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Filing Flows › Deere (DE) › Q2 FY26 › vs Q1 FY26

Deere (DE) Q2 FY26 vs Q1 FY26 (quarter over quarter)

Deere's revenue rose $3.8B (+39%) from $9.6B in Q1 FY26 to $13.4B in Q2 FY26. The biggest changes: Net Sales +$3.8B (+47%); Turf +$487M (+85%); Forestry +$25.0M (+9%). Operating margin 17.2% against 8.7% (+8.5 pts).

Deere, Q2 FY26: revenue $13.4B (+5% year over year), operating margin 17.2%, net earnings $1.8B, operating cash flow $1.9B. The chart draws each line against Q1 FY26, the increases inside each band.

Deere: what changed, Q2 FY26 vs Q1 FY26Deere: what changed, Q2 FY26 vs Q1 FY26Net Sales$3.8BFree cash flow (OCF − capex)$2.9BOperating cash flow$2.8BCosts & expenses$2.3BOther operating costs$2.0BWorking capital & other−$1.7BOperating profit$1.5BPre-tax earnings$1.4BNet earnings$1.1BTurf$487M

Margins

Q2 FY26Q1 FY26Change
Operating margin17.2%8.7%+8.5 pts
Net margin13.2%6.8%+6.4 pts
Free cash flow margin13.0%-11.9%+24.9 pts

Every line

LineQ2 FY26Q1 FY26Change%
Net Sales$11.8B$8.0B$3.8B+47%
Turf$1.1B$576M$487M+85%
Forestry$294M$269M$25.0M+9%
Other Income$277M$267M$10.0M+4%
Revenue$13.4B$9.6B$3.8B+39%
Operating profit$2.3B$836M$1.5B+174%
Costs & expenses$11.1B$8.8B$2.3B+26%
Pre-tax earnings$2.3B$851M$1.4B+169%
Research & development$583M$554M$29.0M+5%
SG&A$1.2B$972M$237M+24%
Other operating costs$9.3B$7.2B$2.0B+28%
Net earnings$1.8B$655M$1.1B+170%
Income tax$518M$196M$322M+164%
Depreciation & amortization$594M$590M$4.0M+0.7%
Share-based compensation$28.0M$41.0M−$13.0M-32%
Working capital & other$460M$2.2B−$1.7B-79%
Operating cash flow$1.9B−$890M$2.8B—
Free cash flow (OCF − capex)$1.7B−$1.1B$2.9B—
Capital expenditures$195M$256M−$61.0M-24%

Questions

How much did Deere's revenue grow quarter over quarter in Q2 FY26?

Deere's revenue rose $3.8B (+39%) from $9.6B in Q1 FY26 to $13.4B in Q2 FY26.

What drove Deere's revenue change in Q2 FY26?

Net Sales +$3.8B (+47%); Turf +$487M (+85%); Forestry +$25.0M (+9%).

Q2 FY26 results → · Compare in the interactive Sankey →