Cuervo Posts $2.2 Billion In Sales, With Higher-End Tequilas Lifting Margins
Grupo Cuervo saw net sales slip 3% to $2.2 billion organically at constant currency last year on volume down 6% to 25 million cases. EBITDA was up 17% to $436 million, however, boosted by higher margins. The company attributed the volume drop to double-digit declines for its RTDs, noting that “market saturation and competition from smaller-format presentations” created challenges, especially in the U.S. and Canada.
Cuervo’s U.S. and Canada region was down 2% on a like-for-like basis at constant currency to $1.23 billion for the full year on a 4% volume decline to 14.3 million cases. Volume losses accelerated to nearly 20% in the fourth quarter, as the company cited “destocking efforts at the distributor level to ensure better shipment and depletion alignment for 2025.”
According to Impact Databank, Jose Cuervo Tequila dipped 2% to 4.92 million cases in the U.S. last year, while 1800 was down 2.6% to 2 million cases. But Cuervo saw growth at the higher end, with Gran Centenario up 12% to 271,000 cases and Gran Coramino rising 30% to 90,000 cases. In mezcal, 400 Conejos was up 38% to 70,000 cases. The company’s Tequila-based cocktails dragged down volume, with Jose Cuervo Margaritas decreasing 12% to 2.3 million cases and 1800 Ultimate Margarita down 17% to 860,000 cases.
Grupo Cuervo fared worse outside of the U.S., with volume in Mexico down 9.3% to 6.8 million cases for the year, coupled with a 7.8% decline to 4.3 million cases in the rest of the world.
“We face an industry landscape shaped by evolving market conditions,” the company said. “Following 2024’s industry contraction, our primary goal is to stabilize and build on last year’s market share gains. We will focus on aligning shipments with depletions, sustaining premiumization efforts, and strengthening operational resilience. While we expect growth to be modest, we are committed to optimizing performance.”—Shane English
| Proximo Spirits—Key Brands in the U.S. (thousands of 9-liter case depletions) |
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| Brand | Type | 2023 | 2024E | Percent Change1 |
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|---|---|---|---|---|---|---|
| Jose Cuervo | Tequila | 5,020 | 4,920 | -2.0% | ||
| Jose Cuervo Margaritas | Pre-Mixed Cocktail | 2,570 | 2,275 | -11.5% | ||
| 1800 | Tequila | 2,100 | 2,045 | -2.6% | ||
| 1800 Ultimate Margarita | Pre-Mixed Cocktail | 1,035 | 860 | -17.0% | ||
| Pendleton | Canadian Whisky | 522 | 506 | -3.0% | ||
| The Kraken | Imported Rum | 378 | 340 | -10.0% | ||
| Gran Centenario | Tequila | 242 | 271 | 12.0% | ||
| Proper No. 12 | Irish Whiskey | 309 | 269 | -13.0% | ||
| Bushmills | Irish Whiskey | 185 | 170 | -8.5% | ||
| Maestro Dobel | Tequila | 131 | 129 | -2.0% | ||
| Gran Coramino | Tequila | 70 | 90 | 29.5% | ||
| 400 Conejos | Mezcal | 51 | 70 | 37.5% | ||
| Total Key Brands2 | 12,613 | 11,944 | -5.3% | |||
| 1 Based on unrounded data. 2 Addition of columns may not agree due to rounding. Source: IMPACT DATABANK © 2025 |
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Tagged : 1800, Gran Centenario, Gran Coramino, Grupo Cuervo, Jose Cuervo
