Bunge's Q2 2026 GAAP EPS rose 33% to $3.47 on stronger soybean and softseed crushing and a first full Viterra comparison, but $1.67 of it was mark-to-market timing gains; adjusted EPS was $2.00 and full-year guidance rose to $9.25–$9.75.
Revenue
$24.0B
+88.3% YoY
Net income
$678M
+91.5% YoY
Diluted EPS
$3.47
+33.0% YoY
Operating margin
4.5%
Overview
Bunge's second quarter of 2026 (three months to June 30) produced net income attributable to shareholders of $678 million, up 92% from $354 million, and diluted earnings per share (EPS — profit divided by the number of shares) of $3.47 versus $2.61. Net sales nearly doubled to $24.0 billion from $12.8 billion.
Almost none of that comparison is like-for-like. Bunge completed its acquisition of the grain handler Viterra on July 2, 2025, so the June 2025 quarter contains no Viterra results while this quarter contains a full three months. The 10-Q says plainly that "the Acquisition of Viterra is frequently one of the primary drivers of the year-over-year variances." Viterra was paid for partly in stock (about 65.6 million new Bunge shares), which is why EPS rose far less (+33%) than net income (+92%): diluted share count went from about 135.6 million to 195.3 million.
Two further items distort the headline:
Mark-to-market timing gains. Bunge values some forward purchase and sale contracts, hedges and inventory at market prices every quarter. When prices move, that creates paper gains or losses that the company expects to reverse once the contracts are delivered. This quarter those timing effects added $437 million to segment earnings and $1.67 to EPS, against $128 million and $0.69 a year ago.
A prior-year one-off gain. Q2 2025 included a $155 million gain on selling the North American corn milling business, which flattered last year's base.
Stripping out timing effects and one-offs, Bunge's own adjusted EPS was $2.00, up 53% from $1.31 — still a strong quarter, but roughly 40% below the GAAP figure. (Adjusted figures below come from the company's Q2 2026 earnings release, Exhibit 99.1 to its July 29, 2026 Form 8-K; GAAP figures from the 10-Q.)
Key metrics
Metric
Q2 2026
Q2 2025
YoY Change
Net sales
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Operating margin (gross profit less SG&A, as % of sales)
4.5%
2.5%
+2.0 pts
Net income attributable to Bunge
$678M
$354M
+91.5%
Diluted EPS (GAAP)
$3.47
$2.61
+33.0%
Adjusted diluted EPS (company non-GAAP)
$2.00
$1.31
+52.7%
Total EBIT (non-GAAP)
$1,060M
$538M
+97.0%
Adjusted Total EBIT (non-GAAP)
$665M
$293M
+127.0%
Soybeans processed (thousand metric tons)
11,524
9,304
+23.9%
Softseeds processed (thousand metric tons)
3,490
1,947
+79.2%
Grain Merchandising and Milling volumes (thousand metric tons)
23,852
8,382
+184.6%
Bunge's income statement has no "operating income" line; the operating margin above is our calculation of gross profit minus selling, general and administrative (SG&A) expenses, divided by net sales. Thin single-digit margins are normal for a commodity processor: it buys crops and sells oil and meal at prices set by global markets, and earns the spread in between. EBIT means earnings before interest and tax.
Takeaway: The GAAP EPS of $3.47 overstates the quarter's underlying earnings. $1.67 per share came from mark-to-market timing gains that Bunge expects to reverse, so the figure to anchor on is adjusted EPS of $2.00. That is still up 53% on a share count 44% larger, and it came mostly from better oilseed crushing economics, not from the Viterra acquisition alone. Management raised its full-year guidance on the back of it.
Segment results
Bunge reports four segments, reorganized in Q3 2025 after the Viterra deal (prior-year figures are restated to match). "Processing" (crushing) means pressing oilseeds into vegetable oil and protein meal; "refining" turns crude oil into food-grade oil; "merchandising" means buying crops from farmers and reselling them.
Segment EBIT ($M)
Q2 2026
Q2 2025
Q2 2026 adjusted
Q2 2025 adjusted
Soybean Processing and Refining
804
460
445
304
Softseed Processing and Refining
273
19
255
14
Tropical Oils and Specialty Ingredients
(24)
(10)
29
26
Grain Merchandising and Milling
173
187
67
29
Total segments
1,226
656
796
373
Corporate and Other
(166)
(118)
(131)
(80)
Adjusted figures exclude mark-to-market timing differences and certain gains and charges, per the earnings release.
Soybean Processing and Refining — the largest segment. Reported EBIT rose 75% to $804 million, but $359 million of that was timing gains; adjusted EBIT rose 46% to $445 million. The 10-Q attributes the increase to "higher results in our North America, Argentina, and global soybean processing businesses due to a more favorable processing environment". In plain terms, crush margins (the gap between what soybeans cost and what the oil and meal sell for) were better. The filing does not give a margin figure per ton. According to the earnings release, US processing gains were partly offset by lower US refining results, and weaker processing in Europe and lower soybean oil merchandising were drags. Volume crushed rose 24% to 11.5 million tons, led by added capacity in Argentina. Merchandised soybeans nearly doubled to 8.0 million tons because of Viterra's origination network. The 10-Q cites higher prices driven by "strong global demand due to the conflict with Iran, as well as biofuel mandates in North America." Foreign-exchange losses on US-dollar loans held by South American units partly offset the gain.
Softseed Processing and Refining (rapeseed/canola and sunflower). EBIT went from $19 million to $273 million; adjusted, from $14 million to $255 million. This segment gained most from Viterra (the release cites "the combined company's increased production capacity in Argentina, Canada, and Europe") and from the market. Softseeds crushed rose 79% to 3.49 million tons. Merchandised softseeds went from 15 thousand to 1.30 million tons, which is almost entirely acquired business. The 10-Q credits "strong demand from global biofuel mandates, elevated global energy prices as a result of the conflict with Iran", along with higher sunflower oil prices after "limited crop availability in the Black Sea and Europe". A Ukrainian crush plant bought from Varthomio in Q4 2025 also added volume.
Tropical Oils and Specialty Ingredients (palm oil and specialty fats, called Other Oilseeds Processing and Refining until Q1 2026). This segment reported a $24 million loss, blamed on "more unfavorable mark-to-market results" in tropical oils. Before timing effects it earned $29 million versus $26 million, which is roughly flat: gains in Europe and Asia offset weaker North America.
Grain Merchandising and Milling. Reported EBIT fell 7% to $173 million, mainly because last year included the $155 million corn-milling sale gain (the 10-Q also cites higher SG&A from Viterra). Adjusted EBIT more than doubled to $67 million from $29 million, though $113 million of timing gains were excluded this quarter. Volumes nearly tripled to 23.9 million tons, which the release attributes to "the company's expanded grain-handling footprint". The 10-Q cites better ocean freight results "as a result of rising freight prices and optimal fleet utilization", along with gains in commercial services, cotton and wheat milling. These were partly offset by weaker global grain merchandising and sugar.
Corporate and Other. The loss widened to $166 million from $118 million, mainly because Viterra added overhead costs. The figure includes $35 million of acquisition and integration costs, versus $38 million a year earlier.
Below the line: the cost of the deal
The Viterra deal was financed with debt, and interest expense rose 86% to $197 million as a result. Interest income fell 7% to $43 million because Bunge held less cash. Net foreign-exchange results swung to a $26 million loss from a $44 million gain. Tax expense rose to $236 million from $124 million on higher pre-tax income. The release puts the adjusted effective tax rate (the share of profit paid in tax, excluding one-offs) at about 25%.
Year to date
For the first half, net income attributable to Bunge was $746 million versus $555 million (+34%). Diluted EPS fell to $3.81 from $4.10 because profit grew more slowly than the number of shares. Adjusted EPS rose to $3.83 from $3.12 (+23%), and adjusted total EBIT was $1,226 million versus $655 million. The two measures diverge because mark-to-market timing effects largely cancelled out over the half: they added $0.39 per share, against $1.67 in Q2 alone. That implies the first quarter carried timing losses that the second quarter more than offset.
Operating cash flow for the half was an outflow of $1,126 million, against $1,357 million a year earlier. The release attributes the smaller outflow to higher net income and higher depreciation from the Viterra transaction, partly offset by working-capital changes; Bunge typically uses cash in the first half as it builds inventory. The company's adjusted funds from operations, a cash-earnings measure that excludes working-capital swings, was $1,291 million versus $693 million.
Capital and balance sheet
The release says Bunge bought back about $250 million of shares in the quarter, completing the $2 billion repurchase program tied to the Viterra transaction. Working capital was $9.48 billion at June 30, 2026, up $217 million from December 31, 2025, mainly because of higher inventories. After the quarter ended, Bunge's finance subsidiary issued $600 million of 5.000% senior notes due 2031 (August 2026 8-K). In September it extended the maturities of three revolving credit facilities totaling $8.8 billion.
Outlook
Management raised its full-year 2026 adjusted EPS guidance to $9.25–$9.75, from $9.00–$9.50. Compared with the previous outlook, it now expects:
Soybean Processing and Refining: higher
Softseed Processing and Refining: slightly higher
Tropical Oils and Specialty Ingredients: unchanged
Grain Merchandising and Milling: lower
Corporate and Other: unchanged
Other guidance is unchanged: an adjusted effective tax rate of 22–26%, net interest expense of $620–660 million, capital expenditures of $1.5–1.7 billion, and depreciation and amortization of about $975 million.
Our read: With $3.83 of adjusted EPS in the first half, the new range implies about $5.42–$5.92 for the second half. That is well above the first-half pace, so the guidance relies on crush margins staying strong through the Northern Hemisphere harvest. Some of that is plausible, since harvest-season crushing is seasonally strong and Viterra's softseed plants add capacity. But the filing's explanation of the higher margins leans on two external factors: biofuel mandates and elevated energy and vegetable-oil prices tied to the conflict with Iran. Either could fade. Management also lowered its Grain Merchandising and Milling outlook, so the Viterra business, the main reason for the deal, is not yet the driver of the upside. Q3 will be the first quarter with Viterra in both the current and prior-year figures, so it will give the first clean read of organic growth.