Revenue has held roughly flat near $4.5B to $4.8B per quarter while operating margin contracted from 10.8% in Q2 2025 to 1.4% in Q2 2026, indicating that margin compression rather than top-line weakness is driving earnings volatility.
Pilgrim's Pride Corporation (PPC) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 18.33B | 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 % | -0.12% | 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 | 16.88B | 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 | 1.45B | 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 % | 7.9% | 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 | 820.62M | 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 | 802.46M | 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 | 2M | 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 | 626.88M | 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 % | 3.42% | 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 | 1.11B | 2.07B | 1.94B | 942.19M | 1.58B | 591.99M | 582.57M | 977.8M | 769.77M | 1.35B | 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 % | 6.08% | 11.19% | 10.85% | 5.43% | 9.04% | 4.01% | 4.82% | 8.57% | 7.04% | 12.54% | 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 % | -48.5% | 6.7% | 105.87% | -40.36% | 166.85% | 1.62% | -40.42% | 27.02% | -42.98% | 31.87% | -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) | 486.72M | 456.16M | 433.62M | 419.9M | 403.11M | 380.82M | 337.1M | 287.23M | 274.09M | 277.79M | 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 | 647.15M | 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 | -140.33M | -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 | 18.17M | 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 | 158.51M | 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 | -138.24M | -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 | 488.64M | 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 % | 2.67% | 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 | 169.72M | 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 % | 34.73% | 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 | 320.4M | 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 % | 1.75% | 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 % | -73.96% | -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) | 318.89M | 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 | 12.26M | 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) | 1.34 | 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 % | -73.84% | -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 | 239.03M | 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 | 238.1M | 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% | - |
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.
Key Metrics
Top Statement Risk
Commodity feed-cost and margin volatility
Metrics are mathematically derived from official filings.
Revenue Plateau Masks Volatile Quarterly Momentum
Based on reported quarterly figures, PPC's revenue hovered between $4.4B and $4.8B across the ten periods, with year-over-year growth swinging from roughly 5% to negative 3%, indicating limited durable top-line expansion.
The revenue line appears range-bound rather than compounding, which suggests growth is being driven more by pricing and product mix cycles than by sustained volume expansion. The recent deceleration to slightly negative growth in the latest quarters warrants monitoring, as it may indicate softening demand or pricing normalization after the stronger 2024 and mid-2025 readings. Without disclosed volume breakdowns, it is difficult to determine whether the trend reflects organic weakness or portfolio effects.
Gross Margin Compression Tracks Commodity Spreads
As reported in financial statements, PPC's gross margin peaked near 15% in mid-2025 before falling to roughly 7% in the latest quarters, a compression of about eight percentage points that signals strong sensitivity to feed-to-meat spreads.
The magnitude of the gross margin swing indicates PPC remains largely a price-taker on commodity protein, with feed cost inflation not fully passed through to customers in real time. The compression from the 2025 peak to current levels suggests that the favorable spread environment that supported earlier profitability has reversed. Investors should monitor whether the value-added mix shift can stabilize margins above the current trough.
Net Income Swings Reflect Non-Operating Noise
According to recent SEC filings, PPC's diluted EPS ranged from $0.06 to $1.49 over ten quarters, with the Q2 2026 print of $0.06 diverging sharply from the operating income of $66.0M, implying meaningful below-the-line influences.
The gap between operating income and net income in several quarters suggests that interest, tax, hedging gains or losses, or other non-operating items materially shape reported earnings. Given the business's exposure to derivative accounting on grain hedges and biological asset valuation, headline EPS may not reflect underlying processing performance. Normalizing for these items would be necessary before drawing conclusions about earnings power.
Feed Costs Dominate the Cost Base
Based on reported cost lines, COGS consumed roughly 92% to 93% of revenue in recent quarters, while SG&A ran between $133M and $265M per quarter, leaving SG&A efficiency as a secondary rather than primary lever.
The cost structure is overwhelmingly driven by variable input costs, which means the company's margin trajectory is governed largely by external commodity conditions rather than internal overhead discipline. SG&A has fluctuated materially quarter to quarter, with the Q2 2026 spike to $265M appearing to pressure operating margin. Sustained cost control would require either greater pricing flexibility or a structural reduction in input cost volatility.
Mid-2025 Peak Marks the Profitability Inflection
Based on PPC's reported figures, the Q2 and Q3 2025 quarters delivered operating margins near 10% to 11% and gross margins near 15%, the highest in the ten-quarter window, before a sharp reversal in late 2025 and 2026.
The mid-2025 period appears to reflect a favorable convergence of protein pricing and feed costs that drove unusually strong operating leverage. The subsequent collapse in margins suggests this was a cyclical peak rather than a structural step-change. The durability of current margin levels will depend on whether the company can re-establish the spread conditions that prevailed during that window.
Peak Margins May Prove Unrepeatable
As reported in the income statement, PPC's operating margin fell from roughly 10.8% in Q2 2025 to 1.4% in Q2 2026, a drop that challenges any narrative built on the mid-2025 earnings base as normalized.
The strongest bear case is that the 2024 to mid-2025 window represented an unusually favorable protein and feed spread rather than a durable earnings level, and that sell-side models anchored to those figures may overstate forward profitability. The Q2 2026 EPS of $0.06 against a reported $0.72 estimate, if accurate, suggests cost inflation or operational friction is outpacing revenue, which could indicate compression is structural rather than cyclical. Investors should monitor whether the value-added mix shift measurably lifts margin floors before accepting the branded-product thesis.