In this article, we will take a look at the 25 largest companies in Mexico by revenue. If you want to skip our detailed analysis, you can go directly to the 5 Largest Companies in Mexico by Revenue.
Mexico’s Economic Landscape: An Overview
According to a report by Deloitte, Mexico experienced a 3.7% year-over-year GDP growth in the first half of 2023. Key factors driving GDP growth included trade and remittances from the United States and a surge in private consumption supported by rising wages and a strong job market. The positive economic momentum was also fueled by increased business confidence and investment due to near-shoring trends and significant infrastructure projects such as new refineries and transportation systems.
On March 27, Reuters reported that Mexico’s economy is seen growing between 2.5% and 3.5% in 2024, with expectations of a 2% to 3% expansion in 2025, as outlined in a draft budget from the country’s finance ministry. Inflation is anticipated to decrease to 3.8% in 2024, aligning closely with the central bank’s target of 3%, plus or minus one percentage point. The forecast also predicts a further decline in inflation to 3.3% in 2025. Additionally, the budget foresees the Mexican peso trading at 17.8 pesos per dollar in 2024, slightly weakening to 18.0 pesos against the U.S. dollar in 2025. Crude oil production is expected to average 1.85 million barrels per day this year, with a slight increase to reach 1.86 million barrels per day in 2025. State-owned oil company Pemex pumped an average of 1.55 million barrels per day of crude oil in February, which is its lowest crude oil output level since 1979. Crude exports are forecasted to be 967,600 barrels per day in 2024, decreasing to 958,400 barrels per day in 2025.
What are Some of the Biggest Companies in Mexico Up To?
The state-owned petroleum company, Pemex, is one of the most valuable oil companies in the world. However, the Mexican economy is home to a diverse array of large corporations across various industries. Fomento Económico Mexicano SAB de CV (NYSE:FMX) and Wal-Mart de México SAB de CV (BMV:WALMEX) rank high among the largest companies in Mexico.
Fomento Económico Mexicano SAB de CV (NYSE:FMX), or simply FEMSA, is a Mexican multinational retail corporation. On February 15, Reuters reported that Fomento Económico Mexicano SAB de CV (NYSE:FMX) has outlined a strategic investment plan of over MXN 237 billion ($13.91 billion) over the next five years with a focus on growing its business and providing returns to shareholders. Approximately MXN 170 billion will be directed towards investments in Mexico, the company’s primary market. Fomento Económico Mexicano SAB de CV (NYSE:FMX) also aims to return around 6% of its market value to shareholders through increased dividends and share buybacks over the next two to three years. In 2023, the company sold its stakes in Heineken and Jetro Restaurant Depot to focus on core operations and reduce debt.
Wal-Mart de México SAB de CV (BMV:WALMEX), also known as Walmex, is one of the most famous Mexican companies. It owns and operates Walmart hypermarkets, Bodega Aurrera discount stores, Superama supermarkets, Walmart Express supermarkets, and Sam’s Clubs across Mexico and Central America. On February 27, Wal-Mart de México SAB de CV (BMV:WALMEX) announced a significant investment plan for the State of Mexico, totaling MXN 1.253 billion. The investment will focus on the opening of 45 new projects across 29 municipalities in the state. This plan includes 43 new stores and two last-mile warehouses for e-commerce operations. These new projects are expected to generate more than 1,250 permanent direct jobs in the region.
Now that we have explored the economic environment of Mexico and the recent activities of major Mexican companies, let’s take a look at the 25 largest companies in Mexico by revenue.
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Methodology
In this article, we have listed the 25 largest companies in Mexico by revenue. To rank the top companies in Mexico in terms of revenue, we sifted through various sources including industry reports, rankings available on various websites, and our own rankings, and consulted stock screeners from Yahoo Finance and Finviz. We then also consulted the Fortune Global 500 list, which is an annual ranking of the world’s largest corporations based on their fiscal year revenues. While the list is published annually, we used data obtained for the latest year in their dataset, which is 2023.
Please note that for companies that are publicly traded, we got their trailing twelve-month revenue from YCharts. In cases where relevant data was unavailable on YCharts, the trailing twelve-month revenue was sourced from Yahoo Finance. For companies that are not publicly traded, the latest available fiscal year revenue data was used to rank them, which we sourced from official statements. We have listed the 25 largest companies in Mexico by revenue below in ascending order.
25 Largest Companies in Mexico by Revenue
25. Gentera SAB de CV (BMV:GENTERA)
Revenue: $1.85 Billion
Gentera SAB de CV (BMV:GENTERA) ranks among the 25 largest companies in Mexico by revenue. It provides various financial products and services in Mexico and Peru. These include working capital loans, insurance, savings, and payment channels. As of March 31, 2024, Gentera SAB de CV (BMV:GENTERA) has a trailing twelve-month revenue of $1.85 billion.
24. Grupo Aeroportuario del Pacífico SAB de CV (NYSE:PAC)
Revenue: $1.92 Billion
Grupo Aeroportuario del Pacífico SAB de CV (NYSE:PAC), also known as GAP, is a Mexican airport operating company. As one of the largest airport companies in the world, it operates 12 airports in the Pacific region of Mexico. Grupo Aeroportuario del Pacífico SAB de CV (NYSE:PAC) has a trailing twelve-month revenue of $1.92 billion as of March 31, 2024.
23. Grupo Simec SAB de CV (BMV:SIMECB)
Revenue: $2.09 Billion
Grupo Simec SAB de CV (BMV:SIMECB) is one of the largest companies in Mexico by revenue. It manufactures, processes, and distributes special bar quality (SBQ) steel and structural steel products. As of March 31, 2024, Grupo Simec SAB de CV (BMV:SIMECB) has a trailing twelve-month revenue of $2.09 billion.
22. Becle SAB de CV (BMV:CUERVO)
Revenue: $2.45 Billion
Becle SAB de CV (BMV:CUERVO) is a Mexican beverage company. It produces, markets, and distributes its portfolio of purpose-led spirits, ready-to-drink cocktails, and non-alcoholic beverages to more than 85 countries. It is also one of the world’s largest tequila-producing companies. Becle SAB de CV (BMV:CUERVO) has a trailing twelve-month revenue of $2.45 billion as of September 30, 2023.
21. Fresnillo Plc (BMV:FRES)
Revenue: $2.7 Billion
Fresnillo Plc (BMV:FRES) is a Mexican precious metals mining company. It is one of the world’s largest producers of silver and one of Mexico’s largest gold producers. As of December 31, 2023, Fresnillo Plc (BMV:FRES) has a trailing twelve-month revenue of $2.7 billion.
20. Kimberly-Clark de México SAB de CV (BMV:KIMBERA)
Revenue: $3.09 Billion
Kimberly-Clark de México SAB de CV (BMV:KIMBERA) ranks among the top 20 largest companies in Mexico by revenue. The company manufactures and markets a wide array of paper-based products including disposable diapers, bathroom and facial tissue, feminine-care pads, napkins, kitchen towels, and hand towels. Kimberly-Clark de México SAB de CV (BMV:KIMBERA) has a trailing twelve-month revenue of $3.09 billion as of March 31, 2024.
19. Controladora Vuela Compania de Aviacion SAB de CV (NYSE:VLRS)
Revenue: $3.29 Billion
Controladora Vuela Compania de Aviacion SAB de CV (NYSE:VLRS) is a Mexican company that operates as a low-cost airline carrier. It is one of the largest airlines in the world in 2024. As of March 31, 2024, Controladora Vuela Compania de Aviacion SAB de CV (NYSE:VLRS) has a trailing twelve-month revenue of $3.29 billion.
18. Grupo Financiero Inbursa SAB de CV (BMV:GFINBURO)
Revenue: $3.93 Billion
Grupo Financiero Inbursa SAB de CV (BMV:GFINBURO) is a Mexican financial services company. It provides banking and related services in Mexico. Grupo Financiero Inbursa SAB de CV (BMV:GFINBURO) has a trailing twelve-month revenue of $3.93 billion as of March 31, 2024.
17. Grupo Televisa SAB (NYSE:TV)
Revenue: $4.1 Billion
Grupo Televisa SAB (NYSE:TV), or simply Televisa, is a Mexican telecommunications and broadcasting company. As a cable operator and an operator of a direct-to-home (DTH) satellite pay television system in Mexico, the company is one of the most famous Mexican companies. As of March 31, 2024, Grupo Televisa SAB (NYSE:TV) has a trailing twelve-month revenue of $4.1 billion.
16. Industrias Bachoco SAB de CV (BMV:BACHOCOB)
Revenue: $5.19 Billion
Industrias Bachoco SAB de CV (BMV:BACHOCOB) is one of the biggest companies in Mexico’s poultry industry. It is engaged in processing and distributing a variety of protein options, which include chicken, turkey, beef, and pork products. Industrias Bachoco SAB de CV (BMV:BACHOCOB) has a trailing twelve-month revenue of $5.19 billion as of September 30, 2023.
15. Grupo Elektra SAB de CV (BMV:ELEKTRA)
Revenue: $5.27 Billion
Grupo Elektra SAB de CV (BMV:ELEKTRA) is a Mexican financial and retail corporation that ranks among the top 15 largest companies in Mexico by revenue. It also offers non-bank loans in the US. As of March 31, 2024, Grupo Elektra SAB de CV (BMV:ELEKTRA) has a trailing twelve-month revenue of $5.27 billion.
14. Gruma SAB de CV (BMV:GRUMAB)
Revenue: $6.58 Billion
Gruma SAB de CV (BMV:GRUMAB) is a Mexican food company. It specializes in the production of corn masa flour, tortillas, and wraps. Gruma SAB de CV (BMV:GRUMAB) has a trailing twelve-month revenue of $6.58 billion as of March 31, 2024.
13. Organización Soriana SAB de CV (BMV:SORIANAB)
Revenue: $8.97 Billion
Organización Soriana SAB de CV (BMV:SORIANAB) is a retail corporation that ranks among the top companies in Mexico. It operates a grocery and department store retail chain and supermarkets for consumer and wholesale markets. As of June 30, 2023, Organización Soriana SAB de CV (BMV:SORIANAB) has a trailing twelve-month revenue of $8.97 billion.
12. Grupo Carso SAB de CV (BMV:GCARSOA1)
Revenue: $10.79 Billion
Grupo Carso SAB de CV (BMV:GCARSOA1) is one of the biggest conglomerates in Mexico. The group is engaged in various sectors, including the commercial sector, the industrial sector, the infrastructure and construction sector, and the energy sector. Grupo Carso SAB de CV (BMV:GCARSOA1) has a trailing twelve-month revenue of $10.79 billion as of March 31, 2023.
11. Grupo Financiero Banorte SAB de CV (BMV:GFNORTEO)
Revenue: $11.51 Billion
Grupo Financiero Banorte SAB de CV (BMV:GFNORTEO), also known as GFNorte, is a leading financial institution in Mexico. It offers a wide variety of traditional and digital products and services within the banking industry in Mexico. As of March 31, 2023, Grupo Financiero Banorte SAB de CV (BMV:GFNORTEO) has a trailing twelve-month revenue of $11.51 billion.
10. Arca Continental SAB de CV (BMV:AC)
Revenue: $12 Billion
Arca Continental SAB de CV (BMV:AC) is a multinational beverage manufacturing company that ranks among the top 10 largest companies in Mexico by revenue. The company produces, distributes, and markets non-alcoholic beverages under The Coca-Cola Company brand. Arca Continental SAB de CV (BMV:AC) has a trailing twelve-month revenue of $12 billion as of September 30, 2023.
9. Coca-Cola FEMSA SAB de CV (NYSE:KOF)
Revenue: $14.54 Billion
Coca-Cola FEMSA SAB de CV (NYSE:KOF), also known as Coca-Cola FEMSA or KOF, is a Mexican multinational beverage company. The company produces, distributes, markets, and sells mainly The Coca‑Cola Company’s beverage portfolio, including sparkling beverages, waters, and other non-carbonated beverages. As of March 31, 2023, Coca-Cola FEMSA SAB de CV (NYSE:KOF) has a trailing twelve-month revenue of $14.54 billion.
8. Grupo México SAB de CV (BMV:GMEXICOB)
Revenue: $14.75 Billion
Grupo México SAB de CV (BMV:GMEXICOB) is a Mexican conglomerate that ranks 8th on our list of the largest companies in Mexico by revenue. It is one of the biggest mining companies in Mexico. It is also engaged in the transportation and infrastructure sectors. Grupo México SAB de CV (BMV:GMEXICOB) has a trailing twelve-month revenue of $14.75 billion as of September 30, 2023.
7. CEMEX SAB de CV (NYSE:CX)
Revenue: $17.52 Billion
CEMEX SAB de CV (NYSE:CX) is a Mexican multinational building and construction materials company. The company offers a portfolio of products including cement, ready-mix concrete, aggregates, and urbanization solutions. As one of the top companies in Mexico, CEMEX SAB de CV (NYSE:CX) has a trailing twelve-month revenue of $17.52 billion as of March 31, 2024.
6. Grupo Bimbo SAB de CV (BMV:BIMBOA)
Revenue: $22.27 Billion
Grupo Bimbo SAB de CV (BMV:BIMBOA) is a Mexican multinational food company. As one of the largest baking companies in the world, it produces over 9,000 products and has more than 220 bakeries and 1,500 sales centers in 35 countries. With a trailing twelve-month revenue of $22.27 billion as of March 31, 2024, Grupo Bimbo SAB de CV (BMV:BIMBOA) ranks 6th on our list of the largest companies in Mexico by revenue.
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Disclosure: None. 25 Largest Companies in Mexico by Revenue is published on Insider Monkey.