DE Deere & Company FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-11-02 · FILED 2025-12-18 · 272M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company designs, manufactures, and distributes agricultural, turf, and construction and forestry equipment, along with related attachments and service parts, and also provides financial services to support the purchase of this equipment. Its business is organized into segments covering production and precision agriculture equipment, small agriculture and turf equipment, construction and forestry machinery, and a financial services segment that finances and services retail notes, leases, revolving charge accounts, and wholesale receivables. Customers include row crop and specialty farmers, dairy and livestock producers, turf and golf course operators, and construction, roadbuilding, and forestry contractors, served through independent dealer networks as well as company-owned sales subsidiaries.

S&P 500 · INDUSTRIALS · CIK 315189
REVENUE$45.7B-11.7% YoY
NET INCOME$5.0B-29.2% YoY
OPERATING CASH FLOW$7.5B-19.2% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$6.1B-19.7% YoY
71
FILING SCORE / 100
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How the score is computed: 4 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 5/8 on claims and 11/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG11 CHECKS · 1 red · 1 watchNEXT 10-Q ~SEP 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues45,68451,71661,2512
· Product38,91744,75955,565
· Financial service5,7485,7594,683
· Other1,0191,1981,003
Research and development2,3112,2902,177
Selling, general and administrative4,6634,8404,595
Depreciation, depletion and amortization2,2292,1182,004
Total operating expenses39,42742,51048,232
Operating income—9,03912,958
Interest expense3,1703,3482,453
Income before income taxes6,2579,20613,019
Income tax provision1,2592,0942,8711
— of which current1,5472,3883,6611
Net income incl. noncontrolling interests4,9987,08810,155
Less: noncontrolling interests(29)(12)(11)
Net income attributable to common5,0277,10010,1662
Diluted earnings per share$18.50$25.62$34.63
Weighted-average diluted shares2722772941
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests4,9987,08810,1551
Depreciation, depletion and amortization2,2292,1182,004
Share-based compensation151208130
Deferred income taxes(288)(294)(790)
Change in receivables(1,084)(421)4,2531
Change in inventories275(788)(279)
Change in payables(251)(1,040)830
Net cash provided by operating activities7,4599,2318,5894
Capital expenditure1,3601,6401,4981
Acquisitions, net of cash101—82
Net cash used in investing activities(2,057)(6,464)(8,749)
Dividends paid1,7201,6051,4273
Repurchases of common stock1,1384,0077,2163
Net cash used in financing activities(4,579)(2,717)2,808
Cash and equivalents at end of period8,5337,6337,620
Balance sheet · $ millions20252024
Cash and cash equivalents8,2767,324
Inventories7,4067,0931
Goodwill4,1883,9591
Intangible assets, net892999
Total assets105,996107,3201
Current debt13,79613,533
Total liabilities79,98984,395
Redeemable interests (temporary equity)5182
Stockholders' equity25,95022,836
Noncontrolling interests67
Total equity25,95622,843
Segments · as filed in the segment note · $ millionsProduction and precision agriculture segmentConstruction and forestry segmentSmall agriculture and turf segmentFinancial services segmentCorporate / unallocatedConsolidated
Net sales17,75311,64210,4326,289(432)45,684
Depreciation & amortization6543652611,082(133)2,229
Assets8,7877,7923,98770,02115,409105,996

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total revenues · IS45,68451,716−6,032-11.7%—
· Product · IS38,91744,759−5,842-13.1%—
Net cash used in investing activities · CF(2,057)(6,464)+4,407+68.2%◐ outsized
Total liabilities · BS79,98984,395−4,406-5.2%—
Stockholders' equity · BS25,95022,836+3,114+13.6%—
Total equity · BS25,95622,843+3,113+13.6%—
Total operating expenses · IS39,42742,510−3,083-7.3%—
Income before income taxes · IS6,2579,206−2,949-32.0%—
Repurchases of common stock · CF1,1384,007−2,869-71.6%◐ outsized
Net income incl. noncontrolling interests · IS4,9987,088−2,090-29.5%—
Net income incl. noncontrolling interests · CF4,9987,088−2,090-29.5%—
Net income attributable to common · IS5,0277,100−2,073-29.2%—
Net cash used in financing activities · CF(4,579)(2,717)−1,862-68.5%—
Net cash provided by operating activities · CF7,4599,231−1,772-19.2%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
20.6%
sector median 24.0%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.0%
sector median -0.8%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
1.80
sector median 0.63
leveraged
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 13.7%
sector median 14.2%
cyclical
Quarterly · as filed in 10-Q/10-K · $ millionsJAN 25APR 25JUL 25FEB 26MAY 26
Total revenues8,50812,76312,0189,61113,369
Research and development526549556554583
Selling, general and administrative9721,1971,2179721,209
Depreciation, depletion and amortization549555—590594
Total operating expenses7,61310,42610,4188,77511,076
Interest expense829784794719712
Income before income taxes8952,3371,6008362,293
Income tax provision27539339196518
Net income incl. noncontrolling interests8671,8011,2716551,770
Less: noncontrolling interests(2)(3)(18)(1)(3)
Net income attributable to common8691,8041,2896561,773
Diluted earnings per share$3.19$6.64$4.75$2.42$6.55
Weighted-average diluted shares272272271271271
Net cash provided by operating activities(1,132)——(890)—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues9,61113,369+3,758+39.1%
Total operating expenses8,77511,076+2,301+26.2%
Income before income taxes8362,293+1,457+174.3%
Net income attributable to common6561,773+1,117+170.3%
Net income incl. noncontrolling interests6551,770+1,115+170.2%
Income tax provision196518+322+164.3%
Net cash provided by operating activities(1,132)(890)+242+21.4%
Selling, general and administrative9721,209+237+24.4%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$124,314M10-K cover · as of 2025-04-25
Insider Form 4s, 90d10 filings · 10 non-market txnsquiet — awards/exercises only
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Deere & Company's Form 10-K for FY2025 (accession 0001104659-25-122321), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. DE is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.