DE
Deere & Company485.44
-2.57-0.53%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q1 '26
C&F orders surge, large ag stabilizes
Q&A unpacked C&F order bank's 50% surge from contractor backlogs extending into 2027, driven by infrastructure and data centers, yet management held 5% industry outlook amid subdued housing—sales guide at 15% reflects prior underproduction catch-up. Large ag orders firmed on tractors (down ~15%) and combines (10-15%), with replacement demand emerging from aging fleets and used inventory drops; tech adoption soared, 80% of combines taking ultimate packages. Pricing color: C&F guide trimmed 0.5 point on backlog timing, PPA positive despite Q1 South America incentives. Price/cost neutral including $1.2B tariffs; no quick pass-through if relieved. Orders beat expectations. Teams sounded cautiously optimistic, eyes on large ag replacement momentum.
Key Stats
Market Cap
131.23BP/E (TTM)
26.24Basic EPS (TTM)
18.50Dividend Yield
0.01%Recent Filings
8-K
Deere grants exec PSUs
Deere's board approved one-time performance-based PSUs on March 12, 2026, granting CEO John C. May $25M target value and other named executives $5M each, vesting through October 27, 2030. Tied to annual SVA exceeding 90% of cycle-adjusted targets for equipment operations, they align leadership with Leap Ambitions amid business cycles. Retention hinges on three-year service. Forfeiture risks early exits.
8-K
Shareholders back board, reject proposals
Deere shareholders at the February 25, 2026 annual meeting elected all 11 director nominees, including Leanne G. Caret with 204M votes for. They approved executive comp advisory vote and Deloitte ratification, but rejected three shareholder proposals on emissions ROI, written consent, and faith-based groups. All directors re-elected. Governance stays intact.
10-Q
Q1 FY2026 results
Deere posted Q1 FY2026 net sales and revenues of $9.6B, up 13% y/y from $8.5B, fueled by higher equipment volumes across SAT (+24%) and CF (+34%) while PPA edged +3%; gross margin slipped to 78.5% from 74.0% amid $361M tariffs, yet operating profit held at $773M (down from $793M). Net income fell to $656M ($2.42 diluted EPS) from $869M ($3.19), reflecting higher taxes (23.4% vs 3.0%) minus prior discrete benefits; EPS reconciles to 270.9M shares. Cash dipped to $6.8B with operating outflows of $890M, total debt at $56.2B; free cash flow not disclosed in the 10-Q. Volumes surged. FTC antitrust suit over repair tools looms.
8-K
Q1 income dips, guide up
8-K
CFO resigns; interim named
Deere's CFO Joshua Jepsen resigned effective February 19, 2026, unrelated to any financial or operational disagreements. Ryan Campbell, prior CFO and current President of Worldwide Construction & Forestry, steps in as acting CFO from that date while Deere hunts for a permanent replacement. Leadership continuity holds.
IPO
Website
Sector
Industry
AGCO
AGCO Corporation
106.46-1.87
ARTW
Art's-Way Manufacturing Co., In
2.18-0.05
CAT
Caterpillar, Inc.
588.93-0.83
CNH
CNH Industrial N.V.
9.63+0.06
PCAR
PACCAR Inc.
112.16-0.80
TEX
Terex Corporation
53.05+0.80
TITN
Titan Machinery Inc.
16.22+0.07
TTC
Toro Company (The)
72.65-0.83
TWI
Titan International, Inc. (DE)
8.25+0.05
UGRO
urban-gro, Inc.
0.35+0.05