Deere & Company reported net income of USD 656 million for the first quarter ended February 1, 2026, compared with net income of USD 869 million for the quarter ended January 26, 2025. Worldwide net sales and revenues increased 13 percent, to USD 9,611 million, in the most recent quarter. Net sales were USD 8,001 million for the quarter, compared with USD 6,809 million in the same quarter of 2025.
“While the global large agriculture industry continues to experience challenges, we’re encouraged by the ongoing recovery in demand within both the construction and small agriculture segments,” said John May, chairman and CEO of John Deere. “These positive developments reinforce our belief that 2026 represents the bottom of the current cycle and provides us with a strong foundation for accelerated growth going forward.”
Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of USD 4.5 billion to USD 5.0 billion. “Our sustained investment in research and development throughout the cycle is yielding measurable results as we move toward launching a wide range of innovative products and solutions across all business segments,” stated May. “These advancements underscore the value of maintaining a robust portfolio that spans broad markets and regions worldwide, which should position us for success as we transition out of the current cycle.”
Positive effects
Production & Precision Agriculture sales increased for the quarter as a result of the positive effects of foreign currency translation. Operating profit decreased primarily due to higher tariffs, unfavorable sales mix, and higher warranty expenses.
Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes / sales mix and price realization, partially offset by higher tariffs.
Construction & Forestry sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes / sales mix and production efficiencies, partially offset by higher tariffs
Financial Services net income increased primarily due to favorable financing spreads and a lower provision for credit losses, partially offset by a favorable special item recorded in the prior period.
