Deere & Company (DE) SEC Filings & Earnings Calls

Tariff cost pressure

“The direct impact of these incremental tariffs incurred was $502 in the first nine months of 2026, net of the tariff recovery described below, and approximately $300 in the first nine months of 2025.” · word for word

Large agriculture demand weakness

“Demand in the U.S. and Canada for large agriculture equipment is expected to decrease compared to 2025 levels as elevated farm input costs, commodity price volatility, and ongoing market uncertainty continue to pressure demand for equipment.” · word for word

FTC settlement compliance costs

“As part of that settlement, we have agreed, among other items, to provide certain repair resources to farmers and independent repair providers on 'fair and reasonable terms' (as defined by the settlement).” · word for word

Production & Precision Agriculture segment weakness with sales down 6% and operating profit down 9%

“Production & Precision Agriculture sales decreased for the quarter as a result of lower shipment volumes” · word for word

Large Ag market expected down 15-20% in US/Canada and South America

“Large Ag US & Canada: Down 15 to 20%; South America: Down 15 to 20%”

Higher production costs impacting margins across segments

“higher production costs cited in Production & Precision Ag and Small Ag & Turf segments”

Tariff cost pressure

“The direct impact of these incremental tariffs incurred was $372 in the first six months of 2026, net of the tariff recovery described below, and approximately $95 in the first six months of 2025.” · word for word

FTC antitrust lawsuit

“The lawsuit alleges monopolization and unfair competition in violation of the federal and state antitrust laws.” · word for word

Agricultural demand downturn

“Demand in the U.S. and Canada for large agriculture equipment is expected to decrease compared to 2025 levels driven by elevated farm input costs and ongoing global market uncertainty.” · word for word

Large Ag segment facing significant headwinds with sales down 14% and operating profit down 39%, indicating cyclical downturn in core market.

“Production & Precision Agriculture sales decreased for the quarter as a result of lower shipment volumes ... Operating profit decreased primarily due to lower shipment volumes and higher production costs” · word for word

CFO transition risk is low given internal promotion and extensive experience

“Norwood has 20+ years at Deere and investment background; no related party transactions”

Tariff cost pressure

“Incremental import tariffs adversely affected the cost of our products and components beginning in the third quarter of 2025 and are expected to continue to do so in 2026.” · word for word

FTC antitrust lawsuit

“The lawsuit alleges monopolization and unfair competition in violation of the federal and state antitrust laws.” · word for word

Agricultural demand downturn

“Demand in the U.S. and Canada for large agriculture equipment is expected to decrease compared to 2025 levels amid challenging farm fundamentals for row crop farmers.” · word for word

Higher tariffs impacting Production & Precision Agriculture margins

“Operating profit decreased primarily due to higher tariffs, unfavorable sales mix, and higher warranty expenses” · word for word

Large Ag industry still challenged; U.S. & Canada Large Ag expected down 15-20%

“U.S. & Canada Large Ag down 15 to 20%” · word for word

CFO departure creates leadership uncertainty; interim CFO may impact strategic continuity.

“CFO resignation effective February 19, 2026; interim CFO appointed; search for permanent replacement ongoing.”

Tariff Cost Pressure

“In 2025, the direct impact of incremental tariffs incurred by us was approximately $600, excluding the impact of tariffs on our suppliers and market demand.” · word for word

Agricultural Downturn

“Demand in the U.S. and Canada for large agriculture equipment is expected to decrease further amidst challenging farm fundamentals for row crop farmers, which pressures short-term liquidity.” · word for word

FTC Antitrust Lawsuit

“On January 15, 2025, the Federal Trade Commission (FTC), along with the Attorneys General of the States of Illinois and Minnesota filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division.” · word for word

Used Equipment Market Overhang

“Although the used equipment market is improving, it continues to constrain investments in new machines.” · word for word

Retirement of key executive (President, John Deere Financial and CIO) may cause temporary leadership gap.

“Raj Kalathur notified of his intention to retire as President, John Deere Financial and Chief Information Officer, effective January 31, 2026.”

Ongoing margin pressures from tariffs and persistent challenges in large ag sector.

“While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain” · word for word