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14:00
May 21 ◎

DE FY2026 Q2 Watch

Deere & Company (DE) FY2026 Q2 Earnings Call

DE ▾

Brent Norwood

Though the ag cycle is at its bottom, management expects 2026 to be the trough with a recovery in 2027, supported by inventory reductions and fleet aging. Strong performance in construction and small ag segments offsets weakness in large ag.

"our baseline view remains that 2026 will represent the bottom of the ag cycle"

DE WATCH

HIGH

15:00
Feb 19 ◎

DE FY2026 Q1 Watch

Deere & Company (DE) FY2026 Q1 Earnings Call

CAT DE F HTHIY CNHI ▾

Josh Beal

Deere's CNF order book rose by over 50% in Q1, reaching its highest level since May 2024, with visibility into H2, prompting a raise in construction industry outlook to +5% for 2026. — Order acceleration in Deere's construction segment signals broader market strength that may benefit key competitors but also intensifies competition.

"What's perhaps most encouraging is that our order bank has risen by over 50% in the past quarter, reaching its highest point since May of 2024."

CAT WATCH

Josh Jepson

Management raised full-year EPS and segment guidance due to better-than-expected execution and signs of market stabilization, increasing confidence in bottoming out the cycle.

"The first quarter demonstrated great execution from our teams. All business segments operated efficiently and delivered results ahead of plan. At the same time, we saw stabilization and improvement in a variety of our end markets."

DE WATCH

Brian Campbell

New product debuts from the collaboration are expected to be a source of growth for the partnership.

"The ConExpo event will feature 24 product launches, including world premieres of equipment from John Deere and six market debuts from the Vertcon Group."

F WATCH

Brian Campbell

Deere is establishing its own machine design to differentiate from existing Hitachi collaboration, which may be poised to reduce competition/ reliance over time.

"We've had a longstanding relationship with Hitachi with good products. This is a truly differentiated product that we're super excited to bring to the marketplace."

HTHIY WATCH

Josh Beal

Large tractor order books now provide visibility into Q4, indicating a demand inflection and potential market share gains as replacement demand returns. — Demand improvement and inventory control in large ag are positive for Deere's earnings power and may pressure competitors' pricing strategy.

"Large tractor order velocity for the North American market has picked up, and our rolling order books now provide visibility into the fourth quarter."

CNHI WATCH

Josh Beal

Used inventory for combines dropped about 20% sequentially? — Rapid used inventory reduction enables a healthier trade cycle, which is a leading indicator for new-equipment demand in the sector.

"We saw a typical seasonal increase in used-year combines during our first quarter, However, current inventory levels for deer combines remain about 15% below their peak in March 2024 with model year distribution at a normal mix."

AGCO WATCH

Josh Beal

Deere is anticipating sustained price-cost neutral performance despite tariff impacts, showing stable margins compared to prior periods. — Sustainable price discipline in tough macro conditions could serve as a benchmark for other players in the market.

"We'll be slightly unfavorable from a production cost standpoint, X tariffs, but overall, again, price cost neutral with the price actions that were taken."

PCAR WATCH

HIGH

15:00
Nov 26 ◎

DE FY2025 Q4 Watch

Deere & Company (DE) FY2025 Q4 Earnings Call

CNH DE AGCO ▾

Deanna Kovar

Deere will keep North American large ag production lean in Q1, avoiding the typical seasonal inventory build, with flexibility to ramp later — signaling ongoing retail weakness and used inventory overhang. — Competitors' production plans will be pressured to match Deere's cautious stance, potentially intensifying price competition.

"It's our intent to start the new fiscal year with lean production for North American large ag, while building flexibility in the full-year production plan to respond quickly when the market inflects."

CNH WATCH AGCO WATCH

Josh Jepson

Management guides 2026 with continued North American large ag declines (down 15-20%) and a $1.2B tariff headwind, framing 2026 as the trough with lean production and low margins in Q1.

"For 1Q2026 in production precision ag, we anticipate net sales will be close to the first quarter of 2025, but margins will be significantly lower"

DE WATCH

HIGH

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