Deere lifts 2026 net income view as AI construction boom drives first quarterly profit rise in three years

Deere's quarterly profit rise was aided by a tariff refund of $110 million during the quarter.

The John Deere tractor manufacturer now expects 2026 net income of $4.75 billion to $5 billion, compared with its earlier projection of $4.5 billion to $5 billion. The midpoint of the new range is in line with Wall Street expectations.

Shares of the company were up 1% in premarket trading, after jumping about 6% earlier in the day.

Deere, the world's largest farm equipment manufacturer, raised its full-year net income forecast on Thursday and posted its first rise in quarterly profit in three years on the back of an AI-driven construction boom and tariff refunds.

The company reported a profit of $5.10 per share for the quarter ended August 2, up from $4.75 per share a year earlier and above analysts' estimates of $4.70 per share, according to data compiled by LSEG.

Its quarterly revenue rose 6% to $11 billion, also beating expectations of $10.73 billion.