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Independent Repair Shops, Now Equipped by DeereThin moat

Deere & Company (DE) — moat facet

A ten-year FTC order makes Deere supply independent repair shops with the software tools that used to belong only to its dealers.

The most unusual competitor on this list is one Deere is now required to supply. On 8 July 2026 Deere settled the FTC and state antitrust suit over repairs1. The FTC says the settlement requires Deere, "for the next 10 years," to provide farmers and independent repair providers with the same equipment repair resources, including software capabilities, that it provides to authorized dealers2.

What the FTC order of July 2026 requires Deere to provideDuration10 years, FTC supervisionFault codes and reprogrammingto farmers and independent shopsRestart after emissions shutdownlimp mode tools includedFuture toolsonce over 50% of U.S. dealers have themFTC press release, 8 July 2026; Deere Form 10-Q Q3 FY2026
Dealer-only tools are no longer dealer-only.

The order is specific. It covers reading fault codes, reprogramming electronic components including "pairing" new parts with a machine, restarting a machine after an emissions-related shutdown known as "limp mode", and access to technical manuals and troubleshooting guidance3. Any future repair resource must be offered once Deere makes it available to over 50 percent of its authorized U.S. dealer network, and dealers may not "discriminate or retaliate" against farmers or shops who use them4.

The FTC's own description of the old position is the clearest statement of what the moat used to be: "Deere makes the only software repair tools capable of performing all electronic repairs on Deere equipment"5. Those tools went only to dealers. Now an independent mechanic down the road can buy them.

Deere is not giving them away. It agreed to provide the resources on "fair and reasonable terms" as defined by the settlement6, so it will be paid for the tools. Its CFO said on the call that Deere has "always supported our customers" in repairing their own equipment and that the agreement formalizes products it already offers7.

The order also obliges Deere to tell people about it. Deere must provide notice to the public, to its farmer and independent repair provider customers, and to its authorized dealers8, and has agreed to report regularly to the FTC and accept its oversight of compliance9.

This competitor does not take machine sales; it takes service hours. Falling dealer service revenue in the first full year of the order would mean the repair bay has stopped being part of the moat.

Moat trajectory: Narrowing

Order effective July 2026 for ten years.

The number that tests this moat
Reported
Accrued liability for legal matters, latest quarter-end disclosed
about $175M (3 May 2026), including the class-action settlement recorded in Q4 FY2025

The cost of the repair fights so far; a new repair-related accrual above $100M would mean the settlements did not close the issue.

Source: Deere & Company Form 10-Q, Q2 FY2026 ↗
References
  1. ReportedOn 8 July 2026 Deere settled the FTC and state antitrust suit over repairs.
    Deere & Company Form 10-Q for the quarter ended 2 August 2026, $ millions - the FTC settlement, legal matters and tariff recoveries. — Q3 FY2026 · publ. 27 August 2026 · source ↗
  2. ReportedThe FTC says the settlement requires Deere, "for the next 10 years," to provide farmers and independent repair providers with the same equipment repair resources, including software capabilities, that it provides to authorized dealers.
    Federal Trade Commission press release, 8 July 2026 - settlement with Deere & Company and plaintiff states requiring Deere for ten years to provide farmers and independent repair providers with the repair resources it provides to authorized dealers. — July 2026 · publ. 8 July 2026 · source ↗
  3. ReportedIt covers reading fault codes, reprogramming electronic components including "pairing" new parts with a machine, restarting a machine after an emissions-related shutdown known as "limp mode", and access to technical manuals and troubleshooting guidance.
    Federal Trade Commission press release, 8 July 2026 - settlement with Deere & Company and plaintiff states requiring Deere for ten years to provide farmers and independent repair providers with the repair resources it provides to authorized dealers. — July 2026 · publ. 8 July 2026 · source ↗
  4. ReportedAny future repair resource must be offered once Deere makes it available to over 50 percent of its authorized U.S. dealer network, and dealers may not "discriminate or retaliate" against farmers or shops who use them.
    Federal Trade Commission press release, 8 July 2026 - settlement with Deere & Company and plaintiff states requiring Deere for ten years to provide farmers and independent repair providers with the repair resources it provides to authorized dealers. — July 2026 · publ. 8 July 2026 · source ↗
  5. ReportedThe FTC's own description of the old position is the clearest statement of what the moat used to be: "Deere makes the only software repair tools capable of performing all electronic repairs on Deere equipment".
    Federal Trade Commission press release, 8 July 2026 - settlement with Deere & Company and plaintiff states requiring Deere for ten years to provide farmers and independent repair providers with the repair resources it provides to authorized dealers. — July 2026 · publ. 8 July 2026 · source ↗
  6. ReportedIt agreed to provide the resources on "fair and reasonable terms" as defined by the settlement, so it will be paid for the tools.
    Deere & Company Form 10-Q for the quarter ended 2 August 2026, $ millions - the FTC settlement, legal matters and tariff recoveries. — Q3 FY2026 · publ. 27 August 2026 · source ↗
  7. ReportedIts CFO said on the call that Deere has "always supported our customers" in repairing their own equipment and that the agreement formalizes products it already offers.
    Deere & Company third-quarter fiscal 2026 earnings call, FactSet corrected transcript - engaged and highly engaged acres, See & Spray adoption, early order programs, construction backlogs, tariffs, equipment cash flow guidance and the FTC settlement - outlook, early order programs, construction backlogs, tariffs, cash flow and the FTC settlement. — Q3 FY2026 · publ. 20 August 2026 · source ↗
  8. ReportedDeere must provide notice to the public, to its farmer and independent repair provider customers, and to its authorized dealers, and has agreed to report regularly to the FTC and accept its oversight of compliance.
    Federal Trade Commission press release, 8 July 2026 - settlement with Deere & Company and plaintiff states requiring Deere for ten years to provide farmers and independent repair providers with the repair resources it provides to authorized dealers. — July 2026 · publ. 8 July 2026 · source ↗
  9. ReportedDeere must provide notice to the public, to its farmer and independent repair provider customers, and to its authorized dealers, and has agreed to report regularly to the FTC and accept its oversight of compliance.
    Deere & Company Form 10-Q for the quarter ended 2 August 2026, $ millions - the FTC settlement, legal matters and tariff recoveries. — Q3 FY2026 · publ. 27 August 2026 · source ↗
Sources
Generated October 5, 2026