MEXICO · MARKETS
Key Facts
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
- What is happening Becle, the Jose Cuervo tequila maker, saw shares fall as much as 14.3% on Thursday, 29 October.
- Why it matters Nearly 56% of Cuervo’s net sales come from the US and Canada, where its volume fell 3.0%.
- The numbers Third-quarter net profit fell 84.6% to MXN 633 million (US$34 million); sales fell 15.3% to US$492 million.
- Who is who Becle is a Mexican company listed in Mexico City; GBM, a Mexican brokerage, tracks its stock.
- What to watch Whether US distributor changes lift volume; Becle says its largest markets in transition are resuming growth.
- What it means for you Becle’s results announce no US price or supply change; the stock is down about a third in 2026.
Shares of the company behind Jose Cuervo tequila fell as much as 14.3% on Thursday. Its third-quarter profit had dropped 84.6% a day earlier.
Shares of Becle, maker of Jose Cuervo tequila, fell as much as 14.3% in Mexico City on Thursday, 29 October. The drop followed a quarterly report on Wednesday, 28 October, showing net profit down 84.6%.
About 56% of Becle’s sales come from the United States and Canada, so the US market drives its results. Volume there fell 3.0% in the quarter, while total volume fell 8.7%.
What Happened to Becle Shares
The Mexican Stock Exchange briefly suspended trading in Becle shares early on Thursday and reopened them minutes later. The stock touched a low of 13.19 pesos (about US$0.70), down 14.3%, its steepest fall since 2023.
In later trading the shares were down about 12%, near 13.5 pesos (about US$0.72). That wipes roughly 6.6 billion pesos (about US$350 million) off Becle’s market value, an estimate from its 3.591 billion shares.
Becle published the results on Wednesday, 28 October, in its quarterly statement. Net sales fell 15.3% to 9.25 billion pesos (about US$492 million).
Net profit fell to 633 million pesos (about US$34 million) from 4.12 billion pesos (about US$219 million) a year earlier. The 2025 figure included a one-off gain from selling its stake in Lalo Spirits Holdings, a tequila brand company.
Gross margin slipped from 56.1% to 51.1% in the quarter. Volume of the Jose Cuervo brand, 35.0% of the total, fell 11.0%.
Why the Fall Matters
Becle blames lower volume, unfavourable pricing and product mix, and a stronger Mexican peso, which cuts the peso value of dollar sales. It also points to a more competitive US market and a change of US distributors.
The company says US and Canada volume improved from the previous quarter as the distributor switch advanced. Its management says its largest markets in transition are returning to growth.
GBM, a Mexican brokerage, said Becle’s US distributor changes should support a gradual recovery in volume. It warned that industry pressures and weak consumers could limit that recovery.
What It Means for You
Becle’s results statement announces no change to Jose Cuervo prices or supply in the United States. A falling share price does not by itself change what a bottle costs on a US shelf.
For investors, the stock is down about a third in 2026, and the exchange paused trading for minutes during the drop. The strong peso also shrinks the peso value of Becle’s dollar sales.
Related Rio Times pages are the Becle company profile and the Mexico market report of 22 October. More is in Mexico explained and on the Mexico hub.
What Is Not Known
Becle’s closing price on Thursday was not confirmed in the sources checked, so the day’s final percentage fall is unknown. The market-value loss of about 6.6 billion pesos (about US$350 million) is an estimate that moves with the price.
No change to Becle’s full-year 2026 outlook is confirmed. The results statement does not cite US tariffs, and the sources checked name no single cause for the sell-off.
Frequently Asked Questions
Why did Jose Cuervo’s parent company fall on Thursday?
Becle shares fell as much as 14.3% a day after it reported an 84.6% drop in third-quarter profit. Net sales fell 15.3% and volume fell 8.7%.
How much value did Becle lose?
About 6.6 billion pesos (about US$350 million) in later trading, by one estimate. The shares touched 13.19 pesos (about US$0.70) at the low.
Is US demand for Jose Cuervo falling?
Becle’s US and Canada volume fell 3.0% in the quarter, an improvement on the previous quarter, the company says. GBM, a brokerage, warns weak consumers could limit a recovery.
Will the fall change Jose Cuervo prices in the US?
Becle’s results statement announces no price or supply change. It blames lower volume, unfavourable pricing and mix, and a stronger peso.
Sources: Becle, S.A.B. de C.V., unaudited third-quarter 2026 results statement of 28 October 2026; Mexican Stock Exchange (BMV), trading of 29 October 2026; Banco de México, the central bank, FIX exchange rate of 18.8148 pesos per US dollar on 29 October 2026 (accessed 30 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief