Pilgrims Pride (PPC) Q3 FY2026 earnings: revenue $4.7 billion, down 2.2% on the year

Pilgrims Pride Corp. (PPC) reported revenue of $4.7 billion for Q3 FY2026, the quarter ended 27 September 2026, down 2.2% on the same quarter a year earlier. Net income was $118 million, down 65.7% on the year, and diluted earnings per share $0.49. The figures are the company's own, from the 10-Q it filed with the SEC on 29 October 2026.

Revenue$4.7 billiondown 2.2%

Net income$118 milliondown 65.7%

Diluted EPS$0.49

QuarterQ3 FY2026ended 27 September 2026

What management said

Guidance figures: 1 new, 1 kept.

Net income and EPS fell sharply: GAAP net income was $116.3 million and GAAP EPS $0.49, against $1.44 a year earlier. Adjusted EPS was $0.49 against $1.52. Operating income was $191.5 million, down 61.1%.
Adjusted EBITDA margin fell to 6.8%: Adjusted EBITDA was $316.3 million, a 6.8% margin, against $633.1 million and a 13.3% margin a year earlier. Net sales were $4.7 billion, down 2.2%.
U.S. margin at 6.9%, volumes steady: U.S. Adjusted EBITDA was $185.2 million at a 6.9% margin, against $479.1 million a year earlier and 8.7% in the second quarter. Volumes held steady despite planned downtime.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	4,653	4,626	4,759	-2.2%
Cost of revenue	4,320	4,286	4,100	+5.4%
Gross profit	334	340	659	-49.4%
Gross margin	7.2%	7.3%	13.9%
Selling, general and administrative	142	265	165	-13.8%
Operating income	192	66.0	493	-61.1%
Operating margin	4.1%	1.4%	10.4%
Interest expense	31.8	49.9	38.2	-16.7%
Pre-tax income	160	21.8	461	-65.3%
Income tax	44.0	8.6	118	-62.8%
Effective tax rate	27.4%	39.3%	25.6%
Net income	118	13.4	343	-65.7%
Net margin	2.5%	0.3%	7.2%
Diluted EPS	$0.49	$0.06	$1.44	-66.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Operating cash flow	212	331	458	-53.7%
Capital expenditure	201	254	182	+10.4%
Free cash flow	11.0	76.8	276	-96.0%
Free cash flow margin	0.2%	1.7%	5.8%
Cash from investing	-216	-222	-181	n/a
Cash from financing	543	-254	-524	n/a
Depreciation and amortisation	123	123	116	+5.8%
Share-based compensation	5.8	5.1	5.4	+7.1%
Dividends paid	0.0	n/a	499	n/a
Diluted shares, weighted	239m	239m	239m	+0.2%
Shares outstanding at period end	238m	238m	238m	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Shareholders' equity	3,876	3,750	3,542	+9.4%
Non-controlling interest	12.3	13.6	13.7	-10.8%
Debt	3,405	2,861	3,092	+10.1%
Operating lease liabilities	256	190	193	+32.5%
Other liabilities	3,388	3,215	3,112	+8.9%
Total liabilities and equity	10,936	10,030	9,952	+9.9%
Fixed assets	n/a	n/a	3,357	n/a
Goodwill	1,317	1,315	1,328	-0.8%
Intangible assets	793	798	835	-5.0%
Investments	n/a	n/a	0.0	n/a
Cash and equivalents	936	389	613	+52.8%
Receivables	n/a	n/a	1,131	n/a
Inventory	2,075	2,025	1,969	+5.4%
Other assets	5,816	5,502	720	+707.7%
Total assets	10,936	10,030	9,952	+9.9%

Questions

What was Pilgrims Pride's revenue in Q3 FY2026?

Pilgrims Pride (PPC) reported revenue of $4.7 billion for Q3 FY2026, the quarter ended 27 September 2026, down 2.2% on the same quarter a year earlier.

How much did Pilgrims Pride earn in Q3 FY2026?

Net income for Q3 FY2026 was $118 million, down 65.7% on the year, and diluted earnings per share $0.49.

When did Pilgrims Pride report Q3 FY2026 results?

Pilgrims Pride filed its 10-Q for the quarter ended 27 September 2026 with the SEC on 29 October 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,039	4,240	4,632	4,469	4,127	4,166	4,308	4,360	4,528	4,362	4,559	4,585	4,372	4,463	4,757	4,759	4,518	4,533	4,626	4,653
Cost of revenue	3,686	3,698	3,955	3,972	4,032	3,993	4,030	4,014	4,207	3,978	3,868	3,901	3,819	3,908	4,042	4,100	4,089	4,187	4,286	4,320
Gross profit	352	542	677	497	95.8	173	278	346	321	384	692	684	553	555	715	659	429	345	340	334
Gross margin	9%	13%	15%	11%	2%	4%	6%	8%	7%	9%	15%	15%	13%	12%	15%	14%	9%	8%	7%	7%
SG&A	292	140	164	158	143	134	148	139	131	119	214	145	235	134	199	165	215	180	265	142
Operating income	55.1	402	513	339	-77.5	31.3	100	206	184	250	441	508	307	404	512	493	204	163	66.0	192
Operating margin	1%	9%	11%	8%	-2%	1%	2%	5%	4%	6%	10%	11%	7%	9%	11%	10%	5%	4%	1%	4%
Interest expense	35.0	36.3	38.1	36.9	41.4	42.7	47.2	45.6	66.8	41.2	31.2	41.6	47.1	41.7	42.5	38.2	39.0	37.8	49.9	31.8
Pre-tax income	41.7	356	475	325	-130	-3.2	45.7	166	157	227	427	482	276	390	476	461	175	132	21.8	160
Tax rate	12%	21%	24%	20%	n/a	n/a	-33%	27%	14%	23%	24%	27%	15%	24%	25%	26%	50%	23%	39%	27%
Net income	36.8	280	362	258	-155	5.2	60.5	121	135	174	326	350	236	296	356	343	88.0	101	13.4	118
Net margin	1%	7%	8%	6%	-4%	0%	1%	3%	3%	4%	7%	8%	5%	7%	7%	7%	2%	2%	0%	3%
Diluted EPS	$0.15	$1.15	$1.50	$1.08	-$0.66	$0.02	$0.25	$0.51	$0.57	$0.73	$1.37	$1.47	$0.99	$1.24	$1.49	$1.44	$0.37	$0.43	$0.06	$0.49
Operating cash flow	-1.0	227	194	369	-121	-162	251	310	278	271	719	651	349	127	495	458	291	141	331	212
Capital expenditure	101	81.6	115	146	145	132	155	146	125	99.1	101	85.8	173	98.8	156	182	281	236	254	201
Free cash flow	-102	145	79.6	223	-265	-293	96.1	165	153	172	618	565	177	28.1	339	276	10.0	-95.4	76.8	11.0
Buybacks	n/a	27.0	93.0	79.6	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	499	n/a	n/a	n/a	0.0
Shares outstanding	244m	240m	239m	236m	236m	237m	237m	237m	237m	237m	237m	237m	237m	237m	238m	238m	238m	238m	238m	238m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 27 September 2026, filed 29 October 2026: the filing.