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Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides four-wheel-drive track and row crop tractors, harvesters, cotton pickers and strippers, sugarcane harvesters and loaders, soil preparation, tillage, seeding, and crop care equipment, as well as application equipment, including sprayers and nutrient management, soil preparation machinery, and related attachments and service parts. The Small Agriculture and Turf segment offers specialty, utility, and compact tractors; self-propelled forage harvesters and attachments; rotary mowers, hay and forage equipment, and utility vehicles; turf and utility equipment, including riding lawn, commercial mowing, and golf course equipment, and utility vehicles, as well as implements for mowing, tilling, snow and debris handling, aerating, residential, commercial, golf, and sports turf care applications. The Construction and Forestry segment provides backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, skid-steer loaders, milling machines, recyclers, slipform and asphalt pavers, surface miners, compactors, tandem, static rollers, mobile crushers and screens, mobile and stationary asphalt plants, and log harvesters; and road building and rehabilitation equipment. The Financial Services segment finances sales and leases agriculture and turf, and construction and forestry equipment. It also offers wholesale financing to dealers of the foregoing equipment; and extended equipment warranties. Deere & Company has a strategic partnership with Tarter USA to develop and produce flex wing rotary cutters. The company was founded in 1837 and is headquartered in Moline, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $44.7B | $11.7B | $5.0B | $3.2B | 19.4% | -11.6% | -29.2% |
| 2024 | $50.5B | $14.7B | $7.1B | $4.4B | 31.1% | -16.1% | -30.2% |
| 2023 | $60.2B | $17.5B | $10.2B | $4.1B | 46.7% | 17.5% | 42.6% |
| 2022 | $51.3B | $12.1B | $7.1B | $911M | 35.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 51,282 | 60,248 | 50,518 | 44,665 |
| Operating Revenue | - | 51,282 | 60,248 | 50,518 | 44,665 |
| Cost Of Revenue | - | 35,552 | 37,942 | 31,023 | 28,370 |
| Gross Profit | - | 15,730 | 22,306 | 19,495 | 16,295 |
| Operating Expense | - | 6,704 | 7,715 | 8,068 | 7,879 |
| Research And Development | - | 1,912 | 2,177 | 2,290 | 2,311 |
| Selling General And Administration | - | 3,645 | 4,309 | 4,507 | 4,241 |
| Total Expenses | - | 42,256 | 45,657 | 39,091 | 36,249 |
| Operating Income | - | 9,026 | 14,591 | 11,427 | 8,416 |
| EBITDA | - | 12,084 | 17,476 | 14,672 | 11,656 |
| Normalized EBITDA | - | 11,804 | 17,536 | 14,597 | 11,599 |
| EBIT | - | 10,189 | 15,472 | 12,554 | 9,427 |
| Interest Expense | - | 1,062 | 2,453 | 3,348 | 3,170 |
| Net Interest Income | - | -1,062 | -2,453 | -3,348 | -3,170 |
| Other Non Operating Income Expenses | - | 883 | 941 | 1,052 | 954 |
| Other Income Expense | - | 1,163 | 881 | 1,127 | 1,011 |
| Interest Expense Non Operating | - | 1,062 | 2,453 | 3,348 | 3,170 |
| Net Non Operating Interest Income Expense | - | -1,062 | -2,453 | -3,348 | -3,170 |
| Pretax Income | - | 9,127 | 13,019 | 9,206 | 6,257 |
| Tax Provision | - | 2,007 | 2,871 | 2,094 | 1,259 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 61.57 | -13.23 | 17.06 | 11.47 |
| Net Income Continuous Operations | - | 7,130 | 10,155 | 7,088 | 4,998 |
| Net Income From Continuing And Discontinued Operation | - | 7,131 | 10,166 | 7,100 | 5,027 |
| Net Income From Continuing Operation Net Minority Interest | - | 7,131 | 10,166 | 7,100 | 5,027 |
| Net Income | - | 7,131 | 10,166 | 7,100 | 5,027 |
| Net Income Common Stockholders | - | 7,131 | 10,166 | 7,100 | 5,027 |
| Net Income Including Noncontrolling Interests | - | 7,130 | 10,155 | 7,088 | 4,998 |
| Normalized Income | - | 6,912.57 | 10,212.77 | 7,042.06 | 4,981.47 |
| Diluted NI Availto Com Stockholders | - | 7,131 | 10,166 | 7,100 | 5,027 |
| Basic Average Shares | - | 304.50 | 292.20 | 276 | 270.90 |
| Diluted Average Shares | - | 306.30 | 293.60 | 277.10 | 271.70 |
| Reconciled Depreciation | - | 1,895 | 2,004 | 2,118 | 2,229 |
| Reconciled Cost Of Revenue | - | 34,484 | 36,791 | 29,779 | 27,066 |
| Total Unusual Items | - | 280 | -60 | 75 | 57 |
| Total Unusual Items Excluding Goodwill | - | 280 | -60 | 75 | 57 |
| Minority Interests | - | 1 | 11 | 12 | 29 |
| Earnings From Equity Interest Net Of Tax | 21 | 10 | 7 | -24 | - |
| Special Income Charges | - | 72 | 33 | 19 | 9 |
| Other Special Charges | - | -72 | -33 | -19 | -9 |
| Gain On Sale Of Security | - | 208 | -93 | 56 | 48 |
| Depreciation Amortization Depletion Income Statement | - | 827 | 853 | 874 | 925 |
| Depreciation And Amortization In Income Statement | - | 827 | 853 | 874 | 925 |
| General And Administrative Expense | - | 3,645 | 4,309 | 4,507 | 4,241 |
| Other Gand A | - | 3,863 | 4,595 | 4,840 | 4,663 |
| Salaries And Wages | - | -218 | -286 | -333 | -422 |
| Gain On Sale Of Ppe | 65 | 72 | 33 | 19 | - |
| Insurance And Claims | 235 | 267 | 309 | - | - |
| Other Operating Expenses | - | 320 | 376 | 397 | 402 |
| Depreciation Income Statement | - | 827 | 853 | 874 | 925 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Deere & Companythis co. | DE | $159.7B | 31.78↓ discount | 6.16 | 19.4% | 18.51 |
| The Boeing Company | BA | $171.4B | 90.73 | 31.43 | 34.6% | 26.69 |
| Eaton Corporation plc | ETN | $162.5B | 39.77 | 8.37 | 21.0% | 27.91 |
| Union Pacific Corporation | UNP | $156.7B | 21.95 | 8.48 | 38.7% | 14.55 |
| Honeywell International Inc. | HON | $137.9B | 29.16 |
| - |
| - |
| - |
| - |
| - |
| 9.92 |
| 34.0% |
| 19.61 |
| Vertiv Holdings Co | VRT | $124.4B | 93.35 | 31.57 | 33.8% | 58.93 |
| Lockheed Martin Corporation | LMT | $119.7B | 23.85 | 17.81 | 74.6% | 15.73 |
| Parker-Hannifin Corporation | PH | $110.0B | 31.15 | 8.04 | 25.8% | 21.91 |
| Quanta Services, Inc. | PWR | $107.9B | 104.94 | 12.07 | 11.5% | 44.47 |
| Peer Median | - | 35.46 | 11.00 | 33.9% | 24.30 | |