Revenue growth remains highly erratic, swinging from a 35.5% contraction in 2025Q3 to a 22.5% expansion by 2026Q1, while operating margins remain thin at 7.0% due to persistent overhead costs.
| 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 |
|---|
| Sales/Revenue | 1.5B | 1.43B | 1.52B | 1.3B | 1.35B | 1.12B | 817.76M | 887.14M | 793.24M | 933.18M | 869.24M | 674.31M | 722.97M | 644.62M | 604.7M | 645.42M | 426.27M | 398.06M | 306.47M | 182.18M |
| Revenue Growth % | -5.16% | -6% | 16.94% | -3.62% | 19.87% | 37.49% | -7.82% | 11.84% | -15% | 7.36% | 28.91% | -6.73% | 12.15% | 6.6% | -6.31% | 51.41% | 7.09% | 29.88% | 68.22% | - |
| Cost of Goods Sold | 1.11B | 1.08B | 1.08B | 883.48M | 882.1M | 640.1M | 482.21M | 600.76M | 594.68M | 694.65M | 558.97M | 454.13M | 514.74M | 517.83M | 456.5M | 419.63M | 373.47M | 310.3M | 232.62M | 136.22M |
| COGS % of Revenue | - | 75.4% | 71.37% | 68.02% | 65.45% | 56.93% | 58.97% | 67.72% | 74.97% | 74.44% | 64.31% | 67.35% | 71.2% | 80.33% | 75.49% | 65.02% | 87.61% | 77.95% | 75.9% | 74.77% |
| Gross Profit | 395.79M | 351.28M | 434.84M | 415.39M | 465.63M | 484.25M | 335.55M | 286.38M | 198.56M | 238.52M | 310.27M | 220.18M | 208.23M | 126.8M | 148.19M | 225.79M | 52.8M | 87.76M | 73.85M | 45.97M |
| Gross Margin % | 26.37% | 24.6% | 28.63% | 31.98% | 34.55% | 43.07% | 41.03% | 32.28% | 25.03% | 25.56% | 35.69% | 32.65% | 28.8% | 19.67% | 24.51% | 34.98% | 12.39% | 22.05% | 24.1% | 25.23% |
| Gross Profit Growth % | - | -19.22% | 4.68% | -10.79% | -3.85% | 44.31% | 17.17% | 44.23% | -16.75% | -23.12% | 40.92% | 5.74% | 64.22% | -14.44% | -34.37% | 327.63% | -39.84% | 18.83% | 60.65% | - |
| Operating Expenses | 292.68M | 284.84M | 252.54M | 173.82M | 215.82M | 206.22M | 146.5M | 165M | 149.43M | 156.8M | 133.62M | 121.74M | 134.08M | 123.95M | 119.93M | 124.55M | 90.92M | 83.56M | 70.13M | 48.53M |
| OpEx % of Revenue | - | 19.95% | 16.63% | 13.38% | 16.01% | 18.34% | 17.91% | 18.6% | 18.84% | 16.8% | 15.37% | 18.05% | 18.55% | 19.23% | 19.83% | 19.3% | 21.33% | 20.99% | 22.88% | 26.64% |
| Selling, General & Admin | 242.31M | 189.68M | 172.1M | 143.09M | 157.91M | 187.46M | 131.11M | 148.11M | 146.29M | 152.7M | 131.42M | 118.69M | 131.56M | 121.42M | 116.29M | 124.55M | 109.09M | 83.56M | 70.13M | 48.53M |
| SG&A % of Revenue | - | 13.29% | 11.33% | 11.02% | 11.72% | 16.67% | 16.03% | 16.7% | 18.44% | 16.36% | 15.12% | 17.6% | 18.2% | 18.84% | 19.23% | 19.3% | 25.59% | 20.99% | 22.88% | 26.64% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 95.17M | 80.44M | 30.73M | 57.92M | 18.77M | 15.39M | 16.89M | 3.14M | 4.1M | 11.02M | -27.71M | 2.52M | 2.53M | 3.64M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 103.11M | 66.43M | 182.3M | 241.56M | 249.8M | 278.02M | 189.05M | 121.38M | 156.5M | 125.29M | 170.55M | 129.87M | 87.72M | 54.81M | 58.96M | 124.79M | -38.12M | 28.54M | 21.08M | 41.57M |
| Operating Margin % | 6.87% | 4.65% | 12% | 18.6% | 18.54% | 24.73% | 23.12% | 13.68% | 19.73% | 13.43% | 19.62% | 19.26% | 12.13% | 8.5% | 9.75% | 19.33% | -8.94% | 7.17% | 6.88% | 22.82% |
| Operating Income Growth % | - | -63.56% | -24.53% | -3.3% | -10.15% | 47.06% | 55.75% | -22.44% | 24.91% | -26.54% | 31.32% | 48.04% | 60.06% | -7.04% | -52.75% | 427.38% | -233.55% | 35.41% | -49.3% | - |
| EBITDA | 400.88M | 337.9M | 486.32M | 515.67M | 504.18M | 464.75M | 371.75M | 340.99M | 310.75M | 276.29M | 298.05M | 201.14M | 177.38M | 124.21M | 113.43M | 158.97M | -554K | 58.9M | 49.39M | 50.93M |
| EBITDA Margin % | 26.71% | 23.67% | 32.02% | 39.7% | 37.41% | 41.34% | 45.46% | 38.44% | 39.17% | 29.61% | 34.29% | 29.83% | 24.54% | 19.27% | 18.76% | 24.63% | -0.13% | 14.8% | 16.12% | 27.95% |
| EBITDA Growth % | -8.84% | -30.52% | -5.69% | 2.28% | 8.48% | 25.02% | 9.02% | 9.73% | 12.47% | -7.3% | 48.18% | 13.39% | 42.81% | 9.51% | -28.65% | 28795.31% | -100.94% | 19.25% | -3.01% | - |
| D&A (Non-Cash Add-back) | 297.77M | 271.47M | 304.02M | 274.1M | 254.38M | 186.73M | 182.69M | 219.61M | 154.25M | 151.01M | 127.5M | 71.27M | 89.66M | 69.4M | 54.47M | 34.18M | 37.56M | 30.36M | 28.31M | 9.36M |
| EBIT | 198.91M | 104.15M | 108.89M | 377.5M | 216.51M | 266.51M | 84.21M | 90.82M | 23.01M | 62.29M | 75.37M | 37.19M | 76.49M | 12.38M | 35.55M | 106.63M | -26.68M | 28.53M | 23.99M | 41.03M |
| Net Interest Income | -115.65M | -84.11M | -57.76M | 11.73M | -75.37M | -78.7M | -71.5M | -66.83M | -50.32M | -56.95M | -45.02M | -44.77M | -51.16M | -42.02M | -16.42M | -33.01M | -33.17M | -22.66M | -48.31M | 467K |
| Interest Income | 33.79M | 26.98M | 16.05M | 64.97M | 5.78M | 4.08M | 4.08M | 7.32M | 7.92M | 11.23M | 7.67M | 8.2M | 7.07M | 7.23M | 11.25M | 8.02M | 16.56M | 11.55M | 2.55M | 12.93M |
| Interest Expense | 149.44M | 111.08M | 73.81M | 53.24M | 81.15M | 82.78M | 75.59M | 74.15M | 58.24M | 68.18M | 52.69M | 52.97M | 58.23M | 49.25M | 27.67M | 34.02M | 39.5M | 34.22M | 50.86M | 12.46M |
| Other Income/Expense | -53.64M | -73.37M | -147.21M | 63.83M | -114.44M | -103.47M | -175.66M | -100.22M | -131.21M | -116.29M | -136.14M | -94.43M | -27.73M | -91.68M | -21.93M | -53.21M | -22.94M | -9.89M | -30.6M | 31.13M |
| Pretax Income | 49.47M | -6.93M | 35.09M | 305.39M | 135.36M | 174.55M | 13.39M | 21.16M | -24.26M | 5.68M | 13.13M | 22.13M | 8.54M | -36.87M | 3.84M | 71.58M | -61.05M | -5.69M | -26.87M | 28.57M |
| Pretax Margin % | 3.3% | -0.49% | 2.31% | 23.51% | 10.04% | 15.52% | 1.64% | 2.39% | -3.06% | 0.61% | 1.51% | 3.28% | 1.18% | -5.72% | 0.64% | 11.09% | -14.32% | -1.43% | -8.77% | 15.68% |
| Income Tax | 31.13M | -174K | -57.02M | 78.67M | 26.76M | 43.84M | 12.32M | 20.82M | -1.02M | -6.07M | 9.39M | 3.75M | 6.11M | -9.28M | -5.44M | 14.66M | -16.26M | -5.42M | -10.45M | -59K |
| Effective Tax Rate % | 62.92% | 2.51% | -162.5% | 25.76% | 19.77% | 25.11% | 92.01% | 98.38% | 4.22% | -106.81% | 71.51% | 16.96% | 71.47% | 25.16% | -141.45% | 20.48% | 26.64% | 95.17% | 38.88% | -0.21% |
| Net Income | 13.71M | -8.35M | 92.34M | 226.29M | 108.14M | 130.67M | 412K | -772K | -24.62M | 9.97M | 2.04M | 17.13M | 2.52M | -25.83M | 9.4M | 56.02M | -43.9M | -260K | -19.33M | 29.17M |
| Net Margin % | 0.91% | -0.58% | 6.08% | 17.42% | 8.02% | 11.62% | 0.05% | -0.09% | -3.1% | 1.07% | 0.23% | 2.54% | 0.35% | -4.01% | 1.55% | 8.68% | -10.3% | -0.07% | -6.31% | 16.01% |
| Net Income Growth % | -78.26% | -109.04% | -59.19% | 109.26% | -17.24% | 31615.78% | 153.37% | 96.86% | -346.91% | 389.06% | -88.1% | 580.42% | 109.75% | -374.85% | -83.23% | 227.59% | -16786.15% | 98.66% | -166.28% | - |
| Net Income (Continuing) | 18.35M | -6.76M | 92.1M | 226.72M | 108.61M | 130.72M | 1.07M | 342K | -23.23M | 14.97M | 3.74M | -1.67M | 3.36M | -27.6M | 13.32M | 57.95M | -44.79M | -275K | -16.43M | 28.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.6M | 1.99M | -1.28M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 141.43M | 136.95M | 38.95M | 36.52M | 37.55M | 36.11M | 38.68M | 40.61M | 44.51M | 5.42M | 7.58M | 7.33M | 7.59M | 45K | 65K | 14.99M | 14.57M | 80K | 45.41M | 49.19M |
| EPS (Diluted) | 0.02 | -0.02 | 0.18 | 0.42 | 0.20 | 0.23 | 0.00 | 0.00 | -0.04 | 0.02 | 0.02 | -0.01 | 0.02 | -0.04 | 0.02 | 0.10 | -0.08 | -0.00 | -0.02 | 0.04 |
| EPS Growth % | -97.59% | -109.11% | -57.14% | 110% | -13.04% | - | - | 101.43% | -290.91% | 17.02% | - | -150.55% | 143.33% | -372.73% | -83.96% | 226.32% | - | 98.94% | -147.25% | - |
| EPS (Basic) | - | -0.02 | 0.18 | 0.42 | 0.20 | 0.23 | 0.00 | 0.00 | -0.04 | 0.02 | 0.02 | -0.01 | 0.02 | -0.04 | 0.02 | 0.10 | -0.08 | -0.00 | -0.02 | 0.04 |
| Diluted Shares Outstanding | 716.77M | 512.17M | 515.35M | 537.47M | 552.2M | 578.07M | 588.57M | 586.26M | 589.17M | 611.01M | 615.58M | 611.73M | 608.09M | 615.54M | 612.35M | 589.25M | 578.92M | 1.14B | 1.02B | 744.13M |
| Basic Shares Outstanding | 714.22M | 510.47M | 513.02M | 535.46M | 550.39M | 575.74M | 587.26M | 586.26M | 583.46M | 603M | 607.11M | 604.5M | 602.81M | 611.51M | 606.83M | 585.14M | 578.92M | 1.14B | 1.02B | 720.52M |
| Dividend Payout Ratio | - | - | 37.9% | 15.47% | 32.37% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity price and currency volatility
As reported in recent financial filings, AGRO's revenue growth has exhibited significant quarterly variance, swinging from a 35.5% contraction in 2025Q3 to a 22.5% expansion by 2026Q1, reflecting the inherent sensitivity of the company's agricultural and energy segments to global commodity price cycles and seasonal harvest timing.
The erratic top-line performance suggests that Adecoagro's revenue is heavily dictated by external spot price realizations rather than consistent volume growth. Investors should monitor whether the recent 22.5% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound in sugar and ethanol pricing power.
Based on the provided income statement data, gross margins have fluctuated wildly between 13.1% and 42.2% over the last ten quarters, indicating that the company's industrial processing model remains highly susceptible to input cost inflation and the volatile sugar-ethanol parity inherent in Brazilian agricultural operations.
The wide variance in gross margins suggests that Adecoagro lacks the pricing power to fully insulate its bottom line from commodity cost spikes. The compression observed in recent periods warrants further investigation into whether the company's vertical integration is providing the intended cost-efficiency or merely adding fixed-cost burden.
According to the company's historical income statements, operating income has failed to scale consistently with gross profit, as evidenced by the 2025Q2 period where a $74.6M gross profit resulted in a thin operating margin of only 1.5% due to elevated administrative and operational overhead.
The inability to maintain stable operating margins during periods of high gross profit suggests that the company's SG&A structure is not sufficiently lean to absorb operational shocks. This lack of operating leverage may indicate that the firm's industrial milling assets require significant, non-discretionary maintenance spending regardless of revenue levels.
As indicated by the financial data, net income has frequently decoupled from operating performance, with the company reporting a $15.4M loss in 2025Q4 despite generating positive operating income, a trend likely driven by non-cash biological asset revaluations and complex foreign exchange translation effects.
The frequent swings between net profitability and losses suggest that headline EPS figures may be poor indicators of the company's underlying cash-generating capacity. Analysts should look past these accounting-driven distortions to focus on cash flow from operations, which may provide a clearer picture of the firm's true economic health.
While management emphasizes the value-added nature of their land transformation model, the persistent volatility in net margins, which reached a negative 4.6% in 2025Q2, suggests that the company's business model may be fundamentally challenged by its high fixed-cost base and exposure to regional macroeconomic instability.
Short-term observers may point to the negative net margins as evidence that the company's capital-intensive strategy is failing to deliver consistent shareholder returns. The reliance on non-cash gains to bolster the bottom line warrants further investigation into whether the company can achieve sustainable, cash-backed profitability in the long term.
Quick answers to the most common questions about buying AGRO stock.
For fiscal year 2025, Adecoagro S.A. (AGRO) reported total revenue of $1.43B. This represents a 683.7% increase compared to $182.2M in 2007.
Adecoagro S.A. (AGRO) reported a net loss of $8.3M for the fiscal year ending 2025.
Adecoagro S.A. (AGRO) reported an operating income of $66.4M, resulting in an operating profit margin of 4.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Adecoagro S.A. (AGRO) generated $351.3M in gross profit for the year, representing a gross profit margin of 24.6%. This demonstrates the company's core pricing power and production efficiency.