The raised guidance and bullish cycle-bottom commentary are strong signals. Traders should watch for continued strength in Construction & Forestry and Small Ag & Turf, and monitor any further improvement in Large Ag demand as a leading indicator for the next upcycle.
Price Chart
Executive Summary
Deere reported Q3 2026 EPS of $5.10, a 7.4% beat vs the $4.75 consensus, and raised its full-year net income guidance to $4.75-$5.0 billion from $4.5-$5.0 billion. The beat was driven by strong execution in Construction & Forestry (+84% operating profit) and Small Ag & Turf (+28%), which offset a 9% decline in Production & Precision Ag. The raised guidance and management's view that 2026 marks the bottom of the ag cycle are the key catalysts for the stock.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS of $5.10 vs consensus of $4.75 (beat by 7.4%)
- Full-year net income guidance raised to $4.75-$5.0 billion from $4.5-$5.0 billion
- Total net sales and revenues increased 5% YoY to $12.608 billion
- Construction & Forestry operating profit surged 84% YoY to $436 million
- Small Ag & Turf operating profit rose 28% YoY to $622 million
- Production & Precision Ag operating profit fell 9% YoY to $527 million
- Financial Services net income up 7% YoY to $219 million
- Company states 2026 will mark the bottom of the current ag equipment cycle
Financial Impact
EPS beat of $0.35 (7.4%) on consensus of $4.75; revenue beat of ~$1.88B vs consensus of $10.73B
Risk Factors
- Continued weakness in Production & Precision Ag (-9% operating profit) and Large Ag industry outlook down 15-20%
- Higher production costs and elevated R&D spending could pressure margins
- Uncertainty around global trade policy and tariffs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-098904 |
| Document: de-20260820x8k.htm | 0001104659-26-098904 |
| Document: de-20260820xex99d2.htm | 0001104659-26-098904 |
| Document: 0001104659-26-098904-index-headers.html | 0001104659-26-098904 |
| Document: 0001104659-26-098904-index.html | 0001104659-26-098904 |
| Document: 0001104659-26-098904.txt | 0001104659-26-098904 |
| 8-K Data (Synthetic) | 0001104659-26-098904 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | Press Release | $634.54 $684.73 | ▲ +7.91% | ▲ +6.71% | $675.18 (+6.40%) |
Aug 20, 2026 6w ago | Press Release | $620.94 $683.99 | ▲ +10.15% | ▲ +10.15% | $675.18 (+8.73%) |
Aug 20, 2026 6w ago | 8-K | $620.94 $683.99 | ▲ +10.15% | ▲ +10.15% | $675.18 (+8.73%) |
Aug 5, 2026 8w ago | Press Release | $611.81 $698.37 | ▲ +14.15% | ▲ +14.75% | $675.18 (+10.36%) |
Jun 1, 2026 17w ago | 8-K | $578.66 $627.63 | ▲ +8.46% | ▲ +10.28% | $675.18 (+16.68%) |
May 21, 2026 19w ago | 8-K | $530.97 $589.24 | ▲ +10.97% | ▲ +10.43% | $675.18 (+27.16%) |
US Market Status
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