# Deere & Company (DE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DE/thesis · /stocks/DE/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DE/fundamental

## Navigation

- Overview: /stocks/DE
- Financials (this page): /stocks/DE/financials
- Thesis: /stocks/DE/thesis
- Investment Memo: /stocks/DE/memo
- Coverage universe: /stocks