Deere (DE) Q3 FY2026 earnings: revenue $12.6 billion, up 4.9% on the year

Deere & Co. (DE) reported revenue of $12.6 billion for Q3 FY2026, the quarter ended 2 August 2026, up 4.9% on the same quarter a year earlier. Net income was $1.4 billion, up 7.0% on the year, and diluted earnings per share $5.10. The figures are the company's own, from the 10-Q it filed with the SEC on 27 August 2026.

Revenue

$12.6 billion

+4.9% on the year · -5.7% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

14.9%

13.3% a year earlier

Q4 FY2024Q3 FY2026

Net income

$1.4 billion

+7.0% on the year · -22.2% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$5.10

+7.4% on the year · -22.1% on the quarter

Q4 FY2024Q3 FY2026

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

What management said

Guidance figures: 3 raised, 6 lowered, 2 narrowed, 9 kept.

Third-quarter net income rose 7 percent: Net income attributable to Deere was $1.379 billion, or $5.10 per diluted share, compared with $1.289 billion, or $4.75, a year earlier.
Production and Precision Ag sales fell: Net sales were $3.998 billion, down 6 percent, and operating profit was $527 million, down 9 percent, with margin at 13.2% against 13.6%.
Small Ag and Turf profit rose 28%: Net sales were $3.383 billion, up 12 percent; operating profit was $622 million, up 28 percent, and margin rose to 18.4% from 16.0%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	12,608	13,369	12,018	-5.7%	+4.9%
Cost of revenue	7,939	8,266	7,570	-4.0%	+4.9%
Gross profit	4,669	5,103	4,448	-8.5%	+5.0%
Gross margin	37.0%	38.2%	37.0%
Research and development	567	583	556	-2.7%	+2.0%
Selling, general and administrative	1,220	1,209	1,217	+0.9%	+0.2%
Operating income	1,882	2,293	1,600	-17.9%	+17.6%
Operating margin	14.9%	17.2%	13.3%
Interest expense	710	712	794	-0.3%	-10.6%
Pre-tax income	1,882	2,293	1,600	-17.9%	+17.6%
Income tax	529	518	339	+2.1%	+56.0%
Effective tax rate	28.1%	22.6%	21.2%
Net income	1,379	1,773	1,289	-22.2%	+7.0%
Net margin	10.9%	13.3%	10.7%
Diluted EPS	$5.10	$6.55	$4.75	-22.1%	+7.4%

$ 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	2,208	1,932	2,896	+14.3%	-23.8%
Capital expenditure	265	195	297	+35.9%	-10.8%
Free cash flow	1,943	1,737	2,599	+11.9%	-25.2%
Free cash flow margin	15.4%	13.0%	21.6%
Cash from investing	-918	-1,729	-1,580
Cash from financing	-201	863	-736
Depreciation and amortisation	603	594	564	+1.5%	+6.9%
Share-based compensation	47.0	28.0	50.0	+67.9%	-6.0%
Buybacks	197	198	298	-0.5%	-33.9%
Dividends paid	438	437	439	+0.2%	-0.2%
Dividend per share	$1.62	$1.62	$1.62	0.0%	0.0%
Diluted shares, weighted	271m	271m	271m	-0.0%	-0.3%
Shares outstanding at period end	270m	270m	270m	-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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	27,990	27,406	25,175	+2.1%	+11.2%
Non-controlling interest	7.0	7.0	5.0	0.0%	+40.0%
Redeemable equity	44.0	47.0	84.0	-6.4%	-47.6%
Debt	63,836	63,822	66,646	+0.0%	-4.2%
Other liabilities	15,730	15,719	15,907	+0.1%	-1.1%
Total liabilities and equity	107,607	107,001	107,817	+0.6%	-0.2%
Goodwill	4,466	4,513	4,209	-1.0%	+6.1%
Intangible assets	940	975	926	-3.6%	+1.5%
Securities held for sale or to maturity	1,303	1,381	1,338	-5.6%	-2.6%
Cash and equivalents	8,928	7,905	8,580	+12.9%	+4.1%
Inventory	7,811	8,188	7,713	-4.6%	+1.3%
Other assets	84,159	84,039	85,051	+0.1%	-1.0%
Total assets	107,607	107,001	107,817	+0.6%	-0.2%

Questions

What was Deere's revenue in Q3 FY2026?

Deere (DE) reported revenue of $12.6 billion for Q3 FY2026, the quarter ended 2 August 2026, up 4.9% on the same quarter a year earlier.

How much did Deere earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.4 billion, up 7.0% on the year, and diluted earnings per share $5.10.

When did Deere report Q3 FY2026 results?

Deere filed its 10-Q for the quarter ended 2 August 2026 with the SEC on 27 August 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 2 August 2026, filed 27 August 2026: the filing.