Fomento Economico Mexicano S.A.B. de C.V. ADR (FMX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.07	$0.93	-13.1%	—	$231B	—
Q1 26	$0.74	$2.41	+225.7%	—	$207.8B	—
Q4 25	$1.37	$0.98	-28.5%	—	$220.1B	—
Q3 25	$1.13	$0.88	-22.1%	—	$214.6B	—
Q2 25	$1.11	$0.44	-60.4%	—	$211.4B	—
Q1 25	$0.69	$0.26	-62.3%	—	$195.8B	—
Q4 24	$1.65	$0.46	-72.1%	—	$208.7B	—
Q3 24	$1.07	$1.35	+26.2%	—	$10.7B	—
Q2 24	$1.35	$1.87	+38.5%	—	$198.7B	—
Q1 24	$1.01	$1.39	+37.6%	—	$178.2B	—
Q4 23	$1.81	$1.27	-29.8%	—	$163.6B	—
Q3 23	$1.44	$1.12	-22.2%	—	$181.7B	—
Q2 23	$1.51	$1.64	+8.6%	—	$177.2B	—
Q1 23	$5.22	$1.16	-77.8%	—	$160.1B	—
Q4 22	$1.3	$0.78	-40.0%	—	$186B	—
Q3 22	$0.95	$1.49	+56.8%	—	$157.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$49.5	—	—	$841B	—
FY24	—	$112.1	—	—	$781.6B	—
FY23	—	$164	—	—	$702.7B	—
FY22	—	$69.2	—	—	$597B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$399.5B	$439.9B	$469.7B	$506.7B	$493B	$505.5B	$597B	$702.7B	$781.6B	$841B
YoY change	+28.2%	+10.1%	+6.78%	+7.87%	-2.71%	+2.53%	+18.1%	+17.7%	+11.2%	+7.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	399.5B	439.9B	469.7B	506.7B	493B	505.5B	597B	702.7B	781.6B	841B
Cost of revenue	251.3B	277.8B	294.6B	315.2B	303.3B	299.3B	355.5B	423.2B	460.1B	499.4B
Gross profit	148.2B	162.1B	175.2B	191.5B	189.7B	206.2B	241.5B	279.5B	321.5B	341.6B
Gross margin	37.1%	36.8%	37.3%	37.8%	38.5%	40.8%	40.5%	39.8%	41.1%	40.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	110.5B	121.7B	132B	141.8B	146.4B	152.1B	177.4B	221B	251.1B	268.7B
Operating expenses	110.5B	122.7B	132.5B	142.4B	147.2B	152.3B	177.9B	222.1B	251.3B	269.4B
Operating income	37.7B	39.3B	42.6B	49.1B	39.2B	53.8B	63.6B	57.4B	70.4B	72.2B
Operating margin	9.43%	8.94%	9.08%	9.69%	7.96%	10.7%	10.7%	8.16%	9.01%	8.58%
Non-operating income, net	-4.3B	1.7B	-4.7B	-8.1B	-5.9B	2.3B	-6.8B	41M	1.8B	-8.6B
Pretax income	28.6B	35.8B	33.6B	32.3B	19.3B	43B	46.5B	57.8B	66.5B	52.8B
Income tax	7.9B	10.2B	10.2B	10.5B	14.8B	13.6B	13.3B	13B	25.4B	19.9B
Net income	27.2B	37.2B	33.1B	28B	3.8B	37.7B	34.7B	76.7B	40.2B	33.1B
Net margin	6.8%	8.46%	7.04%	5.54%	0.76%	7.45%	5.82%	10.9%	5.15%	3.93%
EBITDA	51.2B	57.1B	61.5B	76.6B	67.9B	83B	97.7B	108B	120.1B	122.9B
EPS	59.1	118.5	64	57.8	-5.39	79.6	69.2	164	112.1	49.5
Diluted EPS	59.1	118.5	64	57.8	-5.39	79.6	69.2	164	112.1	49.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	181.7B	163.6B	178.2B	198.7B	10.7B	208.7B	195.8B	211.4B	214.6B	220.1B	207.8B	231B
Cost of revenue	110.9B	89.9B	108B	116.3B	6.4B	117.6B	116.9B	125.4B	128.9B	128.7B	123.7B	138.4B
Gross profit	70.8B	73.7B	70.2B	82.4B	4.3B	91.1B	78.9B	85.9B	85.7B	91.4B	84.1B	92.6B
Gross margin	39%	45%	39.4%	41.5%	40.3%	43.7%	40.3%	40.7%	39.9%	41.5%	40.5%	40.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	55.9B	59.3B	55.2B	64.6B	3.4B	68.9B	65.4B	68.4B	67.8B	67.4B	69.6B	73.9B
Operating expenses	55.6B	60.3B	55.5B	64.8B	3.4B	68.9B	65.4B	68.1B	67.6B	68.7B	69.8B	73.5B
Operating income	15.2B	13.3B	14.8B	17.6B	942.1M	22.4B	13.6B	17.8B	18.1B	22.7B	14.3B	19.1B
Operating margin	8.35%	8.16%	8.29%	8.87%	8.83%	10.7%	6.93%	8.44%	8.44%	10.3%	6.89%	8.27%
Non-operating income, net	-5.1B	-6B	-3.5B	6B	-232.8M	11.7B	-391M	-4.4B	-1.7B	-2.1B	11.5B	-1.2B
Pretax income	14.5B	4.3B	9.1B	22.1B	794.6M	25.7B	11.8B	10.8B	12.9B	17.8B	21.4B	14.1B
Income tax	6.4B	-3.5B	3.3B	6.6B	321.9M	9.5B	4.8B	4.3B	3.8B	7B	3.7B	4.9B
Net income	7.4B	4.7B	6B	15.7B	270.6M	18.8B	9.6B	5.6B	5.8B	12.7B	17.6B	9.2B
Net margin	4.09%	2.86%	3.34%	7.88%	2.54%	9.01%	4.88%	2.65%	2.72%	5.77%	8.49%	3.99%
EBITDA	22.8B	8B	14.9B	21.6B	1.3B	15.9B	16.5B	20.2B	19.7B	22.9B	27.3B	20.3B
EPS	12.3	9.13	1.68	7.04	4.6	26.4	18.5	7.83	6.99	24.8	43.2	16.2
Diluted EPS	12.3	9.13	1.68	7.04	4.6	26.4	18.5	7.83	6.99	24.8	43.2	16.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	563.7B	694.6B	636.5B	699.1B	560.5B	574.8B	577.8B	949.9B	—	33.7B	33.7B
Enterprise value	659.2B	726.8B	672.2B	793.8B	699.1B	705.9B	779.4B	990.9B	—	163.3B	163.3B
Shares outstanding	7.4B	7.4B	7.4B	7.4B	7.4B	7.4B	7.4B	7.3B	357.8M	333.9M	333.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.7	18.7	19.2	24.9	149.2	15.3	16.6	12.4	—	1.02	1.02
P/S	1.41	1.58	1.35	1.38	1.14	1.14	0.97	1.35	—	0.04	0.04
P/B	1.97	2.06	1.9	2.15	1.82	1.72	1.71	2.51	—	0.1	0.1
EV/EBITDA	12.9	12.7	10.9	10.4	10.3	8.5	7.98	9.17	—	1.33	1.33
EV/Sales	1.65	1.65	1.43	1.57	1.42	1.4	1.31	1.41	—	0.19	0.19
Earnings yield	4.82%	5.36%	5.2%	4.01%	0.67%	6.55%	6.01%	8.07%	—	97.9%	97.9%
FCF yield	5.1%	2.54%	4.01%	5.22%	5.89%	9.33%	7.11%	1.22%	—	86%	86%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	37.1%	36.8%	37.3%	37.8%	38.5%	40.8%	40.5%	39.8%	41.1%	40.6%	40.6%
Operating margin	9.43%	8.94%	9.08%	9.69%	7.96%	10.7%	10.7%	8.16%	9.01%	8.58%	8.58%
Net margin	6.8%	8.46%	7.04%	5.54%	0.76%	7.45%	5.82%	10.9%	5.15%	3.93%	3.93%
ROE	9.5%	11%	9.86%	8.61%	1.22%	11.2%	10.3%	20.3%	10.6%	10%	10%
ROA	4.98%	6.32%	5.74%	4.4%	0.55%	5.11%	4.35%	9.51%	4.73%	4.15%	4.15%
ROIC	7.15%	7.62%	8.01%	7.89%	2.05%	7.91%	8.43%	10.6%	9.57%	9.81%	9.81%
Return on tangible assets	11.4%	13.3%	11.6%	8.14%	1%	8.94%	8.33%	14.8%	7.2%	6.55%	6.55%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.37	1.73	1.75	1.26	1.7	1.69	1.28	1.95	1.69	1.35	1.35
Quick ratio	1	1.39	1.4	0.96	1.33	1.32	0.93	1.63	1.35	1.02	1.02
Debt / equity	0.49	0.39	0.38	0.53	0.8	0.75	0.84	0.62	0.67	0.78	0.78
Debt / assets	0.26	0.22	0.22	0.27	0.36	0.34	0.36	0.29	0.3	0.32	0.32
Net debt / EBITDA	1.87	0.56	0.58	1.24	2.04	1.58	2.06	0.38	0.61	1.05	1.05
Interest coverage	6.04	6.62	5.98	3.88	2.22	3.88	4.21	4.36	4.79	3.87	3.87
Effective tax rate	27.6%	28.6%	30.2%	32.4%	76.7%	31.6%	28.6%	22.4%	38.2%	37.6%	37.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	54	59.5	63.5	68.5	66.6	68.3	80.7	96.4	2.2K	2.5K	2.5K
EPS (basic)	59.1	118.5	64	57.8	-5.39	79.6	69.2	164	112.1	49.5	49.5
EPS (diluted)	59.1	118.5	64	57.8	-5.39	79.6	69.2	164	112.1	49.5	49.5
Book value per share	38.7	45.5	45.4	44	41.5	45.3	45.7	51.9	1.1K	986.4	986.4
FCF per share	3.89	2.39	3.45	4.94	4.47	7.25	5.56	1.59	67.6	86.9	86.9
Cash per share	5.92	13.4	12.6	10.5	14.6	16.5	11.3	26.3	511.6	383.4	383.4
Capex per share	2.5	2.57	2.85	3.01	2.46	2.18	3.91	4.66	119.6	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.63%	4.32%	4.5%	4.4%	3.69%	3.19%	4.84%	4.83%	5.48%	—	—
Capex / operating cash flow	26.7%	20.2%	32.1%	29.7%	29.5%	16.6%	30.2%	29.1%	41.1%	—	—
Payout ratio	44.3%	33.5%	39.1%	48.6%	422.5%	35.6%	50.4%	24.5%	62.3%	151%	151%
Dividend yield	2.14%	1.79%	2.03%	1.95%	2.83%	2.33%	3.03%	1.98%	—	147.9%	147.9%

Yield

—

trailing twelve months

Frequency

Quarterly

Last dividend

$1.827

ex-dividend Jul 15, 2026

Payout ratio

151%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 15, 2026	$1.827
Apr 22, 2026	$1.795
Jul 17, 2025	$1.963
Apr 24, 2025	$1.826
Jan 17, 2025	$0.9201
Oct 16, 2024	$0.9605

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$181.7B	$163.6B	$178.2B	$198.7B	$10.7B	$208.7B	$195.8B	$211.4B	$214.6B	$220.1B	$207.8B	$231B
YoY change	+15.2%	-12%	+11.3%	+12.2%	-94.1%	+27.6%	+9.89%	+6.35%	+1.9K%	+5.45%	+6.11%	+9.29%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	43.8B	99.1B	93B	77.9B	108.3B	121.8B	83.5B	191.8B	183B	128B
Receivables	23.9B	28.5B	26.8B	27.7B	26.8B	31.4B	40.1B	34.4B	38.5B	43.5B
Inventory	31.9B	34.8B	35.7B	41B	44B	50.9B	62.2B	58.2B	67.5B	69.5B
Total current assets	118B	181.2B	177.6B	172.6B	201.3B	230.7B	226.4B	356.2B	342.3B	283.1B
Property, plant & equipment	77.9B	91B	83.8B	140.6B	140.8B	144.5B	187.9B	200.4B	242.7B	251.2B
Goodwill & intangibles	306.5B	308.2B	291.2B	293.1B	311B	316.3B	381.5B	286.4B	292.7B	291B
Total assets	545.6B	588.5B	576.4B	637.5B	684.8B	737.5B	798.8B	805.9B	851.5B	795.9B
Accounts payable	47.5B	48.6B	52.1B	57.2B	53B	66.2B	78.4B	81.5B	96.9B	93.7B
Short-term debt	7.3B	13.6B	13.7B	23.6B	15.6B	11.9B	30.4B	20.7B	20.5B	35.9B
Total current liabilities	86.3B	105B	101.5B	136.5B	118.4B	136.7B	176.9B	182.4B	202.9B	210B
Long-term debt	132B	117.8B	115B	149B	231.4B	241B	254.6B	212.2B	235.8B	221.7B
Total liabilities	259.5B	251.6B	240.8B	311.8B	377.7B	402.4B	461B	427.5B	470.4B	466.5B
Shareholders' equity	286.2B	336.9B	335.5B	325.8B	307.2B	335.1B	337.8B	378.4B	381.1B	329.4B
Total debt	139.2B	131.3B	128.7B	172.6B	247B	252.9B	285.1B	232.9B	256.3B	257.6B
Net debt	95.6B	34.4B	66.6B	107.1B	139.3B	155.5B	201.6B	67.8B	116.5B	149.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	179.3B	191.8B	179.7B	169.4B	9.8B	183B	169.7B	162.3B	148.9B	128B	114.6B	116.6B
Receivables	45.3B	34.4B	38.7B	39.7B	2.2B	38.5B	41.8B	42.1B	44.5B	43.5B	43.9B	45.3B
Inventory	55.8B	58.2B	54.6B	57.8B	3.4B	67.5B	66.5B	66.6B	63.5B	69.5B	67.7B	67.6B
Total current assets	378.4B	356.2B	347.4B	351.3B	18.4B	342.3B	333.6B	323.3B	296.4B	283.1B	269.3B	272.1B
Property, plant & equipment	223.5B	200.4B	228.9B	241.8B	14.1B	242.7B	282.7B	281.6B	285.2B	251.2B	295.8B	295.4B
Goodwill & intangibles	153.1B	286.4B	141.2B	142.3B	8B	292.7B	149.4B	146.5B	145.8B	291B	147.4B	146.1B
Total assets	818.2B	805.9B	797.6B	820.4B	46.1B	851.5B	855.9B	831B	808B	795.9B	801.3B	802.6B
Accounts payable	—	81.5B	—	—	—	96.9B	—	—	—	93.7B	—	—
Short-term debt	20.7B	20.7B	17.3B	18.7B	1.2B	20.5B	34.6B	34.8B	32.3B	35.9B	22.6B	30.4B
Total current liabilities	196.4B	182.4B	206.7B	204.4B	11.4B	202.9B	203.4B	241.4B	221B	210B	233B	239.5B
Long-term debt	215.6B	212.2B	208.5B	219.1B	12.5B	235.8B	227B	230.7B	225.2B	221.7B	235.1B	222.6B
Total liabilities	442.3B	427.5B	450.2B	455.2B	25.6B	470.4B	464.1B	506B	480.5B	466.5B	507B	501.6B
Shareholders' equity	375.9B	378.4B	347.4B	365.3B	20.5B	381.1B	391.8B	325.1B	327.4B	329.4B	294.3B	300.9B
Total debt	236.3B	232.9B	225.8B	237.9B	13.8B	256.3B	261.6B	265.5B	257.5B	257.6B	257.8B	253B
Net debt	75.9B	67.8B	88.3B	116.4B	5.3B	116.5B	152.3B	135.7B	133.9B	149.6B	150.9B	148B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	35.1B	45B	41.2B	38.5B	18.6B	52B	49.1B	89.6B	65.7B	52.9B
Depreciation & amortization	13.7B	15.6B	17.2B	25.8B	28B	28B	30.5B	34B	39.3B	44.1B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	10.9B	-3.1B	-765M	2.1B	2.5B	5.4B	1.8B	-2B	-8.3B	-24.8B
Operating cash flow	69.2B	93.8B	65.7B	75B	61.7B	97.4B	95.8B	116.8B	104.2B	71.1B
Capital expenditure	-18.5B	-19B	-21.1B	-22.3B	-18.2B	-16.1B	-28.9B	-34B	-42.8B	—
Investing cash flow	-40.9B	26.9B	-61B	-18.2B	-36.2B	-40.3B	-33.6B	97.9B	-35.3B	31.8B
Dividends paid	-12B	-12.4B	-12.9B	-13.6B	-15.9B	-13.4B	-17.5B	-18.8B	-25.1B	-49.9B
Share repurchases	—	—	—	—	—	—	—	—	-20.3B	-12.4B
Financing cash flow	6.8B	-14.5B	-16.2B	-27.4B	33.8B	-21.3B	-21B	-54.5B	-66.6B	-74.9B
Net change in cash	35.1B	106.2B	-11.5B	29.4B	59.2B	35.8B	41.2B	160.1B	2.3B	27.9B
Free cash flow	28.7B	17.6B	25.5B	36.5B	33B	53.6B	41.1B	11.6B	24.2B	29B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 09	Q1 10	Q2 10	Q3 10	Q4 10	Q1 11	Q2 11	Q3 11	Q4 11
Net income	5.8B	—	—	—	—	3.5B	—	—	—
Depreciation & amortization	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—
Operating cash flow	5.8B	4.4B	5.1B	5.1B	-11.8B	5B	9.1B	6.1B	-12.8B
Capital expenditure	—	—	—	—	—	—	—	—	—
Investing cash flow	1.9B	-957M	-1.8B	-2.5B	5.2B	-1.4B	—	-2.1B	4.2B
Dividends paid	—	—	—	0	-1.2B	—	—	-1M	-2.3B
Share repurchases	—	—	—	—	—	—	—	—	—
Financing cash flow	-15.1B	3.8B	-4.1B	-600M	183M	-469M	4.7B	-1.4B	-9B
Net change in cash	-7.3B	7.2B	-849M	2B	-6.4B	3.1B	13.8B	2.7B	-17.5B
Free cash flow	7.7B	3.1B	3.7B	3.5B	-650M	3.2B	4.9B	4.7B	-1.7B

Fomento Economico Mexicano S.A.B. de C.V. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history