EarningsQ3 2026 Earnings Report
MX:BIMBOA Q3 2026 EPS Results
Actual EPS$0.91
Consensus EPS$0.84
Beat/MissBeat by +$0.07
One Year Ago EPS$0.78
MX:BIMBOA Q3 2026 Revenue Results
Actual Revenue$106.06B
Expected Revenue$108.04B
Beat/MissMissed by -$1.98B
YoY Revenue Growth-1.27%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeAfter Close
Conference CallThursday, October 22, 2026
MX:BIMBOA Upcoming Earnings
Grupo Bimbo SAB de CV's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:BIMBOA Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Grupo Bimbo reported 3.6% net sales growth excluding foreign exchange, record adjusted EBITDA margin of 15.7%, improved net margin, strong free cash flow, further deleveraging, and a third upward revision to full-year EBITDA margin guidance. North America, Mexico, and EAA showed meaningful operational progress, while shareholder returns and investment in future growth continued. The principal challenges were soft North American volumes, inflation and transportation costs, expected 2027 raw-material and exchange-rate headwinds, and ongoing profitability and integration issues in Brazil. These challenges were acknowledged but did not outweigh the broad-based financial and operational improvements.Company Guidance
Positive Third-Quarter Sales Growth
Net sales increased 3.6% excluding foreign exchange, supported by price mix, positive volume, and, to a lesser extent, recent acquisitions.
Record EBITDA Margin Expansion
Adjusted EBITDA-to-EBIT margin reached a record 15.7%, expanding 100 basis points year over year. This was the largest third-quarter improvement in more than a decade and marked the fifth consecutive quarter with EBITDA margins above 14%.
Net Margin Improvement
Net margin increased 80 basis points to 3.9% during the third quarter.
Strong Cash Generation and Deleveraging
During the first nine months, the company generated approximately 17 billion pesos of free cash flow after investing approximately 12 billion pesos in CapEx. Net debt to EBITDA declined to 2.4x, even after returning 6 billion pesos to shareholders.
Third Upward Revision to Full-Year EBITDA Guidance
The company raised its full-year adjusted EBITDA margin guidance for the third time this year. The lower end was raised from 70 to 85 basis points, resulting in a new range of 85 to 120 basis points of expansion versus 2025.
Maintained Sales Guidance
The company continues to expect net sales excluding foreign exchange to grow at a mid single digit rate, translating into flat to a low single digit decline in pesos.
North America Recovery and Market-Share Gains
North America delivered U.S. dollar net sales growth for the third consecutive quarter. The company gained share in 4 of its 6 categories, and margins improved for the fifth consecutive quarter.
Structural North America Productivity Program
North America's productivity agenda is delivering across the value chain through waste reduction, recipe and packaging improvements, more efficient plants, manufacturing-footprint and route optimization, stronger sourcing, and organizational simplification. Management characterized these improvements as structural rather than temporary.
North America Growth Opportunities
The company has installed capacity, differentiated products, and new offerings in North America. Management identified additional opportunities in small-format retail and the away-from-home business, while continuing to compete in large-format retail.
Mexico Profitability Improvement
Mexico delivered another outstanding quarter and continued to grow profitably across categories and channels. Adjusted EBITDA margin expanded 200 basis points to 22.4%, driven primarily by strong top-line performance and lower cost of sales, supported by a stronger exchange rate, lower waste, manufacturing efficiencies, and operating leverage from increasing volumes.
EAA Growth and Margin Expansion
Almost every EAA business grew in local currency despite a demanding comparison base. Adjusted EBITDA margin expanded 110 basis points to 12.3%, with particularly strong performance from Bimbo QSR India, the Balkans, and the United Kingdom, along with a small contribution from the Bonelli acquisition in Indonesia.
Sustainable EAA Improvement Potential
Management said the EAA margin improvement is sustainable. The region has grown sales at a low double-digit compounded annual growth rate over the last five years while expanding EBITDA margin by 23 basis points, and management expects gradual improvements in the coming quarters and years.
Continued Investment in Growth Capabilities
The company continues to invest in brands, operations, capacity, distribution, automation, and digital capabilities. Management said investments made over the last several years position the company to support future growth while enhancing productivity.
Capital Allocation and Shareholder Returns
The company bought back approximately 20 million shares for approximately 1.2 billion pesos during the quarter. Management expects the buyback program to continue and plans to grow dividends slightly above inflation.
Disciplined M&A Strategy
Management said it has a strong pipeline of projects and targets but will remain disciplined on acquisitions, requiring strategic fit, appropriate value, thorough due diligence, and the ability to capture synergies and manage risks. Management stated that its comfortable leverage range is 2.0x to 2.5x.
Consumer Portfolio Adaptation
In the United States, the company is addressing changing consumer preferences for value, quality, renovation, and innovation through value, mainstream, and premium offerings. The company has also been renovating its portfolio, including removing Red 3 from products ahead of the required deadline and removing all artificial colors from every product by the end of the year.
Broad Channel and Private-Label Opportunity
In Mexico and the United States, the company is pursuing growth as value-oriented and private-label offerings expand. Management said its recipes, consumer understanding, and ability to provide tailored offerings position it to serve these channels while pursuing value, functionality, and other emerging consumer segments.
Brazil Strategic Synergy Opportunity
Wickbold is giving Bimbo access to customers, channels, regions, and distribution opportunities where it previously had limited penetration. The company also expects to bring Wickbold products into the Bimbo system and ultimately offer products across more geographies.
Strong Hedging Visibility
The company said it is not less hedged than in other years despite commodity volatility. The fourth quarter is fully hedged, and almost 100% of the main raw materials for the first half are already hedged, although the company does not fully hedge through 2027.
Tax Reform Not Expected to Have Significant Impact
Regarding Mexico's proposed tax reform, management said it does not currently anticipate a significant impact on operations based on the proposal as currently drafted, while noting that some details remain to be assessed.
MX:BIMBOA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed