JBS (JBS) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $86.2 billion in 2025, up from $77.2 billion in 2024, with net income rising to $2.02 billion, reflecting strong global operations and a resilient multi-protein, multi-geography platform.

• Dual listing on NYSE completed in June 2025, broadening investor base, increasing trading liquidity, and reducing cost of capital.

• Over $3 billion invested in global expansion, modernization, and innovation projects across multiple regions.

• Free cash flow for 2025 was $400 million, with Q4 free cash flow at $990 million.

• ROE reached 25.3% and ROIC was 17.4% for the year.

Financial highlights

• Q4 net revenue reached $23.1 billion, up from $20.0 billion in 4Q24; net income for Q4 was $415 million.

• Adjusted EBITDA for 2025 was $6.83 billion (7.8% margin), down from $7.19 billion (9.3% margin) in 2024.

• EPS was $0.39 in Q4 and $1.89 for the year, up 15%.

• Leverage (Net Debt/Adjusted EBITDA) ended at 2.39x, up from 1.89x last year.

• Announced $1 per share dividend to be paid in June.

Outlook and guidance

• Strategic focus on global protein diversification and value-added products to drive margin expansion and reduce volatility.

• Management highlighted ongoing margin pressures in North America due to high cattle prices and restricted imports.

• CapEx guidance for 2026 is $2.4 billion, with $1.3 billion for expansion and $1.1 billion for maintenance.

• EBITDA cash flow breakeven for 2026 estimated at $5.7 billion, assuming similar working capital trends.

• Continued investments in innovation, expansion, and modernization to support future growth.