“For fiscal year 26, our implied net price realization for the equipment operations is between 1.5% and 2% for the year.”

In context

“, our direct tariff exposure remains essentially unchanged at approximately $1 billion to $1.2 billion, which is approximately a 3% margin headwind. So net of the refunds, our forecast now includes approximately $900 million of tariff costs for the year. Brent, anything additional you would like to add there? T. Brent Norwood: Sure, Josh. I would start by recognizing the tremendous effort across the organization to manage what continues to be a very dynamic trade environment. it is worth noting that we have been disciplined and measured regarding net price realization given this backdrop, keeping in mind the inflationary pressures that our customers are experiencing. Recall that last fiscal year, we did not take additional price actions or introduce surcharges following the tariff orders. For fiscal year 26, our implied net price realization for the equipment operations is between 1.5% and 2% for the year. Which is consistent with general inflation levels that we are experiencing, excluding the impact of tariffs. To help manage the impact of tariffs, we continue to have teams across the organization working diligently to quantify exposures and identify mitigation opportunities. These actions include product certification, and exemption submissions as well as identifying cost reduction opportunities and sourcing adjustments were clear no regret solutions exist. Overall, we believe we are executing well against these opportunities and remain confident in our ability to manage through the current tariff environment effectively. Lastly, as a reminder, approximately 80% of John Deere's US complete good sales are produced at our US manufacturing facilities, and roughly 75% of those components use”