JBT Marel (JBTM) Q1 2026 earnings summary

Executive summary

• Achieved strong year-over-year growth in Q1 2026, with revenue up 10% to $936 million, significant margin and EPS gains, and robust global demand, especially from poultry customers; book-to-bill ratio reached 1.14x.

• Integration of JBT and Marel progressing well, supporting synergy realization, restructuring savings, and commercial, operational, and financial benefits.

• Cash flow and adjusted EBITDA performance enabled further deleveraging, with net leverage ratio reduced to 2.6x.

• Next-gen strategy targets profitable growth and margin expansion through 2028, focusing on customer-centric service, innovation, and disciplined M&A.

Financial highlights

• Q1 2026 consolidated revenue reached $936 million, up 10% year-over-year; organic growth was 4%, with 6% from FX.

• Adjusted EBITDA was $142 million, up 27% year-over-year; adjusted EBITDA margin improved to 15.2%.

• Net income was $45 million, reversing a prior year loss; GAAP diluted EPS was $0.86, adjusted EPS was $1.58.

• Free cash flow was $100 million, with a 70% conversion to adjusted EBITDA; operating cash flow was $119 million.

• Gross profit margin improved to 35.1%; selling, general and administrative expense decreased by $64 million year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance is $3.99–$4.07 billion, with 5–7% year-over-year growth expected; adjusted EBITDA margin projected at 17.0%–17.5%.

• GAAP diluted EPS guidance is $4.70–$5.15; adjusted EPS guidance is $8.00–$8.50.

• Maintaining guidance for margin expansion and adjusted EPS improvement; net income margin guidance is 6.1%–6.6%.

• Estimated $60 million in synergy cost savings, $178 million in acquisition-related amortization and depreciation, and $30 million in restructuring costs for 2026.

• Tariff changes expected to be a 25–50 basis point headwind after mitigation; no IEEPA tariff refunds included in guidance.