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AGCO
AGCO (AGCO) investor relations material
AGCO Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Q4 2025 net sales were $2.92B, up 1.1% YoY; full-year net sales reached $10.1B, down 13.5% due to the Grain & Protein divestiture.
Q4 adjusted operating margin was 10.1%; full-year adjusted operating margin was 7.7%, with adjusted EPS of $5.28.
Record free cash flow of $740M in 2025, up $440M YoY, with free cash flow conversion at 188%.
Gained record global market share, all-time high Net Promoter Score, and significant patent filings.
Inventory levels at company and dealer locations were meaningfully reduced by year-end.
Financial highlights
Q4 net sales: $2.9B; full-year sales: $10.1B, down 13.5% YoY.
Q4 adjusted operating margin: 10.1%; full-year margin: 7.7%.
Adjusted EPS: $5.28; 2026 guidance: $5.50–$6.00.
Free cash flow: $740M in 2025; free cash flow conversion at 188%; target 75%-100% in 2026.
$250M share repurchase in Q4; $87M in dividends paid for 2025.
Outlook and guidance
2026 net sales expected at $10.4B–$10.7B; adjusted EPS $5.50–$6.00.
Adjusted operating margin guidance: 7.5%–8% for 2026; effective tax rate expected at 32%–34%.
Capex planned at ~$350M for 2026; free cash flow conversion targeted at 75%–100%.
Global industry demand expected flat YoY; North America large ag sales forecast down 15%, Europe modestly up, Brazil flat.
$40M–$60M incremental cost savings targeted in 2026.
How does 2026 outlook compare to normalized 2024?
North America margin recovery in 2026?
Sustainability of 2025 free cash flow drivers?
North America inventory normalization strategy?
PTx's competitive differentiation and impact?
Future cost savings beyond Project Reimagine?
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Next AGCO earnings date
Citi's Global Industrial Tech & Mobility Conference 202619 Feb, 2026
AGCO
Next AGCO earnings date
Citi's Global Industrial Tech & Mobility Conference 202619 Feb, 2026
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Frequently asked questions
AGCO Corporation designs, manufactures, and distributes agricultural equipment and related replacement parts. Its products include tractors, combines, hay tools, sprayers, and grain storage systems marketed under multiple brands. The company is headquartered in Duluth, Georgia, and its shares are listed on the NYSE.
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