JBS is the world's largest protein company, processing and selling beef, chicken, pork, lamb, and fish to customers in roughly 180 countries. JBS operates slaughterhouses, processing plants, and value-added food facilities across the U.S., Brazil, Australia, Europe, and other markets, serving retail grocery chains and foodservice operators. JBS earns a "processing spread" — the difference between live animal costs and processed meat prices. In beef and pork, JBS is largely a pure processor, buying animals close to slaughter and selling output at market prices, so margins depend heavily on plant efficiency and the prevailing spread. In chicken, JBS is vertically integrated, owning feed mills, hatcheries, and breeder flocks, meaning margins are more directly influenced by grain input costs. JBS operates through seven segments: Beef North America (its largest by revenue), Pilgrim's Pride (U.S. and European chicken), Brazil Beef, Seara (Brazilian poultry and pork), Pork USA, Australia, and a small Others segment. JBS actively grows its portfolio of value-added products — nuggets, marinated meats, deli meats, and ready-to-eat meals — sold under brands like Seara, Pilgrim's, Swift, and Friboi, which carry better margins than commodity fresh cuts. JBS's global, multi-protein platform provides a natural hedge against commodity cycles, since cattle, chicken, and pork markets in different geographies don't move in sync. Growth priorities include value-added and branded products, geographic expansion into new markets, and aquaculture, where JBS is investing in salmon farming in Australia.