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Deere (DE) FY2025 results: revenue $45.7 billion, down 11.7% on the year

Deere & Co. (DE) reported revenue of $45.7 billion for fiscal 2025, the year ended 2 November 2025, down 11.7% on the year before. Net income was $5.0 billion, down 29.2%, and diluted earnings per share $18.50. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2025.

Revenue
$45.7 billion
-11.7% on the year
FY2018FY2025
Operating margin
13.7%
17.5% a year earlier
FY2018FY2025
Net income
$5.0 billion
-29.2% on the year
FY2018FY2025
Diluted EPS
$18.50
-27.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 14 new.

  • Fourth-quarter net income declined: Net income was $1.065 billion, or $3.93 per diluted share, against $1.245 billion, or $4.55, a year earlier.
  • Full-year net income down 29%: Fiscal 2025 net income was $5.027 billion, or $18.50 per diluted share, against $7.100 billion, or $25.62 a year earlier.
  • Production & Precision Ag profit fell 8%: Operating profit fell to $604 million on higher production costs, higher tariffs and special items, partly offset by price realization and volumes.
  • Small Ag & Turf profit fell 89%: Net sales rose 7% to $2.457 billion, but operating profit was $25 million, a 1.0% margin against 10.1%, on higher tariffs, warranty expense and production costs.
  • Financial Services net income up 69%: Net income was $293 million against $173 million, helped by financing spreads, special items and a lower credit-loss provision.
Read the Q4 FY2025 earnings call summary

From this 10-K

John Deere has manufactured agricultural equipment since 1837, and Deere & Company was incorporated in Delaware in 1958. The business is managed through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The first three are the equipment operations, and in fiscal 2025 Production and Precision Agriculture was 45% of equipment sales, Construction and Forestry 29% and Small Agriculture and Turf 26%. The company runs what it calls its Smart Industrial Operating Model, built on three pillars: production systems, technology stack and lifecycle solutions.

Deere & Co., the 10-K for 2025

John Deere has manufactured agricultural equipment since 1837, and Deere & Company was incorporated in Delaware in 1958. The business is managed through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The first three are the equipment operations, and in fiscal 2025 Production and Precision Agriculture was 45% of equipment sales, Construction and Forestry 29% and Small Agriculture and Turf 26%. The company runs what it calls its Smart Industrial Operating Model, built on three pillars: production systems, technology stack and lifecycle solutions.

Production and Precision Agriculture

The segment serves production-scale growers of large grains such as corn and soy, small grains such as wheat, oats and barley, cotton and sugarcane. Its machines include four-wheel-drive and track and row crop tractors, harvesters, cotton pickers, cotton strippers, sugarcane harvesters, sugarcane loaders and related harvesting front-end equipment, along with tillage, seeding and application equipment including sprayers and nutrient management, soil preparation machinery, attachments and service parts. The company states that it continues to invest in advanced technology through integrated agricultural solutions and precision technologies across the equipment portfolio, and that it has built a production system-level approach to understand how customers operate. Brand names in the segment include Hagie and Mazzotti sprayers, PLA, King Agro carbon fibre sprayer booms, Harvest Profit and Sentera.

Small Agriculture and Turf

The segment serves dairy and livestock producers, high-value crop and small acre crop producers, and turf and utility customers. Equipment covers specialty, utility and compact tractors, hay and forage equipment including self-propelled forage harvesters, attachments, balers and mowers, and turf and utility equipment including riding lawn equipment, commercial mowing equipment, golf course equipment and utility vehicles, with implements for mowing, tilling, snow and debris handling and aerating across residential, commercial, golf and sports turf work. Brands include Frontier, Kemper, GreenSystem, Smart Apply, GUSS, A and I, Sunbelt Outdoor Products and Alternatives by John Deere.

Construction and Forestry

The segment supplies construction, roadbuilding and forestry machines with precision technology alongside them, aimed at jobsite safety, a shortage of skilled labour, volatile input costs, rework, uptime and environmental footprint. Products include backhoe loaders, crawler dozers and loaders, skid steers, four-wheel-drive and compact wheel loaders, excavators and compact excavators, timber harvesting equipment, road building and rehabilitation equipment, articulated dump trucks and motor graders. Technology in the segment includes SmartWeigh, Smart Grade, machine and system automation, the John Deere Operations Center and SmartDetect obstacle detection using cameras, radar and machine learning. Roadbuilding brands include Wirtgen, Vögele, Hamm, Kleemann, Benninghoven and Ciber.

Parts, supply and distribution

Parts and services support current product lines and products sold in the past, with maintenance and repair contracts and warranty extension services, and precision technology is sold both built into machines and as aftermarket retrofit parts through dealers and the John Deere Store. Raw materials, manufactured components and replacement parts come from suppliers worldwide and include steel products, metal castings, forgings, plastics, hydraulics, electronics and ready-to-assemble components made to specification. In the United States and Canada the company markets through approximately 2,050 independent dealer locations, of which approximately 1,600 sell agricultural equipment and approximately 450 sell construction, earthmoving, material handling, roadbuilding, compact construction or forestry equipment, with about 260 turf-only locations and some lawn, garden and compact construction products sold through The Home Depot and Lowe's. Outside those two countries the equipment is sold to distributors and dealers for resale in over 100 countries.

Financial Services and people

The financial services segment finances retail purchases of new equipment from dealers and of used equipment taken in trade, mainly through John Deere Capital Corporation in the United States and John Deere Financial Inc. in Canada, which buy retail notes from the group's sales companies. It also finances and services revolving charge accounts, most of them acquired from third-party merchants in the agricultural and turf markets, and provides wholesale financing, leases and extended warranties. At 2 November 2025 the company had approximately 73,100 employees, of which approximately 32,500 were full-time production employees, with 27,000 total employees in the United States.

From Deere & Company's annual report on Form 10-K for the year ended 2 November 2025. The filing

Written from the 10-K filed 18 December 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue45,68451,71661,251-11.7%
Cost of revenue28,15930,77537,715-8.5%
Gross profit17,52520,94123,536-16.3%
Gross margin38.4%40.5%38.4%
Research and development2,3112,2902,177+0.9%
Selling, general and administrative4,6634,8404,595-3.7%
Operating income6,2579,03912,958-30.8%
Operating margin13.7%17.5%21.2%
Interest expense3,1703,3482,453-5.3%
Pre-tax income6,2579,20613,019-32.0%
Income tax1,2592,0942,871-39.9%
Effective tax rate20.1%22.7%22.1%
Net income5,0277,10010,166-29.2%
Net margin11.0%13.7%16.6%
Diluted EPS$18.50$25.62$34.63-27.8%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow7,4599,2318,589-19.2%
Capital expenditure1,3601,6401,498-17.1%
Free cash flow6,0997,5917,091-19.7%
Free cash flow margin13.4%14.7%11.6%
Cash from investing-2,057-6,464-8,749
Cash from financing-4,579-2,7172,808
Depreciation and amortisation2,2292,1182,004+5.2%
Share-based compensation151208130-27.4%
Buybacks1,1384,0077,216-71.6%
Dividends paid1,7201,6051,427+7.2%
Dividend per share$6.48$5.88$5.05+10.2%
Diluted shares, weighted272m277m294m-1.9%
Shares outstanding at period end270m272m282m-0.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity25,95022,83621,785+13.6%
Non-controlling interest6.07.04.0-14.3%
Redeemable equity51.082.097.0-37.8%
Debt63,93665,19363,411-1.9%
Finance lease liabilities73.072.049.0+1.4%
Other liabilities15,98019,13018,741-16.5%
Total liabilities and equity105,996107,320104,087-1.2%
Goodwill4,1883,9593,900+5.8%
Intangible assets8929991,133-10.7%
Securities held for sale or to maturity1,3441,154724+16.5%
Cash and equivalents8,2767,3247,458+13.0%
Inventory7,4067,0938,160+4.4%
Other assets83,89086,79182,712-3.3%
Total assets105,996107,320104,087-1.2%

10-K for the year ended 2 November 2025, filed 18 December 2025: the filing.