DEERE & CO

DE 10-K · FY 2025

DE FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 45,684 51,716 -11.7%
Show Product Lines breakouts
Financial Service 5,748 5,759 -0.2%
Financial Service · Construction & Forestry (CF) 12 14 -14.3%
Financial Service · Financial Services (FS) 5,351 5,392 -0.8%
Financial Service · Operating Segments 5,451 5,494 -0.8%
Financial Service · Production & Precision Agriculture (PPA) 43 46 -6.5%
Financial Service · Small Agriculture & Turf (SAT) 45 42 +7.1%
Other Income 1,019 1,198 -14.9%
Other Income · Construction & Forestry (CF) 192 238 -19.3%
Other Income · Corporate Non Segment 310 333 -6.9%
Other Income · Financial Services (FS) 470 390 +20.5%
Other Income · Operating Segments 1,006 1,130 -11.0%
Other Income · Production & Precision Agriculture (PPA) 211 329 -35.9%
Other Income · Small Agriculture & Turf (SAT) 133 173 -23.1%
Product 38,917 44,759 -13.1%
Product · Construction & Forestry (CF) 11,382 12,956 -12.1%
Product · Operating Segments 38,917 44,759 -13.1%
Product · Production & Precision Agriculture (PPA) 17,311 20,834 -16.9%
Product · Small Agriculture & Turf (SAT) 10,224 10,969 -6.8%
Show Business Segments breakouts
Construction & Forestry (CF) 11,650 13,254 -12.1%
Construction & Forestry (CF) · Asia, Africa, Oceania, and Middle East 1,154 1,128 +2.3%
Construction & Forestry (CF) · CA 743 760 -2.2%
Construction & Forestry (CF) · Central Europe and CIS 373 381 -2.1%
Construction & Forestry (CF) · Latin America 936 1,170 -20.0%
Construction & Forestry (CF) · Operating Segments 11,642 13,206 -11.8%
Construction & Forestry (CF) · Transferred At Point In Time 11,494 13,137 -12.5%
Construction & Forestry (CF) · Transferred Over Time 156 117 +33.3%
Construction & Forestry (CF) · US 6,489 8,086 -19.8%
Construction & Forestry (CF) · Western Europe 1,955 1,729 +13.1%
Financial Services (FS) · Operating Segments 6,289 6,493 -3.1%
Production & Precision Agriculture (PPA) 17,749 21,426 -17.2%
Production & Precision Agriculture (PPA) · Asia, Africa, Oceania, and Middle East 1,338 1,530 -12.5%
Production & Precision Agriculture (PPA) · CA 1,735 1,818 -4.6%
Production & Precision Agriculture (PPA) · Central Europe and CIS 832 787 +5.7%
Production & Precision Agriculture (PPA) · Latin America 4,021 3,482 +15.5%
Production & Precision Agriculture (PPA) · Operating Segments 17,753 21,380 -17.0%
Production & Precision Agriculture (PPA) · Transferred At Point In Time 17,311 21,059 -17.8%
Production & Precision Agriculture (PPA) · Transferred Over Time 438 367 +19.3%
Production & Precision Agriculture (PPA) · US 7,753 11,741 -34.0%
Production & Precision Agriculture (PPA) · Western Europe 2,070 2,068 +0.1%
Small Agriculture & Turf (SAT) 10,464 11,254 -7.0%
Small Agriculture & Turf (SAT) · Asia, Africa, Oceania, and Middle East 1,534 1,480 +3.6%
Small Agriculture & Turf (SAT) · CA 496 605 -18.0%
Small Agriculture & Turf (SAT) · Central Europe and CIS 359 284 +26.4%
Small Agriculture & Turf (SAT) · Latin America 453 433 +4.6%
Small Agriculture & Turf (SAT) · Operating Segments 10,432 11,215 -7.0%
Small Agriculture & Turf (SAT) · Transferred At Point In Time 10,249 11,084 -7.5%
Small Agriculture & Turf (SAT) · Transferred Over Time 215 170 +26.5%
Small Agriculture & Turf (SAT) · US 5,282 6,249 -15.5%
Small Agriculture & Turf (SAT) · Western Europe 2,340 2,203 +6.2%
Show Geography breakouts
Asia, Africa, Oceania, and Middle East 4,243 4,359 -2.7%
CA 3,735 3,900 -4.2%
Central Europe and CIS 1,575 1,488 +5.8%
Latin America 5,607 5,538 +1.2%
US 23,974 30,242 -20.7%
Western Europe 6,550 6,189 +5.8%
Show Consolidation Items breakouts
Intersegment Elimination -742 -911 +18.6%
Operating Segments 46,116 52,294 -11.8%
Show Timing Of Transfer Of Good Or Service breakouts
Transferred At Point In Time 39,193 45,413 -13.7%
Transferred Over Time 6,491 6,303 +3.0%
Revenue (FY)
Show Product Lines breakouts
Compact Construction 1,922 2,459 -21.8%
Compact Construction · Construction & Forestry (CF) 1,922 2,459 -21.8%
Construction 4,570 5,523 -17.3%
Construction · Construction & Forestry (CF) 4,570 5,523 -17.3%
Forestry 1,124 1,108 +1.4%
Forestry · Construction & Forestry (CF) 1,124 1,108 +1.4%
Production Agriculture 16,960 20,574 -17.6%
Production Agriculture · Production & Precision Agriculture (PPA) 16,960 20,574 -17.6%
Roadbuilding 3,552 3,641 -2.4%
Roadbuilding · Construction & Forestry (CF) 3,552 3,641 -2.4%
Small Agriculture 7,215 7,693 -6.2%
Small Agriculture · Small Agriculture & Turf (SAT) 7,215 7,693 -6.2%
Turf 2,731 3,023 -9.7%
Turf · Small Agriculture & Turf (SAT) 2,731 3,023 -9.7%
Other Revenue (FY)
Show Product Lines breakouts
Financial Products 6,296 6,220 +1.2%
Financial Products · Construction & Forestry (CF) 84 67 +25.4%
Financial Products · Financial Services (FS) 5,821 5,782 +0.7%
Financial Products · Production & Precision Agriculture (PPA) 257 240 +7.1%
Financial Products · Small Agriculture & Turf (SAT) 134 131 +2.3%
Show Business Segments breakouts
Financial Services (FS) 5,821 5,782 +0.7%
Financial Services (FS) · Asia, Africa, Oceania, and Middle East 217 221 -1.8%
Financial Services (FS) · CA 761 717 +6.1%
Financial Services (FS) · Central Europe and CIS 11 36 -69.4%
Financial Services (FS) · Latin America 197 453 -56.5%
Financial Services (FS) · Transferred At Point In Time 139 133 +4.5%
Financial Services (FS) · Transferred Over Time 5,682 5,649 +0.6%
Financial Services (FS) · US 4,450 4,166 +6.8%
Financial Services (FS) · Western Europe 185 189 -2.1%
Cost of Revenue (FY)
Show Product Lines breakouts
Product 28,159 30,775 -8.5%
Product · Construction & Forestry (CF) 8,849 9,429 -6.2%
Product · Operating Segments 28,190 30,803 -8.5%
Product · Production & Precision Agriculture (PPA) 11,919 13,621 -12.5%
Product · Small Agriculture & Turf (SAT) 7,422 7,753 -4.3%
Total Costs & Expenses 39,427 42,510 -7.3%
Research & Development 2,311 2,290 +0.9%
Selling, General & Administrative 4,663 4,840 -3.7%
Operating Income (FY)
Show Business Segments breakouts
Construction & Forestry (CF) · Operating Segments 1,028 2,009 -48.8%
Financial Services (FS) · Operating Segments 1,114 889 +25.3%
Production & Precision Agriculture (PPA) · Operating Segments 2,671 4,514 -40.8%
Small Agriculture & Turf (SAT) · Operating Segments 1,207 1,627 -25.8%
Show Consolidation Items breakouts
Operating Segments 6,020 9,039 -33.4%
Interest Expense (FY)
Show Product Lines breakouts
Reconciling Item Including Corporate -372 -396 +6.1%
Income Tax Expense (Benefit) 1,259 2,094 -39.9%
Net Income 5,027 7,100 -29.2%
Net Income 4,998 7,088 -29.5%
Comprehensive Income 5,701 6,508 -12.4%
Other Comprehensive Income 674 -592 +213.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 92 -429 +121.4%
Accumulated Gain Loss Net Cash Flow Hedge Parent 18 -64 +128.1%
Accumulated Net Unrealized Investment Gain Loss 31 36 -13.9%
Accumulated Translation Adjustment 533 -135 +494.8%
EPS (Basic) 18.55 25.73 -27.9%
EPS (Diluted) 18.5 25.62 -27.8%
Wtd Avg Shares (Basic) 270.9 276 -1.8%
Wtd Avg Shares (Diluted) 271.7 277.1 -1.9%
Interest Expense 3,170 3,348 -5.3%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Swap -21 71 -129.6%
Policyholder Benefits And Claims Incurred Net 320 340 -5.9%
Premiums Earned Net (FY)
Show Product Lines breakouts
Other Income 433 310 +39.7%
Provision For Loan Lease And Other Losses 296 310 -4.5%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Trade Accounts and Notes Receivable 10 34 -70.6%
Interest Expense Operating (FY)
Show Business Segments breakouts
Financial Services (FS) · Operating Segments -2,923 -3,182 +8.1%
Show Consolidation Items breakouts
Operating Segments -2,923 -3,182 +8.1%
Foreign Currency Transaction Gain Loss Before Tax -60 -63 +4.8%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 6,257 9,206 -32.0%
Net Income Loss Attributable To Noncontrolling Interest -29 -12 -141.7%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 8,276 7,324 +13.0%
Inventory 7,406 7,093 +4.4%
Non-Current Assets
Goodwill 4,188 3,959 +5.8%
Show Business Segments breakouts
Construction & Forestry (CF) 3,051 2,893 +5.5%
Production & Precision Agriculture (PPA) 744 701 +6.1%
Small Agriculture & Turf (SAT) 393 365 +7.7%
Intangible Assets 892 999 -10.7%
Defined Benefit Plan Assets For Plan Benefits Noncurrent 3,273 2,921 +12.1%
Show Retirement Plan Type breakouts
Other Postretirement Benefit Plans Defined Benefit 390 328 +18.9%
Pension Plans Defined Benefit 2,883 2,593 +11.2%
Deferred Tax Assets 2,284 2,086 +9.5%
Total Assets 105,996 107,320 -1.2%
Show Business Segments breakouts
Construction & Forestry (CF) · Operating Segments 7,792 7,137 +9.2%
Financial Services (FS) · Operating Segments 70,021 73,612 -4.9%
Production & Precision Agriculture (PPA) · Operating Segments 8,787 8,696 +1.0%
Small Agriculture & Turf (SAT) · Operating Segments 3,987 4,130 -3.5%
Show Consolidation Items breakouts
Corporate Non Segment 15,409 13,745 +12.1%
Show Pledged Status breakouts
Asset Pledged As Collateral With Right 7,002 8,910 -21.4%
Operating Lease Right-of-Use Assets 317 274 +15.7%
Other Assets
Marketable Securities 1,411 1,154 +22.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 196 239 -18.0%
Fair Value Inputs Level1 · US Government Debt Securities 196 239 -18.0%
Fair Value Inputs Level2 · Corporate Debt Securities 510 423 +20.6%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 1,155 915 +26.2%
Fair Value Inputs Level2 · Foreign Government Debt Securities 174 143 +21.7%
Fair Value Inputs Level2 · International Fixed Income Fund 7
Fair Value Inputs Level2 · Mortgage Backed Securities 234 165 +41.8%
Fair Value Inputs Level2 · US Government Debt Securities 117 110 +6.4%
Fair Value Inputs Level2 · US States And Political Subdivisions 113 74 +52.7%
Accounts Receivable Net 5,317 5,326 -0.2%
Show Business Segments breakouts
Construction & Forestry (CF) · Trade Accounts and Notes Receivable 1,677 2,137 -21.5%
Production & Precision Agriculture (PPA) · Trade Accounts and Notes Receivable 1,673 1,532 +9.2%
Small Agriculture & Turf (SAT) · Trade Accounts and Notes Receivable 1,967 1,657 +18.7%
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Trade Accounts and Notes Receivable 5,317 5,326 -0.2%
Notes Receivable And Net Investment In Lease Net (Q)
Show Product Lines breakouts
Related to Sales of Equipment · Asset Not Pledged As Collateral 8,808 9,785 -10.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Asset Not Pledged As Collateral 44,779 44,336 +1.0%
Fair Value Inputs Level3 · Asset Pledged As Collateral With Right 6,855 8,654 -20.8%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure · Asset Not Pledged As Collateral 44,575 44,309 +0.6%
Carrying Reported Amount Fair Value Disclosure · Asset Pledged As Collateral With Right 6,831 8,723 -21.7%
Show Pledged Status breakouts
Asset Not Pledged As Collateral 44,575 44,309 +0.6%
Asset Pledged As Collateral With Right 6,831 8,723 -21.7%
Other Receivables 2,403 2,545 -5.6%
Property Subject To Or Available For Operating Lease Net 7,600 7,451 +2.0%
Property Plant And Equipment And Finance Lease Right Of Use Asset Excluding Lessor Asset Under Operating Lease After Accumulated Depreciation And Amortization 8,079 7,580 +6.6%
Show Geography breakouts
DE 1,435 1,271 +12.9%
Other Countries 2,446 2,177 +12.4%
US 4,198 4,132 +1.6%
Other Assets 3,461 2,906 +19.1%
Show Pledged Status breakouts
Asset Pledged As Collateral With Right 171 187 -8.6%
Current Liabilities
Debt Current 13,796 13,533 +1.9%
Show Short Term Debt Type breakouts
Commercial Paper 4,218 4,008 +5.2%
Long-term Borrowings Due Within One Year 8,888 9,115 -2.5%
Notes Payable To Banks 651 377 +72.7%
Product Financing Arrangement 39 33 +18.2%
Current Portion of Long-Term Debt (Q)
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 8,911 9,079 -1.9%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 8,888 9,115 -2.5%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 13,909 14,543 -4.4%
Deferred Tax Liabilities 434 478 -9.2%
Long Term Debt And Finance Leases Noncurrent 43,544 43,229 +0.7%
Pension And Other Postretirement Defined Benefit Plans And Other Liabilities Current And Noncurrent 1,710 2,354 -27.4%
Total Liabilities 79,989 84,395 -5.2%
Long-Term Debt (Q)
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 43,527 42,804 +1.7%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 43,471 43,157 +0.7%
Other Liabilities
Secured Debt 6,596 8,431 -21.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 6,631 8,453 -21.6%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 6,596 8,431 -21.8%
Redeemable Noncontrolling Interest Equity Carrying Amount 51 82 -37.8%
Stockholders' Equity
Common Stock 5,668 5,489 +3.3%
Treasury Stock Common Value -36,362 -35,349 -2.9%
Retained Earnings 59,676 56,402 +5.8%
Accumulated Other Comprehensive Income -3,032 -3,706 +18.2%
Total Stockholders' Equity 25,950 22,836 +13.6%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -1,182 -1,274 +7.2%
Accumulated Gain Loss Net Cash Flow Hedge Parent -54 -72 +25.0%
Accumulated Net Unrealized Investment Gain Loss -43 -74 +41.9%
Accumulated Other Comprehensive Income -3,032 -3,706 +18.2%
Accumulated Translation Adjustment -1,753 -2,286 +23.3%
Minority Interest 6 7 -14.3%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 25,956 22,843 +13.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -3,032 -3,706 +18.2%
Common Stock 5,668 5,489 +3.3%
Noncontrolling Interest 6 7 -14.3%
Retained Earnings 59,676 56,402 +5.8%
Treasury Stock Common -36,362 -35,349 -2.9%
Total Liabilities & Equity 105,996 107,320 -1.2%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 2,229 2,118 +5.2%
Show Business Segments breakouts
Construction & Forestry (CF) · Operating Segments 365 331 +10.3%
Financial Services (FS) · Operating Segments 1,082 1,040 +4.0%
Production & Precision Agriculture (PPA) · Operating Segments 654 643 +1.7%
Small Agriculture & Turf (SAT) · Operating Segments 261 246 +6.1%
Show Consolidation Items breakouts
Intersegment Elimination -133 -142 +6.3%
Stock-Based Compensation 151 208 -27.4%
Deferred Income Taxes -288 -294 +2.0%
Change in Inventory -275 788 -134.9%
Net Cash from Operations 7,459 9,231 -19.2%
Investing Activities
Capital Expenditures -1,360 -1,640 +17.1%
Other Investing Activities -148 -127 -16.5%
Net Cash from Investing -2,057 -6,464 +68.2%
Financing Activities
Share Repurchases -1,138 -4,007 +71.6%
Net Cash from Financing -4,579 -2,717 -68.5%
Supplemental
Income Taxes Paid 1,647 2,518 -34.6%
Interest Paid 3,080 3,298 -6.6%
Unpaid Capital Expenditures 167 208 -19.7%
Other Cash Flow
Net Change in Cash 900 13 +6823.1%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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