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.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 45,684 | 51,716 | 61,251 | 2 |
| · Product | 38,917 | 44,759 | 55,565 | |
| · Financial service | 5,748 | 5,759 | 4,683 | |
| · Other | 1,019 | 1,198 | 1,003 | |
| Research and development | 2,311 | 2,290 | 2,177 | |
| Selling, general and administrative | 4,663 | 4,840 | 4,595 | |
| Depreciation, depletion and amortization | 2,229 | 2,118 | 2,004 | |
| Total operating expenses | 39,427 | 42,510 | 48,232 | |
| Operating income | — | 9,039 | 12,958 | |
| Interest expense | 3,170 | 3,348 | 2,453 | |
| Income before income taxes | 6,257 | 9,206 | 13,019 | |
| Income tax provision | 1,259 | 2,094 | 2,871 | 1 |
| — of which current | 1,547 | 2,388 | 3,661 | 1 |
| Net income incl. noncontrolling interests | 4,998 | 7,088 | 10,155 | |
| Less: noncontrolling interests | (29) | (12) | (11) | |
| Net income attributable to common | 5,027 | 7,100 | 10,166 | 2 |
| Diluted earnings per share | $18.50 | $25.62 | $34.63 | |
| Weighted-average diluted shares | 272 | 277 | 294 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 4,998 | 7,088 | 10,155 | 1 |
| Depreciation, depletion and amortization | 2,229 | 2,118 | 2,004 | |
| Share-based compensation | 151 | 208 | 130 | |
| Deferred income taxes | (288) | (294) | (790) | |
| Change in receivables | (1,084) | (421) | 4,253 | 1 |
| Change in inventories | 275 | (788) | (279) | |
| Change in payables | (251) | (1,040) | 830 | |
| Net cash provided by operating activities | 7,459 | 9,231 | 8,589 | 4 |
| Capital expenditure | 1,360 | 1,640 | 1,498 | 1 |
| Acquisitions, net of cash | 101 | — | 82 | |
| Net cash used in investing activities | (2,057) | (6,464) | (8,749) | |
| Dividends paid | 1,720 | 1,605 | 1,427 | 3 |
| Repurchases of common stock | 1,138 | 4,007 | 7,216 | 3 |
| Net cash used in financing activities | (4,579) | (2,717) | 2,808 | |
| Cash and equivalents at end of period | 8,533 | 7,633 | 7,620 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 8,276 | 7,324 | |
| Inventories | 7,406 | 7,093 | 1 |
| Goodwill | 4,188 | 3,959 | 1 |
| Intangible assets, net | 892 | 999 | |
| Total assets | 105,996 | 107,320 | 1 |
| Current debt | 13,796 | 13,533 | |
| Total liabilities | 79,989 | 84,395 | |
| Redeemable interests (temporary equity) | 51 | 82 | |
| Stockholders' equity | 25,950 | 22,836 | |
| Noncontrolling interests | 6 | 7 | |
| Total equity | 25,956 | 22,843 |
Segment members exceed the filed total; not shown.
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Product | 38,917 | 85.2% |
| Financial service | 5,748 | 12.6% |
| Other | 1,019 | 2.2% |
| Total revenues, as filed | 45,684 | 100.0% |
Product lines sum to the filed total.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| US | 23,974 | 52.5% |
| Western europe | 6,550 | 14.3% |
| Latin america | 5,607 | 12.3% |
| Asia africa oceania and middle east | 4,243 | 9.3% |
| CA | 3,735 | 8.2% |
| Central europe and commonwealth of independent states | 1,575 | 3.4% |
| Total revenues, as filed | 45,684 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total revenues · IS | 45,684 | 51,716 | −6,032 | -11.7% | — |
| · Product · IS | 38,917 | 44,759 | −5,842 | -13.1% | — |
| Net cash used in investing activities · CF | (2,057) | (6,464) | +4,407 | +68.2% | ◐ outsized |
| Total liabilities · BS | 79,989 | 84,395 | −4,406 | -5.2% | — |
| Stockholders' equity · BS | 25,950 | 22,836 | +3,114 | +13.6% | — |
| Total equity · BS | 25,956 | 22,843 | +3,113 | +13.6% | — |
| Total operating expenses · IS | 39,427 | 42,510 | −3,083 | -7.3% | — |
| Income before income taxes · IS | 6,257 | 9,206 | −2,949 | -32.0% | — |
| Repurchases of common stock · CF | 1,138 | 4,007 | −2,869 | -71.6% | ◐ outsized |
| Net income incl. noncontrolling interests · IS | 4,998 | 7,088 | −2,090 | -29.5% | — |
| Net income incl. noncontrolling interests · CF | 4,998 | 7,088 | −2,090 | -29.5% | — |
| Net income attributable to common · IS | 5,027 | 7,100 | −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 · CF | 7,459 | 9,231 | −1,772 | -19.2% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 20.6% sector median 22.7% | 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 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 13.7% sector median 13.6% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | APR 25 | JUL 25 | FEB 26 | MAY 26 | AUG 26 |
|---|---|---|---|---|---|
| Total revenues | 12,763 | 12,018 | 9,611 | 13,369 | 12,608 |
| Research and development | 549 | 556 | 554 | 583 | 567 |
| Selling, general and administrative | 1,197 | 1,217 | 972 | 1,209 | 1,220 |
| Depreciation, depletion and amortization | 555 | 564 | 590 | 594 | 603 |
| Total operating expenses | 10,426 | 10,418 | 8,775 | 11,076 | 10,726 |
| Interest expense | 784 | 794 | 719 | 712 | 710 |
| Income before income taxes | 2,337 | 1,600 | 836 | 2,293 | 1,882 |
| Income tax provision | 539 | 339 | 196 | 518 | 529 |
| Net income incl. noncontrolling interests | 1,801 | 1,271 | 655 | 1,770 | 1,377 |
| Less: noncontrolling interests | (3) | (18) | (1) | (3) | (2) |
| Net income attributable to common | 1,804 | 1,289 | 656 | 1,773 | 1,379 |
| Diluted earnings per share | $6.64 | $4.75 | $2.42 | $6.55 | $5.10 |
| Weighted-average diluted shares | 272 | 271 | 271 | 271 | 271 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 13,369 | 12,608 | −761 | -5.7% |
| Income before income taxes | 2,293 | 1,882 | −411 | -17.9% |
| Net income attributable to common | 1,773 | 1,379 | −394 | -22.2% |
| Net income incl. noncontrolling interests | 1,770 | 1,377 | −393 | -22.2% |
| Total operating expenses | 11,076 | 10,726 | −350 | -3.2% |
| Research and development | 583 | 567 | −16 | -2.7% |
| Selling, general and administrative | 1,209 | 1,220 | +11 | +0.9% |
| Income tax provision | 518 | 529 | +11 | +2.1% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $124,314M | 10-K cover · as of 2025-04-25 |
| Insider Form 4s, 90d | 4 filings · 0 buys / 21 sells | net selling · −$23,436,012 |
| · Campbell Ryan D | SELL $7,508,479 | Form 4 filed 2026-08-25 · open market |
| · Campbell Ryan D | SELL $4,362,243 | Form 4 filed 2026-08-25 · open market |
| · Campbell Ryan D | SELL $1,904,377 | Form 4 filed 2026-09-02 · open market |
| · Campbell Ryan D | SELL $1,726,162 | Form 4 filed 2026-08-26 · open market |
| · Campbell Ryan D | SELL $1,720,115 | Form 4 filed 2026-08-25 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
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.