10-Q · July 29, 2026
Bunge delivered a substantially stronger Q2, with revenue up 88% to $24.041B, gross margin expanding to 7.0%, and diluted EPS increasing to $3.47 from $2.61 a year earlier. The earnings improvement was led by soybean…
Earnings analysis · 10-Q
BG earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Bunge delivered a quarterly revenue and adjusted EPS beat, with revenue of $23.804 billion and adjusted diluted EPS of $2.56; adjusted Segment EBIT reached $997 million, led by soybean and softseed processing. However,…
Read full summary
Bunge delivered a quarterly revenue and adjusted EPS beat, with revenue of $23.804 billion and adjusted diluted EPS of $2.56; adjusted Segment EBIT reached $997 million, led by soybean and softseed processing. However, year-to-date operating cash use rose to $2.302 billion, segment expectations were mixed, and expected net interest expense increased to $640-$670 million. Full-year adjusted EPS guidance was maintained at $9.25-$9.75, supporting a neutral rather than bearish assessment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.56
- Segment
- Adjusted Segment EBIT was $997 million; soybean and softseed processing were the primary contributors to growth.
- Segment
- Soybean Processing and Refining and Tropical Oils and Specialty Ingredients expectations were lowered; Grain Merchandising and Milling was raised; Softseed Processing and Refining and Corporate and Other were unchanged.
What stood out
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Revenue beat; EPS remained above year ago
Revenue was $23.804 billion, up from $24.04 billion in the prior quarter by approximately 1.0% lower, but up from $22.16 billion in the year-ago quarter by approximately 7.4%. Adjusted diluted EPS was $2.56 versus $3.47 in Q2 2026 and $0.84 in Q3 2025.
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Processing segments drove EBIT growth
Adjusted Segment EBIT increased to $997 million, led by soybean and softseed processing, according to the company’s quarterly results discussion.
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Full-year EPS outlook maintained
Management maintained full-year 2026 adjusted EPS guidance at $9.25-$9.75, despite lowering expectations for Soybean Processing and Refining and Tropical Oils and Specialty Ingredients.
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Segment outlook was mixed
Grain Merchandising and Milling expectations were raised, while Softseed Processing and Refining and Corporate and Other expectations were unchanged.
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Tax outlook narrowed; interest cost rose
The effective tax-rate outlook narrowed to 23%-25% from 22%-26%, while expected net interest expense increased to $640-$670 million from $620-$660 million.
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Controls effective amid Viterra integration
The filing reports that disclosure controls were effective as of September 30, 2026, while integration of Viterra is expected to continue in phases over the next several years.
What to watch
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Year-to-date operating cash use
Operating cash flow use increased to $2.302 billion year to date, indicating materially weaker cash conversion despite the quarterly adjusted EPS beat.
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Brazilian legal-claim reserves
The company recorded $38 million of reserves for labor claims and $297 million for civil and other claims as of September 30, 2026, primarily related to Brazilian operations.
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Commodity-price exposure
A hypothetical 10% adverse commodity-price move implied market risk of $276 million at the highest daily aggregated position value of $2.762 billion during the nine months ended September 30, 2026.
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Variable-rate interest exposure
A hypothetical 100-basis-point change in applicable reference rates would change interest expense by approximately $148 million on variable-rate debt.
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Counterparty risk can increase
The company states that tight credit conditions, economic downturns and significant price volatility heighten credit and counterparty risk; it has reduced exposures and position limits in certain cases.
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Multi-year integration execution risk
Viterra integration has changed certain internal controls, with further changes anticipated and the integration process expected to continue over the next several years.
Management's outlook
Full-year 2026 adjusted EPS guidance was maintained at $9.25-$9.75. Segment expectations were mixed: Soybean Processing and Refining and Tropical Oils and Specialty Ingredients were lowered, Grain Merchandising and Milling was raised, and Softseed Processing and Refining and Corporate and Other were unchanged. The effective tax-rate outlook narrowed to 23%-25% from 22%-26%, while net interest expense is now expected at $640-$670 million versus $620-$660 million previously.
Earlier filings 4
10-Q · April 29, 2026
Bunge Global SA reported weak Q1 2026 results with a diluted EPS of $0.35, missing analyst consensus of $0.89, and revenue of $21.86 billion. This reflects an 88% increase compared to the previous year, primarily driven…
10-K · February 19, 2026
Bunge positions itself as a leading global agribusiness—a top oilseed processor, grain merchandiser and packaged oils seller—highlighting integrated operations and a global footprint. The business materially expanded…
10-Q · August 5, 2025
Bunge reported Q2 net sales of $12,769,000,000 and diluted EPS of $2.61, with gross profit of $738 million (≈5.78% gross margin) and operating income of $320 million (≈2.51% operating margin). Profitability improved…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.