Coca-Cola FEMSA, S.A.B. de C.V. (KOF) Cash Flow Statement
Where KOF’s cash came from and went, 2025
December 31, 2025 · Mexican pesos- Cash from operations
- MX$27.76B −34.6% vs 2024
- Capital expenditures
- MX$21.67B 7.4% of revenue
- Free cash flow
- MX$6.10B 2.1% margin
- Returned to shareholders
- MX$15.73B 258% of free cash flow
- Change in cash
- −MX$5.06B cash at year-end MX$28.07B
Drawn to scale: where the cash came from and how it was used. Hover for values.
KOF operating cash flow, capex and free cash flow
KOF cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | MX$32.45B2016 | MX$27.76B2025 | −1.7%/yr | |
| Capital expenditures | MX$12.69B2016 | MX$21.67B2025 | +6.1%/yr | |
| Free cash flow | MX$19.75B2016 | MX$6.10B2025 | −12.2%/yr | |
| Free cash flow margin | 11.1%2016 | 2.1%2025 | −9.0 pts | |
| Operating cash flow / net income | 2.242016 | 1.162025 | −1.08 | |
| Stock-based compensation | MX$188.0M2019 | MX$319.0M2023 | +14.1%/yr | |
| Dividends paid | MX$7.01B2016 | MX$15.73B2025 | +9.4%/yr | |
| Share buybacks (net) | MX$02016 | MX$02019 | — | |
| Capex / revenue | 7.1%2016 | 7.4%2025 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KOF cash flow by activity
KOF net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
KOF cash flow statement in Mexican pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | MX$23.84B | MX$36.32B | MX$29.01B | MX$26.17B | MX$22.94B | MX$15.80B | MX$18.28B | MX$18.27B | −MX$7.10B | MX$14.46B |
| Depreciation & amortization | MX$13.84B | MX$12.13B | MX$10.53B | MX$10.43B | MX$9.83B | MX$10.03B | MX$10.64B | MX$10.03B | MX$9.63B | MX$8.67B |
| Stock-based compensation | — | — | MX$319.0M | MX$326.0M | MX$276.0M | MX$190.0M | MX$188.0M | — | — | — |
| Change in working capital | −MX$13.92B | −MX$3.23B | MX$2.57B | −MX$1.08B | MX$1.64B | MX$5.18B | MX$2.40B | −MX$1.83B | −MX$1.26B | MX$3.71B |
| Other non-cash items | MX$4.00B | −MX$2.78B | −MX$140.0M | −MX$357.0M | −MX$1.97B | MX$39.10B | −MX$216.0M | MX$3.08B | MX$31.97B | MX$5.62B |
| Cash from operating activities | MX$27.76B | MX$42.44B | MX$42.29B | MX$35.49B | MX$32.72B | MX$70.29B | MX$31.29B | MX$29.54B | MX$33.24B | MX$32.45B |
| Investing activities | ||||||||||
| Capital expenditures | −MX$21.67B | −MX$25.79B | −MX$20.63B | −MX$17.73B | −MX$9.99B | −MX$9.94B | −MX$11.74B | −MX$11.29B | −MX$14.82B | −MX$12.69B |
| Investments (net) | — | −MX$23.39B | −MX$19.07B | −MX$19.60B | −MX$9.55B | −MX$1.58B | −MX$10.74B | −MX$9.25B | −MX$10.89B | −MX$26.91B |
| Acquisitions & other investing | −MX$1.81B | MX$25.79B | MX$19.64B | MX$17.73B | MX$10.59B | MX$1.01B | MX$11.74B | MX$11.29B | MX$14.82B | MX$12.69B |
| Cash from investing activities | −MX$23.48B | −MX$23.39B | −MX$20.07B | −MX$19.60B | −MX$8.94B | −MX$10.51B | −MX$10.74B | −MX$9.25B | −MX$10.89B | −MX$26.91B |
| Financing activities | ||||||||||
| Dividends paid | −MX$15.73B | −MX$12.87B | −MX$12.19B | −MX$11.46B | −MX$10.65B | −MX$10.28B | −MX$7.44B | −MX$7.04B | −MX$6.99B | −MX$7.01B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | MX$0 | MX$0 | MX$7.90B | MX$826.0M |
| Net borrowing (repayment) | MX$10.95B | MX$510.0M | −MX$8.94B | −MX$2.97B | −MX$3.63B | MX$16.54B | −MX$10.22B | −MX$531.0M | −MX$621.0M | MX$3.09B |
| Shares issued | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 |
| Other financing | −MX$1.99B | −MX$7.28B | −MX$5.23B | −MX$6.41B | −MX$5.99B | −MX$5.42B | −MX$5.14B | −MX$6.70B | −MX$11.06B | −MX$6.64B |
| Cash from financing activities | −MX$6.77B | −MX$19.64B | −MX$26.35B | −MX$20.85B | −MX$20.26B | MX$834.0M | −MX$22.79B | −MX$14.27B | −MX$10.78B | −MX$9.73B |
| Summary | ||||||||||
| Net change in cash | −MX$5.06B | MX$1.72B | −MX$9.22B | −MX$6.97B | MX$3.75B | MX$23.01B | −MX$3.24B | MX$4.96B | MX$8.29B | −MX$5.51B |
| Cash at end of period | MX$28.07B | MX$32.78B | MX$31.06B | MX$40.28B | MX$47.25B | MX$43.50B | MX$20.49B | MX$23.73B | MX$18.77B | MX$10.48B |
| Free cash flow | MX$6.10B | MX$16.65B | MX$21.66B | MX$17.76B | MX$22.73B | MX$60.35B | MX$19.54B | MX$18.25B | MX$18.41B | MX$19.75B |
| Free cash flow margin | 2.1% | 6.0% | 8.8% | 7.8% | 11.7% | 32.9% | 10.0% | 10.0% | 10.0% | 11.1% |
| Capex / revenue | 7.4% | 9.2% | 8.4% | 7.8% | 5.1% | 5.4% | 6.0% | 6.2% | 8.1% | 7.1% |
| Operating cash flow / net income | 1.16 | 1.17 | 1.46 | 1.36 | 1.43 | 4.45 | 1.71 | 1.62 | — | 2.24 |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | MX$6.21B | MX$4.34B | MX$7.50B | MX$5.31B | MX$5.14B | MX$7.57B | MX$6.08B | MX$5.60B | MX$4.99B | MX$5.32B | MX$5.38B |
| Depreciation & amortization | MX$4.35B | MX$4.34B | MX$4.47B | MX$3.61B | MX$3.98B | MX$4.05B | MX$4.29B | MX$4.01B | MX$3.34B | MX$3.41B | MX$3.37B |
| Stock-based compensation | — | — | — | — | — | — | — | — | MX$319.0M | MX$319.0M | −MX$4.14B |
| Change in working capital | MX$1.88B | MX$1.86B | −MX$7.50B | −MX$558.4M | −MX$808.4M | −MX$7.58B | MX$1.68B | −MX$450.2M | −MX$1.22B | −MX$3.21B | MX$720.9M |
| Other non-cash items | −MX$189.5M | MX$662.8M | MX$1.37B | −MX$593.9M | −MX$4.32B | MX$4.31B | MX$798.7M | MX$2.36B | MX$2.26B | MX$4.23B | MX$8.63B |
| Cash from operating activities | MX$12.26B | MX$11.21B | MX$5.84B | MX$7.77B | MX$3.99B | MX$8.35B | MX$12.85B | MX$11.51B | MX$9.69B | MX$10.07B | MX$13.96B |
| Investing activities | |||||||||||
| Capital expenditures | −MX$3.40B | −MX$3.72B | −MX$6.99B | −MX$4.08B | −MX$5.36B | −MX$9.76B | −MX$6.21B | −MX$5.39B | −MX$3.56B | −MX$8.30B | −MX$5.11B |
| Investments (net) | — | — | — | — | — | — | — | — | — | — | −MX$330.1M |
| Acquisitions & other investing | −MX$1.65B | −MX$244.1M | −MX$501.7M | −MX$282.3M | MX$562.8M | −MX$1.31B | MX$347.9M | −MX$782.8M | MX$520.7M | −MX$808.1M | −MX$30.7M |
| Cash from investing activities | −MX$5.05B | −MX$3.96B | −MX$7.49B | −MX$4.36B | −MX$4.80B | −MX$11.07B | −MX$5.86B | −MX$6.17B | −MX$3.04B | −MX$9.11B | −MX$5.47B |
| Financing activities | |||||||||||
| Dividends paid | −MX$4.07B | −MX$7.47B | −MX$7.82B | −MX$4.05B | −MX$332.6M | −MX$6.89B | −MX$3.53B | −MX$3.19B | −MX$6.02B | −MX$6.09B | −MX$158,000 |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | −MX$516.5M |
| Shares issued | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 | MX$0 |
| Other financing | −MX$556.2M | MX$13.06B | MX$2.71B | MX$9.06B | −MX$1.58B | −MX$155.0M | −MX$2.03B | −MX$370.4M | MX$3.81B | −MX$266.1M | −MX$1.64B |
| Cash from financing activities | −MX$4.63B | MX$5.59B | −MX$5.11B | MX$5.01B | −MX$1.91B | −MX$7.05B | −MX$5.57B | −MX$3.56B | −MX$2.21B | −MX$6.35B | −MX$2.16B |
| Summary | |||||||||||
| Net change in cash | MX$1.69B | MX$12.92B | −MX$7.30B | MX$6.63B | −MX$2.27B | −MX$11.30B | MX$485.4M | MX$3.23B | MX$3.99B | −MX$7.48B | MX$7.59B |
| Cash at end of period | MX$43.03B | MX$41.35B | MX$28.07B | MX$37.14B | MX$30.51B | MX$33.26B | MX$41.90B | MX$38.27B | MX$35.05B | MX$31.06B | MX$38.54B |
| Free cash flow | MX$8.86B | MX$7.49B | −MX$1.14B | MX$3.69B | −MX$1.37B | −MX$1.40B | MX$6.64B | MX$6.12B | MX$6.13B | MX$1.77B | MX$8.85B |
| Free cash flow margin | 11.6% | 10.6% | −1.5% | 5.1% | −2.0% | −1.9% | 9.5% | 8.8% | 9.6% | 2.7% | 14.1% |
| Capex / revenue | 4.5% | 5.2% | 9.0% | 5.6% | 7.6% | 12.9% | 8.9% | 7.8% | 5.6% | 12.6% | 8.1% |
| Operating cash flow / net income | 1.97 | 2.58 | 0.78 | 1.46 | 0.78 | 1.10 | 2.11 | 2.06 | 1.94 | 1.89 | 2.60 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Mexican pesos as reported; data from EODHD.
KOF cash generation
In fiscal 2025 (ended December 31, 2025), Coca-Cola FEMSA, S.A.B. de C.V. generated MX$27.8 billion of cash from operations (down 34.6%) and spent MX$21.7 billion on capital expenditures, leaving free cash flow of MX$6.1 billion, 2.1% of revenue. It returned MX$15.7 billion to shareholders through dividends (MX$15.7 billion) and net share buybacks (MX$0). Cash and equivalents fell by MX$5.1 billion over the year.
Related: KOF income statement, KOF balance sheet, KOF dividend history. See the KOF stock overview for the latest quote and news.
KOF cash flow FAQ
What is Coca-Cola FEMSA, S.A.B. de C.V.'s free cash flow?
Coca-Cola FEMSA, S.A.B. de C.V.'s free cash flow was MX$6.1 billion in fiscal 2025: MX$27.8 billion of operating cash flow minus MX$21.7 billion of capital expenditures It was MX$16.6 billion a year earlier..
How much cash does Coca-Cola FEMSA, S.A.B. de C.V. generate from operations?
Coca-Cola FEMSA, S.A.B. de C.V. generated MX$27.8 billion of cash from operating activities in fiscal 2025, 1.16 times its net income of MX$23.8 billion.
How much does Coca-Cola FEMSA, S.A.B. de C.V. spend on capital expenditures?
Coca-Cola FEMSA, S.A.B. de C.V. spent MX$21.7 billion on capital expenditures in fiscal 2025, 7.4% of revenue, compared with MX$25.8 billion the year before.
How much does Coca-Cola FEMSA, S.A.B. de C.V. pay in dividends?
Coca-Cola FEMSA, S.A.B. de C.V. paid MX$15.7 billion in dividends in fiscal 2025, 258.0% of free cash flow.