Betterware de Mexico (BWMX) Q3 2026 Earnings Report
MX:BWMX Q3 2026 EPS Results
- Actual EPS
- MXN 9.90
- Consensus EPS
- MXN 11.09
- Beat/Miss
- Missed by -MXN 1.19
- One Year Ago EPS
- MXN 8.42
MX:BWMX Q3 2026 Revenue Results
- Actual Revenue
- MXN 5.23B
- Expected Revenue
- MXN 4.54B
- Beat/Miss
- Beat by +MXN 687.49M
- YoY Revenue Growth
- +54.38%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- After Close
- Conference Call
- Thursday, October 22, 2026
MX:BWMX Upcoming Earnings
Betterware de Mexico's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:BWMX Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. BeFra reported strong consolidated revenue, EBITDA, net income, EPS, cash flow, deleveraging, and portfolio diversification, while Betterware and Tupperware showed meaningful growth and Jafra U.S. remained EBITDA-positive. The main challenges were Jafra Mexico's revenue decline and execution issues, Betterware freight-related gross-margin pressure, a higher quarterly tax rate, and a pro forma Tupperware revenue decline caused by discontinued business-to-business sales. Management expressed confidence in corrective actions and maintained or raised key guidance, resulting in a positive overall tone.
Company Guidance
BeFra narrowed organic net revenue growth guidance to 4% to 5% within its original range, raised post-acquisition net revenue growth guidance to 24% to 26%, and continues to expect a full-year EBITDA margin of 19%; the full-year effective tax rate is expected to normalize, landing in the mid-30s by year-end. For the fourth quarter, management said it could reach mid-single-digit growth in Jafra and expects high single-digit organic growth, in a combination of mid-single digit for Jafra and high-single digit for Betterware.
- Strong Consolidated Revenue GrowthThird-quarter consolidated revenue increased 43.1% year-over-year to MXN 4,832 million. Organic revenue, consisting of Betterware and Jafra, increased 2.3%, supported by another strong quarter at Betterware and partially offset by lower revenue at Jafra.
- Expanded Commercial Network and Portfolio ScaleThe consolidated average associate base reached approximately 1.46 million, up 23.7% year-over-year, primarily reflecting the addition of Tupperware, while the organic associate base was broadly stable. Betterware represented 31.5% of consolidated revenue, Jafra 40%, and Tupperware 28.5%.
- Broader Geographic MixMexico remained the largest market at 87.5% of revenue, while Latin America increased to 8.2%, primarily reflecting the addition of Tupperware's Brazil operations. Management said the broader portfolio provides multiple avenues for growth across brands, categories, and markets.
- Higher EBITDA and Year-to-Date Margin ExpansionConsolidated EBITDA increased 39.6% year-over-year to MXN 1,008 million, reflecting Tupperware's contribution and continued profitability at Betterware, partially offset by lower EBITDA at Jafra. The consolidated EBITDA margin was 20.9% versus 21.4% in the prior-year quarter, while the first-nine-month EBITDA margin expanded to 19.2% from 18.5%.
- Net Income GrowthNet income increased 24.2% year-over-year to MXN 390 million. Management said growth remained substantial despite the quarter being affected by a higher effective tax rate than the prior-year period.
- Betterware Regained Growth MomentumBetterware delivered its third consecutive quarter of year-over-year growth. Betterware Mexico revenue increased 8.5% year-over-year, and Betterware Latin America remained on a continued growth trajectory. Management said growth was strengthening in Mexico and abroad, with additional expansion from Ecuador, opened the prior year, and Colombia, opened this year.
- Tupperware Core Direct Selling GrowthTupperware's core direct-selling revenue increased 14%. Direct-selling revenue grew 23% year-over-year in Mexico, while Brazil's decline moderated to 3.3% from the 10% to 15% decline experienced before the acquisition.
- Jafra U.S. Returned to EBITDA ProfitabilityJafra U.S. delivered its second consecutive EBITDA-positive quarter under its leaner expense structure.
- Raised Post-Acquisition Revenue GuidanceManagement raised post-acquisition net revenue growth guidance to 24% to 26%, based on Tupperware's first full-quarter contribution and performance through the first nine months. Full-year EBITDA margin guidance remained 19%.
- Strong Earnings per Share and Continued DividendsFirst-nine-month pro forma EPS increased 114% to MXN 45.4, reflecting the inclusion of Tupperware's net income for the full nine-month period. A dividend of MXN 250 million was approved for payment in the fourth quarter, representing BeFra's 27th consecutive quarter of dividend payments since its IPO.
- Deleveraging and Improved Interest CoveragePro forma net debt to trailing twelve-month EBITDA improved to 1.65x, supported by MXN 431 million of debt reduction. Interest coverage increased to 6.91x.
- Strong Cash Generation and Working Capital EfficiencyReported third-quarter free cash flow reached MXN 1,059 million, or 105% of EBITDA. First-nine-month reported free cash flow reached MXN 1,871 million, representing 78% conversion of year-to-date EBITDA. The cash conversion cycle improved to 50 days from 78 days a year ago, including improved supplier terms at Tupperware. Management said Tupperware has been profitable and cash-generative since becoming part of BeFra.
- Tupperware Innovation and Category Expansion PlansManagement is considering materials beyond plastic, including glass, stainless steel, and ceramics, while also targeting underexploited categories such as drinkware, kitchen utensils, and cooking appliances. BeFra is assembling an innovation team and process, including David Kusuma, formerly Tupperware's Global R&D and Innovation Director.
- Tupperware Commercial Execution ImprovementsTupperware launched a redesigned catalog using new design and merchandising techniques, applied promotional strategies, and conducted a tour to restore confidence among distributors and associates. Management said these actions are helping the business grow in the short term.
- Investment in Technology and Business IntelligenceBeFra is investing in innovation, technology, and business intelligence capabilities at Tupperware. The company plans to build a Tupperware Plus app on the same technology platform as the Betterware+ app and the planned Jafra Plus app, which is set to launch at the beginning of next year.
MX:BWMX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 12.65- | 6.7 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 11.099.90 | 8.42 | 17.58% (+1.48) | |
| Jul 23, 2026 | 2026 (Q2) | 9.5210.00 | 8.77 | 14.03% (+1.23) | |
| Apr 23, 2026 | 2026 (Q1) | 7.797.54 | 4.06 | 85.71% (+3.48) | |
| Feb 26, 2026 | 2025 (Q4) | 8.426.70 | 11.7 | -42.74% (-5.00) | |
| Oct 23, 2025 | 2025 (Q3) | 7.858.42 | 4.84 | 73.97% (+3.58) | |
| Jul 24, 2025 | 2025 (Q2) | 6.638.77 | 8.06 | 8.81% (+0.71) | |
| Apr 24, 2025 | 2025 (Q1) | 8.944.06 | 7.9 | -48.61% (-3.84) | |
| Feb 27, 2025 | 2024 (Q4) | 11.1311.70 | 10.9 | 7.34% (+0.80) | |
| Oct 24, 2024 | 2024 (Q3) | 6.244.84 | 5.28 | -8.33% (-0.44) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed