Deere & Company
DEFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$9.6B
Q1 FY2026 · +13% YoY
Financial Snapshot
ticker: DE step: 04 generated: 2026-05-12 source: quick-research
Deere & Company (DE) — Financial Snapshot
Note: Deere fiscal year ends late October. "FY2025" = fiscal year ended November 2025.
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Net Sales & Revenue | $61.3B | $51.7B | $45.7B | -12% |
| Equipment Sales | $55.6B | $44.8B | $39.0B | -13% |
| Net Income | $10.2B | $7.1B | $5.0B | -29% |
| Diluted EPS | $34.63 | $25.62 | $18.50 | -28% |
Segment Revenue (FY2025)
| Segment | Revenue | YoY |
|---|---|---|
| Production & Precision Ag (PPA) | $17.0B | -17% (was $20.6B FY24) |
| Small Agriculture & Turf (SAT) | $7.2B | -6% |
| Construction & Forestry (CF) | $11.4B | -10% |
| Financial Services | $7.0B | flat |
| Net Sales (excl. FinSvc) | $35.6B | -13% |
Q1 FY2026 Highlights
| Metric | Q1 FY26 | YoY |
|---|---|---|
| Net Sales & Revenue | $9.61B | +13% |
| PPA Operating Profit | $139M | -59% (tariffs + mix + warranty) |
| SAT Operating Profit | $196M | +58% |
| CF Operating Profit | $137M | +111% (volume) |
| EPS | ~$1.92 (consensus) | -40% vs $3.19 prior |
Cycle Indicators (2026 — Trough Year)
| Metric | Status |
|---|---|
| North American Large Ag (PPA) | Down 15-20% in FY26 |
| US Farm Income | Continuing to decline per USDA |
| Tariff headwind 2026 | $1.2B |
| Aging fleet replacement cycle | Building |
| 2027 recovery expectation | Yes (consensus) |
Construction & Forestry — Bright Spot
| Period | CF Net Sales | YoY |
|---|---|---|
| Q4 FY25 | $3.38B | +27% |
| Q1 FY26 | growing | +111% op profit |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$7B |
| Capital Expenditures | ~$1.7B |
| Free Cash Flow | ~$5B |
| Cash & Equivalents | ~$6B |
| Total Debt | ~$60B (most is at John Deere Capital) |
| Net Debt Industrial only | modest |
Key Ratios (approximate, May 2026)
- P/E (forward FY26): ~25x | EV/EBITDA: ~14x | Dividend Yield: ~1.4%
- ROIC (cycle peak): ~25%; (cycle trough): ~15%
- FCF Yield: ~4%
FY2026 Outlook
- Trough year per management
- Net Income guide: $4.5-5.5B (modest decline or flat)
- Tariff headwind absorbed
- CF segment strength continuing
Forward Estimates
- FY2026E Net Income: ~$4.5-5.5B (mgmt)
- FY2026E EPS: ~$16.50-18 (consensus)
- FY2027E EPS: ~$22-25 (recovery)
- FY2028E EPS: ~$28+ (full cycle peak)
Capital Return
- Dividend $6.40 annual = ~$1.7B paid
- 5+ consecutive years of dividend growth
- Buybacks: ~$5B annual run-rate
- Total return: ~$7B annual capital return ~5% yield
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $DE.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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