NYSE : DE
Deere & Company — Financial statements
Industrials · Farm & Heavy Construction Machinery · United States
Last price 660 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 177.95B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Deere & Company (DE) reported revenue of 47.93B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 41.36B | 38.92B | 44.76B | 55.56B | 47.92B | 39.74B |
| Other Revenue | 6.57B | 6.71B | 6.77B | 5.66B | 4.65B | 4.25B |
| Revenue | 47.93B | 45.63B | 51.53B | 61.22B | 52.56B | 43.98B |
| Cost of Revenue | 30.81B | 28.15B | 30.73B | 37.72B | 35.25B | 29.12B |
| Gross Profit | 12.07B | 12.30B | 15.20B | 18.75B | 14.40B | 12.22B |
| Selling, General & Admin | 3.71B | 3.70B | 3.70B | 3.43B | 2.96B | 2.88B |
| Research & Development | 2.38B | 2.31B | 2.26B | 2.18B | 1.91B | 1.59B |
| Other Operating Expenses | -507.00M | -323.00M | -168.00M | -244.00M | -243.00M | -169.00M |
| Operating Expenses | 5.59B | 5.69B | 5.79B | 5.36B | 4.63B | 4.30B |
| Operating Income | 6.48B | 6.61B | 9.41B | 13.39B | 9.76B | 7.93B |
| Interest Expense | -213.00M | -247.00M | -166.00M | -91.00M | -263.00M | -306.00M |
| Interest & Investment Income | 56.00M | 56.00M | 127.00M | 29.00M | 14.00M | 41.00M |
| Earnings From Equity Investments | 23.00M | -24.00M | 7.00M | 10.00M | 21.00M | |
| Currency Exchange Gain (Loss) | -173.00M | -8.00M | -71.00M | -122.00M | -132.00M | -59.00M |
| EBT Excluding Unusual Items | 6.17B | 6.41B | 9.28B | 13.22B | 9.39B | 7.62B |
| Merger & Restructuring Charges | -152.00M | -14.00M | ||||
| Gain (Loss) on Sale of Assets | -18.00M | |||||
| Asset Writedown | -61.00M | -88.00M | ||||
| Legal Settlements | -95.00M | -95.00M | 57.00M | |||
| Other Unusual Items | 382.00M | -173.00M | -153.00M | |||
| Pretax Income | 6.46B | 6.26B | 9.18B | 13.03B | 9.14B | 7.62B |
| Income Tax Expense | 1.60B | 1.26B | 2.09B | 2.87B | 2.01B | 1.66B |
| Earnings From Continuing Operations | 4.86B | 5.00B | 7.09B | 10.15B | 7.13B | 5.96B |
| Minority Interest in Earnings | 11.00M | 29.00M | 12.00M | 11.00M | 1.00M | -2.00M |
| Net Income | 4.87B | 5.03B | 7.10B | 10.17B | 7.13B | 5.96B |
| Net Income to Common | 4.87B | 5.03B | 7.10B | 10.17B | 7.13B | 5.96B |
| Shares Outstanding (Basic) | 270.15M | 270.90M | 276.00M | 292.20M | 304.50M | 311.60M |
| Shares Outstanding (Diluted) | 270.88M | 271.70M | 277.10M | 293.60M | 306.30M | 314.00M |
| EPS (Basic) | 18.04 | 18.56 | 25.72 | 34.79 | 23.42 | 19.14 |
| EPS (Diluted) | 17.99 | 18.50 | 25.62 | 34.63 | 23.28 | 18.99 |
| Free Cash Flow | 3.23B | 3.23B | 4.43B | 4.12B | 911.00M | 5.15B |
| Free Cash Flow Per Share | 11.92 | 11.89 | 15.98 | 14.04 | 2.97 | 16.39 |
| Dividend Per Share | 6.48 | 6.48 | 5.88 | 5.05 | 4.36 | 3.61 |
| Gross Margin | 25.18% | 26.96% | 29.50% | 30.63% | 27.39% | 27.79% |
| Operating Margin | 13.52% | 14.49% | 18.26% | 21.88% | 18.57% | 18.02% |
| Profit Margin | 10.17% | 11.02% | 13.78% | 16.61% | 13.57% | 13.56% |
| Free Cash Flow Margin | 6.74% | 7.08% | 8.60% | 6.73% | 1.73% | 11.70% |
| EBITDA | 8.60B | 8.61B | 11.35B | 15.25B | 11.54B | 9.86B |
| EBITDA Margin | 17.94% | 18.88% | 22.02% | 24.92% | 21.96% | 22.41% |
| D&A For EBITDA | 2.12B | 2.00B | 1.94B | 1.86B | 1.78B | 1.93B |
| EBIT | 6.48B | 6.61B | 9.41B | 13.39B | 9.76B | 7.93B |
| EBIT Margin | 13.52% | 14.49% | 18.26% | 21.88% | 18.57% | 18.02% |
| Effective Tax Rate | 24.73% | 20.12% | 22.80% | 22.04% | 21.97% | 21.75% |
| Revenue as Reported | 47.98B | 45.68B | 51.72B | 61.25B | 52.58B | 44.02B |
| Advertising Expenses | 235.00M | 230.00M | 244.00M | 227.00M | 212.00M |
Balance sheet
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.61B | 6.34B | 5.62B | 5.72B | 3.77B | 7.19B |
| Short-Term Investments | 155.00M | 217.00M | 125.00M | 104.00M | 61.00M | 3.00M |
| Trading Asset Securities | 178.00M | 347.00M | 262.00M | 217.00M | 307.00M | 239.00M |
| Cash & Short-Term Investments | 6.94B | 6.90B | 6.00B | 6.04B | 4.13B | 7.43B |
| Accounts Receivable | 7.83B | 5.41B | 5.41B | 7.80B | 6.46B | 4.29B |
| Other Receivables | 2.47B | 2.33B | 2.29B | 1.96B | 2.49B | 1.76B |
| Receivables | 10.30B | 7.74B | 7.70B | 9.76B | 8.95B | 6.06B |
| Inventory | 7.81B | 7.41B | 7.09B | 8.16B | 8.49B | 6.78B |
| Finance Div. Loans and Leases | 49.07B | 51.32B | 52.95B | 50.94B | 42.52B | 38.38B |
| Finance Div. Other Current Assets | 3.71B | 3.13B | 5.68B | 2.58B | 1.68B | 1.55B |
| Prepaid Expenses | 259.00M | 238.00M | 167.00M | 185.00M | 193.00M | |
| Restricted Cash | 23.00M | 257.00M | 193.00M | 162.00M | 167.00M | 108.00M |
| Other Current Assets | 29.00M | 118.00M | 349.00M | 742.00M | 66.00M | 36.00M |
| Total Current Assets | 77.88B | 77.13B | 80.21B | 78.56B | 66.20B | 60.53B |
| Property, Plant & Equipment | 7.97B | 8.40B | 7.85B | 7.16B | 6.36B | 6.11B |
| Long-Term Investments | 440.00M | 510.00M | 122.00M | 126.00M | 117.00M | 175.00M |
| Goodwill | 4.47B | 4.19B | 3.96B | 3.90B | 3.69B | 3.29B |
| Other Intangible Assets | 940.00M | 1.36B | 1.50B | 1.58B | 1.59B | 1.56B |
| Long-Term Deferred Tax Assets | 2.34B | 2.28B | 2.09B | 1.81B | 824.00M | 1.04B |
| Long-Term Deferred Charges | 417.00M | 412.00M | 426.00M | 383.00M | 281.00M | |
| Other Long-Term Assets | 6.13B | 4.11B | 3.73B | 3.60B | 4.25B | 4.14B |
| Total Assets | 107.61B | 106.00B | 107.32B | 104.09B | 90.03B | 84.11B |
| Accounts Payable | 3.47B | 3.19B | 2.91B | 3.63B | 4.12B | 3.48B |
| Accrued Expenses | 3.34B | 4.00B | 4.45B | 4.83B | 4.16B | 4.59B |
| Short-Term Debt | 375.00M | 376.00M | 880.00M | 1.21B | 1.02B | 1.50B |
| Current Portion of Long-Term Debt | 398.00M | 356.00M | 562.00M | 1.08B | 1.11B | 134.00M |
| Current Portion of Leases | 43.00M | 149.00M | 33.00M | 25.00M | 21.00M | 23.00M |
| Finance Div. Debt Current | 22.79B | 19.98B | 21.05B | 23.70B | 17.26B | 14.01B |
| Finance Div. Other Current Liabilities | 1.83B | |||||
| Current Income Taxes Payable | 1.01B | 1.16B | 1.51B | 1.56B | 1.25B | 1.07B |
| Current Unearned Revenue | 2.63B | 2.57B | 2.42B | 2.15B | 1.82B | 991.00M |
| Other Current Liabilities | 2.47B | 2.32B | 2.42B | 2.61B | 2.05B | 1.80B |
| Total Current Liabilities | 36.53B | 34.10B | 38.06B | 40.78B | 32.82B | 27.59B |
| Long-Term Debt | 8.83B | 8.68B | 6.53B | 7.16B | 7.89B | 8.88B |
| Finance Div. Debt Long-Term | 31.72B | 34.79B | 36.63B | 31.27B | 25.68B | 23.97B |
| Long-Term Leases | 421.00M | 277.00M | 342.00M | 330.00M | 332.00M | 317.00M |
| Pension & Post-Retirement Benefits | 1.65B | 1.71B | 2.35B | 2.14B | 2.46B | 4.34B |
| Long-Term Deferred Tax Liabilities | 411.00M | 434.00M | 478.00M | 520.00M | 495.00M | 576.00M |
| Total Liabilities | 79.57B | 79.99B | 84.39B | 82.20B | 69.67B | 65.68B |
| Common Stock | 5.83B | 5.67B | 5.49B | 5.30B | 5.17B | 5.05B |
| Retained Earnings | 62.17B | 59.68B | 56.40B | 50.93B | 42.25B | 36.45B |
| Treasury Stock | -37.03B | -36.36B | -35.35B | -31.34B | -24.09B | -20.53B |
| Comprehensive Income & Other | -2.98B | -3.03B | -3.71B | -3.11B | -3.06B | -2.54B |
| Total Common Equity | 27.99B | 25.95B | 22.84B | 21.79B | 20.26B | 18.43B |
| Minority Interest | 51.00M | 57.00M | 89.00M | 101.00M | 95.00M | 3.00M |
| Shareholders' Equity | 28.04B | 26.01B | 22.93B | 21.89B | 20.36B | 18.43B |
| Total Liabilities & Equity | 107.61B | 106.00B | 107.32B | 104.09B | 90.03B | 84.11B |
| Total Debt | 64.58B | 64.61B | 66.03B | 64.77B | 53.31B | 48.83B |
| Net Cash (Debt) | -57.64B | -57.70B | -60.02B | -58.73B | -49.18B | -41.40B |
| Net Cash Per Share | -212.78 | -212.37 | -216.61 | -200.02 | -160.56 | -131.83 |
| Filing Date Shares Outstanding | 269.63M | 270.45M | 271.58M | 280.26M | 298.24M | 307.41M |
| Total Common Shares Outstanding | 269.63M | 270.35M | 271.75M | 281.58M | 298.77M | 308.07M |
| Working Capital | 41.35B | 43.03B | 42.14B | 37.77B | 33.38B | 32.94B |
| Book Value Per Share | 103.81 | 95.99 | 84.03 | 77.37 | 67.82 | 59.83 |
| Tangible Book Value | 22.58B | 20.40B | 17.37B | 16.30B | 14.98B | 13.58B |
| Tangible Book Value Per Share | 83.76 | 75.46 | 63.93 | 57.89 | 50.16 | 44.09 |
| Land | 464.00M | 390.00M | 338.00M | 274.00M | 297.00M | |
| Buildings | 5.68B | 5.17B | 4.74B | 4.39B | 4.35B | |
| Machinery | 9.68B | 8.92B | 8.27B | 7.77B | 7.80B | |
| Construction In Progress | 1.19B | 1.31B | 1.27B | 818.00M | 527.00M | |
| Order Backlog | 9.70B | 9.50B |
Cash flow statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.87B | 5.03B | 7.10B | 10.17B | 7.13B | 5.96B |
| Depreciation & Amortization | 2.12B | 2.00B | 1.94B | 1.86B | 1.78B | 1.93B |
| Other Amortization | 227.00M | 227.00M | 180.00M | 144.00M | 117.00M | 121.00M |
| Asset Writedown & Restructuring Costs | 12.00M | 41.00M | 125.00M | 191.00M | 88.00M | 50.00M |
| Loss (Gain) From Sale of Investments | -326.00M | |||||
| Stock-Based Compensation | 163.00M | 151.00M | 208.00M | 130.00M | 85.00M | 82.00M |
| Provision & Write-off of Bad Debts | 243.00M | 296.00M | 310.00M | -16.00M | 192.00M | -6.00M |
| Other Operating Activities | -201.00M | 158.00M | -449.00M | -549.00M | -51.00M | -809.00M |
| Change in Accounts Receivable | 326.00M | 1.08B | 421.00M | -4.25B | -2.48B | 969.00M |
| Change in Inventory | -192.00M | -275.00M | 788.00M | 279.00M | -2.09B | -2.50B |
| Change in Accounts Payable | 200.00M | -251.00M | -1.04B | 830.00M | 1.13B | 1.88B |
| Change in Income Taxes | -108.00M | -136.00M | -123.00M | -23.00M | 141.00M | 11.00M |
| Change in Other Net Operating Assets | -419.00M | -865.00M | -227.00M | -170.00M | -1.01B | 29.00M |
| Operating Cash Flow | 7.25B | 7.46B | 9.23B | 8.59B | 4.70B | 7.73B |
| Capital Expenditures | -4.02B | -4.23B | -4.80B | -4.47B | -3.79B | -2.58B |
| Sale of Property, Plant & Equipment | 1.99B | 1.92B | 1.93B | 1.98B | 2.09B | 2.09B |
| Cash Acquisitions | -467.00M | -101.00M | -82.00M | -498.00M | -244.00M | |
| Investment in Securities | 420.00M | 290.00M | -223.00M | -305.00M | -171.00M | |
| Other Investing Activities | -6.00M | 65.00M | -3.37B | -5.88B | -6.12B | -5.02B |
| Investing Cash Flow | -2.08B | -2.06B | -6.46B | -8.75B | -8.48B | -5.75B |
| Short-Term Debt Issued | 4.01B | 3.85B | 818.00M | |||
| Long-Term Debt Issued | 13.16B | 18.10B | 15.43B | 10.36B | 8.72B | |
| Total Debt Issued | 11.03B | 13.16B | 18.10B | 19.44B | 14.21B | 9.54B |
| Short-Term Debt Repaid | -2.54B | -1.86B | ||||
| Long-Term Debt Repaid | -12.26B | -13.23B | -7.91B | -8.45B | -7.09B | |
| Total Debt Repaid | -13.34B | -14.80B | -15.09B | -7.91B | -8.45B | -7.09B |
| Net Debt Issued (Repaid) | -2.31B | -1.64B | 3.01B | 11.52B | 5.76B | 2.45B |
| Repurchase of Common Stock | -699.00M | -1.14B | -4.01B | -7.22B | -3.60B | -2.54B |
| Common Dividends Paid | -1.75B | -1.72B | -1.60B | -1.43B | -1.31B | -1.04B |
| Other Financing Activities | -91.00M | -79.00M | -113.00M | -73.00M | -29.00M | 50.00M |
| Financing Cash Flow | -4.85B | -4.58B | -2.72B | 2.81B | 826.00M | -1.08B |
| Foreign Exchange Rate Adjustments | -11.00M | 77.00M | -37.00M | 31.00M | -224.00M | 55.00M |
| Net Cash Flow | 303.00M | 900.00M | 13.00M | 2.68B | -3.18B | 953.00M |
| Free Cash Flow | 3.23B | 3.23B | 4.43B | 4.12B | 911.00M | 5.15B |
| Free Cash Flow Margin | 6.74% | 7.08% | 8.60% | 6.73% | 1.73% | 11.70% |
| Free Cash Flow Per Share | 11.92 | 11.89 | 15.98 | 14.04 | 2.97 | 16.39 |
| Levered Free Cash Flow | 4.52B | 2.74B | -275.88M | 3.34B | -102.50M | 973.50M |
| Unlevered Free Cash Flow | 4.65B | 2.89B | -172.12M | 3.40B | 61.88M | 1.16B |
| Cash Interest Paid | 3.08B | 3.08B | 3.30B | 2.23B | 1.10B | 1.04B |
| Cash Income Tax Paid | 1.65B | 1.65B | 2.52B | 3.58B | 1.94B | 2.08B |
| Change in Working Capital | -193.00M | -443.00M | -181.00M | -3.34B | -4.32B | 396.00M |
Ratios
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 182.13B | 124.79B | 111.61B | 104.01B | 119.78B | 106.14B |
| Enterprise Value | 239.76B | 185.05B | 172.57B | 162.02B | 167.83B | 147.46B |
| Last Close Price | 675.48 | 456.42 | 397.74 | 346.96 | 376.51 | 320.72 |
| PE Ratio | 37.55 | 24.82 | 15.72 | 10.23 | 16.80 | 17.80 |
| Forward PE | 32.05 | 24.63 | 19.39 | 11.16 | 14.85 | 16.75 |
| PS Ratio | 3.80 | 2.73 | 2.17 | 1.70 | 2.28 | 2.41 |
| PB Ratio | 6.51 | 4.80 | 4.87 | 4.75 | 5.88 | 5.76 |
| P/TBV Ratio | 8.06 | 6.12 | 6.42 | 6.38 | 7.99 | 7.81 |
| P/FCF Ratio | 56.40 | 38.62 | 25.20 | 25.24 | 131.48 | 20.62 |
| P/OCF Ratio | 25.14 | 16.73 | 12.09 | 12.11 | 25.49 | 13.74 |
| PEG Ratio | 1.91 | 4.00 | 13.44 | 0.67 | 1.04 | 0.51 |
| EV/Sales Ratio | 5.00 | 4.06 | 3.35 | 2.65 | 3.19 | 3.35 |
| EV/EBITDA Ratio | 27.88 | 21.48 | 15.21 | 10.62 | 14.54 | 14.96 |
| EV/EBIT Ratio | 37.01 | 27.99 | 18.34 | 12.10 | 17.19 | 18.60 |
| EV/FCF Ratio | 74.25 | 57.27 | 38.96 | 39.31 | 184.22 | 28.66 |
| Debt / Equity Ratio | 2.30 | 2.48 | 2.88 | 2.96 | 2.62 | 2.65 |
| Debt / EBITDA Ratio | 7.31 | 7.30 | 5.70 | 4.18 | 4.52 | 4.86 |
| Debt / FCF Ratio | 20.00 | 20.00 | 14.91 | 15.72 | 58.52 | 9.49 |
| Net Debt / Equity Ratio | 2.06 | 2.22 | 2.62 | 2.68 | 2.42 | 2.25 |
| Net Debt / EBITDA Ratio | 6.70 | 6.70 | 5.29 | 3.85 | 4.26 | 4.20 |
| Net Debt / FCF Ratio | 17.85 | 17.86 | 13.55 | 14.25 | 53.98 | 8.04 |
| Asset Turnover | 0.45 | 0.43 | 0.49 | 0.63 | 0.60 | 0.55 |
| Inventory Turnover | 3.97 | 3.88 | 4.03 | 4.53 | 4.62 | 4.94 |
| Quick Ratio | 1.91 | 2.03 | 1.82 | 1.70 | 1.75 | 1.94 |
| Current Ratio | 2.13 | 2.26 | 2.11 | 1.93 | 2.02 | 2.19 |
| Return on Equity (ROE) | 18.24% | 20.43% | 31.64% | 48.08% | 36.76% | 38.02% |
| Return on Assets (ROA) | 3.76% | 3.88% | 5.56% | 8.62% | 7.01% | 6.22% |
| Return on Invested Capital (ROIC) | 5.69% | 6.34% | 8.88% | 13.91% | 11.78% | 11.05% |
| Return on Capital Employed (ROCE) | 9.10% | 9.20% | 13.60% | 21.20% | 17.10% | 14.00% |
| Earnings Yield | 2.66% | 4.03% | 6.36% | 9.77% | 5.95% | 5.62% |
| FCF Yield | 1.77% | 2.59% | 3.97% | 3.96% | 0.76% | 4.85% |
| Dividend Yield | 0.96% | 1.40% | 1.43% | 1.37% | 1.09% | 1.05% |
| Payout Ratio | 36.03% | 34.22% | 22.61% | 14.04% | 18.41% | 17.44% |
| Buyback Yield / Dilution | 0.55% | 1.95% | 5.62% | 4.15% | 2.45% | 0.82% |
| Total Shareholder Return | 1.51% | 3.35% | 7.05% | 5.51% | 3.54% | 1.87% |