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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
JBS
JBS (JBS) investor relations material
JBS Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
Q3 revenue rose ~1% YoY, while adjusted EBITDA and net income declined amid cattle-cost pressure, weaker pork and poultry margins, and challenging trade flows.
U.S. beef returned to positive Q3 adjusted EBITDA under U.S. GAAP; leverage rose to 3.54x as cash generation and deleveraging remained priorities.
Financial highlights
Q3 IFRS net revenue was $22.738B vs. $22.597B; gross profit was $2.41B vs. $2.97B, operating profit $516M vs. $1.22B, and attributable net income $164M vs. $581M.
IFRS adjusted EBITDA was $1.001B, with a 4.4% margin; U.S. GAAP adjusted EBITDA was $1.181B, with a 5.2% margin. Adjusted net income was $167M and EPS $0.16.
Q3 free cash flow was negative $167M, down $551M YoY; higher Brazil working capital use was partly offset by positive contributions from U.S. and Australia units.
9M revenue rose 8.1% to $68.2B, while net income fell 81.4% to $334.3M and Adjusted EBITDA declined 26.8% to $3.7B.
Outlook and guidance
Early-Q4 China demand and preparations for the 2027 quota supported a more favorable Brazil beef export outlook; seasonal demand and October improvement also supported expectations.
Seara expected higher Q4 margins QoQ, supported by seasonal demand, a weaker real, exports and sales of poultry inventories held in Europe.
U.S. beef Q4 was expected to improve; management anticipated a better 2027 market and cited potential operational-efficiency and sales-synergy gains of up to or above 2 percentage points.
U.S. pork conditions were expected to remain difficult through H1 2027, with possible improvement in H2 as global production adjusts; recovery timing remained uncertain.
A 2026 cash-flow exercise estimated $5.5B, including $2.1B CapEx and $550M working-capital consumption; a 2027 scenario anticipated leverage below 3x with $5.5B–$6B EBITDA and a beef turnaround.
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- Record 3Q24: $19.9B revenue, $2.2B EBITDA, $693M profit, leverage at 2.15x.JBSQ3 2024
- Q2 2024 saw record margins, $329M net profit, and strong cash flow, led by poultry and pork.JBSQ2 2024
Next JBS earnings date
Q4 202622 Mar, 2027
JBS
Next JBS earnings date
Q4 202622 Mar, 2027
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Frequently asked questions
JBS N.V. (JBS S.A.), operating under the ticker JBSS3, is a global leader in the food processing industry, particularly known for its substantial role in the meat processing sector. The company, headquartered in São Paulo, Brazil, has diversified its operations beyond meat processing to include a variety of food products. JBS S.A. is involved in the production and trading of beef, pork, chicken, and lamb products, including cooked frozen meat and plant-based items. It also ventures into the commercialization of leather, steel cans, plastic resin, personal care, and cleaning products, along with collagen. Moreover, JBS engages in the production of wet blue leather, semi-finished, and finished leather products. Its services extend to transportation, cold storage, industrial waste management solutions, recycling, and electricity production. The company also has activities in the production and commercialization of raw and cooked ham, the trading of soybeans, tallow, palm oil, and caustic soda, and operates distribution centers and harbors. The company is headquartered in São Paulo, Brazil, and its shares are listed on the São Paulo stock exchange.