AGCO reported fourth-quarter net sales of $2.9 billion, a 1.1% increase over the same period a year ago (excluding a $74.7 million one-time divestiture gain in Q4 2024). Reported net income was $1.30 per share, while adjusted net income rose to $2.17 per share, surpassing last year’s $1.97 adjusted figure. The company achieved an adjusted operating margin of 10.1% in the quarter, reflecting disciplined cost management and production planning despite a 5.3% constant-currency sales decline in core equipment revenues.

For fiscal 2025, AGCO generated net sales of $10.1 billion, down 13.5% from 2024 (16.3% on a constant-currency, comparable-basis). Reported full-year earnings per share were $9.75, with adjusted EPS of $5.28. Operating margin for the year was 5.9% (adjusted 7.7%), nearly double the cyclical trough recorded in 2020. Strong working-capital management drove operating cash flow of $988 million and a record free cash flow of $740 million, representing 188% free cash flow conversion.

In Q4, Europe/Middle East net sales grew 7.9% year-over-year (–0.7% constant currency), Asia/Pacific/Africa increased 5.1% (2.8% cc), while North America and South America declined 7.8% and 3.3% respectively (–8.5% and –9.3% cc). For the full year, North America sales fell 27.5%, South America 7.7%, Asia/Pacific/Africa 9.9% and EME was flat year-over-year. AGCO noted that tractor and combine retail unit sales declines were most pronounced in North America (–10% tractors, –27% combines) and Western Europe (–7% tractors), linked to pressure on farm income and elevated input costs.

AGCO management projects net sales and earnings per share in 2026 to exceed 2025 levels. The company plans to leverage its Farmer-First strategy by introducing a slate of next-generation equipment—including expanded autonomous solutions under its PTx and Fendt brands—and continuing cost-reduction and margin-enhancement initiatives. AGCO expects continued share gains in North American large-ag markets, further inventory optimization, and progressive adoption of precision-ag technologies to drive improved profitability when farm profitability and industry demand recover.