Revenue growth of 87.8% in 2026Q1 appears heavily influenced by commodity price fluctuations rather than organic volume, as evidenced by a thin 0.3% net margin.
| 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 |
|---|
| Sales/Revenue | 80.54B | 70.33B | 53.11B | 59.54B | 67.23B | 59.15B | 41.4B | 41.14B | 45.74B | 45.79B | 42.68B | 43.45B | 57.16B | 61.35B | 60.99B | 56.1B | 43.95B | 41.93B | 52.57B | 37.84B | 26.27B | 24.38B | 25.17B | 22.16B | 13.88B | 11.3B | 9.67B | 7.95B |
| Revenue Growth % | 56.9% | 32.42% | -10.8% | -11.44% | 13.66% | 42.87% | 0.64% | -10.06% | -0.11% | 7.3% | -1.79% | -23.98% | -6.82% | 0.58% | 8.72% | 27.63% | 4.83% | -20.25% | 38.93% | 44.03% | 7.78% | -3.14% | 13.55% | 59.67% | 22.83% | 16.91% | 21.6% | - |
| Cost of Goods Sold | 76.34B | 67.15B | 49.72B | 54.7B | 63.55B | 55.79B | 38.62B | 40.6B | 43.48B | 44.03B | 40.27B | 40.76B | 54.54B | 58.59B | 58.42B | 53.47B | 41.64B | 40.72B | 48.54B | 35.33B | 24.7B | 22.81B | 23.28B | 20.86B | 12.54B | 10.33B | 8.94B | 7.33B |
| COGS % of Revenue | - | 95.49% | 93.61% | 91.86% | 94.52% | 94.31% | 93.27% | 98.68% | 95.05% | 96.15% | 94.35% | 93.8% | 95.41% | 95.5% | 95.78% | 95.32% | 94.74% | 97.13% | 92.32% | 93.35% | 94.02% | 93.56% | 92.51% | 94.11% | 90.36% | 91.41% | 92.43% | 92.23% |
| Gross Profit | 4.2B | 3.17B | 3.39B | 4.84B | 3.68B | 3.36B | 2.79B | 542M | 2.27B | 1.76B | 2.41B | 2.69B | 2.62B | 2.76B | 2.57B | 2.63B | 2.31B | 1.2B | 4.04B | 2.52B | 1.57B | 1.57B | 1.89B | 1.3B | 1.34B | 971M | 732M | 618M |
| Gross Margin % | 5.22% | 4.51% | 6.39% | 8.14% | 5.48% | 5.69% | 6.73% | 1.32% | 4.95% | 3.85% | 5.65% | 6.2% | 4.59% | 4.5% | 4.22% | 4.68% | 5.26% | 2.87% | 7.68% | 6.65% | 5.98% | 6.44% | 7.49% | 5.89% | 9.64% | 8.59% | 7.57% | 7.77% |
| Gross Profit Growth % | - | -6.45% | -29.97% | 31.59% | 9.49% | 20.75% | 413.84% | -76.08% | 28.39% | -26.76% | -10.51% | 2.75% | -5.04% | 7.27% | -2.06% | 13.58% | 92.11% | -70.17% | 60.48% | 60.09% | 0% | -16.7% | 44.52% | -2.47% | 37.8% | 32.65% | 18.45% | - |
| Operating Expenses | 2.27B | 2.11B | 1.78B | 1.72B | 1.37B | 1.23B | 1.36B | 1.35B | 1.42B | 1.44B | 1.28B | 1.44B | 1.69B | 1.56B | 1.56B | 1.44B | 1.46B | 1.34B | 1.61B | 1.36B | 978M | 956M | 982M | 582M | 857M | 707M | 687M | 321M |
| OpEx % of Revenue | - | 3.01% | 3.34% | 2.88% | 2.04% | 2.09% | 3.28% | 3.28% | 3.11% | 3.14% | 3.01% | 3.3% | 2.96% | 2.54% | 2.56% | 2.56% | 3.31% | 3.2% | 3.07% | 3.59% | 3.72% | 3.92% | 3.9% | 2.63% | 6.17% | 6.26% | 7.11% | 4.04% |
| Selling, General & Admin | 2.27B | 2.09B | 1.78B | 1.72B | 1.37B | 1.23B | 1.36B | 1.35B | 1.42B | 1.44B | 1.28B | 1.44B | 1.69B | 1.56B | 1.56B | 1.44B | 1.46B | 1.34B | 1.61B | 1.36B | 978M | 956M | 871M | 691M | 579M | 423M | 387M | 321M |
| SG&A % of Revenue | - | 2.97% | 3.34% | 2.88% | 2.04% | 2.09% | 3.28% | 3.28% | 3.11% | 3.14% | 3.01% | 3.3% | 2.96% | 2.54% | 2.56% | 2.56% | 3.31% | 3.2% | 3.07% | 3.59% | 3.72% | 3.92% | 3.46% | 3.12% | 4.17% | 3.74% | 4% | 4.04% |
| Research & Development | 0 | 28M | 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 |
| R&D % of Revenue | - | 0.04% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 111M | -109M | 278M | 284M | 300M | 0 |
| Operating Income | 1.94B | 1.06B | 1.62B | 3.13B | 2.31B | 2.13B | 1.43B | -809M | 843M | 328M | 1.13B | 1.26B | 930M | 1.2B | 1.01B | 1.19B | 858M | -138M | 2.42B | 1.16B | 593M | 615M | 904M | 723M | 481M | 264M | 45M | 297M |
| Operating Margin % | 2.41% | 1.51% | 3.04% | 5.26% | 3.44% | 3.6% | 3.45% | -1.97% | 1.84% | 0.72% | 2.64% | 2.89% | 1.63% | 1.96% | 1.66% | 2.12% | 1.95% | -0.33% | 4.61% | 3.05% | 2.26% | 2.52% | 3.59% | 3.26% | 3.46% | 2.34% | 0.47% | 3.74% |
| Operating Income Growth % | - | -34.45% | -48.34% | 35.32% | 8.64% | 49.19% | 276.39% | -195.97% | 157.01% | -70.87% | -10.49% | 35.27% | -22.56% | 18.91% | -15.2% | 38.81% | 721.74% | -105.7% | 109.6% | 94.94% | -3.58% | -31.97% | 25.03% | 50.31% | 82.2% | 486.67% | -84.85% | - |
| EBITDA | 2.76B | 1.76B | 2.08B | 3.58B | 2.72B | 2.55B | 1.86B | -261M | 1.47B | 937M | 1.67B | 1.8B | 1.54B | 1.77B | 1.58B | 1.72B | 1.3B | 305M | 2.86B | 1.54B | 917M | 893M | 1.12B | 907M | 649M | 427M | 194M | 297M |
| EBITDA Margin % | 3.43% | 2.51% | 3.93% | 6.01% | 4.05% | 4.32% | 4.5% | -0.63% | 3.2% | 2.05% | 3.92% | 4.15% | 2.69% | 2.88% | 2.59% | 3.06% | 2.96% | 0.73% | 5.44% | 4.07% | 3.49% | 3.66% | 4.43% | 4.09% | 4.68% | 3.78% | 2.01% | 3.74% |
| EBITDA Growth % | 46.5% | -15.44% | -41.78% | 31.61% | 6.58% | 37.11% | 813.41% | -117.82% | 56.35% | -43.99% | -7.21% | 17.31% | -13.11% | 11.96% | -7.98% | 31.98% | 326.56% | -89.34% | 85.72% | 68.05% | 2.69% | -19.98% | 23.04% | 39.75% | 51.99% | 120.1% | -34.68% | - |
| D&A (Non-Cash Add-back) | 821M | 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 |
| EBIT | 1.94B | 1.06B | 2B | 3.57B | 2.47B | 2.81B | 1.68B | -866M | 795M | 493M | 1.23B | 1.31B | 1.08B | 1.38B | 666M | 1.31B | 3.34B | 428M | 1.9B | 1.55B | 593M | 615M | 904M | 723M | 481M | 264M | 45M | 297M |
| Net Interest Income | -438M | -340M | -308M | -368M | -332M | -195M | -243M | -308M | -308M | -225M | -183M | -215M | -260M | -287M | -241M | -199M | -227M | -161M | -147M | -187M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 188M | 202M | 163M | 148M | 71M | 48M | 22M | 31M | 31M | 38M | 51M | 43M | 87M | 76M | 53M | 96M | 67M | 122M | 214M | 166M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 626M | 542M | 471M | 516M | 403M | 243M | 265M | 339M | 339M | 263M | 234M | 258M | 347M | 363M | 294M | 295M | 294M | 283M | 361M | 353M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.03B | 74M | -93M | -79M | -247M | 436M | -14M | -396M | -387M | -98M | -130M | -207M | -196M | -187M | -638M | -171M | 2.19B | 363M | -852M | 45M | -108M | -167M | -146M | -104M | -102M | -72M | -11M | -318M |
| Pretax Income | 911M | 1.13B | 1.52B | 3.05B | 2.07B | 2.56B | 1.41B | -1.21B | 456M | 230M | 996M | 1.05B | 734M | 1.01B | 372M | 1.02B | 3.05B | 225M | 1.57B | 1.2B | 485M | 448M | 758M | 619M | 379M | 192M | 34M | -21M |
| Pretax Margin % | 1.13% | 1.61% | 2.87% | 5.12% | 3.07% | 4.34% | 3.41% | -2.93% | 1% | 0.5% | 2.33% | 2.42% | 1.28% | 1.65% | 0.61% | 1.82% | 6.94% | 0.54% | 2.99% | 3.17% | 1.85% | 1.84% | 3.01% | 2.79% | 2.73% | 1.7% | 0.35% | -0.26% |
| Income Tax | 194M | 288M | 336M | 714M | 388M | 398M | 248M | 86M | 179M | 56M | 220M | 296M | 249M | 904M | -6M | 55M | 699M | -110M | 245M | 310M | -36M | -82M | 289M | 201M | 104M | 68M | 12M | -27M |
| Effective Tax Rate % | 21.3% | 25.4% | 22.05% | 23.4% | 18.78% | 15.52% | 17.55% | -7.14% | 39.25% | 24.35% | 22.09% | 28.16% | 33.92% | 89.15% | -1.61% | 5.39% | 22.93% | -48.89% | 15.6% | 25.81% | -7.42% | -18.3% | 38.13% | 32.47% | 27.44% | 35.42% | 35.29% | 128.57% |
| Net Income | 686M | 819M | 1.14B | 2.24B | 1.61B | 2.08B | 1.15B | -1.28B | 267M | 160M | 745M | 791M | 515M | 306M | 64M | 942M | 2.35B | 361M | 1.06B | 778M | 521M | 530M | 469M | 411M | 255M | 134M | 12M | -5M |
| Net Margin % | 0.85% | 1.16% | 2.14% | 3.77% | 2.39% | 3.51% | 2.77% | -3.11% | 0.58% | 0.35% | 1.75% | 1.82% | 0.9% | 0.5% | 0.1% | 1.68% | 5.36% | 0.86% | 2.02% | 2.06% | 1.98% | 2.17% | 1.86% | 1.85% | 1.84% | 1.19% | 0.12% | -0.06% |
| Net Income Growth % | -37.29% | -27.97% | -49.31% | 39.32% | -22.52% | 81.48% | 189.45% | -579.4% | 66.88% | -78.52% | -5.82% | 53.59% | 68.3% | 378.13% | -93.21% | -59.98% | 552.08% | -66.07% | 36.76% | 49.33% | -1.7% | 13.01% | 14.11% | 61.18% | 90.3% | 1016.67% | 340% | - |
| Net Income (Continuing) | 717M | 846M | 1.19B | 2.34B | 1.68B | 2.17B | 1.17B | -1.29B | 277M | 174M | 776M | 755M | 485M | 110M | 378M | 965M | 2.35B | 335M | 1.33B | 891M | 521M | 530M | 469M | 418M | 275M | 124M | 22M | 6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 0 | -9M | 35M | 32M | 97M | -342M | -25M | 38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 3M | -10M | 0 |
| Minority Interest | 51M | 53M | 1.04B | 964M | 736M | 537M | 551M | 514M | 629M | 209M | 199M | 211M | 281M | 268M | 393M | 368M | 334M | 871M | 0 | 752M | 410M | 325M | 280M | 554M | 495M | 493M | 543M | 0 |
| EPS (Diluted) | 3.50 | 4.92 | 7.99 | 14.87 | 10.51 | 13.64 | 7.71 | -9.34 | 1.64 | 0.89 | 5.01 | 5.07 | 4.15 | 1.55 | 0.19 | 5.85 | 15.06 | 2.11 | 7.73 | 5.95 | 4.28 | 4.43 | 4.10 | 3.83 | 2.63 | 1.86 | 0.19 | -0.08 |
| EPS Growth % | -45.43% | -38.42% | -46.27% | 41.48% | -22.95% | 76.91% | 182.55% | -669.51% | 84.27% | -82.24% | -1.18% | 22.17% | 167.74% | 715.79% | -96.75% | -61.16% | 613.74% | -72.7% | 29.92% | 39.02% | -3.39% | 8.05% | 7.05% | 45.63% | 41.4% | 878.95% | 337.5% | - |
| EPS (Basic) | - | 4.96 | 8.09 | 15.07 | 10.74 | 14.49 | 8.02 | -9.32 | 1.65 | 0.90 | 5.07 | 5.18 | 4.19 | 1.57 | 0.19 | 6.07 | 16.20 | 2.11 | 8.11 | 6.11 | 4.32 | 4.73 | 4.42 | 4.12 | 2.66 | 1.87 | 0.19 | -0.08 |
| Diluted Shares Outstanding | 195.73M | 166.47M | 142M | 150.79M | 153.13M | 152.37M | 149.69M | 141.49M | 141.7M | 141.27M | 148.23M | 152M | 147M | 148.26M | 147M | 155.21M | 156.27M | 127.67M | 137.59M | 130.75M | 121.73M | 119.64M | 114.39M | 107.31M | 96.96M | 72.04M | 64.38M | 62.5M |
| Basic Shares Outstanding | 193.75M | 165.04M | 139.63M | 148.8M | 148.71M | 141.02M | 140.69M | 141.49M | 140.97M | 140.37M | 139.85M | 142.48M | 145.7M | 147.2M | 146.35M | 155.21M | 141.19M | 123.87M | 121.53M | 120.72M | 120.6M | 112.05M | 106.11M | 99.76M | 95.86M | 71.66M | 64.38M | 62.5M |
| Dividend Payout Ratio | - | 56.04% | 33.25% | 17.08% | 21.68% | 13.91% | 24.63% | - | 101.5% | 154.38% | 29.93% | 26.17% | 36.31% | 54.58% | 235.94% | 14.86% | 5.27% | 28.53% | 8.18% | 10.28% | 14.2% | 11.89% | 10.87% | 10.22% | 25.49% | 25.37% | 150% | - |
Commodity price and margin volatility
According to the most recent quarterly filings, Bunge reported a significant revenue jump to $21.9 billion in 2026Q1, representing an 87.8% year-over-year increase, though this growth appears highly sensitive to commodity price fluctuations rather than consistent, organic volume expansion across its core agribusiness segments.
The dramatic revenue acceleration observed in early 2026 suggests a potential shift in commodity pricing environments or consolidation impacts rather than sustained operational growth. Investors should monitor whether this top-line expansion can be maintained, as the company's historical performance indicates that such spikes are often transient and tied to external market conditions.
As reported in financial statements, Bunge's gross margin has fluctuated significantly, reaching 7.5% in 2026Q1, which highlights the inherent difficulty in maintaining profitability within a high-volume, low-margin processing model that is perpetually exposed to volatile crush spreads and global supply chain disruptions.
The thin margin profile suggests that Bunge lacks significant pricing power, forcing the company to act as a margin-taker in a competitive global landscape. The inability to consistently expand margins above mid-single digits implies that operational efficiency gains are frequently offset by rising input costs and logistical overhead.
Based on reported figures, Bunge's operating income of $1.1 billion in 2026Q1 reflects a 5.1% operating margin, suggesting that while the company can scale during peak periods, its high fixed-cost base and SG&A requirements limit the degree of operating leverage available during cyclical downturns.
The relationship between gross profit and operating income indicates that SG&A expenses remain a substantial drag on profitability, particularly when revenue growth decelerates. This cost structure warrants further investigation into whether management can effectively streamline administrative overhead to protect operating margins during periods of commodity price deflation.
Analysis of recent income statements reveals that net income remains highly erratic, with 2026Q1 net margins falling to 0.3%, a trend likely exacerbated by mark-to-market accounting timing differences on derivative hedges that often obscure the underlying operational performance of the core agribusiness segment.
The volatility in EPS, which dropped 76.4% in 2026Q1, suggests that reported net income is an unreliable indicator of long-term earning power. Investors should focus on adjusted figures that strip out non-operating derivative impacts to better understand the true cash-generating capacity of the firm's physical infrastructure.
While management pursues scale through the Viterra merger, the income statement suggests that Bunge's current profitability is already strained, raising concerns that the added complexity and debt burden may further compress margins if integration efforts fail to yield the expected operational synergies in the near term.
Short-term margin compression risks appear elevated given the company's reliance on debt to finance growth and the inherent volatility of its business model. The market may be underestimating the potential for integration-related costs to weigh on earnings, potentially leading to a period of prolonged underperformance if commodity spreads tighten.
Quick answers to the most common questions about buying BG stock.
For fiscal year 2025, Bunge Global S.A. (BG) reported total revenue of $70.33B. This represents a 784.6% increase compared to $7.95B in 1999.
Bunge Global S.A. (BG) is profitable, generating $819.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.2%.
Bunge Global S.A. (BG) reported an operating income of $1.06B, resulting in an operating profit margin of 1.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Bunge Global S.A. (BG) generated $3.17B in gross profit for the year, representing a gross profit margin of 4.5%. This demonstrates the company's core pricing power and production efficiency.