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Deere (DE) Q4 FY2021 earnings: revenue $11.3 billion, up 16.4% on the year

Deere & Co. (DE) reported revenue of $11.3 billion for Q4 FY2021, the quarter ended 31 October 2021, up 16.4% on the same quarter a year earlier. Net income was $1.3 billion, up 69.4% on the year, and diluted earnings per share $4.12. The figures are the company's own, from the 10-K it filed with the SEC on 16 December 2021.

Revenue
$11.3 billion
+16.4% on the year · -1.7% on the quarter
Q1 FY2020Q4 FY2021
Operating margin
14.9%
13.4% a year earlier
Q1 FY2020Q4 FY2021
Net income
$1.3 billion
+69.4% on the year · -23.1% on the quarter
Q1 FY2020Q4 FY2021
Diluted EPS
$4.12
+72.4% on the year · -22.6% on the quarter
Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Revenue11,32711,5279,731-1.7%+16.4%
Cost of revenue8,120n/an/a
Gross profit3,207n/an/a
Gross margin28.3%n/an/a
Research and development450n/an/a
Selling, general and administrative935n/an/a
Operating income1,6922,2431,305-24.6%+29.7%
Operating margin14.9%19.5%13.4%
Interest expense210n/an/a
Pre-tax income1,612n/an/a
Income tax329n/an/a
Effective tax rate20.4%n/an/a
Net income1,2821,667757-23.1%+69.4%
Net margin11.3%n/an/a
Diluted EPS$4.12$5.32$2.39-22.6%+72.4%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free 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

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Operating cash flow3,412n/an/a
Capital expenditure356n/an/a
Free cash flow3,056n/an/a
Free cash flow margin27.0%n/an/a
Cash from investing-2,648n/an/a
Cash from financing-227n/an/a
Depreciation and amortisation481515504-6.6%-4.6%
Share-based compensation18.0n/an/a
Buybacks758n/an/a
Dividends paid279n/an/a
Diluted shares, weighted314m313mn/a+0.2%
Shares outstanding at period end307m310m313m-0.9%-1.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Shareholders' equity18,43115,73112,937+17.2%+42.5%
Non-controlling interest3.0n/an/a
Debt48,41247,96145,998+0.9%+5.2%
Finance lease liabilities38.0n/an/a
Other liabilities17,230n/an/a
Total liabilities and equity84,114n/an/a
Goodwill3,291n/an/a
Intangible assets1,275n/an/a
Securities held for sale or to maturity651n/an/a
Loans33,799n/an/a
Cash and equivalents8,0177,5197,066+6.6%+13.5%
Inventory6,781n/an/a
Other assets30,300n/an/a
Total assets84,114n/an/a

Questions

What was Deere's revenue in Q4 FY2021?

Deere (DE) reported revenue of $11.3 billion for Q4 FY2021, the quarter ended 31 October 2021, up 16.4% on the same quarter a year earlier.

How much did Deere earn in Q4 FY2021?

Net income for Q4 FY2021 was $1.3 billion, up 69.4% on the year, and diluted earnings per share $4.12.

When did Deere report Q4 FY2021 results?

Deere filed its 10-K for the year that ended with the quarter on 16 December 2021; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022 †Q2 FY2022Q3 FY2022Q4 FY2022 * †Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue11,3279,56913,37014,10215,53612,65217,38715,80115,41112,18515,23513,15211,1448,50812,76312,01812,3959,61113,36912,608
Cost of revenue8,1206,6958,9189,51110,2147,93410,7309,6249,4277,2009,1577,8486,5705,0377,6097,5707,9436,2808,2667,939
Gross profit3,2072,8744,4524,5915,3224,7186,6576,1775,9844,9856,0785,3044,5743,4715,1544,4484,4523,3315,1034,669
Gross margin28%30%33%33%34%37%38%39%39%41%40%40%41%41%40%37%36%35%38%37%
R&D450402453481576495547528607533565567625526549556680554583567
SG&A9357819329591,1919521,3301,1101,2031,0661,2651,2781,2319721,1971,2171,2779721,2091,220
Operating income1,6921,2352,6702,6462,9572,5183,8983,5163,0262,2153,1172,3551,5198952,3371,6001,4258362,2931,882
Operating margin15%13%20%19%19%20%22%22%20%18%20%18%14%11%18%13%11%9%17%15%
Interest expense210229187296350479569623782802836840870829784794763719712710
Pre-tax income1,6121,1512,5522,5392,8852,4933,8483,6063,0722,2153,1172,3551,5198952,3371,6001,4258362,2931,882
Tax rate20%22%18%26%22%22%26%18%23%21%24%27%16%3%23%21%25%23%23%28%
Net income1,2829032,0981,8842,2461,9592,8602,9782,3691,7512,3701,7341,2458691,8041,2891,0656561,7731,379
Net margin11%9%16%13%14%15%16%19%15%14%16%13%11%10%14%11%9%7%13%11%
Diluted EPS$4.12$2.92$6.81$6.16$7.44$6.55$9.65$10.20$8.26$6.23$8.53$6.29$4.55$3.19$6.64$4.75$3.93$2.42$6.55$5.10
Operating cash flow3,412-2,5537912,1804,281-1,2461,0993,0435,693-9081,8523,1955,092-1,1321,7002,8963,995-8901,9322,208
Capital expenditure356193153250538315269303611362357324597352203297508256195265
Free cash flow3,056-2,7466381,9303,743-1,5618302,7405,082-1,2701,4952,8714,495-1,4841,4972,5993,487-1,1461,7371,943
Buybacks7586236031,2511,1201,2571,2892,1172,5531,3281,0948057804413972982.0302198197
Dividends paid279327322322342341356368362386410406403403440439438441437438
Shares outstanding307m307m306m302m298m296m293m288m282m278m276m274m272m271m271m270m270m270m270m270m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 October 2021, filed 16 December 2021: the filing.