AGCO reported fourth-quarter net sales of $2.9 billion, a 1.1% increase over the same period in 2024. Reported net income was $1.30 per share, while adjusted net income reached $2.17 per share, compared with an adjusted net income of $1.97 per share a year ago. For the full year, AGCO’s net sales totaled $10.1 billion, down 13.5% year-over-year, with reported earnings of $9.75 per share and adjusted earnings of $5.28 per share, reflecting the impact of a 15.8% organic sales decline after excluding favorable currency translation and divestiture revenue from the prior year.

In the fourth quarter, Europe/Middle East net sales rose 7.9% to $2.02 billion, delivering a segment operating margin of 16.8%. North American sales declined 7.8% to $466.0 million (–8.5% on a constant-currency basis), with an operating margin of –6.4%. South American sales fell 3.3% to $259.9 million (–9.3% constant currency) and a 2.7% operating margin, while Asia/Pacific/Africa sales grew 5.1% to $176.8 million (2.8% constant currency) with a 7.6% margin. Full-year operating margins were 5.9% reported and 7.7% adjusted, nearly double the cycle bottom recorded in 2024.

AGCO generated $988 million of operating cash flow in 2025 and a record free cash flow of $740 million, representing 188% free cash flow conversion. The company ended the year with meaningfully lower inventory levels at both company and dealer channels. Looking ahead, AGCO expects 2026 net sales and adjusted earnings per share to exceed 2025 levels, driven by a robust innovation pipeline of autonomous and precision-ag products, disciplined cost-reduction initiatives and continued market-share gains in large-ag segments.