Q2 26 EPS
$1.43
MISS 3.14%
Est. $1.48
Q2 26 Revenue
$2.61B
MISS 5.12%
Est. $2.75B
vs S&P Since Q2 26
-14.5%
TRAILING MARKET
AGCO -11.0% vs S&P +3.5%
Market Reaction
Did AGCO Beat Earnings? Q2 2026 Results
AGCO Corp delivered a disappointing second quarter, missing on both the top and bottom lines as softening global demand and tariff-related cost pressures weighed on results. The agricultural equipment maker posted adjusted EPS of $1.43, falling short… Read more AGCO Corp delivered a disappointing second quarter, missing on both the top and bottom lines as softening global demand and tariff-related cost pressures weighed on results. The agricultural equipment maker posted adjusted EPS of $1.43, falling short of the $1.48 consensus estimate by 3.14%, snapping a streak of four consecutive quarters in which the company had beaten EPS expectations. Revenue came in at $2.61 billion, down 1.0% year-over-year and 5.12% below what analysts had anticipated, as sharp volume declines in Latin America, where sales fell 25.0% on a constant-currency basis, offset a 19.8% constant-currency surge in North America. The regional strength in North America proved costly, however, as tariff-related expenses kept the segment in the red despite roughly $22.00 million in IEEPA tariff refunds providing partial relief. Looking ahead, AGCO trimmed its full-year 2026 outlook, now projecting net sales of $10.10 to $10.20 billion and adjusted EPS of $5.50 to $5.75, with management pointing to weak industry conditions, currency headwinds, and uncertain trade policy as the primary constraints on the path forward.
Key Takeaways
- • North America sales increased 19.8% constant currency driven by high-horsepower tractors and hay tools
- • Latin America sales declined 25.0% constant currency on softer industry demand across all product categories
- • Europe/Middle East sales declined 4.7% constant currency with growth in Germany and UK partially offsetting broader declines
- • Favorable foreign currency translation of 2.7% partially offset organic sales decline of 3.7%
- • Approximately $22 million of IEEPA tariff refunds recognized during the quarter
- • Higher tariff-related costs weighed on North America profitability
AGCO Forward Guidance & Outlook
AGCO lowered its full-year 2026 outlook citing weaker-than-expected industry conditions, currency fluctuations and a more cautious demand environment. Net sales are expected to be $10.1 to $10.2 billion. Adjusted operating margins are projected at approximately 7.5%. Full-year adjusted earnings per share are targeted between $5.50 and $5.75. Production volumes are planned to align dealer inventory with market demand. 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 YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
AGCO Revenue by Segment
With YoY comparisons, source: SEC Filings
AGCO Revenue by Geography
With YoY comparisons, source: SEC Filings
“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. 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.”
— Eric Hansotia, Q2 2026 Earnings Press Release
AGCO Earnings Trends
AGCO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AGCO EPS Trend
Earnings per share: estimate vs actual
AGCO Revenue Trend
Quarterly revenue: estimate vs actual
AGCO Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $1.48 | $1.43 | -3.14% | $2.61B | -5.12% |
| Q1 26 BEAT | $0.44 | $0.94 | +113.15% | $2.34B | +2.95% |
| Q4 25 BEAT FY | $1.86 | $2.17 | +16.82% | $2.92B | +9.40% |
| FY Full Year | — | $5.28 | — | $10.08B | — |
| Q3 25 BEAT | $1.22 | $1.35 | +11.07% | $2.48B | +0.26% |
| Q2 25 BEAT | $1.08 | $1.35 | +25.49% | $2.64B | +5.45% |