Cash flow generation remains erratic, highlighted by a 2025Q3 capital expenditure-to-revenue ratio of 103.1% and substantial dividend payments of $13.7B in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 23.25B | 3.94B | 3.48B | 49.68B | 72.58B | 73.09B | 53.17B | 61.64B | 48.89B | 40.13B | 50.13B | 36.74B | 37.36B | 28.76B | 30.79B | 15.39B | 18.93B | 30.91B | 19.27B | 18.02B | 16.14B | 13.73B | 15.28B | 8.86B | 9.18B | 9.11B | 7.04B | 7.07B | 4.69B | 3.73B | 4.74B |
| Operating CF Margin % | - | 8.45% | 9.27% | 7.07% | 12.16% | 14.46% | 10.79% | 12.16% | 10.41% | 9.12% | 12.55% | 11.79% | 14.18% | 11.14% | 12.92% | 7.58% | 11.15% | 15.69% | 11.47% | 12.21% | 12.77% | 11.49% | 14.94% | 10.74% | 15.84% | 17.37% | 14.7% | 18.31% | 11.82% | 15.16% | 17.85% |
| Operating CF Growth % | 334.73% | 13.41% | -93% | -31.55% | -0.7% | 37.46% | -13.73% | 26.07% | 21.82% | -19.94% | 36.44% | -1.66% | 29.93% | -6.58% | 100.06% | -18.71% | -38.76% | 60.41% | 6.91% | 11.67% | 17.56% | -10.17% | 72.52% | -3.55% | 0.78% | 29.52% | -0.54% | 50.9% | 25.78% | -21.35% | - |
| Net Income | 1.59B | 2.94B | 3.15B | 65.69B | 49.14B | 51.96B | 18.57B | 38.52B | 39.88B | 42.41B | 23.44B | 31.21B | 28.88B | 29.91B | 27.53B | 28.37B | 23.63B | 18.99B | 6.71B | 11.94B | 9.2B | 8.16B | 9.25B | 4.66B | 4.61B | 4.84B | 3.56B | 3.91B | 2.04B | 2.22B | 3B |
| Depreciation & Amortization | 15.13B | 2.45B | 1.89B | 34.02B | 30.53B | 27.99B | 28.05B | 25.81B | 17.24B | 15.64B | 13.71B | 10.82B | 10.01B | 9.7B | 7.89B | 6.54B | 5.5B | 9.09B | 8.07B | 8.11B | 7.62B | 6.7B | 6.25B | 5.11B | 4.63B | 3.49B | 3.48B | 2.94B | 2.33B | 1.85B | 2.02B |
| Stock-Based Compensation | 0 | 0 | 0 | 943M | 866M | 854M | 575M | 610M | 0 | 0 | 0 | 463M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -830.97M | 0 | 0 | 0 | -866M | -854M | -575M | -610M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -239M | 18M | -288M | -1B | 474M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.45B | -65.07M | -1.16B | -37.82B | -6.89B | -12.82B | 4.02B | -4.75B | -2.56B | -14.78B | 61.26M | -3.23B | -2.41B | -6.76B | -4.54B | -10.38B | -7.48B | 4.38B | 6.06B | 93M | 200M | 55M | 487M | 790M | 0 | 9.1M | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | -2.43B | -1.38B | -397.61M | -13.15B | -201M | 5.97B | 2.53B | 2.05B | -5.67B | -3.13B | 12.92B | -2.52B | 876M | -4.09B | -94M | -9.14B | -2.73B | -1.56B | -1.57B | -1.88B | -894M | -899M | 298M | -2.17B | -62.34M | 773.08M | 2M | 230M | 321M | -347M | -275M |
| Change in Receivables | -960.4M | -437.94M | -468.17M | -12.13B | -7.78B | -6.05B | 2.55B | -2.82B | -2.43B | -11.35B | -1.89B | -4.38B | -4.96B | -1.95B | -746M | -2.82B | -1.43B | -953M | -367M | -1.54B | -442M | -378M | -108M | 361M | 418M | 0 | 148M | 74M | 243M | -243M | 219M |
| Change in Inventory | 2.08B | -182.33M | -322.31M | -6.44B | -7.73B | -7.83B | -247M | -5.63B | -3.81B | -2.6B | -4.94B | -4.33B | -1.12B | -1.54B | -2.29B | -2.23B | -1.34B | -2.5B | -2.9B | -1.81B | -1.05B | -344M | -1.24B | -911M | -685.71M | -18.19M | -396M | -641M | -321M | -302M | -627M |
| Change in Payables | -1.68B | -553.42M | 555.32M | 11.18B | 13.34B | 19.93B | -1.85B | 10.23B | 4.91B | 7.39B | 15.34B | 5.56B | 6.91B | 517M | 3.83B | -3.04B | 823M | 3.12B | 1.6B | 0 | 0 | -916M | 797M | -513M | 0 | 0 | -612M | 263M | -58M | -25M | 15M |
| Cash from Investing | 4.72B | -114.32M | -1.59B | 132.29B | -46.43B | -46.17B | -31.37B | -14.13B | -58.14B | 31.42B | -38.65B | -28.36B | -15.61B | -55.23B | -14.64B | -13.83B | 6.17B | -14.77B | -20.05B | -12.44B | -15.4B | -6.49B | -21.48B | -36.5B | -5.83B | -4.43B | -3.73B | 3.52B | 4.17B | 4.24B | 2.69B |
| Capital Expenditures | -13.9B | -2.14B | -2.1B | -34.81B | -32.44B | -20.3B | -20.14B | -25.12B | -23.38B | -24.18B | -21.39B | -18.46B | -706M | -1.08B | -441M | -11.15B | -9.28B | -10.2B | -10.88B | -6.35B | -5.22B | -4.04B | -6.9B | -6.79B | -3.09B | -2.73B | -2.67B | 0 | -3.1B | 0 | 0 |
| CapEx % of Revenue | 29.75% | 4.58% | 5.59% | 4.95% | 5.43% | 4.02% | 4.09% | 4.96% | 4.98% | 5.5% | 5.35% | 5.92% | 0.27% | 0.42% | 0.19% | 5.49% | 5.47% | 5.18% | 6.48% | 4.3% | 4.13% | 3.38% | 6.75% | 8.23% | 5.32% | 5.2% | 5.57% | - | 7.81% | - | - |
| Acquisitions | 2.31B | 785.34M | 803.67M | 160.25B | -39.21B | -10.27B | -25.52B | -9.65B | 1.54B | 53.74B | -20.42B | -13B | -58M | -41.01B | -59M | -4.33B | 2.14B | -717M | -3.87B | -128M | -6.6B | 20M | -14.75B | -29.65B | 0 | -154.62M | 0 | 0 | 375M | 911M | 147M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.25B | 244.07M | 114.01M | 33.78B | 5.45B | 8.42B | 6.19B | 6.17B | 4.15B | 2.1B | 3.44B | 2.77B | -14.76B | -14.58B | -14.48B | 2.93B | 12.27B | -1.81B | -5.3B | -4.58B | -3.32B | -2.47B | 175M | -64M | -2.74B | -1.55B | -1.06B | 3.52B | 6.89B | 3.33B | 2.54B |
| Cash from Financing | -30.94B | -5.1B | -4.03B | -92.55B | -35.9B | -36.99B | 19.57B | -38.43B | -23.01B | -21.54B | 1.3B | -13.74B | -9.29B | 20.58B | -3.42B | -4.66B | -11.51B | -8.8B | -458.89M | -3.9B | -1.41B | -6.21B | 4.79B | 20.23B | 3.58B | -1.66B | -1.88B | -3.42B | 37M | 289M | -2.08B |
| Debt Issued (Net) | -4.18B | -348.07M | -828.75M | -41.64B | -1.94B | -4.99B | 60.85B | -12.37B | -1.03B | -4.53B | 21.17B | -7.1B | -367M | 38.95B | 8.18B | 2.87B | -3.52B | -1.43B | 1.85B | -1.19B | 5.11B | -12.46B | 7.23B | 17.2B | 6.08B | -600M | -977M | -1.38B | -1.51B | 1.75B | -294M |
| Equity Issued (Net) | -1.11B | -685.83M | -974.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -126.5M | 0 | 0 | 0 | 0 | 0 | 8.46B | 583.94M | 0 | 0 | -71M | -256M | 0 | 1.39B | 0 | 1.16B |
| Dividends Paid | -16.75B | -2.77B | -1.2B | -18.8B | -17.51B | -13.4B | -15.87B | -13.63B | -12.93B | -12.45B | -12.04B | -10.7B | -3.15B | -16.6B | -9.19B | -7.29B | -3.81B | -2.18B | -2.06B | -1.9B | -1.41B | -1.1B | -834.34M | -1.16B | -1.25B | -591.18M | -652M | -917M | -565M | -173M | -102M |
| Share Repurchases | -1.11B | -685.83M | -974.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -126.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -71M | -256M | 0 | 0 | 0 | 0 |
| Other Financing | -8.9B | -1.3B | -1.03B | -32.12B | -16.45B | -18.61B | -25.41B | -12.43B | -9.05B | -4.56B | -7.83B | 4.06B | -5.77B | -1.76B | -2.41B | -121.69M | -4.17B | -5.19B | -245.89M | -811.47M | -5.12B | -1.11B | -2.19B | 4.2B | -1.25B | -402.21M | 8M | -1.12B | 714M | -1.29B | -2.85B |
| Net Change in Cash | 4.26B | -1.77B | -1.21B | 81.67B | -13.97B | -10.22B | 42.06B | 3.52B | -34.9B | 53.31B | 14.24B | -6.1B | 8.24B | -9.26B | 10.68B | 127M | 12.59B | 6.19B | -1.35B | 1.69B | -622M | 1.03B | -1.41B | -7.42B | 6.94B | 3.02B | 1.43B | 136M | 554M | -225M | -31M |
| Free Cash Flow | 10.75B | 1.61B | 1.38B | 11.56B | 40.14B | 52.79B | 33.03B | 36.52B | 24.04B | 15.95B | 28.74B | 18.29B | 36.66B | 27.68B | 30.34B | 4.24B | 9.65B | 20.71B | 12.18B | 11.67B | 10.91B | 9.69B | 8.38B | 2.07B | 6.1B | 6.38B | 4.37B | 7.07B | 1.59B | 3.73B | 4.74B |
| FCF Margin % | 23.01% | 3.45% | 3.69% | 1.65% | 6.72% | 10.44% | 6.7% | 7.21% | 5.12% | 3.63% | 7.19% | 5.87% | 13.91% | 10.72% | 12.73% | 2.09% | 5.69% | 10.51% | 7.25% | 7.91% | 8.63% | 8.11% | 8.19% | 2.51% | 10.52% | 12.17% | 9.13% | 18.31% | 4.02% | 15.16% | 17.85% |
| FCF Growth % | 85.26% | 16.57% | -88.05% | -71.2% | -23.97% | 59.82% | -9.54% | 51.91% | 50.69% | -44.5% | 57.16% | -50.12% | 32.43% | -8.78% | 616.51% | -56.12% | -53.39% | 69.99% | 4.37% | 6.94% | 12.61% | 15.66% | 305.03% | -66.07% | -4.48% | 46.07% | -38.21% | 344.31% | -57.28% | -21.35% | - |
| FCF per Share | 32.08 | 4.81 | 3.98 | 32.90 | 114.24 | 150.26 | 94.02 | 103.93 | 68.42 | 45.40 | 81.80 | 52.05 | 104.34 | 78.79 | 86.37 | 12.05 | 27.47 | 58.94 | 34.67 | 33.22 | 31.06 | 27.59 | 23.85 | 5.89 | 17.36 | 18.17 | 12.44 | 20.13 | 4.53 | 10.61 | 13.49 |
| FCF Conversion (FCF/Net Income) | 6.78x | 3.66x | 2.71x | 0.76x | 3.04x | 2.57x | -27.55x | 2.98x | 2.04x | 0.95x | 2.37x | 2.08x | 2.24x | 1.81x | 1.49x | 1.00x | 0.47x | 3.12x | 2.87x | 2.12x | 2.26x | 2.31x | 2.38x | 2.60x | 2.96x | 2.57x | 2.56x | 2.14x | 2.86x | 2.84x | 3.30x |
| Interest Paid | -2.33B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Divestiture-driven cash volatility
As reported in financial statements, FMX's operating cash flow to net income ratio has exhibited extreme variance, reaching a peak of 143.17 in 2025Q3, which suggests that reported net income is currently a poor proxy for the underlying cash-generating capacity of the core business operations.
The significant divergence between net income and operating cash flow appears to be driven by non-recurring accounting impacts from the FEMSA Forward divestment strategy. Investors should monitor whether this ratio stabilizes as the company completes its corporate restructuring and moves toward a more predictable operational cadence.
Based on FMX's reported figures, free cash flow has fluctuated wildly between a high of $10.3B in 2024Q1 and a low of -$4.7B in 2023Q4, indicating that the company's cash trajectory is currently dominated by large-scale capital allocation shifts rather than steady-state operational performance.
The erratic FCF margins suggest that the company is in a period of intense capital transition, where divestiture proceeds and heavy investment cycles create significant noise. This lack of consistency makes it difficult to ascertain the true underlying cash-flow-generating power of the current retail and beverage portfolio.
According to recent SEC filings, FMX's capital expenditure as a percentage of revenue reached a staggering 103.1% in 2025Q3, a figure that far exceeds typical industry norms and suggests a period of aggressive, non-recurring investment or asset realignment within the company's core segments.
The extreme spikes in capital intensity appear to be linked to the integration of new acquisitions and the scaling of the digital financial services platform. Analysts should investigate whether these elevated spending levels represent a permanent increase in maintenance capex or a temporary surge related to strategic expansion.
As indicated by the quarterly data, FMX has experienced significant working capital outflows, including a $7.1B drain in 2024Q3, which suggests that the company's cash conversion cycle is currently being disrupted by the complexities of managing a multi-national retail and beverage supply chain.
These large working capital swings may indicate challenges in inventory management or shifts in payment terms during the company's ongoing corporate transformation. The volatility warrants further investigation into whether these outflows are structural or merely a byproduct of the recent divestment and acquisition activity.
Based on reported figures, FMX has utilized substantial cash for dividends and share repurchases, including a $13.7B dividend payment in 2025Q3, which highlights a management priority of returning capital to shareholders even amidst significant corporate restructuring and ongoing investment in the digital ecosystem.
The scale of these capital returns, often exceeding quarterly net income, suggests that management is leveraging divestiture proceeds to maintain shareholder value. Investors should monitor if this level of capital deployment is sustainable without compromising the liquidity required for the company's long-term digital and retail growth initiatives.
Quick answers to the most common questions about buying FMX stock.
Fomento Económico Mexicano, S.A.B. de C.V. (FMX) generated $3.94B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fomento Económico Mexicano, S.A.B. de C.V. (FMX) generated $1.61B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fomento Económico Mexicano, S.A.B. de C.V. (FMX) spent $2.14B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fomento Económico Mexicano, S.A.B. de C.V. (FMX) returned $2.77B to shareholders via cash dividends and spent $685.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.