Pilgrim's Pride reported second-quarter 2026 net revenues of $4.63 billion, down from $4.76 billion a year earlier, while adjusted EBITDA dropped to $360 million from $686.9 million, pushing the adjusted EBITDA margin down to 7.8% from 14.4%. The US segment saw its adjusted EBITDA margin fall to 8.7% from 17.1%, Europe's margin narrowed to 7.6% from 8.2%, and Mexico's margin plunged to 3.9% from 16.3%, driven by a 27% decline in US jumbo cut-out values, increased supply and lower-priced competing proteins in Mexico, and competition from imported pork and higher costs in Europe. The quarter included $136 million in legal-settlement expenses primarily tied to broilers litigation and a $26 million asset impairment charge related to the planned shutdown of the Chattanooga harvesting facility. Despite the headwinds, US Prepared Foods volumes grew nearly 14% year over year, with the Just Bare brand's retail sales up over 30% and achieving nearly 15% market share. The company maintained its full-year capital expenditure guidance at approximately $900 million and ended the quarter with net debt below $2.5 billion and nearly $1.6 billion in cash and available credit.
Pilgrims Pride CorpQ2 earnings fell sharply with adjusted EBITDA margin down to 7.8% from 14.4% due to margin pressure and legal charges.