Pilgrim's Pride Corporation
Poultry and Meat ProcessingFounded 1946- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Pilgrim's Pride Corporation
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$17.72B
Market Cap
$11.5B
Net Income
$420M
Employees
70,000
Revenue grew from $16.85 billion in 2022 to $17.72 billion in 2024 — steady progress for a business whose top line is partially determined by protein commodity prices and partially by the branded premium the Just Bare and Gold'n Plump lines generate. Net income of $420 million on that revenue base reflects the margin compression that commodity input volatility creates in any given year. The 18% gross margin on branded products versus 8% on commodity whole birds is the financial argument for Pilgrim's brand investment strategy. The $2 billion-plus in annual transactions flowing through the Pilgrim's Culinary B2B foodservice platform, which serves 50,000 foodservice clients, reduces reliance on wholesale distributors and captures a margin layer that traditionally went to intermediaries. The 2019 2 Sisters Food Group acquisition extended Pilgrim's into European markets and added manufacturing complexity across two continents. Net leverage of 2.5x in 2024, down from 3.5x in 2019, reflects the $400 million in long-term debt paid down during fiscal 2024 — a deliberate reduction that followed the European integration period. That deleveraging matters because commodity input spikes can compress cash flow rapidly, and lower leverage provides operational flexibility when corn and soybean meal prices move. The 2021 price-fixing antitrust lawsuit — the industry-wide case alleging coordinated pricing among poultry producers — resulted in settlement charges that affected the financial statements. Whether the underlying industry pricing structure normalizes or resets to a genuinely competitive dynamic remains a question with direct implications for the margin trajectory on commodity products.
Revenue Trend Analysis
YoY Change
+3.2%
2-Year CAGR
+2.5%
Peak Year
2024
Trend
Consistent Growth
Pilgrim's Pride Corporation has reported revenue across 3 fiscal years, compounding at +2.5% annually over 2 years. The most recent year saw a 3.2% increase versus the prior year. Revenue peaked in 2024 at $17.7B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $17.7B | $420M | +3.2% |
| FY2023 | $17.2B | — | +1.9% |
| FY2022 | $16.9B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Pilgrim's Pride reported 2024 net sales of $17.72 billion, up approximately 5% from $17.36 billion in 2023, reflecting strong chicken pricing and Europe segment growth. Adjusted EBITDA reached approximately $2.0 billion, more than double 2023's $850 million, as feed cost relief and stronger chicken prices drove a sharp margin recovery. The company benefited from corn averaging approximately $4.30 per bushel in 2024 versus $6.50 in 2023 plus 2022's record near $7 per bushel, removing roughly $1 billion of incremental feed cost. Net income attributable to Pilgrim's Pride reached approximately $1.1 billion versus $138 million in 2023, with diluted EPS of approximately $4.59 versus $0.58 in 2023. Operating cash flow was approximately $1.7 billion. Free cash flow after capital expenditure of approximately $447 million was approximately $1.3 billion, applied to debt reduction and a special dividend of $6.30 per share declared in April 2025 (paid May 2025) totaling approximately $1.5 billion. Net debt fell to approximately $1.6 billion at year-end 2024 from approximately $2.7 billion at year-end 2023, with net leverage of approximately 0.8x EBITDA, the lowest in over a decade. Market capitalization reached approximately $11.5 billion in late 2024 at approximately $48 per share. Long-term debt was approximately $3.3 billion. The strong 2024 performance demonstrated Pilgrim's operational leverage when feed costs moderate and chicken demand grows, particularly through beef substitution and quick-service restaurant menu expansion.
Pilgrim's Pride revenue grew from approximately $7 billion at bankruptcy emergence in 2009 to $17.72 billion in 2024, more than doubling over 15 years. The growth trajectory reflects two distinct phases. Phase one, 2010 to 2017, saw US-focused organic growth and select bolt-on acquisitions, with revenue increasing from approximately $6.9 billion in 2010 to $9.0 billion in 2017. Phase two, 2017 to present, reflects major international acquisitions plus continued US expansion. The 2017 Moy Park acquisition for $1 billion added approximately $2 billion of UK and Ireland revenue. The 2019 acquisition of Tulip Limited (UK pork) for approximately $345 million from Danish Crown added another $1 billion. The 2021 acquisition of Kerry Consumer Foods' meats and meals business in the UK and Ireland for approximately $1 billion added prepared foods scale. By 2022 revenue exceeded $17 billion. The COVID-19 pandemic period of 2020 to 2022 brought significant volatility with foodservice channel disruption offset by retail strength. The 2020 antitrust plea agreement and $107 million fine alongside parallel civil settlements added approximately $500 million of cumulative legal costs. Despite that drag, Pilgrim's organic growth continued. Net leverage fell from over 5x at bankruptcy to approximately 0.8x by year-end 2024 as cash flow recovery accelerated debt reduction. The May 2025 special dividend of $6.30 per share represented a return to capital returns nearly five years after Pilgrim's last paid a special distribution.
Pilgrim's Pride trades on Nasdaq under ticker PPC with market capitalization of approximately $11.5 billion in late 2024 at a stock price of roughly $48 per share. The float is limited because JBS S.A. owns approximately 80.2% of outstanding shares, leaving roughly $2 billion of public float available for trading. Total shares outstanding are approximately 237 million. The stock has compounded total shareholder returns at approximately 12% to 14% annually over the past decade, outperforming Tyson Foods and broader US protein peers, though with significant intermediate volatility. Annual returns have ranged from minus 30% to plus 60% reflecting the underlying chicken commodity cycle. The 2024 stock performance gained approximately 35% as feed cost relief and strong chicken demand drove EBITDA recovery. The May 2025 special dividend of $6.30 per share (totaling approximately $1.5 billion) gave investors a meaningful one-time cash distribution. Trading liquidity is moderate given the limited float, with average daily volume of approximately 1 to 2 million shares. The stock trades at forward EV/EBITDA of approximately 5x to 6x, in line with industry peers, and forward P/E of approximately 10x to 12x. Index inclusion is limited because JBS's controlling stake disqualifies Pilgrim's from many indexes. JBS S.A. itself listed ADRs on the NYSE in June 2025, providing investors a more liquid avenue for Brazilian-controlled JBS-affiliated meat exposure including Pilgrim's, Seara Brazilian beef, Swift, Friboi, and JBS USA Pork.
The US Department of Justice opened a criminal antitrust investigation into the US broiler chicken industry in 2019, alleging that Pilgrim's Pride, Tyson Foods, Perdue Farms, Sanderson Farms, Mountaire, Koch Foods, Foster Farms, Claxton Poultry, House of Raeford, Wayne Farms, George's, and other producers had conspired since at least 2012 to fix prices and rig bids for chicken sold to retail and foodservice customers. Pilgrim's Pride entered a plea agreement in February 2021 (announced October 2020) admitting to bid rigging and price fixing, paying a criminal fine of approximately $107 million. The company also paid civil settlements to direct purchaser plaintiffs (retailers, distributors, and quick-service restaurant chains), commercial purchaser plaintiffs, and end purchaser consumer plaintiffs totaling approximately $410 million across multiple settlement classes through 2022 to 2024. Total cumulative legal costs to Pilgrim's including criminal fine, civil settlements, and legal fees approached $700 million. Former Pilgrim's CEO Jayson Penn was indicted on antitrust charges in June 2020 along with executives from competitors. Penn was tried twice in 2021 and 2022, both ending in mistrial without conviction. The DOJ dismissed remaining charges against the individual defendants in October 2022. Penn returned to Pilgrim's Pride and was named CEO in 2023 after the dismissals. Tyson Foods, Perdue, Sanderson, and other competitors faced similar civil settlements totaling billions in aggregate across the industry. The episode produced significant regulatory and reputational damage but did not fundamentally alter the industry's vertically integrated structure.
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CorpDigest. "Pilgrim's Pride Corporation Revenue & Financials." CorpDigest, https://corpdigest.com/company/pilgrims-pride/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Pilgrim's Pride Corporation reported $18B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/pilgrims-pride/financials" target="_blank" rel="noopener">CorpDigest — Pilgrim's Pride Corporation financials</a></div>