Bunge Global (BG) Financials

Bunge Global’s Q2 2026 results showed a sharp sequential rebound in profitability. Revenue increased to $24.0 billion from $21.9 billion in Q1 2026 and was nearly double the restated $12.8 billion reported in Q2 2025. Gross profit rose to $1.68 billion from $766 million in Q1, while operating income surged to $1.08 billion from $235 million. Net income attributable to common shareholders reached $678 million, or $3.47 per diluted share, compared with $68 million, or $0.35 per share, in Q1 2026.

The improvement was driven primarily by stronger gross profitability rather than lower operating expenses. Selling, general and administrative expense increased modestly to $606 million from $531 million in Q1, but the gross margin expanded to approximately 7.0% from 3.5%. Compared with Q2 2025, the gross margin also improved from roughly 5.8%. Results remain highly cyclical, however, with operating income ranging from $235 million in Q1 2026 to $1.08 billion in Q2, after coming in at $385 million in Q3 2025 and $374 million in Q4 2025.

Cash flow remains the key weakness. Bunge generated negative operating cash flow of $585 million in Q2 2026, following negative operating cash flow of $541 million in Q1. Working-capital changes consumed $546 million during the quarter, although this was an improvement from the $1.54 billion outflow in Q1. Capital expenditures totaled $443 million, exceeding depreciation of $256 million, leaving quarterly free cash flow negative before investment proceeds and financing.

The balance sheet reflects a substantially larger business than in 2024 and early 2025, but also a more leveraged profile. Total assets were $46.8 billion at June 30, 2026, compared with $31.2 billion at June 30, 2025. Goodwill increased to $3.35 billion from $460 million over that period, while total debt rose to approximately $15.2 billion from $11.3 billion. Cash declined to $593 million from $839 million at the end of Q1 and remained well below the $6.79 billion reported a year earlier.

• Profitability rebounded sharply: Q2 operating income increased more than fourfold sequentially to $1.08 billion, and diluted EPS rose to $3.47 from $0.35 in Q1 2026.
• Gross-margin expansion was significant: Gross profit more than doubled from Q1, reaching $1.68 billion, while SG&A grew at a much slower rate than revenue and gross profit.
• Revenue momentum improved: Q2 revenue rose about 10% sequentially and approximately 88% from the restated Q2 2025 level, indicating a much stronger operating environment than a year earlier.
• Share count declined modestly: Weighted average diluted shares fell to 192.1 million in Q2 2026 from 194.0 million in Q1, providing some support to per-share results.
• Investment activity partly offset cash uses: Proceeds from sales and maturities of investments totaled $594 million, helping limit net investing cash outflow to $93 million despite $443 million of capital expenditures.
• Dividend payments remained consistent: Bunge paid $139 million in dividends during Q2, compared with $136 million in Q1 and $139 million in Q3 2025. The data supports continued distributions, but negative operating cash flow makes coverage worth monitoring.
• Asset growth changes comparability: Total assets, goodwill and equity increased substantially from 2024 and early 2025, suggesting that acquisitions or business combination activity has materially changed the company’s scale.
• Operating cash flow was negative again: The company used $585 million of cash in operations in Q2, marking a second consecutive quarter of negative operating cash flow.
• Liquidity has weakened: Cash fell to $593 million, while the current ratio was approximately 1.6, down from roughly 2.1 in Q2 2025. Inventory represented about $15.5 billion of current assets, increasing exposure to commodity-price and working-capital swings.
• Debt and interest costs are higher: Total debt reached approximately $15.2 billion, and Q2 interest expense increased to $197 million from $181 million in Q1. Financing cash flow was positive largely because Bunge issued $586 million of additional debt.

Overall, Q2 2026 points to a powerful earnings recovery, but the improvement has not yet translated into positive operating cash flow. Investors should focus on whether the stronger margins persist, whether working capital begins releasing cash, and whether Bunge can reduce its reliance on new debt to fund operations and shareholder returns.