Deere & Co

Latest Results (13.03.2026):

Deere & Company (Deere & Co) reported results for the fourth quarter of fiscal 2025. For the quarter ended November 2, 2025, Deere recorded net income of $1.065 billion ($3.93 diluted EPS), down from $1.245 billion ($4.55) a year earlier, while worldwide net sales and revenues rose 11% to $12.394 billion. For fiscal 2025 the company reported net income of $5.027 billion ($18.50 per share), down 29% year-over-year, and provided FY2026 earnings guidance of $4.00 billion to $4.75 billion, citing continued pressure in large agriculture but improving outlooks for small ag and construction & forestry.

Quarter and Full‑Year Results

Q4 net income: $1.065B (EPS $3.93), down 14% vs Q4 2024. Fiscal 2025 net income: $5.027B (EPS $18.50), down 29% vs FY2024. Q4 worldwide net sales & revenues: $12.394B (+11% YoY); FY net sales & revenues: $45.684B (-12% YoY).

Net Sales Detail

Q4 net sales (equipment + related): $10.579B (vs $9.275B a year ago). By segment Q4 net sales: Production & Precision Ag $4,740M (+10%), Small Ag & Turf $2,457M (+7%), Construction & Forestry $3,382M (+27%).

Segment Profitability — Production & Precision Agriculture

Q4 PPA operating profit $604M (margin 12.7%), down from $657M; decline driven by higher production costs, tariffs and special items, partly offset by price realization and higher volumes.

Segment Profitability — Small Agriculture & Turf

Q4 SAT operating profit fell sharply to $25M (margin 1.0%) from $234M (10.1%) a year earlier—impacted by higher tariffs, warranty expenses and production costs despite higher shipments.

Segment Profitability — Construction & Forestry

Q4 CF operating profit $348M (margin 10.3%), up 6% YoY on higher shipment volumes and favorable mix, partially offset by increased production costs and tariffs.

Financial Services

Q4 Financial Services net income $293M, up 69% YoY, helped by favorable financing spreads, lower provision for credit losses and special items. Financial Services net income guidance for FY2026 ~ $830M (company estimate).

Outlook & Industry Commentary

Deere projects fiscal 2026 net income of $4.00B–$4.75B and expects 2026 to mark the bottom of the large‑ag cycle. Segment outlooks (company guidance) include PPA sales down ~5–10%, Small Ag & Turf up ~10%, Construction & Forestry up ~10%; company cautioned ongoing margin pressure from tariffs and large‑ag weakness.

Special Items & Headwinds

Q4 included $95M pretax litigation accrual (added to S,G&A). Other 2025 items: a $61M pretax impairment recorded earlier, BJD deconsolidation related items, and tariff-related increased production costs across segments. The company called out tariffs, warranty expenses and higher production costs as key near‑term pressures.

Balance Sheet & Cash Flow

At Nov 2, 2025 total assets $105.996B; cash & cash equivalents $8.276B. Long‑term borrowings $43.544B; short‑term borrowings $13.796B. FY2025 operating cash flow was $7.459B; net cash used in investing $2.057B and in financing $4.579B, with a net increase in cash of $900M for the year.

Capital Returns

Quarterly dividend declared $1.62 per share (Q4 2025), up from $1.47 a year earlier; full‑year dividends declared totaled $6.48 per share for FY2025 (vs $5.88 in FY2024). Summarized from source with an LLMView Source