Deere & Company

Core agriculture equipment demand remains tied to farm income, commodity prices, and credit costs, which makes revenue and earnings cyclical. Management’s FY2026 outlook calls for net income of $4.0 to $4.75 billion, reflecting ongoing softness in large ag despite improving conditions in other segments.

Financial Services, parts, and an expanding base of connected software help cushion volatility, but cannot fully neutralize it. Over a full cycle, we expect moderate, uneven growth rather than a smooth compounding profile.