The John Deere 4040 utility tractor is from the same Iron Horse series that also includes the John Deere 4440 and the John Deere 4240 utility tractors. The JD 4040 had a production run that lasted a total of 5 years from 1978 until 1982. All construction of this tractor took place in the John Deere Waterloo plant which is located in Iowa. The engine that powers this tractor has been built in house by the team at JD. This engine is a 6 cylinder model with a total displacement of 6.6. liters. The engine is kept from overheating thanks to a liquid cooling system that holds up to 22.7 liters of coolant. The engine uses a 12 volt battery to start it. The engine has a max power output of 90 hp.

The engine powers the hydraulics system on the John Deere 4040. This hydraulics system holds 41.6 liters (11 US gallons) of hydraulic fluid. This system powers the optional front end loader for this model (either the John Deere 148 or the John Deere 158 front end loader). It also powers the hitch (category 2 or 1). It gives the hitch a maximum safe lifting capacity of up to 2447 kg (5395 lbs). The engine transfers power to the wheels through a choice of 3 different gearbox configurations. The first is a JD PowerShift gearbox that gives the tractor 8 forward and 4 reversing gears. The second choice is a JD Synchro-Range Creeper gearbox that gives 13 speeds going forward and 5 for reversing. The last choice is a JD Quad-Range partial power shift gearbox that gives 16 forward and 6 reversing gears.

The total weight of the John Deere 4040 utility tractor when operational comes to 4758 kg (10,490 lbs), while it has a safe maximum ballasted weight of 5484 kg (12,090 lbs). The rear wheels on the JD 4040 each measure 15.5-38 (15.5 inch width, 38 inch rim diameter) while the front wheels each measure 9.5-15 (9.5 inch width, 15 inch rim diameter).

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