AGCO earnings analysis
What we found in AGCO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
AGCO reported Q1 2026 earnings with net sales of $2.34 billion, exceeding expectations and marking a 14.3% increase compared to Q1 2025. Diluted EPS surged to $0.76, up from $0.14 a year ago. Increased sales were driven primarily by higher demand in North America and Europe, alongside some headwinds from tariffs affecting costs and profitability.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Net sales reached $2.34 billion, a 14.3% increase from $2.05 billion in Q1 2025.
- EPS Significantly Higher
- Diluted EPS rose to $0.76 from $0.14 year-over-year.
- Positive Segment Performance
- EME segment sales increased by $270.3 million, with income from operations up $104.6 million.
- Reduced Interest Expense
- Interest expense decreased to $15.2 million from $18.5 million in the prior year.
- Working Capital Improvement
- Working capital decreased to $1.21 billion as of March 31, 2026, from $1.47 billion at year-end.
- Cash Flow Management
- Operating cash flows used were $410.4 million, compared to $212.2 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Tariff-Related Costs
- Increased input costs from tariffs have negatively impacted gross margin percentages.
- Segment Loss in LATAM
- LATAM segment experienced a revenue decline of $44.3 million, with income from operations decreasing by $47.4 million.
- Product Demand Cyclicality
- Ongoing fluctuation in demand for agricultural equipment remains a risk amid global economic conditions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.76
- Gross margin
- 24.8%
- Operating margin
- 3.4%
- Segment
- Europe/Middle East: $1.6B; North America: $406.4M; LATAM: $211.7M; APA: $124.0M
What they said about what is next.
Expect moderate revenue increases in 2026 due to positive pricing and sales mix.
The filing reads better than the one before it.
What came before.
- 10-K · February 13, 2026
- AGCO returned to profitability in 2025 with net income attributable of $726.5M (diluted EPS $9.75) on net sales of $10,082.0M, despite a 13.5% decline in sales versus 2024. Operating income improved to $595.7M in 2025…
- 10-Q · November 7, 2024
- AGCO reported Q3 net sales of $2,599.3 million versus $3,455.5 million a year ago, with diluted EPS of $0.40 (vs. $3.74 prior year). Results were materially impacted by the April 1, 2024 consolidation of PTx Trimble…
- 10-K · February 27, 2024
- AGCO reported 2023 net sales of $14,412.4 million (up 13.9% vs. 2022) and net income of $1,171.4 million, or $15.63 per diluted share, driven by positive pricing, improved product mix and favorable currency (income from…
- 10-Q · August 8, 2023
- AGCO reported strong Q2 results with net sales of $3,822.7 million (up $877.5M or +29.8% vs Q2 2022) and diluted EPS of $4.26 (vs $2.37 a year ago). Gross profit rose to $1,005.7 million and operating income to $496.4…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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