REVENUE RECOGNITION

Transaction price allocated to the remaining performance obligations

The Company has estimated that $1,372.0 million in revenue is expected to be recognized in the future periods related to remaining performance obligations from the Company’s contracts with customers outstanding as of December 31, 2025. The Company expects to complete these obligations and recognize revenue in the range of 85% to 95% in 2026 and the remainder after 2026.

Disaggregation of Revenue

In the following table, revenue is disaggregated by type of good or service and primary geographical market for each reportable segment. The table also includes a reconciliation of the disaggregated revenue to total revenue.


	December 31,
	2025 (1)				2024 (1)				2023 (1)
(In millions)	Protein Solutions		Prepared Food and Beverage Solutions		Protein Solutions		Prepared Food and Beverage Solutions		Protein Solutions		Prepared Food and Beverage Solutions
Type of Good or Service
Recurring (2)	$	900.3	$	1,012.2	$	108.2	$	734.6	$	117.0	$	728.6
Non-recurring (2)	815.9		1,069.8		60.5		812.7		70.8		748.0
Total	$	1,716.2	$	2,082.0	$	168.7	$	1,547.3	$	187.8	$	1,476.6

Geographical Region (3)
U.S. and Canada	$	544.4	$	983.1	$	151.5	$	819.0	$	170.7	$	807.8
Europe, Middle East and Africa	827.5		694.6		5.8		459.3		2.7		418.7
Asia Pacific	147.8		209.0		8.1		145.6		6.5		136.8
Latin America	196.5		195.3		3.3		123.4		7.9		113.3
Total	$	1,716.2	$	2,082.0	$	168.7	$	1,547.3	$	187.8	$	1,476.6

(1) Effective in the fourth quarter of 2025, segment revenues for the years ended December 31, 2025, 2024 and 2023 were recast to reflect the Company’s realignment of its reportable segments.

(2) Recurring revenue includes revenue from aftermarket parts and services, re-build services on customer owned equipment, operating leases of equipment, and subscription-based software applications. Non-recurring revenue includes new equipment and installation and the sale of software licenses.

(3) Geographical region represents the region in which the end customer resides.

Contract balances

The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Consolidated Balance Sheets as contract assets and within advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period.

Contract asset and liability balances for the period were as follows:


	Balances as of
(In millions)	December 31, 2025		December 31, 2024		December 31, 2023
Contract Assets	$	118.5	$	95.4	$	74.5
Contract Liabilities	498.5		178.0		156.5

The revenue recognized during the year ended December 31, 2025, 2024 and 2023 that was included in contract liabilities at the beginning of the year amounted to $173.7 million, $141.8 million, and $150.0 million respectively. The Company assumed contract liabilities from acquisitions in the amount of $263.1 million in 2025. The remainder of the change from December 31, 2025, December 31, 2024 and December 31, 2023 is driven by the timing of advance and milestone payments received from customers, customer returns, and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.

Historical Timeline

Fiscal Year	Filed
2025	Mar 2, 2026	Showing above
2024	Feb 28, 2025

2023	Feb 23, 2024

2022	Feb 23, 2023

2021	Feb 24, 2022

2020	Feb 25, 2021

2019	Mar 2, 2020

2018	Feb 28, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

JBT MAREL Corp Revenue Disclosure

Historical Timeline

About Revenue Disclosures

Other Available Disclosures