Published
# Deere & Company (DE) — Recent Events ## Filings that contain financial statements - **8-K dated August 20, 2026 (accession 0001104659-26-098904), Exhibit 99.1** — furnishes unaudited condensed consolidated statements of income, balance sheets, and statements of cash flows for the third quarter and nine months ended August 2, 2026 (with July 27, 2025 comparatives), plus segment-level results. - **8-K dated May 21, 2026 (accession 0001104659-26-064747), Exhibit 99.1** — furnishes unaudited condensed consolidated financial statements for the second quarter and six months ended May 3, 2026 (with April 27, 2025 comparatives), plus segment-level results. - **8-K dated February 19, 2026 (accession 0001104659-26-017239), Exhibit 99.1** — furnishes unaudited condensed consolidated financial statements for the first quarter ended February 1, 2026 (with January 26, 2025 comparatives), plus segment-level results. - **8-K dated November 26, 2025 (accession 0001104659-25-116130), Exhibit 99.1** — furnishes unaudited condensed consolidated financial statements for the fourth quarter and full fiscal year ended November 2, 2025 (with fiscal 2024 comparatives), plus segment-level results. - **8-K dated August 14, 2025 (accession 0001558370-25-011453), Exhibit 99.1** — furnishes unaudited condensed consolidated financial statements for the third quarter and nine months ended July 27, 2025 (with July 28, 2024 comparatives), plus segment-level results; Exhibit 99.2 furnished earnings call / investor presentation information under Item 7.01. ## Earnings and Guidance **Third quarter fiscal 2026 (reported August 20, 2026; accession 0001104659-26-098904).** Deere reported net income of $1.379 billion, or $5.10 per diluted share, for the quarter ended August 2, 2026, up 7% from $1.289 billion ($4.75 per share) a year earlier. Worldwide net sales and revenues rose 5% to $12.608 billion. Small Agriculture & Turf and Construction & Forestry both posted double-digit sales growth and higher operating margins, while Production & Precision Agriculture sales and operating profit declined on lower shipment volumes. The company raised its full-year fiscal 2026 net income guidance to a range of $4.75 billion to $5.00 billion, up from the prior range of $4.5 billion to $5.0 billion, citing stronger-than-expected results and calling 2026 the bottom of the agricultural equipment cycle. The release notes tariff recoveries of $110 million in the quarter and $382 million for the first nine months of fiscal 2026. **Second quarter fiscal 2026 (reported May 21, 2026; accession 0001104659-26-064747).** Net income was $1.773 billion, or $6.55 per diluted share, for the quarter ended May 3, 2026, down 2% from $1.804 billion ($6.64 per share) a year earlier. Worldwide net sales and revenues rose 5% to $13.369 billion. Small Agriculture & Turf and Construction & Forestry again drove growth while Production & Precision Agriculture sales fell 14%. Full-year fiscal 2026 net income guidance was maintained at $4.5 billion to $5.0 billion. The release discloses that on February 20, 2026, the U.S. Supreme Court invalidated tariffs imposed under the International Emergency Economic Powers Act (IEEPA), and Deere recorded a $272 million recovery for related refund claims accepted by U.S. Customs and Border Protection. **First quarter fiscal 2026 (reported February 19, 2026; accession 0001104659-26-017239).** Net income was $656 million, or $2.42 per diluted share, for the quarter ended February 1, 2026, down 25% from $869 million ($3.19 per share) a year earlier. Worldwide net sales and revenues rose 13% to $9.611 billion, driven by Small Agriculture & Turf (+24%) and Construction & Forestry (+34%) shipment volumes; Production & Precision Agriculture operating profit fell 59% on higher tariffs, unfavorable mix, and higher warranty expense. The company raised its full-year fiscal 2026 net income guidance to $4.5 billion to $5.0 billion, up from the $4.00 billion to $4.75 billion range given with fourth-quarter fiscal 2025 results. **Fourth quarter and full fiscal year 2025 (reported November 26, 2025; accession 0001104659-25-116130).** Deere reported fourth-quarter net income of $1.065 billion ($3.93 per diluted share), down 14% from $1.245 billion a year earlier, and full fiscal-year 2025 net income of $5.027 billion ($18.50 per diluted share), down 29% from $7.100 billion in fiscal 2024. Full-year net sales and revenues fell 12% to $45.684 billion, reflecting continued weakness in the large-ag cycle. The company initiated fiscal 2026 net income guidance of $4.00 billion to $4.75 billion and said it expects 2026 to mark the bottom of the large-ag cycle. The release also discloses a fourth-quarter litigation accrual increase of $95 million pretax ($75 million after-tax) related to a consolidated multidistrict class-action antitrust lawsuit. **Third quarter fiscal 2025 (reported August 14, 2025; accession 0001558370-25-011453).** Deere reported net income of $1.289 billion, or $4.75 per share, for the quarter ended July 27, 2025, compared with net income of $1.734 billion, or $6.29 per share, a year earlier. For the first nine months of the year, net income attributable to Deere & Company was $3.962 billion, or $14.57 per share, compared with $5.855 billion, or $21.04 per share, for the same period last year. Worldwide net sales and revenues decreased 9% to $12.018 billion for the quarter and 18% to $33.290 billion for nine months; net sales were $10.357 billion for the quarter and $28.338 billion for nine months. The release stated that full-year fiscal 2025 net income guidance was narrowed, forecasting net income attributable to Deere & Company in a range of $4.75 billion to $5.25 billion. ## Mergers, Acquisitions, and Divestitures **Tenna LLC acquisition — completed.** In February 2026, Deere completed the acquisition of Tenna LLC, a U.S. construction technology company providing mixed-fleet equipment operations and asset-tracking solutions, for a purchase price of $439 million, net of cash acquired. Tenna was assigned to the Construction & Forestry segment. This transaction was disclosed in the condensed notes to the interim financial statements furnished with the second-quarter fiscal 2026 earnings release (accession 0001104659-26-064747) and reiterated in the subsequent third-quarter release (accession 0001104659-26-098904); it was not the subject of a standalone 8-K. **Banco John Deere S.A. (BJD) — completed.** Deere's agreement with Banco Bradesco S.A. for Bradesco to acquire a 50% stake in the company's Brazilian financing subsidiary, Banco John Deere S.A., closed in February 2025. Deere deconsolidated BJD at that time and now accounts for its retained interest under the equity method. This transaction predates the current reporting period but continues to be referenced in the condensed notes to each quarterly earnings release as the source of prior-period special items. ## Legal Proceedings **FTC/state attorneys general lawsuit — settled.** On July 8, 2026, Deere entered into a settlement with the Federal Trade Commission and the plaintiff states (Illinois, Minnesota, Arizona, Michigan, and Wisconsin) resolving the lawsuit filed against the company on January 15, 2025. Under the settlement, Deere agreed, among other items, to provide certain repair resources to farmers and independent repair providers on "fair and reasonable terms" (as defined by the settlement), to provide regular reporting to the FTC, and to submit to the FTC's oversight of its compliance with the settlement. This was disclosed in the Form 10-Q for the quarter ended August 2, 2026 (accession 0001104659-26-102213); the Q3 FY2026 and Q2 FY2026 earnings-release exhibits do not mention it, and it is not the subject of a standalone 8-K. ## Capital Actions — Debt Issuance **$300 million notes offering (July 2026; accession 0001104659-26-083910).** On July 10, 2026, Deere Funding Canada Corporation, an indirect wholly owned subsidiary of Deere & Company, agreed to sell $300,000,000 aggregate principal amount of 4.850% Notes due July 15, 2031, fully and unconditionally guaranteed by Deere & Company on a senior unsecured basis. The notes were issued under Deere's existing indenture and registered under a Form S-3 shelf registration; underwriters were Barclays Capital, Credit Agricole Securities, Deutsche Bank Securities, RBC Capital Markets, and TD Securities (USA). **$500 million notes offering (October 2025; accession 0001104659-25-098401).** On October 2, 2025, Deere Funding Canada Corporation agreed to sell $500,000,000 aggregate principal amount of 4.150% Notes due October 9, 2030, fully and unconditionally guaranteed by Deere & Company on a senior unsecured basis. Underwriters were Goldman Sachs & Co., MUFG Securities Americas, RBC Capital Markets, and TD Securities (USA). ## Management and Board Changes - **April 28, 2026 (accession 0001104659-26-053322):** Deere's board elected T. Brent Norwood as Senior Vice President and Chief Financial Officer, effective May 1, 2026, succeeding Ryan D. Campbell, who had served as acting CFO. Campbell continues as President, Worldwide Construction & Forestry and Power Systems. Norwood's annualized salary is $925,000, with a target short-term incentive award of 100% of base salary and a one-time award of 8,809 performance-based restricted stock units. - **January 20-22, 2026 (accession 0001104659-26-005771):** Joshua A. Jepsen resigned as Senior Vice President and CFO effective February 19, 2026. Ryan D. Campbell was appointed acting CFO on an interim basis effective the same date while the company searched for a permanent replacement. - **May 26, 2026 (accession 0001104659-26-068930):** Director Dmitri Stockton notified the board he will not stand for re-election at the 2027 annual meeting; he will complete his current term. - **December 3-4, 2025 (accession 0001104659-25-118224):** The board increased its size from 10 to 11 directors and elected Brian Sikes, Chair, President and CEO of Cargill, Incorporated, effective December 4, 2025, to the Compensation and Corporate Governance committees. Separately, Raj Kalathur notified the board of his intention to retire as President, John Deere Financial and Chief Information Officer, effective January 31, 2026. - **August 27 - September 2, 2025 (accession 0001558370-25-011829):** The board elected Cory Reed as President, Lifecycle Solutions, Supply Management, and Customer Success, effective November 3, 2025, as part of a broader senior management reorganization. - **July 7, 2025 (accession 0001558370-25-009102):** The company announced the death of director Sherry M. Smith, who had served on the board since 2011. The board reduced its size to ten members and appointed R. Preston Feight as Lead Director. ## Executive Compensation **March 12-16, 2026 (accession 0001104659-26-028536).** The board approved one-time performance-based restricted stock unit (PSU) awards to named executive officers under the 2020 Equity and Incentive Plan, tied to a five-year Shareholder Value Added (SVA) performance metric spanning fiscal 2026 through fiscal 2030. Target award values: $25,000,000 for CEO John C. May, $5,000,000 for Ryan D. Campbell, and $5,000,000 for Deanna M. Kovar. ## Annual Meeting Results **February 25, 2026 (accession 0001104659-26-021272).** At its annual meeting, Deere shareholders elected all ten director nominees, approved (on an advisory basis) executive compensation, and ratified Deloitte & Touche LLP as independent auditor for fiscal 2026. Shareholder proposals on emissions-reduction reporting, shareholder written consent, and faith-based business resource groups were all voted down. ## What is not reflected in current SEC filings No 8-K in this period discloses a change to Deere's share-repurchase authorization or dividend rate; the earnings-release financial statements show dividends declared held steady at $1.62 per share per quarter throughout the period covered. No filing in this window discloses a workforce restructuring or plant-closure program comparable to the fiscal 2024 employee-separation programs referenced in the notes to the fourth-quarter fiscal 2025 release.