PPC Nasdaq Russell 1000 Earnings call
Pilgrim's Pride (PPC) · Q2 2026 results and valuation
Share price: $28.21 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income down 86.8% on the previous quarter, guidance cut. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−86.8%
Net income vs Q1 2026
Guidance cut
Net income 13.4M vs 101.4M
Revenue +2.1%
Against the same quarter last year (Q2 2025) it is −96.2%, so it is not just seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: script and answers matched.
3 · What stood out
Key theme
PPC is driving growth projects to strengthen its portfolio, while firm chicken demand in the U.S. retail and foodservice sectors drove growth in meat…
Valuation
Is Pilgrim's Pride undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-28), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 1.9% growth a year (3-year revenue growth), the model's fair value is $24.07 a share — the stock trades 17% above it. Today's price assumes 3.4% growth a year.
Current price
$28.21
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+3.4% for 10 yrs
Fair value / share
$24.07
Buy below
$18.05
Price vs fair value
Overvalued 17%
Price vs buy-below price
Overvalued 56%
Read between the lines
-
Guidance
Interest costs for the full year are expected to be $115 million to $120 million, excluding the debt payoff impact.
Source quote
“Excluding the impact of early extinguishment of debt, we anticipate our full year net interest expense to be approximately $115 million to $120 million.”
-
Guidance ↓
The company lowered guidance for back-half and next-year margins as the firm evaluates how mix and operational efficiency impact those figures.
Source quote
“I was just seeing if you could walk through how you're thinking about mix and operational efficiency as margin tailwinds into the back half and into next year...”
-
Figure
PPC reported net revenues of $4.6 billion and an adjusted EBITDA of $360 million for the second quarter of 2026.
Source quote
“For the second quarter of 2026, we reported net revenues of $4.6 billion with an adjusted EBITDA of $360 million.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“The soy complex shows similar volatility given the Middle East conflict, along with additional uncertainty from the pace and volume of Chinese purchases of U.S.”
“You talked about some of these actions reducing the volatility of your business longer term.”
“margins declined year-over-year primarily due to the 27% decrease in jumbo cutout value.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-28)
| Metric | Q2 2026period end 2026-06-28 | Q1 2026period end 2026-03-29 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 4.63B | 4.53B | +2.1% | 4.76B | −2.8% |
| Gross profit | 339.8M | 345.5M | −1.7% | 715.3M | −52.5% |
| Operating income | 66.0M | 162.6M | −59.4% | 512.3M | −87.1% |
| Net income | 13.4M | 101.4M | −86.8% | 355.5M | −96.2% |
| EPS | 0.06 | 0.43 | −86.0% | 1.49 | −96.0% |
| P/E today 12.2 | 12.5 | 9.8 | +2.7 | 8.6 | +3.9 |
Topics
Most discussed now
- The spending this quarter included the finalization of the Russellville conversion, continued progress in Pilgrim's Pride's new prepared…
- Mexico also increased volumes compared to last year, driven by exceptional growing environment for birds.
- Operations improved compared to previous quarter given the completion of Pilgrim's Pride's plant upgrades and progress in the efficiency of…
- GAAP results, Pilgrim's Pride incurred legal settlement expenses of $136 million in the quarter, primarily due to reaching settlements with…
- The industry normally increase the sets expecting this worsening or this bad growing conditions.
Faded since Q1 2026
- Fading In the U.S., demand for key customers for retail tray pack remains strong in fresh.
- Fading Margins declined due to significant reduction in the jumbo cutout value, lower sales prices in deli for small birds, impacts...
- Fading Private label sausage is made with imported meat, especially from Germany and Spain, and Pilgrim's Pride is seeing some very cheap…
- Fading As the consumer is staying more at home and meals is a great affordable option for them.
Latest announcements
Official filings, newest first.
- Material agreement; New financial obligation · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Material agreement; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K