Deere & Company (DE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$4.71	$5.1	+8.3%	—	—	—
Q4 26	$2.1	$2.42	+15.2%	—	—	—
Q3 26	$3.83	$3.93	+2.6%	—	—	—
Q2 26	$4.66	$4.75	+1.9%	—	—	—
Q1 26	$5.64	$6.64	+17.7%	—	—	—
Q4 25	$3.25	$3.19	-1.8%	—	—	—
Q3 25	$3.93	$4.55	+15.8%	—	—	—
Q2 25	$5.64	$6.29	+11.5%	—	—	—
Q1 25	$7.92	$8.53	+7.7%	—	—	—
Q4 24	$5.21	$6.23	+19.6%	—	—	—
Q3 24	$7.41	$8.26	+11.5%	—	—	—
Q2 24	$8.18	$10.2	+24.7%	—	—	—
Q1 24	$8.64	$9.65	+11.7%	—	—	—
Q4 23	$5.45	$6.55	+20.2%	—	—	—
Q3 23	$7.1	$7.44	+4.8%	—	—	—
Q2 23	$6.69	$6.16	-7.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$18.6	—	—	$44.7B	—
FY24	—	$25.7	—	—	$50.5B	—
FY23	—	$34.8	—	—	$60.2B	—
FY22	—	$23.4	—	—	$51.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$25.9B	$28.6B	$36.5B	$38.4B	$34.7B	$43B	$51.3B	$60.2B	$50.5B	$44.7B
YoY change	-8.02%	+10.5%	+27.4%	+5.27%	-9.53%	+23.9%	+19.2%	+17.5%	-16.1%	-11.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	25.9B	28.6B	36.5B	38.4B	34.7B	43B	51.3B	60.2B	50.5B	44.7B
Cost of revenue	18.4B	20B	25.8B	27B	23.9B	29.3B	35.6B	37.9B	31B	28.4B
Gross profit	7.5B	8.6B	10.7B	11.4B	10.9B	13.7B	15.7B	22.3B	19.5B	16.3B
Gross margin	29.1%	30%	29.3%	29.6%	31.3%	31.9%	30.7%	37%	38.6%	36.5%
Research & development	1.4B	1.4B	1.7B	1.8B	1.6B	1.6B	1.9B	2.2B	2.3B	2.3B
Selling, general & administrative	2.8B	3.1B	3.5B	3.5B	3.4B	3.2B	3.6B	4.3B	4.5B	4.2B
Operating expenses	4.6B	4.8B	5.4B	5.5B	5.4B	5.1B	5.9B	6.9B	7.2B	7B
Operating income	2.2B	2.9B	4.4B	4.8B	4.4B	7.7B	9B	14.6B	11.4B	8.4B
Operating margin	8.66%	10.2%	12%	12.6%	12.6%	17.8%	17.6%	24.2%	22.6%	18.8%
Non-operating income, net	746M	1.1B	900M	720M	762M	932M	1.2B	881M	1.1B	1B
Pretax income	2.2B	3.2B	4.1B	4.1B	3.9B	7.6B	9.1B	13B	9.2B	6.3B
Income tax	700.1M	971M	1.7B	852M	1.1B	1.7B	2B	2.9B	2.1B	1.3B
Net income	1.5B	2.2B	2.4B	3.3B	2.8B	6B	7.1B	10.2B	7.1B	5B
Net margin	5.87%	7.54%	6.5%	8.49%	7.93%	13.9%	13.9%	16.9%	14%	11.2%
EBITDA	4.5B	5.4B	7.2B	7.7B	7.3B	10.6B	11.8B	17.5B	14.6B	11.6B
EPS	4.83	6.76	7.34	10.3	8.77	19.1	23.4	34.8	25.7	18.6
Diluted EPS	4.81	6.68	7.24	10.2	8.69	19	23.3	34.6	25.6	18.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	15.2B	11.8B	15B	12.8B	10.8B	8.3B	12.5B	11.8B	12.1B	9.3B	13.1B	12.4B
Cost of revenue	9.7B	7.2B	9.2B	7.8B	6.8B	5B	7.6B	7.6B	8.2B	6.3B	8.3B	7.9B
Gross profit	5.5B	4.6B	5.8B	5B	4B	3.2B	4.9B	4.2B	3.9B	3.1B	4.8B	4.4B
Gross margin	36.3%	39.2%	38.9%	38.9%	37%	39%	39.2%	35.8%	32.6%	32.8%	36.9%	35.7%
Research & development	606M	533M	565M	567M	626M	526M	549M	556M	680M	554M	583M	567M
Selling, general & administrative	917M	1.1B	1.3B	1.3B	899M	972M	1.2B	1.2B	854M	972M	1.2B	1.2B
Operating expenses	928M	2B	2.1B	2.1B	992M	1.7B	2B	2.1B	1.1B	1.8B	2.1B	2.1B
Operating income	3.7B	2.7B	3.7B	2.9B	2.1B	1.5B	2.9B	2.2B	1.9B	1.3B	2.7B	2.3B
Operating margin	24.6%	22.6%	24.8%	22.5%	19.8%	17.9%	23%	18.3%	15.7%	13.8%	20.8%	18.9%
Non-operating income, net	133M	339M	238M	304M	246M	246M	238M	235M	292M	267M	277M	256M
Pretax income	3.1B	2.2B	3.1B	2.4B	1.5B	895M	2.3B	1.6B	1.4B	836M	2.3B	1.9B
Income tax	707M	469M	751M	625M	249M	27M	539M	339M	354M	196M	518M	529M
Net income	2.4B	1.7B	2.4B	1.7B	1.2B	867M	1.8B	1.3B	1.1B	655M	1.8B	1.4B
Net margin	15.6%	14.8%	15.8%	13.5%	11.5%	10.5%	14.4%	10.8%	8.76%	7.01%	13.5%	11.1%
EBITDA	4.3B	3.5B	4.5B	3.7B	2.9B	2.3B	3.7B	3B	2.7B	2.1B	3.6B	3.2B
EPS	8.3	6.25	8.56	6.32	4.57	3.2	6.65	4.76	3.94	2.43	6.57	5.11
Diluted EPS	8.26	6.23	8.53	6.29	4.55	3.19	6.64	4.75	3.93	2.42	6.55	5.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	27.8B	42.5B	43.7B	55.1B	70.8B	106.7B	120.5B	106.8B	111.7B	125.1B	185.9B
Enterprise value	58.7B	72.7B	81.6B	96B	109.4B	146.6B	167.2B	162B	168.7B	179.6B	243.9B
Shares outstanding	315.2M	319.5M	322.6M	316.5M	313.5M	311.6M	304.5M	292.2M	276M	270.9M	270.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.3	19.7	18.4	16.9	25.7	17.9	16.9	10.5	15.8	25	38.1
P/S	1.07	1.48	1.2	1.44	2.04	2.48	2.35	1.77	2.21	2.8	3.86
P/B	4.25	4.43	3.86	4.82	5.47	5.79	5.92	4.88	4.87	4.81	6.61
EV/EBITDA	13.2	13.5	11.3	12.5	15	13.8	14.2	9.24	11.6	15.5	28.4
EV/Sales	2.26	2.54	2.24	2.5	3.15	3.41	3.26	2.69	3.34	4.02	5.09
Earnings yield	5.47%	5.09%	5.43%	5.91%	3.89%	5.59%	5.92%	9.51%	6.35%	4%	2.63%
FCF yield	2.93%	-0.93%	-2.58%	-0.07%	6.82%	4.82%	0.76%	3.86%	3.97%	2.58%	2.43%
PEG	—	—	—	—	—	—	—	—	—	—	5.18

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.1%	30%	29.3%	29.6%	31.3%	31.9%	30.7%	37%	38.6%	36.5%	35.7%
Operating margin	8.66%	10.2%	12%	12.6%	12.6%	17.8%	17.6%	24.2%	22.6%	18.8%	13.4%
Net margin	5.87%	7.54%	6.5%	8.49%	7.93%	13.9%	13.9%	16.9%	14%	11.2%	10.2%
ROE	23.2%	22.5%	21%	28.5%	21.3%	32.4%	35%	46.4%	30.9%	19.2%	18.2%
ROA	2.63%	3.28%	3.38%	4.46%	3.67%	7.09%	7.92%	9.76%	6.6%	4.72%	3.76%
ROIC	4.11%	5.09%	5.12%	7.31%	6.11%	10.3%	10.5%	14.7%	11%	8.34%	7.57%
Return on tangible assets	2.71%	3.41%	3.9%	5.06%	4.15%	8.02%	8.97%	10.9%	7.35%	5.27%	5.02%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.08	2.07	1.85	1.98	2.19	2.1	1.93	1.86	2.17	2.31	2.13
Quick ratio	1.91	1.9	1.6	1.74	1.97	1.86	1.68	1.66	1.97	2.08	1.98
Debt / equity	5.44	4.18	3.74	3.97	3.58	2.64	2.56	2.91	2.86	2.47	2.3
Debt / assets	0.61	0.61	0.6	0.62	0.62	0.58	0.58	0.61	0.61	0.61	0.6
Net debt / EBITDA	6.92	5.63	5.27	5.31	5.3	3.77	3.96	3.15	3.9	4.7	4.61
Interest coverage	3.91	4.51	4.38	3.79	4.11	8.66	9.59	6.31	3.75	2.97	3.22
Effective tax rate	31.5%	30.8%	42.4%	20.8%	27.9%	21.8%	22%	22.1%	22.7%	20.1%	24.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	82.2	89.6	113	121.3	110.8	138.1	168.4	206.2	183	164.9	177.4
EPS (basic)	4.83	6.76	7.34	10.3	8.77	19.1	23.4	34.8	25.7	18.6	18.6
EPS (diluted)	4.81	6.68	7.24	10.2	8.69	19	23.3	34.6	25.6	18.5	18
Book value per share	20.8	30	35	36.1	41.3	59.2	66.9	74.9	83.1	96	103.8
FCF per share	2.58	-1.24	-3.5	-0.12	15.4	16.5	2.99	14.1	16	11.9	11.9
Cash per share	15.2	30.6	13.6	14	24.6	28.1	18.1	28.8	30.7	35.8	25.7
Capex per share	5.39	3.6	4.55	5.69	2.78	1.56	5.57	8.51	10.4	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	6.56%	4.02%	4.02%	4.69%	2.51%	1.13%	3.31%	4.13%	5.69%	—	—
Capex / operating cash flow	44.5%	77.8%	138.3%	55.7%	12.2%	8.38%	46.9%	32.8%	29.2%	—	—
Payout ratio	50%	35.4%	34%	29%	34.7%	17.4%	18.4%	14.1%	22.6%	34.4%	36%
Dividend yield	2.74%	1.8%	1.84%	1.71%	1.35%	0.98%	1.09%	1.34%	1.44%	1.38%	0.94%

Yield

0.94%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.62

ex-dividend Jun 30, 2026

Payout ratio

36%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$1.62
Mar 31, 2026	$1.62
Dec 31, 2025	$1.62

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$15.2B	$11.8B	$15B	$12.8B	$10.8B	$8.3B	$12.5B	$11.8B	$12.1B	$9.3B	$13.1B	$12.4B
YoY change	-0.78%	-4.44%	-12.6%	-17.3%	-28.6%	-30.3%	-16.5%	-8.29%	+11.7%	+13.1%	+4.53%	+4.83%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.8B	9.8B	4.4B	4.4B	7.7B	8.7B	5.5B	8.4B	8.5B	9.7B
Receivables	3B	3.9B	5B	5.2B	4.2B	4.2B	6.4B	7.7B	5.3B	5.4B
Inventory	3.3B	3.9B	6.1B	6B	5B	6.8B	8.5B	8.2B	7.2B	7.5B
Total current assets	40B	46.9B	46.6B	49.3B	51.4B	58.6B	64.1B	76.4B	77.7B	74.9B
Property, plant & equipment	7.8B	8.2B	9.1B	9.5B	8.9B	8.9B	8.7B	9.5B	10.3B	10.3B
Goodwill & intangibles	1.8B	2.5B	9.3B	8.6B	8.8B	9.7B	10.6B	11B	10.9B	11.1B
Total assets	57.9B	65.8B	70.1B	73B	75.1B	84.1B	90B	104.1B	107.3B	106B
Accounts payable	1.6B	2.1B	2.5B	2B	1.9B	3.2B	3.9B	3.5B	2.7B	3B
Short-term debt	11.9B	14.2B	15B	15.1B	13.6B	15.8B	18.6B	25.2B	22.2B	20.7B
Total current liabilities	19.2B	22.7B	25.3B	24.9B	23.5B	27.9B	33.1B	41.1B	35.8B	32.5B
Long-term debt	23.7B	25.9B	27.2B	30.2B	32.7B	32.9B	33.6B	38.5B	43.2B	43.5B
Total liabilities	51.4B	56.2B	58.8B	61.6B	62.1B	65.7B	69.7B	82.2B	84.4B	80B
Shareholders' equity	6.5B	9.6B	11.3B	11.4B	12.9B	18.4B	20.4B	21.9B	22.9B	26B
Total debt	35.6B	40B	42.3B	45.3B	46.3B	48.7B	52.2B	63.7B	65.5B	64.3B
Net debt	31.3B	30.7B	38.4B	41.5B	39.2B	40.7B	47.4B	56.2B	58.1B	56B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	8.4B	6.3B	6.6B	8.1B	8.5B	6.6B	9.3B	10B	9.7B	8.2B	9.3B	10.3B
Receivables	7.7B	7.8B	8.9B	7.5B	5.3B	4.9B	6.7B	6.1B	5.4B	6B	7.6B	7.7B
Inventory	8.2B	8.9B	8.4B	7.7B	7.2B	7.7B	7.9B	7.7B	7.5B	8.3B	8.2B	7.8B
Total current assets	76.4B	75.1B	79B	80.7B	77.7B	74.9B	77.7B	78.5B	74.9B	73.5B	76.7B	77.5B
Property, plant & equipment	9.5B	13.7B	14B	14.2B	10.3B	14.6B	14.9B	15.2B	10.3B	15.6B	15.5B	15.4B
Goodwill & intangibles	11B	10.2B	10B	10B	10.9B	9.6B	10.1B	10.3B	11.1B	10.3B	11B	10.8B
Total assets	104.1B	101.4B	105.6B	107.8B	107.3B	103.1B	106.3B	107.8B	106B	103.4B	107B	107.6B
Accounts payable	3.5B	3.2B	3B	2.6B	2.7B	2.4B	2.8B	2.7B	3B	3B	3.3B	3.3B
Short-term debt	25.2B	23.5B	24.9B	23.4B	22.2B	21.1B	23.8B	22.5B	20.7B	21B	21.9B	23.6B
Total current liabilities	41.1B	36.6B	37.7B	37.6B	35.8B	33.3B	35.1B	33.9B	32.5B	32.1B	33.9B	35.2B
Long-term debt	38.5B	39.9B	41B	42.7B	43.2B	43.6B	42.8B	44.4B	43.5B	41.8B	42.3B	40.6B
Total liabilities	82.2B	79.2B	82.8B	84.7B	84.4B	80.6B	81.9B	82.6B	80B	77.1B	79.5B	79.6B
Shareholders' equity	21.9B	22.2B	22.8B	23.1B	22.9B	22.6B	24.4B	25.3B	26B	26.4B	27.5B	28B
Total debt	63.7B	63.5B	65.9B	66.1B	65.5B	64.7B	66.6B	66.9B	64.3B	62.8B	64.2B	64.2B
Net debt	56.2B	58.3B	60.4B	59.1B	58.1B	58.1B	58.6B	58.4B	56B	56B	56.3B	55.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.5B	2.2B	2.4B	3.3B	2.8B	6B	7.1B	10.2B	7.1B	5B
Depreciation & amortization	1.6B	1.7B	1.9B	2B	2.1B	2B	1.9B	2B	2.1B	2.2B
Stock-based compensation	70.6M	68M	84M	82M	81M	82M	85M	130M	208M	151M
Change in working capital	474.7M	-2.3B	-4.8B	-1.7B	1.9B	-1.5B	-5.4B	-4.2B	859M	-192M
Operating cash flow	3.8B	1.5B	1.1B	3.2B	7.2B	5.8B	3.6B	7.6B	9.8B	7.5B
Capital expenditure	-1.7B	-1.2B	-1.5B	-1.8B	-873M	-486M	-1.7B	-2.5B	-2.9B	—
Investing cash flow	-1.2B	-1.7B	-8.2B	-3.9B	-3.4B	-5.8B	-8.5B	-8.7B	-6.5B	254M
Dividends paid	-761.3M	-764M	-806M	-943M	-956M	-1B	-1.3B	-1.4B	-1.6B	-1.7B
Share repurchases	-205.4M	-6M	-958M	-1.3B	-750M	-2.5B	-3.6B	-7.2B	-4B	-1.1B
Financing cash flow	-2.4B	4.3B	876M	509M	-980M	-930M	889M	2.8B	-2.7B	-4.6B
Net change in cash	238.8M	4.1B	-6.2B	-183M	2.8B	-967M	-4B	1.6B	655M	3.1B
Free cash flow	814.6M	-396M	-1.1B	-37M	4.8B	5.1B	911M	4.1B	4.4B	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	2.4B	1.7B	2.4B	1.7B	1.2B	867M	1.8B	1.3B	1.1B	655M	1.8B	1.4B
Depreciation & amortization	477M	520M	525M	553M	520M	549M	555M	564M	561M	590M	594M	603M
Stock-based compensation	18M	46M	58M	55M	49M	28M	26M	50M	47M	41M	28M	47M
Change in working capital	2.3B	-946M	-2.2B	688M	3.3B	-960M	-1.8B	802M	1.8B	-678M	-1.4B	-64M
Operating cash flow	4.8B	1.4B	725M	2.8B	5B	676M	648M	2.9B	4B	-890M	1.9B	2.2B
Capital expenditure	-1.1B	-310M	-767M	-680M	-1.1B	-358M	-450M	—	—	—	—	—
Investing cash flow	-4.2B	1.2B	-2.9B	-2B	-2.8B	1.4B	-637M	-846M	-398M	2.1B	-874M	-475M
Dividends paid	-362M	-386M	-410M	-406M	-403M	-403M	-440M	-439M	-438M	-441M	-437M	-438M
Share repurchases	-2.6B	-1.3B	-1.1B	-805M	-780M	-441M	-397M	-298M	-2M	-302M	-198M	-197M
Financing cash flow	-571M	-2.6B	4.4B	373M	-1.9B	-2.4B	102M	-2.8B	-962M	-2.5B	863M	-201M
Net change in cash	87M	-40M	2.3B	1.1B	236M	-315M	113M	-746M	2.6B	-1.2B	1.9B	1.5B
Free cash flow	4.1B	-1.7B	580M	2.1B	3.5B	-1.9B	682M	1.8B	2.6B	-1.6B	874M	1.3B

Date	Ratio
Dec 4, 2007	2:1
Nov 29, 1995	3:1
Sep 22, 1976	2:1
Sep 22, 1972	2:1

Deere & Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history