Brent Norwood
CFO, Deere & Company
“As we discussed, the agricultural environment remains challenging, but we continue to believe that 2026 represents the bottom of the ag equipment cycle. While the recovery is likely to be measured and is expected to vary by region, the underlying trends are moving in the right direction.”
“We'll end up paying about $1.1 billion in direct tariffs this year, less $382 million of refunds. So our net tariff exposure this year is approximately $750-ish. Going into next year, we would expect a run rate that is going to be closer to right around $1 billion for the year.”
Brent Norwood
One-line summary: Deere CFO; Q3 FY2026 corroborates the cycle-bottom call and the net-tariff step-up into FY2027.
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"As we discussed, the agricultural environment remains challenging, but we continue to believe that 2026 represents the bottom of the ag equipment cycle. While the recovery is likely to be measured and is expected to vary by region, the underlying trends are moving in the right direction." — 2026-08-20-earnings-de-q3-fy2026 (2026-08-20)
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On (no topic linked):
"We'll end up paying about $1.1 billion in direct tariffs this year, less $382 million of refunds. So our net tariff exposure this year is approximately $750-ish. Going into next year, we would expect a run rate that is going to be closer to right around $1 billion for the year." — 2026-08-20-earnings-de-q3-fy2026 (2026-08-20)
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