Earnings Call
May 21, 2026
Q2 FY2026
EPS Estimate
5.70
EPS Actual
6.55
Post-Earnings Close
$531.35
Earnings Reaction
-5.2%
Deere's second quarter of fiscal 2026 was defined by a striking divergence across its three operating segments, a dynamic that management leaned into as evidence of structural resilience rather than cyclical vulnerability. Equipment operations delivered a 16.9% margin on net sales of $11.78 billion, up 5% year-over-year, with net income of $1.773 billion or $6.55 per diluted share. That headline margin figure, however, carried a significant asterisk: a $272 million one-time recovery of IEEPA tariff refunds lifted equipment operations margins by nearly 2.5 points. Stripping that out, the underlying margin was closer to 14.5%, still respectable given the ongoing large ag downturn, but important context for investors modeling the back half.
Report generated on May 21, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
Read the full DE analysis
The complete report, with key themes, analyst Q&A summary, notable quotes, and market context — is free with an account. No password, no card.