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Incremental import tariffs adversely affected the cost of our products and components beginning in 2025 and continue to do so in 2026. The direct impact of these incremental tariffs incurred was $372 in the first six months of 2026, net of the tariff recovery described below, and approximately $95 in the first six months of 2025. These amounts exclude the impact of tariffs on our suppliers and market demand.
Read in the filing ↗ Also in 10-Q of Aug 27, 2026
The equipment operations segment results were impacted by incremental tariffs in 2026. The change in tariff costs was included in the “Production Costs” category below.
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exported products and the profit realized from these exports. The direct impact of incremental tariffs incurred by us in 2025 was approximately $600, excluding the impact of tariffs on our suppliers and market demand. On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developmen...
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The equipment operations segment results were impacted by incremental tariffs in 2025. The cost of additional tariffs was included in the “Production costs” and “Other” categories below.
Read in the filing ↗ Also in 10-K of Dec 18, 2025
The imposition of tariffs and retaliatory tariffs has impacted, and we expect will continue to impact, the sourcing of parts and components, the cost and profitability of manufacturing operations, and our ability to ship, import, and export our products. During fiscal year 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S., as well as other barrier...
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Global Trade Policies. In 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented retaliatory tariffs on imports from the U.S. and introduced additional trade barriers.
Read in the filing ↗ Also in 10-Q of Aug 27, 2026, 10-Q of Feb 26, 2026
Trade policies impact us in various ways. We are a net exporter of agriculture and turf equipment from the U.S. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During 2025, incremental import tariffs have adversely affected the cost of our products and components and may continue to do so. In addition, retaliatory tariffs by regions outside the U.S., currently in effect or adopted in the future, may impact the prices of our exported products and the profit realized from these exports. The direct impact of incremental tariffs incurred by us in the first nine months of 2025 was approximately $300, excluding the impact of tariffs on our suppliers and market demand. On August 18, 2025, the scope of steel and aluminum derivative duties was expanded to include additional Harmonized Tariff Schedule codes. The updated tariff coverage is expected to further increase the cost of our products and components. We are actively taking steps to mitigate, to the extent possible, potential impacts on our business.
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Deere Segment Outlook for Fiscal 2025 The Deere & Company outlook incorporates the impacts from global import tariffs that are in effect as of May 13, 2025. Due to the uncertain global trade environment, the potential impacts of future tariffs are not included in the outlook.
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The tariff impact was primarily included in the “Production Costs” category below.
Read in the filing ↗ Also in 10-Q of Aug 27, 2026
Global Trade Policies - During 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S. and introduced additional trade barriers. Trade policies impact us in various ways. We are a net exporter of agriculture and turf equipment from the U.S. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During 2025, incremental import tariffs adversely affected the cost of our products and components and may continue to do so in 2026. In addition, retaliatory tariffs by regions outside the U.S., currently in effect or adopted in the future, may impact the prices and profitability of our exported products. In 2025, the direct impact of incremental tariffs incurred by us was approximately $600, excluding the impact of tariffs on our suppliers and market demand. Trade policies are evolving, causing uncertainty in the agriculture and construction industries. We are actively taking steps to mitigate potential impacts on our business, to the extent possible.
Read in the filing ↗ Also in 10-Q of Aug 28, 2025
On February 20, 2026, the United States Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). This decision may provide tariff relief and the potential recovery of amounts previously paid. We are currently evaluating the impact of this decision on our future financial statements.
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On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developments in this case and its impact on our future financial statements and business.
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The prior period year to date results presented were affected by special items. See Note 2 of the financial statements for further details. On February 20, 2026, the Supreme Court of the United States issued a decision invalidating tariffs imposed pursuant to the International Emergency Economic Powers Act (IEEPA). The company recorded a recovery of $272 million for refund claims related to IEEPA tariffs which have been filed and accepted by the U.S. Customs and Border Protection. The tariff impact for each segment is primarily included in the “Production Costs” category below.
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Operating profit decreased primarily due to lower sales volumes/ sales mix, unfavorable price realization, and higher tariffs.
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Results for the prior periods presented were affected by special items. See Note 2 of the financial statements for further details. The company recorded tariff recoveries in the third quarter and first nine months of 2026 of $110 million and $382 million, respectively. The tariff impact for each segment is primarily included in the “Production Costs” category below.
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Operating profit decreased primarily due to lower sales volumes/ sales mix and higher tariffs, partially offset by price realization.
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Trade restrictions, negotiation of new trade agreements, non-tariff trade barriers, local content requirements, and imposition of new or retaliatory tariffs against certain countries or covering certain products, including developments in U.S.-China trade relations, have limited, and could continue to limit, our ability to capitalize on current and future growth opportunities in international markets. These trade restrictions, and changes in, or uncertainty surrounding global trade polici...
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government policies and actions with respect to the global trade ● environment including increased and proposed tariffs announced by the U.S. government, and retaliatory trade regulations;
Read in the filing ↗ Also in 10-Q of Aug 28, 2025, 8-K of May 15, 2025
On February 20, 2026, the Supreme Court of the United States issued a decision invalidating tariffs imposed pursuant to the International Emergency Economic Powers Act. We recorded tariff recoveries in the third quarter and first nine months of 2026 of $110 and $382, respectively, as we concluded the refunds are probable and reasonably estimable. As of August 2, 2026, approximately 80% of the recorded tariff recoveries have been received. The recovery was allocated 20%, 25%, and 55% to PPA, SAT, and CF, respectively, decreasing cost of sales. Trade policies continue to evolve, causing uncertainty in the agriculture and construction industries. We continue to pursue opportunities to mitigate impacts on our business, to the extent possible, including adjusting sourcing strategies, seeking product exemptions, and identifying cost reduction opportunities.
Read in the filing ↗ Also in 10-Q of May 28, 2026
the uncertainty of government policies and actions with respect to the ● global trade environment including increased and proposed tariffs announced by the U.S. government, and retaliatory trade regulations
Read in the filing ↗ Also in 10-K of Dec 18, 2025, 8-K of Feb 19, 2026, 10-Q of Feb 26, 2026, 8-K of May 21, 2026, 10-Q of May 28, 2026, 8-K of Aug 20, 2026, 10-Q of Aug 27, 2026
change and engine emissions), farming, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, human rights, import / export and trade, tariffs, labor and employment, product liability, telematics, and telecommunications;
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uncertainty of government policies and actions after recent U.S. ● elections in respect to global trade, tariffs, trade agreements, and the uncertainty of our ability to sell products internationally based on these actions and policies;
Read in the filing ↗ Also in 10-K of Dec 12, 2024
Deere Segment Outlook for Fiscal 2025 This outlook does not reflect the impacts of potential import tariffs by the U.S. and retaliatory actions taken by other countries given the uncertain and rapidly evolving environment.
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All periods presented were affected by special items. See Note 2 of the financial statements for further details. The cost of additional tariffs for each segment is included in the “Production costs” and “Other” categories below.
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Results for the prior period were affected by special items. See Note 1 to the financial statements for further details. The cost of additional tariffs for each segment is included in the “Production costs” category below.
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Results for the presented periods were affected by special items. See Note 2 of the financial statements for further details. The cost of additional tariffs for each segment is included in the “Production costs” and “Other” categories below.
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Small Agriculture & Turf sales increased for the quarter due to higher shipment volumes. Operating profit decreased due to higher tariffs, warranty expenses, and production costs. Small Agriculture & Turf Operating Profit Fourth Quarter 2025 Compared to Fourth Quarter 2024 $ in millions
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Production & Precision Agriculture sales increased for the quarter as a result of the positive effects of foreign currency translation (primarily the Euro and Brazilian real). Operating profit decreased primarily due to higher tariffs, unfavorable sales mix, and higher warranty expenses.
Read in the filing ↗ Also in 8-K of Feb 19, 2026
In addition, decisions regarding the rationalization, restructuring or relocation of facilities, and any similar actions, could also subject us to additional or new tariffs, reputational risks, and other issues relating to the importation of products. In 2024, we shifted production of small-frame skid steer loaders and compact track loaders to Mexico. As a result, these products became subject to additional tariffs on imports from Mexico in 2025. Even though we are taking actions to qualify for an exemption under the United States-Mexico-Canada Agreement (USMCA) to mitigate the elevated costs, there is no guarantee that we will be able to obtain such qualification.
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Three Months Ended Six Months Ended May 3 April 27 % May 3 April 27 % Deere & Company 2026 2025 Change 2026 2025 Change ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cost of sales to net sales 70.2% 68.1% 73.5% 70.3% • Material costs Unfavorable Unfavorable • Tariffs, net of recoveries Favorable Unfavorable • Production efficiencies Favorable Favorable Increased mostly due to higher material costs as a result …
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The financial stability of our suppliers can also impact the continuity of our supply chain. A number of our suppliers are facing higher prices due to inflation, increased tariffs or otherwise. If one or more of our suppliers continue to encounter financial hardships, delivery setbacks, or other performance-related difficulties, we may be unable to fulfill our obligations to customers. Furthermore, if any of the raw materials critical to our manufacturing become unavailable to our suppliers, or are only accessible at significantly higher costs, including due to increased tariffs or trade restrictions, or are affected by quality problems or defects, our ability to deliver certain products on schedule or within budget could be compromised.
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Current period results were affected by special items. See Note 1 of the financial statements for further details. The cost of additional tariffs for each segment is included in the production costs and other items below, partially offsetting year-over-year cost reduction in these categories.
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Three Months Ended February 1 January 26 Deere & Company 2026 2025 % Change ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cost of sales to net sales 78.5% 74.0% (-) Tariffs Unfavorable (+) Production efficiencies Favorable Increased mostly due to incremental tariffs, partially offset by production efficiencies resulting from increased manufacturing volumes. Other income $ 267 $ 246 +9 Higher due to increased income earned from extended warranty premiums and higher service revenues. Research and development expenses 554 526 +5 Increased due to continued focus on developing and deploying technology solutions. Interest expense 719 829 -13 Decreased due to lower average borrowing rates and lower average borrowings. Provision for income taxes 196 27 +626 Increased due to favorable discrete tax adjustments recognized in the prior period (see Note 21).
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Construction and forestry sales decreased for the quarter primarily due to unfavorable price realization. Operating profit decreased primarily due to unfavorable price realization and higher production costs caused by higher tariffs, partially offset by favorable product mix. Construction & Forestry Operating Profit Third Quarter 2025 Compared to Third Quarter 2024 $ in millions
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Construction and forestry sales decreased for the quarter due to unfavorable price realization in the U.S. due to incremental incentive programs deployed to address pressures from the competitive environment. Operating profit decreased primarily due to unfavorable price realization and higher tariffs. These factors were partially offset by favorable product mix.
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Sales for the first six months increased due to higher shipment volumes (primarily in the U.S.) and the positive effects of foreign currency translation (primarily the Euro). Operating profit increased due to higher shipment volumes and favorable price realization, partially offset by higher tariffs and an increase in material costs.
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Construction & Forestry sales increased for the quarter due to higher shipment volumes. Operating profit increased primarily due to higher shipment volumes / sales mix, partially offset by increased production costs driven by higher tariffs and special items described in Note 2. Construction & Forestry Operating Profit Fourth Quarter 2025 Compared to Fourth Quarter 2024 $ in millions
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Construction & Forestry sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes / sales mix and production efficiencies, partially offset by higher tariffs. Construction & Forestry Operating Profit First Quarter 2026 Compared to First Quarter 2025 $ in millions
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Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes / sales mix and price realization, partially offset by higher tariffs. Small Agriculture & Turf Operating Profit First Quarter 2026 Compared to First Quarter 2025 $ in millions
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Construction & Forestry sales increased for the quarter due to higher U.S. shipment volumes, driven by increased customer demand from a strong construction market. Additionally, sales increased as a result of the positive impacts of the Euro foreign currency translation. Operating profit increased primarily due to higher shipment volumes and production efficiencies, partially offset by higher tariffs.
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Having business operations in various regions and countries exposes us to multiple and potentially conflicting business practices and legal and regulatory requirements that are subject to change. These practices and legal requirements are often complex and difficult to navigate, including those related to tariffs and trade regulations, investments, property ownership rights, taxation, repatriation of earnings, and advanced technologies.
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Construction & Forestry sales increased for the quarter primarily as a result of higher shipment volumes (primarily in the U.S.) and the positive effects of foreign currency translation (primarily the Euro). Operating profit increased due to higher shipment volumes and favorable price realization, partially offset by higher production costs, driven by an increase in material costs and higher tariffs.
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Three Months Ended Nine Months Ended August 2 July 27 % August 2 July 27 % Deere & Company 2026 2025 Change 2026 2025 Change ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cost of sales to net sales 72.2% 73.1% 73.1% 71.3% • Material costs Unfavorable Unfavorable • Tariffs, net of recoveries Favorable Unfavorable • Production efficiencies Favorable Favorable Higher material costs driven by inflationary pressures. Incremental tariffs affected …
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Production & Precision Agriculture sales increased for the quarter due to higher shipment volumes and favorable price realization. Operating profit decreased primarily due to higher production costs, higher tariffs, and special items described in Note 2, partially offset by price realization and higher shipment volumes / sales mix. Production & Precision Agriculture Operating Profit Fourth Quarter 2025 Compared to Fourth Quarter 2024 $ in millions
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Small Agriculture & Turf sales increased for the quarter due to higher shipment volumes (primarily in the U.S., Canada, Europe, and India) driven by increased customer demand. Sales also increased as a result of the positive impact of the Euro foreign currency translation. Operating profit increased primarily as a result of higher shipment volumes and price realization, partially offset by higher tariffs.
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government policies and actions in respect to global trade, tariffs, and trade agreements, and the uncertainty of the company’s ability to sell products domestically or internationally, continue production at certain ● international facilities, procure raw materials and components, accurately forecast demand and inventory, manage increased costs of production, absorb or pass on increased pricing, predict financial results, and remain competitive based on these actions and policies;
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Sales for the first six months increased as a result of higher shipment volumes (primarily in the U.S., Europe, and India) and the positive effects of foreign currency translation (primarily the Euro). Operating profit for the first six months increased due to higher shipment volumes and favorable price realization, partially offset by higher production costs, driven by higher tariffs and an increase in material costs.
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Small agriculture and turf sales decreased for the quarter as a result of lower shipment volumes, partially offset by favorable currency translation and price realization. Operating profit decreased due to higher tariffs, partially offset by reductions in warranty expenses and lower production costs. The decreased production costs were primarily the result of lower material costs. Small Agriculture & Turf Operating Profit Third Quarter 2025 Compared to Third Quarter 2024 $ in millions
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Sales for the first six months decreased as a result of lower shipment volumes (primarily in the U.S., Canada, and Brazil, offset by Europe), partially offset by the positive effects of foreign currency translation (primarily the Euro and Brazilian real). Operating profit decreased for the first six months primarily due to lower shipment volumes / sales mix and higher production costs, from an increase in material costs and higher tariffs.
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Small agriculture and turf sales decreased for the quarter as a result of lower shipment volumes (primarily in the U.S., offset by Europe and India) driven mainly by economic uncertainties and higher interest rates, partially offset by favorable currency translation and price realization in the U.S. and Canada. Operating profit decreased due to higher tariffs, partially offset by favorable factors including reductions in warranty expenses and lower production costs from lower material costs.
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Net sales and revenues increased 13% for the quarter, primarily due to higher sales volumes of $988 and the positive effects of foreign currency translation of $227. Net income decreased $213, primarily due to incremental tariffs of $272 ($361 pretax) and prior period favorable discrete tax items of $163 described in Note 21, partially offset by the impact of higher shipment volumes of $188 ($249 pretax). The discussion of segment net sales and operating profit is included in the Business Segment Results below.
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Net sales and revenues decreased for both the quarter and year-to-date periods primarily due to lower sales volumes. Net income and diluted EPS decreased in the third quarter primarily due to lower sales volumes, higher tariffs, and unfavorable price realization. Results for the first nine months were also affected by lower production costs, driven by reduced material costs, and favorable discrete tax items (see Note 21). The discussion of net sales and operating profit is included in the Business Segment Results below.
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changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of U.S., foreign and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and ● anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environmental (including climate change and engine emissions), farming, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, human rights, import / export and trade, tariffs, labor and employment, product liability, telematics, and telecommunications;
Read in the filing ↗ Also in 8-K of Aug 14, 2025, 8-K of Nov 26, 2025, 8-K of Feb 19, 2026, 8-K of May 21, 2026, 8-K of Aug 20, 2026
Deere & Company 2025 2024 % Change ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cost of sales to net sales 72.4% 68.8% +5 (-) Tariffs Unfavorable (-) Lower volumes Unfavorable + Material costs Favorable Increased due to higher tariffs and higher overhead costs from production inefficiencies associated with lower volumes, partially offset by reduced material costs and lower employee profit-sharing incentives. Other income 1,019 1,198 -15 Lower …
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Three Months Ended Nine Months Ended July 27 July 28 % July 27 July 28 % Deere & Company 2025 2024 Change 2025 2024 Change ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Cost of sales to net sales 73.1% 68.9% 71.3% 68.2% (–) Tariffs Unfavorable Unfavorable (–) Lower volumes Unfavorable Unfavorable + Material costs Favorable Favorable Increased due to higher tariffs and higher overhead costs from production inefficiencies associated …
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The rationalization or restructuring of our manufacturing facilities, including relocating production or closing facilities, may result in temporary constraints on our ability to produce the quantity of products necessary to fill orders and thereby complete sales in a timely manner. In addition, decisions regarding the rationalization, restructuring or relocation of facilities, such as the recently announced shifting of production of skid steer loaders and compact track loaders from our Dubuque, Iowa factory to Ramos, Mexico, and any similar actions we may undertake in the future, could also subject us to additional or new tariffs, other issues relating to the importation of products, fines, and reputational risks. Finally, the expansion and reconfiguration of existing manufacturing facilities, as well as new or expanded manufacturing operations in emerging markets, such as Brazil, could increase the risk of production delays, as well as require significant investments.
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We anticipate fluctuations in our supply chain due to ongoing geopolitical and economic uncertainty, and regulatory and policy instability, including import tariffs and trade agreements. For example, certain of our products, including motors, batteries, and other components, rely on rare earth minerals for their manufacturing, of which a significant majority are sourced from China. The inability to obtain export permits for rare earth minerals could have a detrimental effect on our business. These complications have the potential to significantly increase production and logistics costs, including additional research and development costs for designing alternative solutions, and therefore would have a detrimental effect on the profitability of the business. Rapid changes and growing complexity in trade policies may also affect the ability of customs brokers and logistics providers to timely process imported products, which could result in delays, higher logistics costs, and production disruptions.
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We have experienced changes in the availability and prices of raw materials, components, whole goods, and freight over the past several years, especially in fiscal years 2021 and 2022. Global logistics network challenges resulted in delays, shortages of key manufacturing components, increased order backlogs, increased transportation costs, and production inefficiencies from a higher number of partially completed machines in inventory, which increased our overall production and overhead costs. Increases in such costs have had an adverse effect on our business operations. While we have seen stabilization in the supply chain and inflation, we anticipate potential future fluctuations due to continued geopolitical and economic uncertainty, and regulatory and policy instability, including import tariffs and trade agreements. The latter have the potential to significantly increase production and logistics costs and have a material negative effect on the profitability of the business, particularly if we are unable to recover the increased costs due to market considerations or other factors.
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… of $4.00 billion to $4.75 billion. “Looking ahead, we believe 2026 will mark the bottom of the large ag cycle,” May stated. “While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain, our commitment to inventory management and cost control, coupled with expected growth in small agriculture & turf and construction & forestry, positions us …
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… macroeconomic conditions impacting consumer practices, including demand for John Deere products, higher interest rates, higher provision for credit losses and write-offs, government policies relating to trade (e.g., tariffs), competitive markets, production schedules, the ability to execute business strategies, the impact of workforce reductions on employee retention, morale, and institutional knowledge, events that damage the company’s reputation or …
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… products; housing starts and supply, non-residential construction, and infrastructure investment; higher interest rates; higher provision for credit losses and write-offs; government policies relating to trade (e.g., tariffs); competitive markets; production schedules; the ability to execute business strategies; events that damage the company’s reputation or brand (including legal proceedings brought against the company); dealer practices and their …
Read in the filing ↗ Also in 8-K of Feb 19, 2026
… and supply, non-residential construction, and infrastructure investment; higher interest rates; higher provision for credit losses and write-offs; government policies relating to trade (e.g., increased and proposed tariffs announced by the U.S. government and potential retaliatory trade regulations); competitive markets; production schedules; the ability to execute business strategies; events that damage the company’s reputation or brand …
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… Among these factors are risks related to government policies relating to trade (e.g., increased and proposed tariffs announced by the U.S. government and potential retaliatory trade regulations); the agricultural business cycle which can be unpredictable and affected by agriculture fundamentals, such as prices for commodities; the political and economic geographies in which we operate; international conflicts; adverse macroeconomic …
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… Among these factors are risks related to the agricultural business cycle; construction and forestry activity; macroeconomic conditions, including unemployment, inflation, interest rate volatility and energy price increases resulting from geopolitical conflicts; the uncertainty of government policies and actions with respect to the global trade environment including increased and contested tariffs; exposure to risks and events beyond our control in countries …
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… interest rate volatility and energy price increases resulting from geopolitical conflicts; the uncertainty of government policies and actions with respect to the global trade environment including increased and contested tariffs; exposure to risks and events beyond our control in countries in which we operate, such as economic and political instability, worldwide demand for food and different forms of renewable energy …
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… economic growth or a recession, and regional or global liquidity constraints the uncertainty of government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government and retaliatory trade regulations; political, economic, and social instability of the geographies in which we operate, including the ongoing war between Russia and Ukraine …
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