# PAHC earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/PAHC) · [Earnings tab](https://www.lopjlb.com/stock/PAHC?tab=earnings) Updated: 2026-08-26T07:45:46 Quarters analyzed: 8 ## Cross-quarter narrative Across the eight quarters, PAHC transitioned from anticipating the Zoetis MFA acquisition to full integration and sustained growth. In 2024 Q4, management guided mid‑single‑digit FY25 revenue growth and outlined the Phibro Forward initiative. The acquisition closed in 2025 Q1, prompting a guidance raise to 3‑8% revenue and 11‑19% EBITDA growth, though destocking and regulatory blackouts tempered near‑term MFA revenue. Two subsequent quarters lacked detailed updates. By 2025 Q4, sales jumped 39% with MFA integration delivered, Phibro Forward on track, and global expansion progressing; however, tariff exposure, legacy MFA organic growth assumptions, higher SG&A, interest‑rate and currency risks were flagged. 2026 Q2 showed 26% sales growth, 41% EBITDA rise, and another guidance raise, supported by price/mix, MFA integration success, a leadership transition, and new product launches (Restore companion animal, oral health innovation). 2026 Q3 added 10% sales and 11% EBITDA growth, raised guidance midpoints, launched the Verratain sustainability platform, and highlighted Brazil’s antimicrobial regulatory transition ($26M virginiamycin) and Middle East volatility as key risks. Throughout, free cash flow generation and dividend payments persisted, while leverage remained above 3x and inventory built ahead of tariffs. ## Latest CallCard · Q3 PAHC Q3: sales +10%, adj EBITDA +11%; raised FY26 guidance midpoints; Brazil antimicrobial regulatory transition ($26M virginiamycin) and Middle East volatility key risks; sustainability platform Verratain launched. **Guidance:** raised — FY26 net sales guidance raised to $1.46B-$1.5B (midpoint ~14% growth), adj EBITDA to $247M-$255M (midpoint ~37% growth), adj net income to $122M-$127M (midpoint ~47% growth); conservative approach due to Middle East unknowns, expect higher end. **Tone:** mgmt 0.3 · Q&A pressure 0.3 · divergence 0.2 Management highlighted strong Q3 results, raised FY26 guidance midpoints, expressed confidence in navigating Brazil regulatory transition and Middle East volatility, and launched new sustainability platform. ### Demand visibility Solid demand across Animal Health segments with tight beef supply supporting prices, dairy stabilizing, poultry positive; Middle East vaccine demand currently stable. Animal Health sales grew 13% driven by legacy MFA (+5%), new MFA (+25%), nutritional specialties (+8%), vaccines (+16%); Mineral Nutrition +10% on zinc/trace minerals; Performance Products -17% on lower personal care ingredient demand. Management notes diversified portfolio navigates protein cycles effectively. ### Margins / costs Gross profit improved on higher sales; SG&A and interest expense increased; foreign currency losses vs prior year gains. GAAP net income and EPS increased driven by favorable gross profit partially offset by higher SG&A (employee costs) and interest expense (swap expiration); FX loss $1.9M vs $5.5M gain prior year; Animal Health adj EBITDA +13% on higher sales/gross profit offset by SG&A; Mineral Nutrition adj EBITDA -$0.6M on lower gross profit; Performance Products adj EBITDA -$1.1M on lower sales. ### Capital allocation Upsized revolver $125M oversubscribed; maintained dividend; capex $53M; free cash flow $13M TTM; inventory buildup due to tariffs and demand expected to stabilize. Cash $77.5M; gross leverage 3.1x, net leverage ## Quarter one-liners - **2026 Q3:** PAHC Q3: sales +10%, adj EBITDA +11%; raised FY26 guidance midpoints; Brazil antimicrobial regulatory transition ($26M virginiamycin) and Middle East volatility key risks; sustainability platform Verratain launched. - **2026 Q2:** Phibro Animal Health posted 26% sales growth, 41% EBITDA rise and raised FY2026 guidance, citing strong margin drivers, MFA integration success and a confident leadership transition. - **2026 Q1:** — - **2025 Q4:** Phibro Animal Health posted a 39% sales jump in Q4, highlighted strong MFA integration and animal‑health growth, and reaffirmed FY2026 guidance while noting tariff and cost headwinds. - **2025 Q3:** — - **2025 Q2:** — - **2025 Q1:** Phibro Animal Health posted 13% sales growth in Q1, strong animal health and performance product gains, closed the Zoetis MFA acquisition and raised FY2025 guidance to 3‑8% revenue growth and 11‑19% adjusted EBITDA growth. - **2024 Q4:** PAHC reports strong Q4 with Animal Health +8%, guides FY25 mid-single-digit revenue growth, Phibro Forward initiative to drive EBITDA expansion, Zoetis MFA acquisition expected to close Q4 calendar 2024. ## Theme arcs - **MFA Integration** (improving): Moved from expected close (2024 Q4) to delivered (2025 Q1) to on_track (2025 Q4, 2026 Q2) with legacy timing dip noted in 2026 Q2. - **Phibro Forward Initiative** (improving): Introdu ## Guidance path 2024 Q4:vague → 2025 Q1:raised → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:maintained → 2026 Q1:vague → 2026 Q2:raised → 2026 Q3:raised --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/PAHC`