JBS (JBS) Q3 2026 earnings summary

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.