Analyst Consensus ?
ConsensusBuy4 ratings
Bullish4100.0%
Neutral00.0%
Bearish00.0%
Jbs N.V. · JBS · FY2026 Q2 · Calendar Q3 2026
JBS: Q2 EBITDA resilient as beef margins improve and expansion accelerates
JBS's Q2 supports a constructive operating thesis: EBITDA remained resilient, free cash flow improved and management identified margin and geographic expansion drivers. The counterweight is rising capex, 3.1x net leverage and uncertainty around beef supply and pork demand.
Why did JBS fall 2.9% after missing EPS estimates in FY2026 Q2?
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Reported After market closeNYSEConsumer Defensive
$26.53B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.20
Consensus $0.31
EPS surprise
-35.0%
Reported versus consensus
Reported revenue
$23.90B
Consensus $23.04B
Revenue surprise
+3.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.9%
Event window
SPY move
-0.3%
Same window
Abnormal move
-2.6%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
-3.4%
Up to 20 sessions
JBSSPY benchmark
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Why did JBS fall 2.9% after missing EPS estimates in FY2026 Q2?What changed in JBS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for JBS after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Compared with the prior quarter, JBS moved from negative free cash flow to positive $130 million, while adjusted EBITDA reached $1.43 billion and the margin improved to 6%. The company also added a $2.5 billion equity investment for a 25% Australia/New Zealand stake, creating funding capacity for Southeast Asian expansion.
Guidance delta
Maintained; management targeted 2026 cash-flow breakeven EBITDA of $5.1 billion.
Key takeaways
- Adjusted EBITDA was $1.43 billion, a 6% margin, despite volatile markets.
- Free cash flow turned positive at $130 million while capex rose to $163 million.
- The Australia/New Zealand joint venture adds growth funding for Indonesia and Southeast Asia.
- Pork margins remained strong, but management flagged weaker pork demand.
Management priorities
- Expand value-added beef offerings and integrate the Australia/New Zealand joint venture.
- Invest in Indonesia and broader Southeast Asia.
- Continue disciplined capital allocation, cash generation and leverage reduction.
- Increase retail and direct-to-consumer protein channels.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$12.15Current
$17Low
$18.33Average
$20High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Oct 22, 2026 |
| UBS | Buy | Buy | Maintain | Aug 24, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Aug 17, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2026 |
Named analyst price targets
Upside is calculated against the persisted current price $12.15. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $17.5 | $13.82 | +44.0% | Aug 24, 2026 |
| Stephens | Poorah Sharma | $17 | $13.65 | +39.9% | Aug 17, 2026 |
| Barclays | Analyst unavailable | $20 | $12.1 | +64.6% | Jul 16, 2026 |
| UBS | Analyst unavailable | $17 | $12.52 | +39.9% | May 19, 2026 |
| Barclays | Analyst unavailable | $23 | $17.03 | +89.3% | Mar 27, 2026 |
| UBS | Analyst unavailable | $19.5 | $15.73 | +60.5% | Feb 5, 2026 |
| Banco Santander | Guilherme Palhares | $17 | $14.03 | +39.9% | Dec 11, 2025 |
| Goldman Sachs | Analyst unavailable | $18.5 | $14.53 | +52.3% | Nov 26, 2025 |
| Mizuho Securities | Analyst unavailable | $20 | $13.16 | +64.6% | Oct 28, 2025 |
Track every rating change on JBS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationJBS NV is a food company that engages in the sale of beef, pork, lamb meat and poultry products. It offers its products to supermarkets, club stores, other retail distributors, and foodservice companies. The company was founded on October 9, 2019 and is headquartered in Amstelveen, the Netherlands.
Historical context
All JBS earningsLatest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
Get the JBS recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-08-11T20:11:54.753008+00:00
- FN2 earnings calendar · 2026-09-15T01:23:15.305287+00:00
- Polygon adjusted daily market bars · 2026-09-21T18:30:52.128034+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T18:30:52.125122+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-21. For educational purposes only; not investment advice.