Revenue growth has decelerated to 1.6% in 2026Q1, while gross margins have contracted sharply to 7.6% from a 15.2% peak in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Oct'05 | Oct'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Oct'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 18.57B | 18.5B | 17.88B | 17.36B | 17.47B | 14.78B | 12.09B | 11.41B | 10.94B | 10.77B | 9.88B | 8.75B | 8.58B | 8.41B | 8.12B | 7.54B | 6.88B | 7.09B | 8.52B | 7.6B | 5.24B | 5.67B | 5.36B | 2.62B | 2.53B | 2.21B | 1.5B | 1.36B | 1.33B | 1.28B | 1.14B |
| Revenue Growth % | 3.27% | 3.46% | 2.97% | -0.61% | 18.21% | 22.21% | 5.98% | 4.31% | 1.58% | 9% | 12.86% | 1.97% | 2.05% | 3.57% | 7.77% | 9.5% | -2.91% | -16.79% | 12.11% | 45.13% | -7.6% | 5.64% | 104.77% | 3.38% | 14.4% | 47.7% | 10.46% | 1.95% | 4.22% | 12.14% | 22.27% |
| Cost of Goods Sold | 16.42B | 16.14B | 15.57B | 16.24B | 15.66B | 13.41B | 11.25B | 10.34B | 10.09B | 9.3B | 8.77B | 7.45B | 7.19B | 7.57B | 7.69B | 7.68B | 6.42B | 6.72B | 8.68B | 7.01B | 4.94B | 4.92B | 4.88B | 2.47B | 2.37B | 2B | 1.3B | 1.14B | 1.16B | 1.13B | 1.04B |
| COGS % of Revenue | - | 87.25% | 87.06% | 93.56% | 89.63% | 90.76% | 93.07% | 90.62% | 92.29% | 86.33% | 88.82% | 85.16% | 83.76% | 89.95% | 94.63% | 101.88% | 93.3% | 94.77% | 101.92% | 92.22% | 94.32% | 86.85% | 90.94% | 94.12% | 93.48% | 90.34% | 86.54% | 83.78% | 87.33% | 88.71% | 91.35% |
| Gross Profit | 2.15B | 2.36B | 2.31B | 1.12B | 1.81B | 1.37B | 838.2M | 1.07B | 843.48M | 1.47B | 1.1B | 1.3B | 1.39B | 845.44M | 435.83M | -141.54M | 460.99M | 370.43M | -163.5M | 591.54M | 297.6M | 745.2M | 486.21M | 154M | 165.16M | 213.95M | 201.85M | 220.2M | 168.7M | 144.2M | 98.6M |
| Gross Margin % | 11.57% | 12.75% | 12.94% | 6.44% | 10.37% | 9.24% | 6.93% | 9.38% | 7.71% | 13.67% | 11.18% | 14.84% | 16.24% | 10.05% | 5.37% | -1.88% | 6.7% | 5.23% | -1.92% | 7.78% | 5.68% | 13.15% | 9.06% | 5.88% | 6.52% | 9.66% | 13.46% | 16.22% | 12.67% | 11.29% | 8.65% |
| Gross Profit Growth % | - | 1.96% | 106.79% | -38.27% | 32.65% | 62.95% | -21.69% | 26.9% | -42.68% | 33.3% | -14.99% | -6.83% | 64.88% | 93.98% | 407.93% | -130.7% | 24.45% | 326.57% | -127.64% | 98.77% | -60.06% | 53.27% | 215.71% | -6.76% | -22.8% | 5.99% | -8.33% | 30.53% | 16.99% | 46.25% | -1.6% |
| Operating Expenses | 774.38M | 744.6M | 806.7M | 596.12M | 635.21M | 1.15B | 592.73M | 379.83M | 347.79M | 399.29M | 311.9M | 237.59M | 190.88M | 186.58M | 185.49M | 232.05M | 275.57M | 303.11M | 894.2M | 359M | 294.6M | 309.39M | 220.9M | 90.39M | 135.26M | 119.41M | 121.37M | 110.7M | 91.4M | 80.4M | 77.1M |
| OpEx % of Revenue | - | 4.03% | 4.51% | 3.43% | 3.64% | 7.81% | 4.9% | 3.33% | 3.18% | 3.71% | 3.16% | 2.71% | 2.22% | 2.22% | 2.28% | 3.08% | 4% | 4.28% | 10.5% | 4.72% | 5.63% | 5.46% | 4.12% | 3.45% | 5.34% | 5.39% | 8.09% | 8.16% | 6.86% | 6.29% | 6.77% |
| Selling, General & Admin | 759.64M | 713.25M | 713.31M | 551.77M | 604.74M | 1.15B | 592.61M | 379.91M | 343.02M | 389.52M | 310.83M | 231.84M | 188.59M | 180.91M | 177.04M | 205.14M | 209.54M | 301.12M | 376.6M | 359M | 294.6M | 309.39M | 236.86M | 136.87M | 135.26M | 119.41M | 85.34M | 76.2M | 58.8M | 50.6M | 49.1M |
| SG&A % of Revenue | - | 3.86% | 3.99% | 3.18% | 3.46% | 7.77% | 4.9% | 3.33% | 3.14% | 3.62% | 3.15% | 2.65% | 2.2% | 2.15% | 2.18% | 2.72% | 3.04% | 4.25% | 4.42% | 4.72% | 5.63% | 5.46% | 4.42% | 5.23% | 5.34% | 5.39% | 5.69% | 5.61% | 4.42% | 3.96% | 4.31% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 31.35M | 93.39M | 44.34M | 30.47M | 5.8M | 123K | -84K | 4.76M | 9.78M | 1.07M | 5.75M | 2.29M | 5.66M | 8.45M | 26.91M | 66.02M | 1.99M | 517.6M | 0 | 0 | 0 | -15.97M | -46.48M | 0 | 0 | 36.03M | 34.5M | 32.6M | 29.8M | 28M |
| Operating Income | 1.37B | 1.61B | 1.51B | 522.29M | 1.18B | 211.16M | 245.46M | 690.57M | 495.69M | 1.07B | 792.08M | 1.06B | 1.2B | 658.86M | 250.34M | -373.59M | 185.43M | 67.33M | -1.06B | 232.54M | 3M | 435.81M | 265.31M | 63.61M | 29.9M | 94.54M | 80.49M | 109.5M | 77.3M | 63.8M | 21.5M |
| Operating Margin % | 7.4% | 8.72% | 8.42% | 3.01% | 6.74% | 1.43% | 2.03% | 6.05% | 4.53% | 9.96% | 8.02% | 12.12% | 14.02% | 7.83% | 3.08% | -4.96% | 2.69% | 0.95% | -12.42% | 3.06% | 0.06% | 7.69% | 4.95% | 2.43% | 1.18% | 4.27% | 5.37% | 8.07% | 5.81% | 4.99% | 1.89% |
| Operating Income Growth % | - | 7.14% | 188.36% | -55.61% | 457.19% | -13.97% | -64.45% | 39.32% | -53.77% | 35.38% | -25.36% | -11.8% | 82.6% | 163.19% | 167.01% | -301.48% | 175.41% | 106.37% | -554.85% | 7646.07% | -99.31% | 64.26% | 317.08% | 112.72% | -68.37% | 17.46% | -26.5% | 41.66% | 21.16% | 196.74% | -13.65% |
| EBITDA | 1.84B | 2.07B | 1.94B | 942.19M | 1.58B | 591.99M | 582.57M | 977.8M | 769.77M | 1.34B | 1.02B | 1.23B | 1.36B | 809.39M | 397.76M | -164.53M | 416.47M | 303.33M | -817.39M | 437.44M | 138.13M | 570.76M | 379.1M | 137.8M | 100.88M | 149.93M | 116.52M | 144M | 109.9M | 93.6M | 49.5M |
| EBITDA Margin % | 9.93% | 11.19% | 10.85% | 5.43% | 9.04% | 4.01% | 4.82% | 8.57% | 7.04% | 12.48% | 10.36% | 14.11% | 15.83% | 9.62% | 4.9% | -2.18% | 6.05% | 4.28% | -9.6% | 5.76% | 2.64% | 10.07% | 7.07% | 5.26% | 3.98% | 6.77% | 7.77% | 10.61% | 8.25% | 7.33% | 4.34% |
| EBITDA Growth % | -11.96% | 6.7% | 105.87% | -40.36% | 166.85% | 1.62% | -40.42% | 27.02% | -42.73% | 31.29% | -17.1% | -9.12% | 67.9% | 103.49% | 341.75% | -139.51% | 37.3% | 137.11% | -286.86% | 216.68% | -75.8% | 50.55% | 175.11% | 36.6% | -32.72% | 28.68% | -19.09% | 31.03% | 17.41% | 89.09% | -2.94% |
| D&A (Non-Cash Add-back) | 470.12M | 456.16M | 433.62M | 419.9M | 403.11M | 380.82M | 337.1M | 287.23M | 274.09M | 271.82M | 231.71M | 173.82M | 155.82M | 150.52M | 147.41M | 209.06M | 231.04M | 236M | 240.31M | 204.9M | 135.13M | 134.94M | 113.79M | 74.19M | 70.97M | 55.39M | 36.03M | 34.5M | 32.6M | 29.8M | 28M |
| EBIT | 1.4B | 1.66B | 1.57B | 567.49M | 1.18B | 238.18M | 287.94M | 750.17M | 495.04M | 1.09B | 799.67M | 1.05B | 1.18B | 660.95M | 257.99M | -375.59M | 172.04M | -11.84M | -1.05B | 232.54M | 3M | 435.81M | 273.24M | 63.61M | 29.9M | 94.54M | 80.49M | 109.5M | 77.3M | 63.8M | 21.5M |
| Net Interest Income | -124.46M | -110.27M | -88.51M | -166.62M | -143.64M | -139.74M | -118.81M | -118.35M | -149M | -99.45M | -73.33M | -42.72M | -77.27M | -84.88M | -103.53M | -110.07M | -101.75M | -157.54M | -131.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 33.03M | 51.12M | 72.67M | 35.65M | 9.03M | 6.06M | 7.3M | 14.28M | 13.81M | 7.73M | 2.3M | 3.83M | 4.83M | 2.13M | 1.4M | 1.47M | 3.81M | 4.39M | 2.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 157.5M | 161.39M | 161.18M | 202.27M | 152.67M | 145.79M | 126.12M | 132.63M | 162.81M | 107.18M | 75.64M | 46.55M | 82.1M | 87.01M | 104.93M | 111.53M | 105.55M | 161.93M | 134.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -130.86M | -111.4M | -93.8M | -157.06M | -151.12M | -118.77M | -83.64M | -73.02M | -163.46M | -90.26M | -68.05M | -59.81M | -100.72M | -84.92M | -97.28M | -113.53M | -118.94M | -241.09M | -129.4M | -140.93M | -39.32M | -32.29M | -56.78M | -378K | -27.99M | -31.25M | -17.7M | -18.5M | -20.8M | -20M | -21.4M |
| Pretax Income | 1.24B | 1.5B | 1.41B | 365.22M | 1.03B | 92.39M | 161.82M | 617.54M | 332.23M | 982.07M | 724.04M | 1B | 1.1B | 573.94M | 153.06M | -487.13M | 66.49M | -173.77M | -1.19B | 91.61M | -36.32M | 403.52M | 208.53M | 63.23M | 1.91M | 63.29M | 62.79M | 91M | 56.5M | 43.8M | 100K |
| Pretax Margin % | 6.7% | 8.12% | 7.9% | 2.1% | 5.87% | 0.63% | 1.34% | 5.41% | 3.04% | 9.12% | 7.33% | 11.44% | 12.84% | 6.82% | 1.88% | -6.46% | 0.97% | -2.45% | -13.94% | 1.21% | -0.69% | 7.12% | 3.89% | 2.41% | 0.08% | 2.86% | 4.19% | 6.7% | 4.24% | 3.43% | 0.01% |
| Income Tax | 355.06M | 418.79M | 325.05M | 42.91M | 278.94M | 61.12M | 66.75M | 161.01M | 85.42M | 263.9M | 243.92M | 338.35M | 390.95M | 24.23M | -20.98M | 8.56M | -23.84M | -21.59M | -194.92M | 44.59M | -2.08M | 138.54M | 80.19M | 7.2M | -12.43M | 21.26M | 10.44M | 25.7M | 6.5M | 2.8M | 4.6M |
| Effective Tax Rate % | 28.55% | 27.88% | 23.02% | 11.75% | 27.2% | 66.16% | 41.25% | 26.07% | 25.71% | 26.87% | 33.69% | 33.79% | 35.46% | 4.22% | -13.71% | -1.76% | -35.85% | 12.42% | 16.42% | 48.68% | 5.74% | 34.33% | 38.46% | 11.38% | -650.52% | 33.59% | 16.63% | 28.24% | 11.5% | 6.39% | 4600% |
| Net Income | 887.75M | 1.08B | 1.09B | 321.57M | 745.93M | 31M | 94.76M | 455.92M | 247.94M | 718.07M | 480.92M | 662.92M | 711.65M | 549.55M | 174.23M | -496.77M | 87.14M | -151.58M | -998.58M | 47.02M | -34.23M | 264.98M | 128.34M | 56.04M | 14.34M | 42.92M | 52.34M | 65.3M | 50M | 41M | -7.3M |
| Net Margin % | 4.78% | 5.85% | 6.08% | 1.85% | 4.27% | 0.21% | 0.78% | 4% | 2.27% | 6.67% | 4.87% | 7.57% | 8.29% | 6.53% | 2.15% | -6.59% | 1.27% | -2.14% | -11.72% | 0.62% | -0.65% | 4.68% | 2.39% | 2.14% | 0.57% | 1.94% | 3.49% | 4.81% | 3.76% | 3.21% | -0.64% |
| Net Income Growth % | -26.51% | -0.38% | 237.85% | -56.89% | 2306.23% | -67.28% | -79.22% | 83.88% | -65.47% | 49.31% | -27.45% | -6.85% | 29.5% | 215.41% | 135.07% | -670.08% | 157.49% | 84.82% | -2223.87% | 237.35% | -112.92% | 106.47% | 129.03% | 290.9% | -66.6% | -17.99% | -19.84% | 30.6% | 21.95% | 661.64% | 8.75% |
| Net Income (Continuing) | 888.42M | 1.08B | 1.09B | 322.32M | 746.54M | 31.27M | 95.07M | 456.54M | 246.8M | 718.17M | 480.12M | 662.97M | 711.44M | 549.71M | 174.04M | -495.69M | 90.33M | -152.18M | -992.17M | 47.02M | -34.23M | 264.98M | 128.34M | 56.04M | 14.34M | 42.03M | 52.34M | 65.3M | 50M | 41M | -4.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 599K | -6.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.71M | 13.68M | 13.99M | 13.21M | 12.46M | 11.85M | 11.59M | 10.4M | 9.79M | 9.51M | 8.27M | 2.95M | 2.91M | 2.78M | 2.63M | 2.82M | 5.93M | 0 | 0 | 0 | 1.96M | 1.4M | 1.21M | 1.25M | 1.61M | 889K | 889K | 900K | 900K | 800K | 800K |
| EPS (Diluted) | 3.72 | 4.54 | 4.57 | 1.36 | 3.10 | 0.13 | 0.39 | 1.83 | 1.00 | 2.79 | 1.73 | 2.50 | 2.74 | 2.12 | 0.70 | -2.21 | 0.41 | -2.05 | -14.40 | 0.71 | -0.51 | 3.98 | 2.05 | 1.36 | 0.35 | 1.00 | 1.27 | 1.58 | 1.21 | 0.99 | -0.26 |
| EPS Growth % | -26.43% | -0.66% | 236.03% | -56.13% | 2284.62% | -66.67% | -78.69% | 83% | -64.16% | 61.27% | -30.8% | -8.76% | 29.25% | 202.86% | 131.67% | -639.02% | 120% | 85.76% | -2128.17% | 239.22% | -112.81% | 94.15% | 50.74% | 288.57% | -65% | -21.26% | -19.62% | 30.58% | 22.22% | 480.77% | 10.34% |
| EPS (Basic) | - | 4.56 | 4.58 | 1.36 | 3.11 | 0.13 | 0.39 | 1.83 | 1.00 | 2.79 | 1.74 | 2.50 | 2.75 | 2.12 | 0.70 | -2.21 | 0.41 | -2.05 | -14.40 | 0.71 | -0.51 | 3.98 | 2.05 | 1.36 | 0.35 | 1.00 | 1.27 | 1.58 | 1.21 | 0.99 | -0.26 |
| Diluted Shares Outstanding | 238.56M | 238.45M | 237.8M | 237.3M | 240.39M | 244.13M | 246.12M | 249.71M | 249.15M | 248.97M | 254.13M | 258.68M | 259.47M | 259.24M | 250.22M | 225M | 214.28M | 74.06M | 69.34M | 66.56M | 67.12M | 66.58M | 62.6M | 41.2M | 40.96M | 42.92M | 41.38M | 41.36M | 41.32M | 41.28M | 28.18M |
| Basic Shares Outstanding | 237.71M | 237.43M | 237.01M | 236.72M | 239.77M | 243.65M | 245.94M | 249.4M | 248.94M | 248.74M | 253.67M | 258.44M | 258.97M | 258.83M | 250.1M | 225M | 214.28M | 74.06M | 69.34M | 66.56M | 67.12M | 66.58M | 62.6M | 41.2M | 40.96M | 42.92M | 41.22M | 41.33M | 41.32M | 41.28M | 28.18M |
| Dividend Payout Ratio | - | 184.26% | - | - | - | - | - | - | - | - | 148.63% | 226.04% | - | - | - | - | - | - | - | 12.74% | - | 1.51% | 3.11% | 4.4% | 17.21% | 5.75% | 4.73% | 2.91% | 3.4% | 4.15% | - |
Commodity Feed Cost Volatility
According to recent financial disclosures, Pilgrim's Pride experienced a deceleration in top-line expansion, with revenue growth slowing to 1.6% in 2026Q1 compared to the 9.7% peak observed in 2023Q4, reflecting the inherent volatility of the global protein market and shifting consumer demand patterns across key geographic segments.
The company's revenue trajectory appears increasingly sensitive to the protein cycle, as evidenced by the inconsistent quarterly growth rates over the last ten periods. Investors should monitor whether the recent shift toward branded products can effectively decouple the firm's top-line performance from the broader commodity price fluctuations that currently dictate volume trends.
As reported in quarterly income statements, gross margins contracted significantly to 7.6% in 2026Q1 from a high of 15.2% in 2024Q2, highlighting the company's ongoing struggle to pass through volatile feed ingredient costs to retail partners in a timely and efficient manner.
The sharp decline in gross profitability suggests that Pilgrim's Pride remains a price-taker in the fresh chicken market, despite strategic efforts to pivot toward value-added offerings. This margin volatility warrants further investigation into the efficacy of existing cost-plus contracts and the company's ability to maintain pricing power during periods of rising grain prices.
Based on the provided income statement data, operating margins have compressed to 3.6% in 2026Q1, down from 11.1% in 2024Q3, indicating that the company's operating leverage is currently insufficient to protect profitability when gross margins face downward pressure from rising cost of goods sold.
The lack of scalability in operating income relative to gross profit suggests that fixed costs remain a significant burden during cyclical downturns. Management's ability to maintain lean SG&A expenses appears to be offset by the high variable cost structure inherent in large-scale poultry processing.
Analysis of the income statement reveals that EPS dropped to $0.43 in 2026Q1, a 65.3% decline from the prior year, suggesting that reported net income is heavily influenced by non-operating factors and the cyclical nature of the protein industry rather than consistent operational growth.
The significant fluctuations in quarterly EPS, ranging from $0.37 to $1.49, indicate that investors should be cautious when relying on headline earnings as a proxy for long-term value creation. The impact of stock-based compensation and potential hedging distortions warrants further scrutiny to determine the true normalized earnings power of the business.
Data from recent filings suggests that the company's reliance on commodity-heavy revenue streams may leave it vulnerable to margin compression, as evidenced by the 7.6% gross margin in 2026Q1, which significantly trails the performance of more diversified packaged food peers like Hormel Foods.
Short-term margin improvements may be temporary, driven by favorable feed-to-meat spreads rather than a fundamental shift in the business model. The market may be overestimating the durability of the current branded product strategy, and investors should monitor whether the company can sustain profitability if grain prices experience a sustained upward trend.
Quick answers to the most common questions about buying PPC stock.
For fiscal year 2025, Pilgrim's Pride Corporation (PPC) reported total revenue of $18.50B. This represents a 1523.6% increase compared to $1.14B in 1996.
Pilgrim's Pride Corporation (PPC) is profitable, generating $1.08B in net income for the fiscal year ending 2025 with a net profit margin of 5.9%.
Pilgrim's Pride Corporation (PPC) reported an operating income of $1.61B, resulting in an operating profit margin of 8.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Pilgrim's Pride Corporation (PPC) generated $2.36B in gross profit for the year, representing a gross profit margin of 12.7%. This demonstrates the company's core pricing power and production efficiency.