# PILGRIMS PRIDE CORP (PPC)

Informational only - not investment advice.

CIK: 0000802481
SIC: 2015 Poultry Slaughtering and Processing
SIC breadcrumb: [Manufacturing](/division/D/) > [Food And Kindred Products](/major-group/20/) > [SIC 2015 Poultry Slaughtering and Processing](/industry/2015/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=802481
Filing source: https://www.sec.gov/Archives/edgar/data/802481/000080248126000011/ppc-20251228.htm

## At a glance

FY2025 · period end 2025-12-28 · filed 2026-02-12 · accession 0000802481-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000802481.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 18,497,553,000 USD | 2025 | verified |
| Net income | 1,082,359,000 USD | 2025 | verified |
| Assets | 10,343,530,000 USD | 2025 | verified |
| Free cash flow | 653,150,000 USD | 2025 | computed |
| Net margin | 5.85% | 2025 | computed |
| Operating margin | 8.72% | 2025 | computed |
| Revenue YoY | +3.46% | 2025 | computed |
| ROE | 29.41% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | PPC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 5.9% | 5.3% | 54 | 51 |
| Operating margin | 8.7% | 7.6% | 56 | 49 |
| Revenue growth | 3.5% | 3.0% | 54 | 51 |
| FCF margin | 3.5% | 7.6% | 24 | 50 |
| ROE | 29.4% | 9.1% | 94 | 49 |
| ROA | 10.5% | 4.0% | 80 | 51 |
| Liabilities / equity | 1.81 | 1.19 | 65 | 49 |
| Current ratio | 1.47 | 1.65 | 42 | 51 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 20 Food And Kindred Products, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 18497553000 | USD | 2025 | 2026-02-12 |
| Net income | 1082359000 | USD | 2025 | 2026-02-12 |
| Assets | 10343530000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000802481.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2011 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 9,878,564,000 | 10,767,863,000 | 10,937,784,000 | 11,409,219,000 | 12,091,901,000 | 14,777,458,000 | 17,468,377,000 | 17,362,217,000 | 17,878,291,000 | 18,497,553,000 |
| Net income |  |  |  |  | 440,532,000 | 694,579,000 | 247,945,000 | 455,924,000 | 94,757,000 | 31,000,000 | 745,930,000 | 321,574,000 | 1,086,438,000 | 1,082,359,000 |
| Operating income |  |  |  |  | 792,082,000 | 1,072,322,000 | 495,686,000 | 690,568,000 | 245,463,000 | 211,164,000 | 1,176,595,000 | 522,286,000 | 1,506,069,000 | 1,613,539,000 |
| Gross profit |  |  |  |  | 1,103,983,000 | 1,471,614,000 | 843,476,000 | 1,070,394,000 | 838,196,000 | 1,365,827,000 | 1,811,803,000 | 1,118,401,000 | 2,312,767,000 | 2,358,143,000 |
| Diluted EPS |  |  |  |  | 1.73 | 2.79 | 1.00 | 1.83 | 0.39 | 0.13 | 3.10 | 1.36 | 4.57 | 4.54 |
| Operating cash flow |  |  |  |  | 795,362,000 | 801,321,000 | 491,650,000 | 666,521,000 | 724,247,000 | 326,459,000 | 669,863,000 | 677,877,000 | 1,990,127,000 | 1,371,650,000 |
| Capital expenditures |  |  |  |  | 340,960,000 | 339,872,000 | 348,666,000 | 348,120,000 | 354,762,000 | 381,671,000 | 487,100,000 | 557,800,000 | 458,500,000 | 718,500,000 |
| Dividends paid | 0.00 | 0.00 | 0.00 | 1,498,470,000 | 714,785,000 | 0.00 | 0.00 |  |  |  |  | 0.00 | 0.00 | 1,994,347,000 |
| Assets |  |  |  |  | 5,021,942,000 | 6,248,652,000 | 5,931,202,000 | 7,102,364,000 | 7,474,497,000 | 8,913,205,000 | 9,255,769,000 | 9,810,361,000 | 10,650,576,000 | 10,343,530,000 |
| Liabilities |  |  |  |  | 2,935,810,000 | 4,392,991,000 | 3,911,617,000 | 4,566,304,000 | 4,899,150,000 | 6,324,271,000 | 6,402,493,000 | 6,465,784,000 | 6,397,180,000 | 6,649,799,000 |
| Stockholders' equity |  |  |  |  | 2,077,860,000 | 1,846,156,000 | 2,009,800,000 | 2,525,663,000 | 2,563,761,000 | 2,577,080,000 | 2,840,814,000 | 3,331,372,000 | 4,239,406,000 | 3,680,050,000 |
| Cash and cash equivalents |  |  |  |  | 292,544,000 | 581,510,000 | 338,386,000 | 260,568,000 | 547,624,000 | 427,661,000 | 400,988,000 | 697,748,000 | 2,040,834,000 | 640,235,000 |
| Free cash flow |  |  |  |  | 454,402,000 | 461,449,000 | 142,984,000 | 318,401,000 | 369,485,000 | -55,212,000 | 182,763,000 | 120,077,000 | 1,531,627,000 | 653,150,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2011 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 4.46% | 6.45% | 2.27% | 4.00% | 0.78% | 0.21% | 4.27% | 1.85% | 6.08% | 5.85% |
| Operating margin |  |  |  |  | 8.02% | 9.96% | 4.53% | 6.05% | 2.03% | 1.43% | 6.74% | 3.01% | 8.42% | 8.72% |
| Return on equity |  |  |  |  | 21.20% | 37.62% | 12.34% | 18.05% | 3.70% | 1.20% | 26.26% | 9.65% | 25.63% | 29.41% |
| Return on assets |  |  |  |  | 8.77% | 11.12% | 4.18% | 6.42% | 1.27% | 0.35% | 8.06% | 3.28% | 10.20% | 10.46% |
| Liabilities / equity |  |  |  |  | 1.41 | 2.38 | 1.95 | 1.81 | 1.91 | 2.45 | 2.25 | 1.94 | 1.51 | 1.81 |
| Current ratio |  |  |  |  | 1.53 | 1.73 | 1.72 | 1.58 | 1.50 | 1.38 | 1.51 | 1.68 | 2.01 | 1.47 |

## As-reported value updates

9 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/PPC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000802481.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-25 |  |  | 1.08 | reported discrete quarter |
| 2023-Q1 | 2023-03-26 |  |  | 0.02 | reported discrete quarter |
| 2023-Q2 | 2023-06-25 |  |  | 0.25 | reported discrete quarter |
| 2023-Q3 | 2023-09-24 | 4,360,196,000 | 121,278,000 | 0.51 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 4,528,302,000 | 134,653,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 4,361,934,000 | 174,421,000 | 0.73 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 4,559,314,000 | 326,303,000 | 1.37 | reported discrete quarter |
| 2024-Q3 | 2024-09-29 | 4,584,979,000 | 349,860,000 | 1.47 | reported discrete quarter |
| 2024-Q4 | 2024-12-29 | 4,372,064,000 | 235,854,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-30 | 4,463,009,000 | 296,033,000 | 1.24 | reported discrete quarter |
| 2025-Q2 | 2025-06-29 | 4,757,365,000 | 355,520,000 | 1.49 | reported discrete quarter |
| 2025-Q3 | 2025-09-28 | 4,759,342,000 | 342,813,000 | 1.44 | reported discrete quarter |
| 2025-Q4 | 2025-12-28 | 4,517,837,000 | 87,993,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-29 | 4,532,633,000 | 101,423,000 | 0.43 | reported discrete quarter |
| 2026-Q2 | 2026-06-28 | 4,626,230,000 | 13,377,000 | 0.06 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from PPC's latest 10-K: [/company/PPC/business/](/company/PPC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from PPC's latest 10-K: [/company/PPC/risk-factors/](/company/PPC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/802481/000080248126000051/ppc-20260628.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-28

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Executive Summary

Overview

Pilgrim’s Pride Corporation (referred to herein as “Pilgrim’s,” “PPC,” “the Company,” “we,” “us,” “our,” or similar terms) is one of the largest chicken producers in the world, with operations in the United States (“U.S.”), the United Kingdom (“U.K.”), Mexico, France, Puerto Rico, the Netherlands and the Republic of Ireland. We reported net income attributable to Pilgrim’s of $114.8 million, or $0.48 per diluted common share, and income before tax totaling $153.6 million, for the six months ended June 28, 2026. These operating results included net sales of $9.2 billion, gross profit of $685.2 million and $471.8 million of cash provided by operating activities. We generated a consolidated operating margin of 2.5%. For the six months ended June 28, 2026, we generated EBITDA and Adjusted EBITDA of $472.5 million and $668.1 million, respectively. A reconciliation of net income to EBITDA and Adjusted EBITDA is included below.

Global Economic Conditions

Our business continues to be subject to global inflationary trends as seen during the second quarter of 2026. U.S. inflation increased through May, primarily driven by higher energy costs associated with geopolitical tensions in the Middle East, before moderating in June as energy prices declined. Food inflation remained elevated but relatively contained compared to energy-related price movements. While inflationary pressures eased toward the end of the quarter, ongoing geopolitical developments continue to present risks to the inflation outlook. In the E.U. region, inflation remained above the European Central Bank’s target during the second quarter, largely due to elevated energy prices and their indirect impact on goods and services. Inflation increased during the early part of the quarter and then eased modestly in June as energy price pressures began to moderate. The ECB responded to these inflationary pressures by increasing interest rates in June 2026 while continuing to monitor the effects of higher energy costs on economic growth and consumer prices. In Mexico, inflation generally trended lower during the second quarter following elevated levels in the first quarter, although services inflation remained persistent and economic growth weakened amid reduced domestic demand and continued uncertainty surrounding trade and investment conditions. The Mexican peso appreciated during much of the quarter, supported by monetary policy and a weaker U.S. dollar, but future exchange rate and inflation trends remain subject to uncertainties related to trade policy, economic conditions in the U.S., and global geopolitical developments.

Since its inception the armed conflict involving Iran and the Gulf led, and may continue to lead, to, among other things, increased volatility and higher prices for commodities, such as energy products and freight on input material costs, increased inflation in various countries, disruptions to global trade and supply chains, including key energy transit routes. Actual or threatened disruptions to maritime shipping lanes and other escalating security tensions increased various costs. While the supply constraints related to the conflict did not have a material impact on our costs during the current reporting period, continued and prolonged or expanded hostilities could have a more pronounced effect in future periods. Additionally, the Russia-Ukraine war’s impact on the global feed ingredient and energy markets continues to be less pronounced than during the initial onset of the war, but there remain many risks and uncertainties that may impact global markets.

We are monitoring changes in tariffs and trade policies both in the U.S. and throughout other countries where we operate and do business. Changes to these policies may impact our export sales and international operations. Our U.S. business is primarily characterized with inputs being made in country and our products being sold in country, demonstrated by our export sales from the U.S. accounting for less than 5% of our total net sales. The impact of trade policy changes is uncertain and evolving; however, we do not anticipate material impacts to our results of operations. We will continue to monitor potential impacts and take mitigation actions as necessary.

We generally respond to ongoing challenges in global economic conditions through discussions with customers to mitigate the impact of extraordinary costs we experience. We also continue to focus on operational initiatives that aim to deliver labor efficiencies, better agricultural performance and improved yields.

Raw Materials and Pricing

Our U.S. and Mexico segments use corn and soybean meal as the main ingredients for feed production, while our Europe segment uses wheat, soybean meal and barley as the main ingredients for feed production. The following table reflects the highest and lowest prices reached on nearby futures for one bushel of corn, one ton of soybean meal, and one metric ton of wheat during the current and previous years:

28

[[GREPCENT_TABLE]]
[["","Corn(a)","","Soybean Meal(a)","","Wheat(a)"],["","Highest Price","","Lowest Price","","Highest Price","","Lowest Price","","Highest Price","","Lowest Price"],["","(In whole dollars)","","(In whole pounds sterling)"],["2026"],["Second Quarter","4.77","","","4.07","","","342.7","","","299.8","","","195.0","","","172.3"],["First Quarter","4.70","","","4.20","","","332.5","","","286.4","","","173.7","","","160.1"],["2025"],["Fourth Quarter","4.51","","","4.11","","","330.8","","","264.7","","","166.8","","","155.2"],["Third Quarter","4.32","","","3.72","","","297.2","","","260.7","","","180.0","","","136.5"],["Second Quarter","4.90","","","4.10","","","299.6","","","270.9","","","173.6","","","138.2"],["First Quarter","5.02","","","4.36","","","315.8","","","285.9","","","185.6","","","165.0"]]
[[/GREPCENT_TABLE]]

(a)We obtain corn and soybean meal prices from the Chicago Board of Trade, and we obtain wheat prices from the London International Financial Futures and Options Exchange.

U.S. commodity market prices for most chicken products during the three months ended June 28, 2026, remained below prior-year levels and the historical five-year average. Boneless breast prices declined through most of the quarter before stabilizing near quarter-end. Supply remained elevated as record egg sets and favorable hatchability during the first quarter supported higher chick placements and increased flock headcounts, particularly in the 6.3 to 7.8 pound weight category. Average liveweights were also modestly higher, contributing to increased production. Per the July 2026 U.S. Department of Agriculture (“USDA”) report on poultry slaughter, estimated industry ready-to-cook production increased approximately 4.5% during the second quarter of 2026 compared to the prior year levels.

U.S. chicken demand remained solid across both retail and foodservice channels during the second quarter of 2026. Chicken continued to offer a favorable value proposition relative to competing proteins amid ongoing pressure on consumer spending. Retail volume growth accelerated to 2.8%, with gains across all major product categories, supported by promotional activity and competitive pricing. In foodservice, operators continued to expand chicken offerings as a value-oriented alternative to higher-priced beef products, with growth led by chicken-focused limited-service restaurant chains.

Export shipment volumes increased approximately 0.3% compared to the prior year, while export pricing remained below prior-year levels. U.S. chicken cold storage inventories ended the quarter approximately 1.1% above prior-year levels and 1.0% above the historical five-year average, reflecting increased industry production. Breast meat inventories remained below prior-year levels, while dark meat inventories declined, driven by lower leg quarter and drum inventories and supported by favorable pricing and export demand. In contrast, thigh meat inventories increased as prices remained elevated throughout the quarter.

Despite solid demand trends, industry supply exceeded expectations during the quarter due to continued productivity improvements, including higher hatchability, increased headcounts, and modestly higher liveweights. As a result, the USDA increased its forecast for second quarter production growth during the quarter, and increased production continued to pressure market prices.

Industry production during the first half of 2026 exceeded expectations, although recent trends indicate moderating growth as egg sets and chick placements have declined from peak levels and liveweights have stabilized. Demand is expected to remain supported by chicken's favorable price position relative to competing proteins, constrained beef supplies, and consumer preference for affordable protein options.

U.K. poultry market conditions remained relatively stable during the second quarter of 2026. Production increased compared to the first quarter as liveweights normalized and flock placements supported supply growth. Poultry headkill remained generally consistent with prior-year levels, while egg placements continued to exceed prior year levels. Chicken prices were relatively stable compared to the first quarter but remained modestly below prior-year levels due to ample supply. Demand remained steady across retail and foodservice channels.

Commodity chicken prices in Mexico remained below prior-year levels during the second quarter of 2026 despite stable consumer demand. Production levels remained elevated as strong bird health and lower mortality rates contributed to increased supply. Lower feed costs, including corn and soybean meal, continued to support production economics, while adequate market supply and low priced competing proteins continued to pressure pricing.

U.K. pork prices remained below prior-year levels during the second quarter of 2026, reflecting ample supply and competitive protein market conditions. Production remained above prior-year levels, supported by favorable slaughter volumes

29

and carcass weights. Across Europe, pork prices continued to face pressure from adequate supply and mixed export demand, although market conditions improved modestly toward quarter-end as production growth moderated.

Global market prices for the remainder of the year will depend on (1) the evolution of foodservice, retail and export meat demand, (2) factors such as feed production input costs, further spread of avian influenza, or other bird diseases, both domestically and abroad, (3) uncertainty surrounding the general economy, (4) shifts in trade policy that could influence consumer spending dynamics in price-sensitive market segments, and (5) overall meat protein supply.

Reportable Segments

We operate in three reportable segments: U.S., Europe, and Mexico. We measure segment profit as operating income. Certain corporate expenses are allocated to the Mexico and Europe reportable segments based upon various apportionment methods for specific expenditures incurred related thereto with the remaining amounts allocated to the U.S. For additional information, see “Note 16. Reportable Segments” of our Condensed Consolidated Financial Statements included in this quarterly report.

Results of Operations

Three Months Ended June 28, 2026 Compared to the Three Months Ended June 29, 2025

Net sales. Net sales generated in the three months ended June 28, 2026 decreased $131.1 million, or 2.8%, from net sales generated in the three months ended June 29, 2025. The following table provides net sales information:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/802481/000080248126000011/ppc-20251228.htm
Complete FY 2025 MD&A: /company/PPC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-28

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Summary

Overview

We are one of the largest protein companies in the world, and as a vertically integrated company, we are able to control nearly every phase of the production process, which helps us manage food safety and quality, control margins, and improve customer service. This gives us the opportunity to continue to create growth and development opportunities, further increasing our position as a leading domestic and global protein company.

We reported net income attributable to Pilgrim’s Pride Corporation of $1.1 billion, or $4.54 per diluted common share, and profit before tax totaling $1.5 billion, for 2025. These operating results included gross profit of $2.4 billion and generated $1.4 billion of cash from operations. We generated consolidated operating margins of 8.7% with operating margins of 10.7%, 5.1%, and 7.9% in our U.S., Europe, and Mexico reportable segments, respectively. During 2025, we generated EBITDA and Adjusted EBITDA of $2.1 billion and $2.3 billion, respectively. A reconciliation of net income to EBITDA and Adjusted EBITDA is included later in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this annual report.

We operate on the basis of a 52/53-week fiscal year that ends on the Sunday falling on or before December 31. Any reference we make to a particular year applies to our fiscal year and not the calendar year. Fiscal years 2025 and 2024 were both 52-week fiscal years.

Global Economic Conditions

Our business is subject to global inflationary trends. U.S. consumer price index inflation rose 2.7% in the twelve months ended December 2025. The fluctuations were driven by policy changes, supply chain dynamics, and consumer spending behavior. U.K. consumer price index inflation rose 3.6% in the twelve months ended December 2025, driven by increases in alcohol and tobacco and transportation costs, as well as smaller increases in food and restaurant prices. The E.U. region saw a slight decrease in the year-over-year inflation rate to 2.0% for the twelve months ended December 2025, primarily driven by decreased energy prices, offset by rising food prices. The Russia-Ukraine war's impact on the global feed ingredient and energy markets continues to be less pronounced than during the initial onset of the war, but there remain many risks and uncertainties that may impact global markets. Mexico consumer price index inflation declined to 3.7% in the twelve months ended December 2025 partially driven by decreases in fresh agricultural prices and energy, partially offset by increases in services, such as restaurants and food services, as well as, prepared food prices and food, beverages, and tobacco prices.

The British pound strengthened against the U.S. dollar during 2025. The Mexican peso weakened against the U.S. dollar during 2025, but future trends will be impacted by economic uncertainties in Mexico and with their primary trading partners, such as the U.S.

We are monitoring changes in tariffs and trade policies both in the U.S. and throughout other countries where we operate and do business. Changes to these policies may impact our export sales and international operations. Our U.S. business is primarily characterized with inputs being made in country and our products being sold in country, demonstrated by our export sales from the U.S. accounting for less than 3% of our total net sales. The impact of trade policy changes is uncertain and evolving; however, we do not anticipate material impacts to our results of operations. We will continue to monitor potential impacts and take mitigation actions as necessary.

We generally respond to these challenges in global economic conditions through discussions with customers to mitigate the impact of extraordinary costs we experience. We also continue to focus on operational initiatives that aim to deliver labor efficiencies, better agricultural performance and improved yields.

Raw Materials and Input Costs

Our U.S. and Mexico segments use corn and soybean meal as the main ingredients for feed production, while our Europe segment uses wheat, soybean meal and barley as the main ingredients for feed production.

During 2025, the global prices of corn, soybean, and wheat decreased modestly relative to 2024 prices, reflecting an increase in production and elevated stocks. Demand for these grains increased in 2025 compared to 2024 levels, however supply outpaced demand resulting in slightly lower prices and higher ending stocks.

23

Table of Contents    

[[GREPCENT_TABLE]]
[["","Corn(a)","","Soybean Meal(a)","","Wheat(a)"],["","Highest Price","","Lowest Price","","Highest Price","","Lowest Price","","Highest Price","","Lowest Price"],["","(In whole dollars)","","(In whole pounds sterling)"],["2025"],["Fourth Quarter","4.51","","","4.11","","","330.8","","","264.7","","","166.8","","","155.2"],["Third Quarter","4.32","","","3.72","","","297.2","","","260.7","","","180.0","","","136.5"],["Second Quarter","4.90","","","4.10","","","299.6","","","270.9","","","173.6","","","138.2"],["First Quarter","5.02","","","4.36","","","315.8","","","285.9","","","185.6","","","165.0"],["2024"],["Fourth Quarter","4.54","","","4.01","","","350.0","","","279.5","","","190.5","","","174.0"],["Third Quarter","4.18","","","3.62","","","387.0","","","303.4","","","196.9","","","168.7"],["Second Quarter","4.65","","","3.97","","","386.5","","","328.3","","","202.8","","","165.1"],["First Quarter","4.67","","","4.00","","","381.2","","","327.8","","","184.5","","","153.7"]]
[[/GREPCENT_TABLE]]

(a)We obtain corn and soybean meal prices from the Chicago Board of Trade, and we obtain wheat prices from the London International Financial Futures and Options Exchange.

During 2025, U.S. commodity market prices for chicken products moderated slightly compared to elevated levels in 2024, reflecting a combination of factors, such as increased broiler production, improved supply chain stability, and normalization of consumer demand following inflation-driven protein substitution in prior periods. The USDA’s January 2026 World Agriculture Supply and Demand Estimate (“WASDE”) report indicates broiler production growth in 2025, supported by increased placements and improved feed conversion ratios, which increased available supply relative to demand. The incremental supply reduced pricing pressure seen in 2024, when supply was tighter and feed costs were slightly elevated.

U.S. commodity market prices throughout 2026 will be impacted by the evolution of foodservice, retail, and export meat demand, influenced by factors such as government regulation, spread of avian influenza cases both domestically and abroad, evolution of the general economy, and overall protein supply.

During 2025, the U.K. chicken market prices remained elevated compared to 2024 levels, yet stable, reflecting a balance between strong domestic consumption, increased domestic production, and easing input cost pressures. Supply increased in 2025 due to higher average live weights and higher slaughter numbers, but pricing remained firm due to increased labor costs and animal welfare costs. Through customer contracts and additional negotiations, we have offset the majority of these cost increases. Partially offsetting the labor and animal welfare costs was an easing of feed costs in 2025 relative to 2024. Due to increased competition with the U.K. egg market, there continues to be an increase in costs to retain growers. We continue to focus on managing costs, including labor and yield efficiencies, agricultural performance and increasing operational efficiencies through investments in capital projects.

Commodity prices for chicken in Mexico in 2025 averaged above prior-year prices, driven by strong consumer demand and the viability of chicken as the most affordable animal protein option. While Mexico’s poultry production increased in 2025 relative to 2024 levels, demand outpaced supply. Feed costs decreased in 2025 relative to 2024, but these cost savings were partially offset by increases in supply chain and labor costs.

U.K. market prices for pork products in 2025 remained elevated relative to historical averages, continuing an upward trend from 2022, despite higher production volumes and easing of market pressures from EU price movements. Production increases in 2025 were driven by heavier carcass weights and higher slaughter numbers, while breeding herd constraints and increased exports limited oversupply in the U.K.

U.K. prices for prepared foods have increased due to inflationary pressures. We continue to focus on partnering with our Key Customers and increasing operational efficiency.

Sustainability

We believe sustainability involves continuously improving social responsibility, economic viability, and environmental stewardship. We are committed to helping society meet the global challenge of feeding a growing population in a responsible manner.

Environmental Stewardship. We are focused on improving the efficiency of our operations and supporting producers to reduce our environmental footprint. In support of this initiative, in April 2021, we issued $1.0 billion of sustainability-linked bonds, which require us to reduce our Scope 1 and Scope 2 global greenhouse gas emissions intensity of 17.7% by 2025 and by

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30.0% by 2030 from our 2019 baseline. To that end, we have invested in a variety of equipment, implemented operating procedures, and enhanced reporting systems to identify opportunities and drive further emission reduction opportunities.

Social Responsibility. Safety of our team members is a core value at Pilgrim’s. The physical health and mental well-being of our workforce continues to be a top priority for our business. As such, we implemented hundreds of safety measures within our facilities and continue to evolve our operations as needed. To support the communities where our team members live and work, we have committed $20 million in funding for local projects focused on alleviating food insecurity and strengthening long-term community infrastructure through our Hometown Strong initiative. To date, we have approved over $15 million for these areas. We also continue to build on Hometown Strong through our Better Futures program, which provides team members and their dependents in tuition free, higher education program, to improve their skills and career opportunities. The program has been exceptionally well received, as we have over 2,200 participants since its inception. Finally, ensuring the well-being of animals under our care is an uncompromising commitment at Pilgrim’s. We continually strive to improve our welfare efforts through the use of new technologies and the implementation of standards that meet and exceed regulatory requirements and industry guidelines.

Governance. To cultivate discipline and drive accountability for sustainability-related matters, we use our annual budgeting process to establish strategies, plans, and risk mitigation tactics. This process is further reinforced by a series of key performance indicators to evaluate and monitor progress. These performance indicators are linked to compensation for both senior executives and plant-level personnel. As part of our business management processes, progress against these metrics is reviewed at least monthly and evaluated by external agencies to assess progress relative to industry peers. In addition, the Board of Directors formed a Sustainability Committee to provide oversight and counsel on strategies, policies, and investments to reduce the impact of climate change. The Sustainability Committee meets on a quarterly basis to monitor progress, provide feedback, and evaluate the impact of trends.

Reportable Segments

We operate in three reportable segments: the U.S., Europe, and Mexico. We measure se

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/PPC/mda/fy2025/
All MD&A years: /company/PPC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/PPC/mda/fy2024/): filed 2025-02-13; accession 0000802481-25-000011 (https://www.sec.gov/Archives/edgar/data/802481/000080248125000011/ppc-20241229.htm)
- [FY 2023 MD&A](/company/PPC/mda/fy2023/): filed 2024-02-27; accession 0000802481-24-000015 (https://www.sec.gov/Archives/edgar/data/802481/000080248124000015/ppc-20231231.htm)
- [FY 2022 MD&A](/company/PPC/mda/fy2022/): filed 2023-02-09; accession 0000802481-23-000013 (https://www.sec.gov/Archives/edgar/data/802481/000080248123000013/ppc-20221225.htm)
- [FY 2021 MD&A](/company/PPC/mda/fy2021/): filed 2022-02-18; accession 0000802481-22-000012 (https://www.sec.gov/Archives/edgar/data/802481/000080248122000012/ppc-20211226.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2015 Poultry Slaughtering and Processing) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/PPC.md · JSON record: /company/PPC.json · verified financials: /company/PPC/financials.json / /company/PPC/financials.csv · machine TOC for the whole site: /llms.txt