John Deere reports decreased net income in Q2, but improvement over Q1

Dubuque County’s largest employer recorded a year-over-year decrease in net income for the recently completed quarter but a jump from first-quarter income. Deere & Co. reported $1.8 billion in net income for the second quarter, which ended April 27, down 24% from $2.37 billion in the same quarter last year. Comparatively, the company’s first-quarter net income fell below the billion mark at $869 million, 49.6% short of the first quarter of 2024. John Deere Dubuque Works had statistics less favorable than the company average. It was heavily impacted by new tariffs. Net sales were $2.95 billion, compared to $3.84 billion in Q2 2024. They reported a 43% reduction in operating profit, $379 million compared to $668 million in Q2 2024.The construction and forestry division the worst-performing in the company and the division most heavily impacted by tariffs, bearing the burden of 45% of the estimated $500 million impact of new tariffs for the fiscal year. Deere & Co. is still on track to see $4.75 billion to $5.50 billion in net income in fiscal year 2025.