DE earnings analysis
What we found in DE's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Deere delivered a strong third quarter, with $12.608 billion of revenue and $5.10 diluted EPS, both materially above consensus and higher year over year. Growth was led by Construction & Forestry and Small Agriculture & Turf, while Production & Precision Agriculture declined 6% year over year. Fiscal 2026 net income guidance was raised to $4.75 billion-$5.00 billion, although agricultural-market weakness, tariff volatility, and obligations from the July 8, 2026 repair-access settlement remain material risks.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat Estimates
- Third-quarter revenue was $12.608 billion, up from $12.02 billion in the prior-year quarter but down from $13.37 billion in the immediately preceding quarter. Revenue exceeded the $10.743 billion estimate by 17.4%.
- EPS Beat Estimates
- Diluted EPS was $5.10, up from $4.75 year over year but down from $6.55 sequentially. EPS exceeded the $4.72 estimate by 8.1%.
- Construction & Forestry Accelerated
- Construction & Forestry sales grew 18% year over year, making it the strongest reported segment growth driver.
- Small Ag & Turf Improved
- Small Agriculture & Turf sales increased 12% year over year, supporting overall profit growth despite weakness in other agricultural markets.
- Full-Year Profit Outlook Raised
- Fiscal 2026 net income guidance increased to $4.75 billion-$5.00 billion from $4.50 billion-$5.00 billion, raising the low end by $250 million while maintaining the high end.
- Continued Share Repurchases
- Deere repurchased 12.2 million shares under its authorization during the quarter; $7.2 billion remained available under the $18.0 billion plan at quarter-end.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Production Ag Remained Under Pressure
- Production & Precision Agriculture sales declined 6% year over year, indicating continued pressure in the company’s largest agricultural market exposure.
- Repair-Access Settlement Obligations
- The FTC and state attorneys general lawsuit filed on January 15, 2025 was settled on July 8, 2026, but Deere must provide repair resources on “fair and reasonable terms,” report regularly to the FTC, and submit to FTC compliance oversight.
- Ongoing Litigation Exposure
- The company states that adverse outcomes in legal claims or investigations could require substantial damages or fines, service actions, or recalls, even though the reasonably possible range of losses for unresolved actions is currently not expected to materially affect the financial statements.
- Capital Allocation and Tariff Volatility
- The $7.2 billion of remaining share-repurchase authorization represents a substantial cash commitment while the company is operating amid agricultural demand weakness and tariff-related volatility.
- No Material Risk-Factor Update
- The risk-factor section states that there were no material changes from the most recently filed Form 10-K; therefore, existing risks remain applicable, including market and operating uncertainties.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $5.1
- Segment
- Construction & Forestry: sales increased 18% year over year.
- Segment
- Small Agriculture & Turf: sales increased 12% year over year.
- Segment
- Production & Precision Agriculture: sales declined 6% year over year.
What they said about what is next.
Fiscal 2026 net income guidance was raised to $4.75 billion-$5.00 billion from the prior $4.50 billion-$5.00 billion outlook. The report provides no numeric revenue or EPS guidance.
The filing reads better than the one before it.
What came before.
- 10-Q · May 28, 2026
- Deere & Company reported strong Q2 2026 results, with revenue soaring to $13.369 billion, significantly surpassing the consensus estimate of $11.484 billion, marking a 5% increase from the prior year. EPS also exceeded…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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