Deere's stock surged 6.98% during Thursday's intraday trading session following the release of its fiscal first-quarter results, which significantly exceeded analyst expectations.

The agricultural machinery maker reported quarterly earnings of $2.42 per share, beating the FactSet consensus estimate of $2.06. Net sales and revenues rose 13% year-over-year to $9.61 billion, well above the $7.69 billion analysts had anticipated. The company also raised its net income forecast for fiscal 2026 to a range of $4.5 billion to $5.0 billion, up from its prior outlook of $4.0 billion to $4.75 billion.

CEO John May cited an ongoing recovery in demand within both the construction and small agriculture segments, stating that these positive developments reinforce the belief that 2026 represents the bottom of the current cycle. The raised guidance benefits from earlier cost-cutting measures that helped cushion the impact of soft equipment demand in the large agriculture sector.