Becle, the Mexican spirits group that markets Jose Cuervo family tequilas and other brands, disclosed on Wednesday that net profit plunged 67% in the first quarter of 2026 amid a notable sales slowdown in its principal North American markets.
Net profit for the three-month period totaled 388.2 million Mexican pesos ($21.7 million), while consolidated revenues fell 23% to 7.40 billion pesos. Analysts polled by LSEG had been looking for 838.5 million pesos of net profit and revenues of 7.79 billion pesos, leaving the company below consensus on both measures.
Total volumes for Becle declined 13% in the quarter. The contraction was concentrated in the United States and Canada, where volumes fell 24% - a deterioration the company attributed in part to a major distribution restructuring underway in the U.S. market. Management noted that volumes rose in all other markets outside North America.
In a statement, Becle’s management said the company spent the first quarter emphasizing discipline and strategic priorities, and that these actions should leave the business better positioned over the longer term despite what it called a challenging and contracting industry environment.
Becle derives the bulk of its sales from North America, with more than half typically generated in the United States and Canada and roughly a quarter in Mexico. The company’s earlier warning of a difficult 2026 was linked to its decision to restructure the U.S. distribution network after ending its partnership with major national distributor RNDC, which itself is undergoing a significant selloff.
Analysts at Itau BBA last week described 2026 as likely to be "harsh," forecasting weaker volumes on the premise that consumers globally are drinking less alcohol, though they also observed that Becle’s performance has been stronger than some of its peers.
Looking ahead for the full year, analysts polled by LSEG expect Becle’s revenues to reach 40.39 billion pesos in 2026, a decline of about 6% from 43.08 billion in 2025. Those forecasts imply an anticipated drop in annual profit to 5.31 billion pesos, down 39% from 8.65 billion the prior year.
For the first quarter specifically, Becle reported that net sales and volumes decreased across every product segment. The company’s quarterly results underscore the immediate impact of its distribution changes and softer demand in its most important markets.
Industry import figures included in the company’s reporting context show that the United States imported $3.59 billion worth of tequila in 2025, a 32% decline from the previous year, although tequila imports still exceeded combined imports of gin, rum and vodka for that period.
Foreign exchange reference: $1 = 17.9252 Mexican pesos at end-March.
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