AGCO
Corteva
Nutrien
1. AGCO Q1 2026 Results - AGCO
Sales of $2.34 billion were up 14.3%, with FX contributing a 9.6% tailwind (mostly the euro and Brazilian real strengthening).
Gross margin came in at 24.8%, down 60 bps YoY despite the sales growth, which reflects tariff costs and negative pricing in Latin America.
Operating income was $80.7 million (3.4% operating margin), with adjusted operating income was $107.4 million (4.6% operating margin).
Q1 production hours were up 15% YoY off a very depressed Q1 2025 base when AGCO was under-producing aggressively, which helps operating margins out.
Regional Performance
EME drove the quarter with sales up 9% to $1.6 billion (68% of total), operating income up $104.6 million YoY to $259 million. Strength in Germany and the UK, offset by Turkey and France weakness. High-horsepower tractors led growth, with strength in Germany and the UK and weaker outcomes in Turkey and France.
North America sales were up 9% to $406 million. Tariff costs were a challenge. AGCO claimed share gains in high-horsepower despite the industry being down 8% on tractors and 7% on combines:
So globally, we had our highest market share. We grew again market share in quarter 1. We've now got our all-time record highest market share for the company globally. And a big driver of that is North America. We're getting market share gains in both of our brands, Massey Ferguson and Fendt in terms of machinery brands.
LATAM was the softest spot. Sales down 30.3% to $212 million, with an operating loss of $41 million (negative 19.3% margin). Brazil retail tractors were down 10%, combines down 38%. High financing costs and tight credit are the drivers, plus imported fertilizer cost pressure on farmer profitability.
APA sales up 20.9% to $124 million. Australia and South Africa drove growth.
R&D / Engineering
Engineering expenses were $132.6 million in Q1, up from $116 million a year ago (up 14.3%). That is ~5.7% of sales for the quarter. Full-year guide is ~5% of sales, which signals continued investment in PTx Trimble integration, Fendt, and precision platforms (SymphonyVision, autonomy, etc.).
Industry Retail Backdrop
North America tractors -8%, combines -7%, with the worst declines in high-horsepower. Brazil tractors -10%, combines -38%. Western Europe tractors +7%, combines -5%. The Brazil combine number stands out as a sign of how much capex restraint is happening among row crop producers there.
2026 Outlook and Assumptions
AI at AGCO
We use AI in customer support and service to connect machine data, customer needs and AGCO expertise to reduce downtime and strengthen long-term customer relationships. It is transforming how we work with thousands of parts leads generated for dealers and tools like product information assistant to more closely connect dealers and farmers. And third, AI inside AGCO is improving efficiency, quality, cost and speed. Use cases range from AI-powered financial forecasting to AI-driven market analytics that automate used equipment price analysis and free up experts to focus on more value-driven actions. These capabilities are being deployed in a structured and purposeful manner to support margin expansion and growth.
We are seeing strong and growing demand from our employees to leverage and deploy innovative AI solutions to better support our dealers and farmers. We view this momentum, along with our Project Reimagine run rate cost savings as a clear opportunity to drive measurable efficiency gains and productivity improvements across the organization over time. In short, we are taking an enterprise view with AI using human-in-the-loop oversight and aligning with evolving regulatory frameworks to support trusted, responsible and scalable usage.
CEO 2026 PTx revenue:
I think the sales for PTx as a whole were relatively flat year-over-year. So I think, Steve, when you look at the industry being down here in North America, down in -- the challenge in South America, the fact that PTx delivered relatively flat sales year-over-year is a testament to the retrofit market and how well that business is doing. For the full year, we still expect it to be flat to modestly up for the full year.
2. Corteva Q1 2026 Results - Corteva
Revenue was $4.905 billion, up 11%. The split was volume +6%, price +1%, currency +4%.
Both segments grew organically in every region.
Operating EBITDA was $1.438 billion, up 21% YoY.
EBITDA margin expanded 240 bps to 29.3%, which is very strong. Both segments expanded margin:
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