JBT Marel reports record Q4 orders above US$1B, sets 2026 outlook for revenue growth
Company projects 5–7% revenue increase in 2026
USA – JBT Marel Corporation reported record fourth-quarter 2025 orders and revenue that each surpassed US$1.0 billion, while outlining guidance for further growth in 2026.
The Chicago-based food and beverage technology supplier said the quarterly performance marked its highest level of orders and sales to date, driven by demand across its operating segments.
For the year ended December 31, 2025, revenue totaled US$3.8 billion, including about US$77 million in favorable foreign exchange effects, with 50% of sales generated from recurring revenue streams.
Despite posting a loss from continuing operations of US$50 million, equivalent to a margin of (1.3)%, the company said results were affected by US$179 million in acquisition-related amortization and depreciation, US$147 million in non-cash pension settlement charges, US$115 million in merger and acquisition costs, and US$31 million in restructuring expenses.
Adjusted EBITDA for the year reached US$600 million, translating to a margin of 15.8%, while diluted loss per share from continuing operations stood at US$0.96 and adjusted earnings per share came in at US$6.41.
Orders for the full year were approximately US$3.8 billion, supported by around US$79 million from foreign exchange translation, and backlog at year-end totaled about US$1.4 billion.
Operating cash flow from continuing operations amounted to US$342 million, with free cash flow of US$250 million, as net debt to trailing twelve months adjusted EBITDA improved to 2.9x by the end of 2025 following a reduction of roughly 1.1x since the merger transaction closed.
Segment Realignment and Performance
During the fourth quarter, the company reorganized its reporting structure into two segments, Protein Solutions and Prepared Food and Beverage Solutions, reflecting changes to its operating model.
Protein Solutions generated US$1.716 billion in revenue with adjusted EBITDA of US$345 million and a margin of 20.1%, while Prepared Food and Beverage Solutions recorded US$2.082 billion in revenue and US$359 million in adjusted EBITDA, representing a 17.2% margin.
The company achieved approximately US$43 million in year-over-year synergy savings in 2025 and exited the year with an annualized run rate of about US$85 million, while forecasting an additional US$60 million in savings during 2026.
2026 Financial Outlook
Looking ahead, JBT Marel expects full-year 2026 revenue between US$3.99 billion and US$4.065 billion, representing projected growth of 5–7%, including around 1% from foreign exchange translation.
The company guided for income from continuing operations margin of 6.1–6.6% and an adjusted EBITDA margin of 17.0–17.5%, with GAAP earnings per share expected between US$4.70 and US$5.15 and adjusted earnings per share projected at US$8.00 to US$8.50.
Management said 2026 results will include about US$178 million in acquisition-related amortization and depreciation, US$20 million in M&A expenses, and US$30 million in restructuring costs, with total depreciation and amortization estimated at US$268 million, interest expense near US$50 million, other financing income of roughly US$10 million related to cross-currency swaps, and an anticipated tax rate of 23–24%.
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