JBS is the world's largest protein company, processing and selling beef, poultry, pork, lamb, fish, and eggs across roughly 197 countries. JBS slaughters and processes livestock into fresh cuts, frozen products, and value-added branded items, then sells to retailers, foodservice operators, and industrial customers. JBS operates six segments: Pilgrim's Pride (U.S. and European chicken), Beef North America (U.S. and Canadian beef), Brazil (beef processing and exports), Seara (Brazilian chicken, pork, and prepared foods), Australia (beef, lamb, pork, and salmon), and Pork USA. The U.S. accounts for roughly half of revenue, with Brazil at ~29%, and the rest spread across Australia, Europe, and Mexico/Canada. JBS's core economics are built on the spread between live animal costs and finished meat prices. For beef and pork, JBS buys cattle and hogs at spot market prices and processes them quickly, so margins move directly with supply/demand spreads. For chicken, JBS is vertically integrated—owning hatcheries, feed mills, and contract growers—so margins depend more on grain input costs and chicken prices. JBS's geographic diversification acts as a natural hedge: the U.S., Brazil, and Australia face different livestock cycles, so weakness in one region is often offset by strength in another. JBS's growth strategy focuses on expanding prepared and value-added foods in the U.S. (targeting higher margins than commodity fresh cuts), growing its halal-focused operations in the Middle East, and building a global eggs business through its stake in Mantiqueira.