JBT Marel (JBTM) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 1% YoY to $994M, while adjusted EBITDA rose 5% to a quarterly record $179M and margin reached 18.0%, above guidance midpoint despite lower book-and-ship volume.

• Full-year revenue outlook was reduced for weaker near-term CPG volume, while adjusted EBITDA margin and adjusted EPS guidance increased.

• Trailing four-quarter book-to-bill was 1.05x, and recurring revenue was 50% of the trailing four-quarter mix.

Financial highlights

• Q3 net income rose 6% to $70M; adjusted diluted EPS increased 13% to $2.19, and GAAP diluted EPS was $1.34.

• Q3 orders increased 3% YoY; quarter-end backlog was $1.52B versus $1.339B a year earlier.

• Q3 free cash flow was $73M; nine-month operating cash flow was $320M and free cash flow was $252M, up from $224M and $163M, respectively.

• Nine-month revenue was $2.911B versus $2.790B; net income was $143M versus a $104M loss, and adjusted EBITDA was $489M versus $439M.

Outlook and guidance

• FY 2026 revenue guidance is $3.950B–$4.000B, implying ~5% YoY growth at midpoint including ~1.5% FX benefit.

• FY 2026 adjusted EBITDA guidance is $681M–$700M, with margin of 17.25%–17.50%; adjusted EPS guidance is $8.10–$8.40.

• FY 2026 net income guidance is $224M–$238M, with a 5.6%–6.0% margin; diluted EPS guidance is $4.30–$4.60.

• FY 2028 targets include ~$150M in realized cost synergies and a 20% adjusted EBITDA margin; further footprint optimization is planned through 2027.

• DF&H weakness is expected to persist at the lower Q3 level through Q4; management sees potential for PFB to return to mid-single-digit revenue growth longer term.