Deere &
DE · NYSEFarm Machinery & Equipment · Fiscal year ends Nov 1
Deere & reported revenue of $45.7B in the fiscal year ended Nov 2025, down 11.7% from the year before. Net income was $5B. Operating cash flow of $7.5B less capital expenditure of $1.4B left free cash flow of $6.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $44B | $52.6B | $61.3B | $51.7B | $45.7B |
| Research & development | $1.6B | $1.9B | $2.2B | $2.3B | $2.3B |
| Selling, general & admin | $3.4B | $3.9B | $4.6B | $4.8B | $4.7B |
| Operating income | $8B | $9.5B | $13B | $9B | – |
| Interest expense | $993M | $1.1B | $2.5B | $3.3B | $3.2B |
| Pre-tax income | $7.6B | $9.1B | $13B | $9.2B | $6.3B |
| Income tax | $1.7B | $2B | $2.9B | $2.1B | $1.3B |
| Net income | $6B | $7.1B | $10.2B | $7.1B | $5B |
| Diluted EPS | 18.99 | 23.28 | 34.63 | 25.62 | 18.50 |
| Diluted shares | 314M | 306M | 294M | 277M | 272M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $8B | $4.8B | $7.5B | $7.3B | $8.3B |
| Inventory | $6.8B | $8.5B | $8.2B | $7.1B | $7.4B |
| Goodwill | $3.3B | $3.7B | $3.9B | $4B | $4.2B |
| Total assets | $84.1B | $90B | $104B | $107B | $106B |
| Deferred revenue | $570M | $557M | $676M | $744M | $837M |
| Short-term debt | $10.9B | $12.6B | $17.9B | $13.5B | $13.8B |
| Long-term debt | $32.9B | – | – | – | – |
| Total liabilities | $65.7B | $69.7B | $82.2B | $84.4B | $80B |
| Shareholders' equity | $18.4B | $20.3B | $21.8B | $22.8B | $26B |
| Backlog (remaining obligations) | $1.1B | $1.2B | $1.5B | $1.7B | $1.8B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $7.7B | $4.7B | $8.6B | $9.2B | $7.5B |
| Capital expenditure | $848M | $1.1B | $1.5B | $1.6B | $1.4B |
| Free cash flow | $6.9B | $3.6B | $7.1B | $7.6B | $6.1B |
| Depreciation & amortisation | $2.1B | $1.9B | $2B | $2.1B | $2.2B |
| Stock-based compensation | $82M | $85M | $130M | $208M | $151M |
| Acquisitions | $244M | $498M | $82M | – | $101M |
| Share buybacks | $2.5B | $3.6B | $7.2B | $4B | $1.1B |
| Dividends paid | $1B | $1.3B | $1.4B | $1.6B | $1.7B |
| Dividend per share | 3.61 | 4.36 | 5.05 | 5.88 | 6.48 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.4% | 16.5% | −15.6% | −11.7% |
| Operating income growth (YoY) | – | 18.7% | 36.3% | −30.2% | – |
| EPS growth (YoY) | – | 22.6% | 48.8% | −26.0% | −27.8% |
| Operating margin | 18.2% | 18.1% | 21.2% | 17.5% | – |
| Net margin | 13.5% | 13.6% | 16.6% | 13.7% | 11.0% |
| Return on equityBlank when equity is negative | 32.4% | 35.2% | 46.7% | 31.1% | 19.4% |
| Free cash flow margin | 15.6% | 6.8% | 11.6% | 14.7% | 13.4% |
| Cash conversion (CFO ÷ net income) | 1.30x | 0.66x | 0.84x | 1.30x | 1.48x |
| Interest cover | 8.07x | 8.95x | 5.28x | 2.70x | – |
| Debt ÷ equity | 2.38x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $35.8B | – | – | – | – |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.