JD drops 0.90% to 2025 low as FTC sues over repair restrictions

Shares of John Deere (JD) fell to their lowest level since September 2025 on Thursday, with an intraday decline of 0.90%, marking a significant drop amid mounting legal and regulatory pressures. The stock’s performance reflects growing concerns over the company’s business practices in the agricultural equipment sector.

At the center of the turmoil is a lawsuit filed by the Federal Trade Commission (FTC) alongside state attorneys general from Minnesota and Illinois. The agency alleges that Deere’s “right to repair” restrictions violate antitrust laws by limiting farmers’ ability to fix their own machinery. Critics argue that the company’s proprietary software locks farmers out of independent repairs, forcing reliance on Deere’s authorized technicians and inflating costs during critical harvest seasons. The FTC’s action aligns with broader efforts by the Biden administration to challenge monopolistic practices in agriculture.

Legal challenges extend to a class-action lawsuit filed in 2022, which accuses Deere of maintaining a “repair monopoly.” While the company pledged in 2023 to improve access to repair tools and documentation, these promises remain unfulfilled. Senator Elizabeth Warren has publicly criticized Deere for providing “impaired tools and inadequate disclosures,” underscoring political pressure on the firm to address its policies. The unresolved litigation risks reputational damage and further regulatory scrutiny.

Deere’s repair restrictions have drawn widespread criticism from farmers and advocacy groups, who argue that delays in authorized repairs disrupt planting and harvesting schedules, leading to lost revenue. The FTC has emphasized that these delays are “devastating” for farmers, who depend on timely maintenance to sustain productivity. Independent repair shops, unable to access Deere’s software, face limited competition, exacerbating service costs for users.

The company has denied the allegations, calling the FTC’s claims “baseless” and highlighting its commitment to improving repair access. However, critics view Deere’s public statements as insufficient, with actions lagging behind promises. This disconnect has fueled skepticism among stakeholders, raising questions about the company’s ability to address systemic concerns in its business model.

Political uncertainty looms as the FTC’s current chair, Lina Khan, faces potential replacement by Andrew Ferguson, a Trump appointee who has expressed doubts about the Deere lawsuit. This shift could alter the regulatory landscape, though existing Biden-era investigations may still shape long-term outcomes. The broader antitrust focus on agricultural firms—targeting companies like Corteva and Tyson Foods—highlights a trend of increased scrutiny in the sector.

As legal battles unfold, Deere’s stock faces pressure from both compliance costs and reputational risks. The company’s ability to navigate these challenges will likely influence its market position and investor confidence, with outcomes potentially setting precedents for antitrust enforcement in agriculture. Investors are advised to monitor developments closely as the case evolves.