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Farm & heavy construction machinery · Industrials · Fiscal year ends Dec 31
AGCO reported revenue of $10.1B in the fiscal year ended Dec 2025, down 13.5% from the year before. Operating income was $596M, an operating margin of 5.9%, and net income was $727M. Operating cash flow of $988M less capital expenditure of $248M left free cash flow of $740M. Net debt was $1.6B.
Ranks among the 7 farm & heavy construction machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 11,138 | 12,651 | 14,412 | 11,662 | 10,082 |
| Cost of revenue | 8,566 | 9,650 | 10,635 | 8,763 | 7,515 |
| Gross profit | 2,572 | 3,001 | 3,777 | 2,899 | 2,567 |
| Research & development | 273 | 315 | 421 | 381 | 375 |
| Selling, general & admin | 1,089 | 1,190 | 1,455 | 1,398 | 1,309 |
| Operating income | 1,001 | 1,265 | 1,700 | −122 | 596 |
| Net interest incomeBanks | −6.7 | −13.0 | −4.6 | −93.0 | −66.4 |
| Interest expense | 25.4 | 46.0 | 68.8 | 159 | 123 |
| Pre-tax income | 944 | 1,107 | 1,334 | −434 | 602 |
| Income tax | 108 | 297 | 230 | 98.4 | −77.4 |
| Net income | 897 | 890 | 1,171 | −425 | 727 |
| Diluted EPS | 11.85 | 11.87 | 15.63 | −5.69 | 9.75 |
| Diluted shares | 75.7 | 74.9 | 74.9 | 74.7 | 74.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 889 | 790 | 596 | 613 | 862 |
| Receivables | 992 | 1,221 | 1,605 | 1,267 | 1,079 |
| Inventory | 2,594 | 3,190 | 3,441 | 2,731 | 2,709 |
| Current assets | 5,014 | 5,739 | 6,341 | 5,138 | 5,196 |
| Net PP&E | 1,465 | 1,591 | 1,921 | 1,819 | 1,996 |
| Goodwill | 1,281 | 1,311 | 1,333 | 1,820 | 1,899 |
| Total assets | 9,182 | 10,104 | 11,421 | 11,191 | 11,928 |
| Payables | 1,078 | 1,385 | 1,207 | 813 | 951 |
| Deferred revenue | 226 | 239 | 311 | 342 | 386 |
| Current liabilities | 3,455 | 4,088 | 4,344 | 3,826 | 3,729 |
| Short-term debt | 2.1 | 187 | 15.0 | 415 | 118 |
| Long-term debt | 1,411 | 1,265 | 1,377 | 2,233 | 2,323 |
| Total liabilities | 5,738 | 6,221 | 6,764 | 7,148 | 7,355 |
| Shareholders' equity | 3,416 | 3,882 | 4,657 | 3,743 | 4,274 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 660 | 838 | 1,103 | 690 | 988 |
| Capital expenditure | 270 | 388 | 518 | 393 | 248 |
| Free cash flow | 390 | 450 | 585 | 297 | 740 |
| Depreciation & amortisation | 221 | 210 | 230 | 251 | 257 |
| Stock-based compensation | 27.4 | 34.0 | 46.4 | 18.4 | 28.4 |
| Acquisitions | 22.6 | 111 | 9.8 | 1,904 | 0.0 |
| Share buybacks | 135 | 0.0 | 53.0 | 22.0 | 250 |
| Dividends paid | 359 | 404 | 457 | 273 | 86.5 |
| Dividend per share | 4.74 | 5.40 | 6.10 | 3.66 | 1.16 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.6% | 13.9% | −19.1% | −13.5% |
| Operating income growth (YoY) | – | 26.4% | 34.4% | −107.2% | – |
| EPS growth (YoY) | – | 0.2% | 31.7% | −136.4% | – |
| Gross margin | 23.1% | 23.7% | 26.2% | 24.9% | 25.5% |
| Operating margin | 9.0% | 10.0% | 11.8% | −1.0% | 5.9% |
| Net margin | 8.1% | 7.0% | 8.1% | −3.6% | 7.2% |
| Return on equityBlank when equity is negative | 26.3% | 22.9% | 25.2% | −11.3% | 17.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.5% | 21.0% | 24.0% | −1.7% | 7.3% |
| Free cash flow margin | 3.5% | 3.6% | 4.1% | 2.5% | 7.3% |
| Cash conversion (CFO ÷ net income) | 0.74x | 0.94x | 0.94x | −1.62x | 1.36x |
| Receivable days | 32 | 35 | 41 | 40 | 39 |
| Inventory days | 111 | 121 | 118 | 114 | 132 |
| Payable days | 46 | 52 | 41 | 34 | 46 |
| Interest cover | 39.4x | 27.5x | 24.7x | −0.77x | 4.84x |
| Debt ÷ equity | 0.41x | 0.37x | 0.30x | 0.71x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 524 | 662 | 797 | 2,036 | 1,579 |
| Current ratio | 1.45x | 1.40x | 1.46x | 1.34x | 1.39x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.