Editor's Note: This article was originally published in the Jan. 15, 2026 edition of Ag Equipment Intelligence. To view AEI content as it's published, you can subscribe to the monthly newsletter here.
North American large ag unit retail sales were down 16.8% year-over-year in December, marking the end of a tough year overall, with the decline led by 4WDs (-30.8%) and row-crop tractors (-18.0%). Small ag also remained soft.
According to Baird analyst Mircea (Mig) Dobre, 2025 North American large ag ended the year with a decline in-line with OEM industry forecasts (–25%). “Destocking progress was mixed, with inventories down in excess of normal seasonality in row-crop tractors, though combines and 4WDs saw above seasonal increases,” he said.
U.S. large ag sales were down 18.0% following a 16.3% decline in November, while Canadian sales were down 10.1% following a 21.1% decline in November.
In the U.S., row-crop tractors were down 18.6% in December, 4WD tractors were down 31.3% and combines declined 4.3%. For Canada, row-crop tractors dropped 14.2%, 4WD tractors were down 28.9% but combines increased 26.1%.
Row-crop tractor sales were down 18.0% year-over–year in December following a 7.0% decline in November. U.S. row-crop tractor unit inventories were down 37.1% year-over-year in November. December is typically an above-average month of the year for row-crop tractor sales, averaging 10.7% of annual sales the last 5 years.
4WD tractor sales declined 30.8% yearover-year in December following a 55.3% decline in November. U.S. dealer inventories of 4WD tractors were down 33.3% year-over-year in November, the 8th consecutive year-over-year decline. December is typically an above-average month of the year for 4WD tractor sales, averaging 10% of annual sales the last 5 years.
Combine sales were up 0.8% year-over-year in December following a 22.3% decline in November. U.S. combine inventories were down 21.7% year-over-year in November. December is also typically an above-average month of the year for combine sales, averaging 10.9% of annual sales the last 5 years.
Mid-range tractor sales fell 5.1% year-over-year in December, while compact tractor sales were down 18.4% year-over-year. December is typically an above-average month for mid-range and below-average month for compact tractors.
