JBS (JBS) Q1 2026 earnings summary

Executive summary

• Net sales reached $21.6 billion in Q1 2026, up 10.7–11% year-over-year, marking a record first quarter and reflecting strong global demand and diversified operations.

• Adjusted EBITDA (IFRS) was $1.13 billion (margin 6.7%), with net income reported between $221 million and $500 million; EPS ranged from $0.21 to $0.47.

• Profitability was pressured in Beef North America and Pilgrim's Pride due to cattle cycle challenges and weather disruptions, while Seara and JBS Brazil delivered strong results.

• Operational focus included cost discipline, efficiency, leveraging technology, and global expansion through new facilities and acquisitions.

• Dual listing on NYSE completed, aiming to broaden investor base and enhance capital flexibility.

Financial highlights

• Adjusted EBITDA (IFRS) was $1.13 billion (6.7% margin); U.S. GAAP EBITDA ranged from $916 million to $960 million (4.2%–4.3% margin).

• Net income ranged from $221 million to $500 million; EPS from $0.21 to $0.47.

• Free cash flow was negative, ranging from -$1.5 billion to -$285 million, reflecting higher CapEx and working capital impacts.

• CapEx totaled up to $917 million, with a focus on both maintenance and expansion.

• ROE ranged from 22% to 24.1%; ROIC from 14.9% to 22.1%.

Outlook and guidance

• Management expects continued strong global protein fundamentals, with constrained beef supply and solid poultry demand.

• U.S. beef margins are expected to improve sequentially but remain challenged in 2026, potentially 1–1.5 percentage points lower than 2025.

• Focus on global diversification, value-added product expansion, and ongoing investments in innovation and modernization.

• CapEx for 2026 targeted at $2.4 billion, with $1.3 billion for expansion; management will monitor leverage and adjust if needed.