$PPC

PILGRIMS PRIDE CORP

CIK:0000802481|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Income Statement [Abstract]
Net sales	$ 4,626,230	$ 4,757,365	$ 9,158,863	$ 9,220,374
Cost of sales	4,286,478	4,042,070	8,473,621	7,950,206
Gross profit	339,752	715,295	685,242	1,270,168
Selling, general and administrative expense	265,103	199,457	445,272	333,236
Restructuring activities	8,699	3,499	11,464	20,111
Operating income	65,950	512,339	228,506	916,821
Interest expense, net of capitalized interest	49,860	42,475	87,707	84,213
Interest income	(3,750)	(11,024)	(10,620)	(35,977)
Foreign currency transaction losses (gains)	(1,338)	4,892	(416)	2,839
Miscellaneous, net	(614)	414	(1,777)	(278)
Income before income taxes	21,792	475,582	153,612	866,024
Income tax expense	8,572	119,573	38,942	213,672
Net income	13,220	356,009	114,670	652,352
Less: Net income (loss) attributable to noncontrolling interest	(157)	489	(130)	799
Net income attributable to Pilgrim's Pride Corporation	$ 13,377	$ 355,520	$ 114,800	$ 651,553
Weighted average shares of Pilgrim’s Pride Corporation common stock outstanding:
Basic (in shares)	237,928	237,381	237,820	237,308
Effect of dilutive common stock equivalents (in shares)	915	1,046	881	1,046
Diluted (in shares)	238,843	238,427	238,701	238,354
Net income attributable to Pilgrim’s Pride Corporation per share of common stock outstanding:
Basic (in dollars per share)	$ 0.06	$ 1.50	$ 0.48	$ 2.75
Diluted (in dollars per share)	$ 0.06	$ 1.49	$ 0.48	$ 2.73

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Cash flows from operating activities:
Net income	$ 114,670	$ 652,352
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	241,787	218,022
Asset impairment	22,263	846
Loss on early extinguishment of debt recognized as a component of interest expense	17,569	1,419
Stock-based compensation	11,211	14,185
Deferred income tax benefit	(5,691)	(19,493)
Loan cost amortization	2,689	2,491
Loss on property disposals	2,604	1,990
Accretion of discount related to Senior Notes	1,125	1,211
Gain on equity method investments	0	(3)
Changes in operating assets and liabilities:
Trade accounts and other receivables	239,435	(74,961)
Inventories	(7,604)	(105,692)
Prepaid expenses and other current assets	(17,457)	(17,434)
Accounts payable, accrued expenses and other current liabilities	(127,640)	(34,570)
Income taxes	(6,688)	8,048
Long-term pension and other postretirement obligations	1,259	(1,469)
Other operating assets and liabilities	(17,686)	(24,839)
Cash provided by operating activities	471,846	622,103
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(465,189)	(259,283)
Proceeds from property disposals	10,375	2,912
Business acquisitions	(3,073)	0
Cash used in investing activities	(457,887)	(256,371)
Cash flows from financing activities:
Payments on revolving line of credit, long-term borrowings and finance lease obligations	(313,312)	(90,654)
Proceeds from revolving line of credit and long-term borrowings	73,667	0
Payment on early extinguishment of debt	(14,548)	(2,120)
Payments for dividend	0	(1,495,497)
Cash used in financing activities	(254,193)	(1,588,271)
Effect of exchange rate changes on cash and cash equivalents	(1,697)	37,700
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(241,931)	(1,184,839)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	640,235	2,043,158
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 398,304	$ 858,319

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2026	Dec. 28, 2025
Cash and cash equivalents	$ 388,843	$ 640,235
Restricted cash and cash equivalents	9,461	0
Inventories	2,025,304	2,031,259
Income taxes receivable	79,793	103,702
Prepaid expenses and other current assets	290,745	272,809
Assets held for sale	0	11,057
Total current assets	3,720,230	4,237,363
Deferred tax assets	28,869	31,211
Other long-lived assets	153,311	113,195
Operating lease assets, net	249,464	257,784
Intangible assets, net	798,240	832,066
Goodwill	1,315,103	1,338,884
Property, plant and equipment, net	3,764,707	3,533,027
Total assets	10,029,924	10,343,530
Revenue contract liabilities	31,407	37,622
Accrued expenses and other current liabilities	1,008,263	1,095,858
Income taxes payable	94,339	123,769
Current maturities of long-term debt	913	924
Total current liabilities	2,744,955	2,890,258
Noncurrent operating lease liabilities, less current maturities	189,824	199,315
Long-term debt, less current maturities	2,861,359	3,093,113
Deferred tax liabilities	437,530	452,326
Other long-term liabilities	32,858	14,787
Total liabilities	6,266,526	6,649,799
Common stock	2,631	2,627
Treasury stock	(544,687)	(544,687)
Additional paid-in capital	2,034,816	2,023,609
Retained earnings	2,360,323	2,245,523
Accumulated other comprehensive loss	(103,236)	(47,022)
Total Pilgrim’s Pride Corporation stockholders’ equity	3,749,847	3,680,050
Noncontrolling interest	13,551	13,681
Total stockholders’ equity	3,763,398	3,693,731
Total liabilities and stockholders’ equity	10,029,924	10,343,530
Nonrelated Party
Trade accounts and other receivables, less allowance for credit losses and Accounts receivable from related parties	897,865	1,164,903
Accounts payable and Accounts payable to related parties	1,579,442	1,588,569
Related Party
Trade accounts and other receivables, less allowance for credit losses and Accounts receivable from related parties	28,219	13,398
Accounts payable and Accounts payable to related parties	$ 30,591	$ 43,516