JBS N.V.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsJBS N.V. is a Netherlands-incorporated, NYSE-listed global meat and protein producer whose Class A shares trade under the ticker JBS and whose U.S. dollar notes are co-issued by its indirect JBS USA subsidiaries.
What they do
JBS operates a multi-geography, multi-protein platform spanning beef, poultry and other protein processing, with major business units including JBS Beef North America and Pilgrim's Pride. Beef North America includes Fed Beef, Regional Beef and Case Ready operations, which the company merged into a single structure called Beef USA. The company is incorporated in the Netherlands with principal offices in Amstelveen and reports under IFRS.
Revenue drivers
- Beef North America — JBS Beef North America reported record sales in 2Q26, supported by historically high cutout values and resilient U.S. consumer demand, though live cattle cost increases outpaced cutout values.
- Poultry (Pilgrim's Pride) — Pilgrim's Pride saw firm chicken demand across all regions, with U.S. Fresh volumes rising on stronger retail and foodservice demand; poultry operations had posted record results in 2Q25, creating a tough comparison base.
- Multi-protein, multi-geography platform — Management attributes record quarterly revenue to the breadth of the company's protein and geographic footprint; total net sales were $23.9 billion in 2Q26.
Recent performance
2Q26 net sales were $23,900 million, up 14% from $20,998 million in 2Q25. IFRS Adjusted EBITDA fell 18% to $1,429 million, and IFRS adjusted operating income fell 34% to $790 million. Net income attributable to JBS was a loss of $102 million, versus $528 million of income a year earlier, and EPS was -$0.10 versus $0.48. Six-month net sales were $45,508 million, with adjusted EBITDA of $2,563 million.
Strategy
JBS is simplifying operations and targeting greater efficiency: it merged Fed Beef, Regional Beef and Case Ready into Beef USA, and announced the closure of processing plants in Souderton, Pennsylvania and Memphis, Tennessee with production absorbed by other U.S. plants. The company also completed the acquisition of Mantiqueira Alimentos, recognizing a bargain purchase price gain. It joined the Russell 1000 and Russell 3000 indices, and returned $1 billion to shareholders through a dividend during the quarter. Management describes leverage of 3.1x as slightly above its long-term target.
Risks
- Low U.S. cattle availability — JBS said live cattle price increases outpaced cutout value changes due to low cattle availability, pressuring beef spreads and prompting plant closures.
- Live cattle import restrictions — Live cattle imports from Mexico remained restricted during 2Q26, further constraining U.S. supply, though they are expected to resume gradually beginning August 24.
- Poultry comparison base — Profitability was pressured by a tough comparison against record poultry results in 2Q25.
- Rising leverage and declining coverage — Leverage was 3.10x versus 2.27x a year earlier, and interest coverage fell to 5.00x from 7.74x.
Outlook
Management said profitability already improved in the majority of business units versus the first quarter of 2026, despite the tougher year-over-year comparison. Live cattle imports from Mexico are expected to resume gradually beginning August 24, which would ease the U.S. supply constraint. Leverage of 3.1x ended the quarter slightly above the company's long-term target.