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AGCO Corporation
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Updated Oct 29, 2026
AGCO Q3 2026: Global demand at decade-low as Europe and LatAm weaken further; North America gains share and margins recover toward breakeven
AGCO's Q3 2026 results reflect the deepest agricultural equipment cycle in over a decade, with global industry demand now at 83% of historical mid-cycle levels — below the prior trough — and the company managing production discipline and structural cost actions to defend a 6.1% adjusted operating margin. North America was the standout, with net sales up 35.1% on a constant currency basis, large AG market share up over 200 basis points, and early order programs for 2027 running approximately 20% above prior year on volume. Europe and Latin America deteriorated further, driven by drought-impacted yields and Brazilian credit constraints respectively, with full-year net sales guidance set at $9.8–$10.0 billion and adjusted EPS at approximately $5.50. AGCO's structural differentiation — Fendt brand strength, FarmerCore on-farm service penetration at 65% average, and PTx mixed-fleet precision ag — is now visibly separating its cycle trough performance from the prior trough, delivering approximately 7% adjusted operating margins versus 4% at the prior trough despite heavier tariff and engineering investment burdens.
Tone: cautiousRevenue
$10.1B
AGCO 10-K · FY 2025
Employees
22,000
Revenue FY2024
$11.7B
Founded
1991
Profile
AGCO 10-K Item 1 · Feb 13, 2026AGCO Corporation is a global manufacturer and distributor of agricultural machinery and precision agriculture technologies, selling under the Fendt, Massey Ferguson, PTx, and Valtra brands. Products are distributed through approximately 2,800 independent dealers and distributors across roughly 140 countries. The company also offers retail and wholesale financing through finance joint ventures with Rabobank.
Read filing description ↓ Collapse description ↑
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. We distribute most of our products through approximately 2,800 independent dealers and distributors in approximately 140 countries. We also provide retail and wholesale financing through our finance joint ventures with Coöperatieve Rabobank U.A., which, together with its affiliates, we refer to as 'Rabobank.' In 2024, we fundamentally shifted our portfolio through the PTx Trimble joint venture and the divestiture of the majority of our Grain & Protein ('G&P') business. The PTx brand represents our precision ag portfolio, combining precision ag technologies from Precision Planting and our joint venture, PTx Trimble, to deliver industry leading solutions across the crop cycle by creating a global-leading mixed-fleet precision agriculture platform. In 2025, we launched FarmENGAGE, our new mixed fleet digital platform designed to deploy work plans, track fieldwork and collect test data from all machines on the farm regardless of brand. We also unveiled additional Outrun autonomous solutions for tillage and fertilization. The Company is focused on operational efficiencies to build a more resilient business, continuing a restructuring program announced in 2024 in response to increased weakening demand in the agriculture industry.
Primary products
- Tractors
- Combines
- Hay Tools and Forage Equipment
- Planters
- Implements
- Precision Agriculture Solutions
Business segments
End markets
Geographies
Named competitors
“Our two principal competitors on a worldwide basis are Deere & Company and CNH Industrial N.V. We have regional competitors around the world that have significant market share in a single country or a group of countries.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales for 2025 were 13.5% lower than 2024, primarily due to lower sales volumes from softer industry demand and the divestiture of the majority of the G&P business in November 2024, partially offset by favorable currency impacts.
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