EL7.AI
StocksMedium•22 October 2026•
3 min read

Gruma third-quarter profit falls 1% as margins shrink and U.S. demand weakens

Key Facts

1Gruma's net profit attributable to shareholders fell 1% to $131.6 million, compared with $132.6 million.
2Sales rose 1% to $1,650.6 million, compared with $1,635.6 million.
3The adjusted earnings before interest, taxes, depreciation and amortization margin narrowed to 17.0% from 17.9%, a difference of 90 basis points.
4U.S. operating profit fell 22% to $111.1 million, compared with $141.7 million.
5Gruma's capital expenditure totaled $68 million during the quarter.

Gruma reported on October 21, 2026 a 1% decline in third-quarter net profit attributable to shareholders, as profitability weakened despite higher sales revenue. The company said in its earnings statement that net profit totaled $131.6 million, compared with $132.6 million in the third quarter of 2025. Net sales rose 1% year on year to $1,650.6 million. Sales totaled $1,635.6 million in the corresponding period a year earlier. Sales revenue grew despite a decline in volumes, which fell 2% year on year. Sales volume totaled 1,072 thousand tonnes, compared with 1,096 thousand tonnes in the third quarter of 2025.

At the consolidated level, adjusted earnings before interest, taxes, depreciation and amortization fell 4%, according to Gruma's statement. Adjusted EBITDA totaled $280.3 million in the third quarter, compared with $292.7 million a year earlier. The margin fell to 17.0% from 17.9% in the corresponding period, a contraction of 90 basis points. Consolidated operating profit also fell 5% to $218.6 million, compared with $230.6 million in the third quarter of 2025. By contrast, subsidiary Gimsa reported an increase in adjusted earnings before interest, taxes, depreciation and amortization. Gimsa's earnings on this measure rose 4% to $55.5 million. They totaled $53.6 million a year earlier, bucking the group's downward trend.

In the United States, Gruma's operations generated sales of $838.1 million in the third quarter of 2026, according to the earnings statement. U.S. operations posted adjusted earnings before interest, taxes, depreciation and amortization of $149.7 million. Operating profit at these operations fell 22% year on year to $111.1 million. That compared with operating profit of $141.7 million in the third quarter of 2025. The U.S. operating profit margin fell to 13.2%, compared with 16.2% in the corresponding period a year earlier. Gruma said weak U.S. demand was concentrated in the "foodservice channel," the channel the company identified when discussing demand in the U.S. market.

The results follow a second quarter that also saw consolidated sales rise and net profit attributable to shareholders fall, according to the company's statement for that period. Sales rose 3% year on year in the second quarter of 2026 to $1,649.9 million. Comparable sales in the second quarter of 2025 totaled about $1,600.7 million, making the annual growth rate at that time higher than in the third quarter. Second-quarter net profit attributable to shareholders fell 12% to $118.7 million. Net profit totaled $134.1 million in the corresponding period, making the annual decline in third-quarter earnings less steep than in the previous quarter. In the U.S. business, earnings before interest, taxes, depreciation and amortization fell 15% year on year in the second quarter to $165.0 million.

As part of earlier assessments of the company, JPMorgan downgraded Gruma shares from "Neutral" to "Underweight," according to a report published by Investing on July 31, 2026. The bank cut its share price target in that report to 300 Mexican pesos from 330 pesos. On investment, Gruma said capital expenditure totaled $68 million in the third quarter of 2026. The company scheduled its conference call to discuss the quarter's results for October 22, 2026, according to its investor calendar. The call is scheduled for 10:30 a.m. Mexico City time.