Gruma Second Quarter Profit Falls 12% on US Weakness
Mexico · Companies
Key Facts
—Q2 net sales. About US$1.62 billion, up 5% year-on-year, led by operations outside the US.
—Q2 EBITDA. US$261.9 million, down 5%; EBITDA margin narrowed 170 basis points to 16.1%.
—Q2 operating income. US$189.2 million, down 13%; operating margin fell to 11.6%.
—Profit. Majority net income fell about 12% in the quarter and 16% in the first half, per its BMV filing.
—Main driver. Weaker US demand and higher costs at Mission Foods, partly offset by Central America, Europe and Asia.
Gruma second quarter profit fell about 12% from a year earlier, as the world’s largest corn-flour and tortilla maker absorbed weaker demand and higher costs at its US Mission Foods business. Net sales still rose 5% to about US$1.62 billion, helped by its international operations.
Profit Slips as US Demand Cools
Mexican food multinational Gruma reported that majority net income fell about 12% year-on-year in the April-to-June quarter. The decline pushed first-half profit down roughly 16%, according to its filing with Mexico’s BMV stock exchange.
The setback was concentrated in the United States, Gruma’s largest and most profitable market. Softer consumption and higher operating costs squeezed volumes and margins at its Mission Foods division.
It was the second straight quarter of falling profit, after a roughly 20% drop in the first three months of the year. That pattern is what has drawn investor attention to the US business.
What Gruma Is
For readers unfamiliar with the name, Gruma is the world’s largest producer of corn flour and tortillas. The Monterrey-based group is one of Mexico’s biggest listed food companies.
Its brands include Maseca, the corn flour used to make tortillas at home, and Mission, which sells packaged tortillas, wraps and chips. Both are supermarket staples across the Americas and Europe.
The group operates in more than 100 countries, but the United States and Mexico are its two biggest markets. That heavy US exposure is why American consumer trends move its earnings so directly.
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Gruma Second Quarter: Sales Up, Margins Down
Net sales still grew, rising 5% to about US$1.62 billion on strength outside the US. Operations in Central America, Europe and Asia & Oceania were the main contributors.
Profitability moved the other way. EBITDA fell 5% to US$261.9 million, and the EBITDA margin narrowed 170 basis points to 16.1%.
Operating income dropped 13% to US$189.2 million, with the operating margin down 240 basis points to 11.6%. Higher input and labour costs in the US did most of the damage.
Over the last twelve months, Gruma still booked net sales of about US$6.5 billion and EBITDA of roughly US$1,122 million. The quarter dented, rather than derailed, that longer-run trajectory.
The US Problem
The weakness in the US reflects cautious American shoppers and softer food-service demand. Fewer tortillas and wraps moved through supermarkets and restaurants during the quarter.
That matters because the US, through Mission Foods, is Gruma’s single most important profit engine. When American volumes slip, group margins feel it quickly.
Management has flagged cost pressure at Mission Foods as the main squeeze. Stabilising US volumes is now the key task for the second half.
A Pattern, Not a One-Off
The second-quarter result confirms the softer trend set in the first quarter. Two consecutive profit declines point to a genuine demand and cost problem, not a one-off stumble.
On leverage, Gruma remains comfortable, with net debt at roughly 1.5 times EBITDA. This month it also arranged a US$125 million refinancing, covered separately by The Rio Times, to smooth its debt profile.
What to Watch in the Second Half
Investors will track whether US volumes stabilise as retailers work down inventory. The path of corn and energy costs, which feed straight into Mission Foods margins, matters just as much.
The offset from Central America, Europe and Asia will also be tested. If international strength holds, it can cushion, but not fully erase, the US drag.
For expat readers, the takeaway is simple. A staple-food company this size is a useful gauge of how cautious the American consumer has become.
Connected Coverage
Related reporting from The Rio Times: Mexico's Gruma Lines Up $125 Million Refinancing as Tortilla Sales Stall.
More: Mexico news in English, every day from The Rio Times.
Frequently Asked Questions
What is Gruma and what does it do?
Gruma is a Mexican multinational and the world’s largest producer of corn flour and tortillas. Its best-known brands are Maseca (corn flour for making tortillas) and Mission (packaged tortillas, wraps and chips), and it operates in more than 100 countries, with the US and Mexico as its biggest markets.
Why did Gruma’s profit fall in the second quarter of 2026?
The roughly 12% drop in majority net income was driven mainly by weaker US demand. Lower consumption and higher costs reduced volumes and profitability at its Mission Foods unit, while operations in Central America, Europe and Asia partly offset the decline.
How did Gruma’s sales and margins move in the quarter?
Net sales rose 5% to about US$1.62 billion, but profitability fell. EBITDA declined 5% to US$261.9 million, trimming the EBITDA margin to 16.1%, while operating income dropped 13% to US$189.2 million.
Sources: Gruma's BMV filing.
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