AGCOMEDIUM SIGNALFINANCIAL10-K

AGCO experienced a meaningful revenue decline alongside improved cash generation and strengthened balance sheet position.

The revenue contraction of 13.5% suggests softening demand in agricultural equipment markets, which could reflect cyclical headwinds or competitive pressures. However, the company's ability to generate meaningfully higher operating cash flows despite lower sales indicates improved working capital management and operational efficiency gains.

Comparing 2026-02-13 vs 2025-02-24View on EDGAR →
FINANCIAL ANALYSIS

AGCO's financial profile shows mixed signals with revenue declining 13.5% to $10.1B and gross profit falling 11.5% to $2.6B, reflecting challenging market conditions. However, the company demonstrated strong cash generation with operating cash flow growing 43.2% to $988.1M while reducing capital expenditures by 37%. The balance sheet strengthened notably with cash increasing 40.7% to $861.8M and stockholders' equity growing 14.2% to $4.3B, though interest expense climbed nearly 50% to $68.8M.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+49.6%
$46.0M→$68.8M

Interest expense surged 49.6% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
+43.2%
$689.9M→$988.1M

Operating cash flow surged 43.2% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+40.7%
$612.7M→$861.8M

Cash position surged 40.7% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
-37%
$393.3M→$247.9M

Capex reduced 37% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
+14.2%
$3.7B→$4.3B

Equity base grew 14.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
-13.5%
$11.7B→$10.1B

Revenue softened 13.5% — monitor whether this is cyclical or structural.

Gross Profit
P&L
-11.5%
$2.9B→$2.6B

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-24
ADDED
As of February 9, 2026, 72,400,559 shares of AGCO Corporation s Common Stock were outstanding.
General 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.
PTx combines precision ag technologies from the cornerstones of AGCO's tech stack: 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.
With retrofit, factory-fit and Original Equipment Manufacturer ( OEM ) solutions that work across mixed fleets, we help transform farmers' equipment into smarter, more efficient machines.
Our PTx solutions provide retrofit solutions to upgrade farmers existing equipment to improve their planting, fertilizer, pesticide and herbicide application and harvest operations, resulting in yield and cost optimization.
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.
This retrofit-first solution enables AGCO equipment to seamlessly integrate with existing PTx Trimble technology while also supporting interoperability with non-AGCO fleets.
In 2025, we unveiled additional Outrun autonomous solutions, a platform of retrofit autonomy technologies, for tillage and fertilization, with the tillage application currently in beta testing and the fertilization application in alpha testing.
REMOVED
As of February 10, 2025, 74,582,014 shares of AGCO Corporation s Common Stock were outstanding.
General We are a global leader in the design, manufacture and distribution of agricultural machinery and precision agriculture technology.
We deliver value to farmers and Original Equipment Manufacturer ( OEM ) customers through our differentiated brand portfolio including leading brands Fendt , Massey Ferguson , PTx and Valtra .
Our full line of equipment, smart farming solutions and services helps farmers sustainably feed our world.
Immediately following the closing and as a result of the transaction, AGCO directly and indirectly owns an 85% interest in the Joint Venture and Trimble owns a 15% interest in the Joint Venture.
AGCO began consolidating PTx Trimble within its consolidated financial statements on April 1, 2024.
We believe PTx Trimble creates a global-leading mixed-fleet precision agriculture platform.
We are the exclusive provider of the comprehensive technology offering, supporting the future development and distribution of next-generation agriculture technologies, allowing us to offer a wide variety of user-friendly technologies compatible across brands, equipment models and farm types.
The acquired hardware, software and cloud-based applications span all aspects of the crop cycle, from land preparation to planting and seeding to harvest.
On July 25, 2024, the Company entered into a Stock and Asset Purchase Agreement to sell the majority of its G P business, which includes the GSI , Automated Production (AP), Cumberland , Cimbria and Tecno brands for a purchase price of $700.0 million, subject to customary working capital and other adjustments.
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