MEXICO CITY, Feb 26 – Mexico’s Becle, the world’s largest tequila maker, on Thursday posted a 12.8% drop in its fourth-quarter net profit compared to a year earlier, brought about by a dip in sales and higher tax rates.
Net profit for the final three months of 2025 fell to 1.35 billion Mexican pesos ($75.0 million), as revenue declined 14.1% year on year to 11.08 billion pesos amid weaker volumes in North America and unfavorable currency effects from a stronger peso.
Analysts had predicted a net profit of 1.60 billion pesos from revenues of 12.25 billion pesos.
The company said the profit decline was driven mainly by a higher income tax burden, while lower sales also reduced operating leverage even as gross and operating margins improved.
Becle typically makes more than half its sales in Canada and the United States and a quarter in its home market of Mexico.
Last year however saw an industry-wide downturn in spirits sold to the U.S., while a Canadian boycott of U.S. brands in the wake of on-and-off tariff threats from Washington also hit Becle products sold in that country.
Becle makes the bulk of its income from Jose Cuervo family tequilas as well as a range of mezcals, vodkas, gins and whiskeys.
In the first nine months of 2025, the U.S. imported $2.83 billion-worth of tequila, down 26% from the same period a year earlier, according to the U.S. Distilled Spirits Council, as spirits imports fell 17% across the board.
This level nevertheless remained above the United States’ whiskey, gin and rum imports combined.
Alcohol consumption has been hit worldwide in what some industry groups have attributed to changing consumer habits as customers tighten wallets and opt for healthy alternatives, as well as to the commercialization of legal marijuana.
($1 = 18.0080 Mexican pesos at end-December)
(Reporting by Iñigo Alexander; Editing by Brendan O’Boyle)
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