01—Abstract
Summary
Summary of the 10-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Bunge Global SA's 2025 results reflect a transformational year driven by the July 2, 2025 acquisition of Viterra, which lifted net sales to $70.3 billiona (up 32% from $53.1 billion) and expanded the company's global origination, merchandising, and crushing footprint.
However, profitability declined: net income attributable to Bunge shareholders fell to $816 millionb from $1,137 million, diluted EPS dropped to $4.91 from $7.99, and Total EBIT decreased 14% to $1,533 million. The decline was driven mainly by Corporate and Other EBIT losses of $796 million, which include a $118 million pension settlement loss, a $30 million investment impairment, the absence of a prior-year $195 million BP Bunge Bioenergia gain, and higher SG&A tied to the Viterra integration. Segment EBIT actually rose 8% to $2,329 million, led by Soybean Processing and Refining (up 40% to $1,225 million) and a $155 million gain on the sale of the North American corn milling business.
The balance sheet changed materially. Total debt more than doubled to $14.05 billionc from $6.24 billion, short-term debt rose sharply, and cash fell to $1.1 billion from $3.3 billion. Working capital remained solid at $9.26 billion, but the current ratio declined to 1.61 from 2.15.
Operating cash flow fell to $844 milliond from $1,900 million, while capital expenditures rose to $1.72 billion, leaving free cash flow negative. Total shareholders' equity increased to $15.9 billion, largely because roughly 65.6 million shares were issued as Viterra consideration. Dividends were $2.80 per share for 2025, and share repurchases totaled $551 million.
Management guides 2026 capex to $1.5–1.7 billion and expects Viterra integration to continue in phases over several years. Key risks for investors include leverage and refinancing needs, integration execution, commodity and mark-to-market volatility, Brazilian farmer credit exposure ($835 million outstanding), Ukraine war exposure, and tax and legal contingencies, particularly Brazilian indirect tax claims. Investors should also note that Glencore and CPP Investments together hold about 31% of registered shares and have board nomination rights, and that Swiss-law constraints on capital management and withholding taxes shape shareholder distributions.
02—Key points
Key Highlights
- Net sales rose 32% to $70.3 billion, driven by Viterra contributions of $15.3 billion, but Net income attributable to Bunge shareholders fell 28% to $816 million and diluted EPS declined to $4.91 from $7.99.
- Segment EBIT increased 8% to $2.33 billion, led by Soybean Processing and Refining (+40% to $1.23 billion) and Grain Merchandising and Milling (+14%, aided by a $155 million gain on the North America corn milling sale), while Corporate and Other EBIT worsened to a $796 million loss.
- Total debt more than doubled to $14.05 billion from $6.24 billion to fund the Viterra acquisition; the current ratio fell to 1.61 from 2.15, and the company holds $9.07 billion of unused committed revolving capacity.
- Operating cash flow dropped to $844 million from $1.90 billion, and with $1.72 billion of capital expenditures, free cash flow was negative in 2025.
- Shareholder returns included $2.80 per share in dividends (declared for 2025) and $551 million in share repurchases; $249 million remains authorized under the buyback program.
- Viterra integration added about $223 million of acquisition and integration costs in Corporate and Other, with integration expected to continue in phases over several years and remaining purchase accounting still preliminary.
- Credit ratings were stable at A-/Baa1/BBB+ after the Viterra deal, but the company notes that a downgrade would raise borrowing costs.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Bunge Global kept $0.01.
- Revenue$70.33B100.0%
- Cost of revenue−$66.92B95.2%
- Gross profit$3.41B4.8%
- Operating costs−$2.59B3.7%
- Operating income$819.0M1.2%
- Interest, other & tax−$3.0M0.0%
- Net income$816.0M1.2%
Where FY2025 revenue went
$70.33B- Cost of revenue: $66.92B, 95% of revenue
- Net income: $816.0M, 1.2% of revenue
- R&D: $28.0M, 0.0% of revenue
- SG&A: $2.11B, 3.0% of revenue
- Other operating costs: $449.0M, 0.6% of revenue
Kept 1.2% as net incomeNet income $816.0M · 1.2%R&D $28.0M · 0.0%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 19, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $70.33B$53.11B | +32.4% |
| Cost of Revenue | $66.92B$49.72B | +34.6% |
| Gross Profit | $3.41B$3.39B | +0.5% |
| R&D Expenses | $28.00M$30.00M | −6.7% |
| SG&A Expenses | $2.11B$1.78B | +19.0% |
| Operating Income | $819.00M$1.14B | −28.0% |
| Interest Expense | $628.00M$471.00M | +33.3% |
| Net Income | $816.00M$1.14B | −28.2% |
| EPS (Basic) | $4.95$8.09 | −38.8% |
| EPS (Diluted) | $4.91$7.99 | −38.5% |
| Shares Outstanding (Basic) | 165.04M140.54M | +17.4% |
| Shares Outstanding (Diluted) | 166.47M142.22M | +17.0% |
05—Questions
Frequently Asked Questions
Why did earnings decline in 2025 even though the Viterra acquisition expanded the business?
Net income fell to $816 million from $1,137 million mainly because Corporate and Other EBIT dropped to a $796 million loss. That reflected a $118 million pension settlement loss, a $30 million impairment on long-term investments, the absence of the prior year's $195 million gain on the BP Bunge Bioenergia sale, higher SG&A from Viterra, and higher interest expense ($628 million versus $471 million) from acquisition financing. Segment EBIT actually improved, so the operating businesses performed better than the headline decline suggests.
How much debt does Bunge carry, and is the balance sheet under pressure?
Total debt was $14.05 billion at year-end 2025, including $5.22 billion of short-term debt and current maturities, up from $6.24 billion a year earlier. Much of the increase came from term loans, senior notes, commercial paper, and local bank borrowings used to fund Viterra. Liquidity remains substantial, with $9.07 billion of unused committed revolving capacity and $1.1 billion of cash. Covenants were in compliance at year-end, but the company is more leveraged and has $2.7 billion of 2026 maturities to manage, including $3.9 billion of short-term debt.
Why is operating cash flow so much lower, and what does it mean for capital returns?
Operating cash flow fell to $844 million from $1.90 billion, largely because of working capital build from Viterra and higher commodity prices. Inventories rose to $13.2 billion and receivables to $3.9 billion, and trade payables and other liabilities also increased. Because capex was $1.72 billion, free cash flow was negative, so 2025 dividends ($459 million paid) and buybacks ($551 million) were effectively funded with borrowing and asset-sale proceeds, including $953 million from disposals. Investors should watch whether working capital normalizes in 2026, as management guides capex to $1.5–1.7 billion.
What are the main risks that could affect Bunge's shareholders going forward?
Key risks include the execution and cost of the Viterra integration and realization of synergies, high leverage and refinancing exposure, volatile agricultural commodity prices and mark-to-market effects, and weather and climate disruption. Credit exposure is significant in Brazil, where farmer financing was about $835 million at year-end. Ukraine war exposure remains, with four crushing plants and export terminals there. Contingent liabilities include roughly $1.2 billion of Brazilian tax assessments and claims that management considers not probable, and Glencore and CPP Investments together hold about 31% of shares with board nomination rights. Swiss-law constraints on capital reduction and a 35% withholding tax on certain distributions also affect shareholder returns.
What did the Viterra acquisition cost and how is it reflected in the financials?
Bunge issued about 65.6 million registered shares (valued at $5.34 billion) and paid about $1.88 billion in cash, with total purchase consideration of $10.6 billion including debt repayment of $3.55 billion. Goodwill of $2.66 billion was preliminarily recorded, rising total goodwill to $3.14 billion, and the Grain Merchandising reporting unit's fair value exceeded carrying value by only about 9%, a thin cushion that could lead to future impairment if conditions weaken. Viterra contributed $15.3 billion of net sales from July 2 to year-end. Pro forma 2025 net sales would have been $89.5 billion, and the purchase accounting is subject to a measurement period lasting up to one year.
06—Continue