SAO PAULO, Brazil — JBS reported record fourth-quarter and full-year revenue Wednesday, but quarterly profit narrowly missed Wall Street estimates as tight U.S. cattle supplies kept pressure on margins in its North American beef business. Higher cattle costs rose faster than wholesale beef prices in the United States, offsetting stronger contributions from poultry, pork, Brazil and Australia, March 25, 2026.
In its fourth-quarter and full-year release, JBS said fourth-quarter revenue rose 15% to $23.06 billion and full-year revenue reached a record $86.18 billion. According to a Reuters report on the earnings, quarterly net income was $415 million, just below the $428 million consensus compiled by LSEG, while revenue topped the $22.38 billion estimate. Adjusted EBITDA fell 7% to $1.72 billion, though it still came in ahead of forecasts.
JBS earnings: why the profit miss happened
The main drag was JBS Beef North America, still the company’s largest business by revenue. Segment sales climbed to $7.66 billion in the quarter, but IFRS adjusted EBITDA fell to $56 million from $111 million a year earlier as cattle costs outpaced wholesale beef prices, leaving margins under pressure despite resilient U.S. demand.
JBS said tighter availability was worsened by Mexico-related supply constraints after the USDA suspended live animal imports through southern border ports in May 2025 over New World screwworm. That added another squeeze point to a market already dealing with scarce cattle and elevated livestock costs.
National herd data show the same strain. The USDA’s January 2026 cattle inventory report put total U.S. cattle and calves at 86.2 million head, down slightly from a year earlier, with beef cows at 27.6 million. For meatpackers such as JBS, that backdrop helps explain why record beef sales are not yet producing a normal margin recovery.
JBS earnings: strength outside U.S. beef kept the quarter intact
Outside North American beef, JBS leaned on the breadth of its portfolio. Pilgrim’s Pride, JBS Brazil, Seara, JBS USA Pork and Australia all supported the group, while quarterly free cash flow reached $990 million and year-end leverage stood at 2.39 times adjusted EBITDA. Full-year net income rose to $2.02 billion, showing how the company’s multi-protein and multi-geography model is cushioning one of the toughest U.S. cattle cycles in years.
JBS earnings in context: the warning signs were already there
This quarter did not come out of nowhere. In August 2025, Reuters reported that JBS returned to quarterly profit even as its U.S. beef unit posted negative EBITDA, an early sign that poultry, processed foods and non-U.S. beef were doing much of the heavy lifting.
By November, executives were warning that the U.S. cattle shortage could last through 2026, with more meaningful relief only expected later. Wednesday’s numbers fit that same arc: JBS is still putting up revenue records, but profit growth remains constrained until U.S. beef margins improve.
For investors, the takeaway is straightforward. JBS is proving that scale and diversification can protect the top line, yet management said it does not expect a significant change in U.S. cattle supply this year. That means the company’s earnings power will still hinge on how long chicken, pork and overseas beef can keep offsetting the squeeze in U.S. beef.
