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AI核心结论
BG (Bunge Global) posted FY2025 revenue of $70.3B (+32.4% YoY) driven by volume growth, but net income fell 28.2% to $816M as razor-thin gross margins compressed further to 4.8% and operating cash flow dropped sharply to $844M amid a major balance sheet expansion.
营业收入
$70.33B
同比 ++32.43%
每股收益（基本）
$4.95
同比 -38.81%
毛利率
4.8%
同比 -1.54%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Bunge Global SA (BG) FY2025 营收 $70.33B，同比增长 32.4%。 净利润 $816M，同比下降 28.2%，稀释每股收益 $4.91。 毛利率 4.8%。
Revenue jumped 32.4% YoY from $53.1B to $70.3B in FY2025, but cost of revenue rose even faster at 34.6%, resulting in gross profit growing only 0.5% to $3.4B. This indicates the revenue growth was largely volume-driven with significant commodity cost pass-through rather than margin-accretive business expansion.
来源: Source: 10-K Income Statement
Net income fell 28.2% YoY to $816M from $1.14B, with basic EPS dropping 38.8% from $8.09 to $4.95. The disproportionate EPS decline relative to net income suggests a higher share count, while SG&A expenses rose 19.0% to $2.1B, further pressuring the bottom line.
来源: Source: 10-K Income Statement
Total assets surged 78.8% YoY to $44.5B from $24.9B, while long-term debt nearly doubled (+89.6%) to $10.2B and current liabilities more than doubled (+103.5%) to $15.1B. This dramatic expansion, combined with investing cash outflows of -$5.2B (vs. -$1.1B prior year), strongly suggests a major acquisition or capital deployment event during FY2025.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
Operating cash flow fell 55.6% YoY to $844M from $1.9B, while free cash flow (operating cash flow minus capex implied by D&A trends) was constrained. Cash and equivalents declined 65.7% to $1.1B, offset by $2.2B in financing inflows, indicating the company relied on external financing to fund its investment activities.
来源: Source: 10-K Cash Flow Statement
Gross margin contracted from 6.4% to 4.8% YoY, a decline of approximately 154 basis points, reflecting the inherently low-margin nature of agricultural commodity processing and trading. With net margin at only 1.16%, BG operates in an environment where small cost fluctuations have outsized impacts on profitability.
来源: Source: 10-K Income Statement & Key Ratios
With a gross margin of only 4.8% and net margin of 1.16%, BG's profitability is highly vulnerable to even small increases in agricultural commodity input costs. A 1% rise in cost of revenue (which stands at $66.9B) would nearly eliminate the entire gross profit of $3.4B. This structural characteristic makes earnings highly volatile.
来源: Source: 10-K Income Statement
Long-term debt nearly doubled to $10.2B in FY2025 while current liabilities more than doubled to $15.1B, significantly increasing financial leverage. The debt-to-equity ratio has risen materially, and with operating cash flow declining to $844M, debt service coverage may come under pressure if earnings continue to weaken.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
Operating cash flow fell 55.6% to $844M while cash and equivalents dropped 65.7% to $1.1B, creating a tighter liquidity position relative to the company's expanded asset base. The company relied on $2.2B in financing cash flows to sustain operations and investments, increasing dependence on capital markets access.
来源: Source: 10-K Cash Flow Statement
The $5.2B in investing outflows and near-doubling of total assets suggest a significant acquisition or investment was completed in FY2025. Large-scale integrations in commodity processing carry substantial operational, cultural, and financial risks that could weigh on near-term earnings and cash flow.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
SG&A expenses grew 19.0% to $2.1B while gross profit grew only 0.5% to $3.4B, meaning SG&A now consumes approximately 62% of gross profit versus 52% in the prior year. If this trend continues, operating leverage will remain negative and further compress net income.
来源: Source: 10-K Income Statement
FY2025 实际 EPS $1.99，分析师一致预期 $1.87，超预期 +6.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $70.33B | $53.11B | +32.43% |
营业成本 | $66.92B | $49.72B | +34.61% |
毛利润 | $3.41B | $3.39B | +0.47% |
净利润 | $816M | $1.14B | -28.23% |
每股收益（基本） | $4.95 | $8.09 | -38.81% |
每股收益（稀释） | $4.91 | $7.99 | -38.55% |
研发费用 | $28M | $30M | -6.67% |
销售及管理费用 | $2.11B | $1.78B | +18.98% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $44.53B | $24.9B | +78.83% |
流动资产 | $24.39B | $15.96B | +52.84% |
流动负债 | $15.13B | $7.43B | +103.46% |
股东权益 | $15.9B | $9.91B | +60.44% |
现金及等价物 | $1.14B | $3.31B | -65.72% |
长期债务 | $10.17B | $5.36B | +89.60% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $844M | $1.9B | -55.58% |
投资活动现金流 | $-5.23B | $-1.11B | -369.21% |
筹资活动现金流 | $2.23B | $-90M | +2576.67% |
股票回购 | $551M | $1.1B | -49.91% |
折旧及摊销 | $703M | $468M | +50.21% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 4.8% | 6.4% | -1.54% |
净利率 | 1.2% | — | — |
净资产收益率 | 5.1% | — | — |
总资产收益率 | 1.8% | — | — |
流动比率 | $1.612 | — | — |
Agricultural Products & Services 行业其他公司
BG's revenue grew 32.4% YoY to $70.3B in FY2025, a substantial increase driven primarily by higher volumes in its agricultural commodity processing and trading operations. However, cost of revenue grew even faster at 34.6%, suggesting much of the revenue growth reflects commodity price pass-through rather than true margin-accretive expansion.
Despite revenue growing 32.4% to $70.3B, BG's net income fell 28.2% to $816M in FY2025 because cost of revenue grew faster than revenue, compressing gross margin from 6.4% to 4.8%. Additionally, SG&A expenses rose 19.0% to $2.1B, further eroding profitability in an already thin-margin business.
BG's balance sheet expanded dramatically in FY2025, with total assets surging 78.8% to $44.5B and long-term debt nearly doubling to $10.2B, strongly suggesting a major acquisition or significant capital investment was completed during the year. Current liabilities more than doubled to $15.1B, while cash and equivalents fell 65.7% to $1.1B, reflecting the scale of capital deployment.
BG's cash generation weakened significantly in FY2025, with operating cash flow falling 55.6% to $844M from $1.9B in the prior year, and cash and equivalents declining to $1.1B. The company relied on $2.2B in financing cash inflows to fund its $5.2B in investing activities, indicating meaningful dependence on external capital markets during the year.
The biggest risks for BG based on FY2025 data include extreme margin sensitivity — with a net margin of only 1.16%, even small cost increases can wipe out profits — and a significantly leveraged balance sheet after long-term debt nearly doubled to $10.2B. Additionally, the sharp decline in operating cash flow to $844M raises concerns about the company's ability to service its expanded debt load and fund future investments without additional external financing.