Chart data and accounting scope
| Business | 2025 | 2026 |
|---|---|---|
| JBS Beef North America | -46.2 | 21.4 |
| Pilgrim's Pride | 633.1 | 316.3 |
Same minus-100 to plus-700 scale in both graphics; zero is marked. These are company-adjusted measures reconciled to U.S. generally accepted accounting principles, not IFRS segment values, operating income or net income. Factual data redrawn by SpecStocks; no issuer artwork reproduced. No forecast.
JBS' North American beef business returned to a small adjusted profit in the September quarter. But the meat producer's November 9 results showed a much bigger decline in chicken earnings, leaving its overall recovery unfinished. [4]
The New York Stock Exchange-listed company (JBS) reported $164.4 million in profit attributable to shareholders, down from $580.9 million a year earlier. A healthier beef business could help; it cannot carry every other operation on its own. [1] [2]
More cattle reach the plants
North American beef adjusted EBITDA reached $21.4 million, compared with a $46.2 million loss a year earlier. JBS credited stronger beef demand, industry capacity adjustments and reopened U.S.-Mexico cattle crossings. Heavier cattle were reaching processing weight sooner. [1]
“supported the recovery in profitability”
JBS, describing those beef-market improvements, November 9, 2026 [1]
The trade route remains conditional. The U.S. Department of Agriculture's Animal and Plant Health Inspection Service is reopening crossings in phases, with enhanced safeguards against New World screwworm, an animal-health threat. Its October update scheduled Columbus, New Mexico, for October 26. [3]
Nogales, Arizona, is scheduled for November 30 only if animal-health conditions and inspection arrangements permit. More access could help cattle reach U.S. processors, but another health setback could interrupt that progress. [3]
Chicken has the opposite problem
At Pilgrim's Pride, JBS reported adjusted EBITDA of $316.3 million, roughly half the year-earlier amount. The company's Brazilian statement says increased U.S. chicken supply pressured prices. Consumers buying chicken does not ensure producers earn more when supply expands too. [1] [4]
There were brighter spots beyond ordinary fresh chicken. Prepared-food volumes grew more than 15%, while Just Bare retail sales advanced more than 25%, according to JBS. Products with recognizable brands offer another way to compete as bulk chicken prices weaken. [4]
JBS' filing describes a range extending from fresh birds to portioned fillets, strips and nuggets. That breadth gives the company several ways to sell chicken, although it also has to pay for processing and distribution. [2]
The recovery still needs cash
The wider business faces other pressures. JBS said Brazil's beef exports fell after China's 2026 quota was exhausted, while higher livestock costs hurt Australian operations. Several countries and proteins can struggle at the same time. [4]
Across the first nine months, group sales rose 8.1%, largely because prices increased; volumes barely grew. Higher selling prices alone have not solved the earnings squeeze. At September 30, JBS had $23.6 billion of loans and financing against $4.15 billion of cash and cash equivalents. Those are dated balances, and the debt figure excludes lease liabilities. [2]
The market connection For JBS shareholders, reopened cattle routes offer a real improvement in one large business. The harder task is turning that improvement into stronger group earnings while chicken prices and export limits pull elsewhere.