Deere & Co touches down in Des Moines as Q2 results map ag cycle floor

Deere & Co flew from Quad City International Airport to Des Moines International Airport on June 22, a 23-minute hop aboard the company’s Gulfstream G280 (N282JD). The short flight between Illinois headquarters and Iowa’s capital is routine, but it lands the same month the manufacturer published its second-quarter earnings — a report that painted a deliberately cautious picture of the agricultural economy.

Per Deere & Co’s May 21 earnings release, net income fell 2% year-over-year to $1.773 billion, while production and precision agriculture sales slid from $5.230 billion to $4.503 billion [prnewswire.com](https://www.prnewswire.com/news-releases/deere-reports-second-quarter-net-income-of-1-773-billion-302778847.html). CFO Brent Norwood told analysts the company expects 2026 to represent the bottom of the ag cycle, citing aging fleets that will eventually force replacement purchases. A $272 million tariff refund, tied to the Supreme Court’s invalidation of IEEPA tariffs, helped offset production costs [finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/deere-reaps-benefits-ieepa-tariff-113000563.html).

The Des Moines trip follows a pattern of regional shuttles: N282JD flew from Moline to Saskatoon on June 16, then back to Moline on June 18, likely supporting dealer network discussions in Canada’s grain belt. With Iowa home to some of the country’s most concentrated row-crop operations, the visit aligns with Deere & Co’s stated focus on navigating a downcycle by leaning on its dealer network and supporting large-ag customers through a lean inventory period.