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Stephen Volkman

Research Analyst at Jefferies Financial Group Inc.

Stephen Volkmann is an Equity Analyst and CFA at Jefferies LLC, specializing in the Industrials sector with extensive coverage of machinery and equipment manufacturers. He covers approximately 52 stocks including major companies such as Caterpillar (CAT), Deere & Company (DE), AGCO, Parker-Hannifin (PH), Eaton (ETN), and WW Grainger, among others across industrial goods, auto/tires/trucks, and construction industries. Volkmann has demonstrated strong performance metrics, ranking #96 out of 9,435 Wall Street analysts on TipRanks with a 64% success rate, an average return of 18.10% per rating, and a 4.94-star rating; his most profitable call was a buy recommendation on Parker-Hannifin issued in March 2020, which generated a 166.40% return over one year. He joined Jefferies in December 2008 after previously serving as an Executive Director at JP Morgan, and he holds FINRA registration and multiple securities licenses.

Stephen Volkman's questions to DEERE & (DE) leadership

Question · Q4 2025

Stephen Volkman asked about the anticipated $1.2 billion tariff headwind for fiscal year 2026, inquiring how Deere plans to offset this impact and the expected cadence of recovery throughout the year.

Answer

Josh Beal, Director of Investor Relations, confirmed the $1.2 billion pre-tax tariff hit for 2026, noting it's an incremental $600 million from 2025, spread evenly at roughly $300 million per quarter. He stated that Deere expects to be price-cost positive for 2026, capturing incremental exposure and some 2025 exposure, with further price actions anticipated.

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Question · Q4 2025

Stephen Volkman asked about Deere's strategy to offset the projected $1.2 billion pre-tax tariff headwind in fiscal year 2026, inquiring about the expected timeline for recapturing these costs and the anticipated cadence throughout the year.

Answer

Josh Beal, Director of Investor Relations, confirmed the $1.2 billion pre-tax tariff impact for 2026, noting it's an incremental $600 million from 2025, spread evenly at roughly $300 million per quarter. He stated that Deere expects to be price-cost positive in 2026, capturing the incremental exposure and some of the 2025 exposure, with further price actions planned for full mitigation.

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