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California State Teachers Retirement System increased its stake in Deere & Company (NYSE:DE – Free Report) by 60,460.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,586,018 shares of the industrial products company’s stock after buying an additional 234,198,659 shares during the period. California State Teachers Retirement System owned 86.90% of Deere & Company worth $148,804,949,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of DE. Mowery & Schoenfeld Wealth Management LLC bought a new position in Deere & Company in the second quarter worth $27,000. Timmons Wealth Management LLC bought a new stake in shares of Deere & Company during the 4th quarter valued at $29,000. Kilter Group LLC bought a new stake in shares of Deere & Company during the 2nd quarter valued at $29,000. Solstein Capital LLC bought a new stake in shares of Deere & Company during the 2nd quarter valued at $30,000. Finally, Wealth Watch Advisors INC purchased a new stake in shares of Deere & Company in the 3rd quarter worth about $32,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Deere & Company Stock Performance Shares of DE opened at $692.68 on Monday. The company has a market cap of $186.76 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 2.86 and a beta of 0.90. The business’s fifty day simple moving average is $619.13 and its two-hundred day simple moving average is $596.25. Deere & Company has a 12 month low of $433.00 and a 12 month high of $705.88. The company has a current ratio of 2.10, a quick ratio of 1.89 and a debt-to-equity ratio of 1.45.

Deere & Company (NYSE:DE – Get Free Report) last posted its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share for the quarter, topping the consensus estimate of $4.69 by $0.41. The firm had revenue of $12.61 billion during the quarter, compared to analysts’ expectations of $10.81 billion. Deere & Company had a return on equity of 18.10% and a net margin of 10.16%.The company’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.75 earnings per share. Research analysts anticipate that Deere & Company will post 18.12 earnings per share for the current fiscal year. Deere & Company Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Wednesday, September 30th will be given a $1.62 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 0.9%. Deere & Company’s payout ratio is 36.00%.

Wall Street Analyst Weigh In Several research analysts recently issued reports on DE shares. Weiss Ratings lowered shares of Deere & Company from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday. Robert W. Baird raised shares of Deere & Company from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $640.00 to $800.00 in a research note on Monday, August 31st. Truist Financial cut their price objective on shares of Deere & Company from $812.00 to $804.00 and set a “buy” rating on the stock in a report on Monday, August 24th. Seaport Research Partners set a $570.00 target price on shares of Deere & Company in a report on Friday, August 14th. Finally, Nomura raised Deere & Company to a “buy” rating in a research report on Monday, August 31st. Sixteen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $680.73.

Read Our Latest Stock Report on Deere & Company

(Free Report)

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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Deere & Co. (DE -0.13%) stock had a strong week, hitting a record high above $700 per share. Shares have jumped 10% since last Friday's close, according to data provided by S&P Global Market Intelligence.

After a strong fiscal third-quarter report on Aug. 20, Deere boosted the low end of its full-year net income guidance by $250 million. One analyst thinks that signals the start of a recovery cycle in agricultural equipment sales, and thinks Deere stock is still a buy near its record high.

Image source: Getty Images.

Investors noticed when Deere CEO John May helped make the case for agriculture and construction stocks, stating, "As we look ahead, we continue to believe 2026 will mark the bottom of the current ag equipment cycle."

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That would be welcome as companies like Deere & Co. navigate a dynamic tariff and tariff refund environment. Tariff rates have changed, and refunds have been distributed in some cases, making it difficult to set pricing and plan capital spending. But Deere is confident, citing its diversified product groups, advanced technology offerings, and what May called "stable U.S. market conditions."

Baird analyst Mircea Dobre thinks that makes it a good time to buy Deere, even as it hit a record high this week. Dobre anticipates that the impending recovery cycle in the agricultural equipment sector will boost Deere stock to $800 per share.

That represents a possible 15% upside from where Deere shares ended the week.

Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Deere & Company. The Motley Fool has a disclosure policy.

Investors looking for stocks in the Manufacturing - Farm Equipment sector might want to consider either Kubota Corp. (KUBTY - Free Report) or Deere (DE - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Kubota Corp. and Deere are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that KUBTY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

KUBTY currently has a forward P/E ratio of 12.03, while DE has a forward P/E of 37.31. We also note that KUBTY has a PEG ratio of 1.20. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. DE currently has a PEG ratio of 2.79.

Another notable valuation metric for KUBTY is its P/B ratio of 1.12. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, DE has a P/B of 6.51.

These are just a few of the metrics contributing to KUBTY's Value grade of A and DE's Value grade of F.

KUBTY stands above DE thanks to its solid earnings outlook, and based on these valuation figures, we also feel that KUBTY is the superior value option right now.

Shares of Deere (DE +3.90%) rose on Monday after an analyst report drove investors to price in the rising probability of a near-term recovery in the U.S. farming market.

Image source: Getty Images.

The ag sector is poised for a rebound A brutal combination of higher fuel costs and lower crop prices has weighed on the U.S. agriculture industry's profits in recent years. Yet farmers could soon get some relief.

Baird analyst Mircea Dobre believes rising corn and soy prices will help to drive an upturn in farming profits in North America, boosting demand for large agricultural equipment in the coming year.

And that, my friends, would mean more sales for Deere.

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Deere stands to profit handsomely from a farming recovery Dobre estimates that Deere's earnings per share will grow to roughly $25 in 2027 and well over $30 in 2028 as these trends take hold. The agricultural machinery and heavy construction equipment maker generated $18.50 in per-share profits in fiscal year 2025.

Due in part to this expected surge in profitability, Dobre placed an outperform rating on Deere's stock and lifted his share price forecast from $640 to $800.

This new price target represents potential gains of more than 22% for investors who buy shares now.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Deere & Company. The Motley Fool has a disclosure policy.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.

Baird analyst Mircea Dobre upgraded Deere & Company (NYSE:DE) from Neutral to Outperform and raised the price target from $640 to $800. Deere closed at $630.33 on Friday. See how other analysts view this stock. Itau BBA analyst Pedro Leduc upgraded XP Inc. (NASDAQ:XP) from Market Perform to Outperform and announced a $22 price target. XP shares closed at $17.66 on Friday. See how other analysts view this stock. Baird analyst Mircea Dobre upgraded AGCO Corporation (NYSE:AGCO) from Neutral to Outperform and boosted the price target from $120 to $150. AGCO closed at $113.39 on Friday. See how other analysts view this stock. Argus Research analyst Christine Dooley upgraded Abercrombie & Fitch Co. (NYSE:ANF) from Hold to Buy and announced a $162 price target. Abercrombie & Fitch shares closed at $148.42 on Friday. See how other analysts view this stock. UBS analyst Alex Stansbury upgraded Kaiser Aluminum Corporation (NASDAQ:KALU) from Neutral to Buy and raised the price target from $179 to $184. Kaiser Aluminum closed at $156.38 on Friday. See how other analysts view this stock. Considering buying DE stock? Here’s what analysts think:

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Ancora Advisors LLC purchased a new position in Deere & Company (NYSE:DE – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,811 shares of the industrial products company’s stock, valued at approximately $1,149,000.

A number of other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Deere & Company during the 2nd quarter valued at $11,763,504,000. Norges Bank acquired a new position in Deere & Company during the fourth quarter valued at $1,715,633,000. Capital World Investors lifted its stake in Deere & Company by 53.9% in the 4th quarter. Capital World Investors now owns 9,592,004 shares of the industrial products company’s stock worth $4,465,906,000 after acquiring an additional 3,358,264 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Deere & Company in the 2nd quarter worth about $1,259,279,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Deere & Company by 1,725.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,003,715 shares of the industrial products company’s stock worth $932,870,000 after acquiring an additional 1,893,972 shares during the period. Hedge funds and other institutional investors own 68.58% of the company’s stock.

Deere & Company Trading Down 1.9% Shares of NYSE DE opened at $622.67 on Friday. The business has a 50 day simple moving average of $610.78 and a 200 day simple moving average of $593.08. Deere & Company has a 52 week low of $433.00 and a 52 week high of $674.19. The stock has a market cap of $168.08 billion, a price-to-earnings ratio of 34.59, a PEG ratio of 2.62 and a beta of 0.90. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.89 and a current ratio of 2.10.

Deere & Company (NYSE:DE – Get Free Report) last posted its earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.69 by $0.41. The firm had revenue of $12.61 billion during the quarter, compared to analysts’ expectations of $10.81 billion. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $4.75 earnings per share. On average, research analysts predict that Deere & Company will post 18.09 earnings per share for the current fiscal year. Deere & Company Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $1.62 per share. The ex-dividend date is Wednesday, September 30th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. Deere & Company’s dividend payout ratio (DPR) is currently 36.00%.

Wall Street Analyst Weigh In DE has been the topic of several research analyst reports. Robert W. Baird lifted their target price on Deere & Company from $525.00 to $640.00 and gave the company a “neutral” rating in a research note on Friday, August 21st. Seaport Research Partners set a $570.00 price target on shares of Deere & Company in a report on Friday, August 14th. UBS Group lowered their price objective on shares of Deere & Company from $732.00 to $728.00 and set a “buy” rating on the stock in a research report on Friday, August 21st. Bank of America dropped their price objective on shares of Deere & Company from $672.00 to $607.50 and set a “neutral” rating on the stock in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Deere & Company from $570.00 to $585.00 and gave the stock a “neutral” rating in a research report on Friday, August 21st. Fourteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Deere & Company has an average rating of “Moderate Buy” and an average price target of $653.48.

View Our Latest Analysis on DE

Deere & Company News Summary Here are the key news stories impacting Deere & Company this week:

Positive Sentiment: Better-than-expected earnings and execution: Deere reported fiscal third-quarter earnings per share of $5.10, above the $4.69 analyst consensus, while revenue reached $12.61 billion versus expectations of $10.81 billion. Net income increased 7% year over year to $1.379 billion. Management cited strong factory output, disciplined cost control, favorable price realization, and steady construction and turf demand. Deere’s Q2 Earnings Call: Our Top 5 Analyst Questions Positive Sentiment: Construction and AI opportunities support diversification: Coverage highlighted growth in less traditional areas, including construction, where demand is benefiting from technology and infrastructure investment. Deere also entered a $10 million, three-year R&D partnership with Reservoir to accelerate rugged artificial-intelligence applications for high-value crop agriculture. Deere quarterly profits and construction growth Reservoir AI partnership with John Deere Positive Sentiment: Analyst support and shareholder return: DA Davidson raised its price target to $760, while RBC reaffirmed an “Outperform” rating. Deere also declared a quarterly dividend of $1.62 per share, payable November 9 to shareholders of record September 30. DA Davidson raises Deere price target RBC reaffirms Deere Outperform rating Deere quarterly dividend announcement Neutral Sentiment: Mixed segment picture: The earnings commentary suggests Deere’s diversified businesses, particularly construction and turf, are offsetting softer conditions in its largest agriculture-related division. Investors may therefore remain focused on the durability of farm-equipment demand and the company’s outlook. Negative Sentiment: Valuation leaves less room for disappointment: With the shares trading at roughly 35 times earnings, investors may be taking profits or showing caution despite the earnings beat, particularly if agricultural weakness persists or growth in newer businesses takes longer to scale. (Free Report)

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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Key Takeaways Deere's Construction and Forestry sales rose 18% y/y, driven by higher shipment volumes and favorable pricing.Construction and Forestry sales are expected to rise 20% in FY26.Infrastructure, data centers and energy projects are supporting construction equipment demand. Deere & Company (DE - Free Report) raised the lower end of its fiscal 2026 net income forecast to $4.75-$5 billion from the earlier $4.5-$5 billion. The updated guidance reflects strong results delivered in the third quarter of fiscal 2026.

Net sales from Deere’s equipment operations were $11 billion in third-quarter fiscal 2026, up 6.2% from the year-ago quarter’s $10.36 billion. This reflects strength in Small Agriculture and Turf and Construction and Forestry despite weakness in Production and Precision Agriculture. Construction and Forestry net sales were $3.62 billion, up 18% year over year, primarily on higher shipment volumes and favorable price realization. Operating profit surged 84% year over year to $436 million, aided mainly by favorable price realization, partially offset by higher selling, administrative, general and R&D costs.

Deere is gaining from strong growth in both its precision construction technologies and construction portfolio. The company expects the Construction and Forestry segment to be an increasingly important contributor to Deere's long-term growth strategy, driven by solid end market demand, healthy customer backlogs and the rising adoption of Deere’s technology solution.

Deere expects Construction and Forestry sales to increase 20% in fiscal 2026. The segment’s operating earnings are expected to be 10.5-11.5%, marking an increase of 9% from that reported in fiscal 2025.

The company expects industry sales for earthmoving equipment in the U.S. and Canada construction equipment to increase 5-10% in fiscal 2026, and compact construction equipment to increase 5%. The upside will be driven by solid demand from large-scale infrastructure, data center and energy-related projects. Even though global forestry sales are expected to be down 10% in the year, it will be offset by a 10% rise in global roadbuilding market sales.

The company continues to view 2026 as the bottom of the current agriculture equipment cycle. Early order program trends, improving used-equipment inventories and increased customer adoption of advanced technologies underpin its confidence in the company's longer-term positioning.

Recent Performance & Outlook of Deere’s PeersAGCO Corp.’s (AGCO - Free Report) net sales declined 1% year over year to $2.61 billion in the second quarter of 2026. Adjusted operating income fell 21.1% to $172 million. AGCO Corp’s adjusted operating margin declined 170 basis points to 6.6% due to weaker sales and factory absorption in Latin America, along with tariff-related costs.

AGCO Corp expects adjusted earnings of $5.50-$5.75 per share compared with the prior stated $6.00. It anticipates 2026 net sales between $10.1 billion and $10.2 billion, while the adjusted operating margin is expected to be 7.5%.

Lindsay Corporation’s (LNN - Free Report) sales were $160.8 million, down 5% year over year in the third quarter of 2026. Irrigation softness outweighed infrastructure growth. The quarter reflected persistent demand challenges in North America and Brazil.

Lindsay expects the irrigation market conditions in the United States to remain soft as growers await greater trade certainty and an improvement in commodity prices. Brazil is expected to return to growth, supported by secular demand for irrigation investments. Lindsay also expects to recognize $70 million in revenues from the MENA irrigation project in fiscal 2026. In Infrastructure, the company anticipates continued growth in road safety products.

DE’s Price Performance, Valuations & EstimatesDeere shares have gained 34.4% in a year compared with the Zacks Manufacturing - Farm Equipment industry’s 28.1% growth. In comparison, the broader Zacks Industrial Products sector has returned 20.4% and the S&P 500 has rallied 22.9%. 

Image Source: Zacks Investment Research

Deere is currently trading at a forward 12-month price/earnings of 30.06X, a premium compared with the industry’s 27.55X. It is also higher than DE’s five-year median of 27.53X.

Image Source: Zacks Investment Research

The consensus estimate for fiscal 2026 earnings suggests a year-over-year decline of 1.5%. The same for fiscal 2027 indicates growth of 22.4%. The Zacks Consensus Estimate for 2026 sales implies 8.9% growth. The same for fiscal 2027 suggests growth of 9.1%.

EPS estimates for 2026 and 2027 have moved south over the past 60 days.

Image Source: Zacks Investment Research

Deere currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

UAW President Shawn Fain called the offer an effort to avoid the usual bargaining process.

Blue Capital Inc. acquired a new position in Deere & Company (NYSE:DE – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,281 shares of the industrial products company’s stock, valued at approximately $813,000.

Several other hedge funds have also recently modified their holdings of the company. Keating Financial Advisory Services Inc. purchased a new stake in shares of Deere & Company during the 2nd quarter worth approximately $336,000. Patron Partners LLC bought a new stake in shares of Deere & Company in the second quarter valued at $1,206,000. OneAscent Family Office LLC purchased a new position in shares of Deere & Company during the 2nd quarter valued at $301,000. OneAscent Financial Services LLC bought a new position in shares of Deere & Company during the 2nd quarter worth $1,979,000. Finally, Allworth Financial LP purchased a new stake in Deere & Company in the 2nd quarter worth about $7,473,000. Institutional investors own 68.58% of the company’s stock.

Analyst Ratings Changes Several equities research analysts have commented on DE shares. JPMorgan Chase & Co. upped their price objective on shares of Deere & Company from $570.00 to $585.00 and gave the company a “neutral” rating in a report on Friday. Truist Financial boosted their price target on shares of Deere & Company from $759.00 to $812.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Robert W. Baird upped their price target on shares of Deere & Company from $525.00 to $640.00 and gave the company a “neutral” rating in a research note on Friday. Citigroup raised their price objective on shares of Deere & Company from $610.00 to $650.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $752.00 target price on shares of Deere & Company in a report on Monday, June 1st. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Deere & Company presently has a consensus rating of “Moderate Buy” and an average target price of $643.38.

Read Our Latest Research Report on Deere & Company Deere & Company Stock Up 4.5% Shares of DE opened at $648.61 on Friday. Deere & Company has a 1 year low of $433.00 and a 1 year high of $674.19. The company has a debt-to-equity ratio of 1.45, a current ratio of 2.10 and a quick ratio of 1.95. The stock has a 50 day simple moving average of $606.90 and a two-hundred day simple moving average of $590.75. The firm has a market cap of $175.08 billion, a P/E ratio of 36.03, a P/E/G ratio of 2.63 and a beta of 0.90.

Deere & Company (NYSE:DE – Get Free Report) last posted its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share for the quarter, topping the consensus estimate of $4.69 by $0.41. Deere & Company had a net margin of 10.16% and a return on equity of 18.10%. The business had revenue of $12.61 billion during the quarter, compared to the consensus estimate of $10.81 billion. During the same period in the previous year, the firm posted $4.75 earnings per share. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts forecast that Deere & Company will post 18.23 earnings per share for the current fiscal year.

Deere & Company Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Investors of record on Tuesday, June 30th were issued a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Tuesday, June 30th. Deere & Company’s dividend payout ratio is currently 36.00%.

More Deere & Company News Here are the key news stories impacting Deere & Company this week:

Positive Sentiment: Q3 earnings and revenue beat expectations. Deere reported earnings of $5.10 per share, up from $4.75 a year earlier, on revenue of $12.61 billion, which rose about 6% year over year and exceeded analyst estimates. Deere Reports Third Quarter Net Income Positive Sentiment: Management raised its fiscal 2026 outlook. Deere increased its net-income forecast to $4.75 billion-$5.00 billion and expects $5.0 billion-$5.5 billion in equipment-operations cash flow, improving confidence in profitability and cash generation. Deere Raises FY2026 Outlook Positive Sentiment: Construction and forestry provided the key growth engine. Demand for bulldozers, excavators and other earth-moving equipment is largely booked through the rest of the year, supported by data-center and energy-infrastructure construction tied to artificial-intelligence investment. Deere Lifts Sales Guidance Positive Sentiment: The agricultural cycle may be nearing a bottom. Executives characterized fiscal 2026 as the likely trough for the agricultural equipment cycle and pointed to improving early order trends and potentially stronger demand in 2027. Deere also recognized $110 million in tariff refunds during the quarter. DE Q3 Earnings Call Highlights Neutral Sentiment: Analyst reactions were mixed but generally reflected higher estimates. Robert W. Baird raised its target to $640 and JPMorgan increased its target to $585, while both retained neutral ratings. Other analysts lifted targets as high as $685, indicating expectations have improved but also that valuation and limited near-term upside remain concerns. Deere Analysts Increase Forecasts Negative Sentiment: Agriculture remains a constraint. Production and precision agriculture demand is still weak, and Bank of America cautioned that any recovery may be gradual rather than a sharp cyclical rebound. The stock’s elevated valuation could make it vulnerable if farm-market improvement is delayed. Deere & Company Profile (Free Report)

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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Allworth Financial LP acquired a new stake in Deere & Company (NYSE:DE – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 11,781 shares of the industrial products company’s stock, valued at approximately $7,473,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. B. Metzler seel. Sohn & Co. AG acquired a new position in Deere & Company during the 2nd quarter worth $11,696,000. TrinityBridge Ltd acquired a new stake in Deere & Company in the 2nd quarter valued at about $19,225,000. Bernicke Wealth Management Ltd. acquired a new stake in Deere & Company in the 2nd quarter valued at about $200,000. Silvant Capital Management LLC purchased a new position in shares of Deere & Company in the 2nd quarter valued at about $3,788,000. Finally, LaSalle St. Investment Advisors LLC acquired a new position in shares of Deere & Company during the second quarter worth about $1,168,000. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In A number of analysts recently weighed in on the stock. Oppenheimer restated an “outperform” rating on shares of Deere & Company in a research note on Thursday. Bank of America lowered their price target on shares of Deere & Company from $672.00 to $607.50 and set a “neutral” rating for the company in a report on Friday, May 22nd. Robert W. Baird dropped their price objective on shares of Deere & Company from $580.00 to $525.00 and set a “neutral” rating on the stock in a research report on Friday, May 22nd. Citigroup raised their price objective on shares of Deere & Company from $575.00 to $610.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Deere & Company in a research report on Tuesday. Fourteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $641.98.

View Our Latest Research Report on DE Deere & Company Price Performance Shares of NYSE DE opened at $624.38 on Friday. The stock’s 50-day simple moving average is $605.47 and its 200-day simple moving average is $590.34. The firm has a market capitalization of $168.55 billion, a PE ratio of 35.38, a price-to-earnings-growth ratio of 2.46 and a beta of 0.90. Deere & Company has a fifty-two week low of $433.00 and a fifty-two week high of $674.19. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18.

Deere & Company (NYSE:DE – Get Free Report) last announced its quarterly earnings results on Thursday, August 20th. The industrial products company reported $5.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.69 by $0.41. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The firm had revenue of $12.61 billion during the quarter, compared to the consensus estimate of $10.81 billion. During the same period in the prior year, the company posted $4.75 earnings per share. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, equities research analysts forecast that Deere & Company will post 18.21 EPS for the current fiscal year.

Deere & Company Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Tuesday, June 30th were issued a dividend of $1.62 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.0%. Deere & Company’s dividend payout ratio (DPR) is presently 36.71%.

Key Deere & Company News Here are the key news stories impacting Deere & Company this week:

Positive Sentiment: Deere reported fiscal Q3 net income of $1.379 billion, or $5.10 per share, up from $4.75 per share a year earlier. Revenue rose approximately 6% to $12.61 billion, exceeding analyst expectations for both earnings and sales. Deere Reports Third Quarter Net Income of $1.379 Billion Positive Sentiment: Management raised fiscal 2026 net-income guidance to $4.75 billion-$5.00 billion, from a prior range of $4.50 billion-$5.00 billion, and expects $5 billion-$5.5 billion in equipment-operations cash flow. Deere Raises FY2026 Net Income Outlook Positive Sentiment: The Construction & Forestry and Small Agriculture & Turf divisions provided the main upside, with demand tied to energy infrastructure and data-center construction supporting Deere’s nonfarm businesses. The company also indicated that fiscal 2026 could mark the bottom of the current agricultural equipment cycle. Deere Stock Soars After Construction Unit Drives Earnings Beat Neutral Sentiment: Management cited improving early order trends, used-equipment inventories and resilient parts demand, which may support a gradual recovery; however, the broader farm-equipment rebound is expected to be more pronounced in 2027. Deere Narrows Profit Outlook as Farm Recovery Seen in 2027 Negative Sentiment: Production agriculture remains pressured by weak farm conditions, while tariffs and regional sales weakness could weigh on margins and demand. The stock’s strong earnings reaction also leaves valuation and expectations elevated, increasing sensitivity to any signs that the agricultural recovery is delayed. Deere & Company Profile (Free Report)

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

Featured Stories Five stocks we like better than Deere & Company 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future Want to see what other hedge funds are holding DE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Deere & Company (NYSE:DE – Free Report).

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Bank of New York Mellon Corp acquired a new position in shares of Deere & Company (NYSE:DE – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,985,211 shares of the industrial products company’s stock, valued at approximately $1,259,279,000. Bank of New York Mellon Corp owned 0.74% of Deere & Company as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Anchyra Partners LLC raised its position in shares of Deere & Company by 0.5% during the 1st quarter. Anchyra Partners LLC now owns 3,191 shares of the industrial products company’s stock worth $1,797,000 after purchasing an additional 17 shares during the last quarter. William B. Walkup & Associates Inc. boosted its holdings in Deere & Company by 0.6% in the 1st quarter. William B. Walkup & Associates Inc. now owns 2,908 shares of the industrial products company’s stock worth $1,638,000 after buying an additional 17 shares during the last quarter. Advisortrust Partners LLC boosted its holdings in Deere & Company by 2.0% in the 1st quarter. Advisortrust Partners LLC now owns 914 shares of the industrial products company’s stock worth $515,000 after buying an additional 18 shares during the last quarter. Cerro Pacific Wealth Advisors LLC increased its stake in Deere & Company by 0.6% during the 4th quarter. Cerro Pacific Wealth Advisors LLC now owns 3,179 shares of the industrial products company’s stock worth $1,480,000 after buying an additional 19 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. increased its stake in Deere & Company by 2.4% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 816 shares of the industrial products company’s stock worth $379,000 after buying an additional 19 shares in the last quarter. Institutional investors and hedge funds own 68.58% of the company’s stock.

Wall Street Analyst Weigh In Several equities analysts have recently weighed in on DE shares. Oppenheimer restated an “outperform” rating on shares of Deere & Company in a research report on Thursday. Truist Financial boosted their price target on Deere & Company from $759.00 to $812.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Deere & Company in a research note on Tuesday. Robert W. Baird decreased their price objective on Deere & Company from $580.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, May 22nd. Finally, DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Deere & Company in a research note on Friday, July 17th. Fourteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Deere & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $641.98.

View Our Latest Research Report on DE Key Deere & Company News Here are the key news stories impacting Deere & Company this week:

Positive Sentiment: Deere reported fiscal Q3 net income of $1.379 billion, or $5.10 per share, up from $4.75 per share a year earlier. Revenue rose approximately 6% to $12.61 billion, exceeding analyst expectations for both earnings and sales. Deere Reports Third Quarter Net Income of $1.379 Billion Positive Sentiment: Management raised fiscal 2026 net-income guidance to $4.75 billion-$5.00 billion, from a prior range of $4.50 billion-$5.00 billion, and expects $5 billion-$5.5 billion in equipment-operations cash flow. Deere Raises FY2026 Net Income Outlook Positive Sentiment: The Construction & Forestry and Small Agriculture & Turf divisions provided the main upside, with demand tied to energy infrastructure and data-center construction supporting Deere’s nonfarm businesses. The company also indicated that fiscal 2026 could mark the bottom of the current agricultural equipment cycle. Deere Stock Soars After Construction Unit Drives Earnings Beat Neutral Sentiment: Management cited improving early order trends, used-equipment inventories and resilient parts demand, which may support a gradual recovery; however, the broader farm-equipment rebound is expected to be more pronounced in 2027. Deere Narrows Profit Outlook as Farm Recovery Seen in 2027 Negative Sentiment: Production agriculture remains pressured by weak farm conditions, while tariffs and regional sales weakness could weigh on margins and demand. The stock’s strong earnings reaction also leaves valuation and expectations elevated, increasing sensitivity to any signs that the agricultural recovery is delayed. Deere & Company Price Performance NYSE:DE opened at $624.38 on Friday. Deere & Company has a one year low of $433.00 and a one year high of $674.19. The stock has a market cap of $168.55 billion, a PE ratio of 35.38, a P/E/G ratio of 2.46 and a beta of 0.90. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.95 and a current ratio of 2.18. The stock has a 50 day moving average price of $605.47 and a 200 day moving average price of $590.34.

Deere & Company (NYSE:DE – Get Free Report) last released its quarterly earnings data on Thursday, August 20th. The industrial products company reported $5.10 earnings per share for the quarter, topping analysts’ consensus estimates of $4.69 by $0.41. The company had revenue of $12.61 billion for the quarter, compared to analyst estimates of $10.81 billion. Deere & Company had a return on equity of 18.25% and a net margin of 10.09%.The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.75 earnings per share. Equities research analysts expect that Deere & Company will post 18.21 EPS for the current fiscal year.

Deere & Company Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.62 per share. This represents a $6.48 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Tuesday, June 30th. Deere & Company’s payout ratio is currently 36.71%.

(Free Report)

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

Further Reading Five stocks we like better than Deere & Company 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future

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Deere earnings grew for the first time in more than 10 quarters, the farm and construction equipment giant's latest report on Thursday showed. Deere stock soared above a key technical level, offering aggressive investors an entry.

Early Thursday, Deere (DE) also raised the low end of its income guidance for the full year. The industrial giant cited robust demand for construction equipment from data centers and energy infrastructure. Further, management said it continues to see the agriculture cycle bottoming out this year, meaning the worst of the drop in farm equipment demand may be over.

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Here’s How To Use IBD’s Proprietary Ratings To Find The Next Winning Stock

In 2026, IBD made major updates to all of its proprietary stock ratings. Here’s the lowdown on how the ratings have changed and how to best use them in your investing practice.

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Deere is arguably most famous for its iconic green-and-yellow tractors and harvesters. However, it also competes with Caterpillar (CAT) in construction equipment and forest machinery, such as excavators, bulldozers and tree harvesting equipment.

Deere Earnings And Outlook Get Data-Center Boost
For the third quarter ended Aug. 2, Deere earnings per share jumped 7% to $5.10, its first earnings gain in 11 quarters. Revenue rose 5% to $12.61 billion, the fourth straight positive quarter after an extended sales slump. 

Among business segments, construction and forestry sales led with 18% growth. Small agriculture and turf sales grew 12%. Offsetting that, Deere's production and precision ag sales — marginally the largest by revenue — continued to be soft, falling 6%.

On an earnings call, management said it sees a favorable outlook for industry earthmoving and construction equipment sales, citing "strong demand from large-scale infrastructure, data-center and energy-related projects."

For the full year, Deere is now projecting net income of $4.75 billion to $5 billion vs. $4.5 billion to $5 billion previously. It expects construction and forestry sales to be up around 20% in the current fiscal year vs. a 10% decline for production and precision agriculture.

Deere Stock Surge Provides An Entry
In Thursday's stock market action, Deere stock surged 6.9% to 620.89. DE stock pared gains intraday, but its move above the 50-day moving average in heavy volume offered an immediate entry for risk-tolerant investors, with resistance around 640.

The weekly MarketSurge chart shows that shares failed a July 31 breakout from a cup-with-handle base, so that buy point is no longer valid.

Moreover, Deere stock shows an IBD Accumulation/Distribution rating of E, which is the lowest possible score and a sign of heavy institutional selling.

Caterpillar stock was roughly unchaged on Thursday, after a post-earnings slide below the 50-day line.

Tractor Maker Still Sees Ag Cycle Bottoming Out
Deere's construction unit is offsetting weakness in large and precision ag equipment.

Sales in the latter unit fell again in Q3, though the 6% drop was smaller than Q2's 13% decline.  Despite that softness, "We continue to believe 2026 will mark the bottom of the current agricultural equipment cycle," Deere CEO John May said in the earnings release.

Early order trends, improving used-equipment inventories, and the rising adoption of advanced farming technologies point to better times ahead, May added.

The current agricultural equipment downturn began in late 2023. It accelerated sharply throughout 2024 and into 2025, following the end of the pandemic-era farming boom.

Low grain prices and high interest rates forced farmers to put off equipment purchases.

However, Deere's measures to slash production have helped to stabilize the ag equipment market, setting up a gradual recovery in 2027.

Copyright ©2026 Investor's Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Deere & Company (NYSE:DE, XETRA:DCO) reported fiscal third-quarter earnings that beat analyst estimates on both revenue and profit, sending shares up more than 7%.

The agricultural and construction equipment maker posted revenue of $11 billion, above estimates of $10.74 billion and up 6% from a year earlier. Earnings per share came in at $5.10, topping expectations of $4.71 and rising 7% year-over-year. Net income reached $1.4 billion, also up 7% and ahead of the $1.27 billion analysts had forecast.

Construction and Forestry sales were a standout, climbing 18% year-over-year to $3.6 billion. Total operating profit rose 18% to $1.9 billion, while operating cash flow came in at $3.3 billion.

Deere raised its full-year net income guidance to a range of $4.75 billion to $5 billion, citing improved performance across several segments.

By segment, the company now expects Construction Equipment net sales to grow 5% to 10% and Compact Construction Equipment to rise around 5%. Global Roadbuilding sales are projected to increase roughly 10%, while Global Forestry sales are expected to decline about 10%.

Large Ag sales are forecast to fall 15% to 20%, while Small Ag and Turf sales are expected to range from flat to up 5%.

Within Construction and Forestry, net sales are projected to grow around 20%, aided by a 1.5% currency tailwind and roughly 3% in price gains. Small Ag and Turf net sales are expected to rise about 15%, with a 0.5% currency benefit and 1.5% from price. Production and Precision Ag net sales are forecast to decline about 10%, partially offset by a 2.5% currency tailwind and 1% from price.

Financial Services net income is expected to total approximately $870 million for the year, with the segment posting net revenue of $219 million in the third quarter, up 7% from a year earlier.

The 2026 leaderboard in heavy machinery lines up almost exactly with the health of each company's end market.

20.8.2026 19:01

Index Dow Jones -0,76 % na 53054,15 b. S&P 500 -0,33 % na 7682,21 b. Nasdaq Composite -0,67 % na 26155,78 b.

Americké ministerstvo financí oznámilo záměr zvýšit likviditu a podpořit poptávku po dlouhodobých US dluhopisech se splatností 10–30 let. Cílem je snížit jejich výnosy. Nepřímá intervence bude mít podobu masivního zvýšení jejich zpětných odkupů po překonání psychologické hranice USD 40 bilionů státního deficitu. Objem bude navýšen ze max. 2 mld. na min. 4 mld dolarů pro jednotlivé operace.

Z indexu S&P 500 se nejlépe daří sektoru energií kvůli geopolitice. Trump oznámil ekonomickou válku a izolaci bezprecedentního rozsahu Iránu, kdy plánuje postihovat všechny jeho spojence a obchodní partnery. Futures na ropu opět rostou. WTI se obchoduje u USD 86,3 při růstu 2,3 %. Při růstu cen ropy si zisky připisují Exxon Mobile (1,6 %) i Chevron (0,8 %).

Naopak klesá sektor nezbytné spotřeby, kde Walmart (- 8,9 %) reportoval výsledky za Q2. Společnost překonala očekávání v tržbách i zisku, který dosáhl USD 0,81 na akcii. Negativní reakci vyvolalo zpomalení růstu návštěvnosti prodejen z 3 % na 1,5 %. Výhled zisku na následující kvartál nedosahuje při 62–64 centů na analytické odhady. Rovněž se začínají projevovat zvýšené náklady na pohonné hmoty.

Merck & Co (- 0,4 %) dnes obdržel zvýšení investičního doporučení od Morgan Stanley na stupeň Overweight s cílovou cenou USD 179. Hlavním důvodem je pozitivní změna pohledu u onkologické léčby vyvíjenou s Modernou, která dnes po včerejším raketovém růstu odevzdává část zisku a ztrácí 26 %.

Waymo představil vlastní čip pro robotaxi. Smyslem je snížení nákladů a důraz na vyšší efektivitu zpracování dat ze senzorů Waymo cílí na milion jízd týdně. Alphabet na zprávu reaguje vlažně a odepisuje 1 %.

Objevila se zpráva, že USA a Kanada jsou blízko nové obchodní dohody, která by mohla snížit americké clo na kanadskou ocel a hliník na 25 %. Steel Dynamics (- 4,5 %) a Nucor (- 2,9 %) reagují poklesem.

Index S&P 500 -0,33 % na 7682,21 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +0,9 % Zbytná spotřeba -1,3 % Reality +0,4 % Nezbytná spotřeba -1,3 % Základní materiály +0,3 % Zdravotní péče -0,8 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Deere (DE) +8,8 % Moderna (MRNA) -26 % Coinbase Global (COIN) +8,8 % Walmart (WMT) -8,8 % Nordson Corp (NDSN) +6,9 % GE Vernova (GEV) -4,5 % CF Industries Holdings (CF) +6,1 % Steel Dynamics (STLD) -4,4 % Lumentum Holdings (LITE) +5,0 % AutoZone (AZO) -4,3 %
Marek Kameništiak
Fio banka, a.s.
Prohlášení

Key Takeaways Deere's Q3 earnings rose 7.4%, beating estimates as Construction & Forestry and Turf drove growth.Construction & Forestry sales jumped 18% y/y, while operating profit surged 84% on pricing and volumes.Deere raised its FY26 net income guidance to $4.75-$5 billion amid improving industry trends. Deere & Company (DE - Free Report) has reported third-quarter fiscal 2026 earnings of $5.10 per share, rising 7.4% year over year and beating the Zacks Consensus Estimate of $4.79 by 6.47%. Strength in Construction & Forestry and Small Agriculture & Turf offset weakness in Production & Precision Agriculture.

Net sales from Deere’s equipment operations were $11 billion in third-quarter fiscal 2026, up 6.2% from the year-ago quarter’s $10.36 billion, reflecting strength in Small Agriculture & Turf and Construction & Forestry despite weakness in 
Production & Precision Agriculture. The top line beat the Zacks Consensus Estimate of $10.81 billion.

Total net sales (including Financial Services and other income) rose 5% year over year to $12.61 billion. Top-line growth was supported by higher shipment volumes and favorable price realization in Small Agriculture & Turf and Construction & Forestry, partly offset by lower shipment volumes in Production & Precision Agriculture.

Deere’s Profits Rise in Q3The cost of sales in the reported quarter increased 4.9% from the prior-year quarter to $7.94 billion. Total gross profit rose 9.8% year over year to $3.06 billion. Selling, administrative and general expenses (SA&G) were flat at $1.22 billion.

Total operating profit (including Financial Services) increased 18% year over year to $1.86 billion in the fiscal third quarter.

DE’s Segment Performances in Q3The Production & Precision Agriculture segment’s net sales declined 6% year over year to around $4 billion due to lower shipment volumes, partially offset by favorable price realization and foreign currency translation. Segment operating profit fell 9% from the year-ago quarter to $527 million, reflecting lower shipment volumes and sales mix, and higher production costs, partially offset by favorable price realization and foreign currency exchange.

Small Agriculture & Turf net sales increased 12% year over year to $3.38 billion on higher shipment volumes and favorable price realization. Operating profit rose 28% year over year to $622 million, driven mainly by higher shipment volumes and sales mix, and favorable price realization, partially offset by higher production costs.

Construction & Forestry net sales were $3.62 billion, up 18% year over year, primarily on higher shipment volumes and favorable price realization. Operating profit surged 84% year over year to $436 million, aided mainly by favorable price realization, partially offset by higher selling, administrative, general and R&D costs.

Sales in Deere’s Financial Services division were $1.37 billion in the quarter, down 3% year over year. The segment’s operating profit increased 2% year over year to $271 million. Net income for Financial Services climbed 7% year over year to $219 million in the fiscal third quarter due to favorable financing spreads, partially offset by a lower average portfolio.

Deere’s Q2 Cash PositionCash and cash equivalents totaled $8.93 billion as of Aug. 2, 2026, up from $8.28 billion at the end of fiscal 2025. Net cash provided by operating activities was $3.25 billion for the first nine months compared with $3.46 billion a year earlier. Deere also repurchased $697 million of common stock and paid out $1.32 billion in dividends.

DE's FY26 OutlookDeere raised its fiscal 2026 net income forecast to $4.75-$5 billion from the $4.5-$5 billion mentioned earlier. Equipment Operations net operating cash flow is expected to be $5-$5.50 billion, while capital expenditure is projected to be $1.30 billion and the effective tax rate is expected to be 24-26%.

The company continues to view 2026 as the bottom of the current agriculture equipment cycle. Early order program trends, improving used-equipment inventories and increased customer adoption of advanced technologies underpin its confidence in the company's longer-term positioning.

Deere’s Share Price PerformanceShares of the company have gained 19.3% in the past year compared with the industry’s 15.2% growth.

Image Source: Zacks Investment Research

DE’s Zacks RankThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A Look at Deere’s Peer PerformancesLindsay Corporation (LNN - Free Report) reported third-quarter fiscal 2026 earnings of $1.53 per share, beating the Zacks Consensus Estimate of $1.41 by 8.5%. The bottom line declined 14% year over year.

Lindsay’s sales totaled $160.8 million, down 5% year over year. The top line missed the Zacks Consensus Estimate of $169 million by 5.15%. Irrigation softness outweighed infrastructure growth. The quarter reflected persistent demand challenges in North America and Brazil.

CNH Industrial N.V. (CNH - Free Report) reported second-quarter 2026 adjusted EPS of 13 cents, which declined from 17 cents in the prior-year quarter. The figure, however, surpassed the Zacks Consensus Estimate of 11 cents.

In the second quarter, CNH Industrial’s net sales grew 2% from the year-ago level to $4.80 billion and topped the Zacks Consensus Estimate of $4.76 billion.

AGCO Corp. (AGCO - Free Report) delivered adjusted earnings per share of $1.43 in second-quarter 2026, missing the Zacks Consensus Estimate of $1.54 by 7.14%. AGCO Corp posted adjusted EPS of $1.35 in the year-ago quarter.

Net sales declined 1% year over year to $2.61 billion and missed the consensus estimate of $2.73 billion. Excluding the favorable currency-translation impacts of 2.7%, net sales fell 3.7% year over year.

AI Data Centers Are Splitting Winners From Pretenders in Infrastructure StocksDeere & Company NYSE: DE reported higher third-quarter revenue and raised its fiscal 2026 outlook, citing operating execution, improving inventory health and continued strength in its construction and small agriculture businesses despite soft conditions in portions of the global farm-equipment market.

Net sales and revenues rose 5% from a year earlier to $12.61 billion, while equipment-operations net sales increased 6% to $11.0 billion. Net income attributable to Deere was $1.38 billion, or $5.10 per diluted share. Equipment operations produced a 14.4% operating margin during the quarter.

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5 Tech Stocks Holding Their Ground Through the AI Trade Pullback“This quarter's result reflects strong execution across all business segments amid a dynamic market and evolving operating environment,” Chris Seibert, Deere's director of investor relations, said on the call. He said factory output exceeded expectations and that disciplined execution and favorable pricing helped results surpass the company's expectations for revenue and profitability.

Full-Year Outlook Raised Deere increased its fiscal 2026 net-income forecast to a range of $4.75 billion to $5 billion. The company also lifted its expected equipment-operations cash flow to between $5 billion and $5.5 billion. Its outlook continues to assume an effective tax rate of 24% to 26%.

Chips & Clips: Memory Tariffs Rewire Tech Supply ChainsBrent Norwood, Deere's chief financial officer, said the company has a strong fourth-quarter order book across its businesses, enabling it to tighten some forecast ranges while improving its income and cash-flow outlook.

Worldwide Financial Services generated third-quarter net income attributable to Deere of $219 million, helped by favorable financing spreads, partly offset by a lower average portfolio. Deere raised its full-year Financial Services income forecast to $870 million.

Segment Performance Varied Production & Precision Ag: Net sales fell 6% year over year to $4.0 billion, primarily because of lower shipment volumes. Favorable price realization and currency translation partly offset the volume decline. Operating profit was $527 million, producing a 13.2% operating margin. Small Ag & Turf: Net sales increased 12% to $3.38 billion, driven by higher shipment volumes and favorable pricing. Operating profit rose to $622 million, and operating margin was 18.4%. Construction & Forestry: Net sales grew 18% to $3.62 billion, supported by higher volumes and favorable pricing. Operating profit totaled $436 million, for a 12.1% operating margin. For the full year, Deere now expects Production & Precision Ag sales to decline about 10%, with an operating margin of 11% to 12%. The company said softer conditions in South America and Europe drove the revised sales outlook.

Small Ag & Turf sales are still expected to rise about 15% for the year, while the segment's operating-margin forecast was increased to 14.5% to 15.5%. Construction & Forestry sales are projected to rise about 20%, with a narrowed operating-margin forecast of 10.5% to 11.5%.

Agricultural Markets Remain Uneven Deere continues to expect large agricultural equipment sales in the U.S. and Canada to decline 15% to 20% in fiscal 2026, as producers contend with muted profitability, elevated input costs and uncertainty around commodity markets. The company expects the U.S. and Canadian small agriculture and turf market to be flat to up 5%.

In South America, Deere now expects industry sales to decline 15% to 20%, citing high production costs and interest rates. The company expects European industry sales to be approximately flat, while its outlook for Asia also calls for approximately flat industry sales.

Deanna Kovar, president of Deere's worldwide agriculture and turf division, said demand weakened in South America and Europe during the quarter, while North American conditions were stable. Deere's Production & Precision Ag order books are effectively full for the year, she said.

Kovar said Deere has adjusted production in South America to run modestly below retail demand, seeking to enter fiscal 2027 with healthy inventories. In North America, new-equipment inventories remain tight, while late-model used equipment inventory has improved. Used model-year 2023 and 2024 high-horsepower tractor inventories are down nearly 40% from a year earlier, she said.

The company's early-order programs for model-year 2027 sprayers and planters were running in the mid-single-digit percentage range above the prior year at the time of the call. Kovar said the results support Deere's view that fiscal 2026 represents the bottom of the agricultural equipment cycle, though she expects any recovery in 2027 to be measured rather than sharp.

Construction Demand and Technology Adoption Deere raised its outlook for U.S. and Canadian construction-equipment industry sales to growth of 5% to 10%, supported by large infrastructure, data center and energy-related projects. It expects compact construction equipment sales to rise about 5% and global road-building equipment sales to increase about 10%. Global forestry equipment sales are projected to decline 10%.

Seibert said Construction & Forestry order books extend four to five months, with customer backlogs reaching well into fiscal 2027. Deere is producing modestly below retail demand in the business, which it said should leave dealer inventories in a healthy position heading into next year.

The company also highlighted rising adoption of its technology products. Factory-installed SmartGrade adoption in construction increased more than 50% year to date, while sales of job-site safety solutions rose nearly 40% year over year.

In agriculture, Kovar said customers using Deere's See & Spray technology achieved more than 50% herbicide savings, and factory adoption is expected to nearly double, with the system included on about one-third of North American sprayers on order. Deere also reported more than 520 million engaged acres and nearly 1.2 million connected machines in its John Deere Operations Center digital ecosystem.

Tariff Expense and Refunds Deere recognized $110 million of incremental tariff-related refunds during the third quarter, bringing fiscal-year refunds recognized to $382 million. Seibert said the company's current outlook assumes no additional refunds for the balance of the year.

The company now expects direct tariff expense of about $1.1 billion for fiscal 2026, excluding refunds, down from its prior $1.2 billion expectation. Seibert attributed the change largely to revised Section 232 tariff policies affecting imports from Europe.

Norwood said Deere expects net tariff expense of roughly $750 million in fiscal 2026 after refunds, compared with an anticipated run rate of about $1 billion in fiscal 2027. As a result, he said tariffs are expected to be a headwind next year compared with fiscal 2026.

About Deere & Company (NYSE:DE)Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company's principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

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Should You Invest $1,000 in Deere & Company Right Now?Before you consider Deere & Company, you'll want to hear this.

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Deere (DE - Free Report) came out with quarterly earnings of $5.1 per share, beating the Zacks Consensus Estimate of $4.79 per share. This compares to earnings of $4.75 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.47%. A quarter ago, it was expected that this agricultural equipment manufacturer would post earnings of $5.81 per share when it actually produced earnings of $6.55, delivering a surprise of +12.74%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Deere, which belongs to the Zacks Manufacturing - Farm Equipment industry, posted revenues of $11 billion for the quarter ended July 2026, surpassing the Zacks Consensus Estimate by 1.77%. This compares to year-ago revenues of $10.36 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Deere shares have added about 24.7% since the beginning of the year versus the S&P 500's gain of 12.6%.

What's Next for Deere?While Deere has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Deere was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.47 on $10.84 billion in revenues for the coming quarter and $18.21 on $41.43 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - Farm Equipment is currently in the top 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Industrial Products sector, Core & Main (CNM - Free Report) , has yet to report results for the quarter ended July 2026.

This distributor of water and fire protection products is expected to post quarterly earnings of $0.93 per share in its upcoming report, which represents a year-over-year change of +6.9%. The consensus EPS estimate for the quarter has been revised 1.1% higher over the last 30 days to the current level.

Core & Main's revenues are expected to be $2.14 billion, up 2.3% from the year-ago quarter.

20.8.2026 16:10, WMT, CRW, GOOG, GOOGL, BABA, MRNA, SMCI

Index Dow Jones -0,72 % na 53080,36 b., S&P 500 -0,34 % na 7681,52 b., Nasdaq Composite -0,66 % na 26156,38 b.

Americké akcie otevírají čtvrteční obchodování negativně. Výsledková sezona stále pokračuje, její intenzita však již výrazně slábne. Tento týden reportuje pouze 12 společností z indexu S&P 500, přičemž většina z nich už výsledky zveřejnila.

Akcie Walmartu klesají o 8,9 % poté, co srovnatelné tržby amerických prodejen zaostaly za očekáváním trhu. Walmart US vykázal růst srovnatelných tržeb bez pohonných hmot o 2,6 %, zatímco analytici očekávali růst o 3,67 %. Tržby společnosti meziročně vzrostly o 5,9 % na 187,94 mld. USD a překonaly konsensus 186,87 mld. USD, očištěný zisk na akcii ve výši 0,81 USD rovněž překonal očekávání 0,74 USD. Společnost zvýšila celoroční výhled očištěného zisku na akcii na 2,80 až 2,87 USD z předchozích 2,75 až 2,85 USD, konsensus analytiků však činil 2,90 USD. Pro 3Q Walmart očekává očištěný zisk na akcii 0,62 až 0,64 USD oproti očekávání trhu 0,68 USD. Analytici upozorňují především na slabší dynamiku srovnatelných tržeb v USA a mírnější než očekávané zvýšení celoročního výhledu.

Akcie Deere & Co posilují o 4,2 % poté, co výrobce a distributor zemědělské techniky reportoval výsledky za 3Q nad očekáváním a zvýšil spodní hranici celoročního výhledu zisku. Zisk na akcii dosáhl 5,10 USD oproti očekávaným 4,70 USD a čistý zisk činil 1,38 mld. USD při konsensu trhu 1,27 mld. USD. Výsledkům pomohlo také vrácení cel v objemu 110 mil. USD, které podle Citi přispělo k zisku na akcii přibližně 0,29 USD. Deere nově očekává celoroční čistý zisk v rozmezí 4,75 až 5,0 mld. USD oproti předchozím 4,5 až 5,0 mld. USD. CEO John May zopakoval očekávání, že rok 2026 bude představovat dno současného cyklu zemědělské techniky, přičemž poukázal na vývoj předobjednávek, zlepšující se zásoby použité techniky a rostoucí využívání pokročilých technologií. Společnost nicméně snížila očekávání vývoje trhu v Evropě a Jižní Americe.

Výrazněji odepisují akcie farmaceutické společnosti Moderna (-21 %), které během včerejší seance připsaly 177 % poté, co Moderna a Merck & Co. uspěly se studií protinádorové vakcíny.

Alphabet (Google) prostřednictvím Waymo oznámil nasazení vlastního ASIC čipu do nejnovější generace robotaxi. Čip má zrychlit zpracování dat ze senzorů a zároveň snížit závislost na externích dodavatelích, jako jsou Nvidia a AMD. Akcie Alphabet třídy A (GOOGL) oslabují o 0,78 %. Akcie třídy C (GOOG) zaznamenávají pokles o 0,8 %.

Super Micro Computer (+0,9 %) dokončila nezávislé vyšetřování svého programu exportní compliance, přičemž vyšetřovací tým dospěl k závěru, že vrcholový management neměl povědomí o údajném schématu odklánění čipů Nvidia.

Hudson River Trading uzavřela víceletou dohodu s CoreWeave (+1,7 %) na využití její AI výpočetní infrastruktury pro vývoj nových obchodních výzkumů a modelů.

Zisk Alibaba Group (-3,7 %) klesl meziročně o více než 75 %, zatímco kvartální kapitálové výdaje vzrostly téměř na 10 mld. USD v souvislosti s investicemi do AI.

Index S&P 500 -0,34 % na 7681,52 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +1,5 % Nezbytná spotřeba -1,6 % Reality +0,3 % Zbytná spotřeba -1,5 % Utility +0,3 % Zdravotní péče -0,7 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Coinbase Global (COIN) +7,0 % Moderna (MRNA) -21 % CF Industries Holdings (CF) +6,5 % Walmart (WMT) -8,9 % Deere (DE) +4,2 % Steel Dynamics (STLD) -5,1 % Nordson Corp (NDSN) +4,2 % Synchrony Financial (SYF) -4,6 % Diamondback Energy (FANG) +3,5 % Norwegian Cruise Line Holdings (NCLH) -4,1 %
Zdroj: Bloomberg

Marek Krejčiřík
Fio banka, a.s.
Prohlášení

Asahi Life Asset Management CO. LTD. purchased a new position in shares of Deere & Company (NYSE:DE – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 953 shares of the industrial products company’s stock, valued at approximately $605,000.

A number of other large investors also recently modified their holdings of the company. Cary Street Partners Financial LLC lifted its position in Deere & Company by 11.8% during the fourth quarter. Cary Street Partners Financial LLC now owns 10,312 shares of the industrial products company’s stock valued at $4,801,000 after buying an additional 1,086 shares in the last quarter. Baxter Bros Inc. purchased a new position in shares of Deere & Company in the 2nd quarter valued at $1,707,000. Global Retirement Partners LLC purchased a new position in shares of Deere & Company in the 2nd quarter valued at $3,890,000. Spectrum Financial Alliance Ltd LLC lifted its holdings in shares of Deere & Company by 55.8% during the 4th quarter. Spectrum Financial Alliance Ltd LLC now owns 85,351 shares of the industrial products company’s stock valued at $39,737,000 after acquiring an additional 30,553 shares in the last quarter. Finally, Westpac Banking Corp boosted its position in Deere & Company by 78.6% during the 4th quarter. Westpac Banking Corp now owns 6,925 shares of the industrial products company’s stock worth $3,224,000 after purchasing an additional 3,047 shares during the period. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets A number of research analysts have commented on the company. Citigroup boosted their price objective on Deere & Company from $575.00 to $610.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Wall Street Zen upgraded Deere & Company from a “sell” rating to a “hold” rating in a report on Sunday, July 5th. Royal Bank Of Canada reissued an “outperform” rating and set a $752.00 price target on shares of Deere & Company in a research report on Monday, June 1st. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price objective on shares of Deere & Company in a research report on Friday, July 17th. Finally, Bank of America dropped their price objective on shares of Deere & Company from $672.00 to $607.50 and set a “neutral” rating on the stock in a research note on Friday, May 22nd. Fourteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $641.98.

Read Our Latest Research Report on DE Key Stories Impacting Deere & Company Here are the key news stories impacting Deere & Company this week:

Positive Sentiment: Analysts expect Deere to report approximately $4.70–$4.79 in earnings per share and about $10.73–$10.78 billion in revenue. Although revenue would be below the prior-year quarter, the estimates have reportedly moved higher ahead of the release, creating potential for a positive reaction if Deere beats expectations. Deere Set to Report Q3 Earnings Positive Sentiment: Investors are watching whether Deere’s precision-agriculture technology and exposure to data-center-related infrastructure can support growth beyond traditional farm machinery. Evidence of resilient technology demand or stronger margins could reinforce the company’s longer-term investment narrative. Deere Q3 Preview Neutral Sentiment: The earnings announcement is the immediate catalyst, with investors focused on management’s outlook for agriculture, construction equipment, inventories and full-year profitability. Analysts remain mixed, including JPMorgan’s Neutral rating, suggesting expectations are not uniformly bullish. Deere Dividends Ahead of Q3 Earnings Negative Sentiment: Consensus revenue of roughly $10.73 billion would decline from $12.02 billion a year earlier, reflecting pressure in the farming sector. Weak farm spending and elevated production costs could weigh on margins and make it harder for Deere to deliver a strong outlook. Deere Earnings and Precision Agriculture Deere & Company Stock Down 1.5% Shares of NYSE:DE opened at $580.06 on Thursday. The firm has a market cap of $156.58 billion, a PE ratio of 32.86, a price-to-earnings-growth ratio of 2.49 and a beta of 0.90. The company has a fifty day simple moving average of $604.36 and a 200 day simple moving average of $589.65. The company has a current ratio of 2.18, a quick ratio of 1.95 and a debt-to-equity ratio of 1.54. Deere & Company has a 12-month low of $433.00 and a 12-month high of $674.19.

Deere & Company (NYSE:DE – Get Free Report) last posted its quarterly earnings data on Thursday, May 21st. The industrial products company reported $6.55 EPS for the quarter, beating analysts’ consensus estimates of $5.70 by $0.85. The firm had revenue of $13.37 billion for the quarter, compared to the consensus estimate of $11.55 billion. Deere & Company had a net margin of 10.09% and a return on equity of 18.25%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.64 EPS. On average, equities research analysts anticipate that Deere & Company will post 18.21 EPS for the current fiscal year.

Deere & Company Announces Dividend The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.62 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $6.48 annualized dividend and a dividend yield of 1.1%. Deere & Company’s dividend payout ratio (DPR) is presently 36.71%.

About Deere & Company (Free Report)

Deere & Company, commonly known by its brand John Deere, is a global manufacturer of agricultural, construction and forestry machinery, as well as turf care equipment and power systems. Founded in 1837 by blacksmith John Deere—who developed a polished steel plow to improve tillage in tough prairie soils—the company is headquartered in Moline, Illinois, and has grown into one of the largest and most recognizable names in equipment manufacturing worldwide.

The company’s principal businesses include a broad portfolio of agricultural equipment such as tractors, combines, planters, sprayers, harvesters and tillage implements, complemented by precision agriculture technologies and telematics that support farm management, yield optimization and equipment connectivity.

See Also Five stocks we like better than Deere & Company Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think? Want to see what other hedge funds are holding DE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Deere & Company (NYSE:DE – Free Report).

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Disciplined execution drives stronger-than-expected results in a dynamic market. Net income guidance improved to $4.75 billion to $5.00 billion. Order book trends reinforce 2026 as the bottom of the ag equipment cycle. , /PRNewswire/ -- Deere & Company (NYSE: DE) reported net income of $1.379 billion for the third quarter ended August 2, 2026, or $5.10 per share, compared with net income of $1.289 billion, or $4.75 per share, for the quarter ended July 27, 2025. For the first nine months of the year, net income attributable to Deere & Company was $3.808 billion, or $14.06 per share, compared with $3.962 billion, or $14.57 per share, for the same period last year.

Production & Precision Agriculture Operating Profit Third Quarter 2026 Compared to Third Quarter 2025 $ in millions

Small Agriculture & Turf Operating Profit Third Quarter 2026 Compared to Third Quarter 2025 $ in millions

Construction & Forestry Operating Profit Third Quarter 2026 Compared to Third Quarter 2025 $ in millions Worldwide net sales and revenues increased 5 percent, to $12.608 billion, for the third quarter of 2026 and rose 7 percent, to $35.589 billion, for nine months. Net sales were $10.999 billion for the quarter and $30.779 billion for nine months, compared with $10.357 billion and $28.338 billion last year, respectively.

"Deere delivered a strong quarter, reflecting disciplined execution by our teams and continued resilience across our portfolio," said John C. May, chairman and chief executive officer. "Our performance underscores the strength of our business, supported by stable U.S. market conditions, our ability to manage softer conditions in Brazil and Europe, and our commitment to helping customers succeed."

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.75 billion to $5.00 billion.

"As we look ahead, we continue to believe 2026 will mark the bottom of the current ag equipment cycle," May said. "Across our business, early order program trends, improving used-equipment inventories, and increasing customer adoption of our advanced technologies give us confidence that Deere is well positioned for long-term value creation."

Deere & Company

Third Quarter

Year to Date

$ in millions, except per share amounts

2026

2025

% Change

2026

2025

% Change

Net sales and revenues

$

12,608

$

12,018

5 %

$

35,589

$

33,290

7 %

Net income

$

1,379

$

1,289

7 %

$

3,808

$

3,962

-4 %

Fully diluted EPS

$

5.10

$

4.75

$

14.06

$

14.57

Results for the prior periods presented were affected by special items. See Note 2 of the financial statements for further details. The company recorded tariff recoveries in the third quarter and first nine months of 2026 of $110 million and $382 million, respectively. The tariff impact for each segment is primarily included in the "Production Costs" category below.

Production & Precision Agriculture

Third Quarter

$ in millions

2026

2025

% Change

Net sales

$

3,998

$

4,273

-6 %

Operating profit

$

527

$

580

-9 %

Operating margin

13.2 %

13.6 %

Production & Precision Agriculture sales decreased for the quarter as a result of lower shipment volumes, partially offset by favorable price realization and foreign currency translation. Operating profit decreased primarily due to lower shipment volumes / sales mix and higher production costs, partially offset by favorable price realization and the effects of foreign currency exchange.

Small Agriculture & Turf

Third Quarter

$ in millions

2026

2025

% Change

Net sales

$

3,383

$

3,025

12 %

Operating profit

$

622

$

485

28 %

Operating margin

18.4 %

16.0 %

Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and favorable price realization. Operating profit increased primarily due to higher shipment volumes / sales mix and favorable price realization, partially offset by higher production costs.

Construction & Forestry

Third Quarter

$ in millions

2026

2025

% Change

Net sales

$

3,618

$

3,059

18 %

Operating profit

$

436

$

237

84 %

Operating margin

12.1 %

7.7 %

Construction & Forestry sales increased for the quarter primarily as a result of higher shipment volumes and favorable price realization. Operating profit increased primarily due to favorable price realization, partially offset by higher SA&G and R&D costs.

Financial Services

Third Quarter

$ in millions

2026

2025

% Change

Net income

$

219

$

205

7 %

Financial Services net income increased primarily due to favorable financing spreads, partially offset by the impact of a lower average portfolio.

Industry Outlook for Fiscal 2026

Agriculture & Turf

U.S. & Canada:

Large Ag

Down 15 to 20%

Small Ag & Turf

Flat to up 5%

Europe

Flat

South America (Tractors & Combines)

Down 15 to 20%

Asia

Flat

Construction & Forestry

U.S. & Canada:

Construction Equipment

Up 5 to 10%

Compact Construction Equipment

Up ~5%

Global Forestry

Down ~10%

Global Roadbuilding

Up ~10%

Deere Segment Outlook for Fiscal 2026

Currency

Price

$ in millions

Net Sales

Translation

Realization

Production & Precision Ag

Down ~10%

+2.5 %

~ +1.0%

Small Ag & Turf

Up ~15%

+0.5 %

~ +1.5%

Construction & Forestry

Up ~20%

+1.5 %

~ +3.0%

Financial Services

Net Income

~ $870

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the sections entitled "Company Outlook & Summary," "Industry Outlook for Fiscal 2026," "Deere Segment Outlook for Fiscal 2026," and "Condensed Notes to Interim Consolidated Financial Statements" relating to future events, expectations, and trends constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect all lines of the company's operations generally, while others could more heavily affect a particular line of business.

Forward-looking statements are based on information currently available to the company and the company's current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, the company expressly disclaims any obligation to update or revise its forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

the agricultural business cycle, which can be unpredictable and is affected by factors such as farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs including the availability and price of fertilizer, government farm programs, and availability of transport for crops construction and forestry activity, which is affected by factors such as housing starts and supply, real estate and housing prices, levels of residential and non-residential construction, public and private infrastructure development, and government policies and regulations macroeconomic conditions, including unemployment, inflation, interest rate volatility, energy price increases resulting from geopolitical conflicts, changes in consumer sentiment and practices due to slower economic growth or a recession, and regional or global liquidity constraints the uncertainty of government policies and actions with respect to the global trade environment, including increased and contested tariffs announced by the U.S. government and retaliatory trade regulations political, economic, and social instability in the geographies in which the company operates worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and the resulting impacts on the demand for the company's equipment rationalization, restructuring, relocation, expansion, and/or reconfiguration of manufacturing and warehouse facilities accurately forecasting customer demand for products and services, and adequately managing inventory selling products domestically or internationally, managing increased costs of production, absorbing or passing on increased expenses, as well as accurately predicting financial results and industry trends availability and price of raw materials, components, and whole goods delays or disruptions in the company's supply chain, including those arising from geopolitical conflicts changes in climate patterns, unfavorable weather events, and natural disasters suppliers' and manufacturers' business practices and compliance with applicable laws such as human rights, safety, environmental, and fair wages higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for the company's products and solutions attracting, developing, engaging, and retaining qualified employees adapting in highly competitive markets, including understanding and meeting customers' changing expectations for products and solutions, including delivery and utilization of precision technology realizing the anticipated benefits of the company's Smart Industrial Operating Model, achieving the company's Leap Ambitions, and executing the company's related business strategies in production systems, precision technologies, and aftermarket support the company's dealer network's development and implementation of successful sales plans, management of new and used inventory, distribution of the company's products, and support and service for the company's precision technology solutions achieving anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes negative claims or publicity that damage the company's reputation or brand the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge labor relations and contracts, including work stoppages and other disruptions security breaches, cybersecurity attacks, technology failures, and other disruptions to the company's information technology infrastructure and products leveraging artificial intelligence and machine learning within the company's business processes changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of U.S., foreign, and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environment (including climate change and engine emissions), farming, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, right-to-repair, tariffs, tax, telematics, and telecommunications governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of the company's products investigations, claims, lawsuits, or other legal proceedings loss of or challenges to intellectual property rights Further information concerning the company or its businesses, including factors that could materially affect the company's financial results, is included in the company's other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. "Risk Factors" of the company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q). There also may be other factors that the company cannot anticipate or that are not described herein because the company does not currently perceive them to be material.

DEERE & COMPANY

THIRD QUARTER 2026 PRESS RELEASE

(In millions of dollars) Unaudited

Three Months Ended

Nine Months Ended

August 2

July 27

%

August 2

July 27

%

2026

2025

Change

2026

2025

Change

Net sales and revenues:

Production & Precision Ag net sales

$

3,998

$

4,273

-6

$

11,664

$

12,571

-7

Small Ag & Turf net sales

3,383

3,025

+12

9,036

7,767

+16

Construction & Forestry net sales

3,618

3,059

+18

10,079

8,000

+26

Financial Services revenues

1,371

1,418

-3

4,121

4,273

-4

Other revenues

238

243

-2

689

679

+1

Total net sales and revenues

$

12,608

$

12,018

+5

$

35,589

$

33,290

+7

Operating profit: *

Production & Precision Ag

$

527

$

580

-9

$

1,372

$

2,066

-34

Small Ag & Turf

622

485

+28

1,538

1,182

+30

Construction & Forestry

436

237

+84

1,134

681

+67

Financial Services

271

266

+2

823

740

+11

Total operating profit

1,856

1,568

+18

4,867

4,669

+4

Reconciling items **

52

60

-13

184

198

-7

Income taxes

(529)

(339)

+56

(1,243)

(905)

+37

Net income attributable to Deere & Company

$

1,379

$

1,289

+7

$

3,808

$

3,962

-4

*

Operating profit is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of Financial Services includes the effect of interest expense and foreign exchange gains and losses.

**

Reconciling items are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and postretirement benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED INCOME

For the Three and Nine Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars and shares except per share amounts) Unaudited

Three Months Ended

Nine Months Ended

2026

2025

2026

2025

Net Sales and Revenues

Net sales

$

10,999

$

10,357

$

30,779

$

28,338

Finance and interest income

1,353

1,426

4,011

4,233

Other income

256

235

799

719

Total

12,608

12,018

35,589

33,290

Costs and Expenses

Cost of sales

7,939

7,570

22,486

20,215

Research and development expenses

567

556

1,704

1,631

Selling, administrative and general expenses

1,220

1,217

3,401

3,387

Interest expense

710

794

2,141

2,408

Other operating expenses

290

281

846

817

Total

10,726

10,418

30,578

28,458

Income of Consolidated Group before Income Taxes

1,882

1,600

5,011

4,832

Provision for income taxes

529

339

1,243

905

Income of Consolidated Group

1,353

1,261

3,768

3,927

Equity in income of unconsolidated affiliates

24

10

34

11

Net Income

1,377

1,271

3,802

3,938

Less: Net loss attributable to noncontrolling interests

(2)

(18)

(6)

(24)

Net Income Attributable to Deere & Company

$

1,379

$

1,289

$

3,808

$

3,962

Per Share Data

Basic

$

5.11

$

4.76

$

14.10

$

14.61

Diluted

5.10

4.75

14.06

14.57

Dividends declared

1.62

1.62

4.86

4.86

Dividends paid

1.62

1.62

4.86

4.71

Average Shares Outstanding

Basic

269.8

270.7

270.1

271.1

Diluted

270.7

271.4

270.8

271.9

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

August 2

November 2

July 27

2026

2025

2025

Assets

Cash and cash equivalents

$

8,928

$

8,276

$

8,580

Marketable securities

1,350

1,411

1,407

Trade accounts and notes receivable – net

7,723

5,317

6,103

Financing receivables – net

42,860

44,575

43,930

Financing receivables securitized – net

6,316

6,831

7,948

Other receivables

2,466

2,403

2,826

Equipment on operating leases – net

7,400

7,600

7,512

Inventories

7,811

7,406

7,713

Property and equipment – net

8,006

8,079

7,713

Goodwill

4,466

4,188

4,209

Other intangible assets – net

940

892

926

Retirement benefits

3,541

3,273

3,182

Deferred income taxes

2,343

2,284

2,209

Other assets

3,457

3,461

3,559

Total Assets

$

107,607

$

105,996

$

107,817

Liabilities and Stockholders' Equity

Liabilities

Short-term borrowings

$

17,115

$

13,796

$

14,607

Short-term securitization borrowings

6,095

6,596

7,610

Accounts payable and accrued expenses

13,668

13,909

13,582

Deferred income taxes

411

434

489

Long-term borrowings

40,626

43,544

44,429

Retirement benefits and other liabilities

1,651

1,710

1,836

Total liabilities

79,566

79,989

82,553

Redeemable noncontrolling interest

44

51

84

Stockholders' Equity

Total Deere & Company stockholders' equity

27,990

25,950

25,175

Noncontrolling interests

7

6

5

Total stockholders' equity

27,997

25,956

25,180

Total Liabilities and Stockholders' Equity

$

107,607

$

105,996

$

107,817

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Nine Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars) Unaudited

2026

2025

Cash Flows from Operating Activities

Net income

$

3,802

$

3,938

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

205

258

Depreciation and amortization

1,787

1,668

Impairments and other adjustments

29

Share-based compensation expense

116

104

Credit for deferred income taxes

(61)

(102)

Changes in assets and liabilities:

Receivables related to sales

(1,252)

(494)

Inventories

(443)

(526)

Accounts payable and accrued expenses

(266)

(717)

Accrued income taxes payable/receivable

(119)

(147)

Retirement benefits

(367)

(813)

Other

(152)

266

Net cash provided by operating activities

3,250

3,464

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

19,922

19,712

Proceeds from maturities and sales of marketable securities

389

359

Proceeds from sales of equipment on operating leases

1,479

1,408

Cost of receivables acquired (excluding receivables related to sales)

(19,139)

(18,962)

Acquisitions of businesses, net of cash acquired

(455)

(89)

Purchases of marketable securities

(361)

(598)

Purchases of property and equipment

(716)

(852)

Cost of equipment on operating leases acquired

(1,933)

(2,009)

Collections of receivables from unconsolidated affiliates

197

334

Collateral on derivatives – net

(63)

127

Other

(145)

(231)

Net cash used for investing activities

(825)

(801)

Cash Flows from Financing Activities

Net proceeds (payments) in short-term borrowings (original maturities three months or less)

3,205

(2,060)

Proceeds from borrowings issued (original maturities greater than three months)

5,373

10,707

Payments of borrowings (original maturities greater than three months)

(8,338)

(7,743)

Repurchases of common stock

(697)

(1,136)

Dividends paid

(1,316)

(1,282)

Other

(55)

(43)

Net cash used for financing activities

(1,828)

(1,557)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

20

108

Net Increase in Cash, Cash Equivalents, and Restricted Cash

617

1,214

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period

8,533

7,633

Cash, Cash Equivalents, and Restricted Cash at End of Period

$

9,150

$

8,847

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY
Condensed Notes to Interim Consolidated Financial Statements
(In millions of dollars) Unaudited

(1)

Acquisitions

In 2026, the company completed several acquisitions to advance the capabilities of its existing technology offerings, including the February acquisition of Tenna LLC (Tenna), a U.S. construction technology company that provides mixed-fleet equipment operations and asset tracking solutions, for a purchase price of $439 million, net of cash acquired. Tenna was assigned to the CF segment. The company also acquired other small-scale businesses assigned to the PPA, SAT, and CF segments for a combined purchase price consideration of $16 million, net of cash acquired. Most of the purchase price for these acquisitions was allocated to goodwill and other intangible assets.

In 2025, the company acquired businesses to advance the capabilities of the company's existing technology offerings, providing customers with a more comprehensive set of tools to generate and use data to make decisions that improve profitability, efficiency, and sustainability. The combined cost of these acquisitions was $89 million, net of cash acquired. The businesses were assigned to the PPA and CF segments. Most of the purchase price for these acquisitions was allocated to goodwill and other intangible assets.

(2)

Special Items

Impairment

In the third quarter of 2025, the company recorded a non-cash charge of $61 million pretax ($49 million after-tax), primarily related to the trade name and customer relationship assets of external overseas battery operations. Of this amount, $53 million was recorded in "Selling, administrative and general expenses" and $8 million in "Cost of sales." The charge is presented in "Impairments and other adjustments" in the statements of consolidated cash flows. The impairment resulted from slowing external demand for batteries, which indicated that it is probable future cash flows would not cover the carrying value of the assets.

Discrete Tax Items

In the first quarter of 2025, the company recorded favorable net discrete tax items primarily due to tax benefits of $110 million related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $53 million from an adjustment to an uncertain tax position of a foreign subsidiary.

Banco John Deere S.A.

In 2024, the company entered into an agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become a 50% owner of the company's wholly-owned subsidiary in Brazil, Banco John Deere S.A. (BJD). BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction is intended to reduce the company's incremental risk as it continues to grow in the Brazilian market.

The BJD business was reclassified as held for sale in 2024. In January 2025, the valuation allowance on assets held for sale decreased, resulting in a pretax and after-tax gain (reversal of previous losses) of $32 million recorded in "Selling, administrative and general expenses" in the nine months ended July 27, 2025. The valuation allowance changes are presented in "Impairments and other adjustments" in the statements of consolidated cash flows.

The company deconsolidated BJD upon completion of the transaction in February 2025. The company accounts for its investment in BJD using the equity method of accounting and results of its operations are reported in "Equity in income (loss) of unconsolidated affiliates" within the Financial Services segment. The company reports investments in unconsolidated affiliates and receivables from unconsolidated affiliates in "Other assets" and "Other receivables," respectively.

Summary of 2025 Special Items

The following table summarizes the operating profit impact of the special items recorded in millions of dollars for the three months and nine months ended July 27, 2025.

Three Months

Nine Months

PPA

SAT

CF

FS

Total

PPA

SAT

CF

FS

Total

2025 Expense (benefit):

Impairment

$

28

$

17

$

16

$

61

$

28

$

17

$

16

$

61

BJD measurement

$

(32)

(32)

Total expense (benefit)

$

28

$

17

$

16

$

61

$

28

$

17

$

16

$

(32)

$

29

(3)

The consolidated financial statements represent the consolidation of all the company's subsidiaries. The supplemental consolidating data in Note 4 to the financial statements is presented for informational purposes. Equipment operations represent the enterprise without Financial Services. Equipment operations include the company's Production & Precision Agriculture operations, Small Agriculture & Turf operations, Construction & Forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within Financial Services. Transactions between the equipment operations and Financial Services have been eliminated to arrive at the consolidated financial statements.

DEERE & COMPANY

(4) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

For the Three Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2026

2025

2026

2025

2026

2025

2026

2025

Net Sales and Revenues

Net sales

$

10,999

$

10,357

$

10,999

$

10,357

Finance and interest income

149

133

$

1,383

$

1,433

$

(179)

$

(140)

1,353

1,426

1

Other income

191

190

122

111

(57)

(66)

256

235

2, 3, 4

Total

11,339

10,680

1,505

1,544

(236)

(206)

12,608

12,018

Costs and Expenses

Cost of sales

7,950

7,578

(11)

(8)

7,939

7,570

4

Research and development expenses

567

556

567

556

Selling, administrative and general expenses

988

999

234

220

(2)

(2)

1,220

1,217

4

Interest expense

99

102

661

720

(50)

(28)

710

794

1

Interest compensation to Financial Services

129

112

(129)

(112)

1

Other operating expenses

(23)

(8)

357

345

(44)

(56)

290

281

3, 4, 5

Total

9,710

9,339

1,252

1,285

(236)

(206)

10,726

10,418

Income before Income Taxes

1,629

1,341

253

259

1,882

1,600

Provision for income taxes

472

274

57

65

529

339

Income after Income Taxes

1,157

1,067

196

194

1,353

1,261

Equity in income (loss) of unconsolidated affiliates

1

(1)

23

11

24

10

Net Income

1,158

1,066

219

205

1,377

1,271

Less: Net loss attributable to noncontrolling interests

(2)

(18)

(2)

(18)

Net Income Attributable to Deere & Company

$

1,160

$

1,084

$

219

$

205

$

1,379

$

1,289

1

Elimination of intercompany interest income and expense.

2

Elimination of equipment operations' margin from inventory transferred to equipment on operating leases.

3

Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.

4

Elimination of intercompany service revenues and fees.

5

Elimination of Financial Services' lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF INCOME

For the Nine Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2026

2025

2026

2025

2026

2025

2026

2025

Net Sales and Revenues

Net sales

$

30,779

$

28,338

$

30,779

$

28,338

Finance and interest income

379

351

$

4,093

$

4,268

$

(461)

$

(386)

4,011

4,233

1

Other income

616

580

408

350

(225)

(211)

799

719

2, 3, 4

Total

31,774

29,269

4,501

4,618

(686)

(597)

35,589

33,290

Costs and Expenses

Cost of sales

22,518

20,239

(32)

(24)

22,486

20,215

4

Research and development expenses

1,704

1,631

1,704

1,631

Selling, administrative and general expenses

2,775

2,761

632

632

(6)

(6)

3,401

3,387

4

Interest expense

294

282

1,973

2,206

(126)

(80)

2,141

2,408

1

Interest compensation to Financial Services

334

306

(334)

(306)

1

Other operating expenses

(59)

(47)

1,093

1,045

(188)

(181)

846

817

3, 4, 5

Total

27,566

25,172

3,698

3,883

(686)

(597)

30,578

28,458

Income before Income Taxes

4,208

4,097

803

735

5,011

4,832

Provision for income taxes

1,059

752

184

153

1,243

905

Income after Income Taxes

3,149

3,345

619

582

3,768

3,927

Equity in income (loss) of unconsolidated affiliates

(4)

34

15

34

11

Net Income

3,149

3,341

653

597

3,802

3,938

Less: Net loss attributable to noncontrolling interests

(6)

(24)

(6)

(24)

Net Income Attributable to Deere & Company

$

3,155

$

3,365

$

653

$

597

$

3,808

$

3,962

1

Elimination of intercompany interest income and expense.

2

Elimination of equipment operations' margin from inventory transferred to equipment on operating leases.

3

Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.

4

Elimination of intercompany service revenues and fees.

5

Elimination of Financial Services' lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEETS

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

2026

2025

2025

2026

2025

2025

2026

2025

2025

2026

2025

2025

Assets

Cash and cash equivalents

$

6,607

$

6,340

$

6,641

$

2,321

$

1,936

$

1,939

$

8,928

$

8,276

$

8,580

Marketable securities

155

217

240

1,195

1,194

1,167

1,350

1,411

1,407

Receivables from Financial Services

5,364

4,649

3,649

$

(5,364)

$

(4,649)

$

(3,649)

6

Trade accounts and notes receivable – net

1,472

1,316

1,335

8,442

5,900

7,064

(2,191)

(1,899)

(2,296)

7,723

5,317

6,103

7

Financing receivables – net

106

88

84

42,754

44,487

43,846

42,860

44,575

43,930

Financing receivables securitized – net

2

1

1

6,314

6,830

7,947

6,316

6,831

7,948

Other receivables

1,926

1,809

2,013

594

658

867

(54)

(64)

(54)

2,466

2,403

2,826

8

Equipment on operating leases – net

7,400

7,600

7,512

7,400

7,600

7,512

Inventories

7,811

7,406

7,713

7,811

7,406

7,713

Property and equipment – net

7,975

8,047

7,680

31

32

33

8,006

8,079

7,713

Goodwill

4,466

4,188

4,209

4,466

4,188

4,209

Other intangible assets – net

940

892

926

940

892

926

Retirement benefits

3,439

3,181

3,092

104

94

92

(2)

(2)

(2)

3,541

3,273

3,182

Deferred income taxes

2,487

2,507

2,471

47

46

44

(191)

(269)

(306)

2,343

2,284

2,209

9

Other assets

2,371

2,218

2,357

1,098

1,244

1,211

(12)

(1)

(9)

3,457

3,461

3,559

Total Assets 

$

45,121

$

42,859

$

42,411

$

70,300

$

70,021

$

71,722

$

(7,814)

$

(6,884)

$

(6,316)

$

107,607

$

105,996

$

107,817

Liabilities and Stockholders' Equity

Liabilities

Short-term borrowings

$

417

$

414

$

461

$

16,698

$

13,382

$

14,146

$

17,115

$

13,796

$

14,607

Short-term securitization borrowings

1

1

6,094

6,595

7,610

6,095

6,596

7,610

Payables to equipment operations

5,364

4,649

3,649

$

(5,364)

$

(4,649)

$

(3,649)

6

Accounts payable and accrued expenses

12,796

12,757

12,795

3,129

3,116

3,146

(2,257)

(1,964)

(2,359)

13,668

13,909

13,582

7, 8

Deferred income taxes

326

347

393

276

356

402

(191)

(269)

(306)

411

434

489

9

Long-term borrowings

8,907

8,756

8,789

31,719

34,788

35,640

40,626

43,544

44,429

Retirement benefits and other liabilities

1,586

1,646

1,767

67

66

71

(2)

(2)

(2)

1,651

1,710

1,836

Total liabilities

24,033

23,921

24,205

63,347

62,952

64,664

(7,814)

(6,884)

(6,316)

79,566

79,989

82,553

Redeemable noncontrolling interest

44

51

84

44

51

84

Stockholders' Equity

Total Deere & Company stockholders' equity

27,990

25,950

25,175

6,953

7,069

7,058

(6,953)

(7,069)

(7,058)

27,990

25,950

25,175

10

Noncontrolling interests

7

6

5

7

6

5

Financial Services' equity

(6,953)

(7,069)

(7,058)

6,953

7,069

7,058

10

Adjusted total stockholders' equity

21,044

18,887

18,122

6,953

7,069

7,058

27,997

25,956

25,180

Total Liabilities and Stockholders' Equity 

$

45,121

$

42,859

$

42,411

$

70,300

$

70,021

$

71,722

$

(7,814)

$

(6,884)

$

(6,316)

$

107,607

$

105,996

$

107,817

6

Elimination of receivables / payables between equipment operations and Financial Services.

7

Primarily reclassification of sales incentive accruals on receivables sold to Financial Services.

8

Reclassification of other receivables / payables.

9

Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.

10

Elimination of Financial Services' equity.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF CASH FLOWS

For the Nine Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2026

2025

2026

2025

2026

2025

2026

2025

Cash Flows from Operating Activities

Net income

$

3,149

$

3,341

$

653

$

597

$

3,802

$

3,938

Adjustments to reconcile net income to net cash provided by
 operating activities:

Provision (credit) for credit losses

(1)

18

206

240

205

258

Depreciation and amortization

1,042

965

821

804

$

(76)

$

(101)

1,787

1,668

11

Impairments and other adjustments

61

(32)

29

Share-based compensation expense

116

104

116

104

12

Distributed earnings of Financial Services

794

1,066

(794)

(1,066)

13

Provision (credit) for deferred income taxes

20

(242)

(81)

140

(61)

(102)

Changes in assets and liabilities:

Receivables related to sales

(123)

(66)

(1,129)

(428)

(1,252)

(494)

14, 16

Inventories

(330)

(423)

(113)

(103)

(443)

(526)

15

Accounts payable and accrued expenses

61

(646)

(34)

69

(293)

(140)

(266)

(717)

16

Accrued income taxes payable/receivable

(99)

(89)

(20)

(58)

(119)

(147)

Retirement benefits

(359)

(770)

(8)

(43)

(367)

(813)

Other

(142)

123

71

182

(81)

(39)

(152)

266

11, 12, 15

Net cash provided by operating activities

4,012

3,338

1,608

1,899

(2,370)

(1,773)

3,250

3,464

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related
  to sales)

20,261

20,178

(339)

(466)

19,922

19,712

14

Proceeds from maturities and sales of marketable securities

108

27

281

332

389

359

Proceeds from sales of equipment on operating leases

1,479

1,408

1,479

1,408

Cost of receivables acquired (excluding receivables
  related to sales)

(19,351)

(19,189)

212

227

(19,139)

(18,962)

14

Acquisitions of businesses, net of cash acquired

(455)

(89)

(455)

(89)

Purchases of marketable securities

(42)

(133)

(319)

(465)

(361)

(598)

Purchases of property and equipment

(714)

(851)

(2)

(1)

(716)

(852)

Cost of equipment on operating leases acquired

(2,086)

(2,148)

153

139

(1,933)

(2,009)

15

Increase in investment in Financial Services

(5)

5

17

Increase in trade and wholesale receivables

(1,550)

(807)

1,550

807

14

Collections of receivables from unconsolidated affiliates

189

197

145

197

334

Collateral on derivatives – net

1

4

(64)

123

(63)

127

Other

(72)

(75)

(73)

(156)

(145)

(231)

Net cash used for investing activities

(1,179)

(928)

(1,227)

(580)

1,581

707

(825)

(801)

Cash Flows from Financing Activities

Net proceeds (payments) in short-term borrowings (original
  maturities three months or less)

18

294

3,187

(2,354)

3,205

(2,060)

Change in intercompany receivables/payables

(735)

(660)

735

660

Proceeds from borrowings issued (original maturities greater
  than three months)

430

2,188

4,943

8,519

5,373

10,707

Payments of borrowings (original maturities greater than
  three months)

(262)

(863)

(8,076)

(6,880)

(8,338)

(7,743)

Repurchases of common stock

(697)

(1,136)

(697)

(1,136)

Capital investment from Equipment Operations

5

(5)

17

Dividends paid

(1,316)

(1,282)

(794)

(1,066)

794

1,066

(1,316)

(1,282)

13

Other

(27)

(25)

(28)

(18)

(55)

(43)

Net cash used for financing activities

(2,589)

(1,484)

(28)

(1,139)

789

1,066

(1,828)

(1,557)

Effect of Exchange Rate Changes on Cash, Cash
 Equivalents, and Restricted Cash

22

96

(2)

12

20

108

Net Increase in Cash, Cash Equivalents, and Restricted Cash

266

1,022

351

192

617

1,214

Cash, Cash Equivalents, and Restricted Cash at
 Beginning of Period

6,364

5,643

2,169

1,990

8,533

7,633

Cash, Cash Equivalents, and Restricted Cash at
 End of Period

$

6,630

$

6,665

$

2,520

$

2,182

$

9,150

$

8,847

11

Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.

12

Reclassification of share-based compensation expense.

13

Elimination of dividends from Financial Services to the equipment operations, which are included in the equipment operations operating activities.

14

 Primarily reclassification of receivables related to the sale of equipment.

15

Reclassification of direct lease agreements with retail customers.

16

Reclassification of sales incentive accruals on receivables sold to Financial Services.

17

Elimination of change in investment from equipment operations to Financial Services.

SOURCE Deere & Company

With U.S. stock futures trading higher this morning on Thursday, some of the stocks that may grab investor focus today are as follows:

Wall Street expects Walmart Inc. (NYSE:WMT) to post quarterly earnings of 74 cents per share on revenue of $186.83 billion before the opening bell, according to data from Benzinga Pro. Walmart shares rose 0.4% to $114.73 in after-hours trading. Coty Inc. (NYSE:COTY) posted mixed results for the fourth quarter after Wednesday’s closing bell. Coty reported quarterly losses of two cents per share, which missed the consensus estimate for a loss of one cent, according to Benzinga Pro data. Quarterly revenue of $1.27 billion beat the Street estimate of $1.19 billion by 6.25%. Coty shares dipped 6.6% to $2.83 in the after-hours trading session. Analysts are expecting Deere & Co. (NYSE:DE) to post quarterly earnings of $4.70 per share on revenue of $10.73 billion. The company will release earnings before the markets open. Deere shares fell 1.4% to close at $580.63 on Wednesday. Check out our premarket coverage here

Nordson Corp. (NASDAQ:NDSN) reported better-than-expected third-quarter financial results and raised its FY26 guidance. Nordson reported quarterly earnings of $3.25 per share, which beat the analyst consensus estimate of $3.10 per share. The company reported quarterly sales of $817.667 million, which beat the analyst consensus estimate of $780.080 million. Nordson shares gained 7.2% to $332.27 in the after-hours trading session. Analysts expect Advance Auto Parts Inc. (NYSE:AAP) to post quarterly earnings of 81 cents per share on revenue of $2.04 billion before the opening bell. Advance Auto Parts shares gained 1.6% to $57.10 in after-hours trading. Photo via Shutterstock

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Farming equipment manufacturer Deere & Company (NYSE:DE) could provide more clues about how the farming sector is doing for investors when the company reports third-quarter financial results Thursday before market open.

Here are the earnings estimates, analyst ratings and key items to watch.

• Deere stock is holding steady today. What should traders watch with DE?

Deere Q3 Earnings EstimatesAnalysts expect Deere & Company to report third-quarter revenue of $10.73 billion, down from $12.02 billion in last year’s third quarter, according to data from Benzinga Pro.

The company has beaten analyst estimates for revenue in 27 straight quarters.

Analysts expect Deere & Company to report third-quarter earnings of $4.70 per share, down from $4.75 per share.

The company has beaten analyst estimates for earnings in 15 straight quarters.

Deere Analyst Ratings and Price TargetsHere are some of the most recent analyst ratings and price targets on Deere stock:

JPMorgan: Maintained Neutral rating, lowered price target from $590 to $570 Evercore ISI: Maintained In-Line rating, lowered price target from $641 to $632 DA Davidson: Maintained Buy rating, with $685 price target Citigroup: Maintained Neutral rating, raised price target from $575 to $610 Key Items to WatchIt could be the best of times and worst of times for Deere with the company’s farming equipment segment seeing pressure from an agricultural sector hurt by rising fuel and fertilizer costs. While that sector faces pressure, the construction equipment market is seeing strong demand thanks to the rising build-out of data centers.

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Caterpillar Inc (NYSE:CAT) has been one of the beneficiaries of that growth and shares are up 35% year-to-date. Investors should keep an eye on Deere’s construction segment to see if it can also catch some love as an AI data center trade.

In the second quarter, overall Deere revenue was up 5% year-over-year, broken down with the following sales by segment:  

Production & Precision Agriculture: +14%, $4.50 billion

Small Agriculture & Turf: +16%, $3.49 billion

Construction & Forestry: +29%, $3.79 billion

The construction segment saw the highest growth last quarter, and that could be the same going forward. Analysts expect overall revenue to decline for the company in the third quarter. A long-running streak of beating analyst estimates for both revenue and earnings per share is on the line.

Investors should watch for more comments on tariff refunds and the impact of current tariffs on the farming sector. Comments on potential farm relief bills and proposals from the government could also be important and factor into future guidance.

Deere Stock Price ActionDeere stock is flat at $588.65 on Wednesday versus a 52-week trading range of $433.00 to $674.19. Deere stock is up 26.4% year-to-date in 2026.

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Photo: Shutterstock

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Key Takeaways Deere's Q3 earnings are expected to rise 0.8%, with revenues projected to increase 4.1% y/y.Deere faces weak farmer spending, low commodity prices and high production expenses heading into Q3.The Construction & Forestry segment is projected to deliver 16.9% sales growth and higher operating profit. Deere & Company (DE - Free Report) is scheduled to report third-quarter fiscal 2026 results on Aug. 20 before the opening bell.

The Zacks Consensus Estimate for Deere’s earnings has moved north over the past 60 days to $4.79 per share. The consensus mark implies a 0.8% rise from the year-ago actual. The consensus estimate for revenues is pegged at $10.78 billion, indicating a 4.1% year-over-year increase.

Image Source: Zacks Investment Research

DE’s Earnings Surprise HistoryDeere’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and missed in one, the average surprise being 10.2%.

Image Source: Zacks Investment Research

What the Zacks Model Predicts for DeereOur model does not predict an earnings beat for DE this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here.

Earnings ESP: The Earnings ESP for Deere is -1.14%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

Zacks Rank: Deere currently has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Likely to Have Shaped DE’s Q3 PerformanceDeere has been facing challenges due to weak farmer spending amid low commodity prices. In the wake of challenging conditions in the global agricultural and construction sectors, DE has been aligning its production with demand levels.
This is likely to have weighed on the company’s fiscal third-quarter performance. High production expenses are also expected to have impacted the company’s margin in the quarter.

Nevertheless, favorable price realization is expected to have negated some of these headwinds, as seen in the fiscal second quarter.

Projections for Deere’s Segments in Q3The Zacks Consensus Estimate for the Production & Precision Agriculture segment’s revenues is pegged at $3.94 billion for the fiscal third quarter, suggesting a year-over-year decrease of 7.9%. Gains from price realization are likely to have been offset by escalated production expenses and lower shipment volumes. The Zacks Consensus Estimate for the segment’s operating profit is pegged at $491 million, indicating a 15.3% decrease from the prior-year quarter’s reported figure.

The consensus estimate for the Small Agriculture & Turf segment’s revenues is pegged at $3.39 billion for the fiscal third quarter, implying a 12% increase from the prior-year quarter’s actual. The segment’s operating profit is estimated at $495 million, suggesting 2% year-over-year growth.

The Construction & Forestry segment’s sales are pegged at $3.57 billion for the fiscal third quarter, implying a 16.9% rise from the prior-year quarter’s reported number. The segment’s operating profit is pegged at $424 million, whereas it reported $237 million in the prior year.

The estimate for the Financial Services segment’s revenues is pegged at $1.61 billion for the fiscal third quarter, indicating a 4.1% rise from the year-ago quarter’s actual. The projection for the segment’s operating profit is $271 million. The segment reported operating profit of $266 million in the prior-year quarter.

DE Stock’s Price PerformanceShares of the company have gained 23.7% in the past year compared with the industry’s 19.5% growth.

Image Source: Zacks Investment Research

A Look at Deere’s Peer PerformancesLindsay Corporation (LNN - Free Report) reported third-quarter fiscal 2026 earnings of $1.53 per share, beating the Zacks Consensus Estimate of $1.41 by 8.5%. The bottom line declined 14% year over year.

Lindsay’s sales totaled $160.8 million, down 5% year over year. The top line missed the Zacks Consensus Estimate of $169 million by 5.15%. Irrigation softness outweighed infrastructure growth. The quarter reflected persistent demand challenges in North America and Brazil.

CNH Industrial N.V. (CNH - Free Report) reported second-quarter 2026 adjusted EPS of 13 cents, which declined from 17 cents in the prior-year quarter. The figure, however, surpassed the Zacks Consensus Estimate of 11 cents.

In the second quarter, CNH Industrial’s net sales grew 2% from the year-ago level to $4.80 billion and topped the Zacks Consensus Estimate of $4.76 billion.

AGCO Corp. (AGCO - Free Report) delivered adjusted earnings per share of $1.43 in second-quarter 2026, missing the Zacks Consensus Estimate of $1.54 by 7.14%. AGCO Corp posted adjusted EPS of $1.35 in the year-ago quarter.

Net sales declined 1% year over year to $2.61 billion and missed the consensus estimate of $2.73 billion. Excluding the favorable currency-translation impacts of 2.7%, net sales fell 3.7% year over year.