Deere (DE) FY2020 results: revenue $35.5 billion, down 9.5% on the year
Deere & Co. (DE) reported revenue of $35.5 billion for fiscal 2020, the year ended 1 November 2020, down 9.5% on the year before. Net income was $2.8 billion, down 15.4%, and diluted earnings per share $8.69. The figures are the company's own, from the 10-K it filed with the SEC on 17 December 2020.
Revenue
$35.5 billion
-9.5% on the year
FY2013FY2020
Operating margin
12.1%
11.2% a year earlier
FY2013FY2020
Net income
$2.8 billion
-15.4% on the year
FY2013FY2020
Diluted EPS
$8.69
-14.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
35,540
39,258
37,358
-9.5%
Cost of revenue
23,677
28,370
26,970
-16.5%
Gross profit
11,863
10,888
10,388
+9.0%
Gross margin
33.4%
27.7%
27.8%
Research and development
1,644
1,783
1,658
-7.8%
Selling, general and administrative
3,477
3,551
3,456
-2.1%
Operating income
4,305
4,415
4,476
-2.5%
Operating margin
12.1%
11.2%
12.0%
Interest expense
1,247
1,466
1,204
-14.9%
Pre-tax income
3,883
4,088
4,071
-5.0%
Income tax
1,082
852
1,727
+27.0%
Effective tax rate
27.9%
20.8%
42.4%
Net income
2,751
3,253
2,368
-15.4%
Net margin
7.7%
8.3%
6.3%
Diluted EPS
$8.69
$10.15
$7.24
-14.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
7,483
3,412
1,820
+119.3%
Capital expenditure
820
1,120
896
-26.8%
Free cash flow
6,663
2,292
924
+190.7%
Free cash flow margin
18.7%
5.8%
2.5%
Cash from investing
-3,319
-3,924
-8,176
Cash from financing
-980
509
876
Depreciation and amortisation
2,118
2,019
1,927
+4.9%
Share-based compensation
81.0
82.0
84.0
-1.2%
Buybacks
750
1,253
958
-40.1%
Dividends paid
956
943
806
+1.4%
Dividend per share
$3.04
$3.04
$2.58
0.0%
Diluted shares, weighted
317m
321m
327m
-1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
12,937
11,413
11,288
+13.4%
Non-controlling interest
7.0
4.0
3.0
+75.0%
Redeemable equity
n/a
14.0
14.0
Debt
45,998
45,334
42,256
+1.5%
Finance lease liabilities
39.0
n/a
n/a
Other liabilities
16,110
16,246
16,547
-0.8%
Total liabilities and equity
75,091
73,011
70,108
+2.8%
Fixed assets
n/a
5,973
5,868
Goodwill
3,081
2,917
3,101
+5.6%
Intangible assets
1,327
1,380
1,562
-3.8%
Securities held for sale or to maturity
577
522
444
+10.5%
Loans
29,750
29,195
27,054
+1.9%
Cash and equivalents
7,066
3,857
3,904
+83.2%
Inventory
4,999
5,975
6,149
-16.3%
Other assets
28,291
23,192
22,026
+22.0%
Total assets
75,091
73,011
70,108
+2.8%
10-K for the year ended 1 November 2020, filed 17 December 2020: the filing.