Ticker Sage

Company file · DE

Deere

Deere's sales fell for a second year in fiscal 2025 as farm equipment demand weakened

Net sales and revenues fell 11.7% to $45.7B, and net income fell 29.2% to $5.0B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Dec 18, 2025) · Latest quarter: 10-Q for the quarter ended Aug 2, 2026 (filed Aug 27, 2026) · Data pulled Oct 25, 2026

Key facts

Deere (NYSE: DE) closed fiscal 2025 on Nov 2, 2025 with total net sales and revenues of $45.7B, down 11.7% from a year before; net income to Deere came to $5.0B, down 29.2%. Its newest quarterly report covers the three months to Aug 2, 2026: net sales and revenues of $12.6B, up 4.9% on the same stretch of the prior year, and net income of $1.4B. Broken down by segment, Production and Precision Agriculture led with 38% of fiscal 2025 total net sales and revenues. Sources: 10-K for fiscal 2025 (filed Dec 18, 2025) and 10-Q for the quarter ended Aug 2, 2026 (filed Aug 27, 2026).

Net sales and revenues$45.7BFY2025 · −11.7% vs FY2024
Net income to Deere$5.0BFY2025 · −29.2% vs FY2024
Operating cash flow$7.5BFY2025 · −19.2% vs FY2024
Cash & equivalents$8.9Bat Aug 2, 2026 · +7.9% vs FY2025 end
Diluted shares272MFY2025 avg · −1.9% vs FY2024
Total net sales and revenues and net income to Deere, three fiscal yearsBy fiscal year, $bn
Total net sales and revenuesNet income to Deere
Total net sales and revenues and net income to Deere by fiscal yearTotal net sales and revenues FY2023: $61.3B61.3Net income to Deere FY2023: $10.2B10.2FY2023Total net sales and revenues FY2024: $51.7B51.7Net income to Deere FY2024: $7.1B7.1FY2024Total net sales and revenues FY2025: $45.7B45.7Net income to Deere FY2025: $5.0B5.0FY2025

Source: 10-K FY2025, filed Dec 18, 2025

Quarterly total net sales and revenues: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total net sales and revenues, fiscal 2026 vs 2025FY2025 Q1: $8.5B8.5FY2026 Q1: $9.6B9.6Q1FY2025 Q2: $12.8B12.8FY2026 Q2: $13.4B13.4Q2FY2025 Q3: $12.0B12.0FY2026 Q3: $12.6B12.6Q3

Source: 10-Q filed Feb 26, 2026 · 10-Q filed May 28, 2026 · 10-Q filed Aug 27, 2026

How it makes money

FY2025 total by categoryProduction and Precision Agriculture: $17.8B (38%)Small Agriculture and Turf: $10.4B (23%)Construction and Forestry: $11.6B (25%)Financial Services: $6.3B (14%)$46.1BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Production and Precision Agriculture$17.8B38%−17.0%
  • Small Agriculture and Turf$10.4B23%−7.0%
  • Construction and Forestry$11.6B25%−11.8%
  • Financial Services$6.3B14%−3.1%

Source: 10-K FY2025, XBRL breakdown

Production and Precision Agriculture was 38% of 2025 segment revenue, Construction and Forestry 25%, Small Agriculture and Turf 23% and Financial Services 14%.

By segment: three-year mixShare of the total each fiscal year
Production and Precision AgricultureSmall Agriculture and TurfConstruction and ForestryFinancial Services

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (May to Jul 2026) compared with Q3 FY2025 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Net sales and revenues
$12.6B Q3 FY2026
$12.0B Q3 FY2025
4.9% increase
Net income
$1.4B Q3 FY2026
$1.3B Q3 FY2025
7.0% increase

Source: Deere 10-Q for the quarter ended Aug 2, 2026, filed Aug 27, 2026

By segment

Production and Precision Agriculture
$4.1B Q3 FY2026
$4.4B Q3 FY2025
6.3% decrease
Construction and Forestry
$3.7B Q3 FY2026
$3.1B Q3 FY2025
18.3% increase
Small Agriculture and Turf
$3.4B Q3 FY2026
$3.1B Q3 FY2025
11.8% increase
Financial Services
$1.5B Q3 FY2026
$1.5B Q3 FY2025
2.5% decrease

Source: Deere 10-Q for the quarter ended Aug 2, 2026, filed Aug 27, 2026

  • Cash & equivalents $8.9B at Aug 2, 2026, vs $8.3B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $3.2B vs $3.5B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net sales and revenues fell 11.7% in fiscal 2025, after falling 15.6% in fiscal 2024. 10-K, FY2025
  • Net income fell 29.2% in fiscal 2025 to $5.0B, down from $10.2B in fiscal 2023. 10-K, FY2025
  • Production and Precision Agriculture revenue fell 17.0% in fiscal 2025. 10-K, FY2025
  • The 10-K lists farm economy conditions, trade policy, competition and credit risk in its lending arm among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Deere makes John Deere farm, turf, construction and forestry equipment, and lends to buyers and dealers through its financial services arm.

Production and Precision Agriculture sells large tractors, combines and precision technology. Small Agriculture and Turf sells smaller tractors, mowers and hay equipment. Construction and Forestry sells loaders, excavators and road-building equipment, including Wirtgen. Financial Services offers loans and leases.

It sells mainly through independent dealers. Its fiscal year ends in late October or early November.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Deere's latest 10-K. Read the original for the full list.

  1. Farm economyCrop prices, farm income and interest rates drive equipment demand.
  2. Trade policyTariffs and trade disputes affect farm exports and its costs.
  3. CompetitionIt competes with global equipment makers.
  4. CreditIts lending arm is exposed to borrowers who may not repay.
  5. Supply chainParts shortages and costs can disrupt production.
  6. RegulationEmissions and other rules affect equipment design and costs.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total net sales and revenues$61.3B$51.7B$45.7B
Net income to Deere$10.2B$7.1B$5.0B
Operating cash flow$8.6B$9.2B$7.5B
Cash & equivalents (year end)$7.5B$7.3B$8.3B
Diluted shares294M277M272M
  • Total net sales and revenues: Sales of farm, turf, construction and forestry equipment, plus finance income from its lending arm.
  • Net income to Deere: Net income attributable to Deere & Company, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of the four segments' revenue before intercompany eliminations, so they add up to slightly more than reported total revenue.

What we left out

  • Total debt: Deere's long-term borrowings for the latest year are tagged with an element the SEC's company data feed doesn't carry yet, so the debt row is left out. The 10-K balance sheet shows its short-term and long-term borrowings.

Recent filings

FormFiledPeriod
10-QAug 27, 2026Aug 2, 2026
10-QMay 28, 2026May 3, 2026
10-QFeb 26, 2026Feb 1, 2026
DEF 14AJan 14, 2026Feb 25, 2026
10-KDec 18, 2025Nov 2, 2025

Latest filings

  1. No new 8-K, Form 4 or 13D/13G filings from Deere in the last 30 days.

All Deere filings notes →

Common questions about Deere

How does Deere make money?

Fiscal 2025 total net sales and revenues: $45.7B. Production and Precision Agriculture was 38% of 2025 segment revenue, Construction and Forestry 25%, Small Agriculture and Turf 23% and Financial Services 14%. Source: 10-K for fiscal 2025, filed Dec 18, 2025.

What was Deere's revenue in fiscal 2025?

$45.7B, down 11.7% from fiscal 2024 ($51.7B). The year ended Nov 2, 2025; for fiscal 2023 the figure was $61.3B. Source: 10-K for fiscal 2025, filed Dec 18, 2025.

Is Deere profitable?

Net income to Deere was $5.0B in fiscal 2025 (down 29.2%; fiscal 2024 was $7.1B). That counts as a GAAP profit. The latest quarter, ended Aug 2, 2026: net income was $1.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Dec 18, 2025.

What did Deere report in its latest quarterly filing?

For the three months to Aug 2, 2026: net sales and revenues $12.6B (up 4.9% from $12.0B) and net income $1.4B (up 7.0% from $1.3B). Source: 10-Q for the quarter ended Aug 2, 2026, filed Aug 27, 2026.

What are the main risks Deere lists?

The risk factors are in Item 1A of the 10-K filed Dec 18, 2025. This page sorts them into 6 groups (Farm economy; trade policy; competition; credit; supply chain; regulation). The first group in plain English: Crop prices, farm income and interest rates drive equipment demand. Source: 10-K, Item 1A Risk Factors.

Where do these Deere numbers come from?

The 10-K filed Dec 18, 2025 (fiscal 2025) and the 10-Q filed Aug 27, 2026 (quarter ended Aug 2, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in DE
The editor holds no position in Deere (DE). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell DE from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold DE, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
DeereDEFY2025$45.7B−11.7%$5.0B
CaterpillarCATFY2025$67.6B+4.3%$8.9B
Union PacificUNPFY2025$24.5B+1.1%$7.1B
GE VernovaGEVFY2025$38.1B+9.0%$4.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.