EarningsQ3 2026 Earnings Report
DE:6PP Q3 2026 EPS Results
Actual EPS€0.44
Consensus EPS€0.50
Beat/MissMissed by -€0.06
One Year Ago EPS€1.36
DE:6PP Q3 2026 Revenue Results
Actual Revenue€4.16B
Expected Revenue€4.14B
Beat/MissBeat by +€23.78M
YoY Revenue Growth-2.24%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeAfter Close
Conference CallWednesday, October 28, 2026
DE:6PP Upcoming Earnings
Pilgrim's Pride's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:6PP Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Negative
The call highlighted steady demand for affordable chicken, strong prepared foods growth, operational improvements, expansion progress, liquidity and strategic investments. However, these positives were outweighed by the sharp year-over-year decline in adjusted EBITDA and margins, lower U.S. profitability, weaker Mexico results, European pork and foodservice challenges, pricing pressure and higher commodity and production costs.Company Guidance
Steady Revenue and Chicken Affordability
Third-quarter net revenues were $4.65 billion, compared with $4.76 billion a year ago. Volume remained steady year over year as the affordability of chicken continued to resonate among consumers across all regions.
U.S. Retail Chicken Demand Growth
U.S. chicken retail volumes, including fresh and frozen, grew 1.4% year over year. Boneless breast grew more than 2%, while boneless dark meat grew close to 10%, partially compensating for lower volumes of bone-in products.
Deli, Frozen and Foodservice Volume Growth
Deli ready-to-eat chicken volumes increased 1.6% year over year, with appetizers including popcorn chicken and wings leading category growth. Frozen prepared chicken volumes rose 1.4%, and foodservice chicken volumes increased 0.8% despite mixed industry traffic trends.
Prepared Foods Momentum
U.S. prepared foods volume rose over 15% year over year, while retail branded offerings increased over 20%. Prepared Foods nearly doubled its profitability from Q3 2025, and foodservice sales increased over 12% compared with the prior year.
Just BARE and New Product Traction
Just BARE outpaced other brands in the frozen fully-cooked category, with retail dollar share growing by over 300 basis points year over year. The newly launched Flaming Hot Chicken offering received strong marketplace acceptance, leading to incremental commitments across retail and foodservice channels.
Operational Efficiency Improvements
Life production and yield efficiencies improved compared with the previous quarter. Recent plant upgrades, improved live operations and mix enhancements from the Russellville conversion supported operational efficiency, while higher-attribute portioning and increased deboning of dark meat supported prepared foods and growing customer demand.
Expansion Projects Progressing
The Ellijay, Georgia expansion was completed, supporting customer growth in the higher-value, fastest-growing small boneless chicken category. Construction of the new Walker County, Georgia prepared foods facility remains on schedule, with commissioning expected early in the second half of 2027.
Lower U.S. Chicken Inventories and Export Growth
Total U.S. freezer inventories fell 5% year over year, while boneless breast inventories declined nearly 8%. Global chicken demand remained strong, with three consecutive months of year-over-year export growth, and Pilgrim's volume growth outpaced the channel due to increased presence in key markets.
Europe Meals and Poultry Strength
European poultry and meals offerings benefited from consumers seeking value. Meals sales and volume both grew double digits, while the European business generated $102 million of adjusted EBITDA compared with $104 million last year, with poultry and meals strength helping compensate for pressured pork margins.
Mexico Fresh Branded Growth
Mexico sales increased 13% year over year due to higher sales volume. Fresh retail branded volumes rose over 40% year over year due to increased distribution and investments in sales execution, while Just BARE volume more than doubled.
Liquidity and Balance Sheet Flexibility
Following the completion of a €500 million bond offering, the company had over $2.1 billion in total cash and available credit at quarter-end. Net debt was less than $2.5 billion, with a leverage ratio of 1.76 times last-twelve-month adjusted EBITDA, below the 2x to 3x target range.
Sustainability and Team Member Development
Scope 1 and 2 greenhouse gas emissions intensity at company facilities has declined over 20% since 2019, while the global safety index improved over 60% year over year. The company provided over 5 million hours of training in 2025, and 22 team members or dependents enrolled in tuition-free higher education programs during 2025; more than 485 have applied since the program began in 2021.
Strategic Investments and Acquisition Plans
The company continued investing in automation, prepared foods, expansion projects in Mexico's South and Yucatan Peninsula regions, and high-return growth projects. The acquisition of Walker's Deli and Sausage is anticipated to close in early 2027 and is intended to further integrate the value chain of high-welfare pork into the premium sausage segment.
DE:6PP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed