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, reflecting the resilience of a diversified global protein platform.

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

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

• Free cash flow for the year was $400 million, with Q4 free cash flow at $990 million and a robust balance sheet.

• ROE reached 25.3% and ROIC was 17.4% for the year.

Financial highlights

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

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

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

• Free cash flow in Q4 was $990 million, up from $960 million in Q4 2024, but full-year free cash flow declined from 2024.

• Announced $1 per share dividend to be paid in June 2026.

Outlook and guidance

• Expect continued strong global protein demand, with demographic and health trends supporting growth.

• Strategic focus on global protein diversification and value-added products to drive margin expansion and reduce volatility.

• U.S. beef sector faces ongoing supply constraints and volatility, but diversified operations provide resilience.

• CapEx guidance for 2026 is $2.4 billion, split between $1.3 billion for expansion and $1.1 billion for maintenance.

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