Deere & Company · NYSE:DE
Deere & — Q1 2026 Earnings Presentation
21 slides from Deere &'s earnings presentation, Feb 19, 2026
Slide 1: 1Q 2026 Earnings Call
1Q 2026 Earnings Call 19 February 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This earnings call and accompanying materials may include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “forecast,” “guidanc
Slide 3: 1Q 2026 Results
1Q 2026 Results ($ millions except where noted) Net Sales and Net Sales Net Income Diluted EPS (Equipment Operations) (attributable to ($ per share) Revenues Deere & Company) $9,611 $8,001 $8,508 $6,809 $869 $3.19 $656 $2.42 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 13% 18% 25%
Slide 4: Production & Precision Ag
Production & Precision Ag 1Q 2026 Results $ in millions Net Sales 3% Operating Profit Comparison ($61) $338 $3,067 $3,163 ($4) ($39) ($48) ($74) $21 $6 $0 $139 1Q 2025 Volume/ Price Currency Warranty Production SA&G/ Special Other 1Q 2026 1Q 2025 1Q 2026 Mix Costs R&D Items 4 John Deere | 1Q 2026 Ea
Slide 5: Small Ag & Turf
Small Ag & Turf 1Q 2026 Results $ in millions Net Sales 24% Operating Profit Comparison $35 ($14) $10 ($99) $148 $2,168 $1,748 ($23) $0 $15 $196 $124 1Q 2025 Volume/ Price Currency Warranty Production SA&G/ Special Other 1Q 2026 1Q 2025 1Q 2026 Mix Costs R&D Items 5 John Deere | 1Q 2026 Earnings Cal
Slide 6: Ag and Turf Industry Outlook – FY 2026
Ag and Turf Industry Outlook (in units) – FY 2026 U.S. and CANADA U.S. and CANADA EUROPE AG LARGE AG SMALL AG and TURF Down 15-20% Flat to up 5% Flat to up 5% SOUTH AMERICA AG ASIA AG (tractors and combines) Down ~5% Flat to down 5% Source: Deere & Company forecast as of 19 February 2026 6 John Deer
Slide 7: Production & Precision Ag Business Segment Outlook
Production & Precision Ag Business Segment Outlook $ in millions Net Sales Operating Margin 11-13% 5-10% 15.4% $17,311 FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 19 February 2026 7 John Deere | 1Q 2026 Earnings Call | February 19, 2026
Slide 8: Small Ag & Turf Business Segment Outlook
Small Ag & Turf Business Segment Outlook $ in millions Net Sales Operating Margin ~15% 13.5-15% $10,224 11.8% FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 19 February 2026 8 John Deere | 1Q 2026 Earnings Call | February 19, 2026
Slide 9: Construction & Forestry
Construction & Forestry 1Q 2026 Results $ in millions Net Sales 34% Operating Profit Comparison $162 ($7) ($8) ($3) ($77) $2,670 $1,994 $18 ($13) $0 $137 $65 1Q 2025 Volume/ Price Currency Warranty Production SA&G/ Special Other 1Q 2026 1Q 2025 1Q 2026 Mix Costs R&D Items 9 John Deere | 1Q 2026 Earn
Slide 10: Construction & Forestry Industry Outlook
Construction & Forestry Industry Outlook (in units) – FY 2026 U.S. and CANADA U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT CONSTRUCTION EQUIPMENT Up ~5% Up ~5% GLOBAL FORESTRY GLOBAL ROADBUILDING Flat Up ~5% Source: Deere & Company forecast as of 19 February 2026 10 John Deere | 1Q 2026 Earnings C
Slide 11: Construction & Forestry Business Segment Outlook
Construction & Forestry Business Segment Outlook $ in millions Net Sales Operating Margin 9-11% ~15% 9.0% $11,382 FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 19 February 2026 11 John Deere | 1Q 2026 Earnings Call | February 19, 2026
Slide 12: Financial Services Net Income – Results and Outlook
Financial Services Net Income – Results and Outlook $ in millions Quarter Results Fiscal Year Outlook $890 $230 ~ $840 $244 1Q 2025 1Q 2026 FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 19 February 2026 12 John Deere | 1Q 2026 Earnings Call | February 19, 2026
Slide 13: Deere & Company Outlook
Deere & Company Outlook FY 2026 FORECAST Net Income Effective Net Operating (attributable to Deere & Co.) Tax Rate* Cash Flow* $4.5-5.0B 25-27% $4.5-5.5B Research and Development Expenses* Up slightly Other Capital Expenditures* ~$1.4B *Equipment Operations Source: Deere & Company forecast as of 19
Slide 14: Appendix
Appendix 14 John Deere | 1Q 2026 Earnings Call | February 19, 2026
Slide 15: January 2026 Retail Sales and Dealer Inventories
January 2026 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 16% In-line with the industry 2WD Tractors (40 < 100 PTO hp) 2% Up low single digit 2WD Tractors (100+ PTO hp) 17% Less than the industry 4WD Tractors 32%
Slide 16: January 2026 Retail Sales (Rolling 3 Months)
January 2026 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Double digits Combines Double digits Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Single digit Earthmoving and Forestry Double digits * Based on internal sales reports 16 John Deere | 1Q 20
Slide 17: Deere Use-of-Cash Priorities
Deere Use-of-Cash Priorities CASH FROM OPERATIONS Equipment Operations Cash Flow from Operating Activities Manage the balance sheet, including liquidity, to support a rating that provides COMMITTED access to low-cost and readily available short- and long-term funding TO “A” RATING mechanisms (reflec
Slide 18: CONEXPO 2026
CONEXPO 2026 Las Vegas, NV March 3 rd-7th NEW GENERATION 210, 230 & 260 P-TIER DESIGNED, DEVELOPED, AND MANUFACTURED IN THE UNITED STATES 18 John Deere | 1Q 2026 Earnings Call | February 19, 2026
Slide 19: View the 2025 Business Impact Report
View the 2025 Business Impact Report https://about.deere.com/en-us/sustainability 19 John Deere | 1Q 2026 Earnings Call | February 19, 2026
Slide 20: 2Q 2026 earnings call scheduled for 21 May 2026
Deere & Company’s 2Q 2026 earnings call is scheduled for 9:00 a.m. Central Time on Thursday, 21 May 2026. 20 John Deere | 1Q 2026 Earnings Call | February 19, 2026
Slide 21: John Deere
@ JOHN DEERE