JBS reports a $102.1 million net loss in the second quarter

Brazilian meatpacker JBS posted a net loss of $102.1 million in the second quarter of 2026. The result reversed a net profit of $528.1 million recorded in the same period of 2025. Adjusted net profit fell 62.3% year on year to $218.3 million, down from $578.4 million.

Net revenue rose 14.00% to $23.90 billion compared to $20.99 billion a year earlier, lifting first-half revenue to $45.51 billion. Growth was led by JBS Australia with revenue up 30.0%, JBS Brasil rising 28.0% to a second-quarter record of $4.59 billion, Seara climbing 18.2%, and JBS North America advancing 14.2%. Management highlighted demand capture across China, the Middle East, and Brazil, alongside strong domestic demand during the World Cup.

Adjusted EBITDA totaled $1.257 billion from April to June, showing sequential margin gains across most units despite ongoing headwinds in the US beef segment. JBS Brasil generated EBITDA under US GAAP of $273 million with a 5.9% margin.

Free cash flow swung to a positive $129.7 million from negative $54.9 million in the second quarter of 2025, reaching $36.4 million for the first six months. Capital expenditures climbed 36.3% to $612.5 million from $449.5 million, bringing half-year investments to $1.18 billion. Financial leverage, measured as net debt to EBITDA, rose to 3.10 times from 2.27 times a year earlier.