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Feb. 6, 2026 Source: AGCO news release DULUTH, Ga. -- AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, reported net sales of $2.9 billion for the fourth quarter of 2025, an increase of 1.1% compared to the fourth quarter of 2024. The fourth quarter of 2024 included other revenue of $74.7 million which represents revenue from the Company's divestiture of the majority of its Grain & Protein business as shown in the regional net sales table. Reported net income was $1.30 per share for the quarter and adjusted net income was $2.17 per share. These results compare to reported net loss of $(3.42) per share and adjusted net income of $1.97 per share for the fourth quarter of 2024. Excluding favorable currency translation impacts of 6.4%, net sales in the quarter decreased 5.3% compared to the fourth quarter of 2024. "AGCO delivered strong fourth quarter results, achieving an adjusted operating margin of 10.1% reflecting the team's ability to deliver despite ongoing pressures on farm income and global trade dynamics that influenced overall industry activity," said Eric Hansotia, AGCO's Chairman, President and Chief Executive Officer. "Even in this environment, we grew global market share, including our largest‑ever share gains in North American large ag. "At the same time, we applied disciplined production planning, enabling us to finish 2025 with meaningfully lower company and dealer inventories compared to prior‑year levels. Our full‑year adjusted operating margin of 7.7% was nearly double the performance recorded at the bottom of the last cycle. Strong working-capital management also supported record free cash flow, representing approximately 188% free cash flow conversion. These strong results in today's industry landscape demonstrate the continued resilience of AGCO's earnings profile, driven by our three high‑margin growth levers, continued cost discipline and the benefits of our multi‑year structural transformation." Hansotia continued, "In 2026, we will remain dedicated to advancing our Farmer‑First strategy. Our innovation pipeline remains robust with a full slate of new product introductions designed to help make farmers more productive and profitable. This level of innovation, coupled with our ongoing cost‑reduction initiatives, demonstrates the strength of our execution. "These actions will help balance the effects of low levels of farm profitability and persistent trade‑related uncertainty, while positioning the company to deliver improved performance in 2026. We are well prepared to accelerate growth when demand strengthens and solidify our role as the trusted partner for industry-leading, smart farming solutions." Net sales for the full year of 2025 were approximately $10.1 billion, which is a decrease of 13.5% compared to 2024. Fiscal year 2024 included other revenue of $816.5 million which represents revenue from the Company's divestiture of the majority of its Grain & Protein business as shown in the regional net sales table. For the full year, reported net income was $9.75 per share and adjusted net income was $5.28 per share. These results compare to reported net loss of $(5.69) per share and adjusted net income of $7.50 per share in 2024. Excluding favorable currency translation impacts of 2.3%, net sales for the full year decreased 15.8% compared to 2024. Highlights *Reported fourth-quarter regional sales results: Europe/Middle East ("EME") +7.9%, North America (7.8)%, South America (3.3)%, Asia/Pacific/Africa ("APA") +5.1% *Constant currency fourth-quarter regional sales results: EME (0.7)%, North America (8.5)%, South America (9.3)%, APA +2.8% *Fourth quarter regional operating margin performance: EME 16.8%, North America (6.4)%, South America 2.7%, APA 7.6% *Full-year reported operating margins and adjusted operating margins(1) were 5.9% and 7.7% respectively, in 2025 compared to (1.0)% and 8.9% in 2024 North America North American net sales were 8.5% lower during the fourth quarter of 2025 compared to the fourth quarter of 2024, excluding the impact of favorable currency translation. Softer industry sales and production levels below end market demand contributed to lower sales. The most significant sales declines occurred in sprayers and mid-range tractors. Income from operations for the fourth quarter of 2025 was $33.1 million lower compared to the same period in 2024 and operating margins remained negative. This decrease was primarily a result of lower sales and production volumes. Outlook AGCO's net sales for 2026 are expected to range from $10.4 to $10.7 billion. Adjusted operating margins are projected to range from 7.5% - 8.0%. Production volumes are expected to be relatively flat with cost controls and positive pricing contributing to results. Based on these assumptions, 2026 earnings per share are targeted at approximately $5.50 to $6.00. These estimates incorporate the expected impact of tariffs in effect as of February 5, 2026, along with AGCO's mitigation strategies. Any changes to tariff policies or related responses could affect these projections. About AGCO AGCO (NYSE: AGCO) is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt™, Massey Ferguson™, PTx™ and Valtra™. AGCO's high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. For more information, visit www.agcocorp.com. Tweet |
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