JBT Marel (JBTM) Q1 2026 earnings summary

Executive summary

• Achieved second consecutive quarter of orders exceeding $1 billion, with a book-to-bill ratio of 1.14x and robust global poultry demand driving broad-based order strength across segments.

• Revenue reached $936 million in Q1 2026, up 10% year-over-year, with significant gains in margins and EPS, aided by foreign exchange benefits and lower non-recurring costs.

• Net income was $45 million, reversing a prior year loss, and net income margin improved to 4.8%.

• Integration of JBT and Marel progressed well, delivering synergy savings, restructuring benefits, and operational improvements.

• Strong cash flow and adjusted EBITDA performance enabled further deleveraging of the balance sheet.

Financial highlights

• Q1 consolidated revenue was $936 million, up from $854 million in Q1 2025, with organic growth of 4% and FX contributing 6%.

• Adjusted EBITDA was $142 million, up 27% year-over-year, with margin improving to 15.2%.

• GAAP diluted EPS was $0.86, up from $(3.35); adjusted EPS rose to $1.58 from $0.97.

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

• Gross profit margin improved to 35.1%, and net debt to trailing twelve months adjusted EBITDA improved to 2.6x.

Outlook and guidance

• Full-year 2026 revenue guidance is $3.99B–$4.07B, 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, and adjusted EPS is $8.00–$8.50.

• Net income margin guidance is 6.1%–6.6%; estimated $60 million in synergy cost savings and $178 million in acquisition-related amortization and depreciation for 2026.

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

• Capital expenditures for 2026 anticipated between $105 million and $120 million.