Bunge vs PepsiCo: Revenue, Profit and Business Model
Bunge reported $70.3B of revenue in FY2025 and $816M of net income. PepsiCo reported $93.9B of revenue in FY2025 and $8.2B of net income.
Latest financial snapshot
Financial summary
Bunge
Bunge reports enormous sales and thin profits. Net sales rose 32 percent to $70.3 billion in 2025 as Viterra was consolidated from July, but net income attributable to Bunge fell 28 percent to $816 million, or $4.93 per diluted share, after acquisition charges and mark-to-market timing effects. On the adjusted basis management uses, EPS was $7.57 against $9.19 in 2024, and adjusted total EBIT was flat at $2.03 billion. The year 2026 started weak and then improved: first-quarter net income was $68 million on $21.9 billion of sales, and the second quarter delivered $678 million, or $3.47 per share, on $24.0 billion. Bunge completed the $2 billion buyback tied to the Viterra deal in the second quarter, authorized a further $3 billion programme at its March 2026 Investor Day, and shareholders approved an annual dividend of $2.88 per share in May 2026. Guidance for 2026 adjusted EPS rose from $7.50 to $8.00 in February to $9.25 to $9.75 in July.
PepsiCo
PepsiCo grew net revenue from $62.8 billion in 2016 to $93.9 billion in 2025, but growth slowed to 0.4% in 2024 and 2.3% in 2025 (1.7% organic) as North American snack volumes declined. Fiscal 2025 net income was $8.24 billion, down 14%, reflecting a roughly $2 billion impairment mainly on Rockstar. In 2026 the picture improved on the top line: Q1 net revenue rose 8.5% and Q2 rose 6.4% to $24.18 billion, helped by acquisitions, currency and international volume. Q2 2026 net income was $2.98 billion versus $1.26 billion a year earlier. For full-year 2026 PepsiCo guided to 2-4% organic revenue growth and 4-6% core constant-currency EPS growth.
Revenue and profit by year
Bunge
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $70.3B | $816M | 1.2% | +32.4% | Source |
| FY2024 | $53.1B | $1.1B | 2.1% | -10.8% | Source |
| FY2023 | $59.5B | $2.2B | 3.8% | -11.4% | Source |
| FY2022 | $67.2B | $1.6B | 2.4% | +13.7% | Source |
| FY2021 | $59.2B | $2.1B | 3.5% | — | Source |
PepsiCo
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $93.9B | $8.2B | 8.8% | +2.3% | Source |
| FY2024 | $91.9B | $9.6B | 10.4% | +0.4% | Source |
| FY2023 | $91.5B | $9.1B | 9.9% | +5.9% | Source |
| FY2022 | $86.4B | $8.9B | 10.3% | +8.7% | Source |
| FY2021 | $79.5B | $7.6B | 9.6% | +12.9% | Source |
| FY2020 | $70.4B | $7.1B | 10.1% | +4.8% | Source |
| FY2019 | $67.2B | $7.3B | 10.9% | +3.9% | Source |
| FY2018 | $64.7B | $12.5B | 19.4% | +1.8% | Source |
| FY2017 | $63.5B | $4.9B | 7.6% | +1.2% | Source |
| FY2016 | $62.8B | $6.3B | 10.1% | — | Source |
Where the revenue comes from
Bunge
- Soybean Processing and Refining51.6%
$36.3 billion of 2025 net sales from crushing soybeans into meal and oil, merchandising soybeans and refining soy oil. Bunge processed 41.0 million metric tons and merchandised 20.5 million tons, and adjusted segment EBIT rose 8 percent to $1.33 billion.
- Grain Merchandising and Milling25.8%
$18.1 billion of 2025 net sales from originating, storing and trading wheat, corn, barley and other grains, plus wheat milling. Volumes rose to 67.2 million metric tons from 36.7 million as Viterra joined, and adjusted segment EBIT was $386 million.
- Softseed Processing and Refining16.0%
$11.3 billion of 2025 net sales from crushing canola, rapeseed and sunflower seed. Processed volumes rose to 10.8 million metric tons, helped by Viterra plants in Argentina, Canada and Europe, and adjusted segment EBIT was $580 million.
- Other Oilseeds (Tropical Oils and Specialty Ingredients)6.6%
$4.6 billion of 2025 net sales from palm and other tropical oils and specialty fats, with adjusted segment EBIT of $168 million. Bunge renamed the segment Tropical Oils and Specialty Ingredients in 2026.
PepsiCo
- PepsiCo Foods North America (Frito-Lay and Quaker)~30%
Savory snacks, oats, bars and dips sold to US and Canadian retailers and foodservice; about $27.7 billion combined in 2024.
- PepsiCo Beverages North America~30%
Finished drinks, fountain syrup and concentrate, including Pepsi, Mountain Dew, Gatorade and partner brands; about $27.8 billion in 2024.
- International (Latin America, Europe, AMESA, Asia Pacific)~40%
Locally made snacks such as Sabritas, Walkers and Kurkure plus beverage concentrate sold to franchise bottlers and company-run beverage operations.
Business model and strategy
Bunge
How it makes money
Bunge earns a spread, not a price. It buys oilseeds and grain from farmers and country elevators, moves them by truck, barge, rail and ship, and either sells them on to customers in other regions or crushes them.
Growth strategy
Bunge's growth plan has three parts. First, extract value from Viterra by connecting its grain handling in Canada, Australia, Argentina and Europe to Bunge's crushing, refining and destination sales; cost synergies passed $70 million by the end of 2025.
Competitive advantage
Bunge's edge is physical reach at both ends of the chain. It owns origination, storage and export capacity in the largest surplus regions, including Brazil, Argentina, the US, Canada and Australia, and crushing and refining plants close to demand in Europe, Asia and North America.
PepsiCo
How it makes money
PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers. It reports through regional segments: PepsiCo Foods North America (Frito-Lay and Quaker, combined in 2025), PepsiCo Beverages North America (PBNA), Latin America, Europe, Africa/Middle East/South Asia (AMESA) and Asia Pacific.
Growth strategy
PepsiCo's current growth strategy has four parts: affordability (price cuts of up to 15% on Lay's, Tostitos, Doritos and Cheetos in February 2026), portfolio shift toward better-for-you and functional brands through acquisitions such as Siete (2025), poppi ($1.95 billion, closed May 2025) and Sabra, cost reduction (three US plant closures, SKU rationalization and a review of North American supply chain and go-to-mark…
Competitive advantage
PepsiCo's advantage is scale in savory snacks combined with a large beverage business and a direct-store-delivery network. Frito-Lay brands such as Lay's, Doritos and Cheetos lead the US salty snack aisle, and DSD lets PepsiCo control merchandising and restocking in grocery, mass and convenience stores.
Questions about Bunge vs PepsiCo
Which company has higher revenue — Bunge Global SA or PepsiCo, Inc.?
Bunge Global SA reported $70.3B (FY2025), while PepsiCo, Inc. reported $93.9B (FY2025). By last reported revenue, PepsiCo, Inc. is the larger business, with Bunge Global SA reporting a smaller revenue base.
What is the market cap of Bunge Global SA vs PepsiCo, Inc.?
Bunge Global SA's market capitalisation stands at $21.2B, while PepsiCo, Inc.'s is $175.0B. PepsiCo, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bunge Global SA.
Which is more financially efficient — Bunge Global SA or PepsiCo, Inc.?
Bunge Global SA generates $2.07M / employee in revenue per employee, while PepsiCo, Inc. generates $307k / employee. Bunge Global SA shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Bunge Global SA and PepsiCo, Inc. make money?
Bunge Global SA and PepsiCo, Inc. generate revenue in fundamentally different ways. Bunge Global SA: Bunge earns a spread, not a price. PepsiCo, Inc.: PepsiCo makes money by manufacturing and selling branded snacks, packaged foods and beverages to retailers, foodservice operators and independent bottlers.
Which company is valued higher relative to revenue — Bunge Global SA or PepsiCo, Inc.?
On a price-to-sales (P/S) basis, Bunge Global SA trades at 0.3x P/S and PepsiCo, Inc. at 1.9x P/S. PepsiCo, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bunge Global SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bunge Global SA bigger than PepsiCo, Inc.?
By last reported revenue, PepsiCo, Inc. ($93.9B (FY2025)) is the larger company compared to Bunge Global SA ($70.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bunge vs PepsiCo overview