Coca-Cola FEMSA is the world's largest Coca-Cola franchise bottler by sales volume, operating across Mexico, Central America, and South America. The company produces, markets, sells, and distributes Coca-Cola trademark beverages — primarily sparkling drinks like Coca-Cola, Fanta, and Sprite, which account for roughly 75% of volume — along with water and still beverages like juices, teas, and energy drinks. Coca-Cola FEMSA purchases concentrate from The Coca-Cola Company, combines it with water and sweeteners at its own bottling plants, and sells finished beverages through approximately 2.1 million points of sale, ranging from small traditional retailers to supermarkets and on-premise accounts. The company reports through two segments: Mexico and Central America (~58% of revenue) and South America (~42%). Mexico is the single largest market, and Brazil is the second largest. Profitability is driven by volume, pricing and mix, and operating leverage across a large fixed-cost base of plants and distribution centers. Key variable costs — sweeteners and PET resin — are partly dollar-denominated, creating FX exposure in non-dollar markets. Growth priorities include accelerating Coca-Cola Zero adoption (replicating Brazil's "playbook" in Mexico and Colombia), expanding in energy drinks and stills, and deploying digital tools like Juntos+, a B2B ordering platform, and an AI-enabled sales force tool. The near-term outlook is pressured by Mexico's ~87% excise tax increase on sugary beverages effective January 2026, alongside broader consumer softness in Mexico.