JBS (JBS) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $86.2 billion in 2025, with Q4 revenue at $23.1 billion and net income rising 15% year-over-year to $2.02 billion, supported by global expansion and operational resilience.

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

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

• Diversified multi-protein, multi-geography platform enabled resilience and structural growth in global protein demand.

Financial highlights

• Q4 adjusted EBITDA (IFRS) was $1.72 billion (7.4% margin); full-year adjusted EBITDA was $6.83 billion (7.8% margin).

• Adjusted net income for 2025 was $2.2 billion, with EPS of $2.10, excluding non-recurring items.

• Free cash flow was $990 million in Q4 and $400 million for the year, with resilient cash conversion cycle.

• ROE for 2025 was 25.3% and ROIC was 17.4%.

• Leverage ratio ended at 2.39x net debt/EBITDA, with net debt at $16.3 billion and interest coverage at 6.5x.

Outlook and guidance

• Expect continued pressure in U.S. cattle supply and costs, but global platform and protein diversification expected to offset regional volatility.

• 2026 CapEx guidance: $2.4 billion ($1.3B expansion, $1.1B maintenance); interest expenses $1.15B; leasing $500M; effective tax rate 25%.

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

• Ongoing focus on value-added products, brand strength, and innovation to capture growth in protein demand.