AGCO (NYSE: AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, reported net sales of $2.9 billion for the fourth quarter of 2025, an increase of 1.1% compared to the fourth quarter of 2024. The fourth quarter of 2024 included other revenue of $74.7 million which represents revenue from the Company's divestiture of the majority of its Grain & Protein business as shown in the regional net sales table. Reported net income was $1.30 per share for the quarter and adjusted net income(1) was $2.17 per share. These results compare to reported net loss of $(3.42) per share and adjusted net income(1) of $1.97 per share for the fourth quarter of 2024. Excluding favorable currency translation impacts of 6.4%, net sales in the quarter decreased 5.3% compared to the fourth quarter of 2024.
"AGCO delivered strong fourth quarter results, achieving an adjusted operating margin(1) of 10.1% reflecting the team's ability to deliver despite ongoing pressures on farm income and global trade dynamics that influenced overall industry activity," said Eric Hansotia, AGCO's Chairman, President and Chief Executive Officer. "Even in this environment, we grew global market share, including our largest‑ever share gains in North American large ag. At the same time, we applied disciplined production planning, enabling us to finish 2025 with meaningfully lower company and dealer inventories compared to prior‑year levels. Our full‑year adjusted operating margin(1) of 7.7% was nearly double the performance recorded at the bottom of the last cycle. Strong working-capital management also supported record free cash flow, representing approximately 188% free cash flow conversion(1). These strong results in today's industry landscape demonstrate the continued resilience of AGCO's earnings profile, driven by our three high‑margin growth levers, continued cost discipline and the benefits of our multi‑year structural transformation."
Hansotia continued, "In 2026, we will remain dedicated to advancing our Farmer‑First strategy. Our innovation pipeline remains robust with a full slate of new product introductions designed to help make farmers more productive and profitable. This level of innovation, coupled with our ongoing cost‑reduction initiatives, demonstrates the strength of our execution. These actions will help balance the effects of low levels of farm profitability and persistent trade‑related uncertainty, while positioning the company to deliver improved performance in 2026. We are well prepared to accelerate growth when demand strengthens and solidify our role as the trusted partner for industry-leading, smart farming solutions."
Net sales for the full year of 2025 were approximately $10.1 billion, which is a decrease of 13.5% compared to 2024. Fiscal year 2024 included other revenue of $816.5 million which represents revenue from the Company's divestiture of the majority of its Grain & Protein business as shown in the regional net sales table. For the full year, reported net income was $9.75 per share and adjusted net income(1) was $5.28 per share. These results compare to reported net loss of $(5.69) per share and adjusted net income(1) of $7.50 per share in 2024. Excluding favorable currency translation impacts of 2.3%, net sales for the full year decreased 15.8% compared to 2024.
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