In this work, a numerical model of a proton exchange membrane (PEM) fuel cell is presented. The volume of fluid (VOF) method is employed to simulate the air-water two-phase flow in the cathode gas channel, at the same time that the cell electrochemical performance is predicted. The model is validated against an experimental polarization curve and through the visualization of water distribution inside a transparent fuel cell. The water dynamics inside a serpentine gas channel is numerically analyzed under different operating voltages. Moreover, water content in different regions of the channel is quantified. Current density and water generation rate spatial distributions are also displayed and it is shown how they affect the process of water emergence into the gas channel. Important issues on the simulation of the PEM fuel cells two-phase flow are addressed, especially concerning the coupling of the VOF technique with electrochemical reactions. Both the model and the numerical results aim to contribute to a better understanding of the two-phase flow phenomenon that occurs in these devices. (C) 2017 Elsevier Ltd. All rights reserved.