AGCO NYSE Russell 1000 Earnings call
AGCO Corp. /de (AGCO) · Q2 2026 results and valuation
Share price: $114.79 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 5 May 2026
Net income up 40.4% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+40.4%
Net income vs Q1 2026
Outlook given
Net income 77.2M vs 55.0M
Revenue +11.4%
Against the same quarter last year (Q2 2025) it is −75.5%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Restrained
Less upbeat than 77% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Key theme
AGCO's first-half net sales grew about 6% on a reported basis, but its second-quarter sales fell 4% in constant currency, suggesting a slowdown.
Valuation
Is AGCO Corp. /de undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −7.3% growth a year (3-year revenue growth), the model's fair value is $40.30 a share — the stock trades 185% above it. Today's price assumes 2.7% growth a year.
Current price
$114.79
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+2.7% for 10 yrs
Fair value / share
$40.30
Buy below
$30.22
Price vs fair value
Overvalued 185%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
AGCO now expects full-year net sales of $10.1 billion to $10.2 billion because of lower Western demand expectations.
Source quote
“Based on our updated market outlook, we now expect full year net sales to be between $10.1 billion and $10.2 billion This reflects current lower demand expectations in Western...”
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Guidance
AGCO updated its guidance to expect gross tariff-related costs of approximately $115 million due to recent developments related to IEPA, Section 301 section 32, and section 22 tariffs.
Source quote
“Based on current policies and recent developments related to IEPA, Section 301 section 32, and section 22 tariffs we now expect gross tariff-related costs of approximately $115 million...”
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Figure
Net sales for the quarter were approximately $2.6 billion, which was 1% lower year-over-year.
Source quote
“Net sales for the quarter were approximately $2.6 billion 1% lower year-over-year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“The increase was driven primarily by stronger unit volumes led by high-horsepower tractors and hay tools and market share gains on many products.”
“For farmers, that means practical innovation that helps improve productivity, efficiency, and profitability.”
“This environment is increasing demand for solutions that help manage costs, improve efficiency, and protect yields.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.61B | 2.34B | +11.4% | 2.63B | −1.0% |
| Gross profit | 645.9M | 581.4M | +11.1% | 658.6M | −1.9% |
| Operating income | 140.7M | 80.7M | +74.3% | 164.0M | −14.2% |
| Net income | 77.2M | 55.0M | +40.4% | 314.8M | −75.5% |
| EPS | 1.08 | 0.76 | +42.1% | 4.22 | −74.4% |
| P/E today 16.1 | 16.6 | 11.2 | +5.4 | 77.0 | −60.4 |
Topics
Most discussed now
- With reported operating margins decreasing by 80 basis points to 5.4%.
- This is reflected in AGCO Corp /de's adjusted earnings per share of $1.43.
- North America net sales increased approximately 20% over the second quarter of 2025, excluding currency impacts.
- Asia/Pacific/Africa net sales were more than 6% lower excluding favorable currency impacts.
- Given its market share, even though AGCO Corp /de grew share in Germany in the quarter, that market contraction relative to what...
Faded since Q1 2026
- Dropped That, coupled with a little bit of other cost of goods sold savings opportunities, that's around a $0.20 positive relative...
- Fading With differing industry conditions across regions, the year-over-year improvement highlights AGCO Corp /de's ability to perform…
- Fading Higher unit sales compared to the prior year, together with positive share growth supported the increase.
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Articles or bylaws amended · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K