North American large ag unit retail sales were down 16.8% year-over-year in December, marking the end of a tough year overall, with the decline led by 4WDs (-30.8%) and row-crop tractors (-18.0%). Small ag also remained soft.
According to Baird analyst Mircea (Mig) Dobre, 2025 North American large ag ended the year with a decline in-line with OEM industry forecasts (–25%). “Destocking progress was mixed, with inventories down in excess of normal seasonality in row-crop tractors, though combines and 4WDs saw above seasonal increases,” he said.
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