Third quarter 2026
Filed Oct 29, 2026Bunge Reports Third Quarter 2026 Results
Third-quarter GAAP and adjusted diluted EPS, net sales, gross profit, Total EBIT and Adjusted Total EBIT were higher than the prior year, led by Soybean Processing and Refining and Softseed Processing and Refining. The company maintained its full-year adjusted EPS outlook, while nine-month operating cash flow remained negative due primarily to working-capital changes.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Net salesGAAP | $23.80B | – | – |
| Q3 2026 Cost of goods soldGAAP | −$22.47B | – | – |
| Q3 2026 Gross profitGAAP | $1.33B | – | – |
| Q3 2026 Selling, general and administrative expensesGAAP | −$605M | – | – |
| Q3 2026 Foreign exchange gains (losses) – netGAAP | −$63M | – | – |
| Q3 2026 Other income (expense) – netGAAP | $17M | – | – |
| Q3 2026 Income (loss) from affiliatesGAAP | $22M | – | – |
| Q3 2026 Total EBITnon-GAAP | $667M | – | – |
| Q3 2026 Adjusted Total EBITnon-GAAP | $846M | – | – |
| Q3 2026 Interest incomeGAAP | $20M | – | – |
| Q3 2026 Interest expenseGAAP | −$208M | – | – |
| Q3 2026 Income tax expenseGAAP | −$168M | – | – |
| Q3 2026 Income (loss) from continuing operations, net of taxGAAP | $318M | – | – |
| Q3 2026 Net income attributable to BungeGAAP | $318M | – | – |
| Q3 2026 Net income per share from continuing operations - dilutedGAAP | $1.64 | – | – |
| Q3 2026 Net income per share - dilutedGAAP | $1.64 | – | – |
| Q3 2026 Adjusted Net income per share from continuing operations - dilutednon-GAAP | $2.56 | – | – |
| Q3 2026 Segment EBITnon-GAAP | $839M | – | – |
| Q3 2026 Corporate and Other EBITnon-GAAP | −$172M | – | – |
| Q3 2026 Adjusted Corporate and Other EBITnon-GAAP | −$151M | – | – |
| Nine months ended September 30, 2026 Net salesGAAP | $69.71B | – | – |
| Nine months ended September 30, 2026 Gross profitGAAP | $3.78B | – | – |
| Nine months ended September 30, 2026 Net income attributable to BungeGAAP | $1.06B | – | – |
| Nine months ended September 30, 2026 Net income per share from continuing operations - dilutedGAAP | $5.45 | – | – |
| Nine months ended September 30, 2026 Adjusted Net income per share from continuing operations - dilutednon-GAAP | $6.38 | – | – |
| Nine months ended September 30, 2026 Total EBITnon-GAAP | $1.91B | – | – |
| Nine months ended September 30, 2026 Adjusted Total EBITnon-GAAP | $2.07B | – | – |
| Nine months ended September 30, 2026 Cash provided by (used for) operating activitiesGAAP | −$2.30B | – | – |
| Nine months ended September 30, 2026 Adjusted funds from operationsnon-GAAP | $2.01B | – | – |
| September 30, 2026 Cash and cash equivalentsGAAP | $524M | – | – |
| September 30, 2026 Short-term debtGAAP | $6.47B | – | – |
| September 30, 2026 Current portion of long-term debtGAAP | $1.33B | – | – |
| September 30, 2026 Long-term debtGAAP | $8.94B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Soybean Processing and RefiningNorth America was the largest contributor to improved performance, driven by stronger processing results, partially offset by lower refining. South America improved on stronger processing results in Argentina and Brazil, partly offset by lower fertilizer and refining results. | $11.44B | – | – |
| Softseed Processing and RefiningNorth America processing and refining were the primary drivers of improvement. Softseed processing volumes increased across all regions, supported by the more favorable margin environment. | $4.30B | – | – |
| Tropical Oils and Specialty IngredientsResults were lower in North America, Europe and Asia, primarily driven by near-term margin impacts associated with geopolitical trade disruptions and commissioning, ramp-up and plant transition costs. | $1.29B | – | – |
| Grain Merchandising and MillingHigher results in global grain merchandising and commercial services were more than offset by lower results in ocean freight, sugar and wheat milling. | $6.76B | – | – |
| Corporate and OtherThe decrease in Corporate expenses was primarily driven by performance-based compensation and favorable foreign exchange impacts. Lower Other results were largely related to the captive insurance program. | $1M | – | – |
Full-year 2026 outlook
- Tax rateAn adjusted annual effective tax rate in the range of 23% to 25%
- NoteAdjusted EPS in the range of $9.25 to $9.75
- NoteSoybean Processing and Refining results: slightly lower compared to its previous full-year outlook
- NoteSoftseed Processing and Refining results: unchanged compared to its previous full-year outlook
- NoteTropical Oils and Specialty Ingredients results: lower compared to its previous full-year outlook
- NoteGrain Merchandising and Milling results: higher compared to its previous full-year outlook
- NoteCorporate and Other results: unchanged compared to its previous full-year outlook
- NoteNet interest expense in the range of $640 to $670 million
- NoteCapital expenditures toward the higher end of the $1.5 to $1.7 billion range
- NoteDepreciation and amortization of approximately $975 million
Capital returns
- Nine months ended September 30, 2026 repurchases of registered shares: $(249) million
- Nine months ended September 30, 2026 dividends paid to registered shareholders: $(414) million
What drove it
- Soybean Processing and Refining Segment EBIT was $547 million compared to $337 million in the prior year; Adjusted Segment EBIT was $565 million compared to $478 million.
- Softseed Processing and Refining Segment EBIT was $353 million compared to $236 million in the prior year; Adjusted Segment EBIT was $329 million compared to $275 million.
- Soybean processing volumes were 11,745 thousand metric tons compared to 12,139 thousand metric tons; refined soy oil production was 1,051 thousand metric tons compared to 932 thousand metric tons.
- Softseeds processed were 3,606 thousand metric tons compared to 3,129 thousand metric tons; refined softseed oil production was 872 thousand metric tons compared to 711 thousand metric tons.
- Corporate and Other EBIT was $(172) million compared to $(268) million, with the decrease in Corporate expenses primarily driven by performance-based compensation and favorable foreign exchange impacts.
- The company cited Viterra-related synergies and the increased capabilities of its expanded, more connected global network.
Concerns
- Tropical Oils and Specialty Ingredients Segment EBIT was $13 million compared to $77 million; adjusted Segment EBIT was $16 million compared to $51 million.
- Grain Merchandising and Milling Segment EBIT was $(74) million compared to $21 million, including $82 million of charges related to the announced sale of two sugarcane mills in Brazil.
- Nine-month cash used for operations increased to $2,302 million from $503 million, primarily driven by net changes in working capital.
- Inventories were $16,624 million at September 30, 2026 compared to $13,198 million at December 31, 2025.
- The company cited geopolitical uncertainty, shifting trade flows, evolving government policy and near-term margin impacts associated with geopolitical trade disruptions.
What to watch
- Execution against full-year adjusted EPS guidance of $9.25 to $9.75.
- Soybean Processing and Refining results, which the company now expects to be slightly lower than its previous full-year outlook.
- Tropical Oils and Specialty Ingredients results, which the company now expects to be lower than its previous full-year outlook.
- Grain Merchandising and Milling results, which the company now expects to be higher than its previous full-year outlook.
- Net interest expense guidance of $640 to $670 million and capital expenditures toward the higher end of the $1.5 to $1.7 billion range.
- Working-capital movements and operating cash flow following nine-month cash used for operations of $2,302 million.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $524 million; December 31, 2025: $1,135 million
- Short-term debt at September 30, 2026: $6,471 million; December 31, 2025: $3,883 million
- Current portion of long-term debt at September 30, 2026: $1,331 million; December 31, 2025: $1,337 million
- Long-term debt at September 30, 2026: $8,944 million; December 31, 2025: $8,831 million
- Nine months ended September 30, 2026 cash provided by (used for) operating activities: $(2,302) million; prior year: $(503) million
- Nine months ended September 30, 2026 payments made for capital expenditures: $(1,163) million; prior year: $(1,185) million
- Nine months ended September 30, 2026 cash provided by (used for) investing activities: $(840) million; prior year: $(5,524) million
- Nine months ended September 30, 2026 cash provided by (used for) financing activities: $2,537 million; prior year: $4,021 million
Analysis
Bunge reported stronger third-quarter profitability. Net sales were $23,804 million versus $22,155 million, gross profit was $1,332 million versus $1,063 million, and net income attributable to Bunge was $318 million versus $166 million. GAAP diluted EPS from continuing operations was $1.64 versus $0.86, while adjusted diluted EPS from continuing operations was $2.56 versus $2.27. Total EBIT was $667 million versus $403 million, and Adjusted Total EBIT was $846 million versus $757 million.
The operating improvement was concentrated in the processing businesses. Soybean Processing and Refining generated Segment EBIT of $547 million, compared with $337 million, led by North American processing and stronger processing in Argentina and Brazil. Softseed Processing and Refining generated Segment EBIT of $353 million, compared with $236 million, with North American processing and refining the principal contributors and higher processing volumes across all regions. These gains were partly offset by Tropical Oils and Specialty Ingredients, where Segment EBIT declined to $13 million from $77 million amid geopolitical trade disruptions and commissioning, ramp-up and plant transition costs.
Grain Merchandising and Milling was the principal earnings pressure. Segment EBIT was $(74) million compared with $21 million, and included $82 million of charges related to the announced sale of two sugarcane mills in Brazil. Corporate and Other EBIT improved to $(172) million from $(268) million, primarily reflecting performance-based compensation and favorable foreign exchange impacts. Third-quarter adjusted results also excluded $66 million of mark-to-market timing differences and $113 million of certain gains and charges at the Total EBIT level.
Cash conversion remained a key issue. Cash used for operations in the nine months ended September 30, 2026 was $2,302 million, compared with $503 million in the prior year, primarily driven by net changes in working capital. Inventories rose to $16,624 million from $13,198 million at December 31, 2025. The company reported Adjusted FFO of $2,008 million compared with $1,181 million and paid $(1,163) million for capital expenditures.
Bunge maintained its full-year adjusted EPS outlook of $9.25 to $9.75. Within that outlook, it now expects Soybean Processing and Refining to be slightly lower and Tropical Oils and Specialty Ingredients to be lower than its previous outlook, while Grain Merchandising and Milling is expected to be higher. The company narrowed its adjusted annual effective tax-rate range to 23% to 25%, expects net interest expense of $640 to $670 million, and expects capital expenditures toward the higher end of the $1.5 to $1.7 billion range.
Management, verbatim
Our team delivered a strong third quarter, demonstrating disciplined execution and the strength of the resilient, diversified business we’ve built. In a complex environment – marked by geopolitical uncertainty, shifting trade flows and evolving government policy – our global platform positioned us to execute on opportunities while effectively managing risk. At the same time, we continued to advance our key value-creation priorities, including Viterra-related synergies and progressing efforts to bring major growth investments online.
Greg Heckman, Chief Executive Officer
Looking ahead, we remain confident about the opportunities in front of us and our team’s ability to successfully address the challenges ahead. The long-term demand drivers for our business remain strong. Our global footprint and diversified value chains position us to continue delivering value for our stakeholders, farmers and customers, across the food, feed and fuel industries in any environment.
Greg Heckman, Chief Executive Officer
Not in the filing
stated, not guessed- Quarterly operating cash flow was not reported.
- Free cash flow was not reported.
- Gross margin was not reported.
- Quarterly revenue and EBIT percentage changes were not reported.
- Prior-quarter comparisons were not reported.
- A previous outlook document was not provided, so reported results cannot be compared with prior guidance under the requested methodology.
- Full-year 2026 GAAP EPS guidance was not provided.
- A forward revenue, gross margin or operating-expense guidance figure was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.