# AGCO CORP /DE (AGCO)

Informational only - not investment advice.

CIK: 0000880266
SIC: 3523 Farm Machinery & Equipment
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3523 Farm Machinery & Equipment](/industry/3523/)
Latest 10-K filed: 2026-02-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=880266
Filing source: https://www.sec.gov/Archives/edgar/data/880266/000088026626000010/agco-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0000880266-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000880266.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 10,082,000,000 USD | 2025 | verified |
| Net income | 726,500,000 USD | 2025 | verified |
| Assets | 11,927,800,000 USD | 2025 | verified |
| Free cash flow | 740,200,000 USD | 2025 | computed |
| Net margin | 7.21% | 2025 | computed |
| Operating margin | 5.91% | 2025 | computed |
| Revenue YoY | -13.55% | 2025 | computed |
| ROE | 17.00% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AGCO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 7.2% | 7.7% | 45 | 110 |
| Operating margin | 5.9% | 13.1% | 28 | 104 |
| Revenue growth | -13.5% | 5.8% | 1 | 111 |
| FCF margin | 7.3% | 9.6% | 34 | 103 |
| ROE | 17.0% | 11.7% | 68 | 108 |
| ROA | 6.1% | 5.6% | 55 | 111 |
| Liabilities / equity | 1.72 | 1.10 | 72 | 108 |
| Current ratio | 1.39 | 2.02 | 27 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 10082000000 | USD | 2025 | 2026-02-13 |
| Net income | 726500000 | USD | 2025 | 2026-02-13 |
| Assets | 11927800000 | USD | 2025 | 2026-02-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000880266.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 7,410,500,000 | 8,306,500,000 | 9,352,000,000 | 9,041,400,000 | 9,149,700,000 | 11,138,300,000 | 12,651,400,000 | 14,412,400,000 | 11,661,900,000 | 10,082,000,000 |
| Net income | 160,100,000 | 186,400,000 | 285,500,000 | 125,200,000 | 427,100,000 | 897,000,000 | 889,600,000 | 1,171,400,000 | -424,800,000 | 726,500,000 |
| Operating income | 287,000,000 | 404,400,000 | 489,000,000 | 348,100,000 | 599,700,000 | 1,001,400,000 | 1,265,400,000 | 1,700,400,000 | -122,100,000 | 595,700,000 |
| Gross profit | 1,515,500,000 | 1,765,300,000 | 1,996,700,000 | 1,984,300,000 | 2,057,500,000 | 2,572,300,000 | 3,001,300,000 | 3,777,400,000 | 2,899,100,000 | 2,566,800,000 |
| Diluted EPS | 1.96 | 2.32 | 3.58 | 1.63 | 5.65 | 11.85 | 11.87 | 15.63 | -5.69 | 9.75 |
| Operating cash flow | 369,500,000 | 577,600,000 | 595,900,000 | 695,900,000 | 896,500,000 | 660,200,000 | 838,200,000 | 1,103,100,000 | 689,900,000 | 988,100,000 |
| Capital expenditures | 201,000,000 | 203,900,000 | 203,300,000 | 273,400,000 | 269,900,000 | 269,800,000 | 388,300,000 | 518,100,000 | 393,300,000 | 247,900,000 |
| Dividends paid | 42,500,000 | 44,500,000 | 47,100,000 | 48,000,000 | 48,000,000 | 358,500,000 | 404,300,000 | 457,400,000 | 273,100,000 | 86,500,000 |
| Share buybacks | 212,500,000 | 0.00 | 184,300,000 | 130,000,000 | 55,000,000 | 135,000,000 | 0.00 | 53,000,000 | 22,000,000 | 250,000,000 |
| Assets | 7,168,400,000 | 7,971,700,000 | 7,626,400,000 | 7,759,700,000 | 8,504,200,000 | 9,182,100,000 | 10,103,700,000 | 11,421,200,000 | 11,190,600,000 | 11,927,800,000 |
| Liabilities | 4,331,200,000 | 4,876,400,000 | 4,632,900,000 | 4,852,700,000 | 5,486,200,000 | 5,738,300,000 | 6,221,100,000 | 6,764,400,000 | 7,147,700,000 | 7,355,100,000 |
| Stockholders' equity | 2,776,100,000 | 3,029,600,000 | 2,932,900,000 | 2,853,800,000 | 2,980,000,000 | 3,415,900,000 | 3,882,400,000 | 4,656,700,000 | 3,742,800,000 | 4,273,500,000 |
| Cash and cash equivalents | 429,700,000 | 367,700,000 | 326,100,000 | 432,800,000 | 1,119,100,000 | 889,100,000 | 789,500,000 | 595,500,000 | 612,700,000 | 861,800,000 |
| Free cash flow | 168,500,000 | 373,700,000 | 392,600,000 | 422,500,000 | 626,600,000 | 390,400,000 | 449,900,000 | 585,000,000 | 296,600,000 | 740,200,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 2.16% | 2.24% | 3.05% | 1.38% | 4.67% | 8.05% | 7.03% | 8.13% | -3.64% | 7.21% |
| Operating margin | 3.87% | 4.87% | 5.23% | 3.85% | 6.55% | 8.99% | 10.00% | 11.80% | -1.05% | 5.91% |
| Return on equity | 5.77% | 6.15% | 9.73% | 4.39% | 14.33% | 26.26% | 22.91% | 25.16% | -11.35% | 17.00% |
| Return on assets | 2.23% | 2.34% | 3.74% | 1.61% | 5.02% | 9.77% | 8.80% | 10.26% | -3.80% | 6.09% |
| Liabilities / equity | 1.56 | 1.61 | 1.58 | 1.70 | 1.84 | 1.68 | 1.60 | 1.45 | 1.91 | 1.72 |
| Current ratio | 1.48 | 1.37 | 1.28 | 1.29 | 1.30 | 1.45 | 1.40 | 1.46 | 1.34 | 1.39 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000880266.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 3.18 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 3.10 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 4.26 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 3,455,500,000 | 280,600,000 | 3.74 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 3,800,700,000 | 339,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,928,700,000 | 168,000,000 | 2.25 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 3,246,600,000 | -367,100,000 | -4.92 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,599,300,000 | 30,000,000 | 0.40 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,887,300,000 | -255,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,050,500,000 | 10,500,000 | 0.14 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,635,000,000 | 314,800,000 | 4.22 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,476,300,000 | 305,700,000 | 4.09 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,920,200,000 | 95,500,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,342,900,000 | 55,000,000 | 0.76 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,609,700,000 | 77,200,000 | 1.08 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AGCO's latest 10-K: [/company/AGCO/business/](/company/AGCO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AGCO's latest 10-K: [/company/AGCO/risk-factors/](/company/AGCO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/880266/000088026626000068/agco-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

    Our operations are subject to the cyclical and seasonal nature of the agricultural industry. Sales of our equipment are affected by, among other things, changes in farm income, farm land values and debt levels, financing costs, acreage planted, crop yields, weather conditions, the demand for agricultural commodities, commodity and protein prices, agricultural product demand and general economic conditions and government policies, tariffs and subsidies. We sell our equipment, precision agriculture technology and replacement parts to our independent dealers, distributors and other customers. A large majority of our sales are to independent dealers and distributors that sell our products to end users. To the extent practicable, we attempt to sell products to our dealers and distributors on a level basis throughout the year to reduce the effect of seasonal demands on our manufacturing operations and to minimize our investment in inventories. However, retail sales by dealers to farmers are highly seasonal and are a function of the timing of the planting and harvesting seasons. In certain markets, particularly in North America, there is often a time lag, which varies based on the timing and level of retail demand, between our sale of the equipment to the dealer and the dealer’s sale to a retail customer.

    In 2025, the U.S. government implemented a series of tariffs on goods imported into the United States from various countries, and in many cases these measures resulted in reciprocal tariffs and other actions on goods exported from the United States. These tariffs and related actions are complex, continuously evolving and remain highly volatile as trade negotiations and legal challenges proceed. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”), which the U.S. government had relied on to impose certain tariffs, does not authorize the administration to impose such tariffs. Following that decision, on March 4, 2026, the U.S. Court of International Trade (“CIT”) ordered U.S. Customs and Border Protection (“CBP”) to process refunds of tariffs imposed under IEEPA, and on March 27, 2026, the CIT issued an amended order expanding the scope of entries subject to reliquidation. On April 20, 2026, the Consolidated Administration and Processing of Entries system opened for the first phase of refund filings. We have submitted certain refund claims under this initial phase; however, these claims remain subject to CBP review, and we cannot predict the timing, amount or ultimate collectability of any refunds to which we may be entitled. The IEEPA tariffs refund process remains subject to CBP review, and the administration has appealed the CIT's refund order to the U.S. Court of Appeals for the Federal Circuit, contesting both the scope of the refund obligation and the reliquidation of finally liquidated entries for importers who have not filed individual lawsuits. It remains uncertain when, or to what extent, such refunds will ultimately be collected. Following the U.S. Supreme Court’s ruling, the administration has also imposed tariffs under alternative statutory authorities, the validity of which is also subject to legal challenge. As a result, the timing and extent of any refunds, the structure and scope of any new tariffs and the overall tariff framework remain uncertain and could create significant risks for our business. Depending on the countries affected, increases in tariffs have raised, and may continue to raise, the costs of inputs used in manufacturing our products, which in turn has impacted, and may further impact, our cost of goods sold. In addition, higher tariffs may lead to increased after‑tariff sales prices for the products we sell. Additionally, the economic uncertainty caused by the tariffs may result in customers delaying planned purchases of products and services. While impacts of the tariffs may be partially mitigated by the fact that a majority of our sales and manufacturing takes place outside the United States, there can be no guarantee that we will be able to fully offset the impact of existing or future tariffs through pricing, sourcing changes or other measures. Furthermore, retaliatory tariffs imposed by other countries on our exported products could negatively affect our sales and marketplace access in those countries. The economic uncertainty caused by these tariffs and related trade policy developments, together with uncertainty regarding their enforceability, continuation or modification, has adversely impacted, and is expected to continue to adversely impact, our sales.

    We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. We cannot predict or control the impact of the conflicts in Ukraine or the Middle East on our business. These conflicts have already driven increased volatility across global energy, logistics and input markets, leading to higher fuel, fertilizer, transportation and input costs, as well as general uncertainty for farmers. In addition, the potential of future natural gas shortages in Europe, as well as predicted overall shortages in other energy sources, could also negatively impact our production and that of our supply chain in the future. There can be no assurance that there will not be future disruptions.

34

Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(continued)

RESULTS OF OPERATIONS

Financial Highlights

    The following tables set forth the percentage relationship to net sales of certain items included in our Condensed Consolidated Statements of Operations (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,"],["","2026","","2025"],["","$","","% of Net Sales(1)","","$","","% of Net Sales(1)"],["Net sales","$","2,609.7","","","100.0","%","","$","2,635.0","","","100.0","%"],["Cost of goods sold","1,963.8","","","75.3","","","1,976.4","","","75.0"],["Gross profit","645.9","","","24.7","","","658.6","","","25.0"],["Selling, general and administrative expenses","335.7","","","12.9","","","326.4","","","12.4"],["Engineering expenses","141.2","","","5.4","","","117.8","","","4.5"],["Amortization of intangibles","17.1","","","0.7","","","15.7","","","0.6"],["Impairment charges","\u2014","","","\u2014","","","6.8","","","0.3"],["Restructuring and business optimization expenses","11.2","","","0.4","","","15.6","","","0.6"],["Loss on sale of business","\u2014","","","\u2014","","","12.3","","","0.5"],["Income from operations","140.7","","","5.4","","","164.0","","","6.2"],["Interest expense, net","17.0","","","0.7","","","17.8","","","0.7"],["Other expense, net","15.5","","","0.6","","","48.9","","","1.9"],["Income before income taxes and equity in net earnings of affiliates","108.2","","","4.1","","","97.3","","","3.7"],["Income tax provision (benefit)","40.4","","","1.5","","","(205.5)","","","(7.8)"],["Income before equity in net earnings of affiliates","67.8","","","2.6","","","302.8","","","11.5"],["Equity in net earnings of affiliates","7.0","","","0.3","","","11.6","","","0.4"],["Net income","74.8","","","2.9","","","314.4","","","11.9"],["Net loss attributable to noncontrolling interests","2.4","","","0.1","","","0.4","","","\u2014"],["Net income attributable to AGCO Corporation","$","77.2","","","3.0","%","","$","314.8","","","11.9","%"]]
[[/GREPCENT_TABLE]]
______________________________

(1)    Rounding may impact summation of amounts.

35

Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(continued)

[[GREPCENT_TABLE]]
[["","Six Months Ended June 30,"],["","2026","","2025"],["","$","","% of Net Sales(1)","","$","","% of Net Sales(1)"],["Net sales","$","4,952.6","","","100.0","%","","$","4,685.5","","","100.0","%"],["Cost of goods sold","3,725.3","","","75.2","","","3,506.3","","","74.8"],["Gross profit","1,227.3","","","24.8","","","1,179.2","","","25.2"],["Selling, general and administrative expenses","674.8","","","13.6","","","652.2","","","13.9"],["Engineering expenses","273.8","","","5.5","","","233.8","","","5.0"],["Amortization of intangibles","34.0","","","0.7","","","31.0","","","0.7"],["Impairment charges","2.1","","","\u2014","","","7.9","","","0.2"],["Restructuring and business optimization expenses","21.2","","","0.4","","","28.6","","","0.6"],["Loss on sale of business","\u2014","","","\u2014","","","12.3","","","0.3"],["Income from operations","221.4","","","4.5","","","213.4","","","4.6"],["Interest expense, net","32.2","","","0.7","","","36.3","","","0.8"],["Other expense, net","42.0","","","0.8","","","81.2","","","1.7"],["Income before income taxes and equity in net earnings of affiliates","147.2","","","3.0","","","95.9","","","2.0"],["Income tax provision (benefit)","45.0","","","0.9","","","(203.5)","","","(4.3)"],["Income before equity in net earnings of affiliates","102.2","","","2.1","","","299.4","","","6.4"],["Equity in net earnings of affiliates","25.0","","","0.5","","","23.7","","","0.5"],["Net income","127.2","","","2.6","","","323.1","","","6.9"],["Net loss attributable to noncontrolling interests","5.0","","","0.1","","","2.2","","","\u2014"],["Net income attributable to AGCO Corporation","$","132.2","","","2.7","%","","$","325.3","","","6.9","%"]]
[[/GREPCENT_TABLE]]

___________________________________

(1)    Rounding may impact summation of amounts.

    Net income attributable to AGCO Corporation for the three months ended June 30, 2026, was $77.2 million, or $1.08 per diluted share, compared to $314.8 million, or $4.22 per diluted share, for the three months ended June 30, 2025. Net income attributable to AGCO Corporation for the six months ended June 30, 2026, was $132.2 million, or $1.84 per diluted share, compared to $325.3 million, or $4.36 per diluted share, for the six months ended June 30, 2025.

    Net sales during the three months ended June 30, 2026 were approximately $2,609.7 million, or 1.0% lower than the three months ended June 30, 2025, primarily due to lower sales volumes in the Europe/Middle East, Latin America and Asia/Pacific/Africa regions, most significantly in tractors and implements, partially offset by higher sales volumes in the North America region, most significantly in high-horsepower tractors and hay tools, and favorable currency translation. Income from operations was $140.7 million for the three months ended June 30, 2026 compared to $164.0 million in the three months ended June 30, 2025. The decrease in income from operations during 2026 was primarily the result of lower sales and production volumes, higher tariff-related costs, selling, general and administrative expenses (“SG&A expenses”) and engineering expenses, partially offset by the benefit of certain IEEPA tariff refunds recognized during the period.

    Net sales during the six months ended June 30, 2026 were approximately $4,952.6 million, or 5.7% higher than the six months ended June 30, 2025, primarily due to higher sales volumes in the North America, Europe/Middle East and Asia/Pacific/Africa regions, most significantly in high-horsepower tractors, and favorable currency translation, partially offset by lower sales volumes in Latin America, most significantly in tractors, implements and combines. Income from operations was $221.4 million for the six months ended June 30, 2026 compared to $213.4 million in the six months ended June 30, 2025. The increase in income from operations during 2026 was primarily the result of higher sales and production volumes, partially offset by higher tariff-related costs, SG&A expenses and engineering expens

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/880266/000088026626000010/agco-20251231.htm
Complete FY 2025 MD&A: /company/AGCO/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-13
Report date: 2025-12-31

Item 7.        Management’s Discussion and Analysis of Financial Condition and Results of Operations

    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. We distribute most of our products through approximately 2,800 independent dealers and distributors in approximately 140 countries. We also provide retail and wholesale financing through our finance joint ventures with Coöperatieve Rabobank U.A., which, together with its affiliates, we refer to as “Rabobank.” In 2024, we fundamentally shifted our portfolio through the PTx Trimble joint venture and the divestiture of the majority of our Grain & Protein (“G&P”) business.

    Our operations are subject to the cyclical and seasonal nature of the agricultural industry. Sales of our equipment are affected by, among other things, changes in farm income, farm land values and debt levels, financing costs, acreage planted, crop yields, weather conditions, the demand for agricultural commodities, commodity and protein prices, agricultural product demand and general economic conditions and government policies, tariffs and subsidies. We sell our equipment, precision agriculture technology and replacement parts to our independent dealers, distributors and other customers. A large majority of our sales are to independent dealers and distributors that sell our products to end users. To the extent practicable, we attempt to sell products to our dealers and distributors on a level basis throughout the year to reduce the effect of seasonal demands on our manufacturing operations and to minimize our investment in inventories. However, retail sales by dealers to farmers are highly seasonal and are a function of the timing of the planting and harvesting seasons. In certain markets, particularly in North America, there is often a time lag, which varies based on the timing and level of retail demand, between our sale of the equipment to the dealer and the dealer’s sale to a retail customer.

    The recent announcements of significant trade policy and tariff actions by the U.S. government, including but not limited to tariffs on imported steel and aluminum products, tariffs on certain imports from China, tariffs on certain imports from Canada and Mexico, announced trade deal between the United States and European Union of baseline tariffs on certain imports from the European Union, and baseline tariffs on most imports from most other countries, continue to create significant uncertainty and potential risks for our business. These announcements in some cases were followed by delays and changes in implementation, and the ultimate tariff structures are unclear at the current time. Depending on the countries affected, increases in tariffs have raised the costs of inputs used in manufacturing our products, which in turn has impacted our cost of goods sold. Additionally, higher tariffs may lead to increased after-tariff sales prices for the products we sell. The impacts of the tariffs may be partially mitigated as a majority of our sales and manufacturing takes place outside the United States. While we are actively exploring opportunities to mitigate these increased costs, there can be no guarantee that we will be able to fully offset the impact of these tariffs. Furthermore, the imposition of retaliatory tariffs from other countries on our exported products could negatively affect our sales and marketplace access in those countries. Moreover, the uncertainty of the enforceability of the tariffs, any changes to such tariffs and any future trade policy changes has adversely impacted, and is expected to continue to adversely impact, our sales.

28

Table of Contents

Financial Highlights

    The following table sets forth the percentage relationship to net sales of certain items included in our Consolidated Statements of Operations (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","2025","","2024"],["","$","","% of Net Sales(1)","","$","","% of Net Sales(1)"],["Net sales","$","10,082.0","","","100.0","%","","$","11,661.9","","","100.0","%"],["Cost of goods sold","7,515.2","","","74.5","","","8,762.8","","","75.1"],["Gross profit","2,566.8","","","25.5","","","2,899.1","","","24.9"],["Selling, general and administrative expenses","1,309.3","","","13.0","","","1,397.7","","","12.0"],["Engineering expenses","487.7","","","4.8","","","493.0","","","4.2"],["Amortization of intangibles","71.1","","","0.7","","","81.0","","","0.7"],["Impairment charges","10.0","","","0.1","","","369.5","","","3.2"],["Restructuring and business optimization expenses","82.2","","","0.8","","","172.7","","","1.5"],["Loss on sale of business","10.8","","","0.1","","","507.3","","","4.4"],["Income (loss) from operations","595.7","","","5.9","","","(122.1)","","","(1.0)"],["Interest expense, net","66.4","","","0.7","","","93.0","","","0.8"],["Other expense (income), net","(72.7)","","","(0.7)","","","218.5","","","1.9"],["Income (loss) before income taxes and equity in net earnings of affiliates","602.0","","","6.0","","","(433.6)","","","(3.7)"],["Income tax provision (benefit)","(77.4)","","","(0.8)","","","98.4","","","0.8"],["Income (loss) before equity in net earnings of affiliates","679.4","","","6.7","","","(532.0)","","","(4.6)"],["Equity in net earnings of affiliates","39.6","","","0.4","","","46.4","","","0.4"],["Net income (loss)","719.0","","","7.1","","","(485.6)","","","(4.2)"],["Net loss attributable to noncontrolling interests","7.5","","","0.1","","","60.8","","","0.5"],["Net income (loss) attributable to AGCO Corporation","$","726.5","","","7.2","%","","$","(424.8)","","","(3.6)","%"]]
[[/GREPCENT_TABLE]]
___________________________________

(1)    Rounding may impact summation of amounts.

29

Table of Contents

2025 Compared to 2024

    Net income (loss) attributable to AGCO Corporation for 2025 was $726.5 million, or $9.75 per diluted share, compared to $(424.8) million, or $(5.69) per diluted share, for 2024.

    Net sales for 2025 were $10,082.0 million, or 13.5% lower than 2024, primarily due to lower sales volumes resulting from softer industry sales reflecting lower end market demand and the divestiture of the majority of the Company's G&P business on November 1, 2024, partially offset by favorable currency impacts. Income (loss) from operations was $595.7 million in 2025 compared to $(122.1) million in 2024. During 2024, we recorded a loss on sale of business of $507.3 million related to the sale of the majority of the Company's G&P business and impairment charges of $369.5 million primarily related to the impairment of goodwill. Additionally, the increase in income from operations during 2025 was the result of decreases in restructuring and business optimization expenses and selling, general and administrative expenses (“SG&A expenses”) primarily related to lower compensation costs and transaction costs, partially offset by lower sales and production volumes reflecting weak industry conditions.

    We estimate that worldwide average price increases (decreases) were approximately 1.1% and (0.9)% in 2025 and 2024, respectively. Consolidated net sales of tractors and combines, which comprised approximately 68.8% of our net sales in 2025, decreased approximately 6.4% in 2025 compared to 2024. Unit sales of tractors and combines decreased approximately 5.6% during 2025 compared to 2024. The primary driver of the decrease in unit sales was due to changes in end market demand. The difference between the unit sales change and the change in net sales was primarily the result of sales mix changes and foreign currency translation.

    Overall, global production hours, excluding hours related to the Company's G&P business which was divested on November 1, 2024, decreased approximately 12.1% during 2025 compared to 2024, reflecting our response to lower end market demand.

Results of Operations

    Gross profit as a percentage of net sales increased during 2025 compared to 2024, primarily due to lower manufacturing costs.

    Selling, general and administrative expenses (“SG&A expenses”) as a percentage of net sales, were higher during 2025 compared to 2024 as net sales decreased at a faster rate than SG&A expenses. The absolute level of SG&A expenses decreased during 2025 primarily due to lower compensation costs and lower transaction costs related to the divestiture of the majority of the Company's G&P business and the PTx Trimble joint venture transaction. We recorded stock compensation expense of $27.7 million and $17.9 million during 2025 and 2024, respectively, within SG&A expenses, as is more fully explained in Note 15 of our Consolidated Financial Statements.

    Engineering expenses as a percentage of net sales, were higher during 2025 compared to 2024 as net sales decreased at a faster rate than engineering expenses. The absolute level of engineering expenses remained relatively consistent during 2025.

    During 2025, we recorded impairment charges of $10.0 million, primarily related to the impairment of certain other assets. During 2024, we recorded impairment charges of $369.5 million, primarily related to the impairment of goodwill related to the Company’s PTx Trimble North America reporting unit, certain other assets and an investment in affiliate.

    We recorded restructuring and business optimization expenses of $82.2 million and $172.7 million during 2025 and 2024, respectively. On June 24, 2024, the Company announced a restructuring program (the “Program”) in response to increased weakening demand in the agriculture industry. The Company estimated that it would incur charges for one-time termination benefits of approximately $150.0 million to $200.0 million in connection with the initial phase of the Program, primarily consisting of cash charges related to severance payments, employees benefits and related costs. The Company incurred a substantial portion of the charges by the end of fiscal year 2025. The restructuring expenses recorded during 2025 and 2024 primarily related to severance, business optimization and other related costs associated with the Company's Program. Refer to Note 13 of our Consolidated Financial Statements for further information.

    We recorded a loss on sale of business of $10.8 million during 2025 related to the finalization of the preliminary working capital and other adjustments related to the sale of the majority of the Company's G&P business, partially offset by a gain related to an immaterial divestiture. During 2024, we recorded a loss on sale of business of $507.3 million related to the sale of the majority of the Company's G&P business. Refer to Note 3 of our Consolidated Financial Statements for further information.

30

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    Interest expense, net was $66.4 million for 2025 compared to $93.0 million for 2024, resulting primarily from a decrease in interest expense resulting from the Company's repayment of the Term Loan Facility on November 1, 2024, partially offset by lower interest income. Refer to “Liquidity and Capital Resources” for further information on our available funding.

    Other expense (income), net was $(72.7) million in 2025 compared to $218.5 million in 2024. During 2025, the Company recorded a gain of $251.9 million on the sale of an investment in affiliate related to the sale of the Company’s ownership interest in Tractors and Farm Equipment Limited (“TAFE”) within “Other expense (income), net.” Refer to Note 18 of the Consolidated Financial Statements for further information. In 2024, the Company terminated its U.S. qualified defin

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AGCO/mda/fy2025/
All MD&A years: /company/AGCO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AGCO/mda/fy2024/): filed 2025-02-24; accession 0000880266-25-000011 (https://www.sec.gov/Archives/edgar/data/880266/000088026625000011/agco-20241231.htm)
- [FY 2023 MD&A](/company/AGCO/mda/fy2023/): filed 2024-02-27; accession 0000880266-24-000013 (https://www.sec.gov/Archives/edgar/data/880266/000088026624000013/agco-20231231.htm)
- [FY 2022 MD&A](/company/AGCO/mda/fy2022/): filed 2023-03-01; accession 0000880266-23-000010 (https://www.sec.gov/Archives/edgar/data/880266/000088026623000010/agco-20221231.htm)
- [FY 2021 MD&A](/company/AGCO/mda/fy2021/): filed 2022-02-25; accession 0000880266-22-000006 (https://www.sec.gov/Archives/edgar/data/880266/000088026622000006/agco-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3523 Farm Machinery & Equipment) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AGCO.md · JSON record: /company/AGCO.json · verified financials: /company/AGCO/financials.json / /company/AGCO/financials.csv · machine TOC for the whole site: /llms.txt