PilgrimaEUR(TM)s Pride Corporation reported its fourth quarter and year-end 2025 financial results.

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). 

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