Cash flow quality remains erratic, demonstrated by an operating cash flow to net income ratio of -7.96 in 2026Q1, largely driven by unpredictable working capital swings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 578M | 800M | 1.9B | 3.31B | -5.55B | -2.89B | -3.54B | -808M | -1.26B | -1.98B | 446M | 610M | 1.4B | 2.23B | -457M | 2.61B | -2.44B | -368M | 2.54B | -411M | -289M | 382M | 802M | -41M | 128M | 205M | -521M | 37M |
| Operating CF Margin % | - | 1.14% | 3.58% | 5.56% | -8.25% | -4.89% | -8.54% | -1.96% | -2.76% | -4.31% | 1.04% | 1.4% | 2.45% | 3.63% | -0.75% | 4.66% | -5.54% | -0.88% | 4.84% | -1.09% | -1.1% | 1.57% | 3.19% | -0.18% | 0.92% | 1.81% | -5.39% | 0.47% |
| Operating CF Growth % | -71.23% | -57.89% | -42.56% | 159.61% | -91.74% | 18.16% | -337.62% | 36.08% | 36% | -542.83% | -26.89% | -56.4% | -37.12% | 586.87% | -117.48% | 207.35% | -561.68% | -114.47% | 718.73% | -42.21% | -175.65% | -52.37% | 2056.1% | -132.03% | -37.56% | 139.35% | -1508.11% | - |
| Net Income | 686M | 819M | 1.19B | 2.34B | 1.68B | 2.17B | 1.17B | -1.29B | 287M | 174M | 767M | 790M | 517M | 207M | 36M | 940M | 2.39B | 335M | 1.33B | 778M | 521M | 530M | 469M | 411M | 255M | 134M | 12M | 0 |
| Depreciation & Amortization | 595M | 703M | 468M | 451M | 408M | 424M | 435M | 548M | 622M | 609M | 547M | 545M | 607M | 568M | 570M | 526M | 443M | 443M | 439M | 385M | 324M | 278M | 212M | 184M | 168M | 163M | 149M | 0 |
| Stock-Based Compensation | 58M | 0 | 65M | 69M | 65M | 61M | 71M | 39M | 46M | 29M | 44M | 46M | 49M | 53M | 44M | 49M | 60M | 17M | 66M | 48M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -142M | -62M | -10M | -1M | -119M | -272M | 71M | -24M | 6M | -23M | 126M | 16M | -45M | 460M | -32M | -217M | 160M | -204M | -251M | -62M | -191M | -238M | -56M | -17M | -4M | -11M | -17M | 0 |
| Other Non-Cash Items | -1.51B | -143M | 94M | -221M | 46M | -267M | -181M | 1.92B | 267M | 116M | 73M | -194M | -131M | -135M | 496M | 95M | -2.27B | -543M | 502M | 3M | -89M | 7M | 139M | -96M | 289M | 251M | 67M | 37M |
| Working Capital Changes | 852M | -517M | 95M | 673M | -7.63B | -5.01B | -5.1B | -2B | -2.49B | -2.88B | -1.11B | -593M | 447M | 1.07B | -1.57B | 1.22B | -3.21B | -416M | 461M | -1.56B | -854M | -195M | 38M | -523M | -580M | -332M | -732M | 0 |
| Change in Receivables | -334M | -469M | 169M | 256M | -7.15B | -530M | -255M | -257M | -110M | 95M | -131M | -97M | 108M | 148M | -373M | 267M | -1.56B | -229M | -766M | -319M | -69M | 270M | -398M | -129M | -116M | -127M | -336M | 0 |
| Change in Inventory | -1.62B | -700M | 96M | 1.52B | -269M | -1.3B | -2.3B | 504M | -1.11B | -130M | -269M | 314M | -161M | 238M | -1.57B | 530M | -1.89B | 1.64B | -905M | -1.74B | -729M | -11M | 328M | -249M | -728M | -303M | -311M | 0 |
| Change in Payables | 1.16B | 153M | 0 | 0 | 0 | 1.59B | 97M | -498M | 335M | 25M | 708M | -88M | -100M | 436M | 554M | -295M | 1.3B | -1.43B | 1.16B | 1.23B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.16B | -5.04B | -1.11B | -1.01B | 6.5B | 5.11B | 1.81B | 1.48B | 410M | -1.16B | -926M | -802M | -685M | -429M | -967M | -1.22B | 2.51B | -952M | -1.11B | -794M | -611M | -480M | -841M | 60M | -1.07B | -179M | -91M | -108M |
| Capital Expenditures | -228M | -1.72B | -1.38B | -1.12B | -555M | -399M | -365M | -524M | -493M | -662M | -784M | -649M | -839M | -1.04B | -1.09B | -1.13B | -1.07B | -918M | -896M | -658M | -503M | -522M | -437M | -304M | -242M | -230M | -184M | 0 |
| CapEx % of Revenue | 0.28% | 2.45% | 2.59% | 1.88% | 0.83% | 0.67% | 0.88% | 1.27% | 1.08% | 1.45% | 1.84% | 1.49% | 1.47% | 1.7% | 1.8% | 2.01% | 2.44% | 2.19% | 1.7% | 1.74% | 1.91% | 2.14% | 1.74% | 1.37% | 1.74% | 2.04% | 1.9% | - |
| Acquisitions | -4.4B | -3.06B | 675M | 34M | 453M | 601M | 180M | 709M | -984M | -479M | -74M | -426M | -96M | 402M | 60M | -236M | -254M | -144M | -202M | -192M | -74M | -64M | -355M | -196M | -856M | -13M | -78M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.49B | 43M | -86M | 163M | 6.73B | 5.08B | 1.97B | 1.32B | 1.91B | 2.96B | 1.52B | 10M | 164M | 145M | 43M | 101M | 3.79B | 110M | 86M | 72M | 46M | 106M | -49M | 601M | 9M | 64M | 171M | -108M |
| Cash from Financing | 2.2B | 2.07B | -90M | -856M | -769M | -1.63B | 1.76B | -771M | 631M | -180M | -488M | 360M | -1.06B | -1.56B | 1.21B | -1.06B | -30M | 774M | -1.15B | 1.76B | 891M | 21M | -74M | -102M | 1.29B | -224M | 709M | -253M |
| Debt Issued (Net) | 1.9B | 3.1B | 1.42B | 230M | -705M | -1.1B | 2.2B | -438M | 956M | 86M | 61M | 882M | -591M | -1.32B | 1.37B | -824M | 480M | 166M | -858M | 922M | 299M | 128M | -166M | -59M | 1.05B | -518M | 554M | 0 |
| Equity Issued (Net) | -551M | -551M | -1.1B | -600M | -200M | -100M | -100M | 0 | 0 | 0 | -200M | -300M | -226M | 43M | 23M | -97M | -348M | 763M | 7M | 877M | 693M | 13M | 178M | 7M | 293M | 278M | 163M | 0 |
| Dividends Paid | -504M | -459M | -378M | -383M | -349M | -323M | -316M | -317M | -305M | -297M | -282M | -249M | -221M | -201M | -192M | -186M | -211M | -198M | -168M | -114M | -74M | -120M | -86M | -105M | -65M | -34M | -18M | 0 |
| Share Repurchases | -551M | -551M | -1.1B | -600M | -200M | -100M | -100M | 0 | 0 | 0 | -200M | -300M | -300M | 0 | 0 | -120M | -354M | 0 | 0 | 0 | 0 | 0 | -170M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.36B | -15M | -28M | -103M | 485M | -112M | -23M | -16M | -20M | 15M | -92M | 19M | -20M | -89M | 0 | 35M | 40M | 26M | -127M | 95M | -27M | 0 | 0 | 55M | 21M | 50M | 10M | -253M |
| Net Change in Cash | -2.43B | -2.19B | 705M | 1.47B | 247M | 524M | 59M | -71M | -212M | -333M | 523M | 49M | -380M | 173M | -264M | 257M | 25M | -451M | 23M | 616M | 11M | -78M | -57M | 19M | 271M | -224M | 60M | -324M |
| Free Cash Flow | 112M | -923M | 524M | 2.19B | -6.1B | -3.29B | -3.9B | -1.33B | -1.76B | -2.64B | -338M | -39M | 560M | 1.18B | -1.55B | 1.49B | -3.51B | -1.29B | 1.65B | -1.07B | -792M | -140M | 365M | -345M | -112M | -21M | -705M | 37M |
| FCF Margin % | 0.14% | -1.31% | 0.99% | 3.67% | -9.08% | -5.57% | -9.42% | -3.24% | -3.84% | -5.76% | -0.79% | -0.09% | 0.98% | 1.93% | -2.54% | 2.65% | -7.98% | -3.07% | 3.13% | -2.82% | -3.01% | -0.57% | 1.45% | -1.56% | -0.81% | -0.19% | -7.29% | 0.47% |
| FCF Growth % | 113.51% | -276.14% | -76.03% | 135.81% | -85.36% | 15.59% | -192.87% | 24.19% | 33.37% | -680.18% | -766.67% | -106.96% | -52.66% | 176.22% | -204.23% | 142.46% | -172.71% | -178.08% | 254.07% | -34.97% | -465.71% | -138.36% | 205.8% | -208.04% | -433.33% | 97.02% | -2005.41% | - |
| FCF per Share | 0.57 | -5.54 | 3.69 | 14.50 | -39.86 | -21.61 | -26.06 | -9.41 | -12.40 | -18.67 | -2.28 | -0.26 | 3.81 | 7.98 | -10.56 | 9.59 | -22.44 | -10.07 | 11.97 | -8.18 | -6.51 | -1.17 | 3.19 | -3.21 | -1.16 | -0.29 | -10.95 | 0.59 |
| FCF Conversion (FCF/Net Income) | 0.16x | 0.98x | 1.67x | 1.47x | -3.45x | -1.39x | -3.09x | 0.63x | -4.73x | -12.34x | 0.60x | 0.77x | 2.72x | 7.27x | -7.14x | 2.77x | -1.03x | -1.02x | 2.39x | -0.53x | -0.55x | 0.72x | 1.71x | -0.10x | 0.50x | 1.53x | -43.42x | -7.40x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to recent financial disclosures, Bunge's operating cash flow to net income ratio has exhibited extreme instability, swinging from a negative 7.96 in 2026Q1 to a positive 14.07 in 2025Q4, illustrating that reported net income is a poor proxy for the company's actual cash-generating capacity.
The massive divergence between net income and operating cash flow suggests that non-cash accounting adjustments and timing differences related to commodity hedging significantly distort the bottom line. Investors should monitor these fluctuations closely, as they indicate that earnings quality is highly sensitive to the timing of derivative settlements rather than underlying operational cash generation.
As reported in quarterly filings, Bunge's working capital changes are the primary determinant of cash flow, with a massive $1.9 billion inflow in 2025Q3 followed by a $1.4 billion outflow in 2025Q2, highlighting the extreme sensitivity of the company's liquidity to seasonal inventory and commodity price cycles.
The company's cash position appears hostage to the cyclical nature of agricultural inventory management and the associated financing requirements. This volatility suggests that Bunge's cash flow profile is inherently unstable, as the business must frequently absorb large working capital outflows to maintain its global origination and processing footprint.
Based on reported figures, Bunge's capital expenditure has remained significant, peaking at $716 million in 2025Q3, which indicates that maintaining its extensive global network of export terminals and processing facilities requires a consistent and substantial reinvestment of capital to sustain its competitive position in the agribusiness sector.
The capital intensity, as evidenced by the CapEx-to-revenue ratio, suggests that Bunge is locked into a high-maintenance business model where asset depreciation must be aggressively offset by new investment. This ongoing requirement for capital limits the company's ability to generate sustained free cash flow during periods of margin compression.
As indicated by recent cash flow statements, Bunge has pursued a dual strategy of returning capital through dividends and share repurchases while simultaneously engaging in large-scale acquisitions, such as the $4.6 billion net outflow for acquisitions in 2025Q3, which warrants further investigation regarding long-term balance sheet sustainability.
The combination of consistent dividend payments and significant acquisition spending appears to place considerable pressure on the company's cash reserves. Investors should monitor whether the returns on these large-scale investments can adequately compensate for the increased debt burden and the inherent volatility of the core agribusiness cash flows.
Quick answers to the most common questions about buying BG stock.
Bunge Global S.A. (BG) generated $800.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bunge Global S.A. (BG) reported negative free cash flow of $923.0M in 2025, indicating capital requirements exceeded cash from operations.
Bunge Global S.A. (BG) spent $1.72B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bunge Global S.A. (BG) returned $459.0M to shareholders via cash dividends and spent $551.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.