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Sentiment · FY2026 Q3
As of FY2026 Q2, the Tellvest earnings-call sentiment score for Deere & Company (DE) is 6/10.
Deere posted modest 5% revenue growth with equipment margins near 17%, supported by a $272 million one-time IEEPA tariff refund and strong diversification across its three segments. Construction & Forestry emerged as the standout with sales up 29% and order books at their highest since April 2024, driven by data center and infrastructure spending, while Small Ag & Turf delivered 20.6% margins on 16% sales growth. Large Ag continued operating below trough levels with Production & Precision Ag shipments down 14%, though used inventory levels improved meaningfully with high-horsepower tractors and combines down over 50% from their mid-2024 peaks. Net income guidance was maintained at $4.5-$5.0 billion despite the Brazil industry outlook being cut to down 15%, as C&F strength and the tariff refund offset South American softness.
Scored from Deere & Company’s FY2026 Q2 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $10.83B | -28.6% | $4.55 | -44.9% | 37.0% | 19.8% | 11.5% | $3.50B |
| FY2025 Q1 | $8.26B | -30.3% | $3.19 | -48.8% | 39.0% | 17.9% | 10.5% | $-1.92B |
| FY2025 Q2 | $12.53B | -16.5% | $6.64 | -22.2% | 39.2% | 23.0% | 14.4% | $682M |
| FY2025 Q3 | $11.78B | -8.3% | $4.75 | -24.5% | 35.8% | 18.3% | 10.9% | $1.84B |
| FY2025 Q4 | $12.09B | +11.7% | $3.93 | -13.6% | 32.6% | 15.7% | 8.8% | $2.63B |
| FY2026 Q1 | $9.61B | +16.3% | $2.42 | -24.1% | 34.7% | 16.2% | 6.8% | $-1.58B |
| FY2026 Q2 | $13.37B | +6.7% | $6.55 | -1.4% | 38.2% | 22.5% | 13.3% | $874M |
| FY2026 Q3 | $12.61B | +7.0% | $5.10 | +7.4% | 37.0% | 20.6% | 10.9% | — |