Deere & Company (DE) - Rapport boursier

Deere makes agricultural, construction, and forestry equipment, including tractors, combines, excavators, and mowing equipment. Its customers are large-scale growers, smaller farms, turf operators, contractors, and forestry businesses. Deere earns mainly when customers buy or replace machines, with related technology, support, and financing extending the commercial relationship. Shipment volumes and pricing turn customer demand into revenue, profit after operating costs, and cash.

In the third quarter of fiscal year 2026, revenue reached $12.6 billion, up 4.9% year over year, while large-agriculture Production & Precision Agriculture sales fell 6%. Small Agriculture & Turf sales rose 12% and Construction & Forestry sales rose 18%, partly offsetting that pressure. The important question is whether this mix can protect profit and cash until large-agriculture demand stabilizes.

Reported net income rose to $1.38 billion in the quarter, but the comparison benefits from the absence of a $49 million after-tax impairment recorded in the third quarter of fiscal year 2025. That makes the headline increase less clean as a measure of underlying operating progress.