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New planters combine proven technology, flexible performance and straightforward ownership to help farmers maximize productivity and achieve better in the field.

, /PRNewswire/ -- AGCO (NYSE: AGCO) introduced the new Massey Ferguson™ N-Series split/narrow row planters at the 2026 Farm Progress Show. Built to help farmers get more from every pass without adding complexity to their operation, the new lineup combines factory-installed Precision Planting™ technology with a highly modular design. The N-Series is available in six configurations: 23-15, 24-15, 31-15, 32-15, 24-20 and 24-22, giving producers options to match their operation while supporting consistent emergence and long-term value.

Launched at the 2026 Farm Progress Show, Massey Ferguson's new N-Series split/narrow row planters combine factory-installed Precision Planting technology, flexible configurations and straightforward ownership to help farmers maximize productivity, adapt to changing field conditions and achieve better in the field. "Farmers want proven technology without unnecessary complexity," said Forrest Francis, Tactical Marketing Manager, Planters, Massey Ferguson North America. "The N-Series delivers the performance producers need today while giving them the flexibility to adapt as their operation grows. It's about putting technology to work where it can make a meaningful difference while keeping the planter straightforward to own, operate and maintain."

Every planting window is an opportunity to establish the crop for the season ahead. Factory-installed Precision Planting technologies, including 20|20 Gen3™, vSet2™, vDrive™ and DeltaForce™, work together to promote accurate seed placement, consistent planting depth and uniform emergence. For producers, that means greater confidence in each pass and technology focused on the agronomic outcomes that matter throughout the season. Twin 45-bushel central seed tanks, an optional liquid fertilizer capacity of up to 500 gallons and in-cab manual weight transfer help operators stay productive and adapt to changing field conditions.

That focus on long-term value extends beyond the planting season. The N-Series' modular platform allows producers to add optional technologies, including WaveVision™, SpeedTube™, CleanSweep™, EMHD™ and Pump Stack, as their needs evolve, helping reduce future upgrade costs and downtime. Durable Heads Up™ row units, greaseless operation, easy adjustments, lower maintenance requirements and no subscriptions or unlocks help reduce the demands of ownership while maximizing return on investment.

The N-Series split/narrow row planters are one of several new products featured in the Massey Ferguson exhibit at the Farm Progress Show (AGCO booth #1002). Visitors can also explore a range of farmer-focused innovations designed to help improve productivity, efficiency and ease of operation. Highlights include updates to the MF 9S Series tractors featuring Tractor Implement Management (TIM) and MF AutoHeadland, the MF 5S Series with the new Dyna-VT™ continuously variable transmission (CVT) and the latest advancements in the Massey Ferguson double baler. Each innovation reflects Massey Ferguson's commitment to delivering solutions that maximize time in the field, simplify daily tasks and help farmers achieve better in the field.

For more information, visit masseyferguson.com or contact your local Massey Ferguson dealer.

20|20 Gen3, CleanSweep, DeltaForce, Dyna-VT, EMHD, Heads Up, Massey Ferguson, Precision Planting, SpeedTube, vDrive, vSet2 and WaveVision are trademarks of the AGCO Group of Companies.

About AGCO
AGCO (NYSE: 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. For more information, visit www.agcocorp.com.  

SOURCE AGCO Corporation

Investors in AGCO Corporation (AGCO - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Nov. 20, 2026 $145 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for AGCO shares, but what is the fundamental picture for the company? Currently, AGCO is a Zacks Rank #4 (Sell) in the Manufacturing - Farm Equipment industry that ranks in the Top 39% of our Zacks Industry Rank. Over the last 30 days, one analyst has increased the earnings estimates for the to-be-reported quarter, while two have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the to-be-reported quarter from $2.37 per share to $2.32 in that period.

Given the way analysts feel about AGCO right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Baird just handed two farm equipment stocks a rare double upgrade on the same morning, but the reasoning behind each call points to a very different bet on how the ag cycle turns.

Farm equipment stocks caught a bid Monday afternoon after Baird upgraded both Deere (NYSE:DE | DE Price Prediction) and AGCO (NYSE:AGCO) on North America row crop demand. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.5% to $765.91, which frames the ag machinery rally as a targeted rotation into agricultural equipment while the broader industrials bid stays absent. The upgrade note argues that a 2027 volume recovery is coming from a cyclical trough, and both stocks are rallying on that call.

Deere stock is up 4% to $653.78 in midday trading. Through Friday’s close, Deere stock was up 36% year to date, so today’s pop extends a run that had already priced in a healthier ag equipment setup.

Meanwhile, AGCO stock is rallying 4% to $118.11. AGCO stock was up 10% year to date, a much smaller advance that leaves more room for a recovery thesis to still get paid at these levels.

Baird’s Double Upgrade on North America Row Crop Demand Baird upgraded Deere to Outperform from Neutral and raised its price target to $800 from $640, calling Deere the “cleanest setup” in the sector given its high exposure to North America row crop equipment demand. That target sits well above the current sell-side consensus target of $665.35 and anchors the analyst’s view that a fiscal 2027 volume recovery arrives on schedule.

Additionally, Baird upgraded AGCO to Outperform from Neutral with a price target of $150, raised from $120, arguing that any North America volume recovery in 2027 should flow straight to AGCO’s bottom line from a low base. The reasoning centers on operating leverage, with no valuation rerating in the thesis, and the new target sits above the AGCO sell-side consensus of $122.47.

Fellow large-cap machinery name Caterpillar (NYSE:CAT) provides a natural comparison as another North America equipment bellwether, though its construction-heavy customer base sits well apart from Deere’s and AGCO’s row crop end market. That distinction is why a note anchored on row crop demand pulls the two ag names higher without lifting the broader machinery complex today.

Two Upgrades, Two Different Theses Deere’s setup rests on quality and direct exposure. Deere is the incumbent in North America high-horsepower row crop equipment, and Baird is arguing the recovery arrives on a stock the market has already awarded a premium multiple. Deere stock trades at a trailing P/E of 34.6x, which prices in a clean cycle turn.

AGCO’s setup rests on operating leverage. Any 2027 North America volume recovery converts to outsized bottom-line movement from a depressed earnings base, and AGCO stock trades at a trailing P/E of 15.34x. A lower base paired with a lower multiple is the mechanical reason the same catalyst can move both names on the same day.

The year-to-date returns show how the market has already separated the two names. Deere stock’s 36% run reflects investors paying for the North America row crop recovery ahead of time, while AGCO stock’s 10% run indicates the recovery has yet to be priced in at AGCO.

Bear Case for Both Names An $800 price target on Deere implies the North America row crop recovery arrives on schedule, and farm equipment demand ultimately turns on crop prices and farmer income. Deere’s premium valuation after a 36% year-to-date run offers little room to absorb a delayed recovery, particularly with the stock trading close to its 52-week high of $670.49.

AGCO carries an inverted risk profile. Its lower base leaves more cushion if the recovery slips, yet no earnings floor exists to defend on the way down if farm income disappoints. Investors can weigh Deere’s quality premium against AGCO’s operating leverage on the same recovery outcome.

What to Watch Traders can watch for whether Deere stock holds $650 as follow-on notes from other sell-side desks either extend or fade the move. Baird’s $800 target implies further upside that momentum traders may press if commodity headlines cooperate.

The next real data points sit outside the trading window. Farm income prints, crop price action, and early order program commentary from the manufacturers themselves carry more weight than a single upgrade note, and any recovery timing miss hits both names, just with different geometry between quality and operating leverage.

Contact [email protected] for any questions or corrections.

Fendt hosts its first international press conference in the U.S., Massey Ferguson launches new equipment and PTx showcases retrofit and autonomy solutions in Boone, Iowa.

, /PRNewswire/ -- AGCO Corporation (NYSE: AGCO) will unveil new products and Farmer-First innovations across its Fendt™, Massey Ferguson™ and PTx™ brands at the 2026 Farm Progress Show in Boone, Iowa, on Sept. 1-3. Headlining the exhibit is the debut of new products from Fendt and Massey Ferguson, plus new mixed-fleet retrofit and autonomy solutions from PTx.

AGCO will showcase Farmer-First innovations from Fendt, Massey Ferguson and PTx at the 2026 Farm Progress Show in Boone, Iowa, on Sept. 103. Featured launches include new equipment from Fendt and Massey Ferguson, plus mixed-fleet retrofit, precision ag and autonomy solutions from PTx brands PTx Trimble and Precision Planting. "Farm Progress Show is where we put our newest technology directly in farmers' hands, and this year we are doing it in front of the world," said Eric Hansotia, Chairman, President & CEO, AGCO. "Fendt is holding its first international press conference on U.S. soil, which reaffirms how important North America is to our growth plans. And Fendt is only part of it, with Massey Ferguson bringing new planters, hay equipment and tractor technology, and PTx exhibiting new precision ag solutions from seed placement to autonomous harvest."

AGCO's Brands to Exhibit New Products and Technology
Fendt will unveil three new products across its tractor and planter platforms, alongside other major international news. The booth will also highlight updates to existing equipment lines such as the 500 Vario™ Gen4 and 800 Vario Gen5 tractors, plus a preview of transport speed options across the series. Rounding out the display is the IDEAL™ combine, showcased ahead of the 2026 Fendt Harvest Tour returning to the Midwest this October. Fendt will highlight these new products at AGCO's pre-show media event on Tuesday, Sept. 1, and again at Fendt's first international press conference in the U.S., held in the AGCO booth on Wednesday, Sept. 2, from 9-10 a.m. CT with journalists and content creators attending from across Europe, North America and South America.

Massey Ferguson's exhibit will feature a lineup of new products and meaningful updates designed to improve productivity, efficiency and uptime. Leading the way is the all-new N-Series Split/Narrow Row Planters, combining factory-installed Precision Planting™ technology with a modular design that delivers exceptional planting performance. Product updates include the next-generation double baler with an inline dual-bale system for faster, more efficient bale collection and the MF 5S Series with the Dyna-VT™ transmission for greater versatility and uptime. From new planting solutions to smarter hay equipment, advanced tractor technology and comprehensive customer support, Massey Ferguson is bringing straightforward, practical and accessible innovations that help farmers achieve more.

Offering solutions for every season, the PTx booth will feature Precision Planting's new ArrowTube™ seed orientation system and SymphonyVision™ | Duo camera-based spraying to handle both broadcast and spot weed control. Also on display are the DrySet™ Air tower-by-tower metering and monitoring air seeder system and SmokeRow™ sprayer systems designed to help control edge-of-field weeds. From PTx Trimble, attendees will have the opportunity to learn more about PTx FarmENGAGE™ fleet and farm management and OutRun™ autonomous harvest and tillage options.

AGCO to Host Pre-Show Press Conference on Tuesday, Sept. 1
AGCO and its brands will host an exclusive early morning event for the media on Tuesday, Sept. 1, from 7-8 a.m. Central Time (CT). All attending media are invited for a first look at AGCO's newest innovations before the show opens, with hands-on access to equipment, insights from AGCO leaders and product specialists, and strong photo and video opportunities. Coffee and breakfast will be served.

To learn more about AGCO's innovative brands, visit AGCOcorp.com. Farm Progress Show attendees can stop by the booths in Boone, Iowa, on Sept. 1-3: Fendt and Massey Ferguson in Booth 1002, and PTx, Precision Planting and PTx Trimble in Booth 634.

ArrowTube, DrySet, Dyna-VT, FarmENGAGE, Fendt, Fendt Lodge, IDEAL, Massey Ferguson, OutRun, Precision Planting, PTx, PTx Trimble, SmokeRow, SymphonyVision and Vario are trademarks of the AGCO Group of Companies.

About AGCO
AGCO (NYSE: 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. For more information, visit www.agcocorp.com.  

SOURCE AGCO Corporation

DULUTH, Ga., Aug. 28, 2026 /PRNewswire/ -- AGCO (NYSE: AGCO) today announced it will participate in the 2026 Jefferies Global Industrials Conference on Thursday, September 10, 2026. The conference will include a fireside chat with Eric Hansotia, Chairman, President and Chief Executive Officer, and Indira Agarwal, Senior Vice President and Chief Financial Officer, at 7:30 a.m. Eastern Time. Investors may listen to a live webcast of the presentation by accessing the "Events" section of the company's Investor Relations website at https://investors.agcocorp.com/events-and-presentations/upcoming-events. The webcast will also be archived immediately afterward for 12 months.

Fendt 600 Vario with Front Loader About AGCO
AGCO (NYSE: 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. For more information, visit www.agcocorp.com. 

Additional AGCO News

AGCO to Unveil Global Products and Farmer-First Innovations at 2026 Farm Progress Show AGCO Brings Fendt and Massey Ferguson to SquadBuilt's 'American Farming 2' Mobile Game AGCO Aligns Leadership to Advance PTx Growth Strategy SOURCE AGCO Corporation

BlackRock Inc. bought a new position in shares of AGCO Corporation (NYSE:AGCO – Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 5,863,890 shares of the industrial products company’s stock, valued at approximately $701,908,000. BlackRock Inc. owned 8.37% of AGCO at the end of the most recent quarter.

Several other large investors also recently modified their holdings of AGCO. GAMMA Investing LLC raised its position in AGCO by 5.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,963 shares of the industrial products company’s stock valued at $235,000 after purchasing an additional 94 shares during the last quarter. UMB Bank n.a. increased its stake in shares of AGCO by 16.8% during the fourth quarter. UMB Bank n.a. now owns 759 shares of the industrial products company’s stock valued at $79,000 after buying an additional 109 shares during the period. Gateway Investment Advisers LLC increased its stake in shares of AGCO by 6.1% during the fourth quarter. Gateway Investment Advisers LLC now owns 2,367 shares of the industrial products company’s stock valued at $247,000 after buying an additional 137 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of AGCO by 36.0% during the first quarter. EverSource Wealth Advisors LLC now owns 521 shares of the industrial products company’s stock valued at $60,000 after acquiring an additional 138 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in shares of AGCO by 29.7% during the first quarter. Jones Financial Companies Lllp now owns 650 shares of the industrial products company’s stock valued at $61,000 after acquiring an additional 149 shares in the last quarter. 78.80% of the stock is owned by institutional investors.

Insider Activity at AGCO In other news, major shareholder & Farm Equipment Ltd Tractors sold 492,418 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $115.33, for a total value of $56,790,567.94. Following the sale, the insider directly owned 3,017,565 shares in the company, valued at $348,015,771.45. The trade was a 14.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lange Bob De purchased 1,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $100.71 per share, with a total value of $100,710.00. Following the acquisition, the director owned 18,717 shares in the company, valued at $1,884,989.07. The trade was a 5.64% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.62% of the stock is owned by insiders.

Analyst Ratings Changes Several research firms recently weighed in on AGCO. UBS Group cut their price target on shares of AGCO from $123.00 to $114.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Wall Street Zen cut shares of AGCO from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Citigroup decreased their price target on shares of AGCO from $125.00 to $115.00 and set a “neutral” rating for the company in a research note on Monday, August 3rd. Truist Financial restated a “buy” rating and issued a $135.00 price objective (down from $159.00) on shares of AGCO in a report on Friday, July 31st. Finally, Weiss Ratings cut AGCO from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, July 31st. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $120.33. Check Out Our Latest Research Report on AGCO

AGCO Price Performance AGCO opened at $106.86 on Friday. The company’s 50-day simple moving average is $111.24 and its two-hundred day simple moving average is $117.42. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.58 and a current ratio of 1.32. The stock has a market capitalization of $7.48 billion, a P/E ratio of 14.78, a P/E/G ratio of 0.89 and a beta of 1.08. AGCO Corporation has a 52-week low of $98.22 and a 52-week high of $143.78.

AGCO (NYSE:AGCO – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The industrial products company reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.03). The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.75 billion. AGCO had a return on equity of 10.09% and a net margin of 5.15%.The business’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.35 earnings per share. AGCO has set its FY 2026 guidance at 5.500-5.750 EPS. As a group, analysts predict that AGCO Corporation will post 5.55 EPS for the current year.

AGCO Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, August 14th. AGCO’s payout ratio is 16.60%.

AGCO News Summary Here are the key news stories impacting AGCO this week:

Positive Sentiment: Zacks Research raised its Q4 2026 EPS estimate to $2.24 from $2.21, suggesting somewhat better near-term earnings expectations. However, the full-year consensus remains $5.55 per share. MarketBeat AGCO estimates Positive Sentiment: AGCO is bringing Fendt and Massey Ferguson equipment to the “American Farming 2” mobile game. The partnership could expand consumer awareness of its brands and equipment, although the direct financial impact is likely limited initially. AGCO American Farming 2 partnership Neutral Sentiment: AGCO reported approximately $2.6 billion in quarterly net sales. Recent results showed revenue slightly below expectations and down about 1% year over year, indicating continued pressure in agricultural-equipment demand. AGCO quarterly net sales Neutral Sentiment: Two reports about a $70,000 fine concern the Alcohol and Gaming Commission of Ontario, commonly abbreviated AGCO, penalizing gaming supplier Booming Games. They do not involve AGCO Corporation and should not affect the agricultural-equipment company’s fundamentals. Ontario gaming regulator penalty Negative Sentiment: Zacks Research cut its 2027 EPS forecasts for AGCO’s first quarter to $1.20 from $1.35, third quarter to $1.42 from $1.64, and fourth quarter to $2.35 from $2.53. The broad reductions point to weaker expected profitability and are the clearest pressure on the stock’s outlook. AGCO Company Profile (Free Report)

AGCO Corporation is a global leader in the design, manufacture and distribution of agricultural machinery and precision farming solutions. Headquartered in Duluth, Georgia, the company markets a diverse portfolio of well-known brands, including Massey Ferguson, Fendt, Challenger, Valtra and GSI, serving farmers and producers in North America, South America, Europe, the Middle East, Africa and Asia Pacific. Through an extensive dealer network, AGCO provides equipment tailored to a broad range of crop and livestock operations.

The company’s product offerings span tractors, combine harvesters, hay and forage tools, application equipment, seeding and tillage implements, as well as grain storage and protein solutions.

Further Reading Five stocks we like better than AGCO 2 Biotech Stocks Shaping Up for Major Breakouts 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit?

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From lifelong farmers to first-time gamers, AGCO meets new audiences where they play—putting true-to-life equipment to work in the free, Iowa-inspired game.

, /PRNewswire/ -- AGCO Corporation (NYSE: AGCO), today announced officially licensed equipment from its Fendt™ and Massey Ferguson™ brands will be featured in "American Farming 2," the free-to-play mobile farming simulation game from developer SquadBuilt Inc. and the sequel to the studio's popular "American Farming" game.  Appearing in the game is part of how AGCO builds awareness and engages the next generation of farmers, rural audiences and digital consumers in the spaces where they increasingly discover brands, products and agriculture itself. Beginning Aug. 24, players can put true-to-life versions of the machines AGCO builds for real farmers to work across an Iowa-inspired virtual landscape.

A Fendt 1000 Vario tractor comes to life in SquadBuilt’s “American Farming 2” mobile game. Beginning Aug. 24, players can operate true-to-life Fendt and Massey Ferguson machines in an Iowa-inspired virtual landscape, helping AGCO connect with farmers, rural audiences and the next generation of agriculture fans. The in-game lineup lets players operate Fendt and Massey Ferguson machinery accurately created from AGCO's own equipment designs. At launch, players can operate Fendt 1038, 1046 and 1050 tractors and MF8130, MF8140 and MF8150 tractors, with additional AGCO equipment planned after launch. From planting to harvest, the equipment works on-screen the way it does in the field.

"It is exciting to see our Fendt and Massey Ferguson machines come to life in 'American Farming 2.' For farmers, the equipment looks and works like the real thing; for everyone else, it is a fun, hands-on way to discover what modern agriculture is all about," said Brandon Montgomery, Senior Brand Manager, Fendt North America.

The collaboration reflects AGCO's Farmer-First strategy to meet the next generation of growers where they are — increasingly on digital and gaming platforms — and celebrates the people and machines that feed the world. The American Farming series was created by Central Iowa-based SquadBuilt and Grant Hilbert, a first-generation farmer and content creator who reaches a rapidly growing community of followers across online channels and social media.

The game is made for everyone. Lifelong farmers can test equipment they know, while newcomers and casual players can discover where their food comes from by planting and harvesting crops, spraying, hauling, raising livestock and customizing their own trucks and characters in first- or third-person multiplayer play.

"We built American Farming 2 to give players an authentic, hands-on look at modern farming, so bringing Fendt and Massey Ferguson equipment into the game is a natural fit. These are machines farmers know and trust, and we're excited for players to put them to work in the field," said Grant Hilbert, Owner, SquadBuilt Inc.

"American Farming 2" will be available beginning Aug. 24 as a free download on the App Store and Google Play. To learn more, visit squadbuilt.com/americanfarming.

Fans can see AGCO equipment on display at booth 1002 at Farm Progress Show in Boone, Iowa, from September 1-3.

Fendt, Gleaner, IDEAL, Massey Ferguson, Rogator and Momentum are trademarks of the AGCO Group of Companies.

About AGCO
AGCO (NYSE: 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. For more information, visit www.agcocorp.com.  

SOURCE AGCO Corporation

AGCO Corporation shares fell on July 30, 2026 after second-quarter results missed revenue and earnings expectations and full-year 2026 guidance was cut; Levi & Korsinsky is investigating potential securities law violations on behalf of investors who lost money.

, /PRNewswire/ -- AGCO Corporation (NYSE: AGCO) shares dropped on July 30, 2026 after the Company reported second-quarter 2026 results that missed both revenue and earnings-per-share expectations and lowered its full-year 2026 outlook. If you held AGCO stock and lost money, you are encouraged to submit your loss information now. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

AGCO reduced its full-year 2026 sales forecast to $10.1 billion to $10.2 billion, down from a prior range of $10.5 billion to $10.7 billion. Full-year adjusted earnings per share guidance was reduced to $5.50 to $5.75, from a prior $5.80 to $6.10.

AGCO manufactures agricultural equipment under brands including Fendt, Massey Ferguson, and Precision Planting, and its results are tied to farm equipment demand across North America, Western Europe, and South America. The investigation concerns whether AGCO adequately disclosed the scale of the demand and production pressures affecting those markets ahead of the July 30 guidance reduction.

Investors who purchased AGCO shares and suffered a loss are encouraged to have your AGCO losses reviewed at no cost. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report.

Frequently Asked Questions About the AGCO Investigation

Q: Who is conducting the AGCO investigation?A: Levi & Korsinsky, LLP is investigating potential securities fraud claims on behalf of investors who purchased AGCO securities. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.

Q: Who is eligible to participate in the AGCO investigation?A: Investors who purchased AGCO stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether AGCO made materially false or misleading statements regarding its production plans and regional demand outlook for 2026. When the Company reduced its full-year revenue and earnings guidance on July 30, 2026, the stock price declined.

Q: What do AGCO investors need to do right now?A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500.

Q: What documents do I need to participate?A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my AGCO shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought AGCO and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?A: There is no upfront cost to participate. Securities investigations and any resulting actions are generally handled on a contingency basis. No upfront fees, no retainer, and no out-of-pocket costs.

Q: Do I need to go to court or give testimony?A: No. Participating in the investigation does not require court appearances or depositions.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

[email protected]

Tel: (212) 363-7500

Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

SOURCE Levi & Korsinsky

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LOS ANGELES--(BUSINESS WIRE)--Schall, Brown & Schwartz LLP (“SBS”), a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of AGCO Corporation (“AGCO” or “the Company”) (NYSE: AGCO) for violations of the securities laws.

INVESTIGATION DETAILS: The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. AGCO reported its Q2 2026 financial results on July 30, 2026. Along with its results for the quarter, the Company also lowered its full-year guidance. Based on this news, shares of AGCO fell sharply.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected]

WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

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NEW YORK, Aug. 06, 2026 (GLOBE NEWSWIRE) -- AGCO Corporation (NYSE: AGCO) shareholders absorbed losses on July 30, 2026, when the Company's second-quarter 2026 results came in below both revenue and earnings-per-share expectations and shares sold off on the miss. If you lost money on AGCO stock, submit your loss information now.

AGCO Corporation told investors its adjusted operating margin had more than doubled year-over-year. Under GAAP, the Q1 2026 operating margin was 3.4%. AGCO shares fell on July 30, 2026 following second-quarter results.

, /PRNewswire/ -- AGCO Corporation (NYSE: AGCO) shareholders took losses on July 30, 2026, when the stock dropped after the Company posted second-quarter revenue and earnings below expectations. If you lost money on AGCO stock, you are encouraged to click here to submit your loss information. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

On the May 5, 2026 first-quarter earnings call, Chief Executive Officer Eric Hansotia stated that "adjusted operating margin more than doubled year-over-year to $0.94, highlighting the operating leverage inherent in the business." The Company's GAAP operating margin for the same quarter was 3.4%.

Less than three months later, AGCO reported second-quarter results that missed both revenue and earnings-per-share estimates. Levi & Korsinsky is investigating potential securities law violations concerning the figures AGCO presented to investors.

Investors who purchased AGCO shares and suffered a loss are encouraged to have their losses reviewed at no cost, or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.

Frequently Asked Questions About the AGCO Investigation

Q: Who is eligible to participate in the AGCO investigation?A: Investors who purchased AGCO stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether AGCO Corporation made materially false or misleading statements regarding its reported profitability figures. When the Company disclosed second-quarter results below expectations on July 30, 2026, the stock price declined.

Q: Who is conducting the AGCO investigation?A: Levi & Korsinsky, LLP is investigating potential securities fraud claims on behalf of investors who purchased AGCO securities. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.

Q: What do AGCO investors need to do right now?A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.

Q: What documents do I need to participate?A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my AGCO shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought AGCO and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?A: There is no upfront cost to participate. Securities investigations and any resulting actions are generally handled on a contingency basis. No upfront fees, no retainer, and no out-of-pocket costs.

Q: Do I need to go to court or give testimony?A: No. Participating in the investigation does not require court appearances or depositions.

CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
Ed Korsinsky, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\
[email protected]\ 
Tel: (212) 363-7500\
Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

SOURCE Levi & Korsinsky, LLP

Have you evaluated the performance of Agco's (AGCO - Free Report) international operations for the quarter ending June 2026? Given the extensive global presence of this farm equipment maker, analyzing the patterns in international revenues is crucial for understanding its financial strength and potential for growth.

In the modern, closely-knit global economic landscape, the capacity of a business to access foreign markets is often a key determinant of its financial well-being and growth path. Investors now place great importance on grasping the extent of a company's dependence on international markets, as it sheds light on the firm's earnings stability, its skill in leveraging various economic cycles and its broad growth potential.

International market involvement serves as insurance against economic downturns at home and enables engagement with economies that are growing more quickly. Still, this move toward diversification is not without its challenges, as it involves navigating through the fluctuations of currencies, geopolitical threats, and the distinctive nature of various markets.

In our recent assessment of AGCO's quarterly performance, we discovered notable trends in its overseas revenue sections, which are typically modeled and scrutinized by Wall Street analysts.

The company's total revenue for the quarter amounted to $2.61 billion, showing decrease of 1%. We will now explore the breakdown of AGCO's overseas revenue to assess the impact of its international operations.

A Look into AGCO's International Revenue StreamsAsia/Pacific/Africa generated $134.5 million in revenues for the company in the last quarter, constituting 5.2% of the total. This represented a surprise of -8.75% compared to the $147.4 million projected by Wall Street analysts. Comparatively, in the previous quarter, Asia/Pacific/Africa accounted for $124 million (5.3%), and in the year-ago quarter, it contributed $135.8 million (5.2%) to the total revenue.

During the quarter, Europe/Middle East contributed $1.73 billion in revenue, making up 66.4% of the total revenue. When compared to the consensus estimate of $1.86 billion, this meant a surprise of -6.74%. Looking back, Europe/Middle East contributed $1.6 billion, or 68.3%, in the previous quarter, and $1.77 billion, or 67.4%, in the same quarter of the previous year.

International Market Revenue ProjectionsWall Street analysts expect Agco to report a total revenue of $2.5 billion in the current fiscal quarter, which suggests an increase of 1% from the prior-year quarter. Revenue shares from Asia/Pacific/Africa and Europe/Middle East are predicted to be 6.7%, and 65.3%, corresponding to amounts of $168.55 million, and $1.63 billion, respectively.

Analysts expect the company to report a total annual revenue of $10.54 billion for the full year, marking an increase of 4.6% compared to last year. The expected revenue contributions from Asia/Pacific/Africa and Europe/Middle East are projected to be 5.8% ($609.43 million), and 68.3% ($7.21 billion) of the total revenue, in that order.

Key TakeawaysRelying on international markets for revenues, Agco faces both prospects and perils. Thus, tracking the company's international revenue trends is essential for accurately projecting its future trajectory.

With the increasing intricacies of global interdependence and geopolitical strife, Wall Street analysts meticulously observe these patterns, especially for companies with an international footprint, to tweak their forecasts of earnings. Importantly, several additional factors, such as a company's domestic market status, also impact these earnings forecasts.

Here at Zacks, we put a great deal of emphasis on a company's changing earnings outlook, as empirical research has shown that's a powerful force driving a stock's near-term price performance. Quite naturally, the correlation is positive here -- an upward revision in earnings estimates drives the stock price higher.

The Zacks Rank, our proprietary stock rating tool, comes with an externally validated impressive track record. It effectively utilizes shifts in earnings projections to act as a dependable barometer for forecasting short-term stock price trends.

Agco, bearing a Zacks Rank #3 (Hold), is expected to mirror the broader market's movements in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Reviewing Agco's Recent Stock Price TrendsThe stock has declined by 12.3% over the past month compared to the 0.2% increase of the Zacks S&P 500 composite. Meanwhile, the Zacks Industrial Products sector, which includes Agco,has decreased 7.8% during this time frame. Over the past three months, the company's shares have experienced a loss of 12.9% relative to the S&P 500's 4.2% increase. Throughout this period, the sector overall has witnessed a 1.4% decrease.

Posted by Defense World Staff on Jul 31st, 2026

First Trust Advisors LP purchased a new position in AGCO Corporation (NYSE:AGCO – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 114,080 shares of the industrial products company’s stock, valued at approximately $13,218,000. First Trust Advisors LP owned 0.16% of AGCO as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its stake in shares of AGCO by 3.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,939,113 shares of the industrial products company’s stock valued at $306,608,000 after purchasing an additional 98,988 shares in the last quarter. Davis Selected Advisers grew its position in AGCO by 13.0% in the 4th quarter. Davis Selected Advisers now owns 2,048,835 shares of the industrial products company’s stock valued at $213,736,000 after buying an additional 235,913 shares in the last quarter. Swedbank AB grew its position in AGCO by 110.2% in the 4th quarter. Swedbank AB now owns 179,617 shares of the industrial products company’s stock valued at $18,738,000 after buying an additional 94,183 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in AGCO during the 1st quarter valued at about $5,700,000. Finally, Regents Gate Capital LLP acquired a new position in AGCO during the 4th quarter valued at about $7,094,000. Institutional investors own 78.80% of the company’s stock.

Insider Activity at AGCO In other news, major shareholder & Farm Equipment Ltd Tractors sold 422,590 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $123.28, for a total transaction of $52,096,895.20. Following the completion of the sale, the insider owned 3,149,820 shares in the company, valued at approximately $388,309,809.60. This represents a 11.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.62% of the company’s stock.

Key Stories Impacting AGCO Here are the key news stories impacting AGCO this week:

Positive Sentiment: AGCO reported adjusted second-quarter EPS of $1.43, up from $1.35 a year earlier, and analysts continue to project earnings growth beyond 2026. Zacks Research modestly raised its FY2028 EPS estimate to $9.19 from $9.16. AGCO Reports Second-Quarter Results Positive Sentiment: The company’s valuation may provide some support, with the stock trading at roughly 10 times earnings and several analysts’ price targets remaining above its recent trading level. However, these targets may not yet reflect the reduced guidance. Neutral Sentiment: Management discussed the operating environment and outlook during the second-quarter earnings call, offering investors additional detail on demand trends, cost actions and the path to recovery. AGCO Q2 2026 Earnings Call Transcript Negative Sentiment: Second-quarter revenue fell 1.0% year over year to approximately $2.61 billion, below estimates ranging from roughly $2.75 billion to $2.81 billion. Adjusted EPS of $1.43 also missed consensus estimates of approximately $1.47 to $1.54. AGCO Lags Q2 Earnings and Revenue Estimates Negative Sentiment: AGCO cut its 2026 adjusted EPS outlook to approximately $5.50–$5.75 from expectations near $5.99, while revenue guidance of $10.1–$10.2 billion is below the roughly $10.6 billion consensus. The reduction reflects softer farm-equipment demand, margin pressure and tariff costs. AGCO Cuts 2026 Outlook Negative Sentiment: Zacks Research reduced several 2027 estimates, including FY2027 EPS to $7.63 from $7.97, suggesting analysts expect the demand weakness to persist beyond the current year. AGCO Price Performance Shares of AGCO stock opened at $107.26 on Friday. AGCO Corporation has a 52 week low of $99.21 and a 52 week high of $143.78. The company has a current ratio of 1.29, a quick ratio of 0.57 and a debt-to-equity ratio of 0.47. The stock has a market cap of $7.77 billion, a PE ratio of 10.34, a price-to-earnings-growth ratio of 0.86 and a beta of 1.07. The company’s 50-day moving average price is $115.14 and its two-hundred day moving average price is $118.64.

AGCO (NYSE:AGCO – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The industrial products company reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.05). The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.74 billion. AGCO had a net margin of 7.43% and a return on equity of 9.99%. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the business posted $1.35 EPS. AGCO has set its FY 2026 guidance at 5.500-5.750 EPS. As a group, sell-side analysts anticipate that AGCO Corporation will post 6.2 EPS for the current fiscal year.

AGCO Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.1%. AGCO’s dividend payout ratio is currently 11.57%.

Analyst Upgrades and Downgrades A number of analysts have commented on the stock. DA Davidson assumed coverage on shares of AGCO in a research report on Friday, July 10th. They set a “buy” rating and a $160.00 price target on the stock. Truist Financial increased their price objective on shares of AGCO from $152.00 to $159.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. UBS Group reiterated a “neutral” rating and set a $123.00 price objective on shares of AGCO in a research note on Sunday, May 10th. Morgan Stanley boosted their target price on AGCO from $108.00 to $110.00 and gave the stock an “underweight” rating in a report on Friday, July 17th. Finally, Weiss Ratings downgraded AGCO from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 27th. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $129.64.

View Our Latest Research Report on AGCO

About AGCO (Free Report)

AGCO Corporation is a global leader in the design, manufacture and distribution of agricultural machinery and precision farming solutions. Headquartered in Duluth, Georgia, the company markets a diverse portfolio of well-known brands, including Massey Ferguson, Fendt, Challenger, Valtra and GSI, serving farmers and producers in North America, South America, Europe, the Middle East, Africa and Asia Pacific. Through an extensive dealer network, AGCO provides equipment tailored to a broad range of crop and livestock operations.

The company’s product offerings span tractors, combine harvesters, hay and forage tools, application equipment, seeding and tillage implements, as well as grain storage and protein solutions.

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For the quarter ended June 2026, Agco (AGCO - Free Report) reported revenue of $2.61 billion, down 1% over the same period last year. EPS came in at $1.43, compared to $1.35 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $2.73 billion, representing a surprise of -4.32%. The company delivered an EPS surprise of -7.14%, with the consensus EPS estimate being $1.54.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Agco performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- North America: $471.5 million versus $460.19 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +12% change.Net Sales- Asia/Pacific/Africa: $134.5 million versus the four-analyst average estimate of $147.4 million. The reported number represents a year-over-year change of -1%.Net Sales- Europe/Middle East: $1.73 billion versus the four-analyst average estimate of $1.86 billion. The reported number represents a year-over-year change of -2.4%.View all Key Company Metrics for Agco here>>>

Shares of Agco have returned -0.3% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Net sales of $2.6 billion, down 1.0% year-over-year Reported earnings per share of $1.08 and adjusted earnings per share(1) of $1.43 Full-year adjusted earnings per share outlook of approximately $5.50 - $5.75 , /PRNewswire/ -- AGCO (NYSE: AGCO) reported net sales of $2.6 billion for the second quarter ended June 30, 2026, a decrease of 1.0% compared to the second quarter of 2025. Reported net income was $1.08 per share for the quarter and adjusted net income(1) was $1.43 per share. These results compare to reported net income of $4.22 per share and adjusted net income(1) of $1.35 per share for the second quarter of 2025. Excluding favorable foreign currency translation of 2.7%, net sales in the quarter decreased 3.7% compared to the second quarter of 2025.

AGCO IR Earnings Release Q2 - Newsroom Thumbnail "AGCO's second-quarter results reflect our ongoing emphasis on delivering productivity for farmers while driving greater efficiency throughout the company to further strengthen profitability through the economic cycle. Farmers responded to rising uncertainty around input costs and demand by taking a more cautious approach to equipment purchases," said Eric Hansotia, AGCO's Chairman, President and CEO. "With this significant shift and mixed market dynamics, we continue to take decisive actions to align production with retail demand, manage inventory levels across our dealer network and maintain strong discipline around operating expenses and working capital. At the same time, our teams remained committed to serving farmers, gaining share in key markets, including high-horsepower offerings in North America, advancing our precision agriculture initiatives and improving the quality and efficiency of our operations."

Hansotia continued, "Given weaker-than-expected industry conditions, currency fluctuations and a more cautious outlook for the balance of the year, we are adjusting our full-year outlook. Farmers continue to face pressure from elevated operating costs, uneven crop economics and broader macroeconomic uncertainty, resulting in delayed equipment investments and limited visibility into demand recovery. In response, we remain focused on our cost-reduction efforts, closely managing production schedules and prioritizing cash flow and margin performance. While near-term market conditions are difficult, we are confident in the strategic actions we have taken to strengthen AGCO's competitive position and are committed to executing our Farmer-First strategy, expanding technology adoption and creating long-term value for our shareholders."

Net sales for the first six months of 2026 were approximately $5.0 billion, an increase of 5.7% compared to the same period in 2025. For the first six months of 2026, reported net income was $1.84 per share and adjusted net income(1) was $2.37 per share. These results compare to reported net income of $4.36 per share and adjusted net income(1) of $1.76 per share for the same period in 2025. Excluding favorable foreign currency translation of 5.2%, net sales in the first six months of 2026 increased 0.5% compared to the same period in 2025.

Second Quarter Highlights

Reported regional sales results(2): Europe/Middle East ("EME") (2.4)%, North America +19.7%, Latin America ("LATAM") (17.9)%, Asia/Pacific/Africa ("APA") (1.0)% Constant currency regional sales results(1)(2)(3): EME (4.7)%, North America +19.8%, LATAM (25.0)%, APA (6.4)% Regional operating margin performance: EME 15.0%, North America (5.2)%, LATAM (8.0)%, APA 7.7% The Company completed $345 million of share repurchases in the second quarter On April 30, 2026, the Company completed the sale of its 49% equity interests in the AGCO Finance U.S. and Canada joint ventures for approximately $190 million. Approximately $20 million of the total consideration was recognized in "Other expense, net" during the quarter representing future earnings that were effectively monetized and recognized upon closing, resulting in upfront recognition of the estimated income associated with the run-off of the U.S. and Canada AGCO Finance portfolios (1) See reconciliation of non-GAAP measures in appendix.

(2)  As compared to second quarter 2025.

(3) Excludes currency translation impact.

Market Update

Industry Unit Retail Sales

Tractors

Combines

Six Months Ended June 30, 2026

Change from

Prior Year Period

Change from

Prior Year Period

North America(4)

(9) %

(7) %

Brazil(5)

(11) %

(39) %

Western Europe(5)

3 %

(3) %

(4)  Excludes compact tractors.

(5)  Based on Company estimates.

Hansotia concluded, "As we move into the second half of 2026, farmers around the world have a heightened focus on maximizing net farm income through prioritizing productivity and performance from every acre and machine. Global trade discussions, geopolitical developments and changes in energy and input costs continue to influence farmer confidence and investment activity. Demand for agricultural equipment remains well below historical mid-cycle levels, and retail activity generally reflects producer profitability and replacement requirements. Technology-enabled solutions continue to gain traction as farmers look to improve operating efficiency and adopt more precision agriculture, automation and digital tools. AGCO's focus on innovation, customer success and disciplined execution positions us to navigate the current environment and capitalize on opportunities as agricultural markets strengthen."

North American industry retail tractor sales were 9% lower in the first six months of 2026 compared to the same period in 2025 with the largest change occurring in higher-horsepower categories. Combine unit sales were 7% lower year-over-year during the same period. Current farm economics, evolving grain export demand and elevated input costs are expected to continue to pressure industry demand throughout 2026.

Brazil industry retail tractor sales were 11% lower in the first six months of 2026 compared to the same period in 2025 reflecting softer demand for larger tractors partially offset by improved demand for smaller and mid-size equipment. Brazil's farm profitability is under pressure due to high production costs, particularly for imported fertilizer and demand for larger equipment has not yet shown renewed growth. Financing costs, credit conditions and broader political dynamics are expected to continue to constrain demand in 2026.

Western Europe industry retail tractor sales were 3% higher during the first six months of 2026 compared to the same period in 2025 led by strong growth in the United Kingdom and Scandinavia and stable demand across the broader Western European markets. Farm income levels in 2025, supported primarily by dairy and livestock producers, together with an aging equipment fleet, provide a favorable foundation for 2026 industry demand to remain consistent with 2025 levels despite higher input costs.

Regional Results

AGCO Regional Net Sales (in millions)

Three Months Ended June 30,

2026

2025

% change
from 2025

% change
from 2025
due to
currency
translation(6)

% change
excluding
currency

 translation

North America

$    471.5

$    393.9

19.7 %

(0.1) %

19.8 %

LATAM(7)

271.3

330.4

(17.9) %

7.1 %

(25.0) %

EME

1,732.4

1,774.9

(2.4) %

2.3 %

(4.7) %

APA

134.5

135.8

(1.0) %

5.4 %

(6.4) %

Total

$  2,609.7

$  2,635.0

(1.0) %

2.7 %

(3.7) %

Six Months Ended June 30,

2026

2025

% change
from 2025

% change
from 2025
due to
currency
translation(6)

% change
excluding
currency

 translation

North America

$    877.9

$    763.4

15.0 %

0.5 %

14.5 %

LATAM(7)

483.0

586.4

(17.6) %

7.2 %

(24.8) %

EME

3,333.2

3,105.4

7.3 %

5.8 %

1.5 %

APA

258.5

230.3

12.2 %

7.4 %

4.8 %

Total

$  4,952.6

$  4,685.5

5.7 %

5.2 %

0.5 %

(6) See footnotes for additional disclosures.

(7) Note: Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

North America
Net sales in the North American region increased 19.8% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of unfavorable currency translation. Higher unit sales compared to the prior year supported the increase in sales. The most significant sales increases occurred in high-horsepower tractors and hay tools. Loss from operations for the second quarter of 2026 was approximately flat compared to the same period in 2025, primarily due to higher tariff-related costs, partially offset by the benefit of approximately $22 million of certain IEEPA tariff refunds recognized during the period.

Latin America
Latin America region net sales decreased 25.0% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of favorable currency translation. Softer industry demand resulted in lower sales across all product categories. Income from operations for the second quarter of 2026 was $48.7 million lower compared to the same period in 2025. This decrease was primarily the result of significantly lower sales and production volumes and higher engineering expenses.

Europe/Middle East
Net sales in the Europe/Middle East region decreased 4.7% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of favorable currency translation. Sales declines across most European markets were partially offset by growth in Germany and the United Kingdom. Income from operations in the second quarter of 2026 was approximately flat compared to the same period in 2025, despite lower sales, resulting in an operating margin of 15.0%.

Asia/Pacific/Africa
Asia/Pacific/Africa region net sales decreased 6.4% during the second quarter of 2026 compared to the second quarter of 2025, excluding favorable currency translation impacts. Lower sales across most of the Asian and African markets were partially offset by higher sales in Australia. Despite lower sales, income from operations in the second quarter of 2026 was approximately flat compared to the same period in 2025.

Outlook
AGCO's net sales for 2026 are expected to be from $10.1 to $10.2 billion. Adjusted operating margins are projected to be about 7.5% reflecting continued emphasis on pricing discipline, cost management and operational alignment. Production volumes are planned to align dealer inventory with market demand, while cost controls and positive pricing continue to support performance. Based on these assumptions, 2026 earnings per share are targeted between $5.50 and $5.75. These estimates reflect tariff policies as of July 30, 2026, together with AGCO's established mitigation actions and sourcing strategies. Any changes to tariff policies or related responses could affect these projections.

* * * * *

AGCO will host a conference call for this earnings announcement at 10 a.m. Eastern Time on Thursday, July 30. The Company will refer to slides on its conference call. Interested persons can access the conference call and slide presentation via AGCO's website at www.agcocorp.com under the "Investors" section. The webcast will also be archived immediately afterward for 12 months. A copy of this press release will be available on AGCO's website for at least 12 months following the call.

* * * * *

Safe Harbor Statement
Statements that are not historical facts, including the projections of earnings per share, production levels, sales, industry demand, market conditions, commodity prices, currency translation, farm income levels, margin levels, strategy, investments in product and technology development, new product introductions, restructuring and other cost reduction initiatives, production volumes, tax rates and general economic conditions, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. The following are among the factors that could cause actual results to differ materially from the results discussed in or implied by the forward-looking statements.

Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, adverse weather, tariffs, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. We maintain an independent dealer and distribution network in the markets where we sell products. The financial and operational capabilities of our dealers and distributors are critical to our ability to compete in these markets. Higher inventory levels at our dealers and high utilization of dealer credit limits as well as the financial health of our dealers could negatively impact future sales and adversely impact our performance. On April 1, 2024, we completed the acquisition of the ag assets and technologies of Trimble through the formation of a joint venture, PTx Trimble, of which we own 85%. Financing the PTx Trimble transaction significantly increased our indebtedness and interest expense. We also have made various assumptions relating to the acquisition that may not prove to be correct, and we may fail to realize all of the anticipated benefits of the acquisition. All acquisitions involve risk, and there is no certainty that the acquired business will operate as expected. Each of these items, as well as similar acquisition-related items, would adversely impact our performance. A majority of our sales and manufacturing takes place outside the United States, and many of our sales involve products that are manufactured in one country and sold in a different country. As a result, we are exposed to risks related to foreign laws, taxes and tariffs, trade restrictions, economic conditions, labor supply and relations, political conditions and governmental policies. 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 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. There is a potential for natural gas shortages, as well as shortages in other energy sources, throughout Europe, which could negatively impact our production in Europe both directly and through interrupting the supply of parts and components that we use. It is unclear how long these conditions will continue, or whether they will worsen, and what the ultimate impact on our performance will be. In addition, AGCO sells products in, and purchases parts and components from, other regions where there could be hostilities. Any hostilities likely would adversely impact our performance. Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. The AGCO Finance joint ventures with Rabobank, which are wholly owned or controlled by Rabobank and are dependent upon Rabobank for financing as well, finance approximately 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. In addition, Rabobank also is the lead lender in our revolving credit facility and term loans and for many years has been an important financing partner for us. Any interruption or other challenges in that relationship would require us to obtain alternative financing, which could be difficult. Both AGCO and our finance joint ventures have substantial accounts receivable from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was less than optimal; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section. We can experience substantial and sustained volatility with respect to currency exchange rate and interest rate changes, which can adversely affect our reported results of operations and the competitiveness of our products. Our success depends on the introduction of new products, particularly engines that comply with emission requirements and sustainable smart farming technology, which require substantial expenditures; there is no certainty that we can develop the necessary technology or that the technology that we develop will be attractive to farmers or available at competitive prices. Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. Our business is increasingly subject to regulations relating to privacy and data protection, and if we violate any of those regulations, or otherwise are the victim of a cyberattack, we could be subject to significant claims, penalties and damages. Cybersecurity breaches including ransomware attacks and other means are rapidly increasing. We continue to review and improve our safeguards to minimize our exposure to future attacks. However, there always will be the potential of the risk that a cyberattack will be successful and will disrupt our business, either through shutting down our operations, destroying data, exfiltrating data or otherwise. 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. 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. Any future pandemics could negatively impact our business through reduced sales, facility closures, higher absentee rates and reduced production at both our plants and the plants that supply us with parts and components. In addition, logistical and transportation-related issues and similar problems may also arise. We have previously experienced significant inflation in a range of costs, including for parts and components, shipping and energy. While we have been able to pass along most of those costs through increased prices, there can be no assurance that we will be able to continue to do so. If we are not, it will adversely impact our performance. We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and performance would decline. We have a substantial amount of indebtedness (and have incurred additional indebtedness as part of the PTx Trimble joint venture transaction), and, as a result, we are subject to certain restrictive covenants and payment obligations, as well as increased leverage generally, that may adversely affect our ability to operate and expand our business. Further information concerning these and other factors is included in AGCO's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025, and subsequent Form 10-Qs. AGCO disclaims any obligation to update any forward-looking statements except as required by law.

* * * * *

About AGCO
AGCO (NYSE: 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. For more information, visit www.agcocorp.com. 

# # # # #

AGCO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in millions)

June 30, 2026

December 31, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$              573.4

$              861.8

Accounts and notes receivable, net

1,232.1

1,079.4

Inventories, net

3,007.1

2,709.3

Other current assets

525.1

545.6

Total current assets

5,337.7

5,196.1

Property, plant and equipment, net

1,939.9

1,996.2

Right-of-use lease assets

153.0

167.3

Investments in affiliates

490.6

609.9

Deferred tax assets

974.4

905.5

Other assets

455.0

481.0

Intangible assets, net

644.6

673.0

Goodwill

1,883.2

1,898.8

Total assets

$           11,878.4

$          11,927.8

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

Current Liabilities:

Borrowings due within one year

$              546.7

$              117.7

Accounts payable

1,030.8

951.0

Accrued expenses

2,340.1

2,538.7

Other current liabilities

123.6

121.7

Total current liabilities

4,041.2

3,729.1

Long-term debt, less current portion and debt issuance costs

2,180.3

2,323.1

Operating lease liabilities

111.9

122.1

Pension and postretirement health care benefits

167.2

169.2

Deferred tax liabilities

123.0

126.5

Other noncurrent liabilities

881.8

885.1

Total liabilities

7,505.4

7,355.1

Redeemable noncontrolling interests

292.4

299.2

Stockholders' Equity:

Preferred stock

—

—

Common stock

0.7

0.7

Additional paid-in capital

10.9

0.5

Retained earnings

5,800.9

6,047.2

Accumulated other comprehensive loss

(1,731.9)

(1,774.9)

Total stockholders' equity

4,080.6

4,273.5

Total liabilities, redeemable noncontrolling interests and stockholders' equity

$           11,878.4

$          11,927.8

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Three Months Ended June 30,

2026

2025

Net sales

$           2,609.7

$           2,635.0

Cost of goods sold

1,963.8

1,976.4

Gross profit

645.9

658.6

Operating expenses:

Selling, general and administrative expenses

335.7

326.4

Engineering expenses

141.2

117.8

Amortization of intangibles

17.1

15.7

Impairment charges

—

6.8

Restructuring and business optimization expenses

11.2

15.6

Loss on sale of business

—

12.3

Income from operations

140.7

164.0

Interest expense, net

17.0

17.8

Other expense, net

15.5

48.9

Income before income taxes and equity in net earnings of affiliates

108.2

97.3

Income tax provision (benefit)

40.4

(205.5)

Income before equity in net earnings of affiliates

67.8

302.8

Equity in net earnings of affiliates

7.0

11.6

Net income

74.8

314.4

Net loss attributable to noncontrolling interests

2.4

0.4

Net income attributable to AGCO Corporation

$              77.2

$             314.8

Net income per common share attributable to AGCO Corporation:

Basic

$              1.08

$              4.22

Diluted

$              1.08

$              4.22

Cash dividends declared and paid per common share

$              0.30

$              0.29

Weighted average number of common and common equivalent shares outstanding:

Basic

71.1

74.6

Diluted

71.2

74.6

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Six Months Ended June 30,

2026

2025

Net sales

$           4,952.6

$           4,685.5

Cost of goods sold

3,725.3

3,506.3

Gross profit

1,227.3

1,179.2

Operating expenses:

Selling, general and administrative expenses

674.8

652.2

Engineering expenses

273.8

233.8

Amortization of intangibles

34.0

31.0

Impairment charges

2.1

7.9

Restructuring and business optimization expenses

21.2

28.6

Loss on sale of business

—

12.3

Income from operations

221.4

213.4

Interest expense, net

32.2

36.3

Other expense, net

42.0

81.2

Income before income taxes and equity in net earnings of affiliates

147.2

95.9

Income tax provision (benefit)

45.0

(203.5)

Income before equity in net earnings of affiliates

102.2

299.4

Equity in net earnings of affiliates

25.0

23.7

Net income

127.2

323.1

Net loss attributable to noncontrolling interests

5.0

2.2

Net income attributable to AGCO Corporation

$             132.2

$             325.3

Net income per common share attributable to AGCO Corporation

Basic

$              1.84

$              4.36

Diluted

$              1.84

$              4.36

Cash dividends declared and paid per common share

$              0.59

$              0.58

Weighted average number of common and common equivalent shares outstanding:

Basic

71.8

74.6

Diluted

71.9

74.6

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in millions)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities:

Net income

$             127.2

$             323.1

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation

133.8

124.6

Amortization of intangibles

34.0

31.0

Stock compensation expense

27.9

17.9

Impairment charges

2.1

7.9

Loss on sale of business

—

12.3

Equity in net earnings of affiliates, net of cash received

(25.0)

(23.1)

Deferred income tax benefit

(64.5)

(301.3)

Other

(14.0)

14.0

Changes in operating assets and liabilities:

Accounts and notes receivable, net

(177.7)

107.5

Inventories, net

(298.8)

(146.5)

Other current and noncurrent assets

43.8

(70.3)

Accounts payable

114.9

176.1

Accrued expenses

(156.5)

(244.5)

Other current and noncurrent liabilities

7.8

124.8

Total adjustments

(372.2)

(169.6)

Net cash provided by (used in) operating activities

(245.0)

153.5

Cash flows from investing activities:

Purchases of property, plant and equipment

(101.8)

(90.4)

Proceeds from sale of property, plant and equipment

0.3

1.1

Proceeds from sale of business

—

(12.3)

Investments in unconsolidated affiliates

(34.7)

(1.2)

Proceeds from sale of investments in unconsolidated affiliates

188.4

—

Other

(15.5)

(5.3)

Net cash provided by (used in) investing activities

36.7

(108.1)

Cash flows from financing activities:

Proceeds from indebtedness

376.6

518.0

Repayments of indebtedness

(56.2)

(367.5)

Purchases and retirement of common stock

(347.0)

—

Payment of dividends to stockholders

(42.0)

(43.3)

Payment of minimum tax withholdings on stock compensation

(7.0)

(9.1)

Net cash provided by (used in) financing activities

(75.6)

98.1

Effects of exchange rate changes on cash, cash equivalents and restricted cash

(4.5)

27.7

Increase (decrease) in cash, cash equivalents and restricted cash

(288.4)

171.2

Cash, cash equivalents and restricted cash, beginning of period

861.8

612.7

Cash, cash equivalents and restricted cash, end of period

$             573.4

$             783.9

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions)

1.    SEGMENT REPORTING

The Company has four operating segments which are also its reportable segments which consist of the North America, Latin America, Europe/Middle East and Asia/Pacific/Africa regions. Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. The Company's reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company's Chief Operating Decision Maker ("CODM"), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment's performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Company's selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income (loss) from operations for one segment may not be comparable to another segment. Segment results for the three and six months ended June 30, 2026 and 2025 based on the Company's reportable segments are as follows (in millions): 

Three Months Ended June 30,

North
America

Latin
America

Europe/Middle
East

Asia/Pacific/
Africa

Total
Segments

2026

Net sales

$    471.5

$    271.3

$     1,732.4

$       134.5

$  2,609.7

Cost of goods sold

378.9

236.0

1,242.4

106.5

1,963.8

Selling, general and administrative expenses

77.1

42.1

146.5

14.8

280.5

Engineering expenses

40.0

15.0

83.3

2.9

141.2

Income (loss) from operations

$    (24.5)

$    (21.8)

$       260.2

$        10.3

$    224.2

2025

Net sales

$    393.9

$    330.4

$     1,774.9

$       135.8

$  2,635.0

Cost of goods sold

305.3

265.8

1,299.3

106.0

1,976.4

Selling, general and administrative expenses

78.7

31.7

140.1

17.9

268.4

Engineering expenses

35.1

6.0

74.2

2.5

117.8

Income (loss) from operations

$    (25.2)

$      26.9

$       261.3

$          9.4

$    272.4

Six Months Ended June 30,

North
America

Latin
America

Europe/Middle
East

Asia/Pacific/
Africa

Total

Segments

2026

Net sales

$    877.9

$    483.0

$     3,333.2

$       258.5

$  4,952.6

Cost of goods sold

717.0

439.9

2,361.9

206.5

3,725.3

Selling, general and administrative expenses

159.3

78.1

288.6

32.2

558.2

Engineering expenses

77.1

27.7

163.5

5.5

273.8

Income (loss) from operations

$    (75.5)

$    (62.7)

$       519.2

$        14.3

$    395.3

2025

Net sales

$    763.4

$    586.4

$     3,105.4

$       230.3

$  4,685.5

Cost of goods sold

581.0

470.9

2,270.1

184.3

3,506.3

Selling, general and administrative expenses

163.5

65.8

275.3

34.4

539.0

Engineering expenses

68.3

16.3

144.3

4.9

233.8

Income (loss) from operations

$    (49.4)

$      33.4

$       415.7

$          6.7

$    406.4

A reconciliation from the segment information to the consolidated balances for income from operations is set forth below (in millions):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Segment income from operations

$          224.2

$          272.4

$          395.3

$           406.4

Impairment charges

—

(6.8)

(2.1)

(7.9)

Loss on sale of business

—

(12.3)

—

(12.3)

Corporate expenses

(38.1)

(47.7)

(89.2)

(95.8)

Amortization of intangibles

(17.1)

(15.7)

(34.0)

(31.0)

Stock compensation expense

(17.1)

(10.3)

(27.4)

(17.4)

Restructuring and business optimization expenses

(11.2)

(15.6)

(21.2)

(28.6)

Consolidated income from operations

$          140.7

$          164.0

$          221.4

$           213.4

RECONCILIATION OF NON-GAAP MEASURES

This earnings release discloses adjusted income from operations, adjusted operating margin, adjusted net income, adjusted net income per share and net sales on a constant currency basis, each of which excludes amounts that are typically included in the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). A reconciliation of each of those measures to the most directly comparable GAAP measure is included below.

The following is a reconciliation of reported income from operations, net income attributable to AGCO and net income per share attributable to AGCO to adjusted income from operations, adjusted net income and adjusted net income per share for the three and six months ended June 30, 2026 and 2025 (in millions, except per share data):

Three Months Ended June 30,

2026

2025

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

As reported

$       140.7

$       77.2

$       1.08

$       164.0

$     314.8

$       4.22

Restructuring and business optimization expenses(2)

11.2

8.7

0.12

15.6

11.6

0.16

Amortization of PTx Trimble acquired intangibles(3)

14.3

11.0

0.16

13.0

7.9

0.11

Transaction-related costs(4)

0.1

—

—

5.8

1.6

0.02

Impairment charges(5)

—

—

—

6.8

6.8

0.09

Loss on sale of business(6)

—

—

—

12.3

12.7

0.17

Divestiture-related foreign currency translation release(7)

5.3

5.3

0.07

—

—

—

Discrete tax items(8)

—

—

—

—

(255.2)

(3.42)

As adjusted

$       171.6

$     102.2

$       1.43

$       217.5

$     100.2

$       1.35

(1)

Net income and net income per share amounts are after tax.

(2)

The restructuring expenses recorded during the three months ended June 30, 2026 and 2025 related primarily to severance, business optimization and other related costs associated with the Company's restructuring program.

(3)

Amortization of intangibles related to intangibles acquired as part of the Company's acquisition of PTx Trimble.

(4)

The transaction-related costs recorded during the three months ended June 30, 2026 related to the Company's divestiture of the majority of its Grain & Protein ("G&P") business. The transaction-related costs recorded during the three months ended June 30, 2025 related to the Company's divestiture of the majority of its G&P business and the formation of the PTx Trimble joint venture.

(5)

The impairment charges recorded during the three months ended June 30, 2025 primarily related to the impairment of certain other assets.

(6)

The loss on sale of business recorded during the three months ended June 30, 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.

(7)

During the three months ended June 30, 2026, the Company divested its interests in its Canadian finance joint venture. Foreign currency translation impacts since inception of the finance joint venture previously recognized within "Accumulated other comprehensive loss" were recorded within "Other expense, net" in the Company's Condensed Consolidated Statements of Operations.

(8)

During the three months ended June 30, 2025, the Company's income tax provision included a net tax benefit of $255.2 million related to a legal entity reorganization.

Six Months Ended June 30,

2026

2025

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

As reported

$       221.4

$     132.2

$       1.84

$       213.4

$     325.3

$       4.36

Restructuring and business optimization expenses(2)

21.2

17.1

0.24

28.6

21.3

0.29

Amortization of PTx Trimble acquired intangibles(3)

28.7

22.1

0.31

25.8

15.5

0.21

Transaction-related costs(4)

0.3

—

—

12.9

3.6

0.05

Impairment charges(5)

2.1

2.1

0.03

7.9

7.9

0.10

Loss on sale of business(6)

—

—

—

12.3

12.7

0.17

Divestiture-related foreign currency translation release(7)

5.3

5.3

0.07

—

—

—

Discrete tax items(8)

—

(8.5)

(0.12)

—

(255.2)

(3.42)

As adjusted

$       279.0

$     170.3

$       2.37

$       300.9

$     131.1

$       1.76

(1)

Net income and net income per share amounts are after tax.

(2)

The restructuring expenses recorded during the six months ended June 30, 2026 and 2025 related primarily to severance, business optimization and other related costs associated with the Company's restructuring program.

(3)

Amortization of intangibles related to intangibles acquired as part of the Company's acquisition of PTx Trimble.

(4)

The transaction-related costs recorded during the six months ended June 30, 2026 related to the Company's divestiture of the majority of its G&P business. The transaction-related costs recorded during the six months ended June 30, 2025 related to the Company's divestiture of the majority of its G&P business and the formation of the PTx Trimble joint venture.

(5)

The impairment charges recorded during the six months ended June 30, 2026 and 2025 primarily related to the impairment of certain other assets.

(6)

The loss on sale of business recorded during the six months ended June 30, 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.

(7)

During the six months ended June 30, 2026, the Company divested its interests in its Canadian finance joint venture. Foreign currency translation impacts since inception of the finance joint venture previously recognized within "Accumulated other comprehensive loss" were recorded within "Other expense, net" in the Company's Condensed Consolidated Statements of Operations.

(8)

During the six months ended June 30, 2026, the Company received a refund resulting from a favorable resolution related to a prior settlement under the Brazilian government's "Litigation Zero" tax amnesty program. During the six months ended June 30, 2025, the Company's income tax provision included a net tax benefit of $255.2 million related to a legal entity reorganization.

The following is a reconciliation of adjusted operating margin for the three and six months ended June 30, 2026 and 2025 (in millions, except margin data):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net sales

$       2,609.7

$       2,635.0

$       4,952.6

$       4,685.5

Income from operations

140.7

164.0

221.4

213.4

Adjusted income from operations(1)

$         171.6

$         217.5

$         279.0

$         300.9

Operating margin(2)

5.4 %

6.2 %

4.5 %

4.6 %

Adjusted operating margin(2)

6.6 %

8.3 %

5.6 %

6.4 %

(1)

Refer to the previous table for the reconciliation of income from operations to adjusted income from operations.

(2)

Operating margin is defined as the ratio of income from operations divided by net sales. Adjusted operating margin is defined as the ratio of adjusted income from operations divided by net sales.

The Company does not provide a quantitative reconciliation of forward-looking, non-GAAP financial measures to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have a significant impact on such calculations and providing them may imply a degree of precision that would be confusing or potentially misleading.

The following tables set forth, for the three and six months ended June 30, 2026 and 2025, the impact to net sales of currency translation by geographical segment (in millions, except percentages):

Three Months Ended June 30,

Change due to currency translation

2026

2025

% change
from 2025

$

%

North America

$     471.5

$     393.9

19.7 %

$       (0.2)

(0.1) %

Latin America(1)

271.3

330.4

(17.9) %

23.5

7.1 %

Europe/Middle East

1,732.4

1,774.9

(2.4) %

41.1

2.3 %

Asia/Pacific/Africa

134.5

135.8

(1.0) %

7.3

5.4 %

$   2,609.7

$   2,635.0

(1.0) %

$       71.7

2.7 %

(1)

Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

Six Months Ended June 30,

Change due to currency translation

2026

2025

% change
from 2025

$

%

North America

$     877.9

$     763.4

15.0 %

$        3.5

0.5 %

Latin America(1)

483.0

586.4

(17.6) %

42.0

7.2 %

Europe/Middle East

3,333.2

3,105.4

7.3 %

179.7

5.8 %

Asia/Pacific/Africa

258.5

230.3

12.2 %

17.0

7.4 %

$   4,952.6

$   4,685.5

5.7 %

$     242.2

5.2 %

(1)

Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

SOURCE AGCO Corporation

Wall Street expects a year-over-year increase in earnings on higher revenues when Agco (AGCO - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 30. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis farm equipment maker is expected to post quarterly earnings of $1.50 per share in its upcoming report, which represents a year-over-year change of +11.1%.

Revenues are expected to be $2.71 billion, up 3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.53% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Agco?For Agco, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.51%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Agco will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Agco would post earnings of $0.44 per share when it actually produced earnings of $0.94, delivering a surprise of +113.64%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Agco appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Agco (AGCO - Free Report) Established in 1990, headquartered in Duluth, GA, AGCO Corporation is a leading manufacturer and distributor of agricultural equipment and related replacement parts. The company offers a full product line of farm equipment through a wide network of dealers and distributors across 140 countries.  

AGCO is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 18.93; value investors should take notice.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.15 to $6.07 per share. AGCO boasts an average earnings surprise of +41.4%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, AGCO should be on investors' short list.

Indira Agarwal, the chief accounting officer at AGCO Corporation (AGCO 0.21%), disposed of 1,734 shares of common stock on July 10, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)1,734Transaction value$198,231Post-transaction shares (directly held)11,825Post-transaction value$1.35 millionTransaction value based on SEC Form 4 weighted average sale price ($114.32); post-transaction value based on July 10, 2026 market close ($114.32).

Key questionsWhat was the specific context of this stock disposition?
The transaction involved the withholding of 1,734 shares by the company to cover tax liabilities associated with the vesting of restricted stock units originally awarded to Indira Agarwal on July 10, 2024.Does this transaction provide a signal regarding executive sentiment?
No, because this was a non-discretionary tax withholding event, it does not reflect a change in the executive's investment thesis or outlook on the firm's valuation.What is the executive's current equity exposure?
Following this transaction, Indira Agarwal continues to hold 11,825 shares directly.How has the stock performed leading up to this transaction?
As of the July 10 transaction date, the company's common stock had a one-year gain of about 0.48%.Company OverviewMetricValueShare Price (as of market close 2026-07-10)$114.32Market Capitalization$8.3 billionRevenue (TTM)$10.4 billionNet Income (TTM)$771.0 millionCompany SnapshotAGCO Corporation manufactures and distributes a comprehensive portfolio of agricultural machinery, including high-horsepower tractors for large-scale operations, utility tractors for small to medium-sized farms, and specialized equipment for dairy and commercial applications, generating revenue through direct sales of equipment and replacement components.The company operates a global distribution model serving agricultural producers across diverse farm sizes and operational scales, generating revenue through equipment sales, aftermarket parts, and related agricultural machinery solutions.AGCO's primary customers include commercial farmers, agricultural cooperatives, and equipment dealers across North America, Europe, and international markets, with a focus on serving both large-scale row crop operations and smaller specialty farming segments.AGCO Corporation is a leading global manufacturer of agricultural machinery with a market capitalization of $8.3 billion and TTM revenues of $10.4 billion, serving a diverse customer base across multiple continents. The company's competitive position is strengthened by its extensive product portfolio spanning tractors, implements, and replacement components, combined with a robust global distribution network that reaches commercial and specialty farming operations. With 24,000 employees and a strategic focus on essential agricultural equipment, AGCO maintains a significant presence in the industrials sector's agricultural machinery segment.

What this transaction means for investorsThe filing makes clear that AGCO withheld these shares to cover the taxes due when Agarwal's restricted stock vested, a bookkeeping step that happens automatically on the vesting date. In other words, Agarwal didn't choose to sell and didn't time anything, and she still holds 11,825 shares directly. That said, the more interesting story is that AGCO is showing early signs of a cyclical turn. Though shares took a big hit earlier this year on tariff pressures, first-quarter results had reason to be positive. Revenue rose 14.3% to $2.34 billion, adjusted earnings of $0.94 per share more than doubled and crushed estimates, and management guided full-year revenue to a midpoint of $10.6 billion. CEO Eric Hansotia credited share gains in high-horsepower equipment and precision agriculture.

For long-term investors, the takeaway is to look past this filing and weigh the recovery against real headwinds that seem largely priced in: Management still expects flat-to-lower full-year production, Latin American demand fell more than 30%, and tariffs are set to cost roughly $135 million this year.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

DULUTH, Ga., July 9, 2026 /PRNewswire/ -- AGCO (NYSE: AGCO) today announced its second-quarter 2026 earnings release conference call is scheduled for Thursday, July 30, at 10 a.m. ET. The company will refer to slides on its conference call. Interested persons can access the conference call and slide presentation via AGCO's website at www.agcocorp.com under the "Investors" Section. The webcast will also be archived immediately afterward for 12 months.

About AGCO: 
AGCO (NYSE: 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. For more information, visit www.agcocorp.com.

Additional AGCO News

AGCO Unveils "Legacies of the Land" Campaign Honoring Farming Families for America's 250th AGCO Advances Fuel Efficiency Across Its Fendt®, Massey Ferguson® and Valtra® Brands AGCO's Valtra® Produces 1000th CVT at Suolahti, Finland, Factory SOURCE AGCO Corporation

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Agco (AGCO - Free Report) , which belongs to the Zacks Manufacturing - Farm Equipment industry, could be a great candidate to consider.

When looking at the last two reports, this farm equipment maker has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 65.47%, on average, in the last two quarters.

For the last reported quarter, Agco came out with earnings of $0.94 per share versus the Zacks Consensus Estimate of $0.44 per share, representing a surprise of 113.64%. For the previous quarter, the company was expected to post earnings of $1.85 per share and it actually produced earnings of $2.17 per share, delivering a surprise of 17.30%.

Price and EPS Surprise

For Agco, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Agco has an Earnings ESP of +7.38% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner.

When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

On June 25, 2026, AGCO Corp (AGCO) shares rose 3.7% today to a current price of $118.86. The stock has experienced a 52-week range of $99.21 to $143.78, reflect

The market expects Agco (AGCO - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 5. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis farm equipment maker is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of +7.3%.

Revenues are expected to be $2.3 billion, up 12.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.21% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Agco?For Agco, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.75%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Agco will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Agco would post earnings of $1.85 per share when it actually produced earnings of $2.17, delivering a surprise of +17.30%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Agco appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsCNH Industrial (CNH - Free Report) , another stock in the Zacks Manufacturing - Farm Equipment industry, is expected to report earnings per share of $0.01 for the quarter ended March 2026. This estimate points to a year-over-year change of -90%. Revenues for the quarter are expected to be $3.78 billion, down 1.2% from the year-ago quarter.

The consensus EPS estimate for CNH has been revised 8.2% higher over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -214.29%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that CNH will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Net sales of $2.3 billion, up 14.3% year-over-year Reported earnings per share of $0.76 and adjusted earnings per share(1) of $0.94 Full-year adjusted earnings per share outlook increased to approximately $6.00 Regular quarterly dividend increased to $0.30 per share $350 million in share repurchases to commence in the second quarter of 2026 , /PRNewswire/ -- AGCO (NYSE: AGCO) reported net sales of $2.3 billion for the first quarter ended March 31, 2026, an increase of 14.3% compared to the first quarter of 2025. Reported net income was $0.76 per share for the quarter and adjusted net income(1) was $0.94 per share. These results compare to reported net income of $0.14 per share and adjusted net income(1) of $0.41 per share for the first quarter of 2025. Excluding favorable foreign currency translation of 9.6%, net sales in the quarter increased 4.7% compared to the first quarter of 2025.

"AGCO delivered healthy first‑quarter sales and margin results, reflecting disciplined execution in a demanding agricultural market and dynamic global environment," said Eric Hansotia, AGCO's Chairman, President and CEO. "We outpaced the market, particularly in high‑horsepower equipment and precision agriculture, underscoring the strength of our differentiated portfolio and Farmer‑First approach. We stayed focused on supporting customers while maintaining operational flexibility with continued production alignment delivering further progress on dealer and company inventories. We achieved near‑record first‑quarter margins in Europe and continued to grow market share in high-horsepower offerings in North America."

Hansotia continued, "The first quarter results demonstrate a resilient earnings profile, a solid margin structure and positive momentum from our multi‑year structural transformation that reinforce our confidence in our strategy which is delivering increased value to our shareholders underscored by our increased quarterly dividend and next phase of share repurchases. As we progress through 2026, we remain firmly focused on executing our Farmer‑First strategy with a strong innovation pipeline and continued cost discipline to support healthy cash generation, positioning AGCO to navigate ongoing subdued demand and deliver improved performance as market fundamentals recover while keeping farmers at the center of everything we do."

First Quarter Highlights

Reported regional sales results(2): Europe/Middle East ("EME") +20.3%, North America +10.0%, Latin America ("LATAM") (17.3)%, Asia/Pacific/Africa ("APA") +31.2% Constant currency regional sales results(1)(2)(3): EME +9.0%, North America +9.0%, LATAM (30.3)%, APA +20.9% Regional operating margin performance: EME 16.2%, North America (12.5)%, LATAM (19.3)%, APA 3.2% The Company plans to initiate $350 million in share repurchases in the second quarter of 2026 The Company's Board of Directors approved an increase in the Company's regular quarterly dividend to $0.30 per share, from $0.29 per share (1) See reconciliation of non-GAAP measures in appendix.

(2)  As compared to first quarter 2025.

(3) Excludes currency translation impact.

Today the Company is also announcing the strategic evolution of its long-standing AGCO Finance U.S. and Canada joint ventures to better align with evolving market dynamics and increasing regulatory and compliance requirements. The new framework will optimize regulatory capital efficiency and capital deployment while strengthening AGCO's strategic partnership with Rabobank and its commitment to providing competitive financing solutions to farmers and dealers. On April 30, 2026, the Company executed two purchase agreements with wholly owned subsidiaries of Rabobank to sell its 49% equity interests in the joint ventures in the U.S. and Canada, AGCO Finance LLC and AGCO Finance Canada, Ltd., respectively, for approximately $190.0 million. The proceeds will be utilized towards share repurchases. In connection with the purchase agreements, the Company entered into Financing Framework Agreements with wholly owned subsidiaries of Rabobank that establish the commercial terms governing the future provision of financing solutions. The Company will continue to evaluate similar agreements in respect of other joint ventures with wholly owned subsidiaries of Rabobank in the future.

Market Update

Industry Unit Retail Sales

Tractors

Combines

Three Months Ended March 31, 2026

Change from

Prior Year Period

Change from

Prior Year Period

North America(4)

(8) %

(7) %

Brazil(5)

(10) %

(38) %

Western Europe(5)

7 %

(5) %

(4)  Excludes compact tractors.

(5)  Based on Company estimates.

Hansotia concluded, "Global agricultural markets entered 2026 with heightened focus on cost management and productivity, particularly for crop‑focused producers operating with tight margins as corn, soybean and wheat prices are near breakeven levels amid ample global supplies and evolving geopolitical and trade dynamics. Developments in the Middle East increased volatility across global energy, logistics and input markets, resulting in higher fuel, fertilizer and transportation costs that reinforced the importance of operational efficiency. In the U.S., strong harvests continued to shape grain pricing and farm profitability, while livestock producers benefited from firmer pricing and improved cash receipts, supporting a more favorable backdrop in that sector. Overall sentiment among crop producers remains cautious as input costs stay elevated and government programs continue to play an important role in supporting farm income. While demand for new equipment remains measured across many markets, it has largely aligned with current farm economics. Adoption of smart farming technologies continues to advance as farmers emphasize productivity, efficiency and returns on invested capital, even as near‑term demand across several equipment categories remains selective."

North American industry retail tractor sales were 8% lower in the first three months of 2026 compared to the same period in 2025 with the most pronounced declines occurring in higher horsepower categories. Combine unit sales were 7% lower year-over-year during the same period. Current farm economics, evolving grain export demand and elevated input costs are expected to continue to pressure industry demand throughout 2026, particularly for larger equipment.

Brazil industry retail tractor sales were 10% lower in the first three months of 2026 compared to the same period in 2025 reflecting softer demand for larger tractors partially offset by improved demand for smaller and mid-size equipment. Brazil is producing near-record crops, but profitability is under pressure due to high production costs, particularly for imported fertilizer and demand for larger equipment has not yet shown renewed growth. High financing costs, tight credit and broader political dynamics are expected to continue to constrain demand in 2026.

Western Europe industry retail tractor sales were 7% higher during the first three months of 2026 compared to the same period in 2025 with growth across most of the Western European markets. Farm income levels in 2025, supported primarily by dairy and livestock producers, together with an aging equipment fleet, provides a foundation for 2026 industry demand to remain modestly above 2025 levels.

Regional Results

AGCO Regional Net Sales (in millions)

Three Months Ended March 31,

2026

2025

% change
from 2025

% change
from 2025
due to
currency
translation(6)

% change
excluding
currency
translation

North America

$     406.4

$     369.5

10.0 %

1.0 %

9.0 %

LATAM(7)

211.7

256.0

(17.3) %

13.0 %

(30.3) %

EME

1,600.8

1,330.5

20.3 %

11.3 %

9.0 %

APA

124.0

94.5

31.2 %

10.3 %

20.9 %

Total

$  2,342.9

$  2,050.5

14.3 %

9.6 %

4.7 %

(6)

See footnotes for additional disclosures.

(7)

Note: Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

North America

North American net sales increased 9.0% during the first quarter of 2026 compared to the first quarter of 2025, excluding the impact of favorable currency translation. Higher unit sales compared to the prior year supported the increase in sales. The most significant sales increases occurred in high-horsepower tractors, hay tools and sprayers. Income from operations for the first quarter of 2026 was $26.8 million lower compared to the same period in 2025 and operating margins remained negative. This decrease was primarily a result of higher tariff-related input costs.

Latin America

Net sales in the Latin American region were 30.3% lower during the first quarter of 2026 compared to the first quarter of 2025, excluding the impact of favorable currency translation. Softer industry demand resulted in lower sales across all product categories. Income from operations for the first quarter of 2026 was $47.4 million lower compared to the same period in 2025. This decrease was primarily the result of significantly lower sales and negative pricing.

Europe/Middle East

Net sales in the Europe/Middle East region increased 9.0% during the first quarter of 2026 compared to the first quarter of 2025, excluding the impact of favorable currency translation. The increased sales resulted from increased unit volumes compared to the first quarter of 2025 which included dealer inventory de-stocking. Sales growth in Germany and the United Kingdom was partially offset by declines in Turkey and France. Growth in high-horsepower tractor sales drove most of the increase. Income from operations increased $104.6 million in the first quarter of 2026 compared to the same period in 2025. This increase was primarily a result of sales growth, favorable product mix and increased production volumes.

Asia/Pacific/Africa

Asia/Pacific/Africa region net sales increased 20.9% during the first quarter of 2026 compared to the first quarter of 2025, excluding favorable currency translation impacts. Higher sales in Australia and South Africa were partially offset by lower sales across most of the Asian markets. Income from operations increased $6.7 million in the first quarter of 2026 compared to the same period in 2025 primarily due to higher levels of sales and production volumes.

Outlook

AGCO's net sales for 2026 are expected to range from $10.5 to $10.7 billion. Adjusted operating margins are projected to range from 7.5% - 8.0% reflecting continued emphasis on pricing discipline, cost management and operational alignment. Production volumes are expected to remain relatively flat to slightly lower, with cost controls and positive pricing contributing to performance. Based on these assumptions, 2026 earnings per share are targeted at approximately $6.00. These estimates reflect tariff policies as of May 5, 2026, together with AGCO's established mitigation actions and sourcing strategies. Any changes to tariff policies or related responses could affect these projections.

* * * * *

AGCO will host a conference call for this earnings announcement at 10 a.m. Eastern Time on Tuesday, May 5. The Company will refer to slides on its conference call. Interested persons can access the conference call and slide presentation via AGCO's website at www.agcocorp.com under the "Investors" section. The webcast will also be archived immediately afterward for 12 months. A copy of this press release will be available on AGCO's website for at least 12 months following the call.

* * * * *

Safe Harbor Statement

Statements that are not historical facts, including the projections of earnings per share, production levels, sales, industry demand, market conditions, commodity prices, currency translation, farm income levels, margin levels, strategy, investments in product and technology development, new product introductions, restructuring and other cost reduction initiatives, production volumes, tax rates and general economic conditions, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. The following are among the factors that could cause actual results to differ materially from the results discussed in or implied by the forward-looking statements.

Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, adverse weather, tariffs, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. We maintain an independent dealer and distribution network in the markets where we sell products. The financial and operational capabilities of our dealers and distributors are critical to our ability to compete in these markets. Higher inventory levels at our dealers and high utilization of dealer credit limits as well as the financial health of our dealers could negatively impact future sales and adversely impact our performance. On April 1, 2024, we completed the acquisition of the ag assets and technologies of Trimble through the formation of a joint venture, PTx Trimble, of which we own 85%. Financing the PTx Trimble transaction significantly increased our indebtedness and interest expense. We also have made various assumptions relating to the acquisition that may not prove to be correct, and we may fail to realize all of the anticipated benefits of the acquisition. All acquisitions involve risk, and there is no certainty that the acquired business will operate as expected. Each of these items, as well as similar acquisition-related items, would adversely impact our performance. A majority of our sales and manufacturing takes place outside the United States, and many of our sales involve products that are manufactured in one country and sold in a different country. As a result, we are exposed to risks related to foreign laws, taxes and tariffs, trade restrictions, economic conditions, labor supply and relations, political conditions and governmental policies. The global trade landscape continues to be highly volatile. 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 and continue to evolve as trade negotiations occur. 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 remain subject to ongoing litigation, and the administration has announced plans to implement new tariffs under alternative statutory authority. 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 cannot predict or control the impact of the conflict 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. There is a potential for natural gas shortages, as well as shortages in other energy sources, throughout Europe, which could negatively impact our production in Europe both directly and through interrupting the supply of parts and components that we use. It is unclear how long these conditions will continue, or whether they will worsen, and what the ultimate impact on our performance will be. In addition, AGCO sells products in, and purchases parts and components from, other regions where there could be hostilities. Any hostilities likely would adversely impact our performance. Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. Our joint ventures with Rabobank, which are controlled by Rabobank and are dependent upon Rabobank for financing as well, finance approximately 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. In addition, Rabobank also is the lead lender in our revolving credit facility and term loans and for many years has been an important financing partner for us. Any interruption or other challenges in that relationship would require us to obtain alternative financing, which could be difficult. Both AGCO and our finance joint ventures have substantial accounts receivable from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was less than optimal; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section. We can experience substantial and sustained volatility with respect to currency exchange rate and interest rate changes, which can adversely affect our reported results of operations and the competitiveness of our products. Our success depends on the introduction of new products, particularly engines that comply with emission requirements and sustainable smart farming technology, which require substantial expenditures; there is no certainty that we can develop the necessary technology or that the technology that we develop will be attractive to farmers or available at competitive prices. Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. Our business is increasingly subject to regulations relating to privacy and data protection, and if we violate any of those regulations, or otherwise are the victim of a cyberattack, we could be subject to significant claims, penalties and damages. Cybersecurity breaches including ransomware attacks and other means are rapidly increasing. We continue to review and improve our safeguards to minimize our exposure to future attacks. However, there always will be the potential of the risk that a cyberattack will be successful and will disrupt our business, either through shutting down our operations, destroying data, exfiltrating data or otherwise. 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. 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. Any future pandemics could negatively impact our business through reduced sales, facilities closures, higher absentee rates and reduced production at both our plants and the plants that supply us with parts and components. In addition, logistical and transportation-related issues and similar problems may also arise. We have previously experienced significant inflation in a range of costs, including for parts and components, shipping and energy. While we have been able to pass along most of those costs through increased prices, there can be no assurance that we will be able to continue to do so. If we are not, it will adversely impact our performance. We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and performance would decline. We have a substantial amount of indebtedness (and have incurred additional indebtedness as part of the PTx Trimble joint venture transaction), and, as a result, we are subject to certain restrictive covenants and payment obligations, as well as increased leverage generally, that may adversely affect our ability to operate and expand our business. Further information concerning these and other factors is included in AGCO's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025, and subsequent Form 10-Qs. AGCO disclaims any obligation to update any forward-looking statements except as required by law.

* * * * *

About AGCO

AGCO (NYSE: 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. For more information, visit www.agcocorp.com. 

# # # # #

AGCO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in millions)

March 31, 2026

December 31, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$               514.9

$              861.8

Accounts and notes receivable, net

1,242.3

1,079.4

Inventories, net

3,001.8

2,709.3

Other current assets

579.2

545.6

Total current assets

5,338.2

5,196.1

Property, plant and equipment, net

1,954.8

1,996.2

Right-of-use lease assets

159.4

167.3

Investments in affiliates

628.1

609.9

Deferred tax assets

932.2

905.5

Other assets

474.6

481.0

Intangible assets, net

663.0

673.0

Goodwill

1,890.6

1,898.8

Total assets

$           12,040.9

$           11,927.8

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

Current Liabilities:

Borrowings due within one year

$               555.5

$              117.7

Accounts payable

1,121.5

951.0

Accrued expenses

2,267.2

2,538.7

Other current liabilities

184.1

121.7

Total current liabilities

4,128.3

3,729.1

Long-term debt, less current portion and debt issuance costs

2,018.7

2,323.1

Operating lease liabilities

115.9

122.1

Pension and postretirement health care benefits

167.8

169.2

Deferred tax liabilities

123.7

126.5

Other noncurrent liabilities

894.5

885.1

Total liabilities

7,448.9

7,355.1

Redeemable noncontrolling interests

295.5

299.2

Stockholders' Equity:

Preferred stock

—

—

Common stock

0.7

0.7

Additional paid-in capital

—

0.5

Retained earnings

6,032.2

6,047.2

Accumulated other comprehensive loss

(1,736.4)

(1,774.9)

Total stockholders' equity

4,296.5

4,273.5

Total liabilities, redeemable noncontrolling interests and stockholders' equity

$           12,040.9

$           11,927.8

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Three Months Ended March 31,

2026

2025

Net sales

$           2,342.9

$           2,050.5

Cost of goods sold

1,761.5

1,529.9

Gross profit

581.4

520.6

Operating expenses:

Selling, general and administrative expenses

339.1

325.8

Engineering expenses

132.6

116.0

Amortization of intangibles

16.9

15.3

Impairment charges

2.1

1.1

Restructuring and business optimization expenses

10.0

13.0

Income from operations

80.7

49.4

Interest expense, net

15.2

18.5

Other expense, net

26.5

32.3

Income (loss) before income taxes and equity in net earnings of affiliates

39.0

(1.4)

Income tax provision

4.6

2.0

Income (loss) before equity in net earnings of affiliates

34.4

(3.4)

Equity in net earnings of affiliates

18.0

12.1

Net income

52.4

8.7

Net loss attributable to noncontrolling interests

2.6

1.8

Net income attributable to AGCO Corporation

$               55.0

$               10.5

Net income per common share attributable to AGCO Corporation

Basic

$               0.76

$               0.14

Diluted

$               0.76

$               0.14

Cash dividends declared and paid per common share

$               0.29

$               0.29

Weighted average number of common and common equivalent shares outstanding:

Basic

72.5

74.6

Diluted

72.7

74.7

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in millions)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net income

$               52.4

$                8.7

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation

66.7

60.5

Amortization of intangibles

16.9

15.3

Stock compensation expense

10.4

7.3

Impairment charges

2.1

1.1

Equity in net earnings of affiliates, net of cash received

(18.0)

(12.1)

Deferred income tax benefit

(23.6)

(27.3)

Other

4.0

6.6

Changes in operating assets and liabilities:

Accounts and notes receivable, net

(177.1)

44.7

Inventories, net

(284.1)

(149.4)

Other current and noncurrent assets

(24.0)

2.5

Accounts payable

202.3

177.9

Accrued expenses

(254.2)

(384.9)

Other current and noncurrent liabilities

15.8

36.9

Total adjustments

(462.8)

(220.9)

Net cash used in operating activities

(410.4)

(212.2)

Cash flows from investing activities:

Purchases of property, plant and equipment

(44.6)

(48.2)

Proceeds from sale of property, plant and equipment

0.1

1.1

Investments in unconsolidated affiliates, net

(8.5)

(0.1)

Other

(12.6)

(4.1)

Net cash used in investing activities

(65.6)

(51.3)

Cash flows from financing activities:

Proceeds from indebtedness

187.2

531.2

Repayments of indebtedness

(31.5)

(297.0)

Payment of dividends to stockholders

(21.0)

(21.6)

Payment of minimum tax withholdings on stock compensation

(4.6)

(7.4)

Net cash provided by financing activities

130.1

205.2

Effects of exchange rate changes on cash, cash equivalents and restricted cash

(1.0)

8.2

Decrease in cash, cash equivalents and restricted cash

(346.9)

(50.1)

Cash, cash equivalents and restricted cash, beginning of period

861.8

612.7

Cash, cash equivalents and restricted cash, end of period

$             514.9

$             562.6

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions)

1.     SEGMENT REPORTING

The Company has four operating segments which are also its reportable segments which consist of the North America, Latin America, Europe/Middle East and Asia/Pacific/Africa regions. Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. The Company's reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company's Chief Operating Decision Maker ("CODM"), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment's performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Company's selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income (loss) from operations for one segment may not be comparable to another segment. Segment results for the three months ended March 31, 2026 and 2025 based on the Company's reportable segments are as follows (in millions):

Three Months Ended March 31,

North
America

Latin
America

Europe/
Middle East

Asia/Pacific/
Africa

Total
Segments

2026

Net sales

$     406.4

$     211.7

$     1,600.8

$       124.0

$  2,342.9

Cost of goods sold

338.1

203.9

1,119.5

100.0

1,761.5

Selling, general and administrative expenses

82.2

36.0

142.1

17.4

277.7

Engineering expenses

37.1

12.7

80.2

2.6

132.6

Income (loss) from operations

$     (51.0)

$     (40.9)

$       259.0

$          4.0

$     171.1

2025

Net sales

$     369.5

$     256.0

$     1,330.5

$         94.5

$  2,050.5

Cost of goods sold

275.6

205.1

970.9

78.3

1,529.9

Selling, general and administrative expenses

84.8

34.2

135.2

16.4

270.6

Engineering expenses

33.3

10.2

70.0

2.5

116.0

Income (loss) from operations

$     (24.2)

$       6.5

$       154.4

$         (2.7)

$     134.0

A reconciliation from the segment information to the consolidated balances for income from operations is set forth below (in millions):

Three Months Ended March 31,

2026

2025

Segment income from operations

$            171.1

$            134.0

Impairment charges

(2.1)

(1.1)

Corporate expenses

(51.1)

(48.1)

Amortization of intangibles

(16.9)

(15.3)

Stock compensation expense

(10.3)

(7.1)

Restructuring and business optimization expenses

(10.0)

(13.0)

Consolidated income from operations

$             80.7

$             49.4

RECONCILIATION OF NON-GAAP MEASURES

This earnings release discloses adjusted income from operations, adjusted operating margin, adjusted net income, adjusted net income per share and net sales on a constant currency basis, each of which excludes amounts that are typically included in the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). A reconciliation of each of those measures to the most directly comparable GAAP measure is included below.

The following is a reconciliation of reported income from operations, net income attributable to AGCO and net income per share attributable to AGCO to adjusted income from operations, adjusted net income and adjusted net income per share for the three months ended March 31, 2026 and 2025 (in millions, except per share data):

Three Months Ended March 31,

2026

2025

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

As reported

$         80.7

$       55.0

$       0.76

$         49.4

$       10.5

$       0.14

Restructuring and business optimization expenses(2)

10.0

8.4

0.12

13.0

9.7

0.13

Amortization of PTx Trimble acquired intangibles(3)

14.4

11.1

0.15

12.8

7.6

0.10

Transaction-related costs(4)

0.2

—

—

7.1

2.0

0.03

Impairment charges(5)

2.1

2.1

0.03

1.1

1.1

0.01

Discrete tax items(6)

—

(8.5)

(0.12)

—

—

—

As adjusted

$        107.4

$       68.1

$       0.94

$         83.4

$       30.9

$       0.41

____________________________________

(1) 

Net income and net income per share amounts are after tax.

(2)

The restructuring expenses recorded during the three months ended March 31, 2026 and 2025 related primarily to severance, business optimization and other related costs associated with the Company's restructuring program.

(3)

Amortization of intangibles related to intangibles acquired as part of the Company's acquisition of PTx Trimble.

(4)

The transaction-related costs recorded during the three months ended March 31, 2026 related to the Company's divestiture of the majority of its Grain & Protein ("G&P") business. The transaction-related costs recorded during the three months ended March 31, 2025 related to the Company's divestiture of the majority of its G&P business and the formation of the PTx Trimble joint venture.

(5)

The impairment charges recorded during the three months ended March 31, 2026 and 2025 primarily related to the impairment of certain other assets.

(6)

During the three months ended March 31, 2026, the Company received a refund resulting from a favorable resolution related to a prior settlement under the Brazilian government's "Litigation Zero" tax amnesty program.

The following is a reconciliation of adjusted operating margin for the  three months ended March 31, 2026 and 2025 (in millions, except margin data):

Three Months Ended March 31,

2026

2025

Net sales

$       2,342.9

$       2,050.5

Income from operations

80.7

49.4

Adjusted income from operations(1)

$         107.4

$           83.4

Operating margin(2)

3.4 %

2.4 %

Adjusted operating margin(2)

4.6 %

4.1 %

__________________________________

(1) 

Refer to the previous table for the reconciliation of income from operations to adjusted income from operations.

(2)

Operating margin is defined as the ratio of income from operations divided by net sales. Adjusted operating margin is defined as the ratio of adjusted income from operations divided by net sales.

The Company does not provide a quantitative reconciliation of forward-looking, non-GAAP financial measures to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have a significant impact on such calculations and providing them may imply a degree of precision that would be confusing or potentially misleading.

The following table sets forth, for the three months ended March 31, 2026 and 2025, the impact to net sales of currency translation by geographical segment (in millions, except percentages):

Three Months Ended March 31,

Change due to currency
translation

2026

2025

% change
from 2025

$

%

North America

$      406.4

$      369.5

10.0 %

$         3.7

1.0 %

Latin America(1)

211.7

256.0

(17.3) %

33.4

13.0 %

Europe/Middle East

1,600.8

1,330.5

20.3 %

150.6

11.3 %

Asia/Pacific/Africa

124.0

94.5

31.2 %

9.7

10.3 %

$    2,342.9

$    2,050.5

14.3 %

$      197.4

9.6 %

_________________________________

(1) 

Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

SOURCE AGCO Corporation

For the quarter ended March 2026, Agco (AGCO - Free Report) reported revenue of $2.34 billion, up 14.3% over the same period last year. EPS came in at $0.94, compared to $0.41 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $2.3 billion, representing a surprise of +1.71%. The company delivered an EPS surprise of +112.81%, with the consensus EPS estimate being $0.44.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Agco performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- North America: $406.4 million compared to the $386.06 million average estimate based on four analysts. The reported number represents a change of +2.7% year over year.Net Sales- Asia/Pacific/Africa: $124 million versus $110.81 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +31.2% change.Net Sales- Europe/Middle East: $1.6 billion compared to the $1.59 billion average estimate based on four analysts. The reported number represents a change of +20.3% year over year.View all Key Company Metrics for Agco here>>>

Shares of Agco have returned +6% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.