Deere (DE) FY2016 results: revenue $26.6 billion, down 7.7% on the year
Deere & Co. (DE) reported revenue of $26.6 billion for fiscal 2016, the year ended 31 October 2016, down 7.7% on the year before. Net income was $1.5 billion, down 21.4%, and diluted earnings per share $4.81. The figures are the company's own, from the 10-K it filed with the SEC on 19 December 2016.
Revenue
$26.6 billion
-7.7% on the year
FY2009FY2016
Operating margin
9.7%
10.9% a year earlier
FY2009FY2016
Net income
$1.5 billion
-21.4% on the year
FY2009FY2016
Diluted EPS
$4.81
-16.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
26,644
28,863
36,067
-7.7%
Cost of revenue
18,249
20,143
24,776
-9.4%
Gross profit
8,395
8,720
11,291
-3.7%
Gross margin
31.5%
30.2%
31.3%
Research and development
1,389
1,425
1,452
-2.5%
Selling, general and administrative
2,764
2,873
3,284
-3.8%
Operating income
2,589
3,140
5,218
-17.5%
Operating margin
9.7%
10.9%
14.5%
Interest expense
764
680
664
+12.3%
Pre-tax income
2,224
2,780
4,797
-20.0%
Income tax
700
840
1,626
-16.7%
Effective tax rate
31.5%
30.2%
33.9%
Net income
1,524
1,940
3,162
-21.4%
Net margin
5.7%
6.7%
8.8%
Diluted EPS
$4.81
$5.77
$8.63
-16.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
3,764
3,759
3,526
+0.1%
Capital expenditure
644
694
1,048
-7.1%
Free cash flow
3,120
3,065
2,478
+1.8%
Free cash flow margin
11.7%
10.6%
6.9%
Cash from investing
n/a
-1,059
n/a
Cash from financing
n/a
-2,138
n/a
Depreciation and amortisation
1,560
1,382
1,306
+12.8%
Share-based compensation
70.6
66.1
78.5
+6.8%
Buybacks
205
2,771
2,731
-92.6%
Dividends paid
761
816
786
-6.7%
Dividend per share
$2.40
$2.40
$2.22
0.0%
Diluted shares, weighted
317m
336m
366m
-5.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
6,520
6,758
9,063
-3.5%
Non-controlling interest
10.8
n/a
2.9
Redeemable equity
14.0
n/a
n/a
Debt
11,915
n/a
36,958
Other liabilities
39,522
n/a
15,312
Total liabilities and equity
57,981
n/a
61,336
Fixed assets
5,171
5,181
5,578
-0.2%
Goodwill
816
726
791
+12.4%
Intangible assets
104
n/a
68.8
Securities held for sale or to maturity
394
n/a
1,160
Loans
23,702
n/a
27,422
Cash and equivalents
4,336
4,162
3,787
+4.2%
Inventory
3,340
n/a
4,210
Other assets
20,118
47,814
18,320
-57.9%
Total assets
57,981
57,883
61,336
+0.2%
10-K for the year ended 31 October 2016, filed 19 December 2016: the filing.