EarningsQ2 2026 Earnings Report
MX:CUERVO Q2 2026 EPS Results
Actual EPS$0.39
Consensus EPS$0.32
Beat/MissBeat by +$0.07
One Year Ago EPS$0.56
MX:CUERVO Q2 2026 Revenue Results
Actual Revenue$9.87B
Expected Revenue$9.99B
Beat/MissMissed by -$126.69M
YoY Revenue Growth-13.93%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeAfter Close
Conference CallThursday, July 23, 2026
MX:CUERVO Upcoming Earnings
Becle Sab De Cv's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CUERVO Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a balanced picture: operational resilience (strong cash flow, reduced leverage, Mexico outperformance, Rest of World momentum, RTD and ultra-premium growth, and controlled costs) offset by significant reported top-line and profitability contractions driven largely by FX, geographic/mix shifts and U.S. distributor transitions. Management emphasized that many adverse reported effects are currency- and transition-related and highlighted underlying constant-currency profitability resilience and completed inventory rebalancing.Company Guidance
Strong cash generation and improved liquidity
Generated MXN 4.2 billion in net cash from operating activities in the first half of 2026; cash and cash equivalents increased to MXN 9.6 billion (up MXN 2.7 billion YoY).
Balance sheet strength and deleveraging
Total debt decreased to MXN 18.5 billion (down MXN 3.3 billion YoY); adjusted net leverage at 1.1x, inside the target range of 1.0x–1.5x.
Regional outperformance in Mexico
Excluding the B:oost brand, Mexico volumes grew 5.5% and net sales value increased 4.9%; on a reported basis net sales value grew 1.8%. In total spirits Mexico volume declined only 0.5% vs industry -3.9%, and tequila volumes grew 1.2% vs category -1.2%.
Resilience in Rest of World (EMEA & APAC) and shipments growth
First half shipments in EMEA/APAC grew 9% year-over-year while depletions remained broadly flat; tequila continues to gain share across these regions.
U.S. underlying demand signals and channel wins
Depletions in the U.S. declined 4.7% while non-transition markets declined ~3.7%; NABCA controlled states delivered 6 consecutive months of share growth in total tequila, indicating strong consumer pull in stable routes-to-market.
Portfolio diversification & innovation performing
RTDs delivered another quarter of double-digit growth; ultra-premium brands (e.g., Gran Coramino) continue to scale and support mix improvement.
Disciplined cost and SG&A control
A&P expenses declined 18.9% for the quarter and year-to-date A&P at 19.5% of net sales (within guidance 19%–21%); SG&A expenses decreased 9.2% (1.8% on a constant currency basis), reflecting overhead discipline.
Confirmed 2026 guidance and shareholder returns
Company confirmed 2026 guidance of a low single-digit consolidated net sales value decline on a constant currency basis and executed annual dividend payment in May, reflecting continued capital return discipline.
MX:CUERVO Earnings History
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