Deere (DE) Q2 FY2026 earnings: revenue $13.4 billion, up 4.7% on the year

Deere & Co. (DE) reported revenue of $13.4 billion for Q2 FY2026, the quarter ended 3 May 2026, up 4.7% on the same quarter a year earlier. Net income was $1.8 billion, down 1.7% on the year, and diluted earnings per share $6.55. The figures are the company's own, from the 10-Q it filed with the SEC on 28 May 2026.

Revenue

$13.4 billion

+4.7% on the year · +39.1% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

17.2%

18.3% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.8 billion

-1.7% on the year · +170.3% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$6.55

-1.4% on the year · +170.7% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 raised, 5 lowered, 11 kept.

Net income and EPS eased slightly: Second-quarter net income was $1.773 billion, down 2 percent from $1.804 billion a year earlier; diluted EPS was $6.55 against $6.64.
Production & Precision Ag profit fell: Production & Precision Ag net sales fell 14 percent to $4.503 billion; operating profit was $706 million, down 39 percent, with margin at 15.7 percent against 22.0 percent.
Construction & Forestry sales up 29%: Construction & Forestry net sales rose 29 percent to $3.790 billion; operating profit rose 48 percent to $561 million, with margin at 14.8 percent against 12.9 percent.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	13,369	9,611	12,763	+39.1%	+4.7%
Cost of revenue	8,266	6,280	7,609	+31.6%	+8.6%
Gross profit	5,103	3,331	5,154	+53.2%	-1.0%
Gross margin	38.2%	34.7%	40.4%
Research and development	583	554	549	+5.2%	+6.2%
Selling, general and administrative	1,209	972	1,197	+24.4%	+1.0%
Operating income	2,293	836	2,337	+174.3%	-1.9%
Operating margin	17.2%	8.7%	18.3%
Interest expense	712	719	784	-1.0%	-9.2%
Pre-tax income	2,293	836	2,337	+174.3%	-1.9%
Income tax	518	196	539	+164.3%	-3.9%
Effective tax rate	22.6%	23.4%	23.1%
Net income	1,773	656	1,804	+170.3%	-1.7%
Net margin	13.3%	6.8%	14.1%
Diluted EPS	$6.55	$2.42	$6.64	+170.7%	-1.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,932	-890	1,700		+13.6%
Capital expenditure	195	256	203	-23.8%	-3.9%
Free cash flow	1,737	-1,146	1,497		+16.0%
Free cash flow margin	13.0%	-11.9%	11.7%
Cash from investing	-1,729	1,822	-637
Cash from financing	863	-2,490	102		+746.1%
Depreciation and amortisation	594	590	555	+0.7%	+7.0%
Share-based compensation	28.0	41.0	26.0	-31.7%	+7.7%
Buybacks	198	302	397	-34.4%	-50.1%
Dividends paid	437	441	440	-0.9%	-0.7%
Dividend per share	$1.62	$1.62	$1.62	0.0%	0.0%
Diluted shares, weighted	271m	271m	272m	-0.0%	-0.4%
Shares outstanding at period end	270m	270m	271m	-0.1%	-0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	27,406	26,300	24,287	+4.2%	+12.8%
Non-controlling interest	7.0	7.0	8.0	0.0%	-12.5%
Redeemable equity	47.0	50.0	83.0	-6.0%	-43.4%
Debt	63,822	62,479	66,321	+2.1%	-3.8%
Other liabilities	15,719	14,600	15,604	+7.7%	+0.7%
Total liabilities and equity	107,001	103,436	106,303	+3.4%	+0.7%
Goodwill	4,513	4,280	4,094	+5.4%	+10.2%
Intangible assets	975	880	964	+10.8%	+1.1%
Securities held for sale or to maturity	1,381	1,391	1,266	-0.7%	+9.1%
Cash and equivalents	7,905	6,798	7,991	+16.3%	-1.1%
Inventory	8,188	8,286	7,870	-1.2%	+4.0%
Other assets	84,039	81,801	84,118	+2.7%	-0.1%
Total assets	107,001	103,436	106,303	+3.4%	+0.7%

Questions

What was Deere's revenue in Q2 FY2026?

Deere (DE) reported revenue of $13.4 billion for Q2 FY2026, the quarter ended 3 May 2026, up 4.7% on the same quarter a year earlier.

How much did Deere earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.8 billion, down 1.7% on the year, and diluted earnings per share $6.55.

When did Deere report Q2 FY2026 results?

Deere filed its 10-Q for the quarter ended 3 May 2026 with the SEC on 28 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	11,327	9,569	13,370	14,102	15,536	12,652	17,387	15,801	15,411	12,185	15,235	13,152	11,144	8,508	12,763	12,018	12,395	9,611	13,369	12,608
Cost of revenue	8,120	6,695	8,918	9,511	10,214	7,934	10,730	9,624	9,427	7,200	9,157	7,848	6,570	5,037	7,609	7,570	7,943	6,280	8,266	7,939
Gross profit	3,207	2,874	4,452	4,591	5,322	4,718	6,657	6,177	5,984	4,985	6,078	5,304	4,574	3,471	5,154	4,448	4,452	3,331	5,103	4,669
Gross margin	28%	30%	33%	33%	34%	37%	38%	39%	39%	41%	40%	40%	41%	41%	40%	37%	36%	35%	38%	37%
R&D	450	402	453	481	576	495	547	528	607	533	565	567	625	526	549	556	680	554	583	567
SG&A	935	781	932	959	1,191	952	1,330	1,110	1,203	1,066	1,265	1,278	1,231	972	1,197	1,217	1,277	972	1,209	1,220
Operating income	1,692	1,235	2,670	2,646	2,957	2,518	3,898	3,516	3,026	2,215	3,117	2,355	1,519	895	2,337	1,600	1,425	836	2,293	1,882
Operating margin	15%	13%	20%	19%	19%	20%	22%	22%	20%	18%	20%	18%	14%	11%	18%	13%	11%	9%	17%	15%
Interest expense	210	229	187	296	350	479	569	623	782	802	836	840	870	829	784	794	763	719	712	710
Pre-tax income	1,612	1,151	2,552	2,539	2,885	2,493	3,848	3,606	3,072	2,215	3,117	2,355	1,519	895	2,337	1,600	1,425	836	2,293	1,882
Tax rate	20%	22%	18%	26%	22%	22%	26%	18%	23%	21%	24%	27%	16%	3%	23%	21%	25%	23%	23%	28%
Net income	1,282	903	2,098	1,884	2,246	1,959	2,860	2,978	2,369	1,751	2,370	1,734	1,245	869	1,804	1,289	1,065	656	1,773	1,379
Net margin	11%	9%	16%	13%	14%	15%	16%	19%	15%	14%	16%	13%	11%	10%	14%	11%	9%	7%	13%	11%
Diluted EPS	$4.12	$2.92	$6.81	$6.16	$7.44	$6.55	$9.65	$10.20	$8.26	$6.23	$8.53	$6.29	$4.55	$3.19	$6.64	$4.75	$3.93	$2.42	$6.55	$5.10
Operating cash flow	3,412	-2,553	791	2,180	4,281	-1,246	1,099	3,043	5,693	-908	1,852	3,195	5,092	-1,132	1,700	2,896	3,995	-890	1,932	2,208
Capital expenditure	356	193	153	250	538	315	269	303	611	362	357	324	597	352	203	297	508	256	195	265
Free cash flow	3,056	-2,746	638	1,930	3,743	-1,561	830	2,740	5,082	-1,270	1,495	2,871	4,495	-1,484	1,497	2,599	3,487	-1,146	1,737	1,943
Buybacks	758	623	603	1,251	1,120	1,257	1,289	2,117	2,553	1,328	1,094	805	780	441	397	298	2.0	302	198	197
Dividends paid	279	327	322	322	342	341	356	368	362	386	410	406	403	403	440	439	438	441	437	438
Shares outstanding	307m	307m	306m	302m	298m	296m	293m	288m	282m	278m	276m	274m	272m	271m	271m	270m	270m	270m	270m	270m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 3 May 2026, filed 28 May 2026: the filing.