AGCO CORP /DEAGCO
AGCO CORP /DE Revenue Disclosure
REVENUE
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Contract Liabilities
Contract liabilities primarily relate to the following: (1) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to extended warranty and maintenance contracts and where the performance obligation is satisfied over time and (2) unrecognized revenues where payment of consideration precedes the Company’s performance with respect to precision agriculture technology services and where the performance obligation is satisfied over time.
The following table summarizes the balance of contract liabilities as of December 31, 2025 and 2024 (in millions):
| 2025 | 2024 | |||||||||||||
Contract liabilities | $ | 386.1 | $ | 341.5 | ||||||||||
The contract liabilities are classified as either “Accrued Expenses” or “Other current liabilities” and “Other noncurrent liabilities” in the Company’s Consolidated Balance Sheets. In 2025, the Company recognized approximately $164.9 million of revenue that was recorded as a contract liability at the beginning of 2025. In 2024, the Company recognized approximately $139.2 million of revenue that was recorded as a contract liability at the beginning of 2024.
Remaining Performance Obligations
The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of December 31, 2025 are $157.0 million in 2026, $116.5 million in 2027, $64.0 million in 2028, $30.6 million in 2029 and $9.9 million thereafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.
Disaggregated Revenue
Net sales for the year ended December 31, 2025 disaggregated by primary geographical markets and major products consisted of the following (in millions):
North America | South America | Europe/ Middle East | Asia/ Pacific/Africa | Consolidated | ||||||||||||||||||||||||||||
| Primary geographical markets: | ||||||||||||||||||||||||||||||||
| United States | $ | 1,234.4 | $ | — | $ | — | $ | — | $ | 1,234.4 | ||||||||||||||||||||||
| Canada | 326.7 | — | — | — | 326.7 | |||||||||||||||||||||||||||
| Germany | — | — | 1,645.9 | — | 1,645.9 | |||||||||||||||||||||||||||
| France | — | — | 1,321.3 | — | 1,321.3 | |||||||||||||||||||||||||||
| United Kingdom and Ireland | — | — | 559.2 | — | 559.2 | |||||||||||||||||||||||||||
| Finland and Scandinavia | — | — | 798.1 | — | 798.1 | |||||||||||||||||||||||||||
| Italy | — | — | 456.0 | — | 456.0 | |||||||||||||||||||||||||||
| Other Europe | — | — | 1,678.1 | — | 1,678.1 | |||||||||||||||||||||||||||
| Brazil | — | 825.1 | — | — | 825.1 | |||||||||||||||||||||||||||
| Other South America | — | 279.6 | — | — | 279.6 | |||||||||||||||||||||||||||
| Middle East and Algeria | — | — | 278.1 | — | 278.1 | |||||||||||||||||||||||||||
| Africa | — | — | — | 109.4 | 109.4 | |||||||||||||||||||||||||||
| Asia | — | — | — | 164.7 | 164.7 | |||||||||||||||||||||||||||
| Australia and New Zealand | — | — | — | 290.1 | 290.1 | |||||||||||||||||||||||||||
| Mexico, Central America and Caribbean | 104.4 | 10.9 | — | — | 115.3 | |||||||||||||||||||||||||||
| $ | 1,665.5 | $ | 1,115.6 | $ | 6,736.7 | $ | 564.2 | $ | 10,082.0 | |||||||||||||||||||||||
| Major products: | ||||||||||||||||||||||||||||||||
| Tractors | $ | 657.2 | $ | 734.4 | $ | 4,942.3 | $ | 359.1 | $ | 6,693.0 | ||||||||||||||||||||||
| Replacement parts | 381.1 | 157.1 | 1,227.6 | 107.5 | 1,873.3 | |||||||||||||||||||||||||||
| Grain storage and protein production systems | — | — | — | 1.3 | 1.3 | |||||||||||||||||||||||||||
| Combines, application equipment and other machinery | 627.2 | 224.1 | 566.8 | 96.3 | 1,514.4 | |||||||||||||||||||||||||||
| $ | 1,665.5 | $ | 1,115.6 | $ | 6,736.7 | $ | 564.2 | $ | 10,082.0 | |||||||||||||||||||||||
Net sales for the year ended December 31, 2024 disaggregated by primary geographical markets and major products consisted of the following (in millions):
| North America | South America | Europe/ Middle East | Asia/Pacific/Africa | Total Segments | Other(1) | Consolidated | ||||||||||||||||||||||||||||||||||||||
| Primary geographical markets: | ||||||||||||||||||||||||||||||||||||||||||||
| United States | $ | 1,757.0 | $ | — | $ | — | $ | — | $ | 1,757.0 | $ | 471.9 | $ | 2,228.9 | ||||||||||||||||||||||||||||||
| Canada | 426.2 | — | — | — | 426.2 | 62.4 | 488.6 | |||||||||||||||||||||||||||||||||||||
| Germany | — | — | 1,721.8 | — | 1,721.8 | 11.5 | 1,733.3 | |||||||||||||||||||||||||||||||||||||
| France | — | — | 1,378.2 | — | 1,378.2 | 5.3 | 1,383.5 | |||||||||||||||||||||||||||||||||||||
| United Kingdom and Ireland | — | — | 535.0 | — | 535.0 | 5.4 | 540.4 | |||||||||||||||||||||||||||||||||||||
| Finland and Scandinavia | — | — | 772.0 | — | 772.0 | 6.8 | 778.8 | |||||||||||||||||||||||||||||||||||||
| Italy | — | — | 363.7 | — | 363.7 | 22.9 | 386.6 | |||||||||||||||||||||||||||||||||||||
| Other Europe | — | — | 1,512.7 | — | 1,512.7 | 44.4 | 1,557.1 | |||||||||||||||||||||||||||||||||||||
| Brazil | — | 882.1 | — | — | 882.1 | 81.6 | 963.7 | |||||||||||||||||||||||||||||||||||||
| Other South America | — | 316.5 | — | — | 316.5 | 22.1 | 338.6 | |||||||||||||||||||||||||||||||||||||
| Middle East and Algeria | — | — | 428.9 | — | 428.9 | 4.3 | 433.2 | |||||||||||||||||||||||||||||||||||||
| Africa | — | — | — | 98.5 | 98.5 | 10.1 | 108.6 | |||||||||||||||||||||||||||||||||||||
| Asia | — | — | — | 217.3 | 217.3 | 41.6 | 258.9 | |||||||||||||||||||||||||||||||||||||
| Australia and New Zealand | — | — | — | 310.5 | 310.5 | 4.8 | 315.3 | |||||||||||||||||||||||||||||||||||||
| Mexico, Central America and Caribbean | 115.1 | 9.9 | — | — | 125.0 | 21.4 | 146.4 | |||||||||||||||||||||||||||||||||||||
| $ | 2,298.3 | $ | 1,208.5 | $ | 6,712.3 | $ | 626.3 | $ | 10,845.4 | $ | 816.5 | $ | 11,661.9 | |||||||||||||||||||||||||||||||
| Major products: | ||||||||||||||||||||||||||||||||||||||||||||
| Tractors | $ | 922.6 | $ | 781.2 | $ | 4,965.3 | $ | 390.2 | $ | 7,059.3 | $ | — | $ | 7,059.3 | ||||||||||||||||||||||||||||||
| Replacement parts | 409.5 | 159.4 | 1,156.5 | 102.4 | 1,827.8 | — | 1,827.8 | |||||||||||||||||||||||||||||||||||||
| Grain storage and protein production systems | — | — | — | 16.0 | 16.0 | 816.5 | 832.5 | |||||||||||||||||||||||||||||||||||||
| Combines, application equipment and other machinery | 966.2 | 267.9 | 590.5 | 117.7 | 1,942.3 | — | 1,942.3 | |||||||||||||||||||||||||||||||||||||
| $ | 2,298.3 | $ | 1,208.5 | $ | 6,712.3 | $ | 626.3 | $ | 10,845.4 | $ | 816.5 | $ | 11,661.9 | |||||||||||||||||||||||||||||||
__________________________________
(1) “Other” represents the results for the year ended December 31, 2024 for the majority of the Company’s G&P business which was divested on November 1, 2024. The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.
Net sales for the year ended December 31, 2023 disaggregated by primary geographical markets and major products consisted of the following (in millions):
North America | South America(1) | Europe/ Middle East | Asia/Pacific/Africa(1) | Total Segments | Other(2) | Consolidated | ||||||||||||||||||||||||||||||||||||||
| Primary geographical markets: | ||||||||||||||||||||||||||||||||||||||||||||
| United States | $ | 2,433.9 | $ | — | $ | — | $ | — | $ | 2,433.9 | $ | 527.6 | $ | 2,961.5 | ||||||||||||||||||||||||||||||
| Canada | 573.7 | — | — | — | 573.7 | 64.2 | 637.9 | |||||||||||||||||||||||||||||||||||||
| Germany | — | — | 1,736.4 | — | 1,736.4 | 13.1 | 1,749.5 | |||||||||||||||||||||||||||||||||||||
| France | — | — | 1,487.5 | — | 1,487.5 | 6.8 | 1,494.3 | |||||||||||||||||||||||||||||||||||||
| United Kingdom and Ireland | — | — | 693.4 | — | 693.4 | 9.7 | 703.1 | |||||||||||||||||||||||||||||||||||||
| Finland and Scandinavia | — | — | 824.1 | — | 824.1 | 13.2 | 837.3 | |||||||||||||||||||||||||||||||||||||
| Italy | — | — | 427.6 | — | 427.6 | 29.5 | 457.1 | |||||||||||||||||||||||||||||||||||||
| Other Europe | — | — | 1,793.7 | — | 1,793.7 | 77.8 | 1,871.5 | |||||||||||||||||||||||||||||||||||||
| Brazil | — | 1,726.2 | — | — | 1,726.2 | 134.1 | 1,860.3 | |||||||||||||||||||||||||||||||||||||
| Other South America | — | 340.9 | — | — | 340.9 | 17.2 | 358.1 | |||||||||||||||||||||||||||||||||||||
| Middle East and Algeria | — | — | 422.5 | — | 422.5 | 5.2 | 427.7 | |||||||||||||||||||||||||||||||||||||
| Africa | — | — | — | 127.9 | 127.9 | 16.4 | 144.3 | |||||||||||||||||||||||||||||||||||||
| Asia | — | — | — | 294.0 | 294.0 | 68.7 | 362.7 | |||||||||||||||||||||||||||||||||||||
| Australia and New Zealand | — | — | — | 371.2 | 371.2 | 6.8 | 378.0 | |||||||||||||||||||||||||||||||||||||
| Mexico, Central America and Caribbean | 130.6 | 11.1 | — | — | 141.7 | 27.4 | 169.1 | |||||||||||||||||||||||||||||||||||||
| $ | 3,138.2 | $ | 2,078.2 | $ | 7,385.2 | $ | 793.1 | $ | 13,394.7 | $ | 1,017.7 | $ | 14,412.4 | |||||||||||||||||||||||||||||||
| Major products: | ||||||||||||||||||||||||||||||||||||||||||||
| Tractors | $ | 1,402.3 | $ | 1,288.4 | $ | 5,532.9 | $ | 487.4 | $ | 8,711.0 | $ | — | $ | 8,711.0 | ||||||||||||||||||||||||||||||
| Replacement parts | 421.0 | 167.5 | 1,124.7 | 102.8 | 1,816.0 | — | 1,816.0 | |||||||||||||||||||||||||||||||||||||
| Grain storage and protein production systems | — | — | — | 44.9 | 44.9 | 1,017.7 | 1,062.6 | |||||||||||||||||||||||||||||||||||||
| Combines, application equipment and other machinery | 1,314.9 | 622.4 | 727.6 | 157.9 | 2,822.8 | — | 2,822.8 | |||||||||||||||||||||||||||||||||||||
| $ | 3,138.2 | $ | 2,078.2 | $ | 7,385.2 | $ | 793.1 | $ | 13,394.7 | $ | 1,017.7 | $ | 14,412.4 | |||||||||||||||||||||||||||||||
(1) Rounding may impact the summation of amounts.
(2) “Other” represents the results for the year ended December 31, 2023 for the majority of the Company’s G&P business which was divested on November 1, 2024. The results of the G&P business through the date of the divestiture were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.