Deere & (DE) financial statements
Deere & reported revenue of $45.7B in fiscal 2025, up 6.2% a year over 9 years.
Net income was $5.0B and the operating margin 13.7%, against 9.7% in 2016.
Free cash flow was $6.1B, and the company returned $1.7B in dividends and $1.1B in net buybacks.
The diluted share count fell 14% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Deere &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.6B | $29.7B | $37.4B | $39.3B | $35.5B | $44.0B | $52.6B | $61.3B | $51.7B | $45.7B |
| Cost of revenue | $18.2B | $19.9B | — | — | — | — | — | — | — | — |
| Gross profit | $8.4B | $9.8B | — | — | — | — | — | — | — | — |
| Research and development | $1.4B | $1.4B | $1.7B | $1.8B | $1.6B | $1.6B | $1.9B | $2.2B | $2.3B | $2.3B |
| Selling, general and admin | $2.8B | $3.1B | $3.5B | $3.6B | $3.5B | $3.4B | $3.9B | $4.6B | $4.8B | $4.7B |
| Operating income | $2.6B | $3.6B | $4.5B | $4.4B | $4.3B | $8.0B | $9.5B | $13.0B | $9.0B | $6.3B |
| Interest expense | $764M | $899M | $1.2B | $1.5B | $1.2B | $993M | $1.1B | $2.5B | $3.3B | $3.2B |
| Pre-tax income | $2.2B | $3.2B | $4.1B | $4.1B | $3.9B | $7.6B | $9.1B | $13.0B | $9.2B | $6.3B |
| Income tax | $700M | $971M | $1.7B | $852M | $1.1B | $1.7B | $2.0B | $2.9B | $2.1B | $1.3B |
| Net income | $1.5B | $2.2B | $2.4B | $3.3B | $2.8B | $6.0B | $7.1B | $10.2B | $7.1B | $5.0B |
| EPS (diluted) | $4.81 | $6.68 | $7.24 | $10.15 | $8.69 | $18.99 | $23.28 | $34.63 | $25.62 | $18.50 |
| Diluted shares | 317M | 323M | 327M | 321M | 317M | 314M | 306M | 294M | 277M | 272M |
| Gross margin | 31.5% | 33.0% | — | — | — | — | — | — | — | — |
| Operating margin | 9.7% | 12.0% | 12.0% | 11.2% | 12.1% | 18.2% | 18.1% | 21.2% | 17.5% | 13.7% |
| Net margin | 5.7% | 7.3% | 6.3% | 8.3% | 7.7% | 13.5% | 13.6% | 16.6% | 13.7% | 11.0% |
Balance sheet
Fiscal years, from Deere &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.3B | $9.3B | $3.9B | $3.9B | $7.1B | $8.0B | $4.8B | $7.5B | $7.3B | $8.3B |
| Inventory | $3.3B | $3.9B | $6.1B | $6.0B | $5.0B | $6.8B | $8.5B | $8.2B | $7.1B | $7.4B |
| Property, plant and equipment | $5.2B | $5.1B | $5.9B | $6.0B | $5.8B | — | — | — | — | — |
| Goodwill | $816M | $1.0B | $3.1B | $2.9B | $3.1B | $3.3B | $3.7B | $3.9B | $4.0B | $4.2B |
| Total assets | $58.0B | $65.8B | $70.1B | $73.0B | $75.1B | $84.1B | $90.0B | $104.1B | $107.3B | $106.0B |
| Long-term debt | $23.7B | $25.9B | $27.2B | $30.2B | $32.7B | $32.9B | — | — | — | — |
| Total liabilities | $51.4B | $56.2B | $58.8B | $61.6B | $62.1B | $65.7B | $69.7B | $82.2B | $84.4B | $80.0B |
| Shareholders' equity | $6.5B | $9.6B | $11.3B | $11.4B | $12.9B | $18.4B | $20.3B | $21.8B | $22.8B | $25.9B |
| Net debt | $19.4B | $16.6B | $23.3B | $26.4B | $34.2B | $35.8B | $7.8B | $10.5B | $6.2B | $5.5B |
Cash flow
Fiscal years, from Deere &'s 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.8B | $2.2B | $1.8B | $3.4B | $7.5B | $7.7B | $4.7B | $8.6B | $9.2B | $7.5B |
| Capital spending | $644M | $595M | $896M | $1.1B | $820M | $848M | $1.1B | $1.5B | $1.6B | $1.4B |
| Free cash flow | $3.1B | $1.6B | $926M | $2.3B | $6.7B | $6.9B | $3.6B | $7.1B | $7.6B | $6.1B |
| Stock-based compensation | $71M | $68M | $84M | $82M | $81M | $82M | $85M | $130M | $208M | $151M |
| Dividends paid | $761M | $764M | $806M | $943M | $956M | $1.0B | $1.3B | $1.4B | $1.6B | $1.7B |
| Share buybacks (net) | -$205M | -$6M | -$958M | -$1.3B | -$750M | -$2.5B | -$3.6B | -$7.2B | -$4.0B | -$1.1B |
| Net borrowing | -$1.4B | $4.6B | $2.5B | $2.6B | $528M | $2.5B | $5.8B | — | — | — |
| Free cash flow margin | 11.7% | 5.4% | 2.5% | 5.8% | 18.7% | 15.6% | 6.8% | 11.6% | 14.7% | 13.4% |
| Dividends per share | $2.40 | $2.36 | $2.46 | $2.94 | $3.02 | $3.31 | $4.29 | $4.86 | $5.79 | $6.33 |
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Open DE in InvestinglyQuestions
What was Deere &'s revenue in 2025?
$45.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Deere & generate?
$6.1B in fiscal 2025 (operating cash flow minus capital spending).
From Deere &'s annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.