JBT Marel Revises 2026 Revenue Outlook, Lifts Margin Guidance

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter revenue was $994 million as CPG book-and-ship slipped, while adjusted EBITDA margin hit a record 18.0%.

JBT Marel Corporation (JBTM), a global technology solutions provider to high-value food and beverage markets, reported third-quarter 2026 revenue of $994 million, down 1 percent from $1,001 million a year earlier, after a 5 percent year-over-year increase in the second quarter and a 10 percent increase in the first.

The company said revenue was below its expectations because of lower consumer packaged goods-related book-and-ship business in Prepared Food and Beverage Solutions. Chief Executive Officer Brian Deck said the company delivered third-quarter adjusted EBITDA and margins above the midpoint of guidance “notwithstanding lower book-and-ship volume.”

Profitability still expanded. Adjusted EBITDA was $179 million, up 5 percent from $171 million a year earlier, and the adjusted EBITDA margin reached a record 18.0 percent, up 90 basis points from 17.1% a year earlier and 170 basis points sequentially from the second quarter. Net income was $70 million, up 6 percent, with a net income margin of 7.0 percent, also a record quarterly level. Diluted earnings were $1.34 a share, and adjusted earnings were $2.19 a share.

Deck attributed the quarterly and year-to-date margins to cost synergy initiatives, including labor productivity, supply chain savings, and footprint optimization, and said the margin improvement program would continue “even amid inflationary and tariff pressures.”

Protein Solutions revenue was $469 million, up 6 percent, primarily on poultry volume. Segment adjusted EBITDA margin improved 110 basis points to 22.4 percent, which the company said reflected volume leverage, pricing, and cost synergy realization. Prepared Food and Beverage Solutions revenue was $525 million, down 6 percent, primarily on softer CPG-related book-and-ship in Diversified Food and Health. That segment’s adjusted EBITDA margin improved 90 basis points to 19.2 percent, which the company said came from warehouse automation restructuring, mix, cost synergies, and pricing more than offsetting lower volume leverage.

Orders totaled $976 million, and quarter-ending backlog was $1.52 billion. Foreign exchange translation had a minimal impact on results.

The company used third-quarter cash flow to repurchase about 800,000 shares for $94 million. On October 30, the board authorized a $500 million increase to the existing repurchase program, bringing the full authorization to $700 million. Chief Financial Officer Matt Meister said the larger program provides flexibility to buy shares when the stock trades below long-term value, with repurchases expected to be balanced to keep leverage in a 2.0 to 2.5 times range. Net debt to trailing twelve months adjusted EBITDA was 2.45 times as of September 30 after the buybacks.

JBT Marel is refining full-year 2026 revenue, net income, and adjusted EBITDA guidance to primarily reflect lower third-quarter book-and-ship revenue and revised fourth-quarter expectations for Diversified Food and Health. Full-year revenue guidance is now $3,950 million to $4,000 million, which the company said implies about 5 percent year-over-year growth at the midpoint, inclusive of about 1.5 percent foreign exchange benefit. Adjusted EBITDA margin guidance is 17.25 percent to 17.50 percent, and adjusted EPS guidance is $8.10 to $8.40. GAAP diluted EPS guidance is $4.30 to $4.60. Deck said the company is increasing the midpoint of margin guidance as it continues to drive operational efficiencies and disciplined cost management.

Full-year one-time and acquisition-related costs included in GAAP guidance and excluded from adjusted figures include about $168 million of acquisition-related amortization and depreciation, $33 million of M&A costs, $24 million of restructuring costs, and $33 million of non-cash impairment recorded in the second quarter. Interest expense is estimated at about $46 million, including $3 million of non-cash accelerated amortized debt issuance costs in the third quarter. The full-year tax rate is estimated at about 23 percent.