• Strong execution across segments drives solid performance, reflecting portfolio strength.
• Net income guidance maintained, reinforcing confidence amid market volatility.
• Investment in new products and technology supports long-term growth and value creation.

MOLINE, Ill.  — Deere & Company reported net income of $1.773 billion for the second quarter ended May 3, 2026, or $6.55 per share, compared with net income of $1.804 billion, or $6.64 per share, for the quarter ended April 27, 2025. For the first six months of the year, net income attributable to Deere & Company was $2.429 billion, or $8.97 per share, compared with $2.673 billion, or $9.82 per share, for the same period last year.

Worldwide net sales and revenues increased 5 percent, to $13.369 billion, for the second quarter of 2026 and rose 8 percent, to $22.981 billion, for six months. Net sales were $11.778 billion for the quarter and $19.779 billion for six months, compared with $11.171 billion and $17.980 billion last year, respectively.

"Our performance in the current market environment demonstrates the strength of our diversified portfolio. This is particularly reflected in the strong outcomes achieved by our Small Ag and Construction & Forestry divisions during this year," stated John May, chairman and CEO of John Deere. "As we address ongoing challenges within global agricultural markets, our comprehensive portfolio continues to drive market share expansion and support our targets for sustained growth."

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.5 billion to $5.0 billion.

"While our customers face ongoing challenges, John Deere remains firmly committed to supporting their success through disciplined operations and resilience," said May. "By continuing to invest in innovation through the cycle and leveraging the strength of our dealer network, we are well positioned to deliver increasing value for customers and shareholders as market conditions improve."

The prior period year to date results presented were affected by special items. See Note 2 of the financial statements for further details. On February 20, 2026, the Supreme Court of the United States issued a decision invalidating tariffs imposed pursuant to the International Emergency Economic Powers Act (IEEPA). The company recorded a recovery of $272 million for refund claims related to IEEPA tariffs which have been filed and accepted by the U.S. Customs and Border Protection. The tariff impact for each segment is primarily included in the "Production Costs" category below.

Production & Precision Agriculture sales decreased for the quarter as a result of lower shipment volumes, partially offset by the positive effects of foreign currency translation. Operating profit decreased primarily due to lower shipment volumes and higher production costs, partially offset by the favorable effects of foreign currency exchange.

Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes and favorable price realization.

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