DEERE & CO DE
John Deere has manufactured agricultural equipment since 1837. Deere & Company was incorporated under the laws of Delaware in 1958. Our business is managed through the following four business segments: Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (John Deere Financial or FS).
Our Smart Industrial Operating Model aims to deliver greater value for our customers, accelerate our competitive advantage in advanced technologies, build on our fundamental manufacturing strengths and core values, and capitalize on opportunities that lie ahead by leveraging advanced technologies with our operational excellence. To drive these outcomes, we are focused on the following three pillars:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.68B | $51.72B | $61.25B | $52.58B | $44.02B | $35.54B | $39.26B | $37.36B | $29.74B | $26.64B |
| Cost of revenue | — | — | — | — | — | — | — | — | $168.0M | $162.0M |
| Gross profit | — | — | — | — | — | — | — | — | $29.57B | $26.48B |
| R&D | $2.31B | $2.29B | $2.18B | $1.91B | $1.59B | $1.64B | $1.78B | $1.66B | $1.37B | $1.39B |
| SG&A | $4.66B | $4.84B | $4.59B | $3.86B | $3.38B | $3.48B | $3.55B | $3.46B | $3.10B | $2.79B |
| Total operating expenses | $39.43B | $42.51B | $48.23B | $43.45B | $36.42B | $31.66B | $35.17B | $33.29B | $26.58B | $24.42B |
| Operating income | — | $9.04B | $12.96B | $9.51B | $8.01B | $4.30B | $4.42B | $4.48B | $3.57B | $2.61B |
| Interest expense | $3.17B | $3.35B | $2.45B | $1.06B | $993.0M | $1.25B | $1.47B | $1.20B | $899.0M | $763.7M |
| Pre-tax income | $6.26B | $9.21B | $13.02B | $9.13B | $7.60B | $3.88B | $4.09B | $4.07B | $3.15B | $2.22B |
| Income tax | $1.26B | $2.09B | $2.87B | $2.01B | $1.66B | $1.08B | $852.0M | $1.73B | $971.0M | $700.1M |
| Net income | $5.03B | $7.10B | $10.17B | $7.13B | $5.96B | $2.75B | $3.25B | $2.37B | $2.16B | $1.52B |
| 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 |
| Shares, diluted (wtd. avg.) | $271.7M | $277.1M | $293.6M | $306.3M | $314.0M | $316.6M | $320.6M | $327.3M | $323.3M | $316.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.28B | $7.32B | $7.46B | $4.94B | $8.12B | $7.17B | $3.96B | $4.01B | $9.47B | $4.49B |
| Inventory | $7.41B | $7.09B | $8.16B | $8.49B | $6.78B | $5.00B | $5.97B | $6.15B | $3.90B | $3.34B |
| Property, plant and equipment | — | — | — | — | — | — | $5.97B | $5.87B | $5.07B | $5.17B |
| Goodwill | $4.19B | $3.96B | $3.90B | $3.69B | $3.29B | $3.08B | $2.92B | $3.10B | $1.03B | $816.0M |
| Other intangibles | $892.0M | $999.0M | $1.13B | $1.22B | $1.27B | $1.33B | $1.38B | $1.56B | $218.0M | $104.1M |
| Total assets | $106.00B | $107.32B | $104.09B | $90.03B | $84.11B | $75.09B | $73.01B | $70.11B | $65.79B | $57.92B |
| Short-term debt | $13.80B | $13.53B | $17.94B | $12.59B | $10.92B | $8.58B | — | — | — | — |
| Long-term debt | — | — | — | — | $32.89B | $32.73B | $30.23B | $27.24B | $25.89B | $23.70B |
| Total liabilities | $79.99B | $84.39B | $82.20B | $69.67B | $65.68B | $62.15B | $61.58B | $58.80B | $56.21B | $51.37B |
| Retained earnings | $59.68B | $56.40B | $50.93B | $42.25B | $36.45B | $31.65B | $29.85B | $27.55B | $25.30B | $23.91B |
| Total equity | $25.95B | $22.84B | $21.79B | $20.27B | $18.43B | $12.94B | $11.42B | $11.29B | $9.56B | $6.53B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.46B | $9.23B | $8.59B | $4.70B | $7.73B | $7.48B | $3.41B | $1.82B | $2.20B | $3.77B |
| Depreciation and amortisation | $2.23B | $2.12B | $2.00B | $1.90B | $2.05B | $2.12B | $2.02B | $1.93B | $1.72B | $1.56B |
| Stock-based compensation | $151.0M | $208.0M | $130.0M | $85.0M | $82.0M | $81.0M | $82.0M | $84.0M | $68.0M | $70.6M |
| Capital expenditure | $1.36B | $1.64B | $1.50B | $1.13B | $848.0M | $820.0M | $1.12B | $896.0M | $595.0M | $644.4M |
| Investing cash flow | -$2.06B | -$6.46B | -$8.75B | -$8.48B | -$5.75B | -$3.32B | -$3.92B | -$8.18B | -$1.66B | -$1.18B |
| Financing cash flow | -$4.58B | -$2.72B | $2.81B | $826.0M | -$1.08B | -$980.0M | $509.0M | $876.0M | $4.29B | -$2.41B |
| Dividends paid | $1.72B | $1.60B | $1.43B | $1.31B | $1.04B | $956.0M | $943.0M | $806.0M | $764.0M | $761.3M |
| Buybacks | $1.14B | $4.01B | $7.22B | $3.60B | $2.54B | $750.0M | $1.25B | $958.0M | $6.0M | $205.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-25-122321.
Others in SIC 3523
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AGCO | AGCO CORP /DE | $9.34B | 13.7x | -13.5% |
| ALG | ALAMO GROUP INC | $2.11B | 20.2x | -1.5% |
| LNN | LINDSAY CORP | $1.25B | 18.2x | 12.8% |
| ARTW | ARTS WAY MANUFACTURING CO INC | $17.3M | 16.6x | -6.2% |