Deere Reports Net Income of $1.065 Billion for Fourth Quarter, $5.027 Billion for Fiscal Year

27 November 2025, Moline: Deere & Company reported net income of $1.065 billion for the fourth quarter ended November 2, 2025, or $3.93 per share, compared with net income of $1.245 billion, or $4.55 per share, for the quarter ended October 27, 2024. For fiscal year 2025, net income attributable to Deere & Company was $5.027 billion, or $18.50 per share, compared with $7.100 billion, or $25.62 per share, in fiscal 2024.

Worldwide net sales and revenues increased 11%, to $12.394 billion, for the fourth quarter of 2025 and decreased 12%, to $45.684 billion, for the full year. Net sales were $10.579 billion for the quarter and $38.917 billion for the year, compared with $9.275 billion and $44.759 billion in fiscal 2024, respectively.

“This past year brought its share of challenges and uncertainty, but thanks to the structural improvements we’ve made and the diverse customer segments and geographies we serve, we were able to achieve our best results yet for this point in the cycle,” said John May, chairman and CEO of John Deere. “Our continued commitment to delivering customer value and focusing on operational efficiency enabled us to remain resilient and demonstrate the strength of our business.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.00 billion to $4.75 billion.

“Looking ahead, we believe 2026 will mark the bottom of the large ag cycle,” May stated. “While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain, our commitment to inventory management and cost control, coupled with expected growth in small agriculture & turf and construction & forestry, positions us to effectively manage the business and seize emerging opportunities as market conditions begin to recover.”

This media release, financial highlights, and more financial data are available in PDF format.

Forward-looking Statements

Certain statements contained herein, including in the section entitled “Company Outlook & Summary,” “Industry Outlook for Fiscal 2026,” “Deere Segment Outlook for Fiscal 2026,” and “Condensed Notes to Consolidated Financial Statements” relating to future events, expectations, and trends constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect all lines of the company’s operations generally while others could more heavily affect a particular line of business.

Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, the company expressly disclaims any obligation to update or revise its forward-looking statements.

Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

• the agricultural business cycle, which can be unpredictable and is affected by factors such as farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs, governmental farm programs, availability of transport for crops as well as adverse macroeconomic conditions, including unemployment, inflation, interest rate volatility, changes in consumer practices due to slower economic growth or a recession, and regional or global liquidity constraints
• the uncertainty of government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government, and retaliatory trade regulations
• political, economic, and social instability in the geographies in which the company operates, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East
• worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for the company’s equipment
• rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities
• accurately forecasting customer demand for products and services and adequately managing inventory
• uncertainty of the company’s ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased pricing, and accurately predict financial results and industry trends
• availability and price of raw materials, components, and whole goods
• delays or disruptions in the company’s supply chain
• changes in climate patterns, unfavorable weather events, and natural disasters
• suppliers’ and manufacturers’ business practices and compliance with laws applicable to topics such as human rights, safety, environmental, and fair wages
• higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for the company’s products and solutions
• ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology
• the ability to execute business strategies, including the company’s Smart Industrial Operating Model and Leap Ambitions
• dealer practices and their ability to manage new and used inventory, distribute the company’s products, and to provide support and service for precision technology solutions
• the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes
• negative claims or publicity that damage the company’s reputation or brand
• the ability to attract, develop, engage, and retain qualified employees
• the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge
• labor relations and contracts, including work stoppages and other disruptions
• security breaches, cybersecurity attacks, technology failures, and other disruptions to the company’s information technology infrastructure and products
• leveraging artificial intelligence and machine learning within the company’s business processes
• changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of U.S., foreign and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environmental (including climate change and engine emissions), farming, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, tariffs, product liability, tax, telematics, and telecommunications
• governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy
• warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of the company’s products
• investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that the company unlawfully withheld self-repair capabilities from farmers and independent repair providers
• loss of or challenges to intellectual property rights

Further information concerning the company or its businesses, including factors that could materially affect the company’s financial results, is included in the company’s filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q). There also may be other factors that the company cannot anticipate or that are not described herein because the company does not currently perceive them to be material.

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