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Pilgrim's Pride (PPC) investor relations material
Pilgrim's Pride Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 net sales reached $4.8 billion, up 3.8% year-over-year, with adjusted EBITDA of $633.1 million (13.3% margin) and GAAP net income of $343.1 million, reflecting strong demand and operational efficiency despite commodity volatility.
Profitability declined year-over-year due to lower pricing in the U.S. and Mexico, partially offset by operational improvements and cost controls.
U.S. Fresh and Prepared Foods segments delivered strong growth, with Prepared Foods net sales up over 25% year-over-year.
Strategic investments in the U.S., Mexico, and Europe are on track, supporting operational improvements, brand expansion, and risk mitigation.
SG&A expenses rose, primarily from increased legal settlements and defense costs.
Financial highlights
Q3 2025 net sales were $4.8 billion (+3.8% YoY); adjusted EBITDA was $633.1 million (13.3% margin), down from $660.4 million (14.4%) last year.
U.S. sales grew 2.3% YoY, Mexico revenues rose over 5%, and Europe saw a 6% increase.
Q3 GAAP EPS was $1.44; adjusted EPS was $1.52.
Net debt at quarter-end was under $2.5 billion, with a leverage ratio slightly above 1x LTM adjusted EBITDA.
Net income for Q3 was $343.1 million, slightly down from $350.0 million year-over-year.
Outlook and guidance
Ongoing investments of $500 million in the U.S. and continued expansion in Mexico and Europe are expected to support growth and portfolio diversification.
USDA forecasts 2–3% chicken production growth for Q4 2025 and 2026, with chicken as the only protein expected to increase in availability.
Input costs for corn and soy are expected to remain stable due to ample supply, reducing risk of margin compression.
Management remains focused on operational improvements and cost controls amid challenging market conditions.
Full-year CapEx is projected at $700 million, with continued focus on high-return projects and portfolio upgrades.
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