Fiscal 2025 Revenue and Adjusted EBITDA Growth
Net revenues increased to $18.5B in fiscal 2025 (up 3.5% vs FY2024) and adjusted EBITDA rose to ~$2.27B (management cited a ~2.5% YoY increase), with adjusted EBITDA margin remaining above 12% for a second consecutive year.
U.S. Full-Year Strength
U.S. net revenues grew to $11.0B from $10.6B (≈+3.8% YoY) and U.S. adjusted EBITDA increased to $1.63B (≈+4.5% YoY) with a strong full-year margin of 14.8%, driven by fresh retail, QSR key customers, and operational efficiency gains.
European Profitability Gains
Europe Q4 adjusted EBITDA was $131.4M (up 12.2% YoY) and full-year European adjusted EBITDA improved 11.4% to $453.1M from $406.9M, driven by productivity improvements, mix optimization and brand/portfolio diversification.
Prepared Foods and Brand Momentum (Just BARE)
Prepared foods sales grew 18% YoY in the quarter; Just BARE combined retail sales reached $1.0B and the brand gained ~300 basis points of retail market share YoY in prepared/frozen where it also had the highest velocity in the category.
Operational Improvements and Projects on Track
Operational excellence initiatives improved processing/live efficiencies (Big Bird) and several CAPEX projects—Big Bird plant conversion, Mexico expansions, and a new prepared foods facility in Georgia—are on schedule, supporting capacity and margin improvements.
Improved Restructuring and Cost Discipline
Recognized ~$31M of restructuring charges in 2025 versus $93M in 2024 (a reduction of ~66.7%), reflecting progress on efficiency programs and an expectation that the majority of restructuring charges are behind the company.
Strong Balance Sheet and Liquidity
Net debt approximately $2.45B with leverage <1.1x LTM adjusted EBITDA, and liquidity exceeding $1.8B (cash + available credit); no immediate short-term cash maturities (bonds mature 2031-2034; credit facilities to 2028).
Sustainability and Team Member Programs
Reduced carbon-based processing emission intensity year-over-year and expanded team development: over 2,300 team members or dependents enrolled in the Better Futures program with 780 already started on academic pathways.