Agco reports Q3 2026 revenue of $2.26B

Cover page 2 changes

3 unchanged paragraphs

For the quarterly period ended June September 30, 2026

18 unchanged paragraphs

As of July 27, October 26, 2026, there were 70,031,729 68,950,835 shares of the registrant s common stock, par value of $0.01 per share, outstanding.

1 unchanged paragraph

Financial Statements (unaudited) 5 changes

Condensed Consolidated Balance Sheets as of Jun e 3 0 , September 30, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the Three Months Ended June 3 0 , September 30, 2026 and 2025

Condensed Consolidated Statements of Operations for the Six Nine Months Ended June 3 0 , September 30, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Nine Months Ended June 3 0 , September 30, 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the Six Nine Months Ended June 3 0 , September 30, 2026 and 2025

Financial statements 130 changes

2 unchanged paragraphs

Other assets 455.0 481.0

June September 30, 2026 December 31, 2025

Cash and cash equivalents $ 573.4 415.1 $ 861.8

Accounts and notes receivable, net 1,232.1 1,231.1 1,079.4

Inventories, net 3,007.1 3,005.0 2,709.3

Other current assets 525.1 540.8 545.6

Total current assets 5,337.7 5,192.0 5,196.1

Property, plant and equipment, net 1,939.9 1,931.0 1,996.2

Right-of-use lease assets 153.0 157.3 167.3

Investments in affiliates 490.6 497.3 609.9

Deferred tax assets 974.4 1,001.9 905.5

Other assets 458.5 481.0

Intangible assets, net 644.6 627.3 673.0

Goodwill 1,883.2 1,881.1 1,898.8

Total assets $ 11,878.4 11,746.4 $ 11,927.8

2 unchanged paragraphs

Borrowings due within one year $ 546.7 536.1 $ 117.7

Accounts payable 1,030.8 1,018.5 951.0

Accrued expenses 2,340.1 2,266.4 2,538.7

Other current liabilities 123.6 120.0 121.7

Total current liabilities 4,041.2 3,941.0 3,729.1

Long-term debt, less current portion and debt issuance costs 2,180.3 2,140.7 2,323.1

Operating lease liabilities 111.9 128.0 122.1

Pension and postretirement health care benefits 167.2 166.8 169.2

Deferred tax liabilities 123.0 123.6 126.5

Other noncurrent liabilities 881.8 890.7 885.1

Total liabilities 7,505.4 7,390.8 7,355.1

1 unchanged paragraph

Redeemable noncontrolling interests 292.4 290.4 299.2

2 unchanged paragraphs

Common stock; $ 0.01 par value, 150,000,000 shares authorized, 70,002,207 68,950,520 and 72,629,310 shares issued and outstanding at June September 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 10.9 1.3 0.5

Retained earnings 5,800.9 5,790.3 6,047.2

Accumulated other comprehensive loss ( 1,731.9 1,727.1 ) ( 1,774.9 )

Total stockholders equity 4,080.6 4,065.2 4,273.5

Total liabilities, redeemable noncontrolling interests and stockholders equity $ 11,878.4 11,746.4 $ 11,927.8

3 unchanged paragraphs

Net sales $ 2,609.7 $ 2,635.0

Cost of goods sold 1,963.8 1,976.4

Gross profit 645.9 658.6

Three Months Ended June September 30,

Net sales $ 2,262.5 $ 2,476.3

Cost of goods sold 1,697.1 1,829.8

Gross profit 565.4 646.5

Selling, general and administrative expenses 335.7 326.4 303.8 340.8

2 unchanged paragraphs

Impairment charges 6.8

Impairment charges ( 0.6 )

1 unchanged paragraph

Loss on sale of business

2 unchanged paragraphs

Other expense, net 15.5 48.9

Other expense (income), net 33.3 ( 208.4 )

1 unchanged paragraph

Income tax provision (benefit) 40.4 ( 205.5 )

Income tax provision 25.2 48.8

2 unchanged paragraphs

Net loss attributable to noncontrolling interests 2.4 0.4 1.7 3.0

7 unchanged paragraphs

Six Months Ended June 30,

Net sales $ 4,952.6 $ 4,685.5

Cost of goods sold 3,725.3 3,506.3

Gross profit 1,227.3 1,179.2

Nine Months Ended September 30,

Net sales $ 7,215.1 $ 7,161.8

Cost of goods sold 5,422.4 5,336.1

Gross profit 1,792.7 1,825.7

Selling, general and administrative expenses 674.8 652.2 978.6 993.0

2 unchanged paragraphs

Impairment charges 2.1 7.9 7.3

2 unchanged paragraphs

Income from operations 221.4 213.4

Income from operations 337.5 365.0

1 unchanged paragraph

Other expense, net 42.0 81.2

Income tax provision (benefit) 45.0 ( 203.5 )

Other expense (income), net 75.3 ( 127.2 )

Income before income taxes and equity in net earnings of affiliates 147.2 95.9 215.3 440.4

Income tax provision (benefit) 70.2 ( 154.7 )

Income before equity in net earnings of affiliates 102.2 299.4 145.1 595.1

1 unchanged paragraph

Net income 127.2 323.1

Net income 177.2 625.8

Net loss attributable to noncontrolling interests 5.0 2.2 6.7 5.2

Net income attributable to AGCO Corporation $ 132.2 183.9 $ 325.3 631.0

1 unchanged paragraph

Cash dividends declared and paid per common share $ 0.59 0.89 $ 0.58 0.87

4 unchanged paragraphs

Three Months Ended June September 30,

Other comprehensive income (loss):

Foreign currency translation adjustments 1.5 58.2 1.3 34.0

1 unchanged paragraph

Deferred gains and losses on derivatives, net of tax 0.3 1.5 1.1 ( 3.9 )

2 unchanged paragraphs

Comprehensive loss (income) attributable to noncontrolling interests 3.1 ( 4.5 )

Comprehensive loss attributable to noncontrolling interests 2.0 3.0

1 unchanged paragraph

Six Months Ended June 30,

Nine Months Ended September 30,

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

4 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

and 50 more changes in the filing

Note 1: BASIS OF PRESENTATION 4 changes

1 unchanged paragraph

New Accounting Pronouncements to be Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the consolidated financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The ASU will be applied prospectively with an option to simultaneously apply retrospectively. The updated standard will impact only our disclosures, with no impact to our financial condition or results of operations.

The Company has a wholly-owned subsidiary in Turkey that distributes agricultural equipment and replacement parts. On the basis of available data related to inflation indices and as a result of the devaluation of the Turkish lira relative to the United States dollar, the Turkish economy was determined to be highly inflationary during 2022. A highly inflationary economy is one where the cumulative inflation rate for the three years preceding the beginning of the reporting period, including interim reporting periods, is in excess of 100 percent. For subsidiaries operating in highly inflationary economies, the United States dollar is the functional currency. Remeasurement adjustments for financial statements in highly inflationary economies and other transactional exchange gains and losses are reported in Other expense (income), net within the Company's Condensed Consolidated Statements of Operations. For the six nine months ended and as of June September 30, 2026, the Company's wholly-owned subsidiary in Turkey had net sales of approximately $ 72.5 104.9 million and total assets of approximately 5.1 5.3 billion Turkish lira (or approximately $ 109.7 108.3 million). The monetary assets and liabilities denominated in the Turkish lira were approximately 3.7 billion Turkish lira (or approximately $ 79.4 74.9 million) and approximately 1.6 billion Turkish lira (or approximately $ 34.0 32.5 million), respectively, as of June September 30, 2026. The monetary assets and liabilities were remeasured into United States dollars based on exchange rates as of June September 30, 2026.

The Company has a wholly-owned subsidiary in Argentina that assembles and distributes agricultural equipment and replacement parts. In recent years, the Argentine government has substantially limited the ability of companies to transfer funds out of Argentina. Argentina's economy was determined to be highly inflationary during 2018. For the six nine months ended and as of June September 30, 2026, the Company's wholly-owned subsidiary in Argentina had net sales of approximately $ 71.2 119.1 million and total assets of approximately 315.2 309.4 billion pesos (or approximately $ 211.2 204.2 million). The monetary assets of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 68.9 73.9 billion pesos (or approximately $ 46.2 48.8 million), inclusive of approximately 19.1 7.1 billion pesos (or approximately $ 12.8 4.7 million) in cash and cash equivalents, as of June September 30, 2026. The monetary liabilities of the Company's operations in Argentina denominated in pesos at the official government rate were approximately 35.2 17.6 billion pesos (or approximately $ 23.6 11.6 million) as of June September 30, 2026. The monetary assets and liabilities were remeasured into United States dollar dollars based on exchange rates as of June September 30, 2026. The Company's finance joint venture in Argentina, AGCO Capital Argentina S.A. ( AGCO Capital ), had net monetary assets denominated in pesos at the official government rate of approximately 8.0 9.7 billion pesos (or approximately $ 5.4 6.4 million) as of June September 30, 2026. All gains and losses resulting from AGCO Capital's remeasurement of its monetary assets and liabilities are reported in Equity in net earnings of affiliates within the Company's Condensed Consolidated Statements of Operations.

Note 2: ACCOUNTS RECEIVABLE SALES AGREEMENTS 7 changes

The Company s finance joint ventures in Europe, Brazil and Australia also provide wholesale financing directly to the Company s dealers. As of June 30, 2026 and December 31, 2025, these finance joint ventures had approximately $ 112.2 million and $ 107.5 million, respectively, of outstanding accounts receivable associated with these arrangements.

In certain foreign countries, the Company invoices its finance joint ventures directly and the finance joint ventures retain a form of title to the goods delivered to dealers until the dealer makes payment so that the finance joint ventures can recover the goods in the event of dealer or end customer default on payment. This occurs as the laws of some foreign countries do not provide for a seller s retention of a security interest in goods in the same manner as established in the United States Uniform Commercial Code. The only right the finance joint ventures retain with respect to the title are those enabling recovery

The Company s finance joint ventures provide retail financing and wholesale financing to its dealers. The terms of the financing arrangements offered to the Company s dealers are similar to arrangements the finance joint ventures provide to unaffiliated third parties. In addition, the Company transfers, on an ongoing basis, a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. Under the various joint venture agreements, Rabobank or its affiliates provide financing to the joint venture companies. AGCO has a 49 % interest in those finance equity joint ventures. To better align with evolving market dynamics and increasing regulatory and compliance requirements, on April 30, 2026, the Company executed an Interests Purchase Agreement and Share Purchase Agreement (collectively the Agreements ) with wholly owned subsidiaries of Rabobank to sell its 49 % equity interests in the joint ventures in the U.S. and Canada, AGCO Finance LLC and AGCO Finance Canada, Ltd. (collectively the North America AGCO Finance joint ventures ), respectively, for aggregate consideration of approximately $ 188.4 million. The consideration consisted of (i) approximately $ 168.4 million, representing the carrying value of the Company's equity interests in the North America AGCO Finance joint ventures, previously included in Investments in affiliates on the Company's Condensed Consolidated Balance Sheets, and (ii) approximately $ 20.0 million, representing the estimated future net earnings associated with the run-off of the North America AGCO Finance portfolios existing as of the transaction date, which was recognized in Other expense (income), net within the Company's Condensed Consolidated Statements of Operations during the three and six nine months ended June September 30, 2026.

The Company has accounts receivable sales agreements that permit the sale, on an ongoing basis, of a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. The cash received from receivables sold under these accounts receivable sales agreements that remain outstanding as of June September 30, 2026 and December 31, 2025 was approximately $ 1.8 1.7 billion and $ 2.1 billion, respectively.

Under the terms of the accounts receivable sales agreements in the U.S., Canada, Europe and Brazil, the Company pays the respective AGCO Finance entities a subsidized interest payment with respect to the accounts receivable sales agreements. These fees are reflected within losses on the sales of receivables included within Other expense (income), net in the Company s Condensed Consolidated Statements of Operations. The Company does not service the receivables after the sale occurs and does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that receivables sold under these agreements should be accounted for as off-balance sheet transactions.

In addition, the Company sells certain trade receivables under factoring arrangements to other financial institutions around the world. The cash received from trade receivables sold under factoring arrangements that remain outstanding as of June September 30, 2026 and December 31, 2025 was approximately $ 257.2 239.2 million and $ 270.5 million, respectively. Under these arrangements, the Company is required to continue to service the sold receivables at market rates. The Company does not maintain any direct retained interest in the receivables. The Company reviewed its accounting for the accounts receivable sales agreements and determined that receivables sold under these agreements should be accounted for as off-balance sheet transactions.

Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within Other expense (income), net in the Company s Condensed Consolidated Statements of Operations, were approximately $ 21.1 20.5 million and $ 39.7 60.2 million during the three and the six nine months ended June September 30, 2026, respectively. Losses on sales of receivables associated with the accounts receivable sales agreements discussed above, reflected within Other expense (income), net in the Company s Condensed Consolidated Statements of Operations, were approximately $ 19.8 21.9 million and $ 38.7 60.6 million during the three and the six nine months ended June September 30, 2025, respectively.

Note 3: GOODWILL AND OTHER INTANGIBLE ASSETS 20 changes

Changes in the carrying amount of goodwill during the six nine months ended June September 30, 2026 are summarized as follows (in millions):

3 unchanged paragraphs

Foreign currency translation ( 1.2 ) 4.1 ( 18.5 ) ( 15.6 )

Balance as of June 30, 2026 $ 743.1 $ 106.6 $ 1,013.1 $ 20.4 $ 1,883.2

Foreign currency translation ( 1.1 ) 4.0 ( 20.6 ) ( 17.7 )

Balance as of September 30, 2026 $ 743.2 $ 106.5 $ 1,011.0 $ 20.4 $ 1,881.1

1 unchanged paragraph

Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2026 are summarized as follows (in millions):

Gross carrying amounts: Trademarks and Trade Names Customer Relationships Patents and Technology Other

Balance as of December 31, 2025 $ 75.6 $ 191.2 $ 621.0 $ 51.2 $ 939.0

Foreign currency translation ( 0.3 ) ( 1.5 ) ( 4.3 ) 0.2 ( 5.9 )

Balance as of June 30, 2026 $ 75.3 $ 189.7 $ 625.5 $ 51.4 $ 941.9

Accumulated amortization: Trademarks and Trade Names Customer Relationships Patents and Technology Other

Balance as of December 31, 2025 $ 50.5 $ 126.9 $ 156.2 $ 20.2 $ 353.8

Amortization expense 2.1 3.5 25.8 2.6 34.0

Foreign currency translation ( 0.2 ) ( 1.0 ) ( 2.5 ) 0.1 ( 3.6 )

Balance as of June 30, 2026 $ 52.4 $ 129.4 $ 179.5 $ 22.9 $ 384.2

Indefinite-lived intangible assets: Trademarks and Trade Names

Balance as of December 31, 2025 $ 87.8

Foreign currency translation ( 0.9 )

Balance as of June 30, 2026 $ 86.9

The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from three to 50 years.

Note 4: INVENTORIES 9 changes

Raw materials 658.4 632.2

Inventories, net at June September 30, 2026 and December 31, 2025, were as follows (in millions):

June September 30, 2026 December 31, 2025

Finished goods $ 1,277.6 1,263.6 $ 1,070.6

Repair and replacement parts 810.0 795.4 824.6

Work in process 261.1 275.9 181.9

Raw materials 670.1 632.2

Inventories, net $ 3,007.1 3,005.0 $ 2,709.3

At June September 30, 2026 and December 31, 2025, the Company had recorded $ 296.0 303.8 million and $ 271.9 million, respectively, as a reserve for surplus and obsolete inventories. These reserves are reflected within Inventories, net within the Company's Condensed Consolidated Balance Sheets.

Note 5: PRODUCT WARRANTY 12 changes

Three Months Ended June 30, Six Months Ended June 30,

Accruals for warranties issued

Foreign currency translation ( 6.0 ) 47.7 ( 11.9 ) 74.0

Balance at June 30 $ 798.8 $ 801.0 $ 798.8 $ 801.0

The warranty reserve activity for the three and six nine months ended June September 30, 2026 and 2025, including deferred revenue associated with the Company's extended warranties that have been sold, was as follows (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

Balance at beginning of period $ 817.4 798.8 $ 746.6 801.0 $ 814.3 $ 743.0

Accruals for warranties issued 99.2 119.4 311.7 299.5

Settlements made and deferred revenue recognized ( 105.7 ) ( 111.1 ) ( 321.8 ) ( 307.2 )

Foreign currency translation ( 0.4 ) 1.1 ( 12.3 ) 75.1

Balance at September 30 $ 791.9 $ 810.4 $ 791.9 $ 810.4

The Company s agricultural equipment products generally are warranted against defects in material and workmanship for a period of one to four years . The Company accrues for future warranty costs at the time of sale based on historical warranty experience. The Company's extended warranty period for the majority of products ranges from three to five years . Revenue is recognized for the extended warranty contracts on a straight-line basis, which the Company believes approximates the cost expected to be incurred in satisfying the obligations, over the extended warranty period. Approximately $ 607.0 596.4 million, $ 626.6 million and $ 634.4 623.8 million of warranty reserves are included in Accrued expenses in the Company s Condensed Consolidated Balance Sheets as of June September 30, 2026, December 31, 2025 and June September 30, 2025, respectively. Approximately $ 191.8 195.5 million, $ 187.7 million and $ 166.6 186.6 million of warranty reserves are included in Other noncurrent liabilities in the Company s Condensed Consolidated Balance Sheets as of June September 30, 2026, December 31, 2025 and June September 30, 2025, respectively.

1 unchanged paragraph

Note 6: SUPPLIER FINANCE PROGRAMS 1 change

The Company has supplier financing arrangements with certain banks or other intermediaries whereby a bank or intermediary purchases receivables held by the Company s suppliers. Under the program, suppliers have the option to be paid by the bank or intermediary earlier than the payment due date. When the supplier receives an early payment, they receive a discounted amounts, amount, and the Company pays the bank or intermediary the face amount of the invoice on the payment due date. The Company does not reimburse suppliers for any costs incurred for participation in the program. The Company and its suppliers agree on the contractual terms, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the supplier finance programs. The suppliers voluntary inclusion in the supplier financing programs has no bearing on the Company s payment terms. The Company has no economic interest in a supplier s decision to participate in the programs, and the Company has no direct financial relationship with the banks or other intermediaries as it relates to the supplier finance programs. As of June September 30, 2026, payment terms with the majority of the Company s suppliers are 30 to 180 days, which correspond to the contractual terms, with rates that are based on market rates (such as SOFR) plus a credit spread. There are no assets pledged as security under the programs. As of June September 30, 2026 and December 31, 2025, the amounts outstanding that remain unpaid to the banks or other intermediaries totaled $ 41.8 52.1 million and $ 31.7 million, respectively, and are reflected in Accounts payable in the Company s Condensed Consolidated Balance Sheets.

Note 7: INDEBTEDNESS 12 changes

Long-term debt consisted of the following at June September 30, 2026 and December 31, 2025 (in millions):

June September 30, 2026 December 31, 2025

Credit Facility, expires 2027 $ 290.0 254.4 $

3 unchanged paragraphs

EIB Senior term loan due 2029 285.0 283.9 293.3

2 unchanged paragraphs

Debt issuance costs ( 8.4 7.7 ) ( 9.7 )

3 unchanged paragraphs

The Company has a credit facility providing for a $ 1.25 billion multi-currency unsecured revolving credit facility ( Credit Facility ) that matures on December 19, 2027. As of June September 30, 2026, the Company had $ 290.0 254.4 million in outstanding borrowings under the revolving credit facility and had the ability to borrow $ 960.0 995.6 million.

1 unchanged paragraph

The Company has an uncommitted revolving credit facility that allows the Company to borrow up to 200.0 million (or approximately $ 228.0 227.1 million as of June September 30, 2026). The credit facility expires on December 31, 2026. As of June September 30, 2026 and December 31, 2025, the Company had no outstanding borrowings under the revolving credit facility.

Senior Term Loans due between 2026 and 2028

In October 2026, the Company repaid 52.5 million (or approximately $ 58.9 million) upon maturity of the Senior term loans due 2026.

1 unchanged paragraph

As of June September 30, 2026 and December 31, 2025, the Company had short-term borrowings due within one year, excluding the current portion of long-term debt, of approximately $ 87.5 76.9 million and $ 56.1 million, respectively.

Standby Letters of Credit and Similar Instruments

The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At September 30, 2026 and December 31, 2025, outstanding letters of credit totaled approximately $ 12.5 million and $ 14.0 million, respectively.

Note 8: RESTRUCTURING AND BUSINESS OPTIMIZATION EXPENSES 7 changes

2 unchanged paragraphs

Restructuring expenses activity, which relates to severance and other related costs, during the three and six nine months ended June September 30, 2026, is summarized as follows (in millions):

9 unchanged paragraphs

Third quarter 2026 provision, net of reversals 4.6

Third quarter 2026 cash activity ( 16.7 )

Foreign currency translation 0.1

Balance as of September 30, 2026

Approximately $ 22.9 11.1 million and $ 56.9 million of restructuring expenses are included in Accrued expenses in the Company s Condensed Consolidated Balance Sheets as of June September 30, 2026 and December 31, 2025, respectively. Approximately $ 22.4 22.2 million and $ 25.9 million of restructuring expenses are included in Other noncurrent liabilities in the Company s Condensed Consolidated Balance Sheets as of June September 30, 2026 and December 31, 2025, respectively.

1 unchanged paragraph

Business optimization expenses primarily relate to professional services costs incurred as part of the restructuring program aimed at reducing structural costs, enhancing global efficiencies by changing the Company s operating model for certain corporate and back-office functions. During the three months ended June September 30, 2026 and 2025, the Company recognized approximately $ 1.4 1.9 million and $ 13.1 4.5 million, respectively, of business optimization expenses. During the six nine months ended June September 30, 2026 and 2025, the Company recognized approximately $ 3.9 5.8 million and $ 26.9 31.4 million, respectively, of business optimization expenses.

Note 9: DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 6 changes

3 unchanged paragraphs

The Company designates certain foreign currency contracts as cash flow hedges of expected future sales and purchases. The total notional value of derivatives that were designated as cash flow hedges was approximately $ 305.1 412.3 million and $ 210.8 million as of June September 30, 2026 and December 31, 2025, respectively.

The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended June September 30, 2026 (in millions):

1 unchanged paragraph

Accumulated derivative net gains as of March 31, June 30, 2026

4 unchanged paragraphs

Accumulated derivative net gains as of June September 30, 2026

(1) The outstanding contracts as of June September 30, 2026 range in maturity through December 2026. 2027.

As of June September 30, 2026, approximately $ 0.5 0.6 million of realized derivative net losses, before taxes, remain in accumulated other comprehensive loss related to foreign currency contracts associated with inventory that had not yet been sold.

Note 10: STOCKHOLDERS EQUITY 20 changes

The following tables set forth changes in redeemable noncontrolling interests and stockholders equity attributed to AGCO Corporation for the three and six nine months ended June September 30, 2026 and 2025 (in millions):

4 unchanged paragraphs

Balance, March 31, 2026 $ 295.5 $ 0.7 $ $ 6,032.2 $ ( 1,736.4 ) $ 4,296.5

Balance, June 30, 2026 $ 292.4 $ 0.7 $ 10.9 $ 5,800.9 $ ( 1,731.9 ) $ 4,080.6

1 unchanged paragraph

Forward share repurchase contract

1 unchanged paragraph

Net income (loss) ( 2.4 ) 77.2 77.2

Net income (loss) ( 1.7 ) 51.7 51.7

4 unchanged paragraphs

Payment of dividends to stockholders ( 21.0 20.7 ) ( 21.0 20.7 )

1 unchanged paragraph

Balance, June 30, 2026 $ 292.4 $ 0.7 $ 10.9 $ 5,800.9 $ ( 1,731.9 ) $ 4,080.6

Balance, September 30, 2026 $ 290.4 $ 0.7 $ 1.3 $ 5,790.3 $ ( 1,727.1 ) $ 4,065.2

6 unchanged paragraphs

Forward share repurchase contract

1 unchanged paragraph

Net income (loss) ( 5.0 ) 132.2 132.2

Net income (loss) ( 6.7 ) 183.9 183.9

1 unchanged paragraph

Foreign currency translation adjustments ( 1.8 ) 41.8 41.8

Foreign currency translation adjustments ( 2.1 ) 43.4 43.4

1 unchanged paragraph

Purchases and retirement of common stock ( 11.4 ) ( 336.5 ) ( 347.9 )

Balance, June 30, 2026 $ 292.4 $ 0.7 $ 10.9 $ 5,800.9 $ ( 1,731.9 ) $ 4,080.6

Deferred gains and losses on derivatives, net of tax ( 2.6 1.5 ) ( 2.6 1.5 )

Payment of dividends to stockholders ( 42.0 62.7 ) ( 42.0 62.7 )

Purchases and retirement of common stock ( 27.6 ) ( 378.1 ) ( 405.7 )

Balance, September 30, 2026 $ 290.4 $ 0.7 $ 1.3 $ 5,790.3 $ ( 1,727.1 ) $ 4,065.2

Notes to the financial statements 22 changes

2 unchanged paragraphs

Reclassification before tax 4.7 ( 4.1 )

Income tax expense (benefit) ( 0.9 ) 1.2 Income tax provision

Reclassification net of tax $ 3.8 $ ( 2.9 )

Details about Accumulated Other Comprehensive Loss Components Six Nine Months Ended June September 30, 2026 (1)

Six Nine Months Ended June September 30, 2025 (1)

Net losses (gains) on foreign currency contracts $ 5.1 9.3 $ ( 3.7 6.9 ) Cost of goods sold

Net gains on treasury rate locks ( 0.4 0.6 ) ( 0.4 0.6 ) Interest expense, net

Reclassification before tax 8.7 ( 7.5 )

Income tax expense (benefit) ( 1.7 ) 1.9 Income tax provision

Reclassification net of tax $ 7.0 $ ( 5.6 )

1 unchanged paragraph

Reclassification before tax 5.5 5.3

( 1.4 ) ( 1.4 ) Income tax provision

Reclassification net of tax $ 4.1 $ 3.9

Amortization of net actuarial losses $ 4.5 6.8 $ 4.3 6.6 Other expense (income), net (2)

Amortization of prior service cost 1.0 1.0 1.5 1.5 Other expense (income), net (2)

Reclassification before tax 8.3 8.1

( 2.1 ) ( 2.1 ) Income tax provision

Reclassification net of tax $ 6.2 $ 6.0

Net losses reclassified from accumulated other comprehensive loss $ 7.9 13.2 $ 1.0 0.4

(1) Losses (Gains) included within the Condensed Consolidated Statements of Operations for the six nine months ended June September 30, 2026 and 2025, respectively.

2 unchanged paragraphs

As of June 30, 2026, the remaining amount authorized to be repurchased under board-approved share repurchase authorizations was approximately $ 439.9 million, which has no expiration date.

On July 9, 2025, the Company's Board of Directors authorized a new share repurchase program authorizing the Company to repurchase up to $ 1.0 billion of the Company's common stock, which has no expiration date. In May 2026, the Company entered into an accelerated share repurchase ( ASR ) agreement with a financial institution to repurchase an aggregate of $ 293.0 million of shares of its common stock. The Company received approximately 1,997,613 shares associated with this transaction as of June 30, 2026. In July 2026, the Company received an additional 593,462 shares upon final settlement of its May 2026 ASR agreement. In November 2025, the Company entered into ASR agreements with two financial institutions to repurchase an aggregate of $ 250.0 million of shares of its common stock. The Company received approximately 1,997,204 shares associated with these transactions as of December 31, 2025. In February 2026, the Company received an additional 333,755 shares upon final settlement of its November 2025 ASR agreements. All shares received under the ASR agreements were retired upon receipt, and the excess of the purchase price over par value per share was recorded to a combination of Additional paid-in capital and Retained earnings within the Company s Condensed Consolidated Balance Sheets. In conjunction with the Cooperation Agreement entered into with Tractors and Farm Equipment Limited ( TAFE ) in June 2025 (the Cooperation Agreement ), TAFE agreed to participate on a pro rata pro-rata basis in the Company s share repurchase programs as authorized by the Company s Board of Directors from time to time. Under the Cooperation Agreement, TAFE also retains the right to maintain its existing percentage of beneficial ownership of the Company s common stock. In February 2026, pursuant to the Cooperation Agreement, the Company committed to repurchase a pro-rata amount of shares from TAFE related to the Company's share repurchase program executed in the fourth quarter of 2025. The Company accounted for this arrangement as a forward share repurchase contract and, as of March 31, 2026, recorded a liability. Settlement occurred in May 2026, resulting in the repurchase of 422,590 shares for approximately $ 52.1 million. In August 2026, pursuant to the shares repurchased were retired upon receipt, and Cooperation Agreement, the excess Company committed to repurchase a pro-rata amount of shares from TAFE related to the purchase price over par value per Company's share was recorded to a combination repurchase program executed in the second quarter of Additional paid-in capital and Retained earnings within 2026. The Company s Condensed Consolidated Balance Sheets. accounted for this arrangement as a forward share repurchase contract and settlement occurred in August 2026, resulting in the repurchase of 492,418 shares for

Note 11: NET INCOME PER COMMON SHARE 5 changes

1 unchanged paragraph

Three Months Ended June 30, Six Months Ended June 30,

A reconciliation of net income attributable to AGCO Corporation and weighted average common shares outstanding for purposes of calculating basic and diluted net income per share for the three and six nine months ended June September 30, 2026 and 2025 is as follows (in millions, except per share data):

Three Months Ended September 30, Nine Months Ended September 30,

2 unchanged paragraphs

Weighted average number of common shares outstanding 71.1 69.4 74.6 71.8 71.0 74.6

3 unchanged paragraphs

Weighted average number of common shares outstanding 71.1 69.4 74.6 71.8 71.0 74.6

3 unchanged paragraphs

Note 12: INCOME TAXES 7 changes

Three Months Ended June 30, Six Months Ended June 30,

Income tax provision (benefit) and effective tax rate $ 40.4 37.3 % $ ( 205.5 ) ( 211.2 ) % $ 45.0 30.6 % $ ( 203.5 ) ( 212.2 ) %

The income tax provision (benefit) and effective tax rate for the three and six nine months ended June September 30, 2026 and 2025 are set forth below (in millions, except percentages):

Three Months Ended September 30, Nine Months Ended September 30,

Income tax provision (benefit) and effective tax rate $ 25.2 37.0 % $ 48.8 14.2 % $ 70.2 32.6 % $ ( 154.7 ) ( 35.1 ) %

Our effective tax rate varies from period to period due to the mix of taxable income and losses in the various tax jurisdictions in which we operate. Our effective tax rates for the three and nine months ended September 30, 2026, were higher than the comparable periods in 2025, primarily due to tax benefits recognized in 2025 associated with a legal entity reorganization. During the three and six nine months ended June September 30, 2025, the Company s income tax provision included a net tax benefit of $ 255.2 4.7 million and $ 259.9 million, respectively, related to a legal entity reorganization.

The Company maintains a valuation allowance to reserve a portion of its net deferred tax assets in the United States and certain foreign jurisdictions. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company regularly assesses the likelihood that its deferred tax assets will be recovered from estimated future taxable income and available tax planning strategies and has determined that all adjustments to the valuation allowances have been deemed appropriate. In making this assessment, all available evidence was considered including the current economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that it will realize its remaining net deferred tax assets, net of the valuation allowance, in future years.

Note 13: PENSION AND POSTRETIREMENT BENEFIT PLANS 24 changes

Three Months Ended June 30, Six Months Ended June 30,

Net periodic pension and postretirement benefit cost for the Company s defined pension and postretirement benefit plans for the three and six nine months ended June September 30, 2026 and 2025 are set forth below (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Service cost $ 1.5 $ 1.9 $ 3.0 $ 3.7

Expected return on plan assets ( 7.4 ) ( 6.5 ) ( 14.9 ) ( 12.8 )

Net periodic pension cost $ 3.3 $ 4.8 $ 6.6 $ 9.4

Three Months Ended June 30, Six Months Ended June 30,

Service cost $ 1.5 $ 2.0 $ 4.5 $ 5.7

Interest cost 6.6 6.7 13.2 13.3 7.0 19.8 20.3

Expected return on plan assets ( 7.5 ) ( 6.7 ) ( 22.4 ) ( 19.5 )

Amortization of net actuarial losses 2.2 2.3 4.5 4.4 2.3 6.8 6.7

Amortization of prior service cost 0.4 0.5 0.4 0.8 0.8 1.3 1.2

Net periodic pension cost $ 3.4 $ 5.0 $ 10.0 $ 14.4

Three Months Ended September 30, Nine Months Ended September 30,

1 unchanged paragraph

Interest cost 0.5 0.3 0.9 0.7

Net periodic postretirement benefit cost $ 0.7 $ 0.3 $ 1.2 $ 0.8

During the six months ended June 30, 2026, the Company made approximately $ 9.1 million of contributions to its defined pension benefit plans. The Company currently estimates its minimum contributions for 2026 to its defined pension benefit plans will aggregate to approximately $ 15.5 million.

During the six months ended June 30, 2026, the Company made approximately $ 1.0 million of contributions to its postretirement health care and life insurance benefit plans. The Company currently estimates that it will make approximately $ 2.1 million of contributions to its postretirement health care and life insurance benefit plans during 2026.

Service cost $ 0.1 $ $ 0.1 $

Interest cost 0.4 0.4 1.3 1.1

Amortization of net actuarial losses ( 0.1 ) ( 0.1 )

Amortization of prior service cost 0.1 0.1 0.2 0.2 0.3

Net periodic postretirement benefit cost $ 0.4 $ 0.5 $ 1.6 $ 1.3

The components of net periodic pension and postretirement benefits cost, other than the service cost component, are included in Other expense (income), net in the Company s Condensed Consolidated Statements of Operations.

Note 14: FAIR VALUE OF FINANCIAL INSTRUMENTS 7 changes

6 unchanged paragraphs

Assets and liabilities measured at fair value on a recurring basis as of June September 30, 2026 and December 31, 2025 are summarized below (in millions):

As of September 30, 2026

1 unchanged paragraph

Derivative assets $ $ 7.6 $ $ 7.6

Derivative liabilities 45.5 45.5

Derivative assets $ $ 9.2 $ $ 9.2

Derivative liabilities 39.3 39.3

4 unchanged paragraphs

The carrying amounts of long-term debt under the Company s EIB Senior term loans due 2029 and 2030 and Senior term loans due between 2026 and 2028 approximate fair value based on the borrowing rates currently available to the Company for loans with similar terms and average maturities. At June 30, 2026, the estimated fair value of the Company's 0.800 % Senior notes due 2028, based on listed market values, was approximately 567.7 million (or approximately $ 647.1 million), compared to the carrying value of 600.0 million (or approximately $ 683.9 million). At June 30, 2026, the estimated fair value of the Company's 5.450 % senior notes due 2027, based on listed market values, was approximately $ 402.4 million, compared to the carrying value of $ 400.0 million. At June 30, 2026, the estimated fair value of the Company's 5.800 % senior notes due 2034, based on listed market values, was approximately $ 713.4 million, compared to the carrying value of $ 700.0 million. Refer to Note 7 for additional information on the Company s long-term debt.

Note 15: COMMITMENTS AND CONTINGENCIES 10 changes

Lease payment amounts for operating and finance leases with remaining terms greater than one year as of June September 30, 2026 and December 31, 2025 were as follows (in millions):

June September 30, 2026 December 31, 2025

2 unchanged paragraphs

Thereafter 39.8 6.2 37.5 6.0

Thereafter 64.1 5.9 37.5 6.0

Total lease payments 184.1 8.1 207.1 7.7 199.8 7.8

1 unchanged paragraph

Present value of leased liabilities $ 155.4 $ 6.1 $ 169.9 $ 5.8

Present value of lease liabilities $ 170.0 $ 5.8 $ 169.9 $ 5.8

3 unchanged paragraphs

The Company sells a majority of its wholesale receivables in North America, Europe and Brazil to its U.S., Canadian, European and Brazilian finance joint ventures. The Company also sells certain accounts receivable under factoring arrangements to financial institutions around the world. The Company accounts for the sale of such receivables as off-balance sheet transactions. Refer to Note 2 for discussion of the Company s accounts receivable sales agreements.

At June September 30, 2026, the Company had outstanding guarantees issued to its Argentine finance joint venture, AGCO Capital Argentina S.A. ( AGCO Capital ), of approximately $ 81.7 86.1 million. Such guarantees generally obligate the Company to repay outstanding finance obligations owed to AGCO Capital if end users default on such loans to the extent that, due to non-credit risk, the end users are not able, or not required, to pay their loans, or are required to pay in a different currency than the one agreed to in their loan. The Company also has obligations to guarantee indebtedness owed to certain of its finance joint ventures if dealers or end users default on loans. Losses under such guarantees historically have been insignificant. The Company believes the credit risk associated with these guarantees is not material.

In addition, the Company guarantees residual values that may be owed to its finance joint ventures, primarily in the United States and Canada, due upon expiration of certain eligible operating leases between the finance joint ventures and end users. At June September 30, 2026, the Company had accrued approximately $ 12.7 12.9 million of outstanding guarantees of residual values related to the United States and Canada. The maximum potential amount of future payments under these guarantees is approximately $ 235.7 242.9 million.

Note 16: REVENUE 3 changes

2 unchanged paragraphs

The following table summarizes the balance of contract liabilities as of June September 30, 2026 and December 31, 2025 (in millions):

1 unchanged paragraph

The contract liabilities are classified as either Accrued expenses or Other current liabilities and Other noncurrent liabilities in the Company s Condensed Consolidated Balance Sheets. During the three and six nine months ended June September 30, 2026, the Company recognized approximately $ 47.2 47.8 million and $ 94.4 142.2 million of revenue that was recorded as a contract liability at the beg inning of 2026. During the three and six nine months ended June September 30, 2025, the Company recognized approximately $ 51.0 38.0 million and $ 86.5 124.5 million of revenue that was recorded as a contract liability at the beginning of 2025.

1 unchanged paragraph

The estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June September 30, 2026 are $ 84.0 45.2 million for the remainder of 2026, $ 135.8 145.3 million in 2027, $ 84.8 97.5 million in 2028, $ 42.1 51.3 million in 2029 and $ 19.8 27.6 million ther eafter, and relate primarily to extended warranty contracts. The Company applied the practical expedient in ASC 606 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.

Note 17: SEGMENT REPORTING 18 changes

Net sales $ 471.5 $ 271.3 $ 1,732.4 $ 134.5 $ 2,609.7

The Company has four operating segments which are also its reportable segments which consist of the North America, Latin America, Europe/Middle East and Asia/Pacific/Africa regions. Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer First transformation initiatives in North America. As a result, the Company s Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. The Company s reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company s Chief Operating Decision Maker ( CODM ), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment s performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Company s selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income (loss) from operations for one segment may not be comparable to another segment. Segment results for the three and six nine months ended June September 30, 2026 and 2025 and assets as of June September 30, 2026 and December 31, 2025 based on the Company s reportable segments are as follows (in millions):

Three Months Ended June September 30, North America Latin America Europe/Middle East Asia/Pacific/Africa Total Segments

Net sales $ 485.3 $ 292.3 $ 1,306.1 $ 178.8 $ 2,262.5

2 unchanged paragraphs

Income (loss) from operations $ ( 24.5 ) $ ( 21.8 ) $ 260.2 $ 10.3 $ 224.2

Depreciation $ 14.7 $ 9.8 $ 39.1 $ 3.5 $ 67.1

Capital expenditures 8.7 9.2 38.4 0.9 57.2

Net sales $ 393.9 $ 330.4 $ 1,774.9 $ 135.8 $ 2,635.0

Income from operations $ 13.8 $ 7.4 $ 137.3 $ 24.9 $ 183.4

Depreciation $ 16.2 $ 9.7 $ 35.9 $ 3.3 $ 65.1

Capital expenditures 10.2 7.0 42.5 0.7 60.4

Net sales $ 359.9 $ 345.5 $ 1,613.8 $ 157.1 $ 2,476.3

2 unchanged paragraphs

Income from operations $ ( 25.2 ) $ 26.9 $ 261.3 $ 9.4 $ 272.4

Depreciation $ 13.9 $ 8.2 $ 38.9 $ 3.1 $ 64.1

Capital expenditures 4.4 9.9 27.2 0.7 42.2

Income (loss) from operations $ ( 42.0 ) $ 20.4 $ 252.4 $ 7.7 $ 238.5

Depreciation $ 14.7 $ 8.6 $ 36.4 $ 3.0 $ 62.7

Capital expenditures 7.1 11.9 49.5 0.4 68.9

MD&A 3 changes

Our operations are subject to the cyclical and seasonal nature of the agricultural industry. Sales of our equipment are affected by, among other things, changes in farm income, farm land values and debt levels, financing costs, acreage planted, crop yields, weather conditions, the demand for agricultural commodities, commodity and protein prices, agricultural product demand and general economic conditions and government policies, tariffs and subsidies. We sell our equipment, precision agriculture technology and replacement parts to our independent dealers, distributors and other customers. A large majority of our sales are to independent dealers and distributors that sell our products to end users. To the extent practicable, we attempt to sell products to our dealers and distributors on a level basis throughout the year to reduce the effect of seasonal demands on our manufacturing operations and to minimize our investment in inventories. However, retail sales by dealers to farmers are highly seasonal and are a function of the timing of the planting and harvesting seasons. In certain markets, particularly in North America, there is often a time lag, which varies based on the timing and level of retail demand, between our sale of the equipment to the dealer and the dealer s sale to a retail customer.

In 2025, the U.S. government implemented a series of tariffs on goods imported into the United States from various countries, and in many cases these measures resulted in reciprocal tariffs and other actions on goods exported from the United States. These tariffs and related actions are complex, continuously evolving and remain highly volatile as trade negotiations and legal challenges proceed. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act ( IEEPA ), which the U.S. government had relied on to impose certain tariffs, does not authorize the administration to impose such tariffs. Following that decision, on March 4, 2026, the U.S. Court of International Trade ( CIT ) ordered U.S. Customs and Border Protection ( CBP ) to process refunds of tariffs imposed under IEEPA, and on March 27, 2026, the CIT issued an amended order expanding the scope of entries subject to reliquidation. On April 20, 2026, the Consolidated Administration and Processing of Entries ( CAPE ) system opened for the first phase of refund filings, and on June 29, 2026, CBP expanded CAPE to accept additional categories of entries. We have submitted certain refund claims under both phases and, as of the date of this initial phase; however, these report, have received refunds with respect to a portion of those claims. Certain other entries remain subject to refund procedures that CBP has not yet defined. Refunds received remain subject to CBP review and we cannot predict to the timing, amount or ultimate collectability outcome of any refunds to which the administration s appeal described below, and we may could be entitled. The IEEPA tariffs refund process remains subject required to CBP review, and repay some or all of the amounts received. The administration has appealed the CIT's refund order to the U.S. Court of Appeals for the Federal Circuit, contesting both the scope of the refund obligation and the reliquidation of finally liquidated entries for importers who have not filed individual lawsuits. It remains uncertain when, Accordingly, we cannot predict the timing or to what extent, such amount of any additional refunds, or whether refunds already received will ultimately be collected. retained. Following the U.S. Supreme Court s ruling, the administration has also imposed tariffs under alternative statutory authorities, the validity of which is also subject to legal challenge. As a result, the timing and extent of any refunds, the structure and scope of any new tariffs and the overall tariff framework remain uncertain and could create significant risks for our business. Depending on the countries affected, increases in tariffs have raised, and may continue to raise, the costs of inputs used in manufacturing our products, which in turn has impacted, and may further impact, our cost of goods sold. In addition, higher tariffs may lead to increased after tariff sales prices for the products we sell. Additionally, the economic uncertainty caused by the tariffs may result in customers delaying planned purchases of products and services. While impacts of the tariffs may be partially mitigated by the fact that a majority of our sales and manufacturing takes place outside the United States, there can be no guarantee that we will be able to fully offset the impact of existing or future tariffs through pricing, sourcing changes or other measures. Furthermore, retaliatory tariffs imposed by other countries on our exported products could negatively affect our sales and marketplace access in those countries. The economic uncertainty caused by these tariffs and related trade policy developments, together with uncertainty regarding their enforceability, continuation or modification, has adversely impacted, and is expected to continue to adversely impact, our sales.

We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. We cannot predict or control the impact of the conflicts in Ukraine or the Middle East on our business. These conflicts have already driven increased volatility across global energy, logistics and input markets, leading to higher fuel, fertilizer, transportation and input costs, as well as general uncertainty for farmers. In addition, the potential of future natural gas shortages in Europe, as well as predicted overall shortages in other energy sources including diesel fuel, could also negatively impact our production and that of our supply chain in the future. There can be no assurance that there will not be future disruptions.

Forward-looking statements 9 changes

17 unchanged paragraphs

production disruptions, including due to component and raw material availability;

production levels and capacity constraints at our facilities, including those resulting from plant expansions and systems upgrades;

integration of recent and future acquisitions, including the completed acquisition on April 1, 2024 of the Trimble ag assets and formation of the joint venture, PTx Trimble, and the ability to obtain the expected results;

our expansion plans in emerging markets;

supply constraints, including energy shortages;

our cost reduction and control initiatives;

our research and development efforts;

dealer and distributor actions;

regulations affecting privacy and data protection;

Market risk 1 change

1 unchanged paragraph

For quantitative and qualitative disclosures about market risks, see Quantitative and Qualitative Disclosures About Market Risks in Item 7A of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025. As of the second third quarter of 2026, there have been no material changes in our exposure to market risks.

Controls and procedures 2 changes

1 unchanged paragraph

Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of June September 30, 2026, have concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

2 unchanged paragraphs

There were no changes in our internal control over financial reporting identified in connection with the evaluation described above that occurred during the three months ended June September 30, 2026 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

Risk factors 1 change

There have been no material changes to our risks and uncertainties disclosed under Risk Factors in Item 1A of Part 1 I of our Annual Report on Form 10-K for the year ended December 31, 2025. The risks and uncertainties described in our risk factors have the potential to materially affect our business, results of operations, financial condition and cash flows. These risks are not exclusive and additional risks to which we are subject include the factors mentioned under Forward-Looking Statements and the risks described in Management s Discussion and Analysis of Financial Condition and Results of Operations in this Quarterly Report on Form 10-Q.

Unregistered sales of stock 11 changes

1 unchanged paragraph

Total 2,420,203 $ 118.38 2,420,203 $ 439.9

The table below sets forth information with respect to purchases of our common stock made by or on behalf of us during the three months ended June September 30, 2026:

Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (2) (3)

April July 1, 2026 through

June August 1, 2026 through

September 1, 2026 through

September 30, 2026 383.1

Total 492,418 $ 115.33 492,418 $ 383.1

(1) In May 2026, the Company entered into an accelerated share repurchase ( ASR ) agreement with a financial institution to repurchase an aggregate of $293.0 million of shares of its common stock. The ASR agreement resulted in the initial delivery of approximately 1,997,613 shares of our common stock in May 2026, representing approximately 80% of the shares to be purchased in connection with the transaction. In July 2026, the remaining 593,462 shares under the ASR agreement were delivered. The May 2026 accelerated share repurchase agreement resulted in the repurchase of an aggregate of 2,591,075 shares at an average price of approximately $113.08 per share.

(1) In May 2026, the Company entered into an accelerated share repurchase ( ASR ) agreement with a financial institution to repurchase an aggregate of $293.0 million of shares of its common stock. The ASR agreement resulted in the initial delivery of approximately 1,997,613 shares of our common stock, representing approximately 80% of the shares to be purchased in connection with the transaction. The average price paid per share related to the ASR agreement reflected in the table above was $117.34, derived using the fair market value of the shares on the date the initial 1,997,613 shares were delivered. The amount that may yet be purchased under our share repurchase programs, as presented in the above table, was reduced by the entire $293.0 million payment related to the ASR agreement. (2) In conjunction with the Cooperation Agreement entered into with Tractors and Farm Equipment Limited ( TAFE ) in June 2025 (the Cooperation Agreement ), TAFE agreed to participate on a pro rata pro-rata basis in the Company s share repurchase programs as authorized by the Company s Board of Directors from time to time. In February August 2026, pursuant to the Cooperation Agreement, the Company committed to repurchase a pro-rata amount of shares from TAFE related to the Company's share repurchase program executed in the fourth second quarter of 2025. 2026. The Company accounted for this arrangement as a forward share repurchase contract and settlement occurred in May August 2026, resulting in the repurchase of 422,590 492,418 shares for approximately $52.1 $56.8 million. The average price paid per share related to the TAFE repurchase activity reflected in the table above was $123.2763. $115.3334. Refer to Note 1 0 10 of our Condensed Consolidated Financial Statements contained in Item 1, Financial Statements for further discussion of this matter.

(2) (3) The remaining authorized amount to be repurchased is $439.9 $383.1 million, which has no expiration date.

Other information 1 change

During the three months ended June September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).

Exhibits 14 changes

3 unchanged paragraphs

A mended Amended and Restated By- laws By-laws

1 unchanged paragraph

E mployment and Severance Agreement with Indira Agarwal*

August 3, 2026, Form 8-K, Exhibit 10.1

2 unchanged paragraphs

Certification of Damon Audia

Certification of Indira Agarwal

Certification of Eric P. Hansotia and Damon Audia Indira Agarwal

101 The following unaudited financial information from this Quarterly Report on Form 10-Q for the quarter ended June September 30, 2026, are formatted in Inline XBRL:

5 unchanged paragraphs

104 Cover Page Interactive Data File - the cover page from this Quarterly Report on Form 10-Q for the quarter ended June September 30, 2026 is formatted in Inline XBRL

1 unchanged paragraph

Date: July 30, 2026 By:

Date: October 29, 2026 By:

1 unchanged paragraph

(Principal Financial Officer)

Vice President, Chief Accounting Officer

(Principal Accounting Officer)

(Principal Financial and Accounting Officer)