Quick Facts / Company Snapshot
- Full Company Name: JBS S.A.
- Headquarters: São Paulo, SP, Brazil
- Total Net Revenue (2024): US$ 77.18 billion
- Net Income (2024): US$ 1.97 billion
- Operating Profit (2024): US$ 4.38 billion
- Adjusted EBITDA (PPC Segment 2024): US$ 2.70 billion (Highest among segments)
- Total Employees: 281,974
- Global Presence: Brazil, United States, Canada, Australia, Mexico, Europe, Puerto Rico, and others.
- Stock Ticker: JBSS3 (B3 – Brazil), JBSAY (OTCQX – USA)
- Common Shares Outstanding: 2,218,116,370
- Chief Executive Officer: Gilberto Tomazoni
- Chief Financial Officer: Guilherme Perboyre Cavalcanti
- Primary Controlling Shareholder: J&F Investimentos S.A.
- Major Institutional Shareholder: BNDESPar (20.81%)
- Reporting Standards: IFRS Accounting Standards
- Dividends Paid (2024): US$ 759.0 million
- Key Brands: Swift, Seara, Pilgrim’s Pride, Friboi, Moy Park
- Primary Industry: Animal Protein Processing (Beef, Pork, Chicken, Lamb)
- Website: jbs.com.br
Company Overview
JBS S.A. is a global leader in the food industry and the largest protein company in the world. Headquartered in São Paulo, Brazil, the company operates a diversified global platform producing fresh and frozen, value-added, and branded beef, poultry, pork, fish, and lamb products. The company sells these products to leading retailers, including supermarkets, club stores, and wholesale distributors, as well as foodservice companies such as restaurants, hotels, and processors.
The company is incorporated as a Brazilian corporation (sociedade anônima) and is subject to the laws of the Federative Republic of Brazil. Its massive operational footprint spans multiple continents, with production facilities in South America, North America, Europe, and Oceania. JBS S.A. focuses on efficient capital investment and strategic acquisitions to drive growth, having expanded its net revenue from US$ 38.6 billion in 2012 to US$ 77.2 billion in 2024.
JBS S.A. maintains a robust commitment to sustainability and governance. The company has established sustainability performance targets linked to its debt instruments, including goals to reduce Global Greenhouse Gas Emissions Intensity. The company is also a U.S. public reporting company subject to the rules and regulations of the SEC.
Business Segments
JBS S.A. organizes its operations into seven reportable business segments to efficiently manage its global activities.
1. Beef North America
- Net Revenue (2024): US$ 24,285.8 million
- % of Total Revenue: 31.47%
- Adjusted EBITDA (2024): US$ 247.3 million
- Operational Scope: This segment includes beef processing operations in North America and plant-based protein businesses in Europe. It operates 10 fresh beef processing plants (9 in the U.S. and 1 in Canada) with an aggregate daily capacity of 32,598 cattle. It also includes 8 value-added and branded beef processing plants and 3 plant-based protein processing plants in Europe.
- Profile: The segment processes, prepares, packages, and delivers fresh, further-processed, and value-added beef and pork products for sale to customers in more than 60 countries.
2. Pilgrim’s Pride (PPC)
- Net Revenue (2024): US$ 17,863.1 million
- % of Total Revenue: 23.14%
- Adjusted EBITDA (2024): US$ 2,703.4 million
- Operational Scope: This segment encompasses the operations of Pilgrim’s Pride Corporation (PPC), in which JBS beneficially owns approximately 83%. It operates 36 fresh chicken processing plants across the U.S., Mexico, Europe, and Puerto Rico with a daily capacity of 8.36 million broilers. It also includes 30 value-added and prepared foods plants.
- Profile: PPC produces fresh, frozen, and value-added chicken products sold to retailers, distributors, and foodservice operators. It also has operations in the U.K. and Europe (Moy Park).
3. Brazil
- Net Revenue (2024): US$ 12,590.5 million
- % of Total Revenue: 16.31%
- Adjusted EBITDA (2024): US$ 965.0 million
- Operational Scope: This segment includes all operating activities of JBS S.A. in Brazil, primarily slaughter facilities, cold storage, meat processing, fat, feed, and by-products (leather, collagen). It operates 35 fresh beef processing plants in Brazil with a daily capacity of 31,680 cattle.
- Profile: The segment generates revenue from the sale of fresh and processed beef products, predominantly to restaurant chains and food processing companies.
4. Seara
- Net Revenue (2024): US$ 8,774.5 million
- % of Total Revenue: 11.37%
- Adjusted EBITDA (2024): US$ 1,538.6 million
- Operational Scope: Seara operates 30 fresh chicken processing plants in Brazil (daily capacity: 5.43 million broilers) and 8 fresh pork processing plants (daily capacity: 34,550 hogs). It also manages 25 value-added and prepared foods plants.
- Profile: Seara produces and commercializes poultry, pork, and processed food products in Brazil and for export. It is a major player in the value-added and branded food sector.
5. Pork USA
- Net Revenue (2024): US$ 8,115.5 million
- % of Total Revenue: 10.51%
- Adjusted EBITDA (2024): US$ 1,071.2 million
- Operational Scope: This segment includes JBS USA’s pork processing operations. It operates 5 fresh pork processing plants in the U.S. with a daily capacity of 93,600 hogs.
- Profile: The segment produces fresh and frozen pork products, including bone-in cuts, boneless cuts, and pork bellies, sold to retailers and foodservice companies globally.
6. Australia
- Net Revenue (2024): US$ 6,648.1 million
- % of Total Revenue: 8.61%
- Operational Scope: JBS Australia operates 8 fresh beef processing plants (daily capacity: 9,598 cattle), 3 fresh lamb/sheep plants (daily capacity: 20,200 animals), and 3 fresh pork processing plants. It also includes aquaculture operations (Huon).
- Profile: This segment is a leading processor of beef and lamb in Australia and New Zealand, exporting products globally.
7. Others
- Net Revenue (2024): US$ 526.3 million
- % of Total Revenue: 0.68%
- Operational Scope: This segment includes hide processing plants in Argentina, Uruguay, Mexico, Germany, Vietnam, and Italy, as well as further processed pork plants in Italy.
History and Evolution
JBS S.A. was founded in 1953 by José Batista Sobrinho in Anápolis, Goiás, Brazil. The company began as a small slaughtering business and has expanded over decades to become a global food industry giant.
- 2007: A pivotal year for JBS, marked by the acquisition of the U.S. meat packer Swift & Company for approximately US$ 1.5 billion. This acquisition represented the company’s first major expansion into the United States.
- 2009: Building on the Swift integration, JBS acquired a majority stake in Pilgrim’s Pride Corporation (PPC), one of the largest chicken processors in the U.S., with operations in Mexico and Puerto Rico. This acquisition was financed through an issuance of US$ 2.0 billion in convertible debentures, substantially purchased by BNDESPar.
- 2013: JBS acquired Seara, significantly expanding its presence in the Brazilian poultry, pork, and processed foods market.
- 2021: The company acquired Huon Aquaculture Group Ltd, entering the salmon business in Australia, and Sunnyvalley, a smoked bacon and ham business in the U.S.
- 2022: JBS USA acquired the TriOak Foods business for US$ 235.7 million, ensuring a consistent supply of premium pork.
- 2023: JBS S.A. became a U.S. public reporting company following the effectiveness of a registration statement for notes guaranteed by the company.
- Growth: From 2012 to 2024, JBS grew its net revenue from US$ 38.6 billion to US$ 77.2 billion, achieving a Compound Annual Growth Rate (CAGR) of 5.9%.
Products and Services
JBS S.A. offers a vast portfolio of products across its segments. The majority of revenue is generated from product sales, classified as domestic (produced and sold in the same country) or export (produced in one country and sold in another).
Fresh Products
- Beef & Lamb: Fresh and frozen cuts, traditional cuts, prime cuts, and offal.
- Pork: Fresh and frozen pork carcasses, bone-in cuts, boneless cuts, pork bellies, and offal.
- Chicken: Refrigerated and frozen whole and cut-up chickens, bone-in chicken parts, and prepackaged case-ready chickens.
- Fish: Fresh fish products (via aquaculture operations in Australia).
Value-Added and Branded Products
- Beef & Lamb: Frozen cooked and pre-cooked beef, corned beef, and other prepared beef products.
- Pork: Ham, bacon, sausage, and deli meats.
- Chicken: Prepared chicken products including portion-controlled breast fillets, tenderloins, strips, delicatessen products, salads, formed nuggets, and patties. These are sold refrigerated or frozen and may be fully cooked, partially cooked, or raw.
- Other: Canned vegetables, pickles, fat, animal feed, and biodiesel.
Services
- Cattle “Hotelling”: In Australia, JBS provides feedlot services with a one-time feeding capacity of more than 150,000 cattle. The feedlot sells cattle on behalf of the owner, deducting feed and care costs.
- Transportation: The company operates owned and outsourced trucks for the distribution of raw materials and products.
Brand Portfolio
JBS S.A. markets its products under a wide variety of national and regional brands.
North America
- Swift
- Pilgrim’s Pride
- Just Bare
- 1855
- Gold Kist Farms
- Del Dia
- Northern Gold
- Canadian Diamond
- Sunnyvalley (Premium brand)
Brazil
- Friboi
- Seara
- Swift
- Maturatta
- Reserva Friboi
- Seara Da Granja
- Seara Nature
- Massa Leve
- Doriana
- Delícia
- Primor
- Incrível
- Rezende
- LeBon
- 1953 (Premium brand)
- Seara Gourmet (Premium brand)
Europe
- Moy Park
- O’Kane
Australia
- Great Southern
- AMH
Geographical Presence
JBS S.A. has a diversified global platform with sales in numerous countries.
Sales by Region (2024)
- Domestic Sales: US$ 57,186.2 million (74.1% of Net Revenue)
- Includes sales within the country where the production facility is located (e.g., U.S. production sold in the U.S.).
- Export Sales: US$ 19,996.4 million (25.9% of Net Revenue)
- Includes sales to countries outside the location of production.
Manufacturing and Office Footprint
- Brazil: 35 Beef plants, 30 Chicken plants, 8 Pork plants, 33 Distribution Centers.
- United States: 9 Beef plants, 5 Pork plants, 25 Chicken plants (PPC), 3 Distribution Centers.
- Australia: 8 Beef plants, 3 Lamb/Sheep plants, 3 Pork plants, 7 Distribution Centers.
- Canada: 1 Beef plant.
- Mexico: 6 Chicken plants (PPC), 22 Distribution Centers.
- Europe & U.K.: 4 Chicken plants, 2 Pork plants (PPC), 3 Distribution Centers.
- Puerto Rico: 1 Chicken plant.
Financial Performance Analysis
Consolidated Performance
JBS S.A. demonstrated strong financial recovery and growth in 2024 compared to the previous year.
- Net Revenue Growth: Increased by 5.8% to US$ 77,182.5 million in 2024 from US$ 72,918.1 million in 2023.
- Net Income Recovery: The company reported a Net Income of US$ 1,967.6 million in 2024, a significant turnaround from a Net Loss of US$ (131.7) million in 2023.
- Operating Profit: Surged by 303.8% to US$ 4,377.8 million in 2024 from US$ 1,084.1 million in 2023.
Multi-Year Trend
- Revenue CAGR (2012-2024): 5.9%
- Adjusted EBITDA CAGR (2012-2024): 10.2%
- Net Income CAGR (2012-2024): 14.5%
Profit and Loss Analysis
Key Metrics (2024 vs 2023)
- Net Revenue: US$ 77,182.5 million (vs US$ 72,918.1 million)
- Cost of Sales: US$ (65,594.3) million (vs US$ 64,951.0 million)
- Cost of sales represented 85.0% of net revenue in 2024, an improvement from 89.1% in 2023.
- Gross Profit: US$ 11,588.2 million, an increase of 45.5% YoY.
- Selling Expenses: US$ (4,827.3) million, representing 6.1% of net revenue.
- General and Administrative Expenses: US$ (2,278.4) million, representing a 1.6% decrease from 2023.
- Net Finance Expense: US$ (1,669.8) million, increased by 23.4% primarily due to fair value adjustments on derivatives and exchange rate variations.
- Operating Profit: US$ 4,377.8 million.
Balance Sheet Analysis
Assets
- Current Assets: US$ 17,121.0 million
- Cash and Cash Equivalents: US$ 5,613.7 million
- Inventories: US$ 5,016.0 million
- Trade Accounts Receivable: US$ 3,735.5 million
- Property, Plant and Equipment: US$ 11,780.4 million (Net amount).
- Total Assets: While the specific total figure is split across snippets, the company’s asset base supports its massive global operations, with significant investments in PPE and biological assets.
Liabilities and Equity
- Current Liabilities: US$ 11,657.1 million
- Trade Accounts Payable: US$ 5,465.5 million
- Loans and Financing (Current): US$ 2,084.2 million
- Non-Current Liabilities:
- Loans and Financing (Non-Current): US$ 17,242.6 million
- Total Indebtedness: US$ 19,326.8 million (Current + Non-Current Loans).
Liquidity Position
- Cash Position: US$ 5,613.7 million in cash and cash equivalents.
- Revolving Credit: JBS USA has a Senior Unsecured Revolving Facility of US$ 1.5 billion maturing in 2027.
Cash Flow Analysis
- Operating Activities: Net cash provided by operating activities was **US$ 4,229.5 million** in 2024, a substantial increase from US$ 2,378.8 million in 2023. This was driven by an increase in net income adjusted for non-cash effects.
- Investing Activities: Net cash used in investing activities was **US$ (1,417.7) million** in 2024. Capital expenditures for property, plant, and equipment totaled US$ 1,480.3 million.
- Financing Activities: Net cash used in financing activities was **US$ (1,414.8) million** in 2024. This included US$ 2,990.3 million used in payments of loans and financings and US$ 759.3 million in dividend payments, offset by US$ 2,976.3 million in proceeds from new loans.
Board of Directors and Leadership Team
Board of Directors
- Jeremiah O’Callaghan: Chairman. Investor Relations Officer for over 10 years and Executive Officer since 2019. Joined JBS in 1996.
- José Batista Sobrinho: Founder and member of the Board since 2007. Over 50 years of experience in beef production.
- Wesley Mendonça Batista Filho: Member of the Board and Executive Officer.
- Gelson Luiz Merisio: Independent member since 2020. Former President of the Legislative Assembly of Santa Catarina.
Leadership Team
- Gilberto Tomazoni: Chief Executive Officer (CEO).
- Guilherme Perboyre Cavalcanti: Global Chief Financial Officer (CFO) and Investor Relations Officer since January 2019. Previously served at Vale S.A. and Fibria Celulose S.A.
- Eliseo Santiago Perez Fernandez: Managing and Control Officer since 2010.
Committees
- Financial and Risk Management Committee: Chaired by Guilherme Perboyre Cavalcanti. Assists in analyzing global economic impacts and financial policy.
- Statutory Audit Committee: Includes Mauro Mitio Inagaki as the financial expert.
Subsidiaries, Associates, Joint Ventures
JBS S.A. operates through numerous subsidiaries globally. Key subsidiaries include:
- JBS USA Holding Lux S.à r.l. (“JBS USA”): Indirect wholly-owned subsidiary.
- Pilgrim’s Pride Corporation (PPC): Delaware corporation; JBS beneficially owns approximately 83%.
- Seara Alimentos Ltda.: Brazilian limited liability company, indirect wholly-owned subsidiary.
- JBS Australia (Baybrick Pty Limited): Indirect wholly-owned subsidiary.
- JBS Food Canada ULC: Indirect wholly-owned subsidiary.
- Moy Park: Wholly-owned subsidiary of PPC, operating in the U.K. and Europe.
- JBS Global Luxembourg S.à r.l.: Wholly-owned subsidiary.
Revenue Contribution by Segment (Proxy for major subsidiaries):
- Beef North America: 31.5%
- Pilgrim’s Pride: 23.1%
- Brazil: 16.3%
Physical Properties
JBS S.A. owns and operates a vast network of processing plants and distribution centers globally.
Processing Plants (As of Dec 31, 2024):
- Brazil: 35 Fresh Beef Plants, 30 Fresh Chicken Plants, 8 Fresh Pork Plants, 25 Value-Added Plants.
- United States: 9 Fresh Beef Plants, 25 Fresh Chicken Plants (PPC), 5 Fresh Pork Plants, 7 Value-Added Beef Plants.
- Canada: 1 Fresh Beef Plant, 1 Value-Added Plant.
- Australia: 8 Fresh Beef Plants, 3 Lamb/Sheep Plants, 3 Pork Plants, 7 Value-Added Plants.
- Europe/UK: 4 Fresh Chicken Plants, 2 Fresh Pork Plants, 30 Value-Added Plants (PPC).
- Mexico: 6 Fresh Chicken Plants, 2 Value-Added Plants.
- Puerto Rico: 1 Fresh Chicken Plant.
Distribution Centers:
- Total: 70 Facilities (20 Owned, 50 Leased)
- Brazil: 33
- Mexico: 22
- Australia: 7
- USA: 3
- Europe: 3
Segment-wise Performance
Brazil Segment
- Performance: Net revenue increased by 13.0% in 2024 to US$ 12.6 billion.
- Drivers: Impacted by a 20.3% increase in sales volumes, mainly in in natura beef for export markets, despite a 6.1% decrease in sales prices. Adjusted EBITDA grew by 105.6%.
Seara Segment
- Performance: Net revenue increased by 6.1% to US$ 8.8 billion.
- Drivers: Volume increased by 4.3% (mainly domestic chicken), and average sales price increased by 1.7%. Adjusted EBITDA grew by 322.1%.
Beef North America Segment
- Performance: Net revenue increased by 4.2% to US$ 24.3 billion.
- Drivers: Adjusted EBITDA increased by 116.5% to US$ 247.3 million.
Pork USA Segment
- Performance: Net revenue increased by 5.2% to US$ 8.1 billion.
- Drivers: Impacted by a 6.1% increase in average sales prices in both domestic and export markets. Adjusted EBITDA increased by 103.3%.
Pilgrim’s Pride Segment
- Performance: Net revenue increased by 3.0% to US$ 17.9 billion.
- Drivers: Impacted by a 4.1% increase in average sales prices, particularly in the U.S. Adjusted EBITDA increased by 76.0%.
Founders
- Founder: José Batista Sobrinho
- Founding: The company was founded in 1953 in Anápolis, Goiás, Brazil.
- Role: José Batista Sobrinho remains a member of the Board of Directors. He has over 50 years of experience in beef production with JBS S.A. He is the father of Wesley Mendonça Batista and Joesley Mendonça Batista, and the grandfather of Wesley Mendonça Batista Filho.
Shareholding Pattern
As of March 14, 2025, the shareholding structure of JBS S.A. common shares is as follows:
- J&F and JBS Participações (Controlling Shareholders): 1,072,153,398 shares (48.34%)
- J&F is controlled by the ultimate controlling shareholders, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista.
- BNDESPar: 461,661,101 shares (20.81%)
- Capital Research Global Investors: 111,572,477 shares (5.03%)
- Other Shareholders: 572,729,394 shares (25.82%)
- Total Shares: 2,218,116,370
Parent
- Ultimate Parent: J&F Investimentos S.A. (J&F)
- Nature: A corporation (sociedade anônima) incorporated under the laws of Brazil.
- Control: J&F is controlled by the ultimate controlling shareholders, Messrs. Joesley Mendonça Batista and Wesley Mendonça Batista. J&F indirectly owns 100% of JBS Participações.
Investments and Capital Expenditure Plans
- 2024 Capex: Totaled US$ 1,480.3 million in cash used for the purchase of property, plant, and equipment.
- Allocation: 66% was invested in facilities and 34% in equipment.
- Strategic Priorities:
- Expansion and modernization of Seara plants.
- Buildings and earthwork for facilities in the United States.
- Investments in new business units (Novos Negócios).
- Construction of a new Italian specialties and pepperoni plant in Columbia, South Carolina.
Future Strategy
JBS S.A.’s strategy focuses on:
- Diversification: Continuing to operate a diversified global platform across beef, poultry, pork, fish, and lamb.
- Direct Sales: Increasing direct sales to retail and prepared food customers and international distribution channels to capture higher margin opportunities.
- Sustainability: Striving for net zero greenhouse gas emissions by 2040.
- Global Expansion: Expanding production capacity and product offerings in South and North America, Australia, and Europe through organic growth and acquisitions.
Key Strengths
- Global Scale: The largest protein company in the world with a massive production footprint across 5 continents.
- Diversified Portfolio: A wide range of products including beef, pork, chicken, lamb, and plant-based proteins, reducing reliance on any single commodity.
- Brand Power: Strong portfolio of recognized brands such as Swift, Pilgrim’s Pride, and Seara.
- Operational Efficiency: High capacity utilization and strategically located facilities near raw material sources (e.g., cattle ranches within 500km of plants in Brazil).
- Financial Resilience: Strong recovery in 2024 with significant increases in Operating Profit (303.8%) and Net Income.
Key Challenges and Risks
- Disease Outbreaks: Risk of animal diseases (e.g., Avian Flu, African Swine Fever) affecting livestock supply and trade.
- Commodity Prices: Profitability is materially affected by fluctuations in the prices of live cattle, hogs, chicken, corn, and soymeal.
- Regulatory Risks: Extensive regulation by agencies like the USDA and IBAMA regarding food safety, environment, and labor. Failure to comply can lead to fines or shutdowns.
- Climate Change: Risks related to adverse weather conditions affecting operations and livestock.
- Reputational Risk: Risks connected to past investigations involving ultimate controlling shareholders.
- Cybersecurity: Vulnerability to cyberattacks, such as the May 2021 attack that affected North American and Australian systems.
Conclusion and Strategic Outlook
JBS S.A. has solidified its position as a global food industry titan, demonstrating resilience and operational excellence in 2024. With a decisive turnaround in net income and operating profit, the company effectively leveraged its diversified portfolio and global footprint. The company’s strategic focus on value-added products, direct retail relationships, and sustainability initiatives positions it for continued long-term growth. While challenges such as commodity price volatility and regulatory complexities persist, JBS S.A.’s massive scale and strategic investments in modernization and new business units provide a robust foundation for future performance.
Official Site: JBS S.A. Corporate Website
FAQ Section:
- What is JBS S.A.’s total revenue for 2024? JBS S.A. reported a total net revenue of US$ 77.18 billion for the fiscal year ended December 31, 2024.
- Who is the CEO of JBS S.A.? Gilberto Tomazoni is the Chief Executive Officer of JBS S.A.
- What are the main business segments of JBS S.A.? The company operates seven segments: Brazil, Seara, Beef North America, Pork USA, Pilgrim’s Pride, Australia, and Others.
- Does JBS S.A. pay dividends? Yes, for the 2024 fiscal year, JBS distributed a total of US$ 759.0 million in dividends to its shareholders.
- What is the ownership structure of JBS S.A.? The controlling shareholders are J&F Investimentos S.A. and JBS Participações, holding 48.34% of shares. BNDESPar holds 20.81%.
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
