Filing Flows › Deere (DE) › Q2 FY26 › vs Q2 FY25
Deere (DE) Q2 FY26 vs Q2 FY25 (year over year)
Deere's revenue rose $606M (+5%) from $12.8B in Q2 FY25 to $13.4B in Q2 FY26. The biggest changes: Net Sales +$607M (+5%); Turf +$106M (+11%); Forestry +$40.0M (+16%). Operating margin 17.2% against 18.3% (-1.2 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Operating margin | 17.2% | 18.3% | -1.2 pts |
| Net margin | 13.2% | 14.1% | -0.9 pts |
| Free cash flow margin | 13.0% | 11.7% | +1.3 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Net Sales | $11.8B | $11.2B | $607M | +5% |
| Turf | $1.1B | $957M | $106M | +11% |
| Forestry | $294M | $254M | $40.0M | +16% |
| Other Income | $277M | $238M | $39.0M | +16% |
| Revenue | $13.4B | $12.8B | $606M | +5% |
| Operating profit | $2.3B | $2.3B | −$44.0M | -2% |
| Costs & expenses | $11.1B | $10.4B | $650M | +6% |
| Pre-tax earnings | $2.3B | $2.3B | −$44.0M | -2% |
| Research & development | $583M | $549M | $34.0M | +6% |
| SG&A | $1.2B | $1.2B | $12.0M | +1% |
| Other operating costs | $9.3B | $8.7B | $604M | +7% |
| Net earnings | $1.8B | $1.8B | −$31.0M | -2% |
| Income tax | $518M | $539M | −$21.0M | -4% |
| Depreciation & amortization | $594M | $555M | $39.0M | +7% |
| Share-based compensation | $28.0M | $26.0M | $2.0M | +8% |
| Working capital & other | $460M | $682M | −$222M | -33% |
| Operating cash flow | $1.9B | $1.7B | $232M | +14% |
| Free cash flow (OCF − capex) | $1.7B | $1.5B | $240M | +16% |
| Capital expenditures | $195M | $203M | −$8.0M | -4% |
Questions
How much did Deere's revenue grow year over year in Q2 FY26?
Deere's revenue rose $606M (+5%) from $12.8B in Q2 FY25 to $13.4B in Q2 FY26.
What drove Deere's revenue change in Q2 FY26?
Net Sales +$607M (+5%); Turf +$106M (+11%); Forestry +$40.0M (+16%).