Bunge Global SA (BG): Results of Operations and Financial Condition
Bunge Global SA (BG) filed an SEC Form 8-K — Results of Operations and Financial Condition. Bunge Reports Second Quarter 2026 Results St. Louis, MO - July 29, 2026 - Bunge Global SA (NYSE: BG) today reported second quarter 2026 results • Q2 GAAP diluted EPS of $3.47 vs. $2.61 in the prior year; $2.00 vs. $1.31 on an adjusted basis excluding certain gains/charges and mar
How this was made
The 30-second read
Why it matters
Traders can update models using the raised adjusted EPS range ($9.25 to $9.75) and reassess segment momentum (Soybean Processing and Refining, Softseed Processing and Refining) plus capital return via the ~$250M share repurchase completion.
Market read
Fresh earnings and guidance details are likely to drive revisions to FY estimates and near-term positioning in BG.
What to watch
Foreign exchange impacts and commodity/freight-driven mark-to-market effects are material in the reconciliation, which can reverse in subsequent quarters.
Bunge Reports Second Quarter 2026 Results
Q2 GAAP diluted EPS rose to $ 3.47 from $ 2.61 and adjusted diluted EPS rose to $ 2.00 from $ 1.31, led by stronger Soybean Processing and Refining and Softseed Processing and Refining results. The company also increased its full-year adjusted EPS outlook range to $9.25 to $9.75 from $9.00 to $9.50.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income attributable to BungeGAAP | $ 678 (US$ in millions) | – | – |
| Net income per share-dilutedGAAP | $ 3.47 | – | – |
| Mark-to-market timing differences per diluted shareother | $ (1.67) | – | – |
| Certain (gains) & charges per diluted shareother | $ 0.20 | – | – |
| Adjusted Net income per share-dilutednon-GAAP | $ 2.00 | – | – |
| Segment EBITnon-GAAP | $ 1,226 (US$ in millions) | – | – |
| Adjusted Segment EBITnon-GAAP | $ 796 (US$ in millions) | – | – |
| Corporate and Other EBITnon-GAAP | $ (166) (US$ in millions) | – | – |
| Adjusted Corporate and Other EBITnon-GAAP | $ (131) (US$ in millions) | – | – |
| Total EBITnon-GAAP | $ 1,060 (US$ in millions) | – | – |
| Adjusted Total EBITnon-GAAP | $ 665 (US$ in millions) | – | – |
| Soybeans processedother | 11,524 (in thousand metric tons) | – | – |
| Soybeans merchandisedother | 8,046 (in thousand metric tons) | – | – |
| Refined soy oil productionother | 933 (in thousand metric tons) | – | – |
| Soybean Processing and Refining Segment EBITnon-GAAP | $ 804 (US$ in millions) | – | – |
| Soybean Processing and Refining Adjusted Segment EBITnon-GAAP | $ 445 (US$ in millions) | – | – |
| Softseeds processedother | 3,490 (in thousand metric tons) | – | – |
| Softseeds merchandisedother | 1,296 (in thousand metric tons) | – | – |
| Refined softseed oil productionother | 974 (in thousand metric tons) | – | – |
| Softseed Processing and Refining Segment EBITnon-GAAP | $ 273 (US$ in millions) | – | – |
| Softseed Processing and Refining Adjusted Segment EBITnon-GAAP | $ 255 (US$ in millions) | – | – |
| Tropical Oils and Specialty Ingredients volumesother | 660 (in thousand metric tons) | – | – |
| Tropical Oils and Specialty Ingredients Segment EBITnon-GAAP | $ (24) (US$ in millions) | – | – |
| Tropical Oils and Specialty Ingredients Adjusted Segment EBITnon-GAAP | $ 29 (US$ in millions) | – | – |
| Grain Merchandising and Milling volumesother | 23,852 (in thousand metric tons) | – | – |
| Grain Merchandising and Milling Segment EBITnon-GAAP | $ 173 (US$ in millions) | – | – |
| Grain Merchandising and Milling Adjusted Segment EBITnon-GAAP | $ 67 (US$ in millions) | – | – |
| Income tax expenseGAAP | $236 million | – | – |
| Six-month net income attributable to BungeGAAP | $ 746 (US$ in millions) | – | – |
| Six-month net income per share-dilutedGAAP | $ 3.81 | – | – |
| Six-month Adjusted Net income per share-dilutednon-GAAP | $ 3.83 | – | – |
| Six-month Adjusted Total EBITnon-GAAP | $ 1,226 (US$ in millions) | – | – |
| Cash provided by (used for) operating activitiesGAAP | $ (1,126) (US$ in millions) | – | – |
| Adjusted funds from operationsnon-GAAP | $ 1,291 (US$ in millions) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Soybean Processing and RefiningHigher results were primarily driven by the North and South American value chains. In North America, stronger processing performance in the US was partially offset by lower refining results. In South America, higher results reflected improvements in Argentina processing and refining and Brazil processing. | $ 12,071 (US$ in millions) | – | – |
| Softseed Processing and RefiningResults increased across all regions, reflecting a more favorable market environment and strong execution. In North America and Argentina, stronger processing results were the primary drivers of improved performance. | $ 4,095 (US$ in millions) | – | – |
| Tropical Oils and Specialty IngredientsHigher results in Europe and Asia were partially offset by lower results in North America. Results from global tropical oils merchandising activities were slightly higher than last year. | $ 1,259 (US$ in millions) | – | – |
| Grain Merchandising and MillingHigher results in ocean freight, commercial services, global cotton and wheat milling were partially offset by lower results in global grain merchandising and sugar. Higher volumes primarily reflected the company’s expanded grain-handling footprint and capabilities. | $ 6,614 (US$ in millions) | – | – |
| Corporate and OtherThe increase in Corporate expenses was primarily driven by the addition of Viterra. The year-over-year comparison was also impacted by timing of performance-based compensation. | $ 2 (US$ in millions) | – | – |
full-year outlook
- NoteAdjusted EPS outlook range of $9.25 to $9.75
Capital returns
- Repurchased ~$250 million of shares, completing the $2 billion program related to the Viterra transaction.
What drove it
- Higher results were primarily driven by strong performances in Soybean and Softseed Processing and Refining segments, supported by solid execution amid improving market conditions.
- Higher soybean processing volumes reflected the company’s greater production capacity in Argentina, while higher soybean merchandised volumes reflected the combined company’s expanded soybean origination footprint.
- Higher softseed processed volumes primarily reflected increased production capacity in Argentina, Canada, and Europe; higher merchandised volumes were driven by the expanded global softseeds origination footprint.
- Cash used for operations declined primarily because of higher net income and higher depreciation as a result of the Viterra transaction, partially offset by net changes in working capital.
Concerns
- Within the soybean destination value chain, stronger processing results in Asia were more than offset by lower processing results in Europe and lower distribution performance.
- Results from global soybean oil merchandising activities were lower than last year.
- Grain Merchandising and Milling Segment EBIT was $ 173 (US$ in millions), compared with $ 187 (US$ in millions) in the prior year.
- Corporate and Other EBIT was $ (166) (US$ in millions), compared with $ (118) (US$ in millions) in the prior year, with higher Corporate expenses primarily driven by the addition of Viterra and timing of performance-based compensation.
- Cash provided by (used for) operating activities remained negative at $ (1,126) (US$ in millions) for the six months ended June 30, 2026.
What to watch
- Execution in North and South American soybean processing and refining, including the contribution from greater production capacity in Argentina.
- Whether stronger softseed processing conditions across North America, Argentina, and Europe continue.
- Performance in European soybean processing and distribution, global soybean oil merchandising, global grain merchandising, and sugar.
- Corporate expense levels associated with Viterra integration and performance-based compensation timing.
- Delivery against the increased full-year adjusted EPS outlook range of $9.25 to $9.75.
Balance sheet and cash flow
- Cash used for operations in the six months ended June 30, 2026 was $1,126 million, compared to $1,357 million in the prior year.
- Adjusted funds from operations (FFO) was $1,291 million compared to $693 million in the prior year.
Analysis
Bunge reported a strong second quarter, with net income attributable to Bunge of $ 678 (US$ in millions), versus $ 354 (US$ in millions) in the prior year. GAAP diluted EPS was $ 3.47 versus $ 2.61, while adjusted diluted EPS was $ 2.00 versus $ 1.31. Total EBIT was $ 1,060 (US$ in millions) and Adjusted Total EBIT was $ 665 (US$ in millions), compared with $ 538 (US$ in millions) and $ 293 (US$ in millions), respectively, in the prior-year quarter.
Soybean Processing and Refining was the largest reported revenue segment, with Net Sales of $ 12,071 (US$ in millions), and Segment EBIT of $ 804 (US$ in millions). Results were supported by stronger processing performance in the US, improvements in Argentina processing and refining, and improved Brazil processing. Increased soybean processing volumes in South and North America and Europe included a large contribution from greater production capacity in Argentina. The segment also faced lower refining results in North America, weaker processing and distribution in Europe, and lower global soybean oil merchandising results.
Softseed Processing and Refining was the principal incremental earnings contributor, with Segment EBIT of $ 273 (US$ in millions) versus $ 19 (US$ in millions), and Adjusted Segment EBIT of $ 255 (US$ in millions) versus $ 14 (US$ in millions). Bunge cited a more favorable market environment and strong execution across all regions. Tropical Oils and Specialty Ingredients remained loss-making on a reported Segment EBIT basis at $ (24) (US$ in millions), although Adjusted Segment EBIT was $ 29 (US$ in millions). Grain Merchandising and Milling Segment EBIT declined to $ 173 (US$ in millions) from $ 187 (US$ in millions), despite stronger ocean freight, commercial services, cotton, and wheat milling.
The Viterra transaction expanded volume and origination capabilities across soybeans, softseeds, and grain handling, but it also raised Corporate expenses. Corporate and Other EBIT was $ (166) (US$ in millions), versus $ (118) (US$ in millions), and the company cited Viterra and performance-based compensation timing. Bunge repurchased ~$250 million of shares and completed the $2 billion program related to the Viterra transaction. For the six months ended June 30, 2026, cash provided by operating activities was $ (1,126) (US$ in millions), while Adjusted funds from operations was $ 1,291 (US$ in millions).
Management increased its full-year adjusted EPS outlook range to $9.25 to $9.75 from $9.00 to $9.50. The outlook increase follows strong processing performance and improved market conditions, but execution remains exposed to the areas management identified as weaker, including European soybean processing and distribution, global soybean oil merchandising, global grain merchandising, sugar, and elevated Corporate expenses.
Management, verbatim
Our team delivered another strong quarter, navigating a complex global environment with agility, focus and disciplined execution. Against a backdrop of geopolitical uncertainty and shifting trade flows, our expanded global platform did exactly what it was designed to do — capture opportunities and deliver for customers at both ends of the value chain.
Greg Heckman, Bunge’s Chief Executive Officer
The drivers of long-term demand remain strong, and with our global footprint and enhanced capabilities, we are confident in our ability to execute across a wide range of market conditions. As we look ahead, we remain focused on what matters most: serving our customers and creating long-term value for all our stakeholders across food, feed, and fuel.
Greg Heckman, Bunge’s Chief Executive Officer
Not in the filing
stated, not guessed- Consolidated total revenue or net sales was not reported in the provided filing text.
- Consolidated gross profit and gross margin were not reported in the provided filing text.
- GAAP operating income was not reported in the provided filing text.
- Free cash flow was not reported in the provided filing text.
- Cash balance, debt balance, and net debt were not reported in the provided filing text.
- Dividend declaration or dividend payment information was not reported in the provided filing text.
- A full-year revenue, gross margin, operating-expense, and tax-rate outlook was not reported in the provided filing text.
- Previous-release outlook was not provided, so no comparison of actual reported results versus prior guidance is included.
- Percentage year-over-year and quarter-over-quarter changes were not printed for the reported metrics.
- The filing text was truncated following the income-tax discussion; the remainder of that section and any subsequent financial-information tables were not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with Bunge’s Q2 2026 results and an updated full-year adjusted EPS outlook.
Ticker impact
Bunge reported Q2 2026 GAAP diluted EPS of $3.47 and raised full-year adjusted EPS outlook to $9.25 to $9.75.
Near-term bias to the upside as traders reprice earnings power and capital return expectations based on the raised outlook.
The 8-K includes specific EPS results, segment EBIT drivers, and a concrete guidance range increase, which are direct inputs to valuation and positioning.
Market effects
Improving performance in soybean and softseed processing/refining segments may support sentiment for ag-processing margins and crush/refining read-throughs.
Management cites stronger North and South American value chains, with Argentina and Brazil capacity/processing improvements as key drivers.
The company highlights shifting trade flows and geopolitical uncertainty, implying demand and logistics conditions remain a key swing factor for global ag supply chains.
Counterpoint
Adjusted results exclude mark-to-market timing differences and certain gains/charges, so the headline strength may overstate underlying cash earnings power.
Key entities
- companyBunge Global SA
Reported Q2 2026 results, highlighted segment drivers, completed ~$250M of share repurchases, and raised full-year adjusted EPS outlook.
