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AGCO (AGCO) investor relations material
AGCO Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Q3 2025 net sales were $2,476.3M, down 4.7% year-over-year; YTD net sales were $7,161.8M, down 18.4% from YTD 2024. 
- Q3 2025 operating income rose 32.1% to $151.6M; adjusted Q3 operating income was $185.0M, up 28.7% year-over-year. 
- Q3 2025 adjusted EPS was $1.35, up from $0.67; reported EPS was $4.09, up from $3.69. 
- Strategic transformation included exiting the Grain & Protein business, launching a $1B share repurchase program, and focusing on precision agriculture. 
- $300M share repurchase to begin in Q4 2025, funded by $230M after-tax proceeds from TAFE sale. 
Financial highlights
- Q3 2025 gross margin improved by 290bps to 26.1%; YTD gross margin up 30bps to 25.5%. 
- Q3 2025 adjusted operating margin was 7.5%, up from 5.5% in Q3 2024. 
- Free cash flow for YTD 2025 was $65M, a significant improvement from $(387)M in YTD 2024. 
- Q3 2025 net income attributable to shareholders was $305.7M; YTD net income was $631.0M. 
- Q3 2025 cash and cash equivalents were $884.1M. 
Outlook and guidance
- 2025 net sales expected to be ~$9.8B, with adjusted EPS of ~$5.00. 
- Adjusted operating margin for 2025 expected at ~7.5%. 
- Capex projected at ~$300M; free cash flow conversion targeted at 75%-100%. 
- Effective tax rate forecasted at 33-35%. 
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