Pilgrim's Pride Corporation (PPC) Earnings
Pilgrim's Pride Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.97. PPC has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise -7.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.69 | $0.51 | -26.1% | $4.5B | +2.3% |
| Feb 11, 2026 | $0.78 | $0.62 | -20.5% | $4.5B | +4.0% |
| Oct 29, 2025 | $1.41 | $1.52 | +7.8% | $4.8B | +8.4% |
| Jul 30, 2025 | $1.57 | $1.70 | +8.3% | $4.8B | +2.9% |
| Apr 30, 2025 | $1.34 | $1.31 | -2.2% | $4.5B | +0.4% |
| Feb 12, 2025 | $1.13 | $1.35 | +19.5% | $4.4B | -6.6% |
| Oct 30, 2024 | $1.38 | $1.63 | +18.1% | $4.6B | -2.2% |
| Jul 31, 2024 | $1.30 | $1.67 | +28.5% | $4.6B | -1.4% |
| May 1, 2024 | $0.64 | $0.77 | +20.3% | $4.4B | -2.0% |
| Feb 26, 2024 | $0.40 | $0.59 | +47.5% | $4.5B | +1.2% |
| Oct 25, 2023 | $0.42 | $0.58 | +38.1% | $4.4B | +2.3% |
| Jul 26, 2023 | $0.28 | $0.44 | +57.1% | $4.3B | -0.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Navigated volatile commodity markets, protecting downside with stable portfolio parts. - Drove progress in growth investments, strengthening differentiated product portfolio. - In U.S., demand for retail trade pack and fresh prepared foods strong, but sales and profitability affected by lower commodity values and plant downtime. - Europe's diversified portfolio had steady sales and margins, with poultry and meals resonating with consumers. - Mexico fresh sales steady, breaded sales up double digits, but margins compressed by excess production and imports. Progress on expansion projects. - Sustainability efforts: Surpassed 2025 reduction targets against scope one and two emissions intensity. - U.S. supply: USDA reported ready-to-cook production increase, egg sets and chick placements grew. Expect chicken production to increase 2% in 2026. - Feed inputs: Corn pricing consistent, soy appreciated but global markets well supplied, wheat global stock well supplied with geopolitical risks.
Guidance
- Full-year effective tax rate expected to approximate 25%. - Liquidity position very strong with nearly $1.75 billion in total cash and available credit at end of quarter. - Net debt totaled $2.55 billion, leverage ratio 1.25 times last 12 months adjusted EBITDA, below target. Full-year net interest expense expected between $105 and $115 million after $250 million tender offer. - Full-year CapEx estimate approximately $900 to $950 million, with $235 million spent in first quarter. - USDA expects chicken production to increase 2% in 2026, with Q2 growth expected at 2.5% and more muted growth in Q3 and Q4.
Segment performance
For the first quarter of 2026, net revenues were $4.53 billion. U.S. net revenues were $2.64 billion, with adjusted EBITDA of $185.5 million and a margin of 7.0% compared to 14.3% a year ago. Europe's adjusted EBITDA was $105.8 million, a 6.3% increase from last year, with a margin of 7.8%. Mexico generated $16.8 million in adjusted EBITDA, with a margin of 3.1% versus 8.4% a year ago. U.S. prepared foods retail sales of Just Bear increased nearly 40% compared to last year. Mexico fresh branded offerings sales increased double digits, and prepared foods sales grew, but margins were compressed due to excess production and imports.
Risks & headwinds
- Impact of weather-related events causing unplanned downtime and reducing service levels. - Volatility in commodity markets affecting sales and margins. - Geopolitical risks affecting wheat futures and global trade movements. - Competition from private label products in Europe affecting branded portfolio volumes. - Uncertainty in consumer sentiment and its impact on demand for different protein categories.
Analyst Q&A
Q: Ben Thurer with Barclays asked about financial impact of downtime and weather in U.S. business and outlook for second quarter.
A: Fabio Sandri discussed multi-faceted impact of downtime and storms, hard to quantify overall impact, and USDA's growth expectations for Q2, Q3, Q4.
Q: Peter Galbu with Bank of America asked for quantification of downtime and outlook on Russellville conversion.
A: Fabio Sandri said hard to quantify overall impact, Russellville conversion is for stable margins and key customer growth.
Q: Andrew Strelczyk with BMO Capital Markets asked about bird vaccination impact and freight exposure.
A: Fabio Sandri said vaccination against high-path AI not beneficial, and freight costs are pass-through or managed.
Q: Puran Sharma with defense asked about Russellville conversion details and JustBear growth drivers.
A: Fabio Sandri discussed stable margins of Russellville conversion and JustBear's growth from distribution, velocity, and innovation.
Q: Leah Jordan with Goldman Sachs asked about consumer behavior across regions.
A: Fabio Sandri discussed shift from food service to retail, strong chicken demand in Mexico despite other protein availability, and similar trends in U.S. and Europe.
Q: Tiago Duarte with PDG Practical asked about CAPEX timing and incremental capacity.
A: Matt Galvinoni discussed CapEx timing and mix of projects to support prepared foods growth.
Q: Heather Jones with Heather Jones Research asked about chicken demand vs price gap and Russellville conversion impact.
A: Fabio Sandri discussed elasticity issues and minimal ongoing impact of Russellville conversion.
Q: Priya Urigupta with Barclays asked about European competitive dynamics and debt profile.
A: Fabio Sandri discussed competitive dynamics in Europe and thought process on debt tender offer and debt profile.