| Stage | BG | % of rev | ADM | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $23.8B | 100.00% | $22.7B | 100.00% | BG ×1.05 |
| Gross profit | $1.3B | 5.60% | $1.9B | 8.53% | ADM +2.9pp |
| Operating income | $727M | 3.05% | $896M | 3.95% | ADM +0.9pp |
| Pre-tax income | $515M | 2.16% | $1.1B | 4.80% | ADM +2.6pp |
| Net income | $347M | 1.46% | $912M | 4.02% | ADM +2.6pp |
| Stage | BG | ADM | Gap · A − B |
|---|---|---|---|
| Revenue | $23.8B100.00% | $22.7B100.00% | BG ×1.05 |
| Gross profit | 5.60%$1.3B | 8.53%$1.9B | ADM +2.9pp |
| Operating income | 3.05%$727M | 3.95%$896M | ADM +0.9pp |
| Pre-tax income | 2.16%$515M | 4.80%$1.1B | ADM +2.6pp |
| Net income |
| 1.46%$347M |
| 4.02%$912M |
| ADM +2.6pp |
None
No disclosed counterparties: BG.