$BG · Bunge Global SA
Bunge Global SA filed its Q3 2026 10-Q, reporting net income attributable to Bunge shareholders of $318M ($1.64 diluted EPS) on net sales of $23.8B, compared to $166M ($0.84 diluted EPS) on $22.2B in Q3 2025. For the nine months ended September 30, 2026, net sales reached $69.7B versus $46.6B in the prior year, with net income of $1.06B ($5.45 diluted EPS) compared to $721M ($4.60 diluted EPS). The dramatic top-line expansion reflects the full consolidation of Viterra, acquired in 2025.
- Q3 diluted EPS from continuing operations hit $1.64, nearly double the $0.86 in Q3 2025.
- Nine-month net sales reached $69.7B, up 49.7% from $46.6B in the prior-year period.
- Gross profit rose 25.3% YoY to $1.33B in Q3; nine-month gross profit jumped 57.6% to $3.78B.
- Operating cash flow swung to a $2.3B use of cash, driven by a $3.56B inventory build.
- Total assets expanded to $49.66B from $44.53B at year-end 2025, reflecting Viterra integration.
BG shares are down 2.34% in the regular session to $98.44 despite the strong earnings print. The $2.3B operating cash outflow and heavy inventory build may be weighing on sentiment even as profitability metrics show dramatic improvement.
Bunge's first full-year quarter with Viterra shows the combined entity's earnings power, but the cash flow drain from inventory build raises working-capital efficiency questions.
Bunge's results reflect the full integration of the Viterra acquisition (closed 2025), which roughly doubled the company's scale. The 50% nine-month revenue surge and expanded segment EBIT across all four reporting segments — particularly Soybean Processing ($1.56B EBIT) and Softseed Processing ($702M) — show the combined entity's earnings power in favorable crush margin environments.
Commodity derivative losses hit cost of goods sold: economic hedge losses on commodities were $780M in Q3 2026 versus $17M in Q3 2025. Foreign exchange losses widened to $63M from $55M. The $2.3B operating cash outflow reflects significant working capital strain from inventory and margin deposits.