Grupo México reports stronger rail freight and intermodal activity
Grupo México reported increased rail freight activity during the third quarter of 2026, with its Transportation Division, GMéxico Transportes (GMXT), recording higher cargo volumes, stronger intermodal performance and revenue growth compared with the corresponding period of 2025.
According to the company’s third-quarter financial report, GMXT transported 524,538 carloads between July and September, representing a 5.0% increase from 499,605 carloads a year earlier. Freight volume measured in tonne-kilometres increased by 1.4%, while revenue growth was supported by stronger activity across several cargo segments.
The Transportation Division generated quarterly revenues of approximately US$978 million, up 12.3% year on year. EBITDA increased by 8.2% to US$389 million, although the EBITDA margin declined to 39.7% from 41.2% in the third quarter of 2025.
The results reflect higher traffic across the company’s railway operations, particularly in intermodal transportation and metals shipments.
Intermodal traffic and cross-border movements increase
Intermodal transportation was among the strongest-performing segments of GMXT’s rail freight business during the quarter.
According to Grupo México, intermodal revenues increased by 16.3% compared with the same period in 2025, while the number of carloads transported in the segment rose by 11.8%.
The company attributed this performance to an increase in loaded containers and higher southbound cross-border traffic.
The development highlights the contribution of containerised freight to GMXT’s quarterly transportation activity, alongside shipments of industrial and agricultural commodities.
Intermodal services accounted for approximately 16% of the Transportation Division’s revenue mix, according to the segment breakdown presented in the company’s third-quarter report.
The Metals segment also recorded growth, with revenues increasing by 14.1% and carloads rising by 15.4%. Grupo México attributed the improvement to a recovery in the scrap market and higher volumes transported through its flatcar programme.
Meanwhile, revenues in the Minerals segment increased by 13.2%, mainly reflecting higher volumes associated with longer-distance iron ore transportation.
The Cement segment recorded a 3.5% increase in carloads during the quarter.
Rail operations support higher transportation revenues
GMXT operates through several railway businesses, including Ferromex, Ferrosur and Florida East Coast Railway, providing freight transportation services across Mexico and parts of the United States.
Ferromex operates an extensive railway network in Mexico, connecting industrial and commercial centres with international border crossings and maritime gateways. Ferrosur provides railway services in central and southeastern Mexico, including connections to the Gulf of Mexico ports of Veracruz and Coatzacoalcos.
Florida East Coast Railway operates along Florida’s eastern coast, serving major port markets and providing connections with other US railway networks.
For the first nine months of 2026, Grupo México’s Transportation Division generated revenues of US$2.85 billion, an increase of 14.0% compared with the corresponding period of 2025.
Nine-month EBITDA reached US$1.17 billion, up 9.3%, while the division’s EBITDA margin declined to 41.1% from 42.9%.
The company transported approximately 1.56 million carloads during January–September, representing an increase of 5.4% year on year. Freight volume measured in tonne-kilometres also increased by 5.4% over the same period.
Despite the improvement in revenues and operating activity, net income attributable to GMXT for the nine-month period decreased by 11.3% to US$332 million.
The results show that higher freight volumes and revenues were accompanied by pressure on profitability margins during the period.
Intermodal growth remains a key feature of quarterly performance
The latest figures place intermodal transportation among the principal contributors to GMXT’s third-quarter freight volume growth.
The increase in loaded containers and southbound cross-border movements contributed to stronger intermodal revenues, while metals and minerals transportation also supported the division’s overall performance.
Grupo México did not provide a breakdown of the specific cross-border routes or customers responsible for the increase in intermodal activity.
The company’s third-quarter report nevertheless confirms continued growth in rail freight movements, with the Transportation Division recording higher quarterly revenues, EBITDA and carload volumes compared with the previous year.
