AGCO

AGCO designs, makes and sells farm machinery and precision agriculture technology. Its main brands are Fendt, Massey Ferguson, Valtra and PTx. Fendt is a premium tractor brand, and Massey Ferguson sells a full range of equipment. PTx sells precision farming technology, including retrofit kits that work on other brands of machines and autonomous solutions.

Independent dealers sell AGCO's products to farmers. Europe and the Middle East is its largest region, with $1.73 billion of the $2.61 billion of net sales in Q2 2026. Net sales were $10.1 billion in 2025. AGCO sold most of its Grain & Protein business in 2024, and in April 2026 it sold its 49% interest in the AGCO Finance joint ventures in the United States and Canada for about $190 million.

The market prices AGCO for a long downturn in farm equipment demand. Farmers face high input costs and uneven crop prices, so they delay purchases. AGCO says that global industry demand is the weakest in more than a decade. In the first nine months of 2026, industry tractor sales fell 9% in North America and 17% in Brazil, and combine sales fell 38% in Brazil.

AGCO cut its 2026 outlook two times. On July 30, 2026, it cut net sales to $10.1 to $10.2 billion and adjusted EPS to $5.50 to $5.75. On October 29, 2026, it cut net sales to $9.8 to $10.0 billion and adjusted EPS to about $5.50. Tariffs and the conflicts in Ukraine and the Middle East add to the cost pressure on farmers.

AGCO also changed its CFO in August and restructured its executive team in October 2026. For the gap to close, three things must be true. AGCO must reach its lowered 2026 outlook, with an adjusted operating margin of about 7.0%. Dealer inventories must fall to match retail demand, so that production can rise in 2027.

Farm income must improve enough for demand in Brazil and Europe to stop falling, while North America keeps its recovery. The Q4 2026 report with the 2027 outlook, expected in late January or early February 2027, is the next and main test. If these checks pass, the gap can close over the next four to eight quarters. The main reason it may not close is a longer farm downturn, because AGCO cannot control crop prices or input costs.

1. Oct 29, 2026Failed

   Q3 2026 earnings: 2026 outlookAdjusted EPS on track for the $5.50 to $5.75 outlook and lower dealer inventories pass; another cut to the outlook fails.Outcome: AGCO cut its 2026 outlook again, to net sales of $9.8 to $10.0 billion and adjusted EPS of about $5.50, after Q3 adjusted EPS fell to $1.05.
2. Jan 29, 2027 · est.Pending

   Q4 2026 earnings: 2027 outlookA 2027 outlook for higher net sales and adjusted EPS than in 2026 passes; an outlook for lower sales or EPS fails.

Every passed and failed checkpoint across all picks

• October 29, 2026AGCO reported Q3 2026 results. Net sales fell 8.6% to $2.26 billion. Reported EPS was $0.75 and adjusted EPS was $1.05, down from $1.35. North America sales rose 34.8%, but Europe and Middle East sales fell 19.1% and Latin America sales fell 15.4%. AGCO lowered its 2026 outlook to net sales of $9.8 to $10.0 billion, an adjusted operating margin of about 7.0% and adjusted EPS of about $5.50.
• October 5, 2026AGCO restructured its executive leadership team and reduced it by one member. Stefan Caspari became Senior Vice President and General Manager, Fendt/Valtra and Product Management, and he continues to lead the North American business. Torsten Dehner stepped down from that role.
• August 3, 2026AGCO named Indira Agarwal, its Chief Accounting Officer, as Chief Financial Officer, effective August 1, 2026. Damon Audia, the former CFO, became President of PTx and Corporate Strategy.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · agco-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled October 5, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled August 3, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · agco-20260630
• 8-KEarnings releaseFiled July 30, 2026 · Press release and exhibits
• 8-KChange to shareholder rights or bylawsFiled July 10, 2026 · agco-20260708
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 5, 2026 · agco-20260331
• 8-KEarnings releaseFiled May 5, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled April 24, 2026 · agco-20260423

Every filing on SEC EDGAR (CIK 880266)

• Farm equipment demand depends on farm income, crop prices, input costs and interest rates. In the first nine months of 2026, industry tractor sales fell 9% in North America and 17% in Brazil, and they fell 9% in Western Europe in Q3 2026. A longer downturn lowers sales and factory use, and AGCO cut its 2026 outlook in July and again in October 2026.
• Most sales and production are outside the United States, and many products cross borders. Tariffs, trade disputes and currency changes can raise costs and reduce sales. AGCO's 2026 outlook reflects tariff policies as of October 29, 2026. AGCO received refunds of some IEEPA tariffs in 2026, but the government appealed the refund order, so AGCO could have to pay some of them back.
• Latin America and Europe are weak. In Q3 2026, net sales fell 15.4% in Latin America, with an operating margin of 2.5%, and fell 19.1% in Europe and the Middle East, AGCO's largest region. Financing costs, credit conditions and politics in Brazil, and weak crop economics in Europe, can keep demand low.
• AGCO changed its CFO in August 2026 and restructured its executive team in October 2026. Many changes in a short time can slow decisions during a downturn.

AGCO funds its operations with senior notes, term loans and a revolving credit facility. At September 30, 2026, debt was $2.68 billion: $536.1 million of borrowings due within one year and $2.14 billion of long-term debt. Read more

Yield at the current rate

1.0% (current annual rate, at today’s price)

Dividend yield

1.0% (last 12 months, at today’s price of $114.79)

Paid per share

$1.18 in the last 12 months (4 payments)

Current annual rate

$1.20 ($0.30 × 4 a year)

Payout ratio

12% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 14, 2026, $0.30 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 12.6% a year. From 2015 to 2025, the dividend grew by about 9.2% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.