Filing Flows › Agco (AGCO) › Q2 2026 › vs Q2 2025
Agco (AGCO) Q2 2026 vs Q2 2025 (year over year)
Agco's revenue fell $25.3M (-1%) from $2.6B in Q2 2025 to $2.6B in Q2 2026. The biggest changes: Tractors −$29.3M (-2%); Replacement parts +$13.8M (+3%); Combines, application equipment and other machinery −$9.7M (-2%). Gross margin 24.7% against 25.0% (-0.2 pts).
Agco, Q2 2026: revenue $2.6B (-1% year over year), operating margin 5.4%, net earnings $77.2M, operating cash flow $165M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 24.7% | 25.0% | -0.2 pts |
| Operating margin | 5.4% | 6.2% | -0.8 pts |
| Net margin | 3.0% | 11.9% | -9.0 pts |
| Free cash flow margin | 4.1% | 12.3% | -8.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Tractors | $1.7B | $1.7B | −$29.3M | -2% |
| Replacement parts | $516M | $502M | $13.8M | +3% |
| Combines, application equipment and other machinery | $424M | $434M | −$9.7M | -2% |
| Grain storage and protein production systems | $100K | $200K | −$100K | -50% |
| Revenue | $2.6B | $2.6B | −$25.3M | -1% |
| Gross profit | $646M | $659M | −$12.7M | -2% |
| Cost of revenue | $2.0B | $2.0B | −$12.6M | -0.6% |
| Operating profit | $141M | $164M | −$23.3M | -14% |
| Operating expenses | $505M | $495M | $10.6M | +2% |
| Pre-tax earnings | $115M | $109M | $6.3M | +6% |
| Other expense, net | $25.5M | $55.1M | −$29.6M | -54% |
| SG&A | $336M | $326M | $9.3M | +3% |
| Other operating costs | $170M | $168M | $1.3M | +0.8% |
| Loss borne by minority interests | $2.4M | $400K | $2.0M | +500% |
| Net earnings | $77.2M | $315M | −$238M | -75% |
| Income tax | $40.4M | −$206M | $246M | — |
| Depreciation & amortization | $84.2M | $79.8M | $4.4M | +6% |
| Share-based compensation | $17.5M | $10.6M | $6.9M | +65% |
| Working capital & other | $13.5M | $39.5M | −$26.0M | -66% |
| Operating cash flow | $165M | $366M | −$200M | -55% |
| Free cash flow (OCF − capex) | $108M | $324M | −$215M | -67% |
| Capital expenditures | $57.2M | $42.2M | $15.0M | +36% |
Questions
How much did Agco's revenue grow year over year in Q2 2026?
Agco's revenue fell $25.3M (-1%) from $2.6B in Q2 2025 to $2.6B in Q2 2026.
What drove Agco's revenue change in Q2 2026?
Tractors −$29.3M (-2%); Replacement parts +$13.8M (+3%); Combines, application equipment and other machinery −$9.7M (-2%).