Revenue: As of FY2026 Q2, the actual value is USD 4.626 B, missing the estimate of USD 4.702 B.

EPS: As of FY2026 Q2, the actual value is USD 0.06, missing the estimate of USD 0.7495.

EBIT: As of FY2026 Q2, the actual value is USD 67.9 M.

Second Quarter 2026 Financial Highlights

Pilgrim’s Pride Corporation reported a consolidated GAAP Operating Income margin of 1.4%, GAAP Net Income of $13.2 million, and Adjusted Net Income of $153.9 million for the second quarter of 2026. Adjusted EBITDA was $360.0 million, representing a 7.8% margin. Segment-wise, Adjusted EBITDA margins were 8.7% in the U.S., 7.6% in Europe, and 3.9% in Mexico. The company maintained a strong liquidity position with a net leverage ratio of 1.43x Adjusted EBITDA, which is below its target range of 2x to 3x.

Overall Financial Performance (Three Months Ended June 28, 2026 vs. June 29, 2025)

• Operating Income: Operating income was $65,950 thousand, marking an -87.1% decrease from $512,339 thousand in the previous year.
• Operating Income Margin: The consolidated GAAP Operating Income margin was 1.4% for Q2 2026.
• Net Income: Net income for the quarter was $13,220 thousand, down from $356,009 thousand in the prior year.
• Gross Profit: Gross profit was $339,752 thousand, compared to $715,295 thousand in the same period last year.
• Cost of Sales: Cost of sales increased to $4,286,478 thousand from $4,042,070 thousand year-over-year.
• Selling, General and Administrative Expense: These expenses increased to $265,103 thousand from $199,457 thousand.
• Adjusted EBITDA: Adjusted EBITDA was $359,995 thousand, a -47.6% decrease from $686,903 thousand in the prior year.
• Adjusted EBITDA Margin: The Adjusted EBITDA margin was 7.8%, a decrease of -6.6 percentage points from 14.4% in the prior year.

Overall Financial Performance (Six Months Ended June 28, 2026 vs. June 29, 2025)

• Operating Income: Operating income was $228,506 thousand, a -75.1% decrease from $916,821 thousand in the previous year.
• Net Income: Net income for the six months was $114,670 thousand, down from $652,352 thousand in the prior year.
• Gross Profit: Gross profit was $685,242 thousand, compared to $1,270,168 thousand in the same period last year.
• Cost of Sales: Cost of sales increased to $8,473,621 thousand from $7,950,206 thousand year-over-year.
• Selling, General and Administrative Expense: These expenses increased to $445,272 thousand from $333,236 thousand.
• Adjusted EBITDA: Adjusted EBITDA was $668,127 thousand, a -45.2% decrease from $1,220,147 thousand in the prior year.
• Adjusted EBITDA Margin: The Adjusted EBITDA margin was 7.3%, a decrease of -5.9 percentage points from 13.2% in the prior year.

Cash Flow (Six Months Ended June 28, 2026 vs. June 29, 2025)

• Cash provided by operating activities: $471,846 thousand, down from $622,103 thousand in the prior year.
• Cash used in investing activities: - $457,887 thousand, compared to - $256,371 thousand in the prior year.
• Cash used in financing activities: - $254,193 thousand, significantly less than - $1,588,271 thousand in the prior year.
• Cash and cash equivalents, end of period: $388,843 thousand, compared to $640,235 thousand at December 28, 2025.

Segment Performance (Three Months Ended June 28, 2026)

• U.S. Operations: Reported GAAP operating income of - $11,112 thousand and Adjusted operating income of $150,157 thousand, with an Adjusted operating income margin of 5.7%. Profitability declined due to commodity market pricing, but sequential margins improved due to productivity and plant upgrades. U.S. Prepared Foods showed profitable growth, and Just Bare® retail sales grew over 30% year-over-year.
• Europe Operations: Reported GAAP operating income of $60,551 thousand and Adjusted operating income of $69,250 thousand, with an Adjusted operating income margin of 5.0%. Sales and volumes increased from marketplace momentum, and Rollover® sales grew double digits, though UK pork segment margins were impacted by excess imports.
• Mexico Operations: Reported GAAP operating income and Adjusted operating income of $16,511 thousand, with an Adjusted operating income margin of 2.8%. Volumes grew due to improved growing conditions and a more than 30% rise in Pilgrim’s® retail fresh volumes, but margins were affected by increased domestic production and imports in chicken and pork, and greater egg availability.

Outlook / Guidance

Pilgrim’s Pride Corporation anticipates that projects designed to boost sales and mitigate commodity price volatility are progressing as scheduled. This includes the commencement of production at the new prepared foods line in Porvenir and the ongoing expansion in the Southern Peninsula. The company expects that the growth of its branded and prepared food offerings, combined with strategic investments, will help to alleviate challenges posed by live commodity markets, thereby enhancing its margin profile and reducing overall risk.