Analyst Consensus ?
ConsensusHold46 ratings
Bullish2043.5%
Neutral2043.5%
Bearish613.0%
Deere & Company · DE · FY2026 Q2 · Calendar Q2 2026
Deere Q2 EPS Beats by 15% as Construction Surges; Large Ag Still Soft
Deere's Q2 results reveal a two-speed company. Construction & Forestry and Small Ag & Turf are thriving on infrastructure spending, data-center demand, and replacement cycles, while large agriculture remains pressured by input costs and geopolitical headwinds. A one-time $272M IEEPA tariff refund lifted equipment margin to 16.9% but is not repeatable, meaning underlying margin quality is narrower than the headline suggests. Management maintained the overall FY26 net income outlook and raised C&F sales guidance by roughly 20%, a more conservative posture than Q1 when guidance was raised across two segments. The stock sold off 5.2% on the report despite the EPS beat, likely reflecting the step-down from raise to maintain and the non-recurring nature of the tariff refund. A subsequent 12.7% drift higher suggests the market re-evaluated the construction and precision-ag growth story. With…
Reported Before market openNYSEIndustrials
$168.72B market cap
100quality score
Company context
Snapshot as of publicationDeere & 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. The Production and Precision Agriculture segment focuses on large-scale farming and advanced agricultural practices, offering medium-sized tractors, various harvesting machinery (including combines, cotton pickers, and sugarcane harvesters), front-end harvesting tools, sugarcane loaders, pull-behind scrapers, and essential tillage and seeding implements. It also supplies specialized application equipment like sprayers and nutrient management systems, along with soil preparation machinery, primarily serving grain growers. The Small Agriculture and Turf segment caters to smaller farming needs and land maintenance. Its product line includes utility tractors along with their complementary loaders and attachments.…
Earnings scorecard
Reported versus consensus
Reported EPS
$6.55
Consensus $6
EPS surprise
+14.9%
Reported versus consensus
Reported revenue
$11.78B
Consensus $11.55B
Revenue surprise
+2.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$675.74Current
$325Low
$565.91Average
$813High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | Outperform | In Line | Upgrade | Sep 3, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Aug 31, 2026 |
| Baird | Outperform | Neutral | Upgrade | Aug 31, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 24, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 24, 2026 |
| DA Davidson | Buy | Buy | Maintain | Aug 24, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 24, 2026 |
| UBS | Buy | Buy | Maintain | Aug 21, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 21, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 21, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 21, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | May 22, 2026 |
| Jefferies | Hold | Underperform | Upgrade | Apr 8, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Feb 24, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Feb 23, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | May 21, 2025 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 8, 2024 |
| TD Cowen | Hold | Hold | Maintain | May 17, 2024 |
| Stifel | Buy | Buy | Maintain | May 17, 2024 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 16, 2024 |
| Melius Research | Hold | Buy | Downgrade | Jan 8, 2024 |
| Canaccord Genuity | Hold | Hold | Maintain | Nov 27, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 21, 2023 |
| Bernstein | Market Perform | Market Perform | Maintain | May 15, 2023 |
| Argus Research | Buy | Buy | Maintain | Feb 21, 2023 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 25, 2022 |
| Cowen & Co. | Perform | Market Perform | Maintain | Jun 9, 2022 |
| Wolfe Research | Outperform | Outperform | Maintain | Apr 13, 2021 |
| Vertical Research | Buy | Buy | Maintain | Jan 20, 2021 |
| William Blair | Outperform | Market Perform | Upgrade | May 28, 2020 |
| Bank of America | Underperform | Neutral | Downgrade | Dec 2, 2019 |
| DZ Bank | Sell | Hold | Downgrade | Nov 29, 2019 |
| Stephens & Co. | Equal Weight | Equal Weight | Maintain | Aug 15, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 20, 2019 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Berenberg | Sell | Sell | Maintain | Jan 24, 2017 |
| Aegis Capital | Hold | Hold | Maintain | Dec 15, 2016 |
| PiperJaffray | Neutral | Underweight | Upgrade | Nov 28, 2016 |
| Piper Sandler | Neutral | Underweight | Upgrade | Nov 28, 2016 |
| Macquarie | Underperform | Underperform | Maintain | Feb 22, 2016 |
| Societe Generale | Hold | Hold | Maintain | Nov 16, 2015 |
| Avondale Partners | Outperform | Market Outperform | Maintain | Oct 15, 2015 |
| Seaport Global | Neutral | Neutral | Maintain | Jun 19, 2014 |
| Longbow Research | Underperform | Neutral | Downgrade | May 11, 2014 |
| ISI Group | Neutral | Cautious | Maintain | Apr 10, 2014 |
| CLSA | Underperform | Buy | Downgrade | Aug 1, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $675.74. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $813 | $698.37 | +20.3% | Sep 2, 2026 |
| Raymond James | Tim Thein | $730 | $648.34 | +8.0% | Aug 31, 2026 |
| Robert W. Baird | Mircea Dobre | $800 | $630.33 | +18.4% | Aug 31, 2026 |
| Truist Financial | Analyst unavailable | $804 | $657.08 | +19.0% | Aug 24, 2026 |
| D.A. Davidson | Analyst unavailable | $760 | $655.79 | +12.5% | Aug 24, 2026 |
| Barclays | Adam Seiden | $675 | $647.47 | -0.1% | Aug 24, 2026 |
| D.A. Davidson | Analyst unavailable | $585 | $626.31 | -13.4% | Aug 21, 2026 |
| Robert W. Baird | Analyst unavailable | $640 | $620.94 | -5.3% | Aug 21, 2026 |
| UBS | Steven Fisher | $728 | $620.94 | +7.7% | Aug 21, 2026 |
| Seaport Global | Analyst unavailable | $570 | $610.48 | -15.6% | Aug 14, 2026 |
| Truist Financial | Jamie Cook | $812 | $627.63 | +20.2% | Jul 2, 2026 |
| Oppenheimer | Noah Kaye | $680 | $529.12 | +0.6% | May 27, 2026 |
| RBC Capital | Analyst unavailable | $752 | $530.32 | +11.3% | May 26, 2026 |
| D.A. Davidson | Michael Shlisky | $685 | $522.86 | +1.4% | May 22, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $625 | $599.48 | -7.5% | Mar 9, 2026 |
| Raymond James | Analyst unavailable | $765 | $653.68 | +13.2% | Feb 23, 2026 |
| Morgan Stanley | Analyst unavailable | $730 | $651.44 | +8.0% | Feb 23, 2026 |
| D.A. Davidson | Michael Shlisky | $775 | $648.92 | +14.7% | Feb 23, 2026 |
| Wells Fargo | Analyst unavailable | $750 | $662.49 | +11.0% | Feb 23, 2026 |
| Jefferies | Analyst unavailable | $550 | $662.49 | -18.6% | Feb 23, 2026 |
| RBC Capital | Analyst unavailable | $736 | $660.02 | +8.9% | Feb 20, 2026 |
| Oppenheimer | Kristen Owen | $715 | $661.82 | +5.8% | Feb 20, 2026 |
| UBS | Analyst unavailable | $775 | $659.94 | +14.7% | Feb 20, 2026 |
| BMO Capital | Joel Jackson | $500 | $657.33 | -26.0% | Feb 20, 2026 |
| Truist Financial | Jamie Cook | $793 | $657.04 | +17.4% | Feb 20, 2026 |
| Robert W. Baird | Analyst unavailable | $675 | $662 | -0.1% | Feb 20, 2026 |
| BMO Capital | Joel Jackson | $460 | $464.92 | -31.9% | Dec 9, 2025 |
| Morgan Stanley | Analyst unavailable | $560 | $468.48 | -17.1% | Dec 9, 2025 |
| Jefferies | Stephen Volkmann | $475 | $467.31 | -29.7% | Dec 9, 2025 |
| D.A. Davidson | Michael Shlisky | $580 | $472.15 | -14.2% | Dec 1, 2025 |
| Oppenheimer | Analyst unavailable | $531 | $464.59 | -21.4% | Nov 28, 2025 |
| Evercore ISI | Analyst unavailable | $458 | $472.14 | -32.2% | Nov 28, 2025 |
| Truist Financial | Jamie Cook | $612 | $469.87 | -9.4% | Nov 28, 2025 |
| RBC Capital | Sabahat Khan | $541 | $469.87 | -19.9% | Nov 28, 2025 |
| Wells Fargo | Analyst unavailable | $543 | $473.41 | -19.6% | Nov 13, 2025 |
| UBS | Analyst unavailable | $535 | $457.16 | -20.8% | Oct 17, 2025 |
| Truist Financial | Jamie Cook | $609 | $461.51 | -9.9% | Oct 8, 2025 |
| Evercore ISI | David Raso | $491 | $491.13 | -27.3% | Aug 19, 2025 |
| Oppenheimer | Kristen Owen | $560 | $503.47 | -17.1% | Jul 15, 2025 |
| Raymond James | Tim Thein | $560 | $531.48 | -17.1% | May 16, 2025 |
| Truist Financial | Jamie Cook | $619 | $516.32 | -8.4% | May 15, 2025 |
| Argus Research | Analyst unavailable | $510 | $499.62 | -24.5% | Mar 7, 2025 |
| UBS | Analyst unavailable | $583 | $465.83 | -13.7% | Mar 3, 2025 |
| Truist Financial | Jamie Cook | $443 | $376.44 | -34.4% | Aug 16, 2024 |
| Oppenheimer | Noah Kaye | $448 | $369.04 | -33.7% | Aug 15, 2024 |
| Citigroup | Kyle Menges | $370 | $369.04 | -45.2% | Aug 15, 2024 |
| Truist Financial | Jamie Cook | $439 | $351.28 | -35.0% | Aug 15, 2024 |
| BMO Capital | Joel Jackson | $400 | $349.14 | -40.8% | Aug 8, 2024 |
| Evercore ISI | David Raso | $371 | $374.96 | -45.1% | May 28, 2024 |
| D.A. Davidson | Michael Shlisky | $465 | $397.02 | -31.2% | May 20, 2024 |
| Goldman Sachs | Jerry Revich | $466 | $396.48 | -31.0% | May 17, 2024 |
| Stifel Nicolaus | Stanley Elliott | $450 | $394.43 | -33.4% | May 17, 2024 |
| Oppenheimer | Noah Kaye | $465 | $394.43 | -31.2% | May 17, 2024 |
| Deutsche Bank | Nicole DeBlase | $402 | $394.43 | -40.5% | May 16, 2024 |
| Morgan Stanley | Angel Castillo | $450 | $393.17 | -33.4% | Apr 15, 2024 |
| Truist Financial | Jamie Cook | $494 | $378.85 | -26.9% | Mar 13, 2024 |
| J.P. Morgan | Tami Zakaria | $385 | $384.78 | -43.0% | Feb 15, 2024 |
| UBS | Steven Fisher | $408 | $382.65 | -39.6% | Nov 22, 2023 |
| Wells Fargo | Seth Weber | $445 | $363.55 | -34.1% | May 22, 2023 |
| Citigroup | Timothy Thein | $505 | $402.96 | -25.3% | Feb 17, 2023 |
| UBS | Steven Fisher | $437.46 | $437.52 | -35.3% | Nov 25, 2022 |
| Deutsche Bank | Analyst unavailable | $374 | $405.69 | -44.7% | Nov 17, 2022 |
| Argus Research | Analyst unavailable | $420 | $381.38 | -37.8% | Aug 24, 2022 |
| Citigroup | Analyst unavailable | $425 | $369.64 | -37.1% | Aug 23, 2022 |
| Deutsche Bank | Analyst unavailable | $386 | $369.9 | -42.9% | Aug 22, 2022 |
| Credit Suisse | Analyst unavailable | $447 | $369.66 | -33.9% | Aug 22, 2022 |
| Wells Fargo | Analyst unavailable | $423 | $369.66 | -37.4% | Aug 22, 2022 |
| Morgan Stanley | Courtney Yakavonis | $424 | $369.66 | -37.3% | Aug 21, 2022 |
| Deutsche Bank | Analyst unavailable | $388 | $361.55 | -42.6% | Aug 11, 2022 |
| Jefferies | Stephen Volkmann | $400 | $319.02 | -40.8% | Jul 26, 2022 |
| Morgan Stanley | Analyst unavailable | $416 | $306.48 | -38.4% | Jul 18, 2022 |
| J.P. Morgan | Analyst unavailable | $325 | $300.7 | -51.9% | Jul 12, 2022 |
| Barclays | Adam Seiden | $400 | $335.04 | -40.8% | May 23, 2022 |
| Stifel Nicolaus | Analyst unavailable | $425 | $336.39 | -37.1% | May 23, 2022 |
| Oppenheimer | Analyst unavailable | $419 | $335.92 | -38.0% | May 23, 2022 |
| Morgan Stanley | Analyst unavailable | $452 | $329.02 | -33.1% | May 23, 2022 |
| Goldman Sachs | Analyst unavailable | $420 | $313.31 | -37.8% | May 23, 2022 |
| BMO Capital | Joel Tiss | $425 | $313.31 | -37.1% | May 22, 2022 |
| Oppenheimer | Noah Kaye | $446 | $381.23 | -34.0% | May 3, 2022 |
| Deutsche Bank | Nicole Deblase | $417 | $346.98 | -38.3% | Feb 26, 2022 |
| Robert W. Baird | Mircea Dobre | $487 | $369.1 | -27.9% | Feb 20, 2022 |
| Credit Suisse | Jamie Cook | $471 | $379.42 | -30.3% | Jan 13, 2022 |
| Barclays | Adam Seiden | $415 | $379.42 | -38.6% | Jan 13, 2022 |
| Stifel Nicolaus | Stanley Elliott | $445 | $346.15 | -34.1% | Nov 29, 2021 |
| Morgan Stanley | Courtney Yakavonis | $485 | $357.3 | -28.2% | Nov 26, 2021 |
| Bank of America Securities | Ross Gilardi | $425 | $357.3 | -37.1% | Nov 26, 2021 |
| Citigroup | Timothy Thein | $415 | $379.75 | -38.6% | May 14, 2021 |
| Wolfe Research | Greg Badishkanian | $425 | $374.07 | -37.1% | Apr 12, 2021 |
Track every rating change on DE the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-5.2%
Event window
SPY move
+0.2%
Same window
Abnormal move
-5.4%
Stock minus SPY
Volume
3.2×
Versus trailing sessions
Subsequent drift
+12.7%
Up to 20 sessions
DESPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q2 net sales rose 5% YoY to $13.37B with equipment margin at 16.9%, aided by a one-time $272M IEEPA tariff refund worth approximately 2.5 margin points. EPS of $6.55 beat the $5.70 consensus by 15%, and revenue of $11.78B topped the $11.55B estimate by 2%. Construction & Forestry grew 29% YoY, prompting a roughly 20% raise in full-year C&F sales guidance. Small Ag & Turf grew 16% with margins above 20%. Large Ag remained under pressure from input costs and geopolitical tensions but showed inventory improvement. Management reaffirmed the $20B US manufacturing investment plan and announced a new excavator plant in Kernersville, North Carolina, with a $70M expansion. A Starlink partnership was disclosed to provide satellite connectivity for JDLink devices. The stock fell 5.2% on the report session against a flat benchmark before drifting 12.7% higher over subsequent weeks on 3.2x baseline volume.
Guidance delta
Management maintained the overall FY26 net income outlook while raising Construction & Forestry full-year net sales guidance by approximately 20%. Net price realization is targeted at 1.5-2% for FY26. Capex outlook increased, with the $20B US manufacturing investment program continuing over the next decade. Tariff exposure remains approximately $1B. This represents a step-down from Q1, where guidance was raised across both Small Ag & Turf and C&F, and the net income forecast was set at $4.5-5.0B. The maintained overall outlook suggests management sees large ag weakness offsetting construction strength at the total-company level.
Key takeaways
- Q2 net sales up 5% YoY to $13.37B; EPS of $6.55 beat consensus by 15% and revenue beat by 2%.
- Construction & Forestry surged 29% YoY; FY26 C&F sales guidance raised roughly 20%.
- Small Ag & Turf grew 16% YoY with margins above 20%; large Ag under pressure but inventory improving.
- One-time $272M IEEPA tariff refund boosted equipment margin to 16.9%, contributing ~2.5 margin points.
- Starlink satellite connectivity partnership and new NC excavator plant highlight technology and capacity investments.
Management priorities
- Launch additional excavator models and expand US manufacturing capacity, including the new Kernersville, NC plant
- Release new precision-ag products including 8R series tractors, ExactDepth planting, and See & Spray enhancements
- Scale Starlink satellite connectivity across the global equipment fleet via JDLink
- Continue the $20B US manufacturing capex program over the next decade
- Accelerate digital services growth through JDLink and SaaS offerings
Related earnings events
IndustrialsPOOL · FY2026 Q2 · Calendar Q3 2026Pool Corp Q2: Maintenance Demand Holds, Freight Costs Weigh on MarginsALLE · FY2026 Q2 · Calendar Q3 2026Allegion Beats on Q2 Revenue and EPS, Raises Full-Year Outlook as Americas Demand AcceleratesROL · FY2026 Q2 · Calendar Q3 2026Rollins Q2 2026: Revenue Misses as Digital Lead Slowdown Hits Orkin
Sources
- Earnings call transcript and parsed analysis · 2026-05-21T16:18:54.183988+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T16:11:11.807516+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T16:11:11.804674+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.