Overview

• Deere’s third-quarter net income fell about 26% year-over-year to $1.29 billion while revenue slid 9% to $12.02 billion, though both topped analyst expectations.
• The company raised its fiscal 2025 tariff-impact estimate to nearly $600 million and trimmed the high end of its net-income guidance to $5.25 billion from $5.50 billion.
• Construction & Forestry margins plunged roughly 47% as higher import levies drove up production costs faster than Deere could raise prices.
• Chief Executive John May said Deere will reduce production and align dealer inventories with muted equipment orders to adapt to weaker farm-sector economics.
• Shares of Deere fell about 6–8% in reaction to the earnings release and guidance cut as investors weighed ongoing policy-driven cost pressures and slow machinery demand.