Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides large and medium tractors, combines, cotton pickers and strippers, sugarcane harvesters and loaders, harvesting front-end equipment, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers. The Small Agriculture and Turf segment offers utility tractors, and related loaders and attachments; turf and utility equipment, including riding lawn equipment, commercial mowing equipment, golf course equipment, and utility vehicles, as well as implements for mowing, tilling, snow and debris handling, aerating, residential, commercial, golf, and sports turf care applications; other outdoor power products; and hay and forage equipment. This segment also resells products from other manufacturers. It serves dairy and livestock producers, crop producers, and turf and utility customers. The Construction and Forestry segment provides a range of backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, landscape and skid-steer loaders, milling machines, pavers, compactors, rollers, crushers, screens, asphalt plants, log skidders, log feller bunchers, log loaders and forwarders, log harvesters, and attachments; and roadbuilding equipment. The Financial Services segment finances sales and leases agriculture and turf, and construction and forestry equipment. It also offers wholesale financing to dealers of the foregoing equipment; and extended equipment warranties, as well as finances retail revolving charge accounts. The company was founded in 1837 and is headquartered in Moline, Illinois.

Deere looks like a high-quality but already expensive industrial business: the fundamentals are strong, but the valuation is notably ahead of the sector. On valuation multiples, the company trades at a premium to the median on almost all key metrics: P/E is 43.4% higher, P/S and P/B are more than 160% higher, and P/FCF is also above the industry level, which limits the potential for further upside without an acceleration in earnings. At the same time, the dynamics of the multiples do not provide a convincing signal of a downward re-rating: P/E and P/B have fluctuated, but remain high, meaning the market is already pricing in strong expectations. Profitability is generally good: ROE is above the median, and net and operating margins are also above industry levels, supporting the premium valuation. However, capital efficiency is not perfect: ROA and ROI are below the median, and return on tangible equity is also slightly weaker than the industry, indicating that asset and invested capital efficiency is not the highest. Leverage is one of the main risks: debt/equity is more than twice the median, and long-term debt remains very large, although the trend there is improving. Liquidity, by contrast, looks comfortable: the quick ratio and current ratio are above average, and cash on hand is high, which reduces short-term financial risks. The earnings and operating results picture is positive: revenue, EBITDA, operating profit, and net income remain significant, while margins are still solid. However, over the years it is noticeable that gross margin, operating margin, and net profit margin have been gradually declining, suggesting that the peak in profitability may already be behind. Equity is growing, which supports the balance sheet, but against the backdrop of high leverage this is not enough to fully eliminate the risk. Dividend yield is currently absent, and previously it was low and declining, so the dividend factor does not add to the investment appeal. Overall, the fundamentals point to a resilient, profitable company with a strong brand and good liquidity, but with a high valuation and notable debt risks. For an investor, this means that the fair price should be somewhat more conservative than the current operating benchmark, since upside potential is limited by valuation premiums and slowing margins.

Deere & Company

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Сильный индекс, незначительно упал. Рынок не поддерживает быков.

Strong index, slightly down. The market does not support the bulls.

Средний индекс, незначительно вырос. Отток средств из лонгов на высоком уровне.

Medium index, slightly up. Outflow of funds from longs at a high level.

Deere remains a profitable and liquid company, but it trades at a high premium to the industry, while margin growth is slowing and leverage remains elevated.

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Global X U.S. Infrastructure Development ETF (Symbol: PAVE) where we have detected an approximate $271.6 million dollar inflow -- that's a 2.1% increase week over week in outstanding units (from 247,120,000 to 252,210,000). Among the largest underlying components of PAVE, in trading today Deere & Co. (Symbol: DE) is up about 1.5%, Nucor Corp. (Symbol: NUE) is off about 0.6%, and Fastenal Co. (Symbol: FAST) is up by about 0.7%. For a complete list of holdings, visit the PAVE Holdings page » The chart below shows the one year price performance of PAVE, versus its 200 day moving average:
Looking at the chart above, PAVE's low point in its 52 week range is $45.44 per share, with $60.43 as the 52 week high point — that compares with a last trade of $54.02. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further PAVE Research:

PAVE, DE, NUE, FAST: Large Inflows Detected at ETF

Key Points
Deere's CEO believes 2026 will mark the bottom of the current agriculture equipment cycle.
Deere increased its net income outlook for the year.
One analyst thinks that makes Deere a buy now.
Deere & Co. (NYSE: DE) stock had a strong week, hitting a record high above $700 per share. Shares have jumped 10% since last Friday's close, according to data provided by S&P Global Market Intelligence.
After a strong fiscal third-quarter report on Aug. 20, Deere boosted the low end of its full-year net income guidance by $250 million. One analyst thinks that signals the start of a recovery cycle in agricultural equipment sales, and thinks Deere stock is still a buy near its record high.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Investors noticed when Deere CEO John May helped make the case for agriculture and construction stocks, stating, "As we look ahead, we continue to believe 2026 will mark the bottom of the current ag equipment cycle."
That would be welcome as companies like Deere & Co. navigate a dynamic tariff and tariff refund environment. Tariff rates have changed, and refunds have been distributed in some cases, making it difficult to set pricing and plan capital spending. But Deere is confident, citing its diversified product groups, advanced technology offerings, and what May called "stable U.S. market conditions."
Baird analyst Mircea Dobre thinks that makes it a good time to buy Deere, even as it hit a record high this week. Dobre anticipates that the impending recovery cycle in the agricultural equipment sector will boost Deere stock to $800 per share.
That represents a possible 15% upside from where Deere shares ended the week.
Should you buy stock in Deere & Company right now?
Before you buy stock in Deere & Company, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Deere & Company wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 5, 2026.
Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Deere & Company. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Why Deere Stock Hit an All-Time High This Week

Investors in Deere & Co. (Symbol: DE) saw new options begin trading today, for the October 23rd expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DE options chain for the new October 23rd contracts and identified one put and one call contract of particular interest.
The put contract at the $680.00 strike price has a current bid of $22.50. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $680.00, but will also collect the premium, putting the cost basis of the shares at $657.50 (before broker commissions). To an investor already interested in purchasing shares of DE, that could represent an attractive alternative to paying $691.78/share today.
Because the $680.00 strike represents an approximate 2% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 59%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 3.31% return on the cash commitment, or 24.15% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Deere & Co., and highlighting in green where the $680.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $700.00 strike price has a current bid of $27.20. If an investor was to purchase shares of DE stock at the current price level of $691.78/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $700.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 5.12% if the stock gets called away at the October 23rd expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if DE shares really soar, which is why looking at the trailing twelve month trading history for Deere & Co., as well as studying the business fundamentals becomes important. Below is a chart showing DE's trailing twelve month trading history, with the $700.00 strike highlighted in red:
Considering the fact that the $700.00 strike represents an approximate 1% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 51%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 3.93% boost of extra return to the investor, or 28.70% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 32%, while the implied volatility in the call contract example is 33%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $691.78) to be 32%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Further DE Research:

October 23rd Options Now Available For Deere (DE)

Investors looking for stocks in the Manufacturing - Farm Equipment sector might want to consider either Kubota Corp. (KUBTY) or Deere (DE). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Kubota Corp. and Deere are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that KUBTY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
KUBTY currently has a forward P/E ratio of 12.03, while DE has a forward P/E of 37.31. We also note that KUBTY has a PEG ratio of 1.20. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. DE currently has a PEG ratio of 2.79.
Another notable valuation metric for KUBTY is its P/B ratio of 1.12. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, DE has a P/B of 6.51.
These are just a few of the metrics contributing to KUBTY's Value grade of A and DE's Value grade of F.
KUBTY stands above DE thanks to its solid earnings outlook, and based on these valuation figures, we also feel that KUBTY is the superior value option right now.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

KUBTY vs. DE: Which Stock Should Value Investors Buy Now?

Key Points
Higher crop prices are making farms more profitable.
Flush farmers are likely to buy more of Deere's machines.
Shares of Deere (NYSE: DE) rose on Monday after an analyst report drove investors to price in the rising probability of a near-term recovery in the U.S. farming market.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The ag sector is poised for a rebound
A brutal combination of higher fuel costs and lower crop prices has weighed on the U.S. agriculture industry's profits in recent years. Yet farmers could soon get some relief.
Baird analyst Mircea Dobre believes rising corn and soy prices will help to drive an upturn in farming profits in North America, boosting demand for large agricultural equipment in the coming year.
And that, my friends, would mean more sales for Deere.
Deere stands to profit handsomely from a farming recovery
Dobre estimates that Deere's earnings per share will grow to roughly $25 in 2027 and well over $30 in 2028 as these trends take hold. The agricultural machinery and heavy construction equipment maker generated $18.50 in per-share profits in fiscal year 2025.
Due in part to this expected surge in profitability, Dobre placed an outperform rating on Deere's stock and lifted his share price forecast from $640 to $800.
This new price target represents potential gains of more than 22% for investors who buy shares now.
Should you buy stock in Deere & Company right now?
Before you buy stock in Deere & Company, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Deere & Company wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $440,710!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of August 31, 2026.
Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Deere & Company. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Why Deere Stock Rallied Today

Caterpillar Inc. CAT is witnessing strong momentum in its Construction Industries segment, supported by higher equipment demand, increased sales volumes and favorable pricing. The segment has emerged as a key growth driver for the company, with revenue gains of more than 30% in both the first and second quarters of 2026.
The Construction Industries segment generated approximately $25.1 billion in sales in 2025, accounting for about 37% of Caterpillar’s total revenues. Momentum accelerated in 2026, with segment revenues rising 38% year over year to $7.16 billion in the first quarter. In the second quarter, revenues increased 34.8% to $8.35 billion, representing roughly 41% of the company’s total revenues.
The segment delivered the strongest year-over-year sales growth among Caterpillar’s segments in the second quarter. The increase was primarily driven by a $1.75 billion benefit from higher sales volumes and $309 million from favorable price realization.
Construction Industries supports customers engaged in infrastructure development and building construction and has generated revenues at a compound annual growth rate of 8.2% between 2020 and 2025. The segment serves more than 700,000 customers across more than 190 countries, giving Caterpillar a broad global footprint and significant exposure to infrastructure and construction activity.
Beyond equipment sales, Caterpillar is working to expand the segment’s recurring and technology-enabled revenue opportunities. Rental offerings, digital capabilities and advanced technology solutions are becoming increasingly important to the company’s strategy. These initiatives are designed to deepen customer engagement, improve equipment utilization and create additional revenue streams over the life of a machine.
Caterpillar also sees substantial long-term growth potential in the segment. The company aims to increase Construction Industries’ sales to end users by 1.25 times by 2030 compared with 2024 levels. This target is supported by its expectation that global construction spending will increase more than 25% between 2024 and 2034.
The company is positioned to benefit from opportunities across both developed and emerging markets. Caterpillar’s competitive advantages extend beyond the breadth of its equipment portfolio. Its extensive dealer network, large connected-machine base and expanding digital ecosystem help customers improve productivity, machine utilization and operating efficiency.
The company is also investing in autonomous equipment, Artificial Intelligence-enabled jobsite solutions, machine automation and operator-assistance technologies. These capabilities could become increasingly valuable as contractors contend with skilled labor shortages, greater project complexity and the need to improve jobsite productivity.
Caterpillar faces competition from companies pursuing similar strategies around automation, digitalization and intelligent equipment. Komatsu Ltd. KMTUY, for instance, is expanding its Smart Construction platform, autonomous equipment portfolio and digital services while benefiting from global infrastructure and mining investment. Like Caterpillar, Komatsu is seeking to increase the contribution of software-enabled solutions and connected equipment beyond traditional machinery sales.
Deere & Company DE is another key competitor, with its Construction & Forestry segment focused on precision construction technologies, machine guidance systems and autonomous capabilities. Deere is investing in digital workflows designed to improve jobsite efficiency while expanding aftermarket and technology-driven recurring revenue opportunities. Similar to Caterpillar, Deere views connected equipment, intelligent machinery and software integration as important drivers of long-term growth.
CAT’s Price Performance, Valuation & Estimates
Caterpillar shares have gained 91.3% in the past year, outperforming the manufacturing - construction and mining industry's 79.1% growth.
CAT is currently trading at a forward 12-month P/E of 26.52X, a premium compared with the industry’s 24.83X.
The Zacks Consensus Estimate for 2026 points to year-over-year earnings growth of 42.4%, while the 2027 estimate implies growth of around 20.6%.
Earnings estimates for both years have moved up over the past 60 days.
Image Source: Zacks Investment Research
Caterpillar stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

CAT's Construction Revenues Up 35% in Q2: Can It Maintain This Pace?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the JPMorgan Active Growth ETF (Symbol: JGRO) where we have detected an approximate $271.6 million dollar outflow -- that's a 2.6% decrease week over week (from 107,925,000 to 105,075,000). Among the largest underlying components of JGRO, in trading today Natera Inc (Symbol: NTRA) is down about 2.1%, Quanta Services, Inc. (Symbol: PWR) is down about 1.7%, and Deere & Co. (Symbol: DE) is lower by about 0.5%. For a complete list of holdings, visit the JGRO Holdings page » The chart below shows the one year price performance of JGRO, versus its 200 day moving average:
Looking at the chart above, JGRO's low point in its 52 week range is $81.16 per share, with $99.73 as the 52 week high point — that compares with a last trade of $94.89. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further JGRO Research:

Notable ETF Outflow Detected - JGRO, NTRA, PWR, DE

NVIDIA will pay its next quarterly cash dividend of $0.25 per share on October 1, 2026, to all shareholders of record on September 10, 2026.
The Deere Board of Directors today declared a quarterly dividend of $1.62 per share payable Nov. 9, 2026, to stockholders of record on Sept. 30, 2026.
Americold Realty Trust, a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced that its Board of Directors has declared a dividend of $0.23 per share for the third quarter of 2026, payable to holders of the Company's common stock. The dividend will be payable in cash on October 15, 2026 to stockholders of record at the close of business on September 30, 2026.
On August 26, 2026, the Raymond James Financial Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.54 per share, payable October 15, 2026 to shareholders of record on October 1, 2026.
Nordson today announced that its Board of Directors has approved a 15% increase in the Company's quarterly cash dividend to $0.94 per common share from $0.82. The dividend is payable on October 2, 2026, to shareholders of record as of the close of business on September 10, 2026. This increase represents Nordson's 63rd consecutive year of annual dividend increases, ranking it among an elite group of publicly traded companies with the longest-running record of consecutive dividend increases.
Today, Best Buy announced its board of directors has authorized the payment of a regular quarterly cash dividend of $0.96 per common share. The regular quarterly dividend is payable on October 8, 2026, to shareholders of record as of the close of business on September 17, 2026.

Daily Dividend Report: NVDA,DE,RJF,NDSN,BBY

(RTTNews) - Members of the United Auto Workers at John Deere (DE) have voted to reject the company's proposal to extend their current collective bargaining agreement through 2029.
The proposal, which Deere offered last month, would have extended the existing contract from its scheduled 2027 expiration to 2029. Under the offer, union members would have received 4% wage increases in each of the two years, along with $3,000 bonuses.
UAW President Shawn Fain said the proposal failed to address workers' concerns, particularly regarding job security, as Deere continues to outsource jobs while about 1,600 workers remain laid off.
"While John Deere continues to outsource jobs, 1,600 workers are still laid off," Fain said. "Our members rejected Deere's offer because they know their worth and what they deserve."
The union also pointed to Deere's financial performance, saying the company generated nearly $5 billion in profit in 2025 and expects to earn between $4.5 billion and $5 billion this year. Deere spent $1.1 billion on stock buybacks and paid $1.7 billion in dividends in 2025, while setting aside another $7.9 billion for future buybacks.
UAW Vice President Laura Dickerson said workers believe they should have a greater share of the company's financial success.
Deere's CEO John May received $27.9 million in total compensation in 2025, according to the union.
With the extension rejected, the current agreement remains set to expire in 2027, setting the stage for potentially contentious negotiations between Deere and the UAW next year.

UAW Members Reject Deere Contract Extension Offer

Deere & Company DE raised the lower end of its fiscal 2026 net income forecast to $4.75-$5 billion from the earlier $4.5-$5 billion. The updated guidance reflects strong results delivered in the third quarter of fiscal 2026.
Net sales from Deere’s equipment operations were $11 billion in third-quarter fiscal 2026, up 6.2% from the year-ago quarter’s $10.36 billion. This reflects strength in Small Agriculture and Turf and Construction and Forestry despite weakness in Production and Precision Agriculture. Construction and Forestry net sales were $3.62 billion, up 18% year over year, primarily on higher shipment volumes and favorable price realization. Operating profit surged 84% year over year to $436 million, aided mainly by favorable price realization, partially offset by higher selling, administrative, general and R&D costs.
Deere is gaining from strong growth in both its precision construction technologies and construction portfolio. The company expects the Construction and Forestry segment to be an increasingly important contributor to Deere's long-term growth strategy, driven by solid end market demand, healthy customer backlogs and the rising adoption of Deere’s technology solution.
Deere expects Construction and Forestry sales to increase 20% in fiscal 2026. The segment’s operating earnings are expected to be 10.5-11.5%, marking an increase of 9% from that reported in fiscal 2025.
The company expects industry sales for earthmoving equipment in the U.S. and Canada construction equipment to increase 5-10% in fiscal 2026, and compact construction equipment to increase 5%. The upside will be driven by solid demand from large-scale infrastructure, data center and energy-related projects. Even though global forestry sales are expected to be down 10% in the year, it will be offset by a 10% rise in global roadbuilding market sales.
The company continues to view 2026 as the bottom of the current agriculture equipment cycle. Early order program trends, improving used-equipment inventories and increased customer adoption of advanced technologies underpin its confidence in the company's longer-term positioning.
Recent Performance & Outlook of Deere’s Peers
AGCO Corp.’s AGCO net sales declined 1% year over year to $2.61 billion in the second quarter of 2026. Adjusted operating income fell 21.1% to $172 million. AGCO Corp’s adjusted operating margin declined 170 basis points to 6.6% due to weaker sales and factory absorption in Latin America, along with tariff-related costs.
AGCO Corp expects adjusted earnings of $5.50-$5.75 per share compared with the prior stated $6.00. It anticipates 2026 net sales between $10.1 billion and $10.2 billion, while the adjusted operating margin is expected to be 7.5%.
Lindsay Corporation’s LNN sales were $160.8 million, down 5% year over year in the third quarter of 2026. Irrigation softness outweighed infrastructure growth. The quarter reflected persistent demand challenges in North America and Brazil.
Lindsay expects the irrigation market conditions in the United States to remain soft as growers await greater trade certainty and an improvement in commodity prices. Brazil is expected to return to growth, supported by secular demand for irrigation investments. Lindsay also expects to recognize $70 million in revenues from the MENA irrigation project in fiscal 2026. In Infrastructure, the company anticipates continued growth in road safety products.
DE’s Price Performance, Valuations & Estimates
Deere shares have gained 34.4% in a year compared with the Zacks Manufacturing - Farm Equipment industry’s 28.1% growth. In comparison, the broader Zacks Industrial Products sector has returned 20.4% and the S&P 500 has rallied 22.9%.
Deere is currently trading at a forward 12-month price/earnings of 30.06X, a premium compared with the industry’s 27.55X. It is also higher than DE’s five-year median of 27.53X.
The consensus estimate for fiscal 2026 earnings suggests a year-over-year decline of 1.5%. The same for fiscal 2027 indicates growth of 22.4%. The Zacks Consensus Estimate for 2026 sales implies 8.9% growth. The same for fiscal 2027 suggests growth of 9.1%.
EPS estimates for 2026 and 2027 have moved south over the past 60 days.
Image Source: Zacks Investment Research
Deere currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

Indicator	TTM Median
P/E	36.40 25.39
Price/Sales	3.70 1.42
P/B	6.31 2.42
P/FCF	22.19 18.65

Indicator	TTM Median
ROE	18.10 14.70
ROA	4.51 5.95
ROI	7.06 8.68
Net Worth	159.32 1.25
Quick Ratio	1.95 1.17
Current Ratio	2.18 1.59

Indicator	TTM Median
Net Profit Margin	10.09 7.63
Operating Margin	12.99 10.38
Gross Margin	36.59 32.92
Return on tangible equity	22.52 24.54

Indicator	TTM Median
EPS	5.10 0.82
EPS Forecast	4.79 0.67
Revenue	13.37B 187.00M
Gross Profit	4.67B —
EBITDA	3.60B —

Deere & Company

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue