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JBS (JBS) investor relations material
JBS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved record net sales of $22.6 billion in Q3 2025, up 13% year-over-year, with growth across all business units and strong global protein demand.
Net income reached $581 million, down from $693 million in 3Q24, with EPS at $0.52 and ROE at 23.7%.
All business units contributed to sales growth, highlighting the strength and diversification of the global multiprotein platform.
Maintained operational resilience despite challenging U.S. beef cycles, high cattle costs, and export restrictions in Brazil.
Listed on the NYSE in June 2025, consolidating dual listing and broadening investor access.
Financial highlights
Adjusted EBITDA (IFRS) was $1.83 billion (8.1% margin), down from $2.15 billion (10.8%) in 3Q24; U.S. GAAP comparable was $1.62 billion (7.2% margin).
Adjusted operating income (IFRS) was $1.25 billion, down 22% year-over-year; U.S. GAAP comparable was $1.28 billion.
Free cash flow was $383 million, down from $994 million year-over-year, mainly due to lower EBITDA, higher CapEx, and increased working capital.
Net debt stood at $14.75 billion, with leverage at 2.39x and interest coverage at 6.8x.
CAPEX for 3Q25 was $547 million, with 56% allocated to expansion.
Outlook and guidance
Management emphasized continued discipline in capital allocation and maintaining a solid balance sheet, with leverage expected to remain below 2.5x by year-end.
Cash flow break-even EBITDA expected to rise to $6 billion in 2025 and $5 billion in 2026, driven by $2 billion annual CapEx and higher working capital needs.
Ongoing investments in new facilities and expansions, including $135 million in Iowa and $400 million in Georgia.
Targeting further deleveraging and maintaining investment grade ratings.
Confident in continued strong global protein demand and export growth, especially as market restrictions ease.
JBS Beef NA profitability outlook
Free Cash Flow trend reversal drivers
How did avian flu affect Seara's margins?
US beef herd rebuild timing and 2026 impact?
Drivers of US Pork's strong sequential results?
Seara export ban lift: margin recovery outlook?
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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.
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