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Don’t have a cow

In bad news for protein-hungry Americans, beef is more expensive than ever

Meat-packing giants, meanwhile, are benefiting from beefier prices.

10/6/25 11:01AM

One of the billionaire owners of the world’s largest meat company thinks that the US isn’t producing enough beef to satisfy Americans’ increasingly protein-rich diets. He’s probably not wrong.

“The US is facing the highest beef price in history, and so the US needs to import more and more because production is not there to support the demand,” said Wesley Batista, one of the brothers behind Brazilian meat giant JBS.

While the US has long been a net exporter of beef, imports to the country are now reaching new heights as the nation tries to resolve its domestic beef supply issues, which largely stem from underinvestment in America’s cattle herd a decade ago. Even with President Donald Trump’s “Liberation Day” tariffs in place, the US was importing 30% more beef in the first half of the year than in 2024, as it looked to contain soaring beef prices.

Beef prices are increasing chart — Sherwood News

The growing use of GLP-1 weight-loss drugs might also be driving US beef demand. “No one knows exactly what is the impact of these new drugs, Ozempic or Mounjaro... but something is happening because protein overall became [a trend],” Batista said last month.

A lot at steak

America’s beef landscape is dominated by four big companies, which produced 81% of the nation’s beef in 2021, per a USDA report last year. And with supply tight and demand growing, beef in the US keeps getting pricier — which is making meat-packers, not least JBS, fatter.

The São Paulo-based company made almost $2 billion in profit last year, bouncing back after a loss the year before, and has continued to see a 61% year-on-year uptick in net income in the latest quarter.

Now, JBS is looking to cement its status as the top beef producer in the US, where its wider meat and food business accounted for half its revenue in 2024. With prices increasing and the fact that the business produces most of the beef for its US market on American soil, that may very likely continue to tick up in quarters to come.

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The company now expects fiscal 2026 revenue to be flat to down 1%, compared with its prior forecast for 2% to 4% growth. Guidance for full-year diluted earnings per share was dragged down to a range of $10.95 to $11.15, below the company’s previous guidance of $12.10 to $12.30 and well below Wall Street’s estimate of $13.26.

Key numbers for Q1:

EPS of $1.69 vs. the $1.68 expected.
Revenue of $2.47 billion vs. the $2.43 billion expected.

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Interim co-CEO and CFO Meghan Frank acknowledged during the earnings call that recent product rollouts underperformed. A highly anticipated yoga campaign failed to generate its expected “halo effect” across broader product lines.

Profitability metrics took a major hit, with gross margins contracting by 410 basis points to 54.2% due to mounting tariff costs and promotional markdowns. Operating income consequently fell 37% year over year to $276.9 million.

“We experienced spikes of negative commentary in the media and on social channels with regard to our brand, which had an impact on traffic and overall top-line performance,” Frank said during the earnings call. “And second, not all of our product launches have met our expectations. While we have had several successful launches so far this year, we have seen others as we start Q2 not generate the anticipated guest response.”

Lululemon’s valuation has already been steadily compressing for years. While it was once one of retail’s richly valued stocks, investors have been questioning whether the company can return to the double-digit growth era.

The results also arrive during a leadership transition. Lululemon announced back in April that former Nike executive Heidi O’Neill is set to take over as CEO in September, with investors looking to her to revive growth in North America and restore the brand’s growth.

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The strong May job market surprised economists. Experts had predicted only 85,000 new jobs — just half the reported number. The unemployment rate held steady at 4.3%, as expected.

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Job gains were buoyed by the leisure and hospitality sector, which added 70,000 jobs, as well as local government, healthcare, and education.

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