The EPS beat and maintained guidance provide positive near-term catalyst. Watch for margin trajectory in Prepared Food (tariff headwinds) and further deleveraging updates on the May 5 earnings call. Sustained order momentum supports the 2026 outlook.
Price Chart
Executive Summary
JBT Marel reported Q1 2026 adjusted EPS of $1.58, beating the $1.49 consensus by 6%, on revenue of $936M (+10% YoY). The company reiterated its full-year 2026 guidance, with orders exceeding $1B for the second consecutive quarter and book-to-bill of 1.14x. Strong cash flow and deleveraging to 2.6x net debt/EBITDA underscore operational progress, though the Prepared Food segment margin declined 170bps due to tariffs and mix.
Key Financial Metrics
Key Facts
- Q1 2026 adjusted EPS $1.58 vs. consensus $1.49 (beat 6%)
- Revenue $936M (+10% YoY, including ~6% forex; organic ~4%)
- Full-year 2026 guidance reiterated: revenue $3.99B-$4.065B, adjusted EPS $8.00-$8.50
- Orders $1.07B (book-to-bill 1.14x), backlog $1.49B
- Free cash flow $100M; net leverage reduced to 2.6x from 2.9x at year-end 2025
- Protein Solutions segment EBITDA margin +500bps to 21.7%; Prepared Food margin -170bps to 14.7%
- Tariff impact still expected at 25-50bps for 2026
Financial Impact
EPS beat of $0.09 (6%) vs consensus; Q1 revenue beat implied by consensus range vs. reported $936M (consensus ~$925M). Full-year guidance unchanged.
Risk Factors
- Tariff escalation could pressure Prepared Food margins beyond the estimated 25-50bps
- Currency headwinds may slow reported revenue growth (6% forex benefit in Q1 may reverse)
- Integration of Marel acquisition remains a source of one-time costs ($178M amortization, $20M M&A costs in 2026)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-029903 |
| Document: jbt-20260504.htm | 0001628280-26-029903 |
| Document: 0001628280-26-029903-index-headers.html | 0001628280-26-029903 |
| Document: 0001628280-26-029903-index.html | 0001628280-26-029903 |
| Document: 0001628280-26-029903.txt | 0001628280-26-029903 |
| 8-K Data (Synthetic) | 0001628280-26-029903 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 4, 2026 21w ago | 8-K | $131.29 $140.37 | ▲ +6.92% | ▲ +4.18% | $108.36 (−17.47%) |
Apr 1, 2026 26w ago | DEFA14A | $125.15 $145.00 | ▲ +15.86% | ▲ +1.70% | $108.36 (−13.42%) |
US Market Status
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