Stocks DE Financial statements
Financial statementsDEERE & CO financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DEERE & CO files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 26,644 | 29,738 | 37,358 | 39,258 | 35,540 | 44,024 | 52,577 | 61,251 | 51,716 | 45,684 |
| Cost of revenue | 18,249 | 19,934 | ||||||||
| Gross profit | 8,395 | 9,805 | ||||||||
| Research and development | 1,389 | 1,373 | 1,658 | 1,783 | 1,644 | 1,587 | 1,912 | 2,177 | 2,290 | 2,311 |
| Selling, general and administrative | 2,764 | 3,098 | 3,455 | 3,551 | 3,477 | 3,383 | 3,863 | 4,595 | 4,840 | 4,663 |
| Operating income | 2,589 | 3,574 | 4,476 | 4,415 | 4,305 | 8,012 | 9,508 | 12,958 | 9,039 | |
| Interest expense | 764 | 899 | 1,204 | 1,466 | 1,247 | 993 | 1,062 | 2,453 | 3,348 | 3,170 |
| Interest income | 1,471 | 1,575 | 1,794 | 2,074 | 1,962 | 1,854 | 2,027 | |||
| Pre-tax income | 2,224 | 3,154 | 4,071 | 4,088 | 3,883 | 7,602 | 9,127 | 13,019 | 9,206 | 6,257 |
| Income tax | 700 | 971 | 1,727 | 852 | 1,082 | 1,658 | 2,007 | 2,871 | 2,094 | 1,259 |
| Net income to minority interests | -2.4 | 0 | 3 | 4 | 2 | 2 | -1 | -11 | -12 | -29 |
| Net income | 1,524 | 2,159 | 2,368 | 3,253 | 2,751 | 5,963 | 7,131 | 10,166 | 7,100 | 5,027 |
| EBITDA | 4,149 | 5,290 | 6,403 | 6,434 | 6,423 | 10,062 | 11,403 | 14,962 | 11,157 | |
| EPS, basic | 4.83 | 6.76 | 7.34 | 10.28 | 8.77 | 19.14 | 23.42 | 34.80 | 25.73 | 18.55 |
| EPS, diluted | 4.81 | 6.68 | 7.24 | 10.15 | 8.69 | 18.99 | 23.28 | 34.63 | 25.62 | 18.50 |
| Shares, basic (weighted) | 315 | 320 | 323 | 317 | 314 | 312 | 305 | 292 | 276 | 271 |
| Shares, diluted (weighted) | 317 | 323 | 327 | 321 | 317 | 314 | 306 | 294 | 277 | 272 |
| Dividend per share | 2.40 | 2.40 | 2.58 | 3.04 | 3.04 | 3.61 | 4.36 | 5.05 | 5.88 | 6.48 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 4,336 | 9,335 | 3,904 | 3,857 | 7,066 | 8,017 | 4,774 | 7,458 | 7,324 | 8,276 |
| Inventory | 3,341 | 3,904 | 6,149 | 5,975 | 4,999 | 6,781 | 8,495 | 8,160 | 7,093 | 7,406 |
| Property, plant and equipment | 5,171 | 5,068 | 5,868 | 5,973 | 5,817 | |||||
| Lease right-of-use assets | 324 | 291 | 299 | 283 | 274 | 317 | ||||
| Goodwill | 816 | 1,033 | 3,101 | 2,917 | 3,081 | 3,291 | 3,687 | 3,900 | 3,959 | 4,188 |
| Intangible assets | 104 | 218 | 1,562 | 1,380 | 1,327 | 1,275 | 1,218 | 1,133 | 999 | 892 |
| Total assets | 57,981 | 65,786 | 70,108 | 73,011 | 75,091 | 84,114 | 90,030 | 104,087 | 107,320 | 105,996 |
| Short-term debt | 8,582 | 10,919 | 12,592 | 17,939 | 13,533 | 13,796 | ||||
| Long-term debt | 25,891 | 27,237 | 30,229 | 32,734 | 32,888 | |||||
| Total liabilities | 51,437 | 56,212 | 58,803 | 61,580 | 62,147 | 65,680 | 69,673 | 82,201 | 84,395 | 79,989 |
| Total debt | 25,891 | 27,237 | 30,229 | 32,734 | 32,888 | |||||
| Retained earnings | 23,911 | 25,301 | 27,553 | 29,852 | 31,646 | 36,449 | 42,247 | 50,931 | 56,402 | 59,676 |
| Treasury stock | -15,677 | -15,461 | -16,312 | -17,474 | -18,065 | -20,533 | -24,094 | -31,335 | -35,349 | -36,362 |
| Other comprehensive income | -5,626 | -4,564 | -4,427 | -5,607 | -5,539 | -2,539 | -3,056 | -3,114 | -3,706 | -3,032 |
| Shareholders' equity | 6,520 | 9,557 | 11,288 | 11,413 | 12,937 | 18,431 | 20,262 | 21,785 | 22,836 | 25,950 |
| Minority interests | 10.8 | 3.2 | 3 | 4 | 7 | 3 | 3 | 4 | 7 | 6 |
| Total equity | 6,531 | 9,560 | 11,291 | 11,417 | 12,944 | 18,434 | 20,265 | 21,789 | 22,843 | 25,956 |
| Total liabilities and equity | 57,981 | 65,786 | 70,108 | 73,011 | 75,091 | 84,114 | 90,030 | 104,087 | 107,320 | 105,996 |
| Shares outstanding | 282 | 272 | 270 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 1,522 | 2,159 | 2,371 | 3,257 | 2,753 | 5,965 | 7,130 | 10,155 | 7,088 | 4,998 |
| Depreciation and amortization | 1,560 | 1,716 | 1,927 | 2,019 | 2,118 | 2,050 | 1,895 | 2,004 | 2,118 | 2,229 |
| Stock-based compensation | 70.6 | 68 | 84 | 82 | 81 | 82 | 85 | 130 | 208 | 151 |
| Deferred income tax | 283 | 100 | 1,480 | -465 | -11 | -441 | -66 | -790 | -294 | -288 |
| Change in receivables | 335 | -839 | -1,531 | -869 | 2,009 | 969 | -2,483 | -4,253 | 421 | 1,084 |
| Change in inventory | -106 | -1,305 | -1,772 | -780 | 397 | -2,497 | -2,091 | 279 | 788 | -275 |
| Change in payables | -155 | 968 | 722 | 46 | -7 | 1,884 | 1,133 | 830 | -1,040 | -251 |
| Cash from operations | 3,764 | 2,196 | 1,822 | 3,412 | 7,483 | 7,726 | 4,699 | 8,589 | 9,231 | 7,459 |
| Capital expenditures | -644 | -595 | -896 | -1,120 | -820 | -848 | -1,134 | -1,498 | -1,640 | -1,360 |
| Acquisitions | -199 | -284 | -5,245 | -66 | -244 | -498 | -82 | -101 | ||
| Purchases of investments | -118 | -133 | -140 | -130 | -194 | -250 | -491 | -1,055 | -703 | |
| Sales and maturities of investments | 109 | 40 | 31 | 28 | 109 | 79 | 186 | 832 | 486 | |
| Cash from investing | -1,177 | -1,662 | -8,176 | -3,924 | -3,319 | -5,750 | -8,485 | -8,749 | -6,464 | -2,057 |
| Debt issued | 5,071 | 8,702 | 8,288 | 9,986 | 9,271 | 8,722 | 10,358 | |||
| Debt repaid | -5,268 | -5,397 | -6,245 | -6,426 | -7,383 | -7,090 | -8,445 | |||
| Share buybacks | -205 | -6 | -958 | -1,253 | -750 | -2,538 | -3,597 | -7,216 | -4,007 | -1,138 |
| Dividends paid | -761 | -764 | -806 | -943 | -956 | -1,040 | -1,313 | -1,427 | -1,605 | -1,720 |
| Cash from financing | -2,401 | 4,286 | 876 | 509 | -980 | -1,078 | 826 | 2,808 | -2,717 | -4,579 |
| Exchange rate effect | 157 | 26 | -56 | 32 | 55 | -224 | 31 | -37 | 77 | |
| Net change in cash | 174 | 4,977 | -5,452 | -59 | 3,216 | 953 | -3,184 | 2,679 | 13 | 900 |
| Free cash flow | 3,120 | 1,601 | 926 | 2,292 | 6,663 | 6,878 | 3,565 | 7,091 | 7,591 | 6,099 |
| Interest paid | 726 | 903 | 1,176 | 1,460 | 1,279 | 1,041 | 1,101 | 2,227 | 3,298 | 3,080 |
| Income taxes paid | 392 | 981 | 712 | 1,111 | 1,069 | 2,075 | 1,940 | 3,578 | 2,518 | 1,647 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 13.4% | Pre-tax income / revenue. |
| Net margin | 10.2% | Net income / revenue. |
| FCF margin | 12.5% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 15.1% | Cash from operations / revenue. |
| Effective tax rate | 24.8% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 17.4% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 4.5% | Net income / average total assets. |
| R&D / revenue | 5.0% | Research and development expense / revenue. |
| SG&A / revenue | 9.7% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.3% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 2.6% | Capital expenditures / revenue. |
| D&A / revenue | 4.9% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -11.7% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -4.6% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 5.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -29.2% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -11.0% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 12.8% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -27.8% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -7.4% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 16.3% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -19.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 16.7% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -0.1% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -19.7% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 19.6% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -1.8% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 10.2% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 14.1% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 16.3% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 13.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 8.6% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 14.9% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -1.2% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 5.6% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 7.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -1.9% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -3.9% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -3.0% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 73.9% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 5.0% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $22.58B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.45x | Revenue / average total assets. |
| FCF conversion | 123.6% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 16.9% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $18.00 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $177.26 | Revenue / diluted weighted shares. |
| FCF per share | $22.24 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $26.76 | Cash from operations / diluted weighted shares. |
| Book value per share | $103.40 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $83.43 | Tangible book value / shares outstanding. |
| Cash per share | $32.98 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 36.0% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 29.1% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 11.6% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $186.38B | Share price x shares outstanding. |
| Enterprise value | $177.45B | Market cap + total debt - cash - short-term investments. |
| P/E | 38.2x | Market cap / net income. Only when net income is positive. |
| P/S | 3.88x | Market cap / revenue. |
| P/B | 6.66x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 8.25x | Market cap / tangible book value, when positive. |
| P/FCF | 31.0x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 25.7x | Market cap / cash from operations, when positive. |
| EV/Sales | 3.70x | Enterprise value / revenue. |
| EV/FCF | 29.5x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 3.2% | Free cash flow / market cap. |
| Earnings yield | 2.6% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.9% | Dividends paid over the period / market cap. |
| Shareholder yield | 1.3% | (Dividends paid + share buybacks) / market cap. |
What was DEERE & CO's revenue in fiscal 2025?
DEERE & CO reported revenue of $45.68B for fiscal 2025, 11.7% lower than the year before.
Was DEERE & CO profitable in fiscal 2025?
Yes. Net income was $5.03B, a net margin of 11%.
How much free cash flow did DEERE & CO generate in fiscal 2025?
Cash from operations of $7.46B minus capital expenditures of $1.36B left free cash flow of $6.10B.