Last week, British spirits giant Diageo announced that its U.S. tequila net sales fell by 21% in fiscal 2026. Diageo’s other flagship agave spirit, Casamigos, posted a net sales decline of 27.7%, deepening from an 18% drop in 2025. Last August, we wrote a piece that opened with the line: “Few success stories have baffled expectations quite like Don Julio.” According to Nielsen IQ data, the top 20 tequila brands in the United States — Don Julio, Jose Cuervo, Patrón and Casamigos, among them — witnessed a 1.5% sales decline in 2025. Chances are, none of these brands will ever enjoy the broad, celebrity-friendly appeal of a titan like Don Julio.