MEAT processing giant JBS has delivered record revenue and strong margins across most of its global businesses in North and South America and Australia, in full year 2025 results announced last week.

The company reported record group-wide full-year revenue of US$86.2 billion, a 12pc increase on the previous year, while net income for the 2025 grew 13pc, reaching US$2b.

The result was driven by strong sales across the company’s global operations, despite facing challenging market conditions in certain segments, however revenue was offset by tighter margins in some divisions.

The strong performance was linked primarily to the company’s US chicken business (Pilgrim’s Pride), JBS Australia and value-added businesses under the Seara division – all of which delivered significant organic growth and value creation.

JBS global chief executive Gilberto Tomazoni again emphasised the company’s scale and geographic diversity as competitive advantages.

“It remains our greatest strength, allowing JBS to navigate industry cycles or any disruption while capturing a structural growth in protein demand,” he told shareholders.

In the United States, the cattle cycle remained under pressure with a limited supply and high costs, Mr Tomazoni said. This was expected to continue in the coming quarters.

“Despite this environment in US beef sector, our global results remain positive, reflecting the resilience of our diversifying platforms. Australia was one of the highlights of the year, with a strong EBITDA growth and margin expansion, as well as a top-line growth of 30pc year-over-year in the fourth quarter,” he said.

“Our Australian business benefit from the current imbalance between global supply and demand of beef, combined with the strong execution and supported solid profitability and reinforce the role of region in balancing our global results.”

JBS’s Australian division, covering beef, lamb and pork processing, smallgoods and aquaculture reported net sales for 2025 of US$8.077 billion, up 21.5pc on the previous year, with adjusted pre-tax earnings at US$916m, up 37.9pc. However cost of sales was up 20pc, year on year.

Net sales growth in 4Q25 and the full 2025 year was primarily driven by higher prices in both Australian domestic and export markets, and was also supported by increased production volumes. The beef segment was the primary driver of the Australian division’s year-on-year improvement in profitability in both periods.

Strong commercial dynamics, combined with continued operational efficiency gains, more than offset a 30pc year-over-year increase in cattle costs in the fourth quarter, and the 20pc year-over-year increase in 2025 (based on MLA data).

JBS Beef North America reported record sales both in the fourth quarter and for the full 2025 year. The US beef division showed full year net sales of US$28.13b, up 15.9pc on the previous year. Pre-tax earnings were –US$319m, with cost of sales up 19pc on the previous year.

Resilient US beef and white meat demand supported this performance, even with cutout values remaining at historically high levels, Mr Tomazoni said.

However, in both periods, the increase in cattle prices outpaced the change in cutout values, reflecting tighter cattle availability amid the ongoing US cattle cycle.

In addition, live cattle imports from Mexico were restricted beginning in May 2025, further constraining supply in the US market for much of the year. As a result, margins for the US beef division remained under pressure in the fourth quarter and throughout 2025.

JBS Brazil reported record sales for the year, growing 21pc. Higher prices partially offset the sharp increase in cattle costs during the period, shareholders were told.

Even in this context, JBS Brazil recorded the highest slaughter volume in its history. In the export market, strong global demand combined with geographic diversification drove the Brazil division’s performance, boosting sales across several strategic regions while also enabling the development of new markets.