Detailed financial statements for Deere & Company (DE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Deere & Company is a global manufacturer and distributor of a wide range of equipment. The company's operations are organized into four primary business segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services.
Analysis Summary
Deere & Company reported revenue of $44.66B in the most recent fiscal year, growing at a 5-year CAGR of 5.2%. Net income reached $5.03B, with a 12.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 35.7%, operating margin 19.0%, net margin 10.2%. Free cash flow grew at -7.7% CAGR over 5 years.
At the current price of $687.00, DE trades at a P/E of 38.17 and an ROE of 19.37%. Market capitalisation stands at $185.4B, placing it among large-cap names.
Balance sheet quality for DE: current ratio of 2.3, net debt of $54.25B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $3.23B represents 64% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.90B | $28.62B | $36.46B | $38.38B | $34.72B | $43.03B | $51.28B | $60.25B | $50.52B | $44.66B |
| Cost of Revenue | $18.36B | $20.03B | $25.78B | $27.02B | $23.86B | $29.32B | $35.55B | $37.94B | $31.02B | $28.37B |
| Gross Profit | $7.54B | $8.58B | $10.68B | $11.36B | $10.86B | $13.71B | $15.73B | $22.31B | $19.50B | $16.30B |
| Research & Development | $1.39B | $1.37B | $1.66B | $1.78B | $1.64B | $1.59B | $1.91B | $2.18B | $2.29B | $2.31B |
| Selling, General & Admin | $2.79B | $3.13B | $3.47B | $3.48B | $3.45B | $3.20B | $3.65B | $4.31B | $4.51B | $4.24B |
| Operating Expenses | $5.30B | $5.65B | $6.30B | $6.53B | $6.49B | $6.05B | $6.70B | $7.71B | $8.07B | $7.88B |
| Operating Income | $2.24B | $2.93B | $4.38B | $4.83B | $4.37B | $7.66B | $9.03B | $14.59B | $11.43B | $8.42B |
| EBITDA | $4.55B | $5.77B | $7.20B | $7.57B | $7.25B | $10.64B | $12.08B | $17.48B | $14.67B | $11.66B |
| Interest Expense | $763.7M | $899.0M | $1.20B | $1.47B | $1.25B | $993.0M | $1.06B | $2.45B | $3.35B | $3.17B |
| Pre-tax Income | $2.22B | $3.13B | $4.10B | $4.11B | $3.83B | $7.62B | $9.14B | $13.03B | $9.18B | $6.26B |
| Income Tax | $700.1M | $971.0M | $1.73B | $852.0M | $1.08B | $1.66B | $2.01B | $2.87B | $2.09B | $1.26B |
| Net Income | $1.52B | $2.16B | $2.37B | $3.25B | $2.75B | $5.96B | $7.13B | $10.17B | $7.10B | $5.03B |
| EPS | $4.83 | $6.76 | $7.34 | $10.28 | $8.77 | $19.14 | $23.42 | $34.80 | $25.72 | $18.56 |
| EPS (Diluted) | $4.81 | $6.68 | $7.24 | $10.15 | $8.69 | $18.99 | $23.28 | $34.63 | $25.62 | $18.50 |
| Shares Outstanding (Diluted) | $316.6M | $323.3M | $327.3M | $320.6M | $316.6M | $314.0M | $306.3M | $293.6M | $277.1M | $271.7M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $12.09B | $9.61B | $13.37B | $12.61B |
| Gross Profit | $3.94B | $3.33B | $5.10B | $4.67B |
| Operating Income | $1.90B | $1.55B | $3.00B | $2.59B |
| EBITDA | $2.75B | $2.16B | $3.59B | $2.59B |
| Net Income | $1.06B | $656.0M | $1.77B | $1.38B |
| EPS | $3.94 | $2.43 | $6.56 | $5.11 |
| EPS (Diluted) | $3.93 | $2.42 | $6.55 | $5.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.34B | $9.33B | $3.90B | $3.86B | $7.07B | $8.02B | $4.77B | $7.46B | $7.32B | $8.28B |
| Short-term Investments | $453.5M | $451.6M | $490.0M | $581.0M | $641.0M | $728.0M | $734.0M | $946.0M | $1.15B | $1.41B |
| Receivables | $31.86B | $33.22B | $36.10B | $38.85B | $38.66B | $42.69B | $48.98B | $58.75B | $58.36B | $57.12B |
| Inventory | $3.34B | $3.90B | $6.15B | $5.97B | $5.00B | $6.84B | $8.54B | $8.22B | $7.20B | $7.51B |
| Total Current Assets | $39.99B | $46.91B | $46.65B | $49.27B | $51.36B | $58.59B | $64.09B | $76.37B | $77.67B | $74.90B |
| Property, Plant & Equipment | $11.07B | $11.66B | $13.03B | $13.54B | $13.12B | $13.21B | $13.10B | $14.21B | $15.45B | $16.15B |
| Goodwill | $815.7M | $1.03B | $3.10B | $2.92B | $3.08B | $3.29B | $3.69B | $3.90B | $3.96B | $4.19B |
| Intangible Assets | $104.0M | $218.0M | $1.56B | $1.38B | $1.33B | $1.56B | $1.59B | $1.58B | $1.50B | $1.36B |
| Total Assets | $57.92B | $65.79B | $70.11B | $73.01B | $75.09B | $84.11B | $90.03B | $104.09B | $107.32B | $106.00B |
| Accounts Payable | $1.60B | $2.07B | $2.47B | $2.00B | $1.93B | $3.17B | $3.89B | $3.47B | $2.70B | $2.98B |
| Short-term Debt | $11.91B | $14.15B | $15.02B | $15.11B | $13.24B | $15.50B | $18.28B | $24.91B | $21.93B | $20.35B |
| Total Current Liabilities | $18.37B | $21.83B | $24.22B | $23.90B | $22.39B | $26.34B | $31.71B | $38.91B | $36.41B | $32.45B |
| Long-term Debt | $23.70B | $25.89B | $27.24B | $30.18B | $32.58B | $32.89B | $33.60B | $38.48B | $43.23B | $43.54B |
| Total Liabilities | $51.37B | $56.21B | $58.80B | $61.58B | $62.15B | $65.68B | $69.67B | $82.20B | $84.39B | $79.99B |
| Retained Earnings | $23.91B | $25.30B | $27.55B | $29.85B | $31.65B | $36.45B | $42.25B | $50.93B | $56.40B | $59.68B |
| Total Equity | $6.52B | $9.56B | $11.29B | $11.41B | $12.94B | $18.43B | $20.26B | $21.79B | $22.84B | $25.95B |
| Total Debt | $35.61B | $40.04B | $42.26B | $45.33B | $46.30B | $48.73B | $52.20B | $63.69B | $65.46B | $63.94B |
| Net Debt | $30.82B | $30.26B | $37.86B | $40.90B | $38.59B | $39.99B | $46.69B | $55.29B | $56.98B | $54.25B |
| Working Capital | $21.62B | $25.08B | $22.42B | $25.36B | $28.97B | $32.25B | $32.38B | $37.46B | $41.26B | $42.45B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $8.28B | $6.80B | $7.91B | $8.93B |
| Total Assets | $106.00B | $103.44B | $107.00B | $107.61B |
| Total Liabilities | $79.99B | $77.08B | $79.54B | $79.57B |
| Total Equity | $25.95B | $26.30B | $27.41B | $27.99B |
| Total Debt | $63.94B | $62.80B | $64.16B | $64.18B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.52B | $2.16B | $2.37B | $3.26B | $2.75B | $5.96B | $7.13B | $10.17B | $7.09B | $5.00B |
| Depreciation & Amortization | $1.56B | $1.72B | $1.93B | $2.02B | $2.12B | $2.05B | $1.90B | $2.00B | $2.12B | $2.23B |
| Stock-based Compensation | $56.1M | $68.1M | $83.8M | $82.0M | $81.0M | $82.0M | $85.0M | $130.0M | $208.0M | $151.0M |
| Change in Working Capital | $314.1M | -$1.29B | -$4.07B | -$1.66B | $1.87B | $396.0M | -$4.32B | -$3.34B | -$181.0M | -$443.0M |
| Operating Cash Flow | $3.76B | $2.20B | $1.82B | $3.41B | $7.48B | $7.73B | $4.70B | $8.59B | $9.23B | $7.46B |
| Capital Expenditure | -$2.96B | -$2.59B | -$2.95B | -$3.45B | -$2.66B | -$2.58B | -$3.79B | -$4.47B | -$4.80B | -$4.23B |
| Acquisitions | -$117.4M | -$170.3M | -$5.09B | $93.0M | -$66.0M | -$244.0M | -$498.0M | -$82.0M | $1.93B | $1.82B |
| Stock Repurchased | -$205.4M | -$6.0M | -$957.9M | -$1.25B | -$750.0M | -$2.54B | -$3.60B | -$7.22B | -$4.01B | -$1.14B |
| Dividends Paid | -$761.3M | -$764.0M | -$805.8M | -$943.0M | -$956.0M | -$1.04B | -$1.31B | -$1.43B | -$1.60B | -$1.72B |
| Free Cash Flow | $809.2M | -$392.5M | -$1.13B | -$37.0M | $4.83B | $5.15B | $911.0M | $4.12B | $4.43B | $3.23B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $4.00B | -$890.0M | $1.93B | $2.21B |
| Capital Expenditure | -$1.37B | -$688.0M | -$1.06B | -$265.0M |
| Free Cash Flow | $2.63B | -$1.58B | $874.0M | $1.94B |
| Dividends Paid | -$438.0M | -$441.0M | -$437.0M | -$438.0M |
| Stock-based Compensation | $47.0M | $41.0M | $28.0M | $47.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.5% | +27.4% | +5.3% | -9.5% | +23.9% | +19.2% | +17.5% | -16.1% | -11.6% | |
| Net Income Growth (YoY) | +41.7% | +9.7% | +37.4% | -15.4% | +116.8% | +19.6% | +42.6% | -30.2% | -29.2% | |
| EPS Growth (YoY) | +40.0% | +8.6% | +40.1% | -14.7% | +118.2% | +22.4% | +48.6% | -26.1% | -27.8% | |
| Shares Change (YoY) | +2.1% | +1.2% | -2.0% | -1.2% | -0.8% | -2.5% | -4.1% | -5.6% | -1.9% | |
| FCF Growth (YoY) | -148.5% | -187.8% | +96.7% | +13,145.9% | +6.6% | -82.3% | +352.4% | +7.5% | -27.0% | |
| Gross Margin | 29.1% | 30.0% | 29.3% | 29.6% | 31.3% | 31.9% | 30.7% | 37.0% | 38.6% | 36.5% |
| Operating Margin | 8.7% | 10.2% | 12.0% | 12.6% | 12.6% | 17.8% | 17.6% | 24.2% | 22.6% | 18.8% |
| EBITDA Margin | 17.6% | 20.2% | 19.8% | 19.7% | 20.9% | 24.7% | 23.6% | 29.0% | 29.0% | 26.1% |
| Net Margin | 5.9% | 7.5% | 6.5% | 8.5% | 7.9% | 13.9% | 13.9% | 16.9% | 14.1% | 11.3% |
| FCF Margin | 3.1% | -1.4% | -3.1% | -0.1% | 13.9% | 12.0% | 1.8% | 6.8% | 8.8% | 7.2% |
| Effective Tax Rate | 31.5% | 31.0% | 42.1% | 20.7% | 28.2% | 21.7% | 22.0% | 22.0% | 22.8% | 20.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.56 | $-1.21 | $-3.45 | $-0.12 | $15.25 | $16.39 | $2.97 | $14.04 | $15.98 | $11.89 |
| Dividends Per Share | $2.40 | $2.36 | $2.46 | $2.94 | $3.02 | $3.31 | $4.29 | $4.86 | $5.79 | $6.33 |
| Shares Outstanding (Basic) | $315.2M | $319.5M | $322.6M | $316.5M | $313.5M | $311.6M | $304.5M | $292.2M | $276.0M | $270.9M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 19.37% |
| Return on Invested Capital | 7.13% |
| Return on Assets | 4.74% |
| Gross Margin | 35.74% |
| Operating Margin | 18.97% |
| Net Margin | 10.22% |
Financial Health
| Debt / Equity | 2.29 |
| Current Ratio | 0.77 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.89 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.28 | 19.66 | 18.45 | 16.94 | 26.42 | 18.74 | 16.90 | 10.57 | 16.03 | 24.89 |
| P/B | 4.27 | 4.44 | 3.87 | 4.83 | 5.61 | 6.07 | 5.95 | 4.93 | 4.98 | 4.82 |
| P/S | 1.07 | 1.48 | 1.20 | 1.44 | 2.09 | 2.60 | 2.35 | 1.78 | 2.25 | 2.80 |
| Gross Margin | 29.1% | 30.0% | 29.3% | 29.6% | 31.3% | 31.9% | 30.7% | 37.0% | 38.6% | 36.5% |
| Operating Margin | 8.7% | 10.2% | 12.0% | 12.6% | 12.6% | 17.8% | 17.6% | 24.2% | 22.6% | 18.8% |
| Net Margin | 5.9% | 7.5% | 6.5% | 8.5% | 7.9% | 13.9% | 13.9% | 16.9% | 14.1% | 11.3% |
Related companies: AGCO · CAT · CMI · CNH · HON · PCAR · UNP
Explore sector: Industrials · Agricultural - Machinery
More sections of DE: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks