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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| David Raso | Evercore ISI | 8 (25%) |
| Kristen Owen | Oppenheimer | 7 (0%) |
| Tim Thein | Raymond James | 7 (0%) |
| Jerry Revich | Wells Fargo | 7 (14%) |
| Jamie Cook | Truist Securities | 7 (29%) |
| Steve Volkmann | Jefferies | 5 (20%) |
| Chad Dillard | Bernstein | 5 (0%) |
| Angel Castillo | Morgan Stanley | 5 (0%) |
| Steve Fisher | UBS | 5 (0%) |
| Rob Wertheimer | Melius Research | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 1 | 8 (25%) |
| Oppenheimer | 1 | 7 (0%) |
| Truist Securities | 1 | 7 (29%) |
| Wells Fargo | 1 |
| 7 (14%) |
| Raymond James | 1 | 7 (0%) |
| Jefferies | 2 | 6 (17%) |
| Melius Research | 2 | 6 (0%) |
| UBS | 2 | 6 (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 |
| 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% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What DE and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“This performance was supported by our industry-leading lineup of outdoor power equipment brands, such as John Deere, Toro, EGO, Husqvarna, CRAFTSMAN and Cobalt, where we drove strong engagement, including during our Toro and Ego Days events.”
Lowe's saw strong customer engagement in outdoor power equipment, a lineup that includes John Deere, implying healthy sell-through of Deere products at Lowe's.
“Last quarter, we've highlighted innovation in our C&F business through the launch of our new excavators and the Tenna acquisition.”
Deere frames the Tenna acquisition as an innovation driver in its Construction & Forestry business.
“we continue to leverage our partnership with Starlink for satellite-based connectivity across our global footprint. Since launching that solution in the second half of 2024, we sold more than 12,500 JDLink Boost kits”
Deere relies on Starlink for satellite connectivity underpinning its JDLink Boost precision-ag hardware, a read-through on Starlink's enterprise/agriculture connectivity traction.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DE Deere & Company | 6 | +6.7% | |
| CAT Caterpillar Inc. | 10 | +24.0% | |
| PCAR Paccar | 5 | +0.5% |