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

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.

“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.

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.

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.

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.

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.

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:

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:

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:

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: