JBS
JBS · NYSEMeat Packing Plants
JBS reported revenue of $86.2B in the fiscal year ended Dec 2025, up 11.7% from the year before. Operating income was $4.2B, an operating margin of 4.8%, and net income was $2.2B. Operating cash flow of $2.9B less capital expenditure of $2.1B left free cash flow of $833M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $72.9B | $77.2B | $86.2B |
| Cost of revenue | $65B | $65.6B | $74.9B |
| Gross profit | $8B | $11.6B | $11.3B |
| Operating income | $1.1B | $4.4B | $4.2B |
| Interest expense | $1.7B | $1.6B | $1.7B |
| Pre-tax income | −$260M | $2.7B | $2.6B |
| Income tax | −$128M | $743M | $391M |
| Net income | −$132M | $2B | $2.2B |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | $4.6B | $5.6B | $4.6B |
| Inventory | – | $5B | $6.1B |
| Current assets | – | $17.1B | $18.4B |
| Net PP&E | $12.9B | $11.8B | $13.6B |
| Goodwill | – | $5.4B | $5.9B |
| Total assets | – | $40.7B | $45.2B |
| Current liabilities | – | $11.7B | $11.5B |
| Shareholders' equity | $9.7B | $7.1B | $8.7B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | $2.4B | $4.2B | $2.9B |
| Capital expenditure | $1.5B | $1.5B | $2.1B |
| Free cash flow | $877M | $2.7B | $833M |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 5.8% | 11.7% |
| Operating income growth (YoY) | – | 303.8% | −5.0% |
| Gross margin | 10.9% | 15.0% | 13.1% |
| Operating margin | 1.5% | 5.7% | 4.8% |
| Net margin | −0.2% | 2.5% | 2.6% |
| Return on equityBlank when equity is negative | −1.4% | 27.7% | 25.6% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 15.1% | 12.4% |
| Free cash flow margin | 1.2% | 3.6% | 1.0% |
| Cash conversion (CFO ÷ net income) | −18.1x | 2.15x | 1.31x |
| Inventory days | – | 28 | 30 |
| Interest cover | 0.63x | 2.66x | 2.48x |
| Current ratio | – | 1.47x | 1.60x |
Recent filings
More in Meat Packing Plants
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.