Deere & Co SEC Filings

Deere & Company reported weaker profitability but solid sales growth for the first quarter of fiscal 2026. Net income attributable to Deere was $656 million, or $2.42 per diluted share, down from $869 million, or $3.19 per share, a year earlier, a 25% decline in profit.

Worldwide net sales and revenues rose 13% to $9.611 billion, with equipment net sales up to $8.001 billion from $6.809 billion. Large Production & Precision Agriculture stayed roughly flat in sales but saw operating profit fall 59% as tariffs, mix, and warranty costs pressured margins. In contrast, Small Agriculture & Turf net sales grew 24% and operating profit 58%, while Construction & Forestry net sales rose 34% with operating profit more than doubling.

Financial Services net income increased to $244 million from $230 million, helped by favorable financing spreads and lower credit losses. For fiscal 2026, Deere forecasts net income attributable to the company between $4.5 billion and $5.0 billion and expects weakness in large agriculture markets but growth in construction and smaller agriculture segments.

Deere & Company shareholder John Chevedden has filed an exempt solicitation urging investors to vote for Proposal 6 on written consent and to vote against Tamra Erwin, Chair of the Deere Governance Committee. He argues that written consent is a shareholder right that effectively requires support from a majority of all Deere shares outstanding, which in practice could mean 70%–80% support among reachable shares, and disputes Deere’s suggestion that it empowers a minority.

Chevedden notes that Deere disqualifies shares not held for a full year from participating in calling special shareholder meetings and describes Proposal 6 as an important shareholder-rights measure. He points to a similar written consent proposal that received 51% support at CDW Corporation. He also criticizes Deere’s 2026 proxy for including a lengthy general statement opposing all shareholder proposals, alongside separate oppositions to each proposal, and links this stance to Ms. Erwin’s governance role.

Deere & Company announced a planned finance leadership change. On January 20, 2026, Senior Vice President and Chief Financial Officer Joshua A. Jepsen informed the company he will resign effective February 19, 2026. The company states his decision is not related to any financial or accounting issue or to any disagreement over operations, policies, or practices.

Effective the same date, Deere appointed Ryan D. Campbell as acting Chief Financial Officer and as principal financial and principal accounting officer on an interim basis, while it searches internal and external candidates for a permanent replacement. Campbell, age 51, currently serves as President, Worldwide Construction & Forestry and Power Systems and previously served as Deere’s Chief Financial Officer from March 2019 to May 2022.

National Legal and Policy Center submitted an exempt solicitation urging Deere & Company shareholders to vote FOR Proposal 04, which asks Deere to publish a report on the return on investment (ROI) of its greenhouse gas emission reduction goals. Deere has committed to cut Scope 1 and 2 emissions by 50% and Scope 3 emissions by 30% by 2030, and the filer argues these “Leap Ambitions” lack transparent financial analysis.

The memo claims Deere reallocates significant capital to electrification, alternative fuels, and renewable energy without disclosing clear capex, ROI, or internal rate of return metrics. It warns about potential regulatory “greenwashing” scrutiny, competitive risks if “green” products underperform diesel equipment, and geopolitical exposure from battery supply chains. The filer frames Proposal 04 as a call for fiduciary accountability and clearer evidence that climate initiatives support shareholder value.

Deere & Company executive Reed Cory J, President of Life Solutions, Customer Support & S.M., reported an option exercise and share sale. On January 14, 2026, he exercised 12,000 market-priced options at an exercise price of $169.7 per share, receiving 12,000 shares of $1 par common stock. The same day, he sold 12,000 shares at $510 per share under a Rule 10b5-1 trading plan adopted on May 21, 2025, leaving 20,792 common shares held directly.

After these transactions, he also holds 7,280 market-priced options and his reported holdings include 4,377 restricted stock units granted under the John Deere 2020 Equity and Incentive Plan, which allow shares to be withheld to cover income tax obligations. The options exercised had become exercisable in three approximately equal installments on December 11, 2020, 2021, and 2022.

A holder of DE common stock has filed a notice of proposed sale under Rule 144. The filing covers the planned sale of 12,000 shares of common stock through Fidelity Brokerage Services LLC on or about 01/14/2026, to be traded on the NYSE. The shares have an stated aggregate market value of 6,120,000.00.

The securities relate to options that were granted on 12/11/2019 and acquired on 01/14/2026, with the purchase price paid in cash. The filing notes that 270,445,437 shares of this class of stock are outstanding, providing context for the size of the planned transaction.

Deere & Company is asking shareholders to vote on key governance and pay items at its 2026 virtual annual meeting. The meeting will be held online on February 25, 2026 at 10 a.m. CST, for holders of record as of December 30, 2025.

Shareholders are being asked to elect 10 director nominees, approve on an advisory basis the compensation of named executive officers, ratify Deloitte & Touche LLP as independent auditor for fiscal 2026, and consider three shareholder proposals, which the Board recommends voting against. The Board highlights strong refreshment, with six new directors added over seven years and all non-management directors deemed independent.

Deere reports fiscal 2025 net sales and revenues of $45.7 billion, net income attributable to the company of $5.0 billion, diluted EPS of $18.50, and operating cash flow of $7.5 billion. The common stock closed fiscal 2025 at $461.63 per share, up from $407.93 a year earlier, and the company emphasizes long-term total shareholder return outperformance and a pay-for-performance executive compensation program tied to returns, growth, and relative TSR.

Deere & Company Chairman and CEO John C. May II reported exercising 41,472 market-priced stock options at an exercise price of $254.83 per share on January 8, 2026. The resulting shares were then sold in four separate open-market transactions totaling 41,472 shares at weighted average prices of $500.46, $501.31, $502.49, and $503.35 per share, with each sale executed in multiple trades within narrow price ranges under a Rule 10b5-1 trading plan adopted on June 20, 2025.

After these transactions, May directly owned 117,970 shares of Deere common stock and indirectly held 27,891 shares through a SLAT, which includes 19,950 restricted stock units granted under the John Deere 2020 Equity and Incentive Plan. The options exercised had become exercisable in three approximately equal installments on December 9 of 2021, 2022, and 2023 and carried a zero remaining balance following the exercise.