Deere & Company | Q3 2025: Weaker demand, tariff pressure and farmer caution hold back results

American manufacturer of agricultural and construction equipment Deere & Company entered the second half of 2025 with results that confirm a downturn in the agricultural investment cycle. After exceptionally strong years when farmers benefited from record commodity prices and cheaper financing, the market is now entering a cooling phase. The third quarter brought a drop in sales and profitsdespite disciplined management of production, inventories and costs.

While technological innovation and precision agriculture remain key drivers of long-term growth, in the short term the company faces weaker demand, high saturation of the used car market and uncertainty arising from tariffs and global trade. However, even in this environment,John Deere $DE is proving it can maintain profitability and set the stage for the next phase of the cycle.

How was the last quarter?

In the third quarter of fiscal year 2025, Deere reported net income of $1.29 billion ($4.75 per share), representing a 26% year-ove…