Cash generation has deteriorated sharply, evidenced by a negative $7.0B free cash flow in 2026Q1 and an OCF/NI ratio of -3.58, indicating a disconnect between accounting profits and liquidity.
| Cash from Operations | 10.58B | 15.49B | 23.56B | 11.5B | 13.33B | 21.48B | 23.78B | 13.77B | 7.44B | 5.2B | 3.67B | 7.38B | 8.99B |
| Operating CF Margin % | - | 3.29% | 5.65% | 3.16% | 3.47% | 5.93% | 8.8% | 6.73% | 4.1% | 3.19% | 2.15% | 4.53% | 7.46% |
| Operating CF Growth % | -156.66% | -34.23% | 104.87% | -13.76% | -37.93% | -9.68% | 72.73% | 85% | 43.02% | 41.9% | -50.34% | -17.83% | - |
| Net Income | 9.55B | 11.1B | 9.62B | -1.06B | 15.46B | 20.49B | 4.6B | 6.07B | 25.2M | 534.2M | 233.56M | 4.64B | 2.04B |
| Depreciation & Amortization | 10.66B | 12.63B | 11.81B | 10.73B | 9.85B | 9.03B | 7.84B | 6.31B | 4.8B | 4.47B | 4.5B | 3.69B | 2.55B |
| Stock-Based Compensation | 45.34M | 0 | 85.6M | 34.42M | 39.13M | 63.43M | -5.25M | 49.19M | 118.11M | 122.64M | 143.3M | 39.74M | 13.01M |
| Deferred Taxes | 680.59M | -361.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -342.75M | 3.99B | 9.39B | -1.61B | -3.16B | 12.74B | 13.37B | 4.71B | 4.52B | 1.95B | 599.92M | -190.33M | 4.94B |
| Working Capital Changes | -7.49B | -11.86B | -7.34B | 3.41B | -8.85B | -20.84B | -2.02B | -3.37B | -2.02B | -1.87B | -1.81B | -797.57M | -548.12M |
| Change in Receivables | -698.57M | -1.45B | -2.02B | 3.13B | -1.3B | -4.27B | 778.49M | -259.22M | 673.18M | -234.03M | -225.97M | 1.05B | 241.82M |
| Change in Inventory | -4.13B | -4.58B | -4.73B | -300.66M | -6.78B | -11.79B | -3.53B | -3.13B | -2.13B | -1.06B | -1.16B | -866.69M | -1.61B |
| Change in Payables | 239.94M | 3.01B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -11.48B | -12.56B | -7.73B | -7.02B | -13.12B | -18.86B | -7.83B | -5.85B | -1.74B | -2.43B | -3.54B | -20.76B | -4.28B |
| Capital Expenditures | -10.68B | -11.4B | -8.08B | -7.49B | -11.23B | -9.62B | -5.99B | -4.24B | -2.83B | -3.11B | -3.48B | -5.45B | -3.57B |
| CapEx % of Revenue | 2.24% | 2.42% | 1.94% | 2.06% | 2.92% | 2.65% | 2.22% | 2.07% | 1.56% | 1.91% | 2.04% | 3.35% | 2.96% |
| Acquisitions | 224.44M | 394.77M | -31.46M | -17.16M | -1.98B | -9.34B | -2.19B | -2.24B | -45.07M | -1.85B | -482.54M | -15.47B | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -910.36M | -285.38M | 382.02M | 485.19M | 81.04M | 102.65M | 339.15M | 625.42M | 1.13B | 2.53B | 423.38M | 169.72M | -707.41M |
| Cash from Financing | -13.01B | -9.97B | -7.3B | 5.01B | -8.76B | -844.5M | -9.02B | -6.44B | -9.99B | -634.37M | -8.1B | 15.17B | 876.88M |
| Debt Issued (Net) | -621.29M | 7.15B | -1.65B | 7.45B | 264.71M | 17.73B | -5.6B | -6.4B | -9.5B | -328.63M | 745.56M | 9B | 1.15B |
| Equity Issued (Net) | -3.25B | -3.19B | -44.49M | 0 | -3.65B | -10.6B | -1.27B | 0 | -498.19M | -255.94M | -821.14M | -1.78B | -64.23M |
| Dividends Paid | -6.79B | -8.81B | -4.44B | -2.22B | -4.44B | -7.4B | -1.44B | -5.98M | -126.88M | -93.35M | -1.1B | -482.73M | -219.88M |
| Share Repurchases | -3.25B | -3.19B | -44.49M | 0 | -3.65B | -10.6B | -1.27B | 0 | -498.19M | -255.94M | -821.14M | -1.78B | -64.23M |
| Other Financing | -2.35B | -5.12B | -1.16B | -218.37M | -939.51M | -575.4M | -712.53M | -38.77M | 135.29M | 43.55M | -6.92B | 8.42B | 7.03M |
| Net Change in Cash | -14B | -5.71B | 12.64B | 8.94B | -10.06B | 3.56B | 9.65B | 1.1B | -2.81B | 2.39B | -9.49B | 3.93B | 14.91B |
| Free Cash Flow | -63.97M | 4.13B | 15.47B | 4.01B | 2.11B | 11.86B | 17.8B | 9.53B | 4.62B | 2.09B | 187.16M | 1.93B | 5.42B |
| FCF Margin % | -0.01% | 0.88% | 3.71% | 1.1% | 0.55% | 3.27% | 6.59% | 4.66% | 2.54% | 1.28% | 0.11% | 1.19% | 4.5% |
| FCF Growth % | -100.48% | -73.32% | 286.2% | 90.15% | -82.23% | -33.37% | 86.75% | 106.46% | 120.61% | 1017.79% | -90.31% | -64.35% | - |
| FCF per Share | -0.06 | 3.86 | 6.98 | 1.81 | 0.93 | 4.78 | 6.70 | 3.57 | 1.73 | 0.74 | 0.07 | 0.67 | 1.88 |
| FCF Conversion (FCF/Net Income) | -0.01x | 1.40x | 2.45x | -10.84x | 0.84x | 1.01x | 5.17x | 2.27x | 295.35x | 9.74x | 15.70x | 1.59x | 4.41x |
| Interest Paid | 1.62B | 0 | 8.02B | 6.44B | 4.8B | 3.94B | 3.5B | 3.6B | 4.4B | 3.91B | 4.12B | 4.14B | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile operating cash conversion
According to recent financial disclosures, JBS reported a net income of $1.1B in 2026Q1 while simultaneously suffering an operating cash outflow of $4.1B, resulting in a deeply negative OCF/NI ratio of -3.58 that highlights a significant disconnect between accounting profits and actual cash generation.
The persistent divergence between reported net income and operating cash flow suggests that earnings are heavily influenced by non-cash adjustments or accounting conventions rather than operational efficiency. Investors should monitor whether this negative conversion is a temporary byproduct of biological asset valuation shifts or a structural failure to convert core processing activities into liquid capital.
As reported in quarterly filings, JBS's free cash flow trajectory has been highly erratic, swinging from a positive $6.0B in 2024Q3 to a negative $7.0B in 2026Q1, indicating that the company's ability to generate sustainable surplus cash is currently compromised by cyclical headwinds and operational cost pressures.
The extreme variance in free cash flow margins suggests that the company's cash generation is highly sensitive to the timing of livestock procurement and commodity price fluctuations. This lack of predictability complicates the assessment of the company's long-term ability to fund its capital-intensive operations without relying on external financing.
Based on the provided cash flow statements, JBS experienced a massive $7.1B working capital outflow in 2026Q1, a sharp reversal from the $2.9B inflow seen in 2025Q4, which underscores the company's vulnerability to inventory build-ups and the timing of payments within its global supply chain.
The significant volatility in working capital suggests that management is struggling to optimize inventory levels and payment cycles amidst shifting global protein demand. This erratic cash usage pattern appears to be a primary driver of the company's recent liquidity strain and warrants further investigation into the underlying efficiency of its procurement processes.
Data from recent filings indicates that JBS continued to prioritize capital deployment through share repurchases and dividends even as operating cash flows turned negative, with $1.3B in buybacks executed in 2025Q4 despite the underlying volatility in the company's core cash generation capabilities.
The decision to return capital to shareholders during periods of negative operating cash flow may indicate a management preference for maintaining market sentiment over strengthening the balance sheet. This approach appears risky given the company's high leverage and the cyclical nature of the protein processing industry, which requires significant liquidity buffers.
Quick answers to the most common questions about buying JBS stock.
JBS N.V. (JBS) generated $15.49B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JBS N.V. (JBS) generated $4.13B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
JBS N.V. (JBS) spent $11.40B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, JBS N.V. (JBS) returned $8.81B to shareholders via cash dividends and spent $3.19B on share repurchases. This shows the company's commitment to returning capital to its equity investors.