JBS (JBS) Q3 2025 earnings summary

Executive summary

• Achieved record net sales of $22.6 billion in Q3 2025, up 13% year-over-year, with growth across all business units and strong global protein demand.

• Net income reached $581 million, down from $693 million in 3Q24, with EPS at $0.52 and ROE at 23.7%.

• All business units contributed to sales growth, highlighting the strength and diversification of the global multiprotein platform.

• Maintained operational resilience despite challenging U.S. beef cycles, high cattle costs, and export restrictions in Brazil.

• Listed on the NYSE in June 2025, consolidating dual listing and broadening investor access.

Financial highlights

• Adjusted EBITDA (IFRS) was $1.83 billion (8.1% margin), down from $2.15 billion (10.8%) in 3Q24; U.S. GAAP comparable was $1.62 billion (7.2% margin).

• Adjusted operating income (IFRS) was $1.25 billion, down 22% year-over-year; U.S. GAAP comparable was $1.28 billion.

• Free cash flow was $383 million, down from $994 million year-over-year, mainly due to lower EBITDA, higher CapEx, and increased working capital.

• Net debt stood at $14.75 billion, with leverage at 2.39x and interest coverage at 6.8x.

• CAPEX for 3Q25 was $547 million, with 56% allocated to expansion.

Outlook and guidance

• Management emphasized continued discipline in capital allocation and maintaining a solid balance sheet, with leverage expected to remain below 2.5x by year-end.

• Cash flow break-even EBITDA expected to rise to $6 billion in 2025 and $5 billion in 2026, driven by $2 billion annual CapEx and higher working capital needs.

• Ongoing investments in new facilities and expansions, including $135 million in Iowa and $400 million in Georgia.

• Targeting further deleveraging and maintaining investment grade ratings.

• Confident in continued strong global protein demand and export growth, especially as market restrictions ease.