DEERE & CO (DE) financials: revenue, net income and SEC filings

About DEERE & CO

Overview

DEERE & CO (DE) is listed on NYSE; the SEC classifies it under "Farm Machinery & Equipment".

For fiscal 2025 (ended Nov 2, 2025) it reported revenue of $45.68B, down 11.7% from fiscal 2024.

Net income was $5.03B, a net margin of 11.0%.

At fiscal year end it had total assets of $106B and stockholders' equity of $25.95B (24.5% of assets).

Fiscal years shown: FY2016–FY2025 (10 years)
Latest 10-K: Dec 18, 2025
Latest filing: 8-KNov 2, 2026

FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
Period	Revenue	Net income	Net margin
FY2016	$26.6B	$1.52B	5.7%
FY2017	$29.7B	$2.16B	7.3%
FY2018	$37.4B	$2.37B	6.3%
FY2019	$39.3B	$3.25B	8.3%
FY2020	$35.5B	$2.75B	7.7%
FY2021	$44B	$5.96B	13.5%
FY2022	$52.6B	$7.13B	13.6%
FY2023	$61.3B	$10.2B	16.6%
FY2024	$51.7B	$7.1B	13.7%
FY2025	$45.7B	$5.03B	11.0%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
Period	EPS (diluted)
FY2016	$4.81
FY2017	$6.68
FY2018	$7.24
FY2019	$10.15
FY2020	$8.69
FY2021	$18.99
FY2022	$23.28
FY2023	$34.63
FY2024	$25.62
FY2025	$18.50

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
Period	Free cash flow	Net income
FY2016	—	$1.52B
FY2017	$1.6B	$2.16B
FY2018	$924M	$2.37B
FY2019	$2.29B	$3.25B
FY2020	$6.66B	$2.75B
FY2021	$6.88B	$5.96B
FY2022	$3.57B	$7.13B
FY2023	$7.09B	$10.2B
FY2024	$7.59B	$7.1B
FY2025	$6.1B	$5.03B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
Period	Diluted shares (weighted)
FY2016	317M
FY2017	323M
FY2018	327M
FY2019	321M
FY2020	317M
FY2021	314M
FY2022	306M
FY2023	294M
FY2024	277M
FY2025	272M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
Period	Cash & equivalents	Total debt
FY2016	$4.34B	—
FY2017	$9.33B	$25.9B
FY2018	$3.9B	$27.2B
FY2019	$3.86B	$30.2B
FY2020	$7.07B	$32.7B
FY2021	$8.02B	$32.9B
FY2022	$4.77B	—
FY2023	$7.46B	—
FY2024	$7.32B	—
FY2025	$8.28B	—

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Operating margin: —
Net margin: 11.0%
FCF margin: 13.4%
Return on equity: 20.6%
Return on assets: 4.7%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric	1y	3y CAGR	5y CAGR	9y CAGR
Revenue	down 11.66%	down 4.58%	up 5.15%	up 6.17%
EPS (diluted)	down 27.79%	down 7.37%	up 16.31%	up 16.15%
Free cash flow	down 19.65%	up 19.60%	down 1.75%	—

Change in share count: -1.95%

Financial strength

Debt / equity: —
Liabilities / assets: 75.5%
Interest coverage: —
Equity / assets: 24.5%

Shareholder returns

Dividends per share: $6.48
Dividends paid: $1.72B
Buybacks: $1.14B
Payout ratio: 34.2%
Stock comp. / revenue: 0.3%

Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

4 of 6 checks passed

FY2025 vs FY2024

Not enough comparable 10-K data: a score needs at least 7 of the 9 checks.

PassPositive return on assets4.7%
PassPositive operating cash flow$7.46B
FailReturn on assets improved4.7% vs 6.8%
PassOperating cash flow above net income7.0% vs 4.7%
—Not computableLong-term debt / assets fell—
—Not computableCurrent ratio improved—
PassNo increase in share count272M vs 277M
—Not computableGross margin improved—
FailAsset turnover improved0.43× vs 0.5×

Altman Z''-Score

Needs current assets and liabilities, retained earnings, operating income, total assets, liabilities and equity from the latest 10-K.

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
Metric	FY2025Nov 2, 2025	FY2024Oct 27, 2024	FY2023Oct 29, 2023	FY2022Oct 30, 2022	FY2021Oct 31, 2021	FY2020Nov 1, 2020	FY2019Nov 3, 2019	FY2018Oct 28, 2018	FY2017Oct 29, 2017	FY2016Oct 31, 2016
Revenue	45,684	51,716	61,251	52,577	44,024	35,540	39,258	37,358	29,738	26,644
YoY (Revenue)	-11.66%	-15.57%	+16.50%	+19.43%	+23.87%	-9.47%	+5.09%	+25.62%	+11.61%	—
Research & development	2,311	2,290	2,177	1,912	1,587	1,644	1,783	1,658	1,368	1,389
Selling, general & admin.	4,663	4,840	4,595	3,863	3,383	3,477	3,551	3,456	3,067	2,764
Operating income	—	9,039	12,958	9,508	8,012	4,305	4,415	4,476	3,543	2,589
Interest expense	3,170	3,348	2,453	1,062	993	1,247	1,466	1,204	900	764
Pretax income	6,257	9,206	13,019	9,127	7,602	3,883	4,088	4,071	3,154	2,224
Income tax	1,259	2,094	2,871	2,007	1,658	1,082	852	1,727	971	700
Net income	5,027	7,100	10,166	7,131	5,963	2,751	3,253	2,368	2,159	1,524
YoY (Net income)	-29.20%	-30.16%	+42.56%	+19.59%	+116.76%	-15.43%	+37.35%	+9.69%	+41.68%	—
EPS (basic)	18.55	25.73	34.80	23.42	19.14	8.77	10.28	7.34	6.76	4.83
EPS (diluted)	18.50	25.62	34.63	23.28	18.99	8.69	10.15	7.24	6.68	4.81
YoY (EPS (diluted))	-27.79%	-26.02%	+48.75%	+22.59%	+118.53%	-14.38%	+40.19%	+8.38%	+38.88%	—
Diluted shares (weighted)	272	277	294	306	314	317	321	327	323	317

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
Metric	FY2025Nov 2, 2025	FY2024Oct 27, 2024	FY2023Oct 29, 2023	FY2022Oct 30, 2022	FY2021Oct 31, 2021	FY2020Nov 1, 2020	FY2019Nov 3, 2019	FY2018Oct 28, 2018	FY2017Oct 29, 2017	FY2016Oct 31, 2016
Cash & equivalents	8,276	7,324	7,458	4,774	8,017	7,066	3,857	3,904	9,335	4,336
Inventory	7,406	7,093	8,160	8,495	6,781	4,999	5,975	6,149	3,904	3,341
Goodwill	4,188	3,959	3,900	3,687	3,291	3,081	2,917	3,101	1,033	816
Total assets	105,996	107,320	104,087	90,030	84,114	75,091	73,011	70,108	65,786	57,981
Long-term debt	—	—	—	—	32,888	32,734	30,229	27,237	25,891	—
Total liabilities	79,989	84,395	82,201	69,673	65,680	62,147	61,580	58,803	56,212	51,437
Retained earnings	59,676	56,402	50,931	42,247	36,449	31,646	29,852	27,553	25,301	23,911
Stockholders' equity	25,950	22,836	21,785	20,262	18,431	12,937	11,413	11,288	9,557	6,520
Shares outstanding	270	272	282	298	307	313	313	319	323	317

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
Metric	FY2025Nov 2, 2025	FY2024Oct 27, 2024	FY2023Oct 29, 2023	FY2022Oct 30, 2022	FY2021Oct 31, 2021	FY2020Nov 1, 2020	FY2019Nov 3, 2019	FY2018Oct 28, 2018	FY2017Oct 29, 2017	FY2016Oct 31, 2016
Operating cash flow	7,459	9,231	8,589	4,699	7,726	7,483	3,412	1,820	2,200	—
Capital expenditures	1,360	1,640	1,498	1,134	848	820	1,120	896	595	644
Free cash flow	6,099	7,591	7,091	3,565	6,878	6,663	2,292	924	1,605	—
YoY (Free cash flow)	-19.65%	+7.05%	+98.91%	-48.17%	+3.23%	+190.71%	+148.08%	-42.43%	—	—
Depreciation & amortization	2,229	2,118	2,004	1,895	2,050	2,118	2,019	1,927	1,716	1,560
Stock-based compensation	151	208	130	85	82	81	82	83.8	68.1	70.6
Share repurchases	1,138	4,007	7,216	3,597	2,538	750	1,253	958	6.2	205
Dividends paid	1,720	1,605	1,427	1,313	1,040	956	943	806	764	761
Dividends per share	6.48	5.88	5.05	4.36	3.61	3.04	3.04	2.58	2.40	2.40

Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

EPS (diluted): $18.50
Revenue per share: $168.14
FCF per share: $22.45
Book value per share: $95.51
Tangible book per share: $80.10
Cash per share: $30.46
Dividends per share: $6.48
Public floatas of Apr 25, 2025: $124B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Share price (USD)

Market capPrice × diluted weighted shares: —
P/EPrice ÷ diluted EPS: —
P/BPrice ÷ book value per share: —
P/SPrice ÷ revenue per share: —
P/FCFPrice ÷ FCF per share: —
Dividend yieldDividends per share ÷ price: —

SEC EDGAR

Filing timeline

Nov 2, 20268-KNew
Current report· Nov 2, 2026(SEC EDGAR)
- 5.02Officer or director changes
- 7.01Regulation FD disclosure
- 9.01Financial statements and exhibits
Aug 27, 202610-Q
Quarterly report· Aug 2, 2026(SEC EDGAR)
Aug 20, 20268-K
Current report· Aug 20, 2026(SEC EDGAR)
- 2.02Results of operations
- 7.01Regulation FD disclosure
- 9.01Financial statements and exhibits
Jul 15, 20268-K
Current report· Jul 10, 2026(SEC EDGAR)
- 8.01Other events
- 9.01Financial statements and exhibits
Jun 1, 20268-K
Current report· May 26, 2026(SEC EDGAR)
- 5.02Officer or director changes
May 28, 202610-Q
Quarterly report· May 3, 2026(SEC EDGAR)
May 21, 20268-K
Current report· May 21, 2026(SEC EDGAR)
- 2.02Results of operations
- 7.01Regulation FD disclosure
- 9.01Financial statements and exhibits
May 1, 20268-K
Current report· Apr 28, 2026(SEC EDGAR)
- 5.02Officer or director changes
- 7.01Regulation FD disclosure
- 9.01Financial statements and exhibits
Mar 16, 20268-K
Current report· Mar 12, 2026(SEC EDGAR)
- 5.02Officer or director changes
- 9.01Financial statements and exhibits
Feb 27, 20268-K
Current report· Feb 25, 2026(SEC EDGAR)
- 5.07Shareholder vote results

All filings on SEC EDGAR

Frequently asked questions

What does DEERE & CO do?

The SEC classifies DEERE & CO under Standard Industrial Classification (SIC) code 3523, "Farm Machinery & Equipment". It is headquartered in Moline, IL. It is incorporated in DE. In fiscal 2025 it reported revenue of $45.68B and net income of $5.03B in its annual 10-K report.

What was DEERE & CO's revenue in 2025?

DEERE & CO reported revenue of $45.68B for fiscal 2025, which ended Nov 2, 2025, down 11.7% from $51.72B in fiscal 2024, according to its annual 10-K report filed with the SEC on Dec 18, 2025.

What was DEERE & CO's net income in 2025?

DEERE & CO reported net income of $5.03B for fiscal 2025, a net margin of 11.0% of revenue.

Where is DEERE & CO listed?

According to the SEC, DEERE & CO's ticker DE is listed on NYSE.

When does DEERE & CO's fiscal year end?

According to the SEC, DEERE & CO's fiscal year ends on November 1; its latest reported fiscal year (2025) ended Nov 2, 2025.

DE DEERE & CO

FY2025 at a glance

Overview

Charts

Revenue and net income

Diluted EPS

Free cash flow vs net income

Diluted shares

Cash vs total debt

Ratios

Profitability

Growth

Financial strength

Shareholder returns

Quality screens

Piotroski F-Score

Altman Z''-Score

Financial statements

Income statement

Balance sheet

Cash flow

Filing timeline

Frequently asked questions

What does DEERE & CO do?

What was DEERE & CO's revenue in 2025?

What was DEERE & CO's net income in 2025?

Where is DEERE & CO listed?

When does DEERE & CO's fiscal year end?

Revenue and net income

Diluted EPS

Free cash flow vs net income

Diluted shares

Cash vs total debt

Profitability

Growthi1y is the change vs the previous fiscal year; longer periods are compound annual growth rates, shown only when both ends are positive.

Financial strength

Shareholder returns

Piotroski F-ScoreiNine pass/fail checks on profitability, leverage and efficiency (Piotroski, 2000).

Altman Z''-Scorei6.56 × working capital/assets + 3.26 × retained earnings/assets + 6.72 × operating income/assets + 1.05 × equity/liabilities (Altman, 1995).

Income statement

Balance sheet

Cash flow

Price ratio calculator

What does DEERE & CO do?

What was DEERE & CO's revenue in 2025?

What was DEERE & CO's net income in 2025?

Where is DEERE & CO listed?

When does DEERE & CO's fiscal year end?

Growth

Piotroski F-Score

Altman Z''-Score