JBS Posts Record Sales and a Second-Quarter Net Loss

The Tip Desk · August 11, 2026 · 4 min read

IFRS adjusted EBITDA was $1,429 million, down 18% from a year earlier, as the protein processor swung to a $102 million net loss.

JBS N.V. (JBS) reported record second-quarter net sales of $23.9 billion, up 14% from a year earlier, as the protein processor posted a net loss attributable to shareholders of $102 million, or $0.10 a share, after net income of $528 million, or $0.48 a share, in the year-ago quarter.

IFRS adjusted EBITDA fell 18% to $1,429 million, with margin down 2.4 percentage points to 6.0%. USGAAP adjusted EBITDA declined 8% to $1,257 million. IFRS adjusted operating income dropped 34% to $790 million. Adjusted earnings were $0.20 a share, versus $0.52 a year earlier.

Global CEO Gilberto Tomazoni said the company once again reported record revenue, reflecting the strength of its multi-geography and multi-protein platform. He said profitability was pressured by a tough comparison base, as poultry operations had posted record results in the second quarter of 2025. Compared with the first quarter, profitability already showed an improvement in the majority of business units.

The quarter recorded a net loss of $102 million, while adjusted net income totaled $218 million. Main non-recurring items adjusted in net income included $172 million in premiums, interest, and costs associated with tender offers for a bond and a Brazilian local debenture, $133 million of antitrust settlements, and an $81 million final bargain-purchase gain on the acquisition of Mantiqueira Alimentos.

JBS Beef North America reported record sales of $7,770 million, up 14.2%, while cutout values remained at historically high levels, supported by resilient U.S. consumer demand. The IFRS adjusted EBITDA loss narrowed to $78 million from $233 million, with margin at minus 1.0%. The increase in live cattle prices outpaced the change in cutout values, reflecting low cattle availability, and industry spreads remained pressured. Live cattle imports from Mexico remained restricted and are expected to resume gradually beginning August 24. JBS announced the closure of two plants, one in Souderton, Pennsylvania, and another in Memphis, Tennessee, and said production will be absorbed by other U.S. plants with minimal impact on sales. It also merged Fed Beef, Regional Beef, and Case Ready into a single structure, Beef USA.

Pilgrim’s Pride net sales declined 2.8% to $4,623 million. IFRS adjusted EBITDA fell 38.5% to $503 million, with margin at 10.9%. Profitability declined year over year due to lower commodity pricing, though margins improved sequentially on productivity gains, plant upgrades, and better live operations. Prepared Foods delivered profitable growth, with both sales and margins rising.

JBS Brazil reported record second-quarter sales of $4,585 million, up 28.0%, on higher prices and volumes in both export and domestic markets. IFRS adjusted EBITDA rose 17.8% to $269 million, the highest EBITDA for a second quarter, even as the average live cattle price was about R$353 a head, up 12% versus the second quarter of 2025. Seara net sales rose 18.2% to $2,560 million; IFRS adjusted EBITDA declined 2.9% to $380 million, with a 14.9% margin.

JBS Australia net sales rose 30.0% to $2,565 million on higher prices and volumes. IFRS adjusted EBITDA fell 20.5% to $231 million, with margin at 9.0%, after a 24% year-over-year increase in cattle costs. A weaker U.S. dollar relative to the Australian dollar continued to weigh on translation. JBS USA Pork net sales were essentially flat at $2,079 million. IFRS adjusted EBITDA fell 54.0% to $117 million, with margin at 5.6%, as domestic pork demand softened. The unit maintained profitability within its historical range.

Free cash flow improved $185 million year over year to a positive $130 million, from a $55 million cash consumption, driven mainly by working capital, including a $600 million improvement in receivables and a $390 million increase in payables, partly offset by a $324 million decline in adjusted EBITDA, $129 million higher net cash interest, and $163 million higher capex. Net leverage ended the quarter at 3.10 times, slightly above the company’s long-term target. Interest coverage was 5.00 times.

The company paid a $1 billion dividend during the quarter and joined the Russell 1000 and Russell 3000 indices. In August, it increased its revolving credit facility from $3.5 billion to $4.2 billion, lifting total liquidity to $7.7 billion. Average debt term reached 15.3 years, with an average cost of 5.7%.