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Deere (DE) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 27, 2026 · Deere (DE) Q3 FY26 earnings results →

Q3 FY26 Revenue up 5% year over year to $12.6B · 11¢ of every $1 of revenue kept as net profit · operating margin 14.9%

Deere made $12.6B in Q3 FY26 (+5% Y/Y): Net Sales $11.0B, Finance and Interest Income $1.4B, Forestry $283M. Operating margin 14.9%, net earnings $1.4B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 27, 2026.

Revenue$12.6B
Year over year+5%
Operating margin14.9%
Net earnings$1.4B
Operating cash flow$2.2B

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Deere Q3 FY26 revenue breakdown: Sankey diagram of revenue (Net Sales, Finance and Interest Income, Forestry), costs, profit and cash flow
Deere Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $12.6B in Q3 FY26, up 5% year over year and down 6% from the previous quarter. Net Sales was the largest line at 87% of revenue. Net Sales added $0.64B year over year (up 6%), 109% of the total change. Finance and Interest Income declined 5%.

Operating profit was $1.9B, a 14.9% margin (up 1.6 points year over year). Of the extra revenue versus Q3 FY25, 48% reached operating profit, above the 13% margin then. Total costs grew 3% against revenue growth of 5%. Net earnings were $1.4B, up 7% year over year. The effective tax rate was 27.8%.

Operating cash flow was $2.2B (down 24% year over year), 160% of net earnings. Non-cash charges added back $0.60B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items added $0.18B. Capital expenditures of $0.27B left free cash flow of $1.9B.

Quarterly history

Deere revenue by quarterDeere revenue by quarter$11.1BQ4 FY24$12.8BQ2 FY25$12.0BQ3 FY25$12.4BQ4 FY25$9.6BQ1 FY26$13.4BQ2 FY26$12.6BQ3 FY26
Deere net earnings by quarterDeere net earnings by quarter$1.2BQ4 FY24$1.8BQ2 FY25$1.3BQ3 FY25$1.1BQ4 FY25$655MQ1 FY26$1.8BQ2 FY26$1.4BQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 27, 2026$12.6B+5%14.9%$1.4B$2.2B
Q2 FY2610-QMay 28, 2026$13.4B+5%17.2%$1.8B$1.9B
Q1 FY2610-QFeb 26, 2026$9.6B+13%8.7%$655M−$890M
Q4 FY2510-KDec 18, 2025$12.4B+11%11.5%$1.1B$4.0B
Q3 FY2510-QAug 28, 2025$12.0B-9%13.3%$1.3B$2.9B
Q2 FY2510-QMay 29, 2025$12.8B-16%18.3%$1.8B$1.7B
Q4 FY2410-KDec 12, 2024$11.1B-28%13.6%$1.2B$5.1B

Charts

Deere: revenue growth, year over year and quarter over quarterDeere: revenue growth, year over year and quarter over quarterY/YQ/Q-28%Q4 FY24-16%+15%Q2 FY25-9%-6%Q3 FY25+11%+3%Q4 FY25+13%-22%Q1 FY26+5%+39%Q2 FY26+5%-6%Q3 FY26
Latest (Q3 FY26): Y/Y +5%, Q/Q -6%.
Deere: where the cash came from (+) and went (−), TTM to Q3 FY26Deere: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$7.2BNet borrowing (+) / repaid (−)−$2.3BDividends−$1.8BCapital spending−$1.2BBuybacks−$699MAcquisitions−$467MOther investing−$390MCash drawn (+) / kept (−)−$303MOther financing−$91.0MExchange rates−$11.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Deere: profit against cash, quarter by quarterDeere: profit against cash, quarter by quarterNet incomeOperating cash flow$1.2B$5.1BQ4 FY24$867M−$1.1BQ1 FY25$1.8B$1.7BQ2 FY25$1.3B$2.9BQ3 FY25$1.1B$4.0BQ4 FY25$655M−$890MQ1 FY26$1.8B$1.9BQ2 FY26$1.4B$2.2BQ3 FY26
Latest (Q3 FY26): Net income $1.4B, Operating cash flow $2.2B.
Deere: diluted shares by fiscal yearDeere: diluted shares by fiscal year317MFY20314MFY21306MFY22294MFY23277MFY24272MFY25
-14.2% since FY20: buybacks shrank the count.
Deere: long-term debt falling due (FY25)Deere: long-term debt falling due (FY25)$8.9B2026$8.9B2027$9.2B2028$6.6B2029$4.6B2030
Cash $8.3B, short-term investments —, long-term debt — at 2025-11-02.
Deere in its industry: growth against margin (5 companies, SIC 3523)Deere in its industry: growth against margin (5 companies, SIC 3523)revenue growth, year over year →↑ operating marginmedian -4%median 5%AGCOALGLNNARTWDE (+5%, 15%)
Farm Machinery & Equipment; dot size is quarterly revenue; dashed lines are the industry's medians.

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

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About Deere

This Annual Report on Form 10-K contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Annual Report on Form 10-K are forward-looking statements. Forward-looking statements provide our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements as they do not relate to historical or current facts and by words such as “believe,” “expect,” “estimate,” “anticipate,” “will,” “aim,” “should,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” and similar words or expressions.

In its own words, from its 10-K, filed Dec 18, 2025.

Deere against its Farm Machinery & Equipment peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median -4%. Operating margin: 14.9% against the peers' median 5.1%.

CompanyQuarterRevenueY/YOp. margin
DE DeereQ3 FY26$12.6B+5%14.9%
AGCO AgcoQ3 2026$2.3B-9%5.1%
ALG Alamo GroupQ3 2026$403M-4%0.9%
LNN LindsayQ4 FY26$162M+5%9.8%
ARTW Arts Way ManufacturingQ3 FY26$5.6M-13%-1.2%

Source: Deere 10-Q on SEC EDGAR · CIK 315189 · Farm Machinery & Equipment

Guidance and outlook

Deere: what its forward-looking statements are about (10-Q filed 2026-08-27)Deere: what its forward-looking statements are about (10-Q filed 2026-08-27)Financing3Demand1Other1
5 statements; tone +0.20 (−1 all cautious, +1 all confident); 1 hedged.
Deere: outlook statements against the filing beforeDeere: outlook statements against the filing beforeConfident1

13F: who owns DE and who is buying

Largest holders of DE (13F)Largest holders of DE (13F)BlackRock$11.8BVanguard Capital Management LLC$10.5BVanguard Group$10.5BCapital World Investors$7.3BState Street$6.9BPrice T Rowe Associates$4.8BFMR LLC$4.8BCapital International Investors$4.1BGeode Capital Management, LLC$3.6BMorgan Stanley$2.8B
Funds' net buying of DE by quarter (13F)Funds' net buying of DE by quarter (13F)−$255M2024-09−$90.7M2024-12$761M2025-03−$14.0M2025-06−$1.8B2025-09$1.3B2025-12−$929M2026-03$3.9B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DE

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：迪尔（DE）财报

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