São Paulo, August 11, 2026, 09:16 BRT – JBS (JBSS3.SA) reported a net loss of $102 million and announced Wesley Batista Filho as its incoming chief executive officer.
- JBS posted a $102 million loss for the second quarter, missing analysts’ forecasts of a $379 million profit.
- Revenue hit a quarterly high of $23.90 billion; however, adjusted EBITDA margin declined to 6.0%.
- Wesley Batista Filho will assume the role of global CEO in January 2027, succeeding Gilberto Tomazoni after his eight years in the position.
- JBS stock declined by 5.8% on Monday, followed by a further 2% drop in after-hours trading.
JBS N.V. NYSE:JBS reported a second-quarter loss of $102.1 million attributable to shareholders. Analysts surveyed by Reuters had expected a profit of $379 million. The resulting shortfall of $481.1 million occurred even as the company achieved record revenue for the quarter.
The gap carries greater significance than the headline sales record. Adjusted EBITDA came in just shy of forecasts, but rising costs below this level offset operating improvements. Finance expenses nearly doubled, and income from equity-accounted investments turned sharply negative.
The new chief executive will face a challenge with margins rather than demand. Wesley Batista Filho is set to assume leadership in January. He will take over a business where diversification helped blunt the North American beef slowdown, yet overall profits have still come under pressure.
Batista Filho described the transition as smooth for operations. “This is a transition defined by continuity,” he told Reuters. Having worked at JBS for 15 years, he has overseen its U.S. business starting in 2023. Reuters
| Second-quarter measure | Q2 2026 | Q2 2025 | Analyst forecast |
|---|---|---|---|
| Net revenue | $23.90bn | $21.00bn | $22.90bn |
| Adjusted EBITDA | $1.429bn | $1.754bn | $1.44bn |
| Adjusted EBITDA margin | 6.0% | 8.4% | Not disclosed |
| Net income attributable to shareholders | -$102.1m | $528.1m | $379m |
JBS’s filing verifies both the reported and adjusted numbers. Analyst projections referenced are from LSEG data mentioned by Reuters. Revenue surpassed analysts’ expectations by 4.4%, while adjusted EBITDA was below the poll by less than 1%.
The results were mixed. Brazil showed the strongest improvement, while North American beef reduced its losses. However, adjusted EBITDA declined in four other major divisions.
| Business unit | Q2 2026 adjusted EBITDA | Q2 2025 adjusted EBITDA | Change |
|---|---|---|---|
| JBS Brazil | $269.2m | $228.6m | up 17.8% |
| Seara | $380.4m | $391.8m | down 2.9% |
| Beef North America | -$78.3m | -$233.0m | Loss reduced by $154.7m |
| Pork USA | $116.7m | $253.6m | down 54.0% |
| Pilgrim’s Pride Corporation NASDAQ:PPC | $502.9m | $817.7m | down 38.5% |
| Australia | $230.7m | $290.2m | down 20.5% |
Figures are sourced from JBS’s 10-Q. Pilgrim’s Pride was still the top contributor to EBITDA, despite a drop of 38.5%. Improved results in Brazil and a narrowed beef loss were insufficient to balance out softer performances in poultry, pork, and Australia.
The income statement indicates sales growth came to a halt. Gross margin declined by 2.7 percentage points, while operating margin dropped by nearly as much.
| Earnings-quality measure | Q2 2026 | Q2 2025 | Year-on-year change |
|---|---|---|---|
| Revenue grew | $23.90bn | $21.00bn | +13.8% |
| Gross margin | 10.8% | 13.5% | down 2.7 percentage points |
| Operating margin | 2.5% | 5.3% | down 2.8 percentage points |
| Finance expense | $831.2m | $445.8m | rose 86.4% |
| Share of results from equity-accounted investees | -$123.6m | $7.8m | a decrease of $131.4m |
The statutory income statement forms the basis for these calculations, highlighting how net income fell significantly short despite EBITDA roughly matching expectations. Finance expenses totaled $831.2 million, outpacing operating profit by $234.1 million.
The leadership transition supports the continuity narrative. Batista Filho, aged 34, is the son of controlling shareholder Wesley Batista and the nephew of Joesley Batista. The company stated that departing CEO Tomazoni will manage the transition period for five months.
Tomazoni, aged 67, will move into the roles of vice chair and senior adviser following his resignation. JBS stated there was no disagreement related to his exit.
Investors showed scant appreciation for stability. JBS shares ended Monday 5.8% lower and slipped a further 2% after hours. The New York regular session remained closed as of this article’s dateline.
Risks: Limited cattle supply may continue to weigh on U.S. beef profit margins. Results from poultry and pork units can also fluctuate due to feed prices, export trends and animal disease. Elevated interest costs reduce the buffer against further operational setbacks.
Batista Filho anticipates that U.S. cattle supply will recover by the first quarter of 2027 once Mexican imports begin again. This schedule closely aligns with his promotion. Investors are now seeking proof that record sales can restore margins ahead of the transition, rather than just maintain them through it.
