JBS (JBS) reported net income attributable to shareholders of $164 million in 3Q26, down 72% from $581 million in 3Q25. Earnings per share (EPS) were $0.15, compared with $0.52 in the same period a year earlier. The figures follow IFRS accounting standards. The company says it faced a more challenging operating environment across several business units.
Net revenue totaled $22.7 billion, up 1% from 3Q25 ($22.6 billion). Operating income was $516.4 million, versus $1.2 billion a year earlier. Adjusted earnings per share (non-GAAP, excluding items the company considers non-recurring) were $0.16, compared with $0.54.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) under IFRS was $1.2 billion ($1,181 million), down 36%. Under US GAAP, an unaudited measure, it came in at $1.0 billion ($1,001 million), a decline of 38%. Adjusted operating income under IFRS was $521 million, down 58%.
Free cash flow was negative $167 million, compared with positive $384 million a year earlier. The company attributes the decline to lower adjusted EBITDA, which fell by $653 million, and to higher working capital consumption in Brazil, mainly inventories. Leverage (net debt to last-12-months adjusted EBITDA) rose to 3.54x from 2.39x. Net debt was $19.3 billion. The average debt maturity is 14.4 years, with an average cost of 5.7%. JBS expanded its revolving credit facility from $3.5 billion to $4.2 billion, and total liquidity reached $8.2 billion.
Among the business units, JBS Beef North America returned to positive adjusted EBITDA under US GAAP, at $21 million. JBS Brasil had adjusted EBITDA of $141 million, down 54%, affected by lower exports to China after the end of the 2026 quota. Pilgrim's Pride had adjusted EBITDA of $462 million, down 39.9%. JBS USA Pork recorded adjusted EBITDA of $37 million, down 83%.
