快评 – 德意志交易所2026财年第三季度：业绩超预期并上调指引，得益于良好表现和关税退税；管理层评论将成为焦点

研报英文原文证据摘录

20 August 2026

Chad Dillard

U.S. Machinery

Deere & Co

Miguel Marques, CFA

Rating

Market-Perform

Specialist Sales

Price Target

Steve Song

DE

580.00 USD

Quick Take — DE 3Q26: beat & raise on better performance & tariff

refunds; EOP commentary to take the stage

DE is up 2% in the pre-market following its 3Q results. It reported EPS of $5.10 (9%

above street), net income of $1.4B (9% above street), and net sales and revenues of $12.6B

(3% above street). Core Equipment Ops net sales of $11B also beat by 2%. Equipment Ops

segment operating profits of $1.6B beat consensus by 12%, but after extracting $110M of

recorded IEEPA tariff recoveries in the quarter, the beat was closer to 4%. On a segment

basis, P&PA revenues of $4B were 1% above street, and profits of $527M (13.2% margin)

also was 5% above. SA&T revenues of $3.4B were 1% above street, and profits of $622M

(18.4% margin) was 20%+ above street. C&F revenues of $3.6B were 3% above street, and

profits of $436M (12.1% margin) was 8% above.

Close Date

19 Aug 2026

DE Close Price (USD)

580.63

Price Target (USD)

580.00

Upside/(Downside)

(0)%

52-Week Range

674.19/433.00

SPX

7,707.98

FYE

Oct

Div Yield

1.1%

Market Cap (USD) (M)

156,734

EV (USD) (M)

159,952

Updates to 2026 guidance. Consolidated net income guidance was raised by 3% to

Performance

YTD

1M

6M

12M

$4.875B, though in-line with consensus. This implies 4Q net income of $1.07B, or 11%

Absolute (%)

24.7

(0.9) (12.4)

17.8

below street’s $1.2B expectation. Finco net income of $870M was also raised by 1% and

SPX (%)

12.6

3.4

12.3

20.2

implies Equipment Ops net income of $4B, which sits 1% below. PP&A guidance was

lowered. Net sales are expected to decline -10% in ‘26, down from -7.5%. Price was

Relative (%)

12.1

(4.3) (24.7)

(2.4)

maintained at +1%, and FX contribution lowered to +2.5% by 50bps, implying volumes down Source: Bloomberg, Bernstein estimates and analysis.

-13.5%, 200bps lower than previous guide. This implies net sales of $15.6B (2% below)

Price Performance, 1YR

and 4Q revenue of $3.9B (10% below). Operating margin was also lowered by 50bps to

$700

8500

11.5% implying $1.8B in income (6% below) and 4Q income of $420M (25% below street).

$650

…