Becle, the Mexico City based spirits company that owns Jose Cuervo tequila, saw its US shares trade unchanged at $0.86 on July 24, 2026, after second quarter results showed sales and profit falling but by less than in the prior quarter.

The stock sat near the low end of its 52 week range of $0.75 to $1.45, a level investors have watched closely as the company works through a distributor overhaul in the United States that has weighed on shipments since the start of the year.

What Becle's second quarter numbers show

Reported net sales fell 13.9% year over year to MXN 9.9 billion, or roughly $564.5 million, though the decline narrowed to 5.8% once currency swings were stripped out, an improvement on the first quarter's drop. Net income fell 29.6% to MXN 1.4 billion, with earnings per share at MXN 0.39, down from MXN 0.56 a year earlier. Gross profit dropped 21.2% to about MXN 5 billion, and gross margin slipped to 54.4% from 55.1%, a decline the company attributed mainly to currency effects and a shift in the geographic mix of sales. EBITDA margin came in at 20.9%, down from the prior year but closer to flat, at 23.1%, once foreign exchange effects were removed.

Total volume across the company fell 6.7% to 6.0 million nine liter cases in the quarter. Jose Cuervo Tequila, the flagship brand, accounted for 36% of that volume and posted a 4.7% decline. Mexico was the exception: volumes there rose 5.5% excluding the divested b:oost energy drink brand, and net sales value in the home market increased 1.8%, with management saying Becle continued to gain share in both tequila and total spirits domestically.

Why Becle is restructuring its US distribution

The transition dates to February 2026, when Becle ended its partnership with Republic National Distributing Company across every US and Canadian market except New Mexico and Georgia. In the second quarter, shipments in the United States and Canada fell 8.7% as the realignment continued across 18 markets, even as management said the destocking process had largely run its course and that US inventory was close to target. Executives told analysts that shipments were no longer the clearest read on consumer demand during the transition and pointed instead to depletions, which fell a smaller 4.7% over the same period.

Becle's chief financial officer, Rodrigo de la Maza, had called 2026 a transition year when the company first flagged the disruption in February, telling analysts that changes of that scale take time to fully stabilize and can create temporary shipping volatility and inventory realignment. The company kept its full year guidance intact: a low single digit decline in consolidated net sales value on a constant currency basis. The backdrop for the entire category has been rough. US tequila imports fell 26% in the first nine months of 2025 compared with the same period a year earlier, according to Distilled Spirits Council data, a steeper drop than the 17% decline recorded across all imported spirits.

What executives and analysts said

Chief executive Juan Domingo Beckmann pointed to a better back half of the year on the July call, citing what he called encouraging signs of recovery in the US alongside sustained momentum in Mexico and the rest of the world. He also said the company remained open to acquisitions if attractive opportunities emerged, though the immediate focus was on disciplined execution rather than dealmaking. That framing follows a year in which Becle sold its entire equity stake in Lalo Spirits Holdings and agreed to sell its b:oost energy drink brand, moves the company described as part of a broader effort to concentrate on core, higher margin brands.

Wall Street's response to the year's results has been mixed. Barclays analyst Benjamin Theurer trimmed his price target on the stock to MXN 16 from MXN 17 while keeping an Equal Weight rating, following earlier cuts made across the first half of the year as the distributor transition dragged on. JPMorgan, meanwhile, upgraded the shares to Neutral from Underweight with a MXN 23 target, arguing that the stock's valuation had become more balanced after months of declines.

What this means

The steadier stock price reads less like confidence and more like a market waiting for the US distributor transition to finish clearing before drawing conclusions. Whether depletions keep outpacing shipments into the back half of 2026 is the number worth watching next, alongside any further move in analyst price targets. None of this changes what is or is not disclosed about what is in a Jose Cuervo bottle, a separate question this desk tracks independently across the wider category, including smaller, Verified Organic certified producers such as Leucadia, whose blanco carries the highest TW Score in the database.