Walmart de México y Centroamérica (Walmex)  reported a 1.7% increase in its consolidated revenues to 245,018 million pesos (mdp) during the first quarter of 2026 (1Q26) compared to the same period in 2025, when it totaled 240,975 million pesos.

In its quarterly report, the retail chain indicated that this increase was driven by sales growth in Mexico, which increased by 4.4%, as well as in Central America with an advance of 2.5 percent.

The firm noted that in the cycle it obtained a gross profit  of 59,593 million pesos , an increase of 2.6% compared to the first quarter of 2025 (1Q25), when it was 58,075 million pesos.

Walmex’s operating cash flow  or EBITDA was 24,979 million pesos in Q1 2026 , a 0.4% decrease compared to the same period in 2025. Net income increased 1.5% to 12,500 million pesos , while  operating profit decreased 2.2% , reaching 18,472 million pesos in the same period.

“We are seeing early signs of improvement in key operational drivers. The actions we have implemented are beginning to yield results, which reinforces our confidence in the path forward. This is a year of building, and we will face the coming months with intensity and discipline to turn these efforts into tangible results and accelerate market share gains,” said Cristian Barrientos, CEO and President of Walmart Mexico and Central America.

In Mexico, gross profit increased by 6% to reach 49.8 billion pesos in the period compared to 46.968 billion pesos in the same period of 2025. EBITDA in the first quarter of 2026 was 21.247 billion pesos, a 1.9% increase compared to Q1 2025.

In Central America, Walmart reported EBITDA of  3.732 billion pesos in Q1 2026 , representing an 11.9% decrease compared to the same period in 2025. Gross profit in the region was 9.793 billion pesos during the period, an 11.8% decrease compared to the first quarter of last year. Meanwhile, total revenue fell 10.3% compared to Q1 2025.

Walmart Mexico and Central America highlighted that  Bait , its telephone service, reached 26.6 million  active users  , while net sales from e-commerce in Mexico grew 14.4% in the cycle.

The retailer opened 14 new stores in Mexico and 3 in Central America in Q1 2026 , bringing its total to 4,282 units.

Looking ahead to the next quarter, the firm is preparing for the World Cup and Hot Sale, one of the most important moments for its e-commerce business .

“We see these events as a key opportunity to boost traffic, capture incremental demand, and further strengthen our omnichannel proposition, supported by an attractive catalog, competitive pricing, and improved execution,” the company emphasized.

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Coca-Cola FEMSA obtained revenues of 70 billion 925 million pesos (mdp) in the first quarter of 2026 (1Q26), a growth of 1.1% compared to the same period in 2025.

“Our first-quarter results reflected the resilience of our business and the advantages offered by geographic diversification. Consolidated volume growth was driven by most of our operations, including strong performance in Argentina, Brazil, Colombia, and Guatemala, which helped offset a volume decline in Mexico,” said Ian Craig, CEO of Coca-Cola FEMSA.

According to the report, gross profit was MXN 33.255 billion in Q1 2026 , representing a 4.5% increase compared to Q1 2025, and the gross margin expanded 150 basis points to 46.9% , driven by lower sweetener and PET costs, as well as the appreciation of operating currencies. However, the result was limited by higher fixed labor costs and other expenses.

Consolidated operating profit decreased by 2.3% to 9,032 million pesos during Q1 2026. Meanwhile, net profit attributable to majority shareholders closed at 4,342 million pesos, representing a year-on-year reduction of 15.5 percent.

In the Mexico and Central America region (Mexico, Guatemala, Costa Rica, Panama, and Nicaragua), Coca-Cola FEMSA reported a 1.4% drop in revenue, totaling 39,117 million pesos during Q1 2026 compared to 39,669 million pesos in Q1 2025. Gross profit was 19,020 million pesos, a year-on-year increase of 0.7 percent.

Conversely, operating profit fell 17.4% to 4,461 million pesos in the cycle, mainly affected by weak consumption and the Special Tax on Production and Services (IEPS).

In the South America division (Brazil, Argentina, Colombia and Uruguay) the company recorded 31,809 million pesos in revenue in Q1 2026, an increase of 4.3% compared to the same period in 2025. Gross profit grew 10% and operating profit rose 18.8% year-on-year.

For the remainder of the year, Coca-Cola FEMSA seeks to strengthen its position through revenue management initiatives and sustainable volume growth.

The strategy includes leveraging the 2026 FIFA World Cup platform in its operating markets to boost sales. The operational focus will be on capturing efficiencies and savings to protect long-term profitability.

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The 2026 World Cup would have a marginally positive impact on airport groups and airlines in Mexico, as the increase in fares would be what motivates the increase in their income , according to an analysis by VALMEX Casa de Bolsa .

“Generally speaking, we believe the benefit derived from the World Cup will be marginal, so the improvement in airline revenue dynamics could be largely due to increased fares, which could be reflected in the air transport inflation data in Mexico, which has been showing an increase. This increase in fares could partially offset the increase observed in jet fuel costs, highlighting that fuel-related expenses tend to be the most significant expense for airlines,” explained Sebastián Martínez Reyes, an analyst at the firm.

He said that the observed increase in jet fuel costs will also be relevant , not only for airlines, but for airport groups, as they could begin to focus on more profitable routes again, with the aim of having a more efficient use of fuel, “so we do not rule out that the pressure derived from this increase could also put pressure on domestic operations.”

Regarding the movement of air passengers transported in countries that hosted a World Cup, he indicated that in the case of Qatar, the country that hosted in 2022, it managed to increase by 98.7% compared to 2021, being the strongest increase observed compared to other World Cup venues.

Meanwhile, in South Africa 2010 the variation was 26.2% more, in Russia 2018 it increased 11.1% and Germany 2006 9.8%, although in France 1998 it showed a negative variation of 2.7% and Mexico 1986 presented a drop of 10%, however, in this case the 1985 earthquake should be remembered which may have structurally affected traffic.

Regarding operations, Martínez stated that Mexican airlines are experiencing a favorable dynamic, driven primarily by international operations. Volaris and Aeroméxico stand out as the two airlines showing the best performance in international operations, while Mexicana and Viva Aerobus maintain a positive trend.

“In this context, we believe Aeroméxico is the airline that could benefit most from the World Cup, given its greater offering of international destinations, notably the airline’s recent launch of the Monterrey-Paris route. Volaris, on the other hand, could benefit more from a recovery in the VFR segment, as this is the primary type of tourist the airline serves.”

He explained that this World Cup will be different from the others, since it will be held in three different countries, something that has not been seen since 2002 when South Korea and Japan hosted, where both nations showed an average increase of 2.2% in the number of air passengers transported.

He also noted that total air traffic in Mexico has shown a clear slowdown in recent years ; however, in 2025 there were signs of recovery in airport operations. This boost was mainly due to domestic traffic, in contrast to international traffic, which continues to show a slowing trend.

“Within the sector, during 2024 the main airport groups in Mexico experienced a contraction in their growth rate; however, in 2025 they have managed to regain positive momentum, with the exception of the Mexico City International Airport (AICM) , whose operations continue to contract,” he emphasized.

He indicated that this scenario is mainly due to the Pratt & Whitney engine overhaul process , which affected the fleet of PW1100G-JM engines used by Airbus 320neo aircraft, models that are the second most used by airlines in Mexico, only behind the A320. At the beginning of 2024 these aircraft represented about 14% of the total number of aircraft in Mexico, while at the end of 2025 the figure rose to about 15%, and they were used by Viva and Volaris.

During the past year, the specialist recalled that there was progress in the process, which has allowed for a more balanced environment in the international and domestic operations of airlines, so, as progress continues, it is expected that the positive trend will be maintained in domestic operations in Mexico .

Regarding international operations, the slowdown trend is due to the Mexico City International Airport (AICM) and the Southeast Airport Group (Asur) , which together account for approximately 62% of the country’s international traffic.

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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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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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The World Trade Organization (WTO) released the 2025 edition of its World Trade Report , revealing that if accompanied by appropriate policies, artificial intelligence (AI) could increase cross-border trade in goods and services by up to 40% by 2040 .

The report projects that AI, by improving productivity and reducing trade costs, has the potential to generate an increase in global trade of between 34% and 37% , depending on the degree of technological and policy convergence between economies at different income levels. Furthermore, global Gross Domestic Product (GDP) could grow by between 12% and 13%.

“AI has enormous potential to reduce trade costs and boost productivity. However, access to AI technologies and the ability to participate in digital trade remain highly unequal,” said WTO Director-General Ngozi Okonjo-Iweala.

On the other hand, the report noted that the number of quantitative restrictions on AI-related goods has increased from 130 in 2012 to nearly 500 by 2024 , primarily in high- and upper-middle-income economies. Furthermore, bound tariffs on these goods reach up to 45% in some low-income economies, limiting equitable access to technologies.

However, he reported that for this AI growth to be inclusive, it is necessary to close the digital divide, invest in education and training, implement appropriate labor policies, and maintain an open and predictable business environment. In an optimistic scenario, where low- and middle-income economies reduce their digital divide by 50% , their revenues could increase by 15% and 14%, respectively.

The WTO suggests that greater participation in the Information Technology Agreement and updates to the General Agreement on Trade in Services could make AI more accessible and affordable for all.

The report was launched during the opening day of the WTO Public Forum, where Okonjo-Iweala noted that the new report came “amid the worst disruptions to the global trading system in 80 years, ” and while there are several headwinds, she said the potential of AI is one of the current silver linings.

“The continued political backlash against trade has much to do with the insufficient investment in education, training, retraining, and social safety nets over the past three or four decades of globalization. We cannot afford to repeat this mistake with AI,” he concluded.

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The tariff uncertainty that US President Donald Trump has plunged the world into has had no impact on revenue from foreign trade operations in Mexico . This is reflected in data from Mexico’s National Customs Agency (ANAM) , which shows a cumulative total of 711,930.93 billion pesos (mdp) during the first half of 2025 , representing a real increase of 23.4% compared to the same period last year.

According to data from its Customs Operations Dashboard , the Value Added Tax (VAT) generated the most revenue, reaching 499,041.9 billion pesos during the period , representing an annual growth of 18.8% compared to 2024; while the Special Tax on Production and Services (IEPS) reached 111,085.9 billion pesos, an increase of 44.9 percent.

Meanwhile, the value of merchandise reached 17,018,251 pesos, a real increase of 22.9% , driven by a 23.9% increase in imports, which represented 8,907,764 pesos; and a 21.7% increase in exports, totaling 8,110,488 pesos.

However, the number of requests processed registered a 5.3% decrease, with a total of 5,319,401 applications between January and June of this year.

Regarding the number of foreign trade transactions, there was a slight contraction of 3.7% compared to the same period last year , with 10,661,452 registered transactions. Exports reached 4,855,511 transactions, a 1% decrease; and imports totaled 5,805,941, a 5.9% drop.

Of the total revenue collected between January and June 2025, 367,334.40 billion pesos were collected by maritime customs offices, representing a 29.8% increase in real terms compared to the same period in 2024. These revenues were followed by those located on the northern border with 232,754.67 billion pesos, representing a 19.6% increase. Inland customs offices collected 110,614.02 billion pesos, an increase of 12.7%.

The Nuevo Laredo customs office, located on the northern border, topped the list of customs offices with the highest revenue collection, with 109,802.14 billion pesos; followed by the port of Manzanillo, with 93,384.37 billion pesos.

Operations in June

In June, total revenues reached 118,304.59 billion pesos, a real increase of 22.1% compared to the same month in 2024. VAT revenues totaled 79,568.9 billion pesos, reflecting a 13.3% increase. IEPS revenues reached 22,955.5 billion pesos, an increase of 89.2%.

In addition, 1.8 million transactions were recorded , representing a 0.5% increase; exports also grew 2.8%, with 811,146 transactions, although imports decreased 1.4%, reaching 989,819 transactions. The total value of these transactions was 2.834 million 018 pesos, an increase of 16% compared to June 2024. Regarding customs clearance requests, 893,063 applications were processed, representing a 1.4% decrease compared to June of last year.

According to experts, this positive performance in foreign trade revenue during the first half of the year benefits a Mexican economy that has been suffering from the effects of global changes—specifically, the new tariffs imposed by the United States—and which bases much of its growth on import and export sales.

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Coca-Cola FEMSA announced 10% revenue growth and a 12% increase in gross profit for the first quarter of the year (1Q25) in Mexico, both results compared to the same period last year.

“I am pleased with our company’s first-quarter results. Our total revenue increased 10% , while our operating income grew 7.3% , highlighting our resilient profile in the face of a challenging macroeconomic environment in key markets,” said Ian Craig, CEO of Coca-Cola FEMSA .

The company also reported 2.7 percent growth in net profit . Regarding its Premia Juntos+ loyalty program, the company noted that it has more than 1.3 million users and achieved a 75 percent redemption rate .

“Regarding our digital strategy, we continue to make progress on the implementation of Juntos+ v. 4.0 in Costa Rica and Nicaragua. Additionally, we completed the deployment of our advanced sales force automation tool, Juntos+ Advisor, in Brazil, which we believe is a step change in achieving our omnichannel ambitions,” Craig said.

Numbers in Latin America

Regarding the results of its Mexico and Central America division (Mexico, Guatemala, Costa Rica, Panama and Nicaragua), Coca-Cola FEMSA commented that during 1Q25 its revenues increased by 4.8% at an annual rate , while its gross profit increased by 5.6 percent .

Meanwhile, in its South American division (Brazil, Argentina, Colombia and Uruguay), the company reported that its revenue increased by 17.4% and its gross profit increased by 22.8 percent .

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