Pilgrims Pride (PPC) financial statements
Pilgrims Pride reported revenue of $18.5B in fiscal 2025, up 7.2% a year over 9 years.
Net income was $1.1B and the operating margin 8.7%, against 8.0% in 2016.
Free cash flow was $1.1B, and the company returned $2.0B in dividends.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Pilgrims Pride's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.9B | $10.8B | $10.9B | $11.4B | $12.1B | $14.8B | $17.5B | $17.4B | $17.9B | $18.5B |
| Cost of revenue | $8.8B | $9.3B | $10.1B | $10.3B | $11.3B | $13.4B | $15.7B | $16.2B | $15.6B | $16.1B |
| Gross profit | $1.1B | $1.5B | $843M | $1.1B | $838M | $1.4B | $1.8B | $1.1B | $2.3B | $2.4B |
| Research and development | $4M | $4M | $4M | $5M | $5M | $5M | $12M | $6M | $12M | $18M |
| Selling, general and admin | $311M | $390M | $343M | $380M | $593M | $1.1B | $605M | $552M | $713M | $713M |
| Operating income | $792M | $1.1B | $496M | $691M | $245M | $211M | $1.2B | $522M | $1.5B | $1.6B |
| Interest expense | $76M | $107M | $163M | $133M | $126M | $146M | $153M | $202M | $161M | $161M |
| Pre-tax income | $724M | $982M | $332M | $618M | $162M | $92M | $1.0B | $365M | $1.4B | $1.5B |
| Income tax | $244M | $264M | $85M | $161M | $67M | $61M | $279M | $43M | $325M | $419M |
| Net income | $441M | $695M | $248M | $456M | $95M | $31M | $746M | $322M | $1.1B | $1.1B |
| EPS (diluted) | $1.73 | $2.79 | $1.00 | $1.83 | $0.39 | $0.13 | $3.10 | $1.36 | $4.57 | $4.54 |
| Diluted shares | 254M | 249M | 249M | 250M | 246M | 244M | 240M | 237M | 238M | 238M |
| Gross margin | 11.2% | 13.7% | 7.7% | 9.4% | 6.9% | 9.2% | 10.4% | 6.4% | 12.9% | 12.7% |
| Operating margin | 8.0% | 10.0% | 4.5% | 6.1% | 2.0% | 1.4% | 6.7% | 3.0% | 8.4% | 8.7% |
| Net margin | 4.5% | 6.5% | 2.3% | 4.0% | 0.8% | 0.2% | 4.3% | 1.9% | 6.1% | 5.9% |
Balance sheet
Fiscal years, from Pilgrims Pride's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $293M | $582M | $338M | $261M | $548M | $428M | $401M | $698M | $2.1B | $640M |
| Receivables | $446M | $565M | $562M | $741M | $742M | $1.0B | $1.1B | $1.1B | $1.0B | $1.2B |
| Inventory | $976M | $1.3B | $1.2B | $1.4B | $1.4B | $1.6B | $2.0B | $2.0B | $1.8B | $2.0B |
| Total current assets | $1.8B | $2.5B | $2.2B | $2.6B | $2.9B | $3.3B | $3.9B | $4.2B | $5.1B | $4.2B |
| Property, plant and equipment | $1.8B | $2.1B | $2.2B | $2.6B | $2.7B | $2.9B | $2.9B | $3.2B | $3.1B | $3.5B |
| Goodwill | $887M | $1.0B | $950M | $974M | $1.0B | $1.3B | $1.2B | $1.3B | $1.2B | $1.3B |
| Total assets | $5.0B | $6.2B | $5.9B | $7.1B | $7.5B | $8.9B | $9.3B | $9.8B | $10.7B | $10.3B |
| Total current liabilities | $1.2B | $1.5B | $1.3B | $1.6B | $1.9B | $2.4B | $2.6B | $2.5B | $2.6B | $2.9B |
| Long-term debt | $1.0B | $2.7B | $2.3B | $2.3B | $2.3B | $3.2B | $3.2B | $3.3B | $3.2B | $3.1B |
| Total liabilities | $2.9B | $4.4B | $3.9B | $4.6B | $4.9B | $6.3B | $6.4B | $6.5B | $6.4B | $6.6B |
| Shareholders' equity | $2.1B | $1.8B | $2.0B | $2.5B | $2.6B | $2.6B | $2.8B | $3.3B | $4.2B | $3.7B |
| Net debt | $735M | $2.1B | $2.0B | $2.0B | $1.7B | $2.8B | $2.8B | $2.6B | $1.2B | $2.5B |
Cash flow
Fiscal years, from Pilgrims Pride's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $795M | $801M | $492M | $667M | $724M | $326M | $670M | $678M | $2.0B | $1.4B |
| Capital spending | $341M | $340M | $349M | $348M | $355M | $382M | $487M | $558M | $458M | $255M |
| Free cash flow | $454M | $461M | $143M | $318M | $369M | -$55M | $183M | $120M | $1.5B | $1.1B |
| Stock-based compensation | $6M | $3M | $13M | $10M | -$276,000 | $12M | $7M | $7M | $15M | $29M |
| Dividends paid | $715M | $0 | $0 | — | — | — | — | $0 | $0 | $2.0B |
| Net borrowing | $23M | $1.2B | -$369M | -$30M | -$26M | $946M | -$26M | $152M | -$152M | -$115M |
| Free cash flow margin | 4.6% | 4.3% | 1.3% | 2.8% | 3.1% | -0.4% | 1.0% | 0.7% | 8.6% | 6.0% |
| Dividends per share | $2.81 | — | — | — | — | — | — | — | — | $8.36 |
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What was Pilgrims Pride's revenue in 2025?
$18.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Pilgrims Pride generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From Pilgrims Pride's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.