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Sentiment · FY2026 Q2
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Dave Raso | Evercore ISI | 7 | 29% |
| Jerry Revich | Wells Fargo | 6 | 17% |
| Jamie Cook | Truist Securities | 6 | 33% |
| Kristen Owen | Oppenheimer | 6 | 0% |
| Tim Thein | Raymond James | 6 | 0% |
| Angel Castillo | Morgan Stanley | 4 | 0% |
| Steve Fisher | UBS | 4 | 0% |
| Steve Volkmann | Jefferies | 4 | 25% |
| Chad Dillard | Bernstein | 4 | 0% |
| Rob Wertheimer | Melius Research | 3 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Evercore ISI | 1 | 7 | 29% |
| Wells Fargo | 1 | 6 | 17% |
| Oppenheimer | 1 | 6 | 0% |
| Truist Securities | 1 |
| 6 |
| 33% |
| Raymond James | 1 | 6 | 0% |
| Melius Research | 2 | 5 | 0% |
| Jefferies | 2 | 5 | 20% |
| UBS | 2 | 5 | 0% |
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.
Demand | Pricing | Margin | Inventory | Revenue Growth | Trade Tariffs | Geographic Expansion | Competitive Dynamics | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 3 | 1 | 2 | 2 | 1 | 1 | |
| 2025Q1 | 6 | 1 | 2 | 5 | 3 | 1 | 1 | |
| 2025Q2 | 5 | 3 | 1 | 1 | 3 | |||
| 2025Q3 | 5 | 4 | 1 | 2 | 2 | 2 | 1 | |
| 2025Q4 | 1 | 2 | 4 | 1 | 2 | 2 | ||
| 2026Q1 | 5 | 4 | 3 | 2 | 2 | 1 | 3 | 3 |
| 2026Q2 | 2 | 2 | 1 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 3 | 6 | 5 | 1 | 5 | 2 | |
| Pricing | 3 | 1 | 5 | 4 | 2 | 4 | |
| Margin | 1 | 2 | 3 | 1 | 4 | 3 | 2 |
| Inventory | 2 | 5 | 1 | 2 | 2 | 1 | |
| Revenue Growth | 2 | 3 | 1 | 2 | 1 | 2 | |
| Trade Tariffs | 1 | 3 | 2 | 2 | 1 | 2 | |
| Geographic Expansion | 1 | 1 | 2 | 3 | 1 | ||
| Competitive Dynamics | 1 | 1 | 3 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DE Deere & Company | 6 | +6.7% | |
| CAT Caterpillar Inc. | 9 | +22.2% | |
| PCAR Paccar | 1 | -16.2% |