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…
Earnings analysis · 10-Q
BG earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
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…
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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 and softseed processing, while the Viterra acquisition contributed significantly to reported growth. The principal offset is balance-sheet and cash-flow pressure: inventories reached $15.461B, total debt rose to $15.214B, and first-half operating cash flow was a $1.126B outflow.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $3.47
What stood out
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Revenue and gross margin accelerated
Q2 net sales rose 88% year over year to $24.041B, while gross profit increased 128% to $1.681B. Gross margin expanded to 7.0% from 5.8% a year earlier.
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Profitability rose sharply
Diluted EPS increased $0.86 year over year to $3.47, and net income attributable to Bunge shareholders rose $324M to $678M. Total EBIT nearly doubled, rising $522M to $1.060B.
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Soybean processing was the largest driver
Soybean Processing and Refining EBIT increased 75% to $804M on $12.071B of sales, supported by favorable processing conditions, mark-to-market results, Viterra contributions, and stronger South American farmer selling.
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Softseed earnings inflected strongly
Softseed Processing and Refining EBIT rose from $19M to $273M, with sales up 167% to $4.095B. Management cited biofuel-driven demand, elevated energy prices, constrained Black Sea/European crop availability, and favorable mark-to-market results.
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Inventory-funded working-capital build
Working capital increased $217M from year-end to $9.481B, despite cash declining $542M to $593M, as inventories increased $2.263B to $15.461B during the South American harvest period.
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Liquidity capacity and capital returns remain
Bunge had $8.835B of unused committed revolving borrowing capacity at June 30, 2026, while its board authorized a new $3.0B share-repurchase program after completing $2.7B under the prior program.
What to watch
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Operating cash flow remained negative
Cash used in operations was $1.126B for the first six months of 2026, although this improved by $231M from a $1.357B outflow a year earlier. Rising commodity prices and inventory funding requirements can continue to consume operating cash.
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Higher leverage and rate sensitivity
Total debt increased $1.163B from year-end to $15.214B, and quarterly interest expense increased 86% to $197M following acquisition financing. A hypothetical 100-basis-point reference-rate change would alter annualized interest expense by about $102M.
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Not all segments converted sales into profit
Grain Merchandising and Milling EBIT declined 7% to $173M despite 183% sales growth, principally because the prior year included a $155M gain on the North America corn-milling sale. Tropical Oils also recorded a $24M EBIT loss versus a $10M loss a year earlier.
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No formal risk-factor update; commodity risk persists
The filing reports no newly added or revised Item 1A risk factors versus the 2025 10-K, but market-risk exposure remains material: a hypothetical 10% adverse commodity-price change on the highest daily aggregate position would imply a $265M market-risk loss.
Management's outlook
The 10-Q does not provide a quantitative earnings or revenue outlook; outlook is deferred to the earnings release/call.
Earlier filings 4
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…
10-Q · May 7, 2025
Bunge reported quarterly revenue of $11,643 million and diluted EPS of $1.48 for the three months ended March 31, 2025. Revenue and EPS declined versus the prior-year quarter while operating cash flow swung negative;…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.