Pilgrim’s Pride Just BARE Retail Up 40% Is The Bright Spot The Commodity Weakness Obscures!

Pilgrim’s Pride reported first-quarter 2026 net revenues of $4.53 billion, a slight increase from $4.46 billion the previous year. Adjusted EBITDA declined to $308.1 million, representing a margin of 6.8%, down from 12.0% in the same quarter last year. This decline was primarily driven by challenges in the U.S. segment, where adjusted EBITDA margins almost halved to 7.0% from 14.3% in Q1 2025, due to significantly lower commodity values, reduced deli small bird prices, winter storm-related operational disruptions, bird health challenges, and planned downtime associated with growth investments. European adjusted EBITDA edged up by 6.3% to $105.8 million, with margins steady at 7.8%, supported by poultry and meal category strength despite consumer shifts toward value offerings. Mexico’s adjusted EBITDA fell sharply to $16.8 million from $41.2 million a year earlier, impacted by high live commodity supply levels and import pressures, though results showed sequential improvement over the prior quarter.