In this “Mexico in Numbers” article we turn our attention to companies, specifically the largest firms operating in the country.
Who are these companies? How much revenue do they generate? Did their income increase or decrease in 2024?
The data cited in this article comes from Grupo Expansión’s 2025 list of “the 500 most important companies in Mexico.” Expansión created the list based on companies’ revenue in 2024.
1. Petróleos Mexicanos (Pemex)
Mexico’s largest company is the heavily-indebted, state-owned oil company Pemex.
In 2024, Pemex’s revenue totaled just over 1.67 trillion pesos (US $95.74 billion at the current exchange rate), a decrease of 2.7% compared to 2023.
Pemex is a multi-faceted company, spanning the entire petroleum chain from exploring and drilling for crude oil, to refining it into fuels, to selling gasoline and diesel directly to motorists at service stations across the country. It also has gas and petrochemical interests.
2. Walmart de México y Centroamérica
This retail behemoth — a subsidiary of the U.S.-owned Walmart Inc. — is Mexico’s second largest company, with revenue of 958.5 billion pesos (US $54.94 billion) in 2024, an increase of 8.1% compared to 2023.
Walmart de México y Centroamérica announced in late March that it will invest 43 billion pesos across Mexico and Central America in 2026 as part of an ambitious push to reach 99% of Mexican households within three years.
3. América Móvil
América Móvil, the parent company of Telcel, Telmex and Claro Video, is Mexico’s third largest firm, with revenue of 869.2 billion pesos (US $49.83 billion) in 2024, an increase of 6.5% compared to 2023.
The company is owned by Carlos Slim, Mexico’s richest person.
4. FEMSA
Femsa, the world’s largest independent Coca-Cola bottler and owner of the convenience store chain OXXO, is Mexico’s fourth largest company. It had revenue of 781.58 billion pesos (US $44.81 billion) in 2024, an annual increase of 11.2%.
5. Federal Electricity Commission (CFE)
Mexico’s fifth largest company is the state-owned Federal Electricity Commission.
The CFE — which by law has a 54% share of the electricity generation market in Mexico — had revenue of 667.24 billion pesos (US $38.25 billion) in 2024, up 4.3% from the previous year.
6. General Motors de México
The Mexican subsidiary of Detroit-based General Motors is Mexico’s sixth largest company. Revenue in 2024 totaled 654 billion pesos (US $37.49 billion), up 31.9% from the previous year.
GM has four plants in Mexico.
7. BBVA México
Mexico’s seventh largest company is BBVA México, a division of Spanish bank BBVA.
The bank had revenue of 522.7 billion pesos (US $29.96 billion) in 2024, an annual increase of 13.8%.
8. Banorte
The Mexican bank Banorte ranks as Mexico’s eight largest company with 506.96 billion pesos (US $29.06 billion) in revenue in 2024, a year-over-year increase of 9.6%.
The bank was established in 1986 via the amalgamation of Banco Mercantil de Monterrey and Banco Regional del Norte.
9. Grupo Bimbo
The multinational bakery Grupo Bimbo is Mexico’s ninth largest company. Bimbo had revenue of 408.33 billion pesos (US $23.41 billion) in 2024, an annual increase of 2.1%.
Bimbo is the largest baking company in the world.
10. Stellantis México
Rounding out the top 10 of the largest companies in Mexico is Stellantis México, the Mexican subsidiary of the Netherlands-based automaker. Stellantis México had revenue of 377.97 billion pesos (US $21.66 billion) in 2024, a decrease of 3.1% compared to 2023.
Late last year, Stellantis announced plans to expand operations at plants in Saltillo and Toluca.
Mexico News Daily
