Q2 2025 Equipment Manufacturer Results Highlights, Themes and Analysis

Index

1. Themes and Takeaways

   1. Revenues Down in High Teens for Agriculture Segments

   2. Inventory Management Continues to be a Focus

   3. Forecast for remainder of 2025 to 2026: North America is the weakest ag machinery market, South America showing relative resilience, Europe in between

   4. Tariffs and Trade Uncertainty

   5. Precision Ag and Technology

2. Companies

   1. John Deere

   2. AGCO

   3. CNH Industrial

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, I analyze publicly traded agribusiness results to highlight the key takeaways that matter for those of us working in the agriculture industry.

By breaking down earnings results and executive commentary, I provide the strategic insights agribusiness professionals need to stay ahead of their competitors, their suppliers and ultimately their customers.

The below is just one portion— more deep dives on the most influential agribusinesses, their market positioning, and strategic initiatives will be published as results become available.

If you want to satiate your curiosity and be the best-informed in the industry, you’re in the right place.

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Access the financials I have compiled to be able to effectively look at major agribusinesses in detail here: Agribusiness Financial Data Q4 2022 to Q4 2024 (Excel Workbooks)

Financial Summary

a. Revenues Down in High Teens for Agriculture Segments

Revenues remained challenged in Q2 2025, as expected, with sales down in the high teens:

• CNH Industrial agriculture segment sales were down 17%. CNH’s North American ag sales fell 36% in Q2.

• Deere Production and Precision Ag sales were down 16%.

• AGCO sales were down almost 19%. North America tractor and combine sales fell 13% and 33% respectively in the first half of 2025. AGCO’s North American sales fell 32%, with high horsepower tractors and sprayers most pressured.

b. Inventory Management Continues to be a Focus

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