Companies /Industrials

AGCO Corp

NYSE: AGCO Farm & Heavy Construction Machinery
$110.90
▼ $0.66 (−0.59%) today
Markets closed · 12:16am ET

Q2 2025 Earnings

Reported Jul 31, 2025, 9:01am ET · SEC source
$1.35
Beat +25.49%
EPS · est. $1.08
$2.6B
Beat +5.45%
Revenue · est. $2.5B
−10.8%
Trailing market
AGCO vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−4%0+4%+8%Jul 31Aug 1report 9:01am ETearnings−2.9%+1.5%
−4%0+4%+8%Jul 31Aug 1earnings−2.9%+1.5%
AGCO +1.5%S&P 500 −2.9%
−4%0+4%+8%Jul 31Aug 1report 9:01am ETearnings−3.9%+1.5%
−4%0+4%+8%Jul 31Aug 1earnings−3.9%+1.5%
AGCO +1.5%NASDAQ −3.9%
−8%−4%0Jul 30Aug 8report 9:01am ETearnings−0.6%−4.5%
−8%−4%0Jul 30Aug 8earnings−0.6%−4.5%
AGCO −4.5%S&P 500 −0.6%
−8%−4%0Jul 30Aug 8report 9:01am ETearnings+0.1%−4.5%
−8%−4%0Jul 30Aug 8earnings+0.1%−4.5%
AGCO −4.5%NASDAQ +0.1%
+10.62%
Day of report
−3.70%
Next session
−5.26%
One week
−9.52%
30 days

S&P 500 over the same 30 days: +1.30%.

Did AGCO Beat Earnings? Q2 2025 Results

AGCO delivered a stronger-than-expected second quarter despite a deeply challenging farm equipment market, posting adjusted EPS of $1.35 against a consensus estimate of $1.08, a beat of roughly 25.49%, while revenue of $2.63 billion topped the $2.50 billion estimate by 5.45%. The headline numbers came against a difficult backdrop, however, as net sales fell 18.8% year-over-year, weighed down by weak farm economics, delayed purchasing decisions, and the absence of $290.50 million in revenue from the divested Grain & Protein business. North America was the sharpest drag, with sales declining 32.2% in constant currency and an operating loss margin of negative 5.3%, while Europe at $1.77 billion in quarterly sales held up better with a 14.7% operating margin. Encouragingly, AGCO raised its full-year outlook, now guiding for net sales of approximately $9.80 billion, adjusted operating margins near 7.5%, and adjusted EPS between $4.75 and $5.00, incorporating current tariff impacts and ongoing restructuring benefits.

Key Takeaways
  • Aggressive production cuts to reduce dealer and company inventories
  • Disciplined cost control and restructuring initiatives
  • Improved product mix and factory efficiency in South America
  • Favorable foreign currency translation of 3.5% in Q2
  • Weak farm economics and delayed purchasing decisions across key markets
  • Significant declines in high-horsepower tractors, sprayers, and hay equipment in North America

“AGCO achieved solid second-quarter results with deliberate execution in the areas we can control despite a challenging global agricultural environment marked by weak farm economics and delayed purchasing decisions in several parts of the world. Our strong earnings and cash flow generation illustrate meaningful progress in reducing dealer and company inventories through aggressive production cuts. Operating margins benefited from disciplined cost control and continued implementation of our restructuring initiatives. Demand for our premium brands remains resilient, supported by growing interest in precision agriculture and sustainable technologies.”

AGCO CEO, on the earnings call

Forward Guidance & Outlook

AGCO raised its full-year 2025 outlook. The company now expects net sales of approximately $9.8 billion, adjusted operating margins of approximately 7.5%, and full-year adjusted EPS between $4.75 and $5.00. Lower production volumes are expected to be partially offset by cost controls and stable engineering expenses. These estimates incorporate expected tariff impacts as of July 31, 2025, along with AGCO's mitigation strategies. Any changes to tariff policies or related responses could affect these projections.

AGCO YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$900.0M$1.8B$2.7B$3.2B$2.6BRevenue$809.1M$658.6MGross Profit$291.5M$164.0MOperating Income$110.2M$314.8MNet Income
$0$900.0M$1.8B$2.7BRevenueGross ProfitOperating IncomeNet Income

AGCO Revenue by Segment

Europe/Middle East$1.8B−5.1%
Asia/Pacific/Africa$135.8M−5.4%

AGCO Revenue by Geography

EMEA$1.8B−5.1%
North America$420.9M−32.9%
South America$303.4M−4.0%
Latin America
Asia Pacific$135.8M−5.4%

Figures from SEC filings and company reports. Not investment advice.