Pilgrim’s Pride Reports Fourth Quarter and Year-End 2025 Results

Rhea-AI Summary

Pilgrim’s Pride (NASDAQ: PPC) reported 2025 net sales of $18.5 billion and GAAP net income of $1.1 billion (GAAP EPS $4.54). Adjusted EBITDA was $2.27 billion (12.3% margin). The company returned $2.0 billion in special dividends and maintains net leverage below 1.1x Adjusted EBITDA. U.S. Prepared Foods grew >20% and Just Bare® reached $1 billion in retail sales, while Europe and Mexico showed mixed regional performance and sustainability progress.

Positive

• Net sales of $18.5B in 2025 (+3.5% YoY)
• Adjusted EBITDA of $2.27B with a 12.3% margin
• Returned $2.0B to shareholders via special dividends
• U.S. Prepared Foods net sales rose over 20%
• Just Bare reached $1B in retail sales and retail sales grew >50% YoY

Negative

• Q4 GAAP EPS fell to $0.37, down 62.6% YoY
• Q4 Adjusted EBITDA declined 21.0% YoY to $415.1M
• Mexico margins pressured by increased imports and weakened commodity fundamentals
• Full-year GAAP EPS slightly declined to $4.54 from $4.57 (0.7% decline)

News Market Reaction

+0.96%

5 alerts

+0.96% News Effect

-3.1% Trough in 45 min

+$98M Valuation Impact

$10.26B Market Cap

0.0x Rel. Volume

On the day this news was published, PPC gained 0.96%, reflecting a mild positive market reaction. Argus tracked a trough of -3.1% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $98M to the company's valuation, bringing the market cap to $10.26B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2025 Net Sales: $18.5 billion 2025 GAAP Net Income: $1.1 billion 2025 GAAP EPS: $4.54 +5 more

8 metrics

2025 Net Sales $18.5 billion Full year 2025 net sales

2025 GAAP Net Income $1.1 billion Full year 2025 GAAP net income

2025 GAAP EPS $4.54 Full year 2025 GAAP EPS

2025 Adj. EBITDA $2.3 billion Full year 2025 Adjusted EBITDA, 12.3% margin

2025 Op. Margin 8.7% Full year 2025 consolidated GAAP operating income margin

Cash Returned $2 billion Cash returned to shareholders via special dividends

Net Leverage less than 1.1x Net leverage ratio versus Adjusted EBITDA

Q4 2025 Net Sales $4,517.8 million Three months ended December 28, 2025

Market Reality Check

Price: $43.32 Vol: Volume 778,996 vs 20-day ...

normal vol

$43.32 Last Close

Volume Volume 778,996 vs 20-day average 829,020 (about 0.94x typical activity). normal

Technical Price at $43.19 with 200-day MA at $43.16, sitting near a long-term trend reference.

Peers on Argus

PPC was down 0.9% while key packaged food peers like CPB (+1.7%), SJM (+2.27%), ...

PPC was down 0.9% while key packaged food peers like CPB (+1.7%), SJM (+2.27%), MKC (+2.57%) and SFD (+2.14%) traded higher, pointing to stock-specific dynamics.

Historical Context

3 past events · Latest: Jan 20 (Neutral)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Earnings call notice	Neutral	-0.9%	Announced timing and access details for year-end 2025 results call.
Oct 29	Quarterly earnings	Positive	+0.4%	Reported Q3 2025 sales and earnings growth with strong Adjusted EBITDA.
Oct 08	Earnings call notice	Neutral	-0.2%	Outlined schedule and access details for upcoming Q3 2025 call.

Pattern Detected

Recent earnings-related communications have produced modest, mixed price reactions, suggesting limited directional bias from prior updates.

Recent Company History

Over the last few months, Pilgrim’s Pride has focused on scheduled earnings communications and solid quarterly performance. The Q3 2025 report on Oct 29, 2025 showed strong net sales and profitability, with only a small positive share-price move. Two subsequent items, both earnings-call announcements dated Oct 08, 2025 and Jan 20, 2026, saw modest negative reactions. Against this backdrop, today’s full-year 2025 results provide detailed confirmation of trends previously telegraphed to the market.

Market Pulse Summary

This announcement details Pilgrim’s Pride’s 2025 performance, with net sales of $18.5 billion, GAAP ...

Analysis

This announcement details Pilgrim’s Pride’s 2025 performance, with net sales of $18.5 billion, GAAP net income of $1.1 billion, and Adjusted EBITDA of $2.3 billion at a 12.3% margin. Management emphasized branded growth in the U.S., Europe, and Mexico, alongside sustainability progress and $2 billion in special dividends. Investors may focus on regional margin differences, Q4 trends, capital allocation, and the conference call commentary as key indicators for how these results fit into the longer-term trajectory.

Key Terms

gaap eps, adjusted eps, adjusted ebitda, adjusted ebitda margin, +4 more

8 terms

gaap eps financial

"GAAP Net Income of $1.1 billion and GAAP EPS of $4.54."

GAAP EPS is the profit per share a company reports using U.S. Generally Accepted Accounting Principles, the standard rules for preparing financial statements. It shows how much net income is attributable to each share after recognized costs like operating expenses, taxes and long-term cost allocations, much like a household reporting its monthly savings after following a fixed budgeting checklist. Investors rely on GAAP EPS to compare profitability consistently across companies and reporting periods.

adjusted eps financial

"Adjusted Net Income of $1.2 billion, and Adjusted EPS of $5.17."

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

adjusted ebitda financial

"Adjusted EBITDA of $2.3 billion, or a 12.3% margin..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted ebitda margin financial

"Adjusted EBITDA of $2.3 billion, or a 12.3% margin..."

Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.

net leverage ratio financial

"net leverage ratio is currently less than 1.1X Adjusted EBITDA."

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

basis points financial

"Just Bare® grew market share by nearly 300 basis points year over year."

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

qsr technical

"Small Bird in QSR. Big Bird improved efficiencies..."

QSR stands for quick-service restaurant, the category of eateries focused on fast, low-cost meals such as fast-food chains and counter-serve outlets. Investors watch QSRs because their performance reflects how well a chain converts steady customer traffic into profit through pricing, speed, location and franchise economics — think of them as retail stores for food where foot traffic, consistent unit costs and repeat customers determine whether an investment grows or stalls.

non-u.s. gaap financial

"(1) Reconciliations for non-U.S. GAAP measures are provided..."

Non-U.S. GAAP describes financial measures or reporting methods that differ from the accounting rules set by U.S. Generally Accepted Accounting Principles. These alternative figures are often used to highlight particular aspects of performance—like cash flow or adjusted profit—by excluding items that a company considers one-time or non-operational. Investors care because such numbers can make results easier to compare or understand, but they require scrutiny since they can omit costs that affect long-term value.

AI-generated analysis. Not financial advice.

GREELEY, Colo., Feb. 11, 2026 (GLOBE NEWSWIRE) -- Pilgrim’s Pride Corporation (NASDAQ: PPC), one of the world's leading food companies, reports its fourth quarter and year-end 2025 financial results.

2025 Highlights

• Net Sales of $18.5 billion.
• Consolidated GAAP Operating Income margin of 8.7%.
• GAAP Net Income of $1.1 billion and GAAP EPS of $4.54. Adjusted Net Income of $1.2 billion, and Adjusted EPS of $5.17.
• Adjusted EBITDA of $2.3 billion, or a 12.3% margin, with Adjusted EBITDA margins of 14.8% in the U.S., 8.4% in Europe, and 8.8% in Mexico.
• Pilgrim’s U.S. Fresh portfolio benefited from robust demand across retail and foodservice. Volume from Key Customers in both Case Ready and Small Bird grew higher than the industry averages. Big Bird drove improvements through enhanced yields, mix, and cost efficiencies.
• Growth in U.S. Prepared Foods continues to accelerate across retail and foodservice as net sales rose over 20% compared to prior year. In frozen fully cooked, Just Bare^® continues to lead velocity among branded offerings and has grown retail sales by over 50% compared to last year.
• The company’s diversification efforts through branded offerings achieved a new milestone as Just Bare^® achieved one billion dollars in retail sales across fresh and frozen fully cooked. Total market share has grown from 1% to 13% over the past three years.
• Europe continues its improvement journey, through efficiencies in back-office integration, manufacturing footprint optimization, and product innovation. Volume growth of key brands outpaced the overall grocery channel, led by Fridge Raiders^® and Rollover^®.
• Mexico continued to drive growth. Diversification efforts gained traction as branded sales rose in Fresh and Prepared more than 8% in each. With investments to expand and diversify into new regions, Pilgrim’s operations in Fresh and growth in Prepared Foods continue to progress.
• Sustainability efforts have accelerated as carbon-based direct and indirect emissions intensity in Pilgrim’s processing operations have continued to decline. Investments in team member development have expanded as over 2,300 team members or their dependents have signed up for the Better Futures program, of which 780 have started their chosen academic pathway.
• Returned $2 billion in cash to shareholders through special dividends. Maintained strong liquidity position to support future growth as net leverage ratio is currently less than 1.1X Adjusted EBITDA.
  
  

Fourth Quarter

• Net Sales of $4.5 billion.
• Consolidated GAAP Operating Income margin of 4.5%.
• GAAP Net Income of $88.0 million and GAAP EPS of $0.37. Adjusted Net Income of $161.7 million and Adjusted EPS of $0.68.
• Adjusted EBITDA of $415.1 million, or a 9.2% margin, with Adjusted EBITDA margins of 10.6% in the U.S., 9.5% in Europe, and 1.8% in Mexico.
• The U.S. Fresh Portfolio benefited from continued consumer demand as volumes rose compared to last year. Key Customer demand remained solid across retail, QSR, and foodservice. Operational improvements in Big Bird mitigated the impact of challenging commodity pricing.
• U.S. Prepared Foods increased net sales 18% compared to prior year. Just Bare^® continues to increase share in the frozen fully cooked category as retail sales grew significantly higher than category average. Foodservice sales volume increased by over 20% compared to prior year.
• Europe improved sales and Adjusted EBITDA compared to last year. Diversification through brands continued to progress as volumes of Fridge Raiders^® and Rollover^® grew faster than category averages.
• Mexico experienced a challenging quarter given increased imports and unbalanced fundamentals in the live commodity market. In Fresh, volumes from Key Customer demand remained steady, whereas branded offerings rose over 10%. Prepared Foods grew 8% compared to last year.
• Progress in sustainability continues as scoring from external agencies on environmental and social matters improved compared to last year. Operations reduced their direct and indirect carbon-based emissions used for processing compared to last year.
  
  

Unaudited		Three Months Ended												Year Ended
		December 28, 2025				December 29, 2024				Y/Y Change				December 28, 2025				December 29, 2024				Y/Y Change
		(In millions, except per share and percentages)
Net sales		$	4,517.8			$	4,372.1			+3.3		%		$	18,497.6			$	17,878.3			+3.5		%
U.S. GAAP EPS		$	0.37			$	0.99			(62.6	)	%		$	4.54			$	4.57			(0.7	)	%
Operating income		$	204.1			$	306.7			(33.4	)	%		$	1,613.5			$	1,506.1			+7.1		%
Adjusted EBITDA(1)		$	415.1			$	525.7			(21.0	)	%		$	2,268.4			$	2,213.9			+2.5		%
Adjusted EBITDA margin(1)			9.2	%			12.0	%		(2.8	)	pts			12.3	%			12.4	%		(0.1	)	pts
(1)   Reconciliations for non-U.S. GAAP measures are provided in subsequent sections within this release.

“During 2025, market conditions remained attractive as input costs were relatively stable and the affordability of chicken continued to resonate among consumers,” said Fabio Sandri, Pilgrim’s CEO. “Given our effective strategies, competitive advantages, and consistent execution, we delivered another year of strong results”

The U.S. portfolio continues to evolve. The Fresh business outpaced industry growth, driven by ongoing strength of Case Ready in retail and Small Bird in QSR. Big Bird improved efficiencies in both plant and live operations. Prepared Foods accelerated the momentum of brand offerings as Just Bare^® grew market share by nearly 300 basis points year over year.

“Our results in the U.S. are a testament to the strength of our operations and disciplined management approach,” remarked Sandri. “Given our progress over the past year, we’ve developed a more resilient, well-balanced portfolio positioned to capture market upsides while minimizing downside risks.”

Europe also delivered improved sales and adjusted EBITDA, supported through progress in manufacturing optimization, management integration, and enhanced mix. Key Customer demand remained positive with new product launches, whereas Fridge Raiders^® and Rollover^® again outpaced category growth.

“Over the past three years, Pilgrim’s Europe has undergone a significant transformation,” said Sandri. “As a result, we now have a stronger, more agile foundation to drive innovation, build Key Customer partnerships, and cultivate our branded portfolio.”

Mexico improved sales and volume compared to 2024, while margins were pressured given weakened commodity fundamentals in the second half of the year. Diversification efforts continued to accelerate from ongoing growth in fresh branded offerings, rotisserie, and prepared foods.

“Mexico has great growth opportunities, given its long-term economic potential and our market presence,” said Sandri. “As such, we are investing to create a broader geographical footprint in fresh and expand our presence in prepared foods, further diversifying our portfolio.”

In the fourth quarter, the U.S. had mitigated softened commodity market fundamentals with strong Key Customer demand in Case Ready, Small Bird and Prepared Foods, while enhancing operational efficiencies in Big Bird.

“Our performance reflects both the progress and benefits of our long-term strategies,” Sandri said. “Even with volatility in commodity cut-out values, the U.S. business delivered strong results.”

In Europe, adjusted EBITDA rose nearly 9% compared to the same quarter last year. Demand for higher-attribute poultry offerings rose above category averages within select retailers. Pilgrim’s portfolio of key brands grew and operational excellence continued to generate improvements.

“We continue to realize benefits from our focused efforts in Europe, improving in sales and adjusted EBITDA for Q4,” said Sandri. “Moving forward, we’ll continue to prioritize innovation, branded growth, and mix.”

Mexico’s profitability during the quarter was limited, given increased imports of animal protein and weakened commodity fundamentals. In Fresh, Key Customer partnerships remained steady, whereas branded sales rose nearly 10% compared to last year. Investments to expand the Fresh and Prepared Foods categories remained on track.

In sustainability, external agencies continue to recognize the company’s progress, with improved scores across environmental and social metrics compared to 2024. Operations made progress against their direct and indirect emissions intensity used for processing.

“Our approach to sustainability aligns with our vision, strategy, and methods,” Sandri concluded. “Through continued focus on doing the right thing, we are confident in our ability to become the best and most respected company in our industry while creating the opportunity of a better future for our team members.”

Conference Call Information

A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, February 12, at 7 a.m. MT (9 a.m. ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

To pre-register, go to: https://dpregister.com/sreg/10206002/10323ae026a 

You may also reach the pre-registration link by logging in through the investor section of our website at
https://ir.pilgrims.com in the “Events & Presentations” section.

For those who would like to join the call but have not pre-registered, access is available by dialing +1 (844) 883-3889 within the US, or +1 (412) 317-9245 internationally, and requesting the “Pilgrim’s Pride Conference.”

Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com.

About Pilgrim’s Pride

Pilgrim’s employs approximately 63,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.

Forward-Looking Statements

Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. Without limiting the foregoing, words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channels, including, but not limited to, the impacts of the Russia-Ukraine conflict; the risk of cyber-attacks, natural disasters, power losses, unauthorized access, telecommunication failures, and other problems on our information systems; and the impact of uncertainties of litigation and other legal matters described in our most recent Form 10-K and Form 10-Q, including the In re Broiler Chicken Antitrust Litigation, as well as other risks described under “Risk Factors” in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Contact:	Andrew Rojeski
	Head of Strategy, Investor Relations, & Sustainability
	IRPPC@pilgrims.com
	www.pilgrims.com

PILGRIM’S PRIDE CORPORATION
CONSOLIDATED BALANCE SHEETS
		December 28, 2025				December 29, 2024
		(In thousands, except share and par value data)
Cash and cash equivalents		$	640,235			$	2,040,834
Restricted cash and cash equivalents			—				2,324
Investment in available-for-sale securities			—				10,220
Trade accounts and other receivables, less allowance for credit losses			1,164,903				1,004,334
Accounts receivable from related parties			13,398				2,608
Inventories			2,031,259				1,783,488
Income taxes receivable			103,702				72,414
Prepaid expenses and other current assets			272,809				200,879
Assets held for sale			11,057				3,062
Total current assets			4,237,363				5,120,163
Deferred tax assets			31,211				29,483
Other long-lived assets			113,195				62,019
Operating lease assets, net			257,784				255,713
Intangible assets, net			832,066				806,234
Goodwill			1,338,884				1,239,073
Property, plant and equipment, net			3,533,027				3,137,891
Total assets		$	10,343,530			$	10,650,576
Accounts payable		$	1,588,569			$	1,411,519
Accounts payable to related parties			43,516				15,257
Revenue contract liabilities			37,622				48,898
Accrued expenses and other current liabilities			1,095,858				1,015,504
Income taxes payable			123,769				60,097
Current maturities of long-term debt			924				858
Total current liabilities			2,890,258				2,552,133
Noncurrent operating lease liabilities, less current maturities			199,315				195,944
Long-term debt, less current maturities			3,093,113				3,206,113
Deferred tax liabilities			452,326				422,952
Other long-term liabilities			14,787				20,038
Total liabilities			6,649,799				6,397,180
Common stock, $.01 par value, 800,000,000 shares authorized; 262,263,358 and 261,931,080 shares issued at year-end 2024 and year-end 2023, respectively; 237,122,205 and 236,789,927 shares outstanding at year-end 2024 and year-end 2023, respectively			2,627				2,623
Treasury stock, at cost, 25,141,153 shares at year-end 2024 and year-end 2023.			(544,687	)			(544,687	)
Additional paid-in capital			2,023,609				1,994,259
Retained earnings			2,245,523				3,157,511
Accumulated other comprehensive loss			(47,022	)			(370,300	)
Total Pilgrim’s Pride Corporation stockholders’ equity			3,680,050				4,239,406
Noncontrolling interest			13,681				13,990
Total stockholders’ equity			3,693,731				4,253,396
Total liabilities and stockholders' equity		$	10,343,530			$	10,650,576

PILGRIM’S PRIDE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
		Three Months Ended								Year Ended
		December 28, 2025				December 29, 2024				December 28, 2025				December 29, 2024
		(In thousands, except per share data)
Net sales		$	4,517,837			$	4,372,064			$	18,497,553			$	17,878,291
Cost of sales			4,089,246				3,818,802				16,139,410				15,565,524
Gross profit			428,591				553,262				2,358,143				2,312,767
Selling, general and administrative expense			215,017				235,293				713,250				713,310
Restructuring activities			9,464				11,318				31,354				93,388
Operating income			204,110				306,651				1,613,539				1,506,069
Interest expense, net of capitalized interest			39,018				47,134				161,388				161,175
Interest income			(5,974	)			(24,358	)			(51,118	)			(72,666	)
Foreign currency transaction losses (gains)			(1,231	)			(2,785	)			6,777				(10,025	)
Miscellaneous, net			(2,437	)			10,163				(5,646	)			15,316
Income before income taxes			174,734				276,497				1,502,138				1,412,269
Income tax expense			86,803				40,725				418,794				325,046
Net income			87,931				235,772				1,083,344				1,087,223
Less: Net income (loss) attributable to noncontrolling interests			(62	)			(82	)			985				785
Net income attributable to Pilgrim’s Pride Corporation		$	87,993			$	235,854			$	1,082,359			$	1,086,438
Weighted average shares of common stock outstanding:
Basic			237,547				237,123				237,427				237,008
Effect of dilutive common stock equivalents			1,016				947				1,022				792
Diluted			238,563				238,070				238,449				237,800
Net income (loss) attributable to Pilgrim's Pride Corporation per share of common stock outstanding:
Basic		$	0.37			$	0.99			$	4.56			$	4.58
Diluted		$	0.37			$	0.99			$	4.54			$	4.57

PILGRIM’S PRIDE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
		Year Ended
		December 28, 2025				December 29, 2024
		(In thousands)
Cash flows from operating activities:
Net income		$	1,083,344			$	1,087,223
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			456,157				433,622
Asset impairment			493				28,575
Share-based compensation			29,354				14,873
Loss (gain) on early extinguishment of debt recognized as a component of interest expense			573				(11,211	)
Loan cost amortization			4,939				5,033
Deferred income tax expense			10,039				4,830
Accretion of bond discount			2,380				2,506
Loss (gain) on property disposals			3,882				1,779
Loss (gain) on equity method investments			—				(7	)
Changes in operating assets and liabilities:
Trade accounts and other receivables			(113,133	)			88,340
Inventories			(193,520	)			134,521
Prepaid expenses and other current assets			(44,467	)			(33,303	)
Accounts payable and accrued expenses			155,828				126,672
Income taxes			35,399				109,369
Long-term pension and other postretirement obligations			(1,881	)			26,052
Other operating assets and liabilities			(57,737	)			(28,747	)
Cash provided by operating activities			1,371,650				1,990,127
Cash flows from investing activities:
Acquisitions of property, plant and equipment			(711,066	)			(476,153	)
Proceeds from property disposals			5,556				15,356
Proceeds from insurance recoveries			—				—
Cash used in investing activities			(705,510	)			(460,797	)
Cash flows from financing activities:
Payments on revolving line of credit, long-term borrowings, and finance lease obligations			(115,234	)			(152,120	)
Proceeds from revolving line of credit and long-term borrowings			—				—
Proceeds from contribution (payment of distribution) of capital under Tax Sharing Agreement between JBS USA Holdings and Pilgrim’s Pride Corporation			—				1,425
Payment on early extinguishment of debt			(2,120	)			(200	)
Payment of capitalized loan costs			—				(16	)
Cash provided by (used in) financing activities			(2,112,995	)			(150,911	)
Effect of exchange rate changes on cash and cash equivalents			43,932				(66,484	)
Increase in cash and cash equivalents			(1,402,923	)			1,311,935
Cash and cash equivalents, beginning of year			2,043,158				731,223
Cash and cash equivalents, end of year		$	640,235			$	2,043,158
Supplemental Disclosure Information:
Interest paid (net of amount capitalized)		$	155,462			$	182,040
Income taxes paid			361,892				197,557

PILGRIM’S PRIDE CORPORATION
Selected Financial Information
(Unaudited)

“EBITDA” is defined as the sum of net income (loss) plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (1) foreign currency transaction losses (gains), (2) costs related to litigation settlements, (3) restructuring activities losses, (4) loss on settlement of pension from plan termination, (5) inventory write-down as a result of hurricane, and (6) net income attributable to noncontrolling interest. EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA applicable to continuing operations. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP. In addition, other companies in our industry may calculate these measures differently limiting their usefulness as a comparative measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. These limitations should be compensated for by relying primarily on our U.S. GAAP results and using EBITDA and Adjusted EBITDA only on a supplemental basis.

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
		Three Months Ended								Year Ended
		December 28, 2025				December 29, 2024				December 28, 2025				December 29, 2024
		(In thousands)
Net income		$	87,931			$	235,772			$	1,083,344			$	1,087,223
Add:
Interest expense, net(a)			33,044				22,776				110,270				88,509
Income tax expense			86,803				40,725				418,794				325,046
Depreciation and amortization			121,709				111,854				456,157				433,622
EBITDA			329,487				411,127				2,068,565				1,934,400
Add:
Foreign currency transaction losses (gains)(b)			(1,231	)			(2,785	)			6,777				(10,025	)
Litigation settlements(c)			77,363				95,038				162,659				167,228
Restructuring activities losses(d)			9,464				11,318				31,354				93,388
Loss on settlement of pension from plan termination(e)			—				10,940				—				21,649
Inventory write-down as a result of hurricane(f)			—				—				—				8,075
Minus:
Net income (loss) attributable to noncontrolling interest			(62	)			(82	)			985				785
Adjusted EBITDA		$	415,145			$	525,720			$	2,268,370			$	2,213,930

(a)	Interest expense, net, consists of interest expense less interest income.
(b)	Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasured assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasured nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
(c)	This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
(d)	Restructuring activities losses are related to costs incurred, such as severance, asset impairment, contract termination, and others, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.
(e)	This represents a loss recognized on the settlement of pension plan obligations related to a plan termination of our two U.S. defined benefit plans.
(f)	This primarily represents broiler losses incurred as a result of Hurricane Helene in late September 2024.

The summary unaudited consolidated income statement data for the 12 months ended December 28, 2025 (the LTM Period) have been calculated by summing each of the unaudited three month periods within the audited year ended December 28, 2025.

PILGRIM'S PRIDE CORPORATION
Reconciliation of LTM Adjusted EBITDA
(Unaudited)
		Three Months Ended																LTM Ended December 29, 2024
		March 30, 2025				June 29, 2025				September 28, 2025				December 28, 2025
		(In thousands)
Net income		$	296,343			$	356,009			$	343,061			$	87,931			$	1,083,344
Add:
Interest expense, net			16,785				31,451				28,990				33,044				110,270
Income tax expense			94,099				119,573				118,319				86,803				418,794
Depreciation and amortization			104,518				113,504				116,426				121,709				456,157
EBITDA			511,745				620,537				606,796				329,487				2,068,565
Add:
Foreign currency transaction gains			(2,053	)			4,892				5,169				(1,231	)			6,777
Litigation settlements			7,250				58,464				19,582				77,363				162,659
Restructuring activities losses			16,612				3,499				1,779				9,464				31,354
Minus:
Net income (loss) attributable to noncontrolling interest			310				489				248				(62	)			985
Adjusted EBITDA		$	533,244			$	686,903			$	633,078			$	415,145			$	2,268,370

EBITDA margins have been calculated by taking the relevant unaudited EBITDA figures, then dividing by net sales for the applicable period. EBITDA margins are presented because they are used by management and we believe they are frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

PILGRIM'S PRIDE CORPORATION
Reconciliation of EBITDA Margin
(Unaudited)
		Three Months Ended								Year Ended								Three Months Ended						Year Ended
		December 28, 2025				December 29, 2024				December 28, 2025				December 29, 2024				December 28, 2025			December 29, 2024			December 28, 2025			December 29, 2024
		(In thousands, except percent of net sales)
Net income		$	87,931			$	235,772			$	1,083,344			$	1,087,223			1.95	%		5.39	%		5.86	%		6.08	%
Add:
Interest expense, net			33,044				22,776				110,270				88,509			0.73	%		0.52	%		0.60	%		0.50	%
Income tax expense			86,803				40,725				418,794				325,046			1.92	%		0.93	%		2.26	%		1.82	%
Depreciation and amortization			121,709				111,854				456,157				433,622			2.69	%		2.56	%		2.47	%		2.43	%
EBITDA			329,487				411,127				2,068,565				1,934,400			7.29	%		9.40	%		11.18	%		10.82	%
Add:
Foreign currency transaction losses (gains)			(1,231	)			(2,785	)			6,777				(10,025	)		(0.02	)%		(0.05	)%		0.04	%		(0.06	)%
Litigation settlements			77,363				95,038				162,659				167,228			1.71	%		2.17	%		0.86	%		0.92	%
Restructuring activities losses			9,464				11,318				31,354				93,388			0.21	%		0.26	%		0.17	%		0.52	%
Loss on settlement of pension from plan termination			—				10,940				—				21,649			—	%		0.25	%		—	%		0.12	%
Inventory write-down as a result of hurricane			—				—				—				8,075			—	%		—	%		—	%		0.05	%
Minus:
Net income (loss) attributable to noncontrolling interest			(62	)			(82	)			985				785			—	%		—	%		0.01	%		—	%
Adjusted EBITDA		$	415,145			$	525,720			$	2,268,370			$	2,213,930			9.19	%		12.03	%		12.24	%		12.37	%
Net sales		$	4,517,837			$	4,372,064			$	18,497,553			$	17,878,291

Adjusted EBITDA by segment figures are presented because they are used by management and we believe they are frequently used by securities analysts, investors and other interested parties, as a supplement to our results prepared in accordance with U.S. GAAP, to compare the performance of companies.

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
	Three Months Ended																Three Months Ended
	December 28, 2025																December 29, 2024
	U.S.				Europe				Mexico				Total				U.S.				Europe				Mexico				Total
	(In thousands)																(In thousands)
Net income	$	13,261			$	72,393			$	2,277			$	87,931			$	139,647			$	74,189			$	21,936			$	235,772
Add:
Interest expense, net(a)		34,776				(537	)			(1,195	)			33,044				33,518				(5,262	)			(5,480	)			22,776
Income tax expense (benefit)		70,295				13,042				3,466				86,803				21,895				1,367				17,463				40,725
Depreciation and amortization		78,508				37,139				6,062				121,709				70,612				36,141				5,101				111,854
EBITDA		196,840				122,037				10,610				329,487				265,672				106,435				39,020				411,127
Add:
Foreign currency transaction losses (gains)(b)		(2	)			(107	)			(1,122	)			(1,231	)			(1	)			(612	)			(2,172	)			(2,785	)
Litigation settlements(c)		77,363				—				—				77,363				95,038				—				—				95,038
Restructuring activities losses(d)		—				9,464				—				9,464				—				11,318				—				11,318
Loss on settlement of pension from plan termination(e)		—				—				—				—				10,940				—				—				10,940
Minus:
Net income attributable to noncontrolling interest		—				—				(62	)			(62	)			—				—				(82	)			(82	)
Adjusted EBITDA	$	274,201			$	131,394			$	9,550			$	415,145			$	371,649			$	117,141			$	36,930			$	525,720

(a)	Interest expense, net, consists of interest expense less interest income.
(b)	Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasured assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasured nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
(c)	This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
(d)	Restructuring activities losses are related to costs incurred, such as severance, asset impairment, contract termination, and others, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.
(e)	This represents a loss recognized on the settlement of pension plan obligations related to a plan termination of our two U.S. defined benefit plans.

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
(Unaudited)
	Year Ended																Year Ended
	December 28, 2025																December 29, 2024
	U.S.				Europe				Mexico				Total				U.S.				Europe				Mexico				Total
	(In thousands)																(In thousands)
Net income	$	734,597			$	222,215			$	126,532			$	1,083,344			$	719,595			$	176,421			$	191,207			$	1,087,223
Add:
Interest expense, net(a)		128,847				(2,619	)			(15,958	)			110,270				133,784				(13,996	)			(31,279	)			88,509
Income tax expense (benefit)		313,935				53,100				51,759				418,794				237,550				10,750				76,746				325,046
Depreciation and amortization		288,495				145,375				22,287				456,157				270,618				140,993				22,011				433,622
EBITDA		1,465,874				418,071				184,620				2,068,565				1,361,547				314,168				258,685				1,934,400
Add:
Foreign currency transaction losses (gains)(b)		—				3,663				3,114				6,777				(1	)			(665	)			(9,359	)			(10,025	)
Litigation settlements(c)		162,659				—				—				162,659				167,228				—				—				167,228
Restructuring activities losses(d)		—				31,354				—				31,354				—				93,388				—				93,388
Loss on settlement of pension from plan termination(e)		—				—				—				—				21,649				—				—				21,649
Inventory write-down as a result of hurricane(f)		—				—				—				—				8,075				—				—				8,075
Minus:
Net income attributable to noncontrolling interest		—				—				985				985				—				—				785				785
Adjusted EBITDA	$	1,628,533			$	453,088			$	186,749			$	2,268,370			$	1,558,498			$	406,891			$	248,541			$	2,213,930

(a)	Interest expense, net, consists of interest expense less interest income.
(b)	Prior to April 1, 2024, the Company measured the financial statements of its Mexico reportable segment as if the U.S. dollar were the functional currency. Accordingly, we remeasured assets and liabilities, other than nonmonetary assets, of the Mexico reportable segment at current exchange rates. We remeasured nonmonetary assets using the historical exchange rate in effect on the date of each asset’s acquisition. Currency exchange gains or losses resulting from these remeasurements were previously recognized in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income. Effective April 1, 2024, the Company changed the functional currency of its Mexico reportable segment from U.S. dollar to Mexican peso, which means all translation gains/losses on outstanding balances are now recognized in accumulated other comprehensive income. Transactional functional currency gains/losses are included in the line item Foreign currency transaction losses (gains) in the Condensed Consolidated Statements of Income.
(c)	This represents expenses recognized in anticipation of probable settlements in ongoing litigation.
(d)	Restructuring activities losses are related to costs incurred, such as severance, asset impairment, contract termination, and others, as part of multiple ongoing restructuring initiatives throughout our Europe reportable segment.
(e)	This represents a loss recognized on the settlement of pension plan obligations related to a plan termination of our two U.S. defined benefit plans.
(f)	This primarily represents broiler losses incurred as a result of Hurricane Helene in late September 2024.

Adjusted Operating Income is calculated by adding to Operating Income certain items of expense and deducting from Operating Income certain items of income. Management believes that presentation of Adjusted Operating Income provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income to adjusted operating income as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted Operating Income
(Unaudited)
	Three Months Ended								Year Ended
	December 28, 2025				December 29, 2024				December 28, 2025				December 29, 2024
	(In thousands)
GAAP operating income, U.S. operations	$	115,488			$	205,752			$	1,173,404			$	1,113,001
Litigation settlements		77,363				95,038				162,659				167,228
Inventory write-down as a result of hurricane		—				—				—				8,075
Adjusted operating income, U.S. operations	$	192,851			$	300,790			$	1,336,063			$	1,288,304
Adjusted operating income margin, U.S. operations		7.4	%			11.5	%			12.1	%			12.1	%
GAAP operating income, Europe operations	$	83,423			$	68,983			$	272,397			$	169,693
Restructuring activities losses		9,464				11,318				31,354				93,388
Adjusted operating income, Europe operations	$	92,887			$	80,301			$	303,751			$	263,081
Adjusted operating income margin, Europe operations		6.7	%			6.4	%			5.6	%			5.1	%
GAAP operating income, Mexico operations	$	5,199			$	31,916			$	167,738			$	223,375
No adjustments		—				—				—				—
Adjusted operating income, Mexico operations	$	5,199			$	31,916			$	167,738			$	223,375
Adjusted operating income margin, Mexico operations		1.0	%			6.4	%			7.9	%			10.6	%

Adjusted Operating Income Margin for each of our reportable segments is calculated by dividing Adjusted operating income by Net Sales. Management believes that presentation of Adjusted Operating Income Margin provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of GAAP operating income margin for each of our reportable segments to adjusted operating income margin for each of our reportable segments is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of GAAP Operating Income Margin to Adjusted Operating Income Margin
(Unaudited)
	Three Months Ended						Year Ended
	December 28, 2025			December 29, 2024			December 28, 2025			December 29, 2024
	(In percent)
GAAP operating income margin, U.S. operations	4.4	%		7.9	%		10.7	%		10.5	%
Litigation settlements	3.0	%		3.6	%		1.5	%		1.5	%
Inventory write-down as a result of hurricane	—	%		—	%		—	%		0.1	%
Adjusted operating income margin, U.S. operations	7.4	%		11.5	%		12.1	%		12.1	%
GAAP operating income margin, Europe operations	6.0	%		5.5	%		5.1	%		3.3	%
Restructuring activities losses	0.7	%		0.9	%		0.5	%		1.8	%
Adjusted operating income margin, Europe operations	6.7	%		6.4	%		5.6	%		5.1	%
GAAP operating income margin, Mexico operations	1.0	%		6.4	%		7.9	%		10.6	%
No adjustments	—	%		—	%		—	%		—	%
Adjusted operating income margin, Mexico operations	1.0	%		6.4	%		7.9	%		10.6	%

Adjusted net income attributable to Pilgrim's Pride Corporation ("Pilgrim's") is calculated by adding to net income attributable to Pilgrim's certain items of expense and deducting from net income attributable to Pilgrim's certain items of income, as shown below in the table. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with U.S. GAAP, to compare the performance of companies. Management also believe that this non-U.S. GAAP financial measure, in combination with our financial results calculated in accordance with U.S. GAAP, provides investors with additional perspective regarding the impact of such charges on net income attributable to Pilgrim’s Pride Corporation per common diluted share. Adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is not a measurement of financial performance under U.S. GAAP, has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under U.S. GAAP. Management believes that presentation of adjusted net income attributable to Pilgrim’s provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of net income attributable to Pilgrim’s Pride Corporation per common diluted share to adjusted net income attributable to Pilgrim’s Pride Corporation per common diluted share is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted Net Income
(Unaudited)
	Three Months Ended								Year Ended
	December 28, 2025				December 29, 2024				December 28, 2025				December 29, 2024
	(In thousands, except per share data)
Net income attributable to Pilgrim's	$	87,993			$	235,854			$	1,082,359			$	1,086,438
Add:
Foreign currency transaction losses (gains)		(1,231	)			(2,785	)			6,777				(10,025	)
Litigation settlements		77,363				95,038				162,659				167,228
Restructuring activities losses		9,464				11,318				31,354				93,388
Loss on settlement of pension from plan termination		—				10,940				—				21,649
Inventory write-down as a result of hurricane		—				—				—				8,075
Loss (gain) on early extinguishment of debt recognized as a component of interest expense(a)		—				—				—				(11,211	)
Minus:
Adjusted net income attributable to Pilgrim's before tax impact		173,589				350,365				1,283,149				1,355,542
Net tax impact of adjustments(b)		(11,851	)			(28,109	)			(49,288	)			(66,057	)
Adjusted net income attributable to Pilgrim's	$	161,738			$	322,256			$	1,233,861			$	1,289,485
Weighted average diluted shares of common stock outstanding		238,563				238,070				238,449				237,800
Adjusted net income attributable to Pilgrim's per common diluted share	$	0.68			$	1.35			$	5.17			$	5.42

(a)	The gain on early extinguishment of debt recognized as a component of interest expense in 2024 was due to the bond repurchases. The loss on early extinguishment of debt recognized as a component of interest expense in 2023 was due to the repurchase of the Senior Notes due 2027.
(b)	Net tax impact of adjustments represents the tax impact of all adjustments shown above.

Adjusted EPS is calculated by dividing the adjusted net income attributable to Pilgrim's stockholders by the weighted average number of diluted shares. Management believes that Adjusted EPS provides useful supplemental information about our operating performance and enables comparison of our performance between periods because certain costs shown below are not indicative of our current operating performance. A reconciliation of U.S. GAAP to non-U.S. GAAP financial measures is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of GAAP EPS to Adjusted EPS
(Unaudited)
	Three Months Ended								Year Ended
	December 28, 2025				December 29, 2024				December 28, 2025				December 29, 2024
	(In thousands, except per share data)
U.S. GAAP EPS	$	0.37			$	0.99			$	4.54			$	4.57
Add:
Foreign currency transaction losses (gains)		(0.01	)			(0.01	)			0.03				(0.04	)
Litigation settlements		0.32				0.40				0.68				0.69
Restructuring activities losses		0.04				0.05				0.13				0.39
Loss on settlement of pension from plan termination		—				0.05				—				0.09
Inventory write-down as a result of hurricane		—				—				—				0.03
Loss (gain) on early extinguishment of debt recognized as a component of interest expense		—				—				—				(0.06	)
Minus:
Adjusted EPS attributable to Pilgrim's before tax impact		0.72				1.48				5.38				5.67
Net tax impact of adjustments(a)		(0.10	)			(0.12	)			(0.21	)			(0.26	)
Adjusted EPS	$	0.62			$	1.36			$	5.17			$	5.41
Weighted average diluted shares of common stock outstanding		238,563				238,070				238,449				237,800

(a)	Net tax impact of adjustments represents the tax impact of all adjustments shown above.

PILGRIM'S PRIDE CORPORATION
Supplementary Geographic Data
(Unaudited)
		Three Months Ended								Year Ended
		December 28, 2025				December 29, 2024				December 28, 2025				December 29, 2024
		(In thousands)
Sources of net sales by country of origin:
U.S.		$	2,598,545			$	2,613,241			$	10,998,732			$	10,629,929
Europe			1,383,571				1,259,176				5,378,865				5,136,747
Mexico			535,721				499,647				2,119,956				2,111,615
Total net sales		$	4,517,837			$	4,372,064			$	18,497,553			$	17,878,291
Sources of cost of sales by country of origin:
U.S.		$	2,324,627			$	2,231,746			$	9,364,633			$	9,065,837
Europe			1,252,595				1,135,385				4,886,105				4,675,080
Mexico			512,024				451,671				1,888,672				1,824,607
Elimination			—				—				—				—
Total cost of sales		$	4,089,246			$	3,818,802			$	16,139,410			$	15,565,524
Sources of gross profit by country of origin:
U.S.		$	273,918			$	381,495			$	1,634,099			$	1,564,092
Europe			130,976				123,791				492,760				461,667
Mexico			23,697				47,976				231,284				287,008
Elimination			—				—				—				—
Total gross profit		$	428,591			$	553,262			$	2,358,143			$	2,312,767
Sources of operating income (loss) by country of origin:
U.S.		$	115,488			$	205,752			$	1,173,404			$	1,113,001
Europe			83,423				68,983				272,397				169,693
Mexico			5,199				31,916				167,738				223,375
Elimination			—				—				—				—
Total operating income		$	204,110			$	306,651			$	1,613,539			$	1,506,069

FAQ

What were Pilgrim’s Pride (PPC) full-year 2025 revenue and adjusted EBITDA figures?

Pilgrim’s Pride reported $18.5 billion in net sales and $2.27 billion in Adjusted EBITDA for 2025. According to the company, Adjusted EBITDA represented a 12.3% margin with U.S., Europe, and Mexico contributing differentiated margins.

How much cash did Pilgrim’s Pride (PPC) return to shareholders in 2025?

Pilgrim’s Pride returned $2.0 billion to shareholders through special dividends in 2025. According to the company, this return was funded while maintaining net leverage below 1.1x Adjusted EBITDA to support future growth.

What drove Pilgrim’s Pride (PPC) U.S. Prepared Foods growth in 2025?

U.S. Prepared Foods net sales increased by over 20% in 2025, driven by retail and foodservice demand. According to the company, branded offerings including Just Bare® and strong Key Customer volume supported the acceleration.

What is the status of Pilgrim’s Pride (PPC) branded product Just Bare® in 2025?

Just Bare® achieved $1 billion in retail sales across fresh and frozen fully cooked during 2025. According to the company, retail velocity grew over 50% year-over-year and market share expanded materially over three years.

Why were Pilgrim’s Pride (PPC) Mexico results pressured in late 2025?

Mexico faced margin pressure due to increased imports and weakened live commodity fundamentals in H2 2025. According to the company, branded volumes rose but profitability was limited by unbalanced market conditions and import competition.