JBS profit falls by two-thirds as China quota ends

JBS, the world's largest meatpacker, reported third-quarter net income of $164 million, down from $581 million a year earlier, after Brazil's beef exports to China stalled once the 2026 Chinese quota was filled.

Why it matters: The result shows a trade quota, not demand, setting the earnings ceiling for the largest beef exporter into China, and it pushed JBS's leverage to 3.54 times earnings from 2.39 times a year earlier even as its North American beef unit returned to profit.

Data as of JBS N.V. Form 8-K filed with the SEC on November 9, 2026 (accession 0001791942-26-000009), read in full from the filings lane copy in this run; every figure is from the filing itself. Developing item.

JBS reported third-quarter net sales of $22.7 billion, up 1 percent year on year, while adjusted EBITDA fell 36 percent to $1,181 million and earnings per share fell to $0.15 from $0.52. Chief executive Gilberto Tomazoni said JBS Brazil’s performance was hit by lower exports to China after the 2026 quota was completed, and the Australian unit was also pressured by completed quotas in China and South Korea, while JBS Beef North America returned to positive adjusted EBITDA on a US GAAP basis as plant capacity adjustments and reopened US-Mexico cattle crossings lifted margins through the quarter.

Free cash flow was negative $167 million and net leverage rose to 3.54 times, though the company raised its revolving credit facility to $4.2 billion and said Chinese demand strengthened at the start of the fourth quarter as buyers position for the 2027 quota.

JBS profit falls by two-thirds as China quota ends

Sources