Completion and Integration of Viterra
Major milestone reached with completion of the Viterra combination; integration delivering increased connectivity, expanded origination/processing footprint, and improved coordination across origin and destination — management expects durable, compounding benefits and will provide further details at Investor Day (March 10).
Adjusted EBIT Growth
Adjusted segment EBIT of $756 million in Q4 versus $546 million prior year — an increase of $210 million, or ~38.5% year-over-year, with all segments showing higher results.
Synergies Ahead of Schedule
Realized synergies of just over $70 million in 2025; management is guiding approximately $190 million of realized synergies in 2026 with a run-rate of ~$220 million by year-end (cost synergies primarily baked into guidance).
Strong cash generation and liquidity
Generated ~ $1.7 billion adjusted funds from operations for the year and ~$1.25 billion discretionary cash flow; year-end committed credit facilities ~$9.7 billion with ~ $9.0 billion unused; retained cash flow ~$173 million after dividends, growth CapEx, and buybacks.
Capital return and investment activity
Returned capital via $459 million in dividends and repurchased 6.7 million shares for $551 million; invested ~$1.2 billion in growth and productivity CapEx while allocating $485 million to sustaining CapEx.
Forward guidance and financial targets
Management forecasted full-year 2026 adjusted EPS of $7.50–$8.00; provided guidance ranges including adjusted effective tax rate 23–27%, net interest expense $575–$620 million, CapEx $1.5–$1.7 billion, and depreciation & amortization ~ $975 million; trailing 12-month adjusted ROIC 8.1% (9.3% when adjusted for projects/excess cash) and cash return on equity 9.4% vs cost of equity 7.2%.