Deere earnings: date, guidance and results
Deere's next results are scheduled for November 25, 2026. Watch whether planter and sprayer orders convert into retail sales and cash.
What has Deere guided for fiscal 2026?
The large-agriculture market remains weak. Deere expects industry units in the United States and Canada, along with South American tractors and combines, to decline 15%–20%. Production & Precision Agriculture expects sales to fall 10%. Small Agriculture & Turf, by contrast, expects 15% growth, while Construction & Forestry expects 20% growth.
Management raised fiscal 2026 net-income guidance to $4,750 million–$5,000 million. It expects operating margins of 11%–12% in large agriculture. An operating margin shows how much sales remain after operating costs, so higher factory use can lift profit even before sales fully recover. Construction & Forestry is expected to earn a 10.5%–11.5% margin.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Large Ag — U.S. & Canada (industry units) | Year to Nov 2026 | -20.0% | -15.0% | Aug 20, 2026 |
| Production & Precision Ag — Net Sales | Year to Nov 2026 | -10.0% | -10.0% | Aug 20, 2026 |
| Small Ag & Turf — Net Sales | Year to Nov 2026 | 15.0% | 15.0% | Aug 20, 2026 |
| Construction & Forestry — Net Sales | Year to Nov 2026 | 20.0% | 20.0% | Aug 20, 2026 |
| Net Income (attributable to Deere & Co.) | Year to Nov 2026 | 4,750 | 5,000 | Aug 20, 2026 |
| Net Operating Cash Flow | Year to Nov 2026 | 5,000 | 5,500 | Aug 20, 2026 |
Did Deere keep its past promises?
Deere forecast fiscal 2025 net income of US$5.0–5.5 billion on November 21, 2024. It delivered US$5.027 billion, inside that range near its lower end. Its August 20, 2026 call still described production restraint to protect dealer inventories. That discipline fits the incentive system: shipping more machines than customers can absorb may improve today’s results while creating tomorrow’s problem.
What do Deere's last eight quarters show?
For the quarter ended August 2, 2026, revenue, operating income, net income and diluted EPS all improved from the prior year. Cash also strengthened. That combination is more persuasive than an EPS increase alone, although seasonal comparisons must be made with the matching quarter rather than with the immediately preceding period.
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12,608 | 13,369 | 9,611 | 12,394 | 12,018 | 12,763 | 8,508 | 11,143 |
| Gross margin | 37.0% | 38.2% | 34.7% | 35.9% | 37.0% | 40.4% | 40.8% | 41.0% |
| Operating income | 1,856 | 2,237 | 773 | 1,351 | 1,568 | 2,308 | 793 | 1,450 |
| Net income | 1,379 | 1,773 | 656 | 1,065 | 1,289 | 1,804 | 869 | 1,245 |
| EPS, diluted | 5.10 | 6.55 | 2.42 | 3.93 | 4.75 | 6.64 | 3.19 | 4.55 |
| = Free cash flow | 2,069 | 2,828 | -1,599 | 1,255 | 1,997 | 3,717 | -3,227 | 608 |
What should you watch in Deere's next results?
The first financing test arrives in November 2026, when the securitization warehouse expires. Another arrives in fiscal Q2 2027, when Capital Corporation’s $5,500 million 364-day bank facility expires. Renewal terms will show whether lenders remain willing to support Deere’s customer loans and at what cost.