Deere & Company

Deere & Company makes John Deere machines for farms, lawns, building sites and forests. It reports three equipment segments: Production & Precision Agriculture, which sells large tractors, combines and sprayers; Small Agriculture & Turf; and Construction & Forestry. Its machines use precision technology, such as GPS guidance and automation, that customers can buy as upgrades and subscriptions. Its Financial Services segment, mainly John Deere Capital Corporation, lends to customers and dealers.

Deere sells through independent dealers around the world. Net sales and revenues were $45.7 billion in fiscal 2025 and $35.6 billion in the first nine months of fiscal 2026. Its fiscal year ends near October 31, and it is based in Moline, Illinois.

Deere trades at a premium because investors pay for a recovery from what management calls the bottom of the farm equipment cycle and for its lead in precision technology. Fiscal 2026 is a weak year for large farm machines. Deere expects Production & Precision Agriculture sales to fall about 10%, and industry sales of large farm machines in the U.S. and Canada to fall 15% to 20%. Even so, it raised its fiscal 2026 net income guidance to $4.75 billion to $5.00 billion in August 2026, because Small Agriculture & Turf and Construction & Forestry grew.

Investors pay for higher earnings when large farm demand returns and for more income from technology on each machine. For the premium to be earned, three things must be true. Large farm machine sales must start to grow in fiscal 2027, as early order programs and lower used-machine inventories suggest. Margins must stay high when tariff costs and production costs rise.

Customers must keep buying precision technology, so that earnings at the next peak exceed the diluted EPS of $34.63 in fiscal 2023. The fiscal 2026 report with the fiscal 2027 outlook, expected in late November 2026, is the next test. The premium can shrink if low crop prices and weak farm incomes delay the recovery into fiscal 2028.

1. Nov 25, 2026 · est.Pending

   Fiscal 2026 results and fiscal 2027 outlookFiscal 2026 net income within the guided $4.75 billion to $5.00 billion and a fiscal 2027 outlook for higher large farm machine sales and net income pass; an outlook for another year of lower large farm sales fails.
2. Feb 2027 · est.Pending

   Q1 fiscal 2027 results: order booksHigher Production & Precision Agriculture sales and order books than a year earlier pass; lower sales or a cut in the fiscal 2027 outlook fail.

Every passed and failed checkpoint across all picks

• November 2, 2026Deere's board added an eleventh director and appointed Julie Boland to the board.
• August 20, 2026Deere reported Q3 fiscal 2026 results. Net sales and revenues rose 5% to $12.6 billion, and net income rose 7% to $1.379 billion, or $5.10 per share. Production & Precision Agriculture sales fell 6%, but Small Agriculture & Turf sales rose 12% and Construction & Forestry sales rose 18%. Deere recorded $110 million of tariff recoveries in the quarter. It raised its fiscal 2026 net income guidance to $4.75 billion to $5.00 billion and said that 2026 is the bottom of the current farm equipment cycle.
• July 10, 2026Deere Funding Canada Corporation, a Deere subsidiary, agreed to sell $300 million of 4.850% notes due July 15, 2031, guaranteed by Deere & Company.

Last earnings

August 20, 2026 (8-K on sec.gov)

Next earnings

Expected about November 25, 2026. The company has not confirmed the date.

• 8-KChange of directors or officers and Investor disclosureFiled November 2, 2026 · de-20261102x8k
• 10-QQuarterly report for the period ended Aug 2, 2026Filed August 27, 2026 · de-20260802x10q
• 8-KEarnings release and Investor disclosureFiled August 20, 2026 · de-20260820x8k
• 8-KOther company newsFiled July 15, 2026 · de-20260710x8k
• 8-KChange of directors or officersFiled June 1, 2026 · de-20260526x8k
• 10-QQuarterly report for the period ended May 3, 2026Filed May 28, 2026 · de-20260503x10q
• 8-KEarnings release and Investor disclosureFiled May 21, 2026 · de-20260521x8k
• 8-KChange of directors or officers and Investor disclosureFiled May 1, 2026 · de-20260428x8k
• 8-KChange of directors or officersFiled March 16, 2026 · de-20260312x8k
• 8-KShareholder vote resultsFiled February 27, 2026 · de-20260225x8k

Every filing on SEC EDGAR (CIK 315189)

• Demand for large farm machines depends on crop prices and farm incomes. Deere expects industry sales of large farm machines in the U.S. and Canada and of tractors and combines in South America to fall 15% to 20% in fiscal 2026. If farm incomes stay weak, the recovery that the market expects can come later.
• Tariffs raise Deere's production costs. Deere recorded tariff recoveries of $382 million in the first nine months of fiscal 2026, but new or higher tariffs, or trade disputes that lower U.S. farm exports, can cut margins and demand.
• Financial Services had about $48.4 billion of borrowings at August 2, 2026 to fund loans and leases to customers and dealers. Higher credit losses in a farm downturn, or higher funding costs, lower its net income, which Deere expects to be about $870 million in fiscal 2026.
• Other machine makers and technology companies also sell precision technology for farms. If Deere's technology does not stay ahead, it can earn less from upgrades and subscriptions.

Most of Deere's debt funds its Financial Services loans and leases, not its equipment business. At August 2, 2026, total borrowings were $57.7 billion: short-term borrowings of $17.1 billion, which include $9.7 billion of long-term debt due within one year, and long-term borrowings of $40.6 billion. Read more

Dividend yield

0.9% (last 12 months, at today’s price of $691.28)

Paid per share

$6.48 in the last 12 months (4 payments)

Current annual rate

$6.48 ($1.62 × 4 a year)

Payout ratio

35% of the last fiscal year’s earnings (the year that ended November 2, 2025)

Latest ex-dividend date

September 30, 2026, $1.62 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 12.4% a year. Over the last 10 years, the dividend grew by about 10.4% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.