The call highlighted Deere's strategic focus on maintaining strong operating margins and improving inventory management amidst challenging market conditions, particularly in North America. While international markets showed positive trends, the impact of tariffs and declining net sales presented significant challenges.

Company Guidance -

Q4 2025

During Deere & Company's third quarter earnings call for fiscal year 2025, significant guidance was provided highlighting various metrics and market dynamics. Despite a challenging environment marked by global uncertainty, tariffs, and high interest rates, Deere achieved a 12.6% operating margin. Net sales and revenues declined by 9% to $12.018 billion, while net income attributable to Deere & Company was reported at $1.289 billion or $4.75 per diluted share. The Production and Precision Ag segment experienced a 16% decline in net sales to $4.273 billion, with operating profit at $580 million and a 13.6% operating margin. Meanwhile, Small Ag and Turf saw a slight year-over-year sales decrease of 1% to $3.025 billion but maintained a 16% operating margin. Currency translation provided slight positive impacts across segments. For fiscal 2025, large ag equipment sales in the U.S. and Canada are expected to decrease by approximately 30%, while small ag and turf demand is projected to decline by 10%. In contrast, positive trends are anticipated in Europe and Asia, with industry sales expected to be flat to slightly down. Deere's focus remains on disciplined execution, cost management, and inventory optimization, with the company poised to respond effectively to market demand inflections. The company also highlighted significant progress in technological adoption, with substantial demand for precision agriculture solutions and innovative financing options to aid customer purchasing decisions amidst a high-interest rate environment.

Strong Operating Margin in Equipment Operations

Deere's equipment operations delivered a 12.6% operating margin amidst challenging market dynamics, highlighting disciplined execution.

Improved Inventory Management

Significant year-over-year declines in inventory across all business units and geographies, positioning Deere well to respond to market demand inflections.

Positive Trends in International Markets

Improved sentiment in Europe and South America, with strong dairy fundamentals and favorable arable outlook in Europe, and record crop production in Brazil.

Continued Investment in Precision Technology

Adoption of Deere’s Precision Essentials bundle has driven significant engagement in the John Deere Operations Center, with over 485 million engaged acres globally.

Deere (DE) Earnings, Revenues Date & History

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DE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 19, 2025	2025 (Q4)	4.02 / -	4.55	―	―	―
Aug 14, 2025	2025 (Q3)	4.57 / 4.75	6.29	-24.48% (-1.54)
May 15, 2025	2025 (Q2)	5.56 / 6.64	8.53	-22.16% (-1.89)
Feb 13, 2025	2025 (Q1)	3.12 / 3.19	6.23	-48.80% (-3.04)
Nov 21, 2024	2024 (Q4)	3.87 / 4.55	8.26	-44.92% (-3.71)
Aug 15, 2024	2024 (Q3)	5.67 / 6.29	10.2	-38.33% (-3.91)
May 16, 2024	2024 (Q2)	7.91 / 8.53	9.65	-11.61% (-1.12)
Feb 15, 2024	2024 (Q1)	5.24 / 6.23	6.55	-4.89% (-0.32)
Nov 22, 2023	2023 (Q4)	7.46 / 8.26	7.44	11.02% (+0.82)
Aug 18, 2023	2023 (Q3)	8.22 / 10.20	6.16	65.58% (+4.04)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 14, 2025	$513.54	$478.84	-6.76%
May 15, 2025	$495.93	$514.69	+3.78%
Feb 13, 2025	$473.40	$463.13	-2.17%
Nov 21, 2024	$400.74	$432.98	+8.05%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.