Keith Creel, president and CEO of the railway company, highlighted that through its network and unique partnerships, they are providing a solid service as well as innovative solutions to the market.

“CPKC once again created profitable and sustainable growth in the third quarter, while navigating challenging macroeconomic conditions,” Creel said.

“We are maintaining a continued trend of differentiated performance in our automotive franchise with another record quarter. We strengthened our bulk cargo franchise with strong growth in both grains and potash, and had another strong quarter in intermodal growth, both domestic and international, which included a significant milestone we have discussed previously: the opening of Americold ’s new facility at our Kansas City terminal. This is the first of several facilities,” he stated.

The railway company saw a 3% increase in revenue, rising from 3.549 billion Canadian dollars to 3.661 billion Canadian dollars .

Mark Redd, executive vice president and chief operating officer, mentioned that in the third quarter there were improvements in terminal dwell time, speed improved by 1%, and train length and weight by 2% . “We saw CP’s legacy network operate at record levels of productivity and railcar speed, while KCS’s network reached its highest performance levels to date.”

“Looking ahead, we expect to have more than 70 additional locomotives by 2026, with enhanced support and an industry-leading growth outlook. Furthermore, we will improve the efficiency and reliability of this fleet,” he explained.

Keith Creel explained that there is strong operational momentum towards the end of the year to close out the period, so they expect gains of between 10% and 14% compared to last year .

“Our dedicated team of railmen across CPKC’s unparalleled network continues to do what we said we would do, driving growth safely and opening new markets while upholding our commitments to our stakeholders. Through strong execution of our strategy, focused on leveraging our presence in North America, we remain on track to meet our full-year 2025 guidance,” Creel added.

Regarding the potential merger between Union Pacific (UP)  and  Norfolk Southern Corporation (NSC) , he reiterated that “further consolidation is not necessary at this time and is not in the best interest of the industry. As we have stated before, we remain and will continue to be active participants throughout the regulatory process to ensure that the facts are known and understood.”

In that regard, he emphasized that “the proposed merger would result in a single railroad handling approximately 40% of U.S. rail freight traffic, representing overlap in key markets such as Chicago, Memphis, St. Louis, and New Orleans . This is not a simple end-to-end merger. A merger of this magnitude introduces unprecedented risk by concentrating much of the decision-making power of our national rail network, with undeniable implications across the entire supply chain.”

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Due to strong sales performance in its stores in Mexico, Walmart de México y Centroamérica (Walmex) reported total revenues of 241 billion 520 million pesos (mdp) in the third quarter of 2025 (3Q25) , representing a 5% increase compared to the same period in 2024.

Despite weak consumer spending in the country, the retailer indicated that it obtained a gross profit of 59,774 million pesos in the cycle, an increase of 4.1% compared to the third quarter of 2024 (3Q24), when it was 57,408 million pesos.

In its results report sent to the Mexican Stock Exchange (BMV) , Walmex specified that its operating cash flow was 25,266 million pesos, an increase of 3.3% over the same period last year.

In contrast, the firm’s net profit fell 9.2% to 11,747 million pesos in the aforementioned period; while EBITDA was 25,266 million pesos, an increase of 3.3 percent.

Meanwhile, the supermarket chain’s overhead costs rose by 4.5%, driven by growth investments in new stores, technology, and the value proposition for associates.

In Mexico, sales grew by 5.6% to reach  200,567 million pesos in the period compared to 190,018 million pesos in the same period but in 2024; EBITDA was 21,490 million pesos, an increase of 3.8 percent.

“Our focus remains on what we can control and on accelerating market share gains, as demonstrated by our third-quarter results in Mexico. We are continuing with our investment plans to achieve long-term sustainable growth,” said Cristian Barrientos, CEO of Walmart Mexico and Central America.

Meanwhile, sales in Central America totaled 40.953 billion pesos , representing a 2.5% increase in Q3 2025 in countries such as Honduras, Nicaragua, El Salvador, Costa Rica, and Guatemala. EBITDA was 3.776 billion pesos, a 0.4% increase.

Walmart Mexico and Central America highlighted that  Bait , its telephone service, reached  23.5 million active users during the period, and specified that its e-commerce business  in Mexico grew 20%, driven mainly by On Demand , and in Central America it increased 38%.

In Q3 2025, Walmex opened 23 stores, 19 of which were Bodega Aurrera. The company now has 3,214 stores in Mexico and 936 in Central America.

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Due to strong sales performance in its stores in Mexico, Walmart de México y Centroamérica (Walmex) reported total revenues of 241 billion 520 million pesos (mdp) in the third quarter of 2025 (3Q25) , representing a 5% increase compared to the same period in 2024.

Despite weak consumer spending in the country, the retailer indicated that it obtained a gross profit of 59,774 million pesos in the cycle, an increase of 4.1% compared to the third quarter of 2024 (3Q24), when it was 57,408 million pesos.

In its results report sent to the Mexican Stock Exchange (BMV) , Walmex specified that its operating cash flow was 25,266 million pesos, an increase of 3.3% over the same period last year.

In contrast, the firm’s net profit fell 9.2% to 11,747 million pesos in the aforementioned period; while EBITDA was 25,266 million pesos, an increase of 3.3 percent.

Meanwhile, the supermarket chain’s overhead costs rose by 4.5%, driven by growth investments in new stores, technology, and the value proposition for associates.

In Mexico, sales grew by 5.6% to reach  200,567 million pesos in the period compared to 190,018 million pesos in the same period but in 2024; EBITDA was 21,490 million pesos, an increase of 3.8 percent.

“Our focus remains on what we can control and on accelerating market share gains, as demonstrated by our third-quarter results in Mexico. We are continuing with our investment plans to achieve long-term sustainable growth,” said Cristian Barrientos, CEO of Walmart Mexico and Central America.

Meanwhile, sales in Central America totaled 40.953 billion pesos , representing a 2.5% increase in Q3 2025 in countries such as Honduras, Nicaragua, El Salvador, Costa Rica, and Guatemala. EBITDA was 3.776 billion pesos, a 0.4% increase.

Walmart Mexico and Central America highlighted that  Bait , its telephone service, reached  23.5 million active users during the period, and specified that its e-commerce business  in Mexico grew 20%, driven mainly by On Demand , and in Central America it increased 38%.

In Q3 2025, Walmex opened 23 stores, 19 of which were Bodega Aurrera. The company now has 3,214 stores in Mexico and 936 in Central America.

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Cementos Mexicanos (Cemex)  presented its financial results for the third quarter of 2025 (3Q25), highlighting net sales of US$4.245 billion , representing a 5% increase compared to the same period in 2024, driven by positive momentum in the Europe, Middle East and Africa (EMEA) regions, as well as Central and South America and the Caribbean, and by an improving trend in Mexico and the United States.

“This quarter’s achievements confirm that we are laying a solid foundation to position Cemex as a more focused, agile, and high-performing company,” said Jaime Muguiro, CEO of Cemex.

During the aforementioned period, the company reported that its operating cash flow (EBITDA) reached $882 million, a 19 percent increase. “This performance was supported by all regions, with EMEA, Mexico, and Central, South America, and the Caribbean experiencing double-digit growth,” the company emphasized.

Regarding its operations in Mexico , it reported sales of $1.117 billion in Q3 2025 , a 2% drop compared to the same period last year. Meanwhile, its operating cash flow showed a  16% increase compared to the same quarter in 2024.

In  the United States,  the cement company posted losses during that period. Sales there totaled  $1.31 billion , a 2% decrease   compared to the same period in 2024. EBITDA increased  4%  to  $269 million  compared to the same period last year.

In  Europe, the Middle East and Africa,  sales totaled  $1.379 billion  in 3Q25, an increase of  11%  compared to the same period in 2024. Operating cash flow was  $247 million , which represented an increase of  23%  compared to the third quarter of 2024.

In  Central and South America and the Caribbean , Cemex reported sales of $295 million  in the aforementioned period, an increase of  6%  compared to the same period in 2024. In that region, its operating cash flow was  $64 million , an increase of  56%  compared to the third quarter of last year.

The company reported progress in implementing Project Cutting Edge , resulting in approximately $90 million in operating cash flow savings during 3Q25 and expects to achieve its annual target of $200 million by 2025.

“Six months ago, we set out to transform Cemex into a world-class operator and deliver superior returns to our shareholders,” said Jaime Muguiro.

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During the third quarter of 2025 (3Q25), Coca-Cola FEMSA obtained revenues of 71,884 million pesos (mdp) , which represented an increase of 3.3% compared to the same period in 2024, when its revenues totaled 69,601 million pesos.

This increase was primarily driven by “our revenue management initiatives, partially offset by a slight decrease in volume, promotional activity, and unfavorable currency translation effects, primarily due to the depreciation of the Argentine peso and most of our operating currencies in Central America to Mexican pesos,” the company explained.

According to its earnings report, submitted to the Mexican Stock Exchange (BMV) , its gross profit was 32.391 billion pesos in 3Q25, an increase of 0.9% compared to the same period last year.

Regarding operating income , Coca-Cola FEMSA showed a good performance during the period, reaching 10,291 million pesos compared to 9,638 million pesos in the third quarter of 2024 (3Q24), which represented an increase of 6.8 percent.

In 3Q25, its operating cash flow (EBITDA) was 14.449 billion pesos, an increase of 3.2% compared to the same period in 2024.

Despite the positive results for the period, the bottler recorded a 0.6% reduction in volume to 1.035 billion unit cases , mainly due to “decreases in volume in Mexico and Panama, which were partially offset by volume growth in Brazil, Colombia, Argentina, Guatemala, Costa Rica and Nicaragua.”

“During the third quarter, we achieved a gradual improvement in our results despite facing a challenging environment. Sales volume declined slightly, driven primarily by Mexico, where we are navigating a slowing macroeconomic environment, which is translating into lower consumption,” explained Ian Craig, CEO of Coca-Cola FEMSA.

Accumulated and performance in Latin America

Revenue increased 5% to 213.98 billion pesos, while gross profit increased 4.3% to 96.85 billion pesos. Meanwhile, operating profit also grew year-to-date, reaching 29.234 billion pesos, a 4.3% increase compared to the same period in 2024.

EBITDA was 40.939 billion pesos, an increase of 2.2% over the first nine months of 2024.

Regarding the results of its Mexico and Central America division (Mexico, Guatemala, Costa Rica, Panama and Nicaragua) , Coca-Cola FEMSA stated that during the 3Q25 its revenues decreased 0.2% at an annual rate, while its gross profit fell 2.6 percent.

In its South American division (Brazil, Argentina, Colombia and Uruguay) , the company noted that its revenue increased 8.7%, and its gross profit grew 7.2% in the period.

“Looking beyond this year, we will leverage Coca-Cola FEMSA’s ability to adapt to challenging operating conditions, including the impact of the increased beverage tax in Mexico,” Ian Craig emphasized.

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