Pilgrim's Pride (PPC) Q2 2026 Earnings Report

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Previous Report: Q1 2026

PPC Q2 2026 EPS Results

Actual EPS$0.64

Consensus EPS$0.70

Beat/MissMissed by -$0.06

One Year Ago EPS$1.70

PPC Q2 2026 Revenue Results

Actual Revenue$4.62B

Expected Revenue$4.70B

Beat/MissMissed by -$79.01M

YoY Revenue Growth-2.83%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

PPC Upcoming Earnings

Pilgrim's Pride's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

PPC Q2 2026 Earnings Call

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Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Negative

The call conveyed meaningful operational progress — particularly in Prepared Foods, brand momentum (Just Bare), completed and on-track capital projects, and a strong liquidity position — but was dominated by significant near-term financial headwinds: notably a steep YoY decline in adjusted EBITDA and margins, substantial one-time legal and impairment charges, and regional profitability pressures (especially Mexico and U.S. commodity exposure). The company emphasized strategic actions to reduce portfolio volatility and improve margins over time, but the scale of the quarter-to-quarter profit deterioration and one-time costs create a materially negative near-term financial picture.

Company Guidance

The company reiterated a number of near‑ and full‑year financial and operational targets: full‑year capital expenditures are maintained at approximately $900 million (Q2 CapEx $230 million; year‑to‑date $465 million), with the CFO noting second‑half spend will be roughly in line with the first half; full‑year effective tax rate is expected to approximate 25% (Q2 ETR 39.3%; YTD 25.3%); full‑year net interest expense (excluding early extinguishment of debt) is forecast at roughly $115–$120 million (Q2 GAAP net interest $46.1 million; ex‑loss $28.5 million); liquidity at quarter end was nearly $1.6 billion of cash and available credit, net debt was under $2.5 billion with leverage of 1.43x LTM adjusted EBITDA, and the company completed a $250 million tender of 2033 bonds; USDA supply guidance cited on the call anticipated U.S. ready‑to‑cook production growth moderating to about 2.5% in H2 and a roughly 3.3% full‑year increase, with overall net protein availability up ~2.2% year‑over‑year; longer‑dated project timing noted Walker County commissioning in H2 2027.

Net Revenues and Adjusted EBITDA (Quarter)

Net revenues of $4.63 billion in Q2 2026 (down ~2.7% YoY from $4.76B). Adjusted EBITDA of $360.0 million, demonstrating ongoing cash generation despite margin pressure.

Prepared Foods Momentum

Prepared Foods volumes increased nearly 14% YoY; Just Bare retail sales grew over 30% YoY, achieving ~15% market share and becoming the second largest brand in frozen fully cooked; Prepared Foods benefiting from lower raw material costs and strong retail velocity.

Operational Project Completions and On-Track Investments

Completed Russellville conversion to case-ready; Porvenir prepared line expansion started production; Ellijay deboning investment announced; Walker County prepared foods plant remains on track with commissioning in H2 2027; Q2 CapEx of $230M and full-year CapEx maintained at ~$900M.

Improving U.S. Operations Sequentially

U.S. operations showed sequential margin improvement versus Q1 driven by completed plant upgrades and better live operations; fresh and prepared volumes grew, with case-ready distribution and promotional events secured.

Strong Balance Sheet and Liquidity

Net debt below $2.5 billion with leverage of 1.43x LTM adjusted EBITDA; nearly $1.6 billion in cash and available credit; completed $250 million tender of 2033 bonds; disciplined working capital focus.

Recognition and ESG/People Achievements

Multiple workplace and team-member recognitions: America's Greatest Workplace (Newsweek, U.S.), Employer of the Year (The Grocer, Europe), Exceptional Companies Award (Institute for the Promotion of Quality, Mexico); continued ESG and team development focus.

Export and Market Access Progress

Exports steady with volume growth outpacing channels in key markets; China reopened shipments from 17 states after avian influenza restrictions were lifted, presenting additional export opportunities.

PPC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	0.65 / -	1.52	―
Jul 29, 2026	2026 (Q2)	0.70 / 0.64	1.7	-62.35% (-1.06)
Apr 29, 2026	2026 (Q1)	0.65 / 0.51	1.31	-61.07% (-0.80)
Feb 11, 2026	2025 (Q4)	0.75 / 0.62	1.35	-54.07% (-0.73)
Oct 29, 2025	2025 (Q3)	1.40 / 1.52	1.63	-6.75% (-0.11)
Jul 30, 2025	2025 (Q2)	1.57 / 1.70	1.67	1.80% (+0.03)
Apr 30, 2025	2025 (Q1)	1.34 / 1.31	0.77	70.13% (+0.54)
Feb 12, 2025	2024 (Q4)	1.15 / 1.35	0.59	128.81% (+0.76)
Oct 30, 2024	2024 (Q3)	1.40 / 1.63	0.58	181.03% (+1.05)
Jul 31, 2024	2024 (Q2)	1.35 / 1.67	0.44	279.55% (+1.23)

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