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Bunge reported Q3 FY2026 revenue of $23.8 billion, above the consensus estimate of $23.1 billion. Adjusted earnings per share were $2.56, above the consensus of $2.45. Revenue rose from $22.2 billion a year earlier.
The filing attributed higher soybean processing and refining sales primarily to higher prices, although lower processing volumes in Argentina and lower oilseed merchandising partly offset the increase. Bunge said softseed sales rose as processing volumes increased across regions and average prices moved higher. The filing attributed a decline in tropical oils and specialty ingredients earnings to less favorable mark-to-market results and trade disruptions.
Bunge reported a loss in grain merchandising and milling, primarily due to charges related to the announced sale of two Brazilian sugar mills and lower ocean freight results. Gross margin rose to 5.60% from 4.80%, while operating margin rose to 2.79% from 1.49%. The company reported quarterly free cash flow of −$1.6 billion, compared with $859.0 million a year earlier.
| Q3 FY2026 | Q3 FY2025 | Change | |
|---|---|---|---|
| Revenue | $23.8 billion | $22.2 billion | 7.44% |
| Diluted EPS | $1.79 | $0.84 | 112.9% |
| Gross margin | 5.60% | 4.80% | 0.8 percentage points |
| Operating margin | 2.79% | 1.49% | 1.3 percentage points |
| Free cash flow | −$1.6 billion | $859.0 million | −280.8% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $2.56 | $2.45 | Beat by 4.49% |
| Revenue | $23.8 billion | $23.1 billion | Beat by 3.15% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
CEO Greg Heckman said geopolitical tensions, government policies and weather were changing agricultural flows. He said Bunge’s expanded network lets it redirect crops and find alternative supplies for customers as conditions change. CFO John Neppl said North American processing was the largest contributor to improved soybean results, while softseed processing volumes rose across regions in a more favorable margin environment.
Asked about biofuel policy, Heckman said clarity would support demand, but described execution rather than policy volatility as the main driver of Bunge’s quarter. He said the Viterra combination had added crop sourcing capacity, allowing teams to plan across the processing system and respond to a tighter meal market. Neppl said customers in renewable diesel had purchased on a short-term basis during the quarter, while he expected oil demand to remain tight into next year.
On working capital, Neppl told analysts that higher commodity prices were the main reason for the increase at quarter-end. He expected elevated working-capital use through year-end and likely into early next year. For the fourth quarter, he said higher interest costs and a higher effective tax rate were the principal drivers of the implied decline in the earnings outlook, although operating profit was roughly flat against the prior outlook.
Heckman said Bunge had commissioned its Destrehan processing joint venture and started its barge unloader, while its Netherlands refinery was expected to start in the first quarter of 2027. Asked about the projects’ earnings contribution, Neppl said the operating projects would contribute little in 2026 but expected a contribution in 2027.
On integration, Heckman said Bunge was moving from combining the businesses toward capturing commercial and network opportunities. He described supplying its Brazilian wheat mills from a wider sourcing footprint and extending a Viterra retail brand across Brazil. Neppl said additional cost synergies were expected to contribute about $0.50 per share in FY2027 compared with FY2026.
Guidance
For FY2026, Bunge expects soybean processing and refining results to be slightly lower and tropical oils and specialty ingredients results lower than in its previous outlook. Neppl said grain merchandising and milling results are expected to be higher than previously forecast.
Bunge now expects an adjusted effective tax rate of 23.0% to 25.0% and capital spending toward the higher end of its $1.5 billion to $1.7 billion range. Neppl also raised the expected range for net interest expense.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Capex | FY2026 | $1.5 billion–$1.7 billion | — | New |
| Tax rate, non-GAAP | FY2026 | 23.0%–25.0% | 22.0%–26.0% | Held |
| EPS, non-GAAP | FY2026 | $9.25–$9.75 | — | New |
| EPS, Cost Synergies | FY2027 | $0.50 | — | New |
| Operating income, Merchandising | FY2026 | Bunge expects FY2026 merchandising results to improve from FY2025. | — | — |
| Operating income | Q4 FY2026 | Bunge expects Q4 FY2026 operating profit to be roughly flat relative to its previous outlook. | — | — |
| Operating income, Corporate and Other, non Gaap | FY2026 | Bunge expects FY2026 corporate and other results to be unchanged from its previous outlook. | — | — |
| Operating income, Grain Merchandising and Milling, non Gaap | FY2026 | Bunge expects FY2026 grain merchandising and milling segment results to be higher than its previous outlook. | — | — |
| Operating income, Tropical Oils and Specialty Ingredients, non Gaap | FY2026 | Bunge expects FY2026 tropical oils and specialty ingredients results to be lower than its previous outlook. | — | — |
| Operating income, Soft Seed Processing and Refining, non Gaap | FY2026 | Bunge expects FY2026 soft seed processing and refining segment results to be unchanged from its previous outlook. | — | — |
| Operating income, Soybean Processing and Refining, non Gaap | FY2026 | Bunge expects FY2026 soybean processing and refining segment results to be slightly lower than its previous outlook. | — | — |
| Operating income, Softseed Processing and Refining, non Gaap | FY2026 | Bunge forecasts slightly higher FY2026 Softseed Processing and Refining results than in its previous outlook. | — | — |