Earnings call analysis

Deere (DE) Q3 2026 Earnings Call: Guidance and Outlook

The company provided updated full-year guidance for 2026, raising its net income and cash flow outlook based on strong year-to-date performance.

About Deere. Deere & Company is a global manufacturer and distributor of a wide range of equipment. The company's operations are organized into four primary business segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services.

Call date

Aug 20, 2026

Sentiment score

+25 Balanced

Management tone, -100 to +100

Sentiment change

+10

vs Q2 FY2026 call

Sector

Industrials, Machinery

Next report

Nov 25, 2026

View calendar

Quarterly guidance

Quarterly guidance: No specific quarterly guidance was given.

Annual guidance

Net income: $4.75 billion to $5 billion
Effective tax rate: 24% to 26%
Operating cash flows: $5 billion to $5.5 billion

Outlook

Agricultural cycle: Management believes 2026 represents the bottom of the agricultural equipment cycle.
Tariff expense: Direct tariff expense is expected to be approximately $1.1 billion for the fiscal year.
Construction demand: Demand remains robust, supported by large-scale infrastructure, data center, and energy-related projects.
Inventory management: The company is modestly underproducing retail demand to maintain healthy inventory levels.
Technology adoption: Adoption of precision technologies like See & Spray and advanced planter features continues to grow.

Sources and method

Dombey's summary of the Deere Q3 2026 earnings call held Aug 20, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.

Updated Nov 9, 2026. All earnings call analyses

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