Cash generation remains highly erratic, evidenced by a volatile OCF/NI ratio of -7.46 in 2026Q1 and a negative free cash flow margin of -19.4% for the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 789.9M | 988.1M | 689.9M | 1.1B | 838.2M | 682.9M | 896.5M | 695.9M | 595.9M | 577.6M | 369.5M | 524.2M | 438.4M | 797M | 666.4M | 725.9M | 438.7M | 351.7M | 291.3M | 504.3M | 442.2M | 246.3M | 265.9M | 88M | 73.2M | 225.4M | 174.4M | 233.7M | 11.2M | 100M | 206.7M |
| Operating CF Margin % | - | 9.8% | 5.92% | 7.65% | 6.63% | 6.13% | 9.8% | 7.7% | 6.37% | 6.95% | 4.99% | 7.02% | 4.51% | 7.39% | 6.69% | 8.27% | 6.36% | 5.3% | 3.46% | 7.39% | 8.14% | 4.52% | 5.04% | 2.52% | 2.5% | 8.87% | 7.47% | 9.68% | 0.38% | 3.1% | 8.92% |
| Operating CF Growth % | 125.51% | 43.22% | -37.46% | 31.6% | 22.74% | -23.83% | 28.83% | 16.78% | 3.17% | 56.32% | -29.51% | 19.57% | -44.99% | 19.6% | -8.2% | 65.47% | 24.74% | 20.73% | -42.24% | 14.04% | 79.54% | -7.37% | 202.16% | 20.22% | -67.52% | 29.24% | -25.37% | 1986.61% | -88.8% | -51.62% | 208.05% |
| Net Income | 771M | 726.5M | -485.6M | 1.17B | 874.7M | 901.5M | 419.8M | 122.8M | 283.7M | 189.3M | 160.2M | 264M | 404.2M | 592.3M | 516.4M | 585.3M | 220.2M | 135.7M | 400M | 246.3M | -64.9M | 31.6M | 158.8M | 74.4M | -84.4M | 22.6M | 3.5M | -11.5M | 60.6M | 170.8M | 129.4M |
| Depreciation & Amortization | 249.1M | 327.6M | 332.2M | 288.1M | 269.6M | 281.8M | 272M | 272M | 289.9M | 279.8M | 274.6M | 260.1M | 280.4M | 259.4M | 229.9M | 173.5M | 154.3M | 147.6M | 146.5M | 138.2M | 121.9M | 105.9M | 113.3M | 65.9M | 52.3M | 70.4M | 69.7M | 76.8M | 79.7M | 72M | 53.5M |
| Stock-Based Compensation | 28.1M | 28.4M | 18.4M | 46.4M | 34M | 27.4M | 37.6M | 41.3M | 46.3M | 38.2M | 18.1M | 12.2M | -10.8M | 34.6M | 36.8M | 24.4M | 13.4M | 8M | 33.3M | 25.7M | 3.5M | 200K | 300K | 500K | 24.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -362.8M | -366.5M | -102.7M | -264.4M | -58M | -117.9M | 3.4M | 15.1M | -14.7M | -14.1M | 2.1M | -26.8M | 3.6M | 21.7M | -36.4M | -127.6M | 2.9M | -21.9M | 7.3M | 2.5M | 10.6M | 107.9M | 14.5M | -12.3M | 48.4M | -32.8M | -37.6M | -47.2M | -22.4M | 53.4M | 20.1M |
| Other Non-Cash Items | -657.4M | -223.5M | 898.1M | -25.7M | 11.4M | 41.3M | -31.1M | 183.5M | 23.9M | 44.2M | 8.2M | -22.2M | -20.2M | -6M | 9.5M | -9.2M | 3.5M | -1.5M | -125M | -6.4M | 162.1M | -10M | -5.3M | 800K | 33M | 3.6M | 1.2M | 17.3M | -3.3M | -10.5M | -19M |
| Working Capital Changes | 767.9M | 495.6M | 29.5M | -112.7M | -293.5M | -451.2M | 194.8M | 61.2M | -33.2M | 40.2M | -93.7M | 36.9M | -218.8M | -105M | -89.8M | 79.5M | 44.4M | 83.8M | -170.8M | 98M | 209M | 10.7M | -15.7M | -41.3M | -500K | 161.6M | 137.6M | 198.3M | -103.4M | -183.6M | 26.2M |
| Change in Receivables | 186.3M | 231M | 59.1M | -443.8M | -306.1M | -207.7M | -90.5M | 63.8M | -565.3M | -864.4M | -1.14B | -829.9M | -1.42B | -1.51B | -1.36B | 149.2M | -1.17B | -868.5M | -1.11B | 83.4M | 76.8M | -812.8M | -1.05B | -794M | -516.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 102.8M | 237.5M | 308.8M | -164.4M | -668.3M | -762.6M | 119.7M | -216.3M | -214.3M | -196M | -33.1M | 117.6M | 111.4M | -356.9M | -160.9M | -221M | -60.6M | 292.8M | -374.2M | 10.7M | 66.2M | -42.1M | -65.1M | 13.8M | -119M | 39.6M | 23.7M | 72.1M | -17.3M | -100.4M | -22.6M |
| Change in Payables | 67.8M | 43.4M | -224.9M | -191.6M | 322.1M | 292.2M | -59.1M | 35.7M | -24.3M | 123.5M | 62.8M | 36.3M | -219.4M | 54.7M | -61.7M | 162.3M | 70.6M | -411.3M | 284.4M | 54.1M | 55.1M | 39.8M | 53.2M | -16.5M | 7.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -42.6M | -28.3M | -1.65B | -545.7M | -496.8M | -311.1M | -241.7M | -271.6M | -205.5M | -493.7M | -598.3M | -240.8M | -432.9M | -408.7M | -374.7M | -1.36B | -273.1M | -192.7M | -279.5M | -223.9M | -128.1M | -100.9M | -797.1M | -57.8M | -100.6M | -180.8M | -69.7M | -20.6M | -121.6M | -361.3M | -347M |
| Capital Expenditures | -244.3M | -247.9M | -393.3M | -518.1M | -388.3M | -269.8M | -269.9M | -273.4M | -203.3M | -203.9M | -201M | -211.4M | -301.5M | -391.8M | -340.5M | -300.4M | -167.1M | -215.3M | -251.3M | -141.4M | -129.1M | -111.8M | -78.4M | -78.7M | -54.9M | -39.3M | -67.7M | -44.2M | -121.6M | -361.3M | -45.2M |
| CapEx % of Revenue | 2.35% | 2.46% | 3.37% | 3.59% | 3.07% | 2.42% | 2.95% | 3.02% | 2.17% | 2.45% | 2.71% | 2.83% | 3.1% | 3.63% | 3.42% | 3.42% | 2.42% | 3.25% | 2.98% | 2.07% | 2.38% | 2.05% | 1.49% | 2.25% | 1.88% | 1.55% | 2.9% | 1.83% | 4.13% | 11.21% | 1.95% |
| Acquisitions | 10.8M | 0 | -1.26B | -9.8M | -107.3M | -32.2M | 26.3M | -3.1M | -5.8M | -293.9M | -400.1M | -29.2M | -134.2M | -19.5M | -38.8M | -1.02B | -25.4M | -17.1M | -600K | -17.8M | 2.9M | 0 | -765.7M | 0 | -60.7M | -147.5M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 206M | 234.7M | 13.1M | 3.8M | -14.3M | -9.1M | 1.9M | 4.9M | 3.6M | 4.1M | 2.8M | -200K | 2.8M | 2.6M | 4.6M | -3.7M | -80.6M | 37.1M | -27.6M | -2.7M | 3.9M | 34.3M | 47M | 20.9M | 1.2M | 6M | -2M | 23.6M | 0 | 0 | -301.8M |
| Cash from Financing | -804.3M | -729.2M | 1.05B | -671.7M | -407M | -539.5M | 22.7M | -313.4M | -413.3M | -176.7M | 236.4M | -153.4M | -662M | -106.8M | -241.6M | 671M | -109.4M | -65.3M | 34.1M | -112.8M | -164.1M | -229.5M | 695.5M | 77M | 32.5M | -26.9M | -109.7M | -207.1M | 95.4M | 254.6M | 161.6M |
| Debt Issued (Net) | -613.9M | -379.7M | 1.36B | -128.8M | 33M | -3.8M | 150M | -108.4M | -176.1M | -125.8M | 495.5M | 182.4M | -100.6M | -58.1M | -222.5M | 689.5M | -98.6M | -61.4M | 37M | -121M | -170M | -230.9M | 413.6M | 84.3M | 22.2M | -19.7M | -107.5M | -204.7M | 185.5M | 118.4M | 174.5M |
| Equity Issued (Net) | -254M | -250M | -22M | -53M | -20.6M | -135M | -55M | -130M | -184.3M | -6.9M | -212.5M | -287.5M | -499.7M | -1M | -17.6M | 300K | 500K | 0 | 300K | 8.2M | 10.8M | 1.4M | 303M | 2.5M | 10.3M | 6.4M | 300K | 0 | -87.7M | 142.2M | 1.7M |
| Dividends Paid | -85.9M | -86.5M | -273.1M | -457.4M | -404.3M | -358.5M | -48M | -48M | -47.1M | -44.5M | -42.5M | -42M | -40.8M | -38.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500K | -2.5M | -2.4M | -2.4M | -2.5M | -2.2M |
| Share Repurchases | -254M | -250M | -22M | -53M | -20.6M | -135M | -55M | -130M | -184.3M | -6.9M | -212.5M | -287.5M | -499.7M | -1M | -17.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.1M | 0 | 0 | -88.1M | 0 | 0 |
| Other Financing | 149.5M | -13M | -21.7M | -32.5M | -15.1M | -42.2M | -24.3M | -27M | -5.8M | 500K | -4.1M | -6.3M | -20.9M | -8.8M | -1.5M | -18.8M | -11.3M | -3.9M | -3.2M | 0 | -4.9M | 0 | -21.1M | -9.8M | 0 | -13.1M | 0 | 0 | 0 | -3.5M | -12.4M |
| Net Change in Cash | -47.7M | 249.1M | 17.2M | -194M | -99.6M | -230M | 686.3M | 106.7M | -41.6M | -62M | 3M | 63M | -683.5M | 265.9M | 56.9M | 4.5M | 68.5M | 140.5M | -70.2M | 181.3M | 180.5M | -105M | 178.6M | 112.7M | 5.4M | 15.6M | -6.3M | 3.7M | -15.3M | -10.5M | 21.7M |
| Free Cash Flow | 545.6M | 740.2M | 296.6M | 585M | 449.9M | 413.1M | 626.6M | 422.5M | 392.6M | 373.7M | 168.5M | 312.8M | 136.9M | 405.2M | 325.9M | 425.5M | 271.6M | 136.4M | 40M | 362.9M | 313.1M | 134.5M | 187.5M | 9.3M | 18.3M | 186.1M | 106.7M | 189.5M | -110.4M | -261.3M | 161.5M |
| FCF Margin % | 5.26% | 7.34% | 2.54% | 4.06% | 3.56% | 3.71% | 6.85% | 4.67% | 4.2% | 4.5% | 2.27% | 4.19% | 1.41% | 3.76% | 3.27% | 4.85% | 3.94% | 2.06% | 0.47% | 5.31% | 5.76% | 2.47% | 3.56% | 0.27% | 0.63% | 7.32% | 4.57% | 7.85% | -3.75% | -8.1% | 6.97% |
| FCF Growth % | 8.86% | 149.56% | -49.3% | 30.03% | 8.91% | -34.07% | 48.31% | 7.62% | 5.06% | 121.78% | -46.13% | 128.49% | -66.21% | 24.33% | -23.41% | 56.66% | 99.12% | 241% | -88.98% | 15.91% | 132.79% | -28.27% | 1916.13% | -49.18% | -90.17% | 74.41% | -43.69% | 271.65% | 57.75% | -261.8% | 640.83% |
| FCF per Share | 7.50 | 9.94 | 3.97 | 7.81 | 6.01 | 5.46 | 8.29 | 5.49 | 4.93 | 4.66 | 2.06 | 3.59 | 1.45 | 4.08 | 3.31 | 4.34 | 2.82 | 1.45 | 0.41 | 3.76 | 3.45 | 1.48 | 1.96 | 0.12 | 0.25 | 2.72 | 1.79 | 3.23 | -1.80 | -4.21 | 2.81 |
| FCF Conversion (FCF/Net Income) | 0.71x | 1.36x | -1.62x | 0.94x | 0.94x | 0.76x | 2.10x | 5.56x | 2.09x | 3.10x | 2.31x | 1.97x | 1.07x | 1.33x | 1.28x | 1.24x | 1.99x | 2.59x | 0.75x | 2.05x | -6.81x | 7.79x | 1.67x | 1.18x | -0.87x | 9.97x | 49.83x | -20.32x | 0.18x | 0.59x | 1.64x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Working Capital Volatility
As reported in recent financial statements, AGCO's operating cash flow frequently decouples from net income, evidenced by a volatile OCF/NI ratio that reached -7.46 in 2026Q1, suggesting that reported accounting profits are often poor proxies for the actual cash-generating capacity of the underlying machinery business.
The significant disconnect between net income and operating cash flow appears driven by aggressive swings in working capital requirements rather than operational efficiency. Investors should monitor whether this volatility represents a structural inability to convert earnings into cash or merely the timing mismatch inherent in large-scale industrial manufacturing cycles.
Based on historical data, AGCO's free cash flow trajectory remains highly erratic, with quarterly margins swinging from a peak of 23.7% in 2024Q4 to a negative 19.4% in 2026Q1, indicating that the firm's cash generation is deeply tethered to the volatile agricultural equipment replacement cycle.
The inability to maintain positive free cash flow during downturns suggests that the company's cost structure is not sufficiently flexible to offset revenue declines. This pattern warrants further investigation into whether the firm can sustain its dividend and capital allocation priorities if the current contractionary phase persists.
According to quarterly filings, working capital changes have become a primary source of cash flow instability, with a massive $690.6 million inflow in 2024Q4 followed by a $272.3 million outflow in 2025Q1, highlighting the firm's sensitivity to inventory management and dealer floorplan financing dynamics.
These sharp fluctuations suggest that AGCO may be utilizing its balance sheet to manage dealer inventory levels, effectively pulling forward or pushing back cash receipts. Such dynamics imply that cash flow is less a reflection of end-user demand and more a function of channel inventory management strategies.
As disclosed in recent financial reports, AGCO has maintained consistent dividend payments despite significant cash flow volatility, while share repurchases have been curtailed, with $250 million deployed in 2025Q4 standing as a notable exception to an otherwise conservative approach to returning capital to shareholders.
The prioritization of dividends over aggressive buybacks suggests management is attempting to signal stability to the market during a period of cyclical weakness. However, the reliance on cash reserves to fund these distributions during negative FCF quarters may limit the firm's flexibility for future strategic technology investments.
Quick answers to the most common questions about buying AGCO stock.
AGCO Corporation (AGCO) generated $988.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AGCO Corporation (AGCO) generated $740.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
AGCO Corporation (AGCO) spent $247.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, AGCO Corporation (AGCO) returned $86.5M to shareholders via cash dividends and spent $250.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.