stockrowWhat it does
Bunge Global is an agricultural commodities business that buys crops, moves and processes them, and sells the resulting products to food, animal feed and fuel customers. It was founded in 1818, has its corporate headquarters in Chesterfield, Missouri, and is led by Chief Executive Officer Gregory Heckman. Bunge is incorporated and domiciled in Switzerland.
The company buys soybeans and other oilseeds and processes them into vegetable oils and protein meals. Food manufacturers use its oils and specialty ingredients, while feed manufacturers and livestock producers use protein meal. Bunge also produces and distributes biodiesel and fertilizer. Its softseed business handles canola, rapeseed and sunflower seed, while another business refines tropical and other oils and makes ingredients such as soy protein concentrate.
Bunge also buys, stores, transports and markets commodities including corn, wheat, barley, cotton, pulses and sugar. It mills wheat and sugar, and provides services such as ocean freight, trade finance and commodity risk management. Its customers include farmers, food processors, animal feed manufacturers, retailers and biofuel companies.
The company operates facilities across North and South America, Europe and Asia-Pacific, with merchandising and distribution offices worldwide. It had approximately 34,000 employees at December 31, 2025.
How it makes money
Bunge earns revenue by selling crops and processed products, and by providing services connected to agricultural trade. Its four reportable segments are Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling.
Soybean Processing and Refining generated $36.3 billion in FY2025, or 51.6% of revenue. The business buys and sells soybeans and turns them into meal, oil and fats for food, feed and biofuel customers. Softseed Processing and Refining performs similar activities with crops including canola, rapeseed and sunflower seed. Other Oilseeds Processing and Refining sells refined and specialty oils and soy-based ingredients to businesses and consumers.
Grain Merchandising and Milling generated $18.1 billion in FY2025. It markets crops and mills wheat and sugar. Bunge also provides trade finance and risk management services, including products that help agricultural producers and commodity users manage price exposures.
Commodity markets compete principally on price, quality, service offerings and location. Refined oils and milling also compete on factors such as procurement, distribution, cost, branding and product quality. Processing profitability depends on commodity and energy prices, transportation and logistics costs, volumes and plant utilization. Bunge sells and distributes products throughout the year, although crop growing and procurement are seasonal. Higher crop prices generally increase the cash and borrowings needed to acquire inventory and settle futures used to hedge it.
Net income attributable to Bunge shareholders was $816 million for the year ended December 31, 2025.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Soybean Processing and Refining | $36.3 billion | 51.6% | 13.7% |
| Merchandising Products | $16.6 billion | 23.6% | 94.7% |
| Softseed Processing and Refining | $11.3 billion | 16.0% | 61.9% |
| Other Oilseeds Processing and Refining | $4.6 billion | 6.59% | 11.6% |
| Milling | $1.5 billion | 2.20% | −0.64% |
| Other Products | $3.0 million | 0.00% | 0.00% |
Customers and how it sells
Bunge serves businesses across the food, feed and fuel supply chains. Its soybean and softseed customers include animal feed manufacturers, livestock producers, biofuel companies, other oilseed processors and buyers of refined oils. Grain customers include feed manufacturers, livestock producers, and wheat and corn millers.
Specialty oils and ingredients go to baked goods and snack producers, confectioners, restaurants, food service operators, nutrition companies, meat and meat-alternative producers, pet food companies and other manufacturers. Grocery chains, wholesalers, distributors and other retailers sell Bunge products to consumers under Bunge brands or private labels. Wheat milling customers include food processors, bakeries and food service companies; sugar milling customers are primarily food processors.
Bunge operates in more than 50 countries. Its facilities span North and South America, Europe and Asia-Pacific; its other oilseeds business also has facilities in Africa. Grain merchandising assets are worldwide, while milling assets are primarily in South America.
In FY2025, reported revenue was $15.6 billion in the United States, $15.6 billion in Switzerland, $8.6 billion in the Netherlands and $30.5 billion in the rest of the world. The company also maintains merchandising and distribution offices worldwide and uses port terminals and third-party transportation.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Rest of world | $30.5 billion | 43.3% | 30.6% |
| United States | $15.6 billion | 22.2% | 10.2% |
| Switzerland | $15.6 billion | 22.2% | 9.46% |
| The Netherlands | $8.6 billion | 12.2% | 548.5% |
Suppliers and costs
Bunge sources soybeans, softseeds and grains globally, either directly from farmers or through intermediaries. Its specialty oils business also buys raw materials from plantations, processors and other refiners. For sugar milling, it sources a portion of its supply from its own production under leased land arrangements in Brazil.
To secure raw materials, particularly in Brazil, Bunge provides financing to farmers from whom it buys soybeans and other crops. Commodity availability depends on weather, farmers’ planting and selling decisions, plant diseases, government policies and agricultural economic conditions.
The company processes and refines oilseeds through its facilities and moves products using trucks, railcars, river barges and ocean vessels. It typically leases transportation assets or contracts with third parties, and owns or operates port terminals directly or through joint ventures.
Crop prices, energy, transportation and logistics costs affect segment profitability. Processing results also depend on the volume bought, processed, refined and sold, and on how much plant capacity is used. Changes in commodity prices and availability can move inventory, receivables and borrowing needs; rising prices generally require more cash to buy inventory and settle hedging futures.
- Revenue$70.3B
- Cost of revenue−$66.9B
- Selling, general and administrative−$2.1B
- Other operating costs−−$289.0M
- Operating income$1.6B
Competitive position
Bunge competes with Archer Daniels Midland, Cargill, Louis Dreyfus and Wilmar in soybean and softseed processing, alongside regional competitors. COFCO International also competes in soybeans. In specialty oils and ingredients, competitors include Archer Daniels Midland, AAK, Cargill, Fuji Oil and Wilmar. Grain merchandising and milling competitors include Archer Daniels Midland, Cargill, Louis Dreyfus, COFCO International, CHS and Olam Group.
Markets for soybeans, softseeds, their meals and crude oils, and grain products are highly competitive and subject to substitution. Price, quality, location and service offerings are principal competitive factors. Refined oils and milling involve additional factors including procurement, distribution, cost structure, brands, innovation and technical support.
Bunge operates facilities across multiple regions, sources crops from farmers and intermediaries, and uses a network of transportation and port terminals. Its farmer financing supports crop sourcing, particularly in Brazil. Its business as a whole and its segments do not depend on any specific trademark, patent or license.
Our reading: The sourcing, processing and logistics network offers a basis for competing across locations, but large rivals operate in several of the same markets. Our reading: Product and service capabilities can help differentiate refined oils, but commodity competition and substitution limit the protection they provide across the business.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Archer Daniels Midland Co. | Oilseeds, specialty oils, grain merchandising and milling | High |
| Cargill Incorporated | Oilseeds, specialty oils, grain merchandising and milling | High |
| Louis Dreyfus Company B.V. | Soybeans, softseeds and grain merchandising | High |
| Wilmar International Limited | Soybeans, softseeds and specialty oils | High |
| COFCO International | Soybeans and grain merchandising | Medium |
| AAK AB | Specialty oils and ingredients | Medium |
| Fuji Oil Co. Ltd. | Specialty oils and ingredients | Medium |
| CHS Inc. | Grain merchandising and milling | Medium |
Growth opportunities
Bunge completed its acquisition of Viterra on July 2, 2025. The acquisition affected its soybean, softseed and grain merchandising segments. Bunge changed its reportable segments in the third quarter of 2025 to reflect its new operating structure; prior-period amounts were recast to match that presentation. The 2025 results include Viterra from the acquisition date.
Grain Merchandising and Milling revenue rose to $18.1 billion in FY2025 from $10.1 billion in FY2024. Soybean Processing and Refining revenue was $36.3 billion in FY2025, compared with $31.9 billion in FY2024. Bunge identifies the Viterra acquisition as frequently being one of the primary drivers of year-over-year variations in its results.
Bunge’s growth areas include renewable feedstocks, plant lipids and new plant-based protein ingredients. It supplies feedstock for renewable fuels and grains planted under regenerative agricultural practices. Demand for its agricultural products is affected by factors including food consumption, population growth and demand for renewable fuels.
In 2025, Bunge agreed to acquire assets related to lecithin, soy protein concentrate and crush businesses. Bunge expects the transaction to close in 2026, subject to customary conditions. It also acquired an oilseed crush operation in western Ukraine in 2025.
- $59.2BFY2021
- $67.2BFY2022
- $59.5BFY2023
- $53.1BFY2024
- $70.3BFY2025
Structural risks
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Weather and crop availability: Adverse weather, including effects of climate change, can affect commodity availability, quality and prices, as well as operations and supply chains. Farmer decisions, plant diseases and government policy also affect crop availability.
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Commodity prices and funding: Changing commodity prices affect profitability and working capital. Higher prices generally increase cash requirements for inventory and daily settlement of futures used to hedge physical inventories.
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Trade and regulation: Tariffs, export restrictions and other government measures can affect agricultural markets. Environmental, food safety and trade rules also apply across Bunge’s operations; violations can lead to fines, permit revocations or facility shutdowns.
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Viterra integration: Bunge may not realize the anticipated benefits of the acquisition. Challenges include combining geographically dispersed operations, systems, controls and staff, while acquisition debt requires cash flow for payments.
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International operations: Currency movements can affect results, while foreign operations face risks including restrictions on moving funds, difficulty collecting receivables, inadequate infrastructure, political instability and armed conflict. Climate-related rules may also increase energy, transportation and raw material costs.
Bottom line
Our reading
Our reading: Bunge is a crop-processing and trading business whose operations link farmers to customers through processing plants, transport and port facilities. Its exposure remains tied to commodity prices, crop availability and operating costs, while the Viterra acquisition adds integration work and debt obligations. The network supports its reach, but competition and substitution remain features of its commodity markets.