Deere & Co

Latest Results (25.04.2026):

Deere & Co — fourth quarter of 2025: Deere reported net income of $1.065 billion (diluted EPS $3.93) for the fourth quarter ended November 2, 2025, and net income attributable to Deere & Company of $5.027 billion (diluted EPS $18.50) for fiscal year 2025. Fourth‑quarter worldwide net sales and revenues rose 11% to $12.394 billion, while full‑year net sales and revenues fell 12% to $45.684 billion. Results were affected by higher production costs, tariffs and several special items; the company projects fiscal‑2026 net income of $4.00–$4.75 billion and expects 2026 to mark the bottom of the large‑ag cycle.

Top‑line and near‑term trend

Q4 net sales and revenues: $12.394B (+11% year over year). Full‑year: $45.684B (‑12% vs. FY2024). Equipment net sales were $10.579B in Q4 (up from $9.275B) but full‑year equipment sales fell from $44.759B to $38.917B.

Earnings and margins

Q4 net income: $1.065B (diluted EPS $3.93), down 14% from Q4 2024. Fiscal‑2025 net income: $5.027B (diluted EPS $18.50), down 29% from FY2024. Total operating profit in Q4 was $1.351B (‑7% YoY).

Segment performance — highlights

Production & Precision Ag: Q4 sales $4.740B (+10%); operating profit $604M (‑8%); margin 12.7% (down from 15.3%). Small Ag & Turf: Q4 sales $2.457B (+7%); operating profit $25M (‑89%); margin 1.0% (down from 10.1%). Construction & Forestry: Q4 sales $3.382B (+27%); operating profit $348M (+6%); margin 10.3% (from 12.3%).

Financial Services

Financial Services Q4 net income was $293M (up 69% YoY), driven by favorable financing spreads, special items and a lower provision for credit losses. The company estimates Financial Services net income of ~ $830M for fiscal 2026.

Special items and headwinds

Q4 included a $95M pretax litigation accrual (recorded in selling, administrative & general expenses). Other notable items: a $61M pretax impairment earlier in 2025, discrete tax items, and impacts from tariffs and higher production costs. Deere cites tariffs, warranty expenses and higher production costs as key pressure points across segments.

Outlook and industry guidance for fiscal 2026

Deere forecasts FY2026 net income attributable to the company of $4.00B–$4.75B and expects 2026 to be the bottom of the large‑ag cycle. Industry outlook: U.S./Canada large ag down 15–20%; small ag & turf roughly flat to +5% (company expects segment sales up ~10%); construction & forestry expected to be up ~10% globally (company expects segment sales up ~10%).

Balance sheet & cash flow snapshot

Key balances at Nov. 2, 2025: cash & cash equivalents $8.276B, total assets $105.996B, inventories $7.406B. Net cash provided by operating activities for FY2025 was $7.459B. The company continues to emphasize inventory management and cost control.