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Pilgrim's Pride (PPC) investor relations material
Pilgrim's Pride Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net revenues for fiscal 2025 reached $18.5 billion, with adjusted EBITDA of $2.3 billion (12.3% margin) and GAAP net income of $1.1 billion.
U.S. operations drove growth through strong demand, brand expansion, and operational efficiencies, with Just Bare® sales surpassing $1 billion.
Europe improved margins and adjusted EBITDA through efficiency projects, innovation, and branded portfolio growth.
Mexico grew sales volumes and branded sales, but margins declined due to increased imports and commodity volatility.
Adjusted EPS for 2025 was $5.17, with $2 billion returned to shareholders via special dividends.
Financial highlights
Q4 2025 net revenues were $4.52 billion, up 3.3% year-over-year, but net income dropped to $88 million from $235.8 million.
Q4 adjusted EBITDA was $415.1 million (9.2% margin), down from $525.7 million (12% margin) in Q4 2024.
Fiscal 2025 adjusted EBITDA increased 2.5% to $2.3 billion; adjusted EPS was $5.17.
U.S. adjusted EBITDA margin for the year was 14.8%; Europe improved adjusted EBITDA by 11.4% year-over-year.
Mexico's full-year adjusted EBITDA margin declined to 8.8% from 11.8% last year.
Outlook and guidance
USDA projects 1% chicken supply growth in 2026, with strong demand expected due to protein affordability.
CapEx for 2026 forecasted at $900–$950 million, up from $711 million in 2025, supporting growth in Mexico, U.S. prepared foods, and plant conversions.
Effective tax rate expected to decrease to 25% in 2026 from 27.9% in 2025.
Management expects continued growth in U.S. Prepared Foods, further diversification in Mexico, and innovation in Europe.
Net interest expense for 2026 projected at $115–$125 million.
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