(3)(10)(13)
Tax effect(105)(31)733 (64)— 15 548 (415)133 
As at December 31, 2024Ps.(25)Ps.64 Ps.2,348 Ps.229 Ps.— Ps.(80)Ps.2,536 Ps.585 Ps.3,121 
Financial instruments – purchases(176)(34)(219)— 7 13 (409)(267)(676)
Change in fair value of financial instruments recognized in OCI(403)(264)(5,064)(30)— (113)(5,874)(3,320)(9,194)
Amount reclassified from OCI to profit or loss150 144 1,339 — (7)102 1,728 467 2,195 
Foreign currency revaluation of the net foreign operations— — 1,535 — — — 1,535 1,956 3,491 
Effects of changes in foreign exchange rates22 10 (37)— — (19)(24)(31)(55)
Tax effect127 45 525 (8)— 6 695 367 1,062 
As at December 31, 2025Ps.(305)Ps.(35)Ps.427 Ps.191 Ps.— Ps.(91)Ps.187 Ps.(243)Ps.(56)