Why did GAAP EPS fall so sharply while adjusted EPS was flat?

GAAP EPS of $0.35 includes a $250 million after-tax mark-to-market timing difference, which management says is non-representative of operating performance and expected to reverse over time. Adjusting for that item and about $41 million of acquisition and integration costs gives adjusted EPS of $1.83, roughly in line with $1.81 a year earlier.

Why did Bunge raise its full-year outlook?

Management cited stronger expected results in Soybean and Softseed Processing and Refining, supported by improved market conditions and the combined company's expanded capacity in Argentina, Canada, and Europe. Results for Tropical Oils and Grain Merchandising are expected to be lower, so the increase is driven primarily by oilseed processing.

Is the negative operating cash flow a concern?

Operating cash flow was negative $541 million, mainly due to a $2.2 billion inventory increase and a $958 million unrealized derivative loss within working capital. Adjusted FFO, which strips out these items, was positive at $530 million. Investors should monitor whether working capital unwinds and whether rising inventories and debt remain manageable.

What does the Viterra acquisition mean for these results?

The Viterra combination substantially expanded Bunge's origination footprint and processing capacity, boosting volumes and segment results. It also increased the share count to a diluted weighted average of 196 million from 135 million, raised corporate costs, and contributed to higher interest expense and debt levels.

BG 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Bunge Global SA (NYSE: BG) reported first quarter 2026 results on April 29, 2026.

GAAP diluted EPS fell to $0.35^a from $1.48 a year earlier, and net income attributable to Bunge dropped to $68 million from $201 million. On an adjusted basis, which excludes mark-to-market timing differences and certain charges, EPS was $1.83 versus $1.81, roughly flat. Management attributed the operating performance to Soybean and Softseed Processing and Refining, driven by South American processing strength, expanded Argentine capacity, and a larger origination footprint following the Viterra combination.

Adjusted Total EBIT rose to $561 million^b from $362 million, while reported Total EBIT was $184 million versus $328 million. The large gap between GAAP and adjusted figures is mainly a $336 million mark-to-market timing impact, which management says is expected to reverse over time. The company raised its full-year 2026 adjusted EPS outlook to $9.00 to $9.50 from $7.50 to $8.00.

The guidance increase is offset by higher expected net interest expense of $620 to $660 million^c, up from $575 to $625 million, and by lower expected results in Tropical Oils and Grain Merchandising. Cash flow weakened: operating cash flow was negative $541 million, compared with negative $285 million a year ago, largely due to working capital build. Inventories rose to $15.4 billion, including $13.4 billion of readily marketable inventories, and total debt increased.

Adjusted funds from operations improved to $530 million^d from $392 million. Investors should weigh the strong earnings guidance against rising leverage, negative operating cash flow, and the reliance on mark-to-market accounting, which makes reported earnings volatile.

02—Key points

Key Highlights

GAAP diluted EPS was $0.35, down from $1.48 a year earlier, while adjusted diluted EPS was $1.83 versus $1.81, a roughly flat comparison.
Full-year 2026 adjusted EPS guidance was raised to $9.00–$9.50 from $7.50–$8.00, a meaningful upward revision.
Soybean Processing and Refining adjusted segment EBIT rose to $377 million from $241 million, led by Argentina and Brazil, and Softseed adjusted segment EBIT nearly doubled to $195 million from $82 million.
Operating cash flow was negative $541 million versus negative $285 million, driven by a $2.2 billion inventory build and working capital changes, though adjusted FFO improved to $530 million from $392 million.
A $336 million mark-to-market timing difference depressed GAAP EBIT, and management states these effects are expected to reverse over time.
Net interest expense guidance was increased to $620–$660 million, and total debt rose, with long-term debt up to $9.9 billion from $8.8 billion at year-end 2025.
Share count rose substantially to a diluted weighted average of 196 million from 135 million, reflecting the Viterra combination, which dilutes per-share comparisons year over year.

03—Questions

Frequently Asked Questions

Why did GAAP EPS fall so sharply while adjusted EPS was flat?
GAAP EPS of $0.35 includes a $250 million after-tax mark-to-market timing difference, which management says is non-representative of operating performance and expected to reverse over time. Adjusting for that item and about $41 million of acquisition and integration costs gives adjusted EPS of $1.83, roughly in line with $1.81 a year earlier.
Why did Bunge raise its full-year outlook?
Management cited stronger expected results in Soybean and Softseed Processing and Refining, supported by improved market conditions and the combined company's expanded capacity in Argentina, Canada, and Europe. Results for Tropical Oils and Grain Merchandising are expected to be lower, so the increase is driven primarily by oilseed processing.
Is the negative operating cash flow a concern?
Operating cash flow was negative $541 million, mainly due to a $2.2 billion inventory increase and a $958 million unrealized derivative loss within working capital. Adjusted FFO, which strips out these items, was positive at $530 million. Investors should monitor whether working capital unwinds and whether rising inventories and debt remain manageable.
What does the Viterra acquisition mean for these results?
The Viterra combination substantially expanded Bunge's origination footprint and processing capacity, boosting volumes and segment results. It also increased the share count to a diluted weighted average of 196 million from 135 million, raised corporate costs, and contributed to higher interest expense and debt levels.

04—Continue

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