Just caught Bunge Global's Q4 earnings and there's an interesting story here. They beat on adjusted EPS at $1.99 vs consensus of $1.83, but the real headline is how the Viterra acquisition is reshaping their business. Net sales jumped 75.5% to $23.76 billion, smashing the $22B estimate.

The Viterra deal closed in July 2025, so Q4 was only the second full quarter with the combined entity. You can see it in the numbers - soybean processing volumes hit 11,460 thousand metric tons, up 18.8% year-over-year thanks to expanded capacity in Argentina. Softseed processing absolutely exploded too, surging 151% in segment sales to $4.54B with volumes jumping from 2,410 to 3,481 thousand metric tons.

But here's the catch - higher costs ate into margins. Gross profit dipped 6.5% despite the volume gains, and adjusted operating margin contracted 60 basis points to 2.6%. They're clearly dealing with integration headwinds and cost pressures across the board.

Segment-wise, grain merchandising volumes went crazy with a 214% jump to 26,194 thousand metric tons, reflecting the expanded footprint. Soybean processing adjusted operating profit was essentially flat at $302M despite the volume uptick, suggesting pricing wasn't as strong as the volume gains. Meanwhile softseed processing profit surged 179% to $209M.

For 2026, they're guiding adjusted EPS in the $7.50-$8.00 range, implying about 2% growth. The integration story is still playing out, so worth watching how they execute on combining these operations and whether they can improve margins as things stabilize.