Bunge tops Q4 estimates, issues cautious 2026 outlook amid Viterra integration
Agribusiness giant posts all-segment EBIT growth but forecasts flat earnings, citing limited forward visibility
Bunge Limited reported better-than-expected fourth-quarter earnings with all business segments delivering improved profitability, though the agribusiness giant offered cautious 2026 guidance that fell short of Wall Street expectations as it continues integrating its transformational acquisition of Viterra.
The St. Louis-based company posted adjusted earnings per share of $1.99 for the final three months of 2025, topping analyst estimates of $1.82, according to StreetInsider. Revenue reached $23.76 billion, exceeding the projected $22.61 billion. However, adjusted EPS declined 6.6% from the prior year's $2.13, reflecting broader pressures in the agricultural commodities market.
On a GAAP basis, diluted earnings per share plummeted to $0.49 from $4.36 in the year-ago quarter, impacted by one-time items related to the Viterra merger. Shares of Bunge, which have gained 52% over the past year amid investor enthusiasm for the deal's transformative potential, were trading at $116.88 in late morning trading, up 2.5% on the session.
For 2026, Bunge issued adjusted EPS guidance of $7.50 to $8.00, representing essentially flat performance compared to 2025 results and trailing the analyst consensus of $8.94, according to MarketScreener. The conservative outlook reflects "limited forward visibility amid dynamic market conditions," the company said in its earnings announcement.
Chief Executive Officer Greg Heckman characterized 2025 as "a year of significant achievement," highlighting the successful integration with Viterra, the $34 billion deal that closed in July 2025 and created one of the world's largest agricultural trading and processing companies. The fourth quarter marked the second full reporting period since the merger's completion.
All of Bunge's reorganized reporting segments delivered higher adjusted earnings before interest and taxes during the quarter, a testament to operational discipline following the combination. The company has realigned its segment structure to reflect the expanded value chain, now organized into Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, Grain Merchandising and Milling, and Corporate activities.
"The alignment of our operating model has begun to capture operational and commercial synergies," Heckman said, though he acknowledged that the integration remains ongoing as the combined organization continues to realize the deal's full potential.
Analysts maintain a largely positive view on the stock despite the conservative guidance. Stephens named Bunge its top pick in the food and agribusiness sector for 2026, citing the "transformational impact" of the Viterra merger on earnings stability and geographic diversification. The current analyst consensus rates Bunge a "Buy" with an average price target of $110.90, according to data compiled by Public.com.
Of the nine analysts covering the stock, eight rate it a buy or strong buy, while one recommends holding. The stock trades at 12.97 times trailing earnings and 13.30 times forward estimates, with a dividend yield of 2.41%.
Investors will get more clarity on Bunge's long-term strategy and synergy realization targets at its Investor Day scheduled for March 10, where management plans to outline capital allocation priorities and provide detailed projections for the post-merger entity. That event will be crucial for determining whether Bunge can deliver on the earnings growth that justified the massive Viterra acquisition.
The agricultural commodities sector has faced volatility in recent months due to fluctuating crop supplies, changing demand patterns, and shifting trade policies. Bunge's expanded global footprint following the Viterra deal provides some insulation against regional disruptions, but the conservative 2026 guidance suggests management remains cautious about the pace of recovery in key markets.
With a market capitalization of approximately $22 billion and a beta of 0.77, Bunge offers investors exposure to global agricultural trends with lower volatility than the broader market. The company's performance in 2026 will be closely watched as a key test of whether large-scale agribusiness consolidation can deliver the scale benefits promised to shareholders.