Revenue scaled sharply to $23.8B in 2026Q3, yet operating margin of 3.1% and net margin of 1.3% show that most of the top line is consumed by raw commodity costs, leaving a thin profitability cushion.
Bunge Global S.A. (BG) annual income statement — 27-year revenue, gross profit & net income history
| 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 | 93.47B | 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 % | 55.5% | 32.43% | -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 | 88.68B | 66.92B | 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 | - | 95.15% | 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 | 4.79B | 3.41B | 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 % | 5.12% | 4.85% | 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 % | - | 0.47% | -29.97% | 31.59% | 9.49% | 20.75% | 413.84% | -76.08% | 28.46% | -26.8% | -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 | 2.38B | 2.11B | 1.78B | 1.72B | 1.37B | 1.23B | 1.36B | 1.46B | 1.42B | 1.45B | 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% | 3.34% | 2.88% | 2.04% | 2.09% | 3.28% | 3.55% | 3.11% | 3.16% | 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 | 2.38B | 2.11B | 1.78B | 1.72B | 1.37B | 1.23B | 1.36B | 1.35B | 1.42B | 1.45B | 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 | - | 3% | 3.34% | 2.88% | 2.04% | 2.09% | 3.28% | 3.28% | 3.11% | 3.16% | 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 | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 108M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 111M | -109M | 278M | 284M | 300M | 0 |
| Operating Income | 2.41B | 1.3B | 1.62B | 3.13B | 2.31B | 2.13B | 1.43B | -917M | 843M | 319M | 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 % | 2.58% | 1.84% | 3.04% | 5.26% | 3.44% | 3.6% | 3.45% | -2.23% | 1.84% | 0.7% | 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 % | - | -19.85% | -48.34% | 35.32% | 8.64% | 49.19% | 255.62% | -208.78% | 164.26% | -71.67% | -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 | 3.13B | 2B | 2.08B | 3.58B | 2.72B | 2.55B | 1.86B | -369M | 1.47B | 928M | 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 % | 3.35% | 2.84% | 3.93% | 6.01% | 4.05% | 4.32% | 4.5% | -0.9% | 3.2% | 2.03% | 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 % | 45.31% | -4.12% | -41.78% | 31.61% | 6.58% | 37.11% | 604.61% | -125.19% | 57.87% | -44.53% | -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) | 720M | 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 | 2.41B | 1.76B | 2B | 3.57B | 2.4B | 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 | -654M | -426M | -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 | 148M | 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 | 802M | 628M | 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 | -806M | -162M | -93M | -79M | -315M | 436M | -14M | -288M | -387M | -89M | -130M | -207M | -196M | -187M | -638M | -171M | 2.19B | 363M | -852M | 45M | -108M | -167M | -146M | -104M | -102M | -72M | -11M | -318M |
| Pretax Income | 1.6B | 1.13B | 1.52B | 3.05B | 2B | 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 % | 1.72% | 1.61% | 2.87% | 5.12% | 2.97% | 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 | 388M | 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 % | 24.17% | 25.4% | 22.05% | 23.4% | 19.42% | 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 | 1.16B | 816M | 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 % | 1.24% | 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 % | -12.4% | -28.23% | -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) | 1.22B | 846M | 1.19B | 2.34B | 1.61B | 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 | -3M | 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 | 1.58B | 1.52B | 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) | 5.97 | 4.91 | 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 % | -35.4% | -38.55% | -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) | - | 4.95 | 8.09 | 15.07 | 10.52 | 14.49 | 8.02 | -9.34 | 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 | 194M | 166.47M | 142.22M | 150.79M | 153M | 152.37M | 149.69M | 142M | 142M | 142M | 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 | 194M | 165.04M | 140.54M | 148.8M | 153M | 141.02M | 140.69M | 142M | 141M | 140M | 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 | - | 56.25% | 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% | - |
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 $816.0M 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 $1.30B, resulting in an operating profit margin of 1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Bunge Global S.A. (BG) generated $3.41B in gross profit for the year, representing a gross profit margin of 4.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins and integration risk
Metrics are mathematically derived from official filings.
Revenue Surge Driven by Scale Expansion
Based on Bunge's reported figures, quarterly revenue rose from roughly $12.8B in 2025Q2 to $23.8B in 2026Q3, with year-over-year growth of 75% to 88% in recent periods, suggesting a step change in scale rather than organic volume momentum alone.
The sharp inflection in reported revenue beginning in late 2025 coincides with the Viterra consolidation, which would mechanically inflate the top line before any synergies appear. Investors should separate acquired revenue from organic growth, since the reported figures do not isolate these contributions. The durability of this growth depends on whether integrated origination volumes hold through a commodity cycle that has already shown quarter-to-quarter swings of 20% or more.
Thin Gross Margins Limit Pricing Power
Gross margin in the most recent quarter was 5.6%, with operating margin at 3.1%, reflecting a model where raw commodity costs consume over 90% of revenue and structurally limit the buffer against input or freight shocks.
These margins are consistent with a high-volume merchandising and processing model rather than one with differentiated pricing power, which makes earnings highly sensitive to crush spreads and freight. The gross margin range across the ten reported quarters, roughly 3.5% to 8.0%, indicates that the earnings base is driven more by spread volatility than by structural improvement. Management's ability to sustain margins above the 5% level will likely depend on realized integration efficiencies rather than pricing.
Net Income Volatility Obscures Underlying Earnings
Quarterly net income moved from $602M in 2024Q4 to $68M in 2026Q1 and $678M in 2026Q2, with EPS swinging between $0.35 and $3.46, suggesting reported earnings are heavily influenced by timing and non-operating factors.
Net margins of 0.3% to 4.4% are small relative to the swings in reported profit, which may indicate mark-to-market timing differences on hedges and inventory valuation effects rather than operating performance alone. Analysts would be prudent to normalize these figures before drawing conclusions about run-rate profitability. The recent EPS miss paired with raised guidance warrants further investigation to determine which items drove the divergence.
Operating Leverage Inconsistent Across Periods
Operating margin ranged from 0.4% to 4.7% across the ten quarters, with SG&A holding near $380M to $680M per quarter, suggesting overhead is growing with the scale of the platform rather than scaling more slowly.
Because SG&A has increased in step with revenue, the reported figures do not yet show meaningful operating leverage from the larger platform. Operating income in 2026Q3 of $727M on $23.8B revenue indicates the business still converts only a small fraction of gross profit into operating earnings. Investors should monitor whether SG&A grows more slowly than gross profit in coming quarters, as that would be the clearest evidence of integration benefits.
Peer Gap and Leverage Concerns Persist
Compared with Ingredion's 14.4% operating margin and 10.1% net margin, Bunge's 3.1% and 1.3% respectively, combined with external leverage estimates ranging from 1.9x to 5.7x, suggest the bear case centers on structurally lower margin quality and balance sheet strain.
The bear argument is that a commodity merchandiser at these margins carries limited room for error if carrying costs rise or spreads compress, and the Viterra acquisition may amplify rather than dilute that exposure. The discrepancy between management's stated leverage and externally reported figures warrants further investigation, as it could reflect differences in debt classification or EBITDA normalization. Investors should weigh these risks against the scale and origination advantages the combined platform may provide.