Deere & Company (DE) Announced Q2 2026 Earnings on May 21, 2026, Reporting "Net sales and revenues were up 5% to $13.369 billion"

For the second quarter, Deere reported that "Net sales and revenues were up 5% to $13.369 billion, while net sales for the equipment operations were up 5% to $11.778 billion". Management noted an "equipment operations margin of 16.9%". For the quarter, "Net income attributable to Deere & Company was $1.773 billion or $6.55 per diluted share". The company also "recognized a recovery of $272 million related to refund claims associated with IEFA tariffs" which benefited production costs for the quarter.Executives stated that the results reflected a "strong diversified portfolio of businesses" and noted that "we are delivering double-digit margins across all segments". Regarding the agricultural market, management stated their "baseline view remains that 2026 will represent the bottom of the ag cycle". The company also detailed progress on managing equipment levels, noting that new "Inventories for both high horsepower tractors and combines are down more than 50% from their mid-2024 peak". During the quarter, the company "returned $635 million to shareholders through a combination of share repurchases and dividends".For fiscal year 2026, management stated that "our net income forecast remains unchanged between $4.5 billion and $5 billion". The guidance for full year cash flow from the equipment operations "remains projected between $4.5 billion and $5.5 billion". By segment for the full year, net sales for Production and Precision Ag are forecast to be "down between 5% to 10%", Small ag and turf net sales are expected to be "up approximately 15%", and Construction & Forestry net sales are "now forecasted to be up approximately 20%".The company highlighted continued investment in domestic manufacturing, noting they "recently started building Deere-designed excavators in Kernersville, North Carolina following a $70 million expansion investment". In agricultural technology, management discussed progress with their "partnership with Starlink for satellite-based connectivity", noting they have "sold more than 12,500 JDLink Boost kits". The company also highlighted new offerings including "burrow optimization through our exact depth solution" and "FurrowVision technology", as well as advancements in "See & Spray Green on Green" capabilities.