Bunge (NYSE: BG) adjusted EPS climbs 12.8% but operating cash use widens

Posted by James Quigley on Oct 31st, 2026

What happened

Bunge Global SA (NYSE: BG) raised third-quarter adjusted earnings per share to $2.56 from $2.27 a year earlier and kept its full-year outlook. Processing profits drove the quarter, but nine-month cash used for operations widened sharply.

GAAP diluted earnings per share from continuing operations rose to $1.64 from $0.86. Net income attributable to Bunge was $318 million, up from $166 million. The adjusted figure excludes certain gains and charges and mark-to-market timing differences.

Bunge still expects full-year 2026 adjusted EPS of $9.25 to $9.75. After quarter-end, Bunge Chevron Ag Renewables started production at a new oilseed processing line in Destrehan, La.

Key numbers

Metric	Latest	Change	Source
Q3 adjusted diluted EPS, continuing operations	$2.56	from $2.27, +12.8%	SEC 8-K, with change calculated by OptimistFi
Q3 GAAP diluted EPS, continuing operations	$1.64	from $0.86, +90.7%	SEC 8-K, with change calculated by OptimistFi
Q3 adjusted segment EBIT	$997 million	from $924 million, +7.9%	SEC 8-K, with change calculated by OptimistFi
Nine-month adjusted funds from operations	$2.01 billion	from $1.18 billion, +70.0%	Calculated from SEC 8-K
Nine-month cash used for operating activities	$2.30 billion	from $503 million, +357.7%	Calculated from SEC 8-K
Inventories at Sept. 30, 2026 versus Dec. 31, 2025	$16.62 billion	from $13.20 billion, +26.0%	Calculated from SEC 8-K

Read more: Bunge Global (BG) company research

Where the profit came from

Adjusted segment EBIT rose to $997 million from $924 million. The two crushing segments supplied the gain. Soybean Processing and Refining earned $565 million, up from $478 million. Softseed Processing and Refining earned $329 million, up from $275 million.

Soybean profit rose on lower volume. Bunge processed 11,745 thousand metric tons of soybeans, down from 12,139 thousand. The filing credits stronger processing results, led by North America. Softseed volumes rose to 3,606 thousand metric tons from 3,129 thousand, helped by a more favorable margin environment, the filing says.

The other two segments slipped. Tropical Oils and Specialty Ingredients fell to $16 million from $51 million. The filing links the drop to near-term margin effects from geopolitical trade disruptions. It also cites commissioning, ramp-up and plant transition costs.

Grain Merchandising and Milling fell to $87 million from $120 million. Lower ocean freight, sugar and wheat milling results outweighed gains in grain merchandising and commercial services.

GAAP results in grain merchandising also took $82 million of charges tied to the announced sale of two sugarcane mills in Brazil. They included $66 million of impairments and the rest hedge losses. Those items sit outside the adjusted figures.

Adjusted corporate and other costs narrowed to $151 million from $167 million. The filing credits lower performance-based compensation and favorable foreign exchange.

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Where the cash went

Cash flow tells a more guarded story. Adjusted funds from operations rose 70.0% to $2.01 billion in the first nine months, up $827 million from $1.18 billion a year earlier. Cash used for operations widened to $2.30 billion from $503 million.

The filing blames the larger cash use mainly on net changes in working capital. Higher net income and higher depreciation from the Viterra transaction partly offset it. Adjusted funds from operations leaves out working capital changes, so the two measures point in opposite directions.

The balance sheet shows where the money sits. Inventories reached $16.62 billion at Sept. 30, up from $13.20 billion at Dec. 31, 2025. Readily marketable inventories were $14.70 billion of the latest total, versus $11.36 billion. Short-term debt rose to $6.47 billion from $3.88 billion.

Why it matters

OptimistFi has argued that Bunge creates value only if its enlarged network produces through-cycle crush, merchandising and cash economics rather than low-margin volume. The quarter supports the crush part of that view. Soybean profit rose on lower volume and softseed profit rose with better margins. On that basis the filing strengthens the case.

Cash conversion is the open question. Nine-month payments for capital expenditures were $1.16 billion against $1.19 billion a year earlier. Bunge now expects 2026 spending toward the higher end of its $1.5 billion to $1.7 billion range. Earnings strength is still being absorbed by working capital and investment needs.

Guidance moved at the edges. Against its previous outlook, Bunge sees soybean results slightly lower, tropical oils lower, grain merchandising higher and softseed unchanged. It kept the EPS range. Net interest expense is now expected at $640 million to $670 million, up from $620 million to $660 million.

The adjusted annual tax rate range narrowed to 23% to 25% from 22% to 26%. Depreciation and amortization is expected at approximately $975 million.

What's next

Bunge hosts a call at 8 a.m. Eastern on Oct. 29 to discuss the results, with a replay available through Nov. 29.

Nine-month adjusted EPS is $6.38. On OptimistFi's arithmetic, the full-year range implies fourth-quarter adjusted EPS of $2.87 to $3.37. That is above this quarter's level. A fourth quarter below the low end would put the range at risk, and a smaller cash outflow would ease the main caveat. Bunge's next quarterly report will show both.