AGCO CORP /DEAGCO
AGCO CORP /DE Segments Disclosure
SEGMENT REPORTING
The Company has four operating segments which are also its reportable segments which consist of the North America, South America, Europe/Middle East and Asia/Pacific/Africa regions. The Company’s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company’s Chief Operating Decision Maker (“CODM”), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment’s performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Company’s selling, general and administrative expenses and engineering expenses are charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income (loss) from operations for one segment may not be comparable to another segment. Segment results for the years ended December 31, 2025, 2024 and 2023 based on the Company’s reportable segments are as follows (in millions):
| Years Ended December 31, | North America | South America | Europe/Middle East | Asia/Pacific/Africa | Total Segments | Other(1) | Total | |||||||||||||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | 1,665.5 | $ | 1,115.6 | $ | 6,736.7 | $ | 564.2 | $ | 10,082.0 | $ | — | $ | 10,082.0 | ||||||||||||||||||||||||||||||
| Cost of goods sold | 1,303.4 | 901.4 | 4,857.6 | 452.8 | 7,515.2 | — | 7,515.2 | |||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 335.2 | 121.3 | 575.9 | 72.7 | 1,105.1 | — | 1,105.1 | |||||||||||||||||||||||||||||||||||||
| Engineering expenses | 138.9 | 41.5 | 296.4 | 10.9 | 487.7 | — | 487.7 | |||||||||||||||||||||||||||||||||||||
Income (loss) from operations | $ | (112.0) | $ | 51.4 | $ | 1,006.8 | $ | 27.8 | $ | 974.0 | $ | — | $ | 974.0 | ||||||||||||||||||||||||||||||
| Depreciation | $ | 58.5 | $ | 32.9 | $ | 153.9 | $ | 11.2 | $ | 256.5 | $ | — | $ | 256.5 | ||||||||||||||||||||||||||||||
| Assets | 1,409.9 | 1,052.0 | 2,907.6 | 606.6 | 5,976.1 | — | 5,976.1 | |||||||||||||||||||||||||||||||||||||
| Capital expenditures | 41.4 | 30.0 | 173.1 | 3.4 | 247.9 | — | 247.9 | |||||||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(2) | $ | 2,298.3 | $ | 1,208.5 | $ | 6,712.3 | $ | 626.3 | $ | 10,845.4 | $ | 816.5 | $ | 11,661.9 | ||||||||||||||||||||||||||||||
| Cost of goods sold | 1,750.1 | 975.3 | 4,913.4 | 494.9 | 8,133.7 | 629.1 | 8,762.8 | |||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 333.8 | 101.0 | 553.8 | 88.7 | 1,077.3 | 90.2 | 1,167.5 | |||||||||||||||||||||||||||||||||||||
| Engineering expenses | 130.4 | 45.2 | 283.8 | 11.5 | 470.9 | 22.1 | 493.0 | |||||||||||||||||||||||||||||||||||||
Income from operations(3) | $ | 84.0 | $ | 87.0 | $ | 961.3 | $ | 31.2 | $ | 1,163.5 | $ | 75.1 | $ | 1,238.6 | ||||||||||||||||||||||||||||||
| Depreciation | $ | 58.4 | $ | 34.1 | $ | 136.9 | $ | 14.9 | $ | 244.3 | $ | 6.9 | $ | 251.2 | ||||||||||||||||||||||||||||||
| Assets | 1,527.9 | 946.9 | 2,841.4 | 697.7 | 6,013.9 | — | 6,013.9 | |||||||||||||||||||||||||||||||||||||
| Capital expenditures | 61.1 | 43.7 | 276.9 | 3.5 | 385.2 | 8.1 | 393.3 | |||||||||||||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Net sales(4) | $ | 3,138.2 | $ | 2,078.2 | $ | 7,385.2 | $ | 793.1 | $ | 13,394.7 | $ | 1,017.7 | $ | 14,412.4 | ||||||||||||||||||||||||||||||
| Cost of goods sold | 2,311.0 | 1,520.3 | 5,383.5 | 626.8 | 9,841.6 | 793.4 | 10,635.0 | |||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 299.0 | 148.0 | 568.1 | 76.2 | 1,091.3 | 113.7 | 1,205.0 | |||||||||||||||||||||||||||||||||||||
| Engineering expenses | 130.1 | 52.1 | 323.6 | 11.6 | 517.4 | 31.4 | 548.8 | |||||||||||||||||||||||||||||||||||||
Income from operations(5) | $ | 398.1 | $ | 357.8 | $ | 1,110.0 | $ | 78.5 | $ | 1,944.4 | $ | 79.2 | $ | 2,023.6 | ||||||||||||||||||||||||||||||
| Depreciation | $ | 51.9 | $ | 33.6 | $ | 114.1 | $ | 16.7 | $ | 216.3 | $ | 14.1 | $ | 230.4 | ||||||||||||||||||||||||||||||
| Assets | 1,624.7 | 1,328.5 | 2,949.6 | 777.4 | 6,680.2 | 490.5 | 7,170.7 | |||||||||||||||||||||||||||||||||||||
| Capital expenditures | 113.2 | 72.1 | 309.9 | 4.2 | 499.4 | 18.7 | 518.1 | |||||||||||||||||||||||||||||||||||||
____________________________________
(1) “Other” represents the results for the years ended December 31, 2024 and 2023 for the majority of the Company’s Grain & Protein (“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.
(2) Of the $816.5 million of the net sales of the divested G&P business recast to “Other”, $552.0 million, $107.4 million, $100.6 million and $56.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(3) Of the $75.1 million of the income (loss) from operations of the divested G&P business recast to “Other”, $91.8 million, $17.4 million, $(35.6) million and $1.5 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(4) Of the $1,017.7 million of the net sales of the divested G&P business recast to “Other”, $614.5 million, $156.0 million, $155.3 million and $91.9 million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
(5) Of the $79.2 million of the income (loss) from operations of the divested G&P business recast to “Other”, $61.2 million, $28.6 million, $(9.4) million and $(1.2) million were previously included within our North America, South America, Europe/Middle East and Asia/Pacific/Africa segments, respectively.
A reconciliation from the segment information to the consolidated balances for income (loss) from operations and total assets is set forth below (in millions):
| 2025 | 2024 | 2023 | |||||||||||||||
| Segment income from operations | $ | 974.0 | $ | 1,163.5 | $ | 1,944.4 | |||||||||||
Other(1) | — | 75.1 | 79.2 | ||||||||||||||
| Corporate expenses | (176.5) | (212.3) | (204.9) | ||||||||||||||
| Amortization of intangibles | (71.1) | (81.0) | (57.7) | ||||||||||||||
| Stock compensation expense | (27.7) | (17.9) | (44.6) | ||||||||||||||
| Impairment charges | (10.0) | (369.5) | (4.1) | ||||||||||||||
Restructuring and business optimization expenses | (82.2) | (172.7) | (11.9) | ||||||||||||||
Loss on sale of business | (10.8) | (507.3) | — | ||||||||||||||
Consolidated income (loss) from operations | $ | 595.7 | $ | (122.1) | $ | 1,700.4 | |||||||||||
| Segment assets | $ | 5,976.1 | $ | 6,013.9 | $ | 6,680.2 | |||||||||||
Other(1) | — | — | 490.5 | ||||||||||||||
| Cash and cash equivalents | 861.8 | 612.7 | 595.5 | ||||||||||||||
| Investments in affiliates | 609.9 | 519.6 | 512.7 | ||||||||||||||
| Deferred tax assets, other current and noncurrent assets | 1,908.2 | 1,495.1 | 1,500.1 | ||||||||||||||
| Intangible assets, net | 673.0 | 728.9 | 308.8 | ||||||||||||||
| Goodwill | 1,898.8 | 1,820.4 | 1,333.4 | ||||||||||||||
| Consolidated total assets | $ | 11,927.8 | $ | 11,190.6 | $ | 11,421.2 | |||||||||||
____________________________________
(1) “Other” represents the results for the years ended and assets as of December 31, 2024 and 2023 for the majority of the Company’s G&P business which was divested on November 1, 2024. The results and assets 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.
Property, plant and equipment, right-of-use lease assets and amortizable intangible assets by country as of December 31, 2025 and 2024 were as follows (in millions):
| 2025 | 2024 | ||||||||||
| United States | $ | 863.6 | $ | 945.8 | |||||||
| Germany | 738.3 | 658.4 | |||||||||
| Brazil | 220.4 | 200.6 | |||||||||
| Finland | 339.4 | 282.2 | |||||||||
| France | 162.3 | 163.8 | |||||||||
| Italy | 91.6 | 86.0 | |||||||||
| China | 56.6 | 59.1 | |||||||||
| Denmark | 5.6 | 5.2 | |||||||||
| Other | 270.9 | 231.5 | |||||||||
| $ | 2,748.7 | $ | 2,632.6 | ||||||||
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 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.