JBS (JBS) Q2 2026 earnings summary

Executive summary

• Net sales reached a record $24 billion in Q2 2026, up 14% year-over-year, with adjusted EBITDA at $1.43 billion (6% margin), but profitability declined due to high input costs and non-recurring items, resulting in a net loss of $102 million and adjusted net income of $218 million.

• Leadership transition announced: Wesley Batista Filho to become CEO in January 2027, ensuring continuity in strategy and priorities.

• The business remains focused on operational excellence, disciplined capital allocation, and long-term value creation across a diversified global platform.

• Segment results were mixed, with strong growth in Australia and Brazil offset by losses in North America beef.

• Adjusted EBITDA margin declined from 8.4% to 6.0% year-over-year.

Financial highlights

• Net sales/revenue for Q2 2026 reached $24 billion, up from $21.0 billion in Q2 2025.

• Adjusted EBITDA was $1.43 billion (6% margin, IFRS), down from $1.75 billion (8.4% margin) in Q2 2025.

• Adjusted operating income was $790 million (3.3% margin, IFRS); net loss was $102 million, with negative EPS of $0.10, impacted by $319 million in higher net financial expenses and other non-recurring items.

• Excluding non-recurring items, adjusted net income was $218 million and EPS was $0.20.

• Free cash flow improved to $130 million, up $185 million year-over-year.

Outlook and guidance

• Priorities for the second half include execution, cash generation, and reducing leverage.

• Working capital consumption for 2026 is expected to improve by $500 million versus last year.

• CapEx for 2026 is forecast at $2 billion, $400 million lower than initial estimates.

• Net leverage ended Q2 at 3.1x, above the long-term target of 2x–3x, with expectations to finish the year at similar levels.

• Management expects continued volatility in commodity and energy markets due to geopolitical tensions and inflationary pressures.