DE FY2026 Q2 개선

Deere & Company 실적 발표

May 21, 2026 · 10:00 ET Brent NorwoodJosh Beal earningscall_biz

Buzzberg 분석

2026 expected to mark bottom of the ag cycle

Deere reported mixed Q2 results with strong growth in construction and small ag segments offset by weakness in large ag. Management reiterated its view that FY2026 marks the bottom of the ag cycle and expects a recovery in 2027, supported by lower inventories and favorable policy developments. Q2 results included a one-time $272 million tariff refund, boosting margins; ongoing tariff run-rate remains at $1.2 billion.

Buzzberg 분석 2026 expected to mark bottom of the ag cycle Deere reported mixed Q2 results with strong growth in construction and small ag segments offset by weakness in large ag. Management reiterated its view that FY2026 marks the bottom of the ag cycle and expects a recovery in 2027, supported by lower inventories and favorable policy developments. Q2 results included a one-time $272 million tariff refund, boosting margins; ongoing tariff run-rate remains at $1.2 billion. 전체 분석 보기분석 접기

Construction & Forestry segment saw 29% YoY growth in Q2, driven by robust infrastructure and data center demand. Full-year sales guide raised to up 20%.
South America industry outlook was cut to a decline of 15% from 5%, citing high interest rates, strong BRL, and input costs.
Fleet age and used inventory levels are improving, supporting expectations for a large ag recovery in 2027.

매출$13.369B+39% 전분기 대비

주당순이익(EPS)$6.55보고값

매출총이익률38.17%보고값

영업이익률22.48%보고값

근거 있는 핵심 내용 6개

지금 중요한 점

이번 발표에서 가장 의미 있는 변화를 정리했습니다.

Guidance

2026 expected to mark bottom of the ag cycle

Demand

Construction order book up 60%, over 80% of slots filled

Tariffs

Tariff refund of $272 million recognized, but annual exposure unchanged

핵심 내용 3개 더 보기

Pricing

Company deliberately avoiding customer tariff surcharges

Recurring Revenue

Precision subscription renewals exceed 90% for second-year cohort

Market Share

Brazil delivering share gains and double-digit margins at trough

보고 기간

보고 실적

지표	보고값	변화
매출	$13.369B	+39% 전분기 대비
주당순이익(EPS)	$6.55	보고값
매출총이익률	38.17%	보고값
영업이익률	22.48%	보고값
잉여현금흐름	$0.874B	보고값
자본지출	$1.058B	보고값

향후 전망

향후 가이던스

지표	기간	범위	중간값	상태
영업이익률CONSTRUCTION_AND_FORESTR	FY2026	10%–12%	11%	상향
영업이익률PRODUCTION_AND_PRECISION	FY2026	11%–13%	12%	유지
영업이익률SMALL_AG_AND_TURF	FY2026	13.5%–15%	14.25%	유지
매출CONSTRUCTION_AND_FORESTR	FY2026	20%	20%	상향
매출PRODUCTION_AND_PRECISION	FY2026	-10%–-5%	-7.5%	유지
매출SMALL_AG_AND_TURF	FY2026	15%	15%	유지

AI, 자본지출 및 수요 분석

경영진 분석

톤

Confident

Management struck a confident tone, repeatedly pointing to portfolio diversification, share gains, and a view that 2026 is the ag cycle bottom while acknowledging tariff and input-cost headwinds.

자본지출

투자 및 생산능력

Management reiterated a long-term commitment to U.S. manufacturing, citing $20 billion in planned U.S. manufacturing investments over the next 10 years and a $70 million expansion to build excavators in North Carolina; it also stressed sustaining record R&D and capital investment through the cycle.

외부 신호

공급망 알파 · 2발표 이후 수익률

Deere is facing a $1.2B annual run-rate tariff expense, but received a one-time $272M refund this quarter, that is not included in the run rate.

Josh Beal

DE+21.3%

근거

“our overall run rate, uh, for tariff expense really remains, um, you know, un unchanged at about, um, you know, a billion two for the full year. Those splits that we've provided in the past, you know, really haven't changed as well. So it'…”

Deere's new excavator from Kernersville, NC has all production slots filled for the year, indicating a strong reception to their domestic manufacturing push.

Brent Norwood

DE+21.3%

근거

“And we continue to stand behind our commitment towards 20 billion of investments in U.S. manufacturing over the next 10 years.”

방법론 및 범위

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