Q3 2025 Equipment Manufacturer Results Highlights and Analysis

John Deere, CNH, AGCO and Titan Machinery

Author

Shane Thomas
November 29, 2025 • Read Time: 3 minutes

Index

  1. Themes

  2. John Deere

  3. CNH

  4. AGCO

  5. Titan Machinery

About Upstream Ag Professional Agribusiness Breakdowns

Each quarter in Upstream Ag Professional, we analyze publicly traded agribusiness results to highlight the key takeaways that matter for those of us working in the agriculture industry — that means looking at the intersection of financials with product details, competitive dynamics, executive commentary, external factors and strategic considerations that are often missing in the financial results.

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

Themes

1. Inventory Normalization and Used-Equipment Cleanup

Unsurprisingly, inventory management was a dominant theme across all companies again.

  • Titan Machinery, the sole dealer highlighted, is reducing aged inventory, cutting total inventory by $98 million YTD and over $500 million from peak levels, with aged equipment down $94 million in five months.

  • John Deere emphasized underproduction to keep new field inventory extremely low.

Inventory to sales ratios for combines and 4-wheel drive tractors both closed the year at 8%, while 220 horsepower and above tractors were at 12%. To put in perspective how low absolute inventory levels are, new field inventory for Deere 220 horsepower and above tractors ended fiscal 2025 at the lowest unit level we've seen in over 17 years.

Deere Sprayers are down mid-teens and Deere Planters are down nearly 30% from their recent highs. Deere used combines declined over 10% sequentially in our fourth quarter, resulting in a nearly 25% decrease from their spring 2024 peak. Perhaps more importantly, the model year distribution of Deere used combines in the field has returned to a nearly normal level of distribution.

  • CNH prioritized “lightening channel inventory” as one of its core strategic objectives, tied to quality and cost improvements. They stated that they have had good success on the dealer inventory side with 3 quarters in a row for CNH Ag dealers declines in the used inventory and Titan Machinery numbers would reinforce this.

Subscribe to Upstream Ag Professional to read the rest.

Become a paying member of Upstream Ag to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A Professional Membership Delivers:

  • • Subscriber-only insights and deep analysis plus full archive access
  • • Audio edition for consumption flexibility
  • • AskUpstream Access, the LLM for serious agribusiness professionals
  • • Access to the Report Hub and Visualization Hub