Management believes fiscal 2026 marks the bottom of the current cycle, citing stabilization in North American large ag and robust growth in construction markets. Performance beat was primarily driven by higher-than-planned shipment volumes and operational efficiencies that offset significant incremental tariff expenses of approximately $1.2 billion. Strategic underproduction in fiscal 2025 successfully cleared the trade ladder, with late-model used tractor inventory declining over 40% from its 2025 pe ...