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DEERE & CODE

Sector
Industrial
Industry
Farm Machinery & Equipment
Exchange
NYSE

Stock Price $DE

Latest filings

You are here#5 of 57 in Industrials by market cap

Filing record · 2016–202610-K1110-Q348-K164

DE filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 164 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Dec ’18Dec ’18
  2. Leadership change8-K · Nov ’21Nov ’21
  3. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $45.68B
YoY changeLargest recent move+25.6%in FY18Latest −11.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All DE Financial Metrics52 metrics

Income Statement15

Balance Sheet17

Cash Flow15

Per Share5

02—Overview

DEERE & CO Financial Overview 2021–2025

Updated Jul 10, 2026

A staggering $600 milliona in direct import tariffs battered Deere's profitability in FY2025, intensifying the pain of a cyclical downturn across the agricultural and construction sectors. The company is transitioning from a period of demand-driven expansion into a defensive phase dictated by high interest rates, elevated used equipment inventories, and softening farmer liquidity.

Earnings per share captures this boom-and-bust cycle, soaring from $18.99b in FY2021 to a peak of $34.63 in FY2023 before compressing back to $18.50 in FY2025. During its peak growth phase, net sales surged by 19.4% to reach $52.58 billion in FY2022. However, the operational environment deteriorated sharply as agricultural fundamentals moderated. By Q1 2025, total net sales plummeted 30% year-over-year to $8.51 billion. To protect margins, management executed strategic cost reductions, including an employee-separation program in FY2024 designed to generate $230 million in annual pretax savings.

Despite the fundamental contraction and an ongoing FTC antitrust lawsuit regarding repair services, the market continues to price Deere at a premium. At the close of FY2025, the stock traded at $461.63c, commanding a $124.8 billion market capitalization. This translated to a valuation of 25.0x earnings for FY2025, reflecting underlying investor confidence in the company's "Smart Industrial" technology investments and its balance sheet, which held $9.99 billion in cash and marketable securities by Q3 2025.

Recent Developments (Q1 and Q2 2026)

Deere demonstrated diverging financial performance through the first half of fiscal 2026. Net sales rose 13% to $9.61 billiond in Q1 2026 and grew 5% to $13.37 billion in Q2 2026. Profitability contracted. Net income for Q1 2026 fell 25% to $656 million following a $361 million pretax tariff hit. By Q2 2026, the Production & Precision Agriculture segment saw operating profit plunge 39% amid elevated production costs. Deere also executed a chief financial officer transition, appointing T. Brent Norwood on May 1, 2026.

Bulls point to non-agricultural strength, with Construction & Forestry operating profits surging 48% in Q2 2026. Bears highlight margin degradation in large agriculture equipment alongside rising inventory levels, which grew by $782 millione year-to-date. Trading at 29.1x earnings as of May 28, 2026, the stock appears richly valued given the profit contraction in its primary segment.

What to watch: margin compression in the Production & Precision Agriculture segment; the strategic impact of new executive performance stock targets.

03—Filings

Recent SEC Filings

  1. 8-KDEERE & CO 8-K Report, Financial Results (Aug 20, 2026)Deere & Company reported third-quarter fiscal 2026 net income attributable to the company of $1.379 billion, or $5.10 per diluted share, up 7% from $1.289 billion, or $4.75 per share, a year earlier. Total net sales and revenues rose 5% to $12.608 billion. Results were driven by Construction & Forestry (net sales up 18%, operating profit up 84%) and Small Agriculture & Turf (net sales up 12%, operating profit up 28%), which offset a 9% decline in Production & Precision Agriculture operating profit. For the first nine months, net income fell 4% to $3.808 billion, or $14.06 per share, because Production & Precision Agriculture operating profit dropped 34%. Tariff recoveries of $110 million in the quarter and $382 million year to date also helped results. Management raised or reaffirmed its fiscal 2026 net income forecast to a range of $4.75 billion to $5.00 billion, and the release describes the guidance as improved. The forecast calls for Production & Precision Agriculture net sales to fall about 10% with operating margin of 11-12%, down from 15.4% in fiscal 2025. Small Agriculture & Turf net sales are expected to rise about 15%, and Construction & Forestry net sales about 20%. Industry outlooks are weak for large ag in the U.S. and Canada (down 15-20%) and South American tractors and combines (down 15-20%). Management maintains its view that 2026 marks the bottom of the current agricultural equipment cycle. Balance sheet and cash flow data show a larger receivables build and higher total borrowings, with consolidated short-term borrowings rising to $17.1 billion from $13.8 billion at fiscal year-end 2025. Equipment operations generated $4.0 billion of operating cash flow in the first nine months, and the company guided to $5.0-5.5 billion for the full year. Share repurchases totaled $697 million year to date, down from $1.136 billion a year earlier. The next earnings call is scheduled for November 25, 2026.
  2. 8-KDEERE & CO 8-K Report, Corporate Update (Jul 15, 2026)Deere & Company (DE), through its indirect wholly owned subsidiary Deere Funding Canada Corporation, has announced the successful issuance of $300 million in aggregate principal amount of 4.850% Notes due July 15, 2031. These notes are fully and unconditionally guaranteed on a senior unsecured basis by Deere & Company, ranking equally with its existing senior unsecured indebtedness. This transaction, facilitated by a terms agreement with several underwriters, aims to enhance the company's liquidity and support its ongoing operational and growth initiatives. The offering was registered under the Securities Act of 1933, indicating compliance with regulatory requirements for public offerings. The issuance of these notes provides Deere & Company with long-term financing at a fixed interest rate, which can be advantageous in managing interest rate risk and planning capital expenditures. The guarantee from the parent company underscores the financial strength and commitment of Deere & Company to its subsidiary's debt obligations. Investors can review the detailed terms, including redemption provisions and legal opinions, in the exhibits filed with this report, offering transparency into the structure and covenants of this debt offering.
  3. 8-KDEERE & CO 8-K Report, Executive Changes (Jun 1, 2026)This 8-K filing from Deere & Company (DE) announces a significant board-level change. Dmitri Stockton, a director who has served for nearly 12 years, has informed the Board of his decision not to stand for re-election at the 2027 annual meeting of stockholders. Investors should note that this decision is amicable and not due to any disagreements with the company's operations, policies, or practices. While Mr. Stockton will continue to serve his current term through the 2027 annual meeting, this announcement signals the upcoming departure of a long-standing board member. The Board expressed its gratitude for his extensive service. Investors may want to monitor the company's succession planning for its board and assess the impact of this transition on future board composition and strategic oversight.
  4. 8-KDEERE & CO 8-K Report, Financial Results (May 21, 2026)Deere & Company reported second-quarter fiscal 2026 net income of $1.773 billion, or $6.55 per diluted share, down 2% from $1.804 billion ($6.64) a year earlier. Worldwide net sales and revenues rose 5% to $13.369 billion, and year-to-date revenues rose 8% to $22.981 billion. Year-to-date net income fell 9% to $2.429 billion ($8.97 per share), but the prior-year period included special items, so the comparison is distorted. Quarterly results were driven by a sharp divergence across segments: Production & Precision Agriculture net sales fell 14% and operating profit fell 39% to $706 million (operating margin 15.7%, down from 22.0%), reflecting weak large-ag demand, while Small Agriculture & Turf (sales +16%, operating profit +25%) and Construction & Forestry (sales +29%, operating profit +48%) grew strongly. Financial Services net income rose 18% to $190 million. Management maintained its fiscal 2026 net income guidance of $4.5 billion to $5.0 billion, which the company framed as confidence amid market volatility. The outlook calls for Production & Precision Ag net sales to fall 5% to 10% with operating margin of 11% to 13%, versus 15.4% in fiscal 2025, reflecting a U.S./Canada large-ag market expected to decline 15% to 20%. Small Ag & Turf sales are guided up about 15% and Construction & Forestry up about 20%. Financial Services net income is forecast at about $860 million. The filing also notes a $272 million recovery of IEEPA tariff refunds, which was included in the prior-period results discussion, and the February 2026 acquisition of Tenna LLC for $439 million. For investors, the key takeaway is that Deere's earnings are being carried by its smaller, more diversified segments while its core large-ag franchise remains under pressure. The maintained guidance implies a second half that is stable relative to the first half, but the margin compression in Production & Precision Ag and the expected decline in large-ag demand are the main risks to monitor.
  5. 8-KDEERE & CO 8-K Report, Executive Changes (May 1, 2026)Deere & Company (NYSE: DE) has elected T. Brent Norwood, 44, as Senior Vice President and Chief Financial Officer, effective May 1, 2026, according to this 8-K filed May 1, 2026. The board made the appointment on April 28, 2026. Norwood succeeds Ryan D. Campbell, who had been serving as acting CFO and will remain with the company as President, Worldwide Construction & Forestry and Power Systems. The filing describes the change as a leadership transition rather than a shift in financial results or guidance, so it carries no direct earnings impact. Norwood brings more than 20 years of experience at Deere and in finance. Since October 2023 he has been Vice President & Finance Director for Construction & Forestry and Power Systems, overseeing financial planning, forecasting, capital budgeting, and strategic investments. Earlier he led Investor Relations (2022–2023), and his prior roles include equity research at Credit Suisse, portfolio analysis at Highland Capital Management, and work at THL Credit. The company also notes he played a role in the Wirtgen and Blue River Technology acquisitions and was recognized by Institutional Investor as a top investor relations professional. Compensation is disclosed at a $925,000 annual base salary, a 100% target short-term incentive, and a one-time award of 8,809 performance-based restricted stock units vesting through October 27, 2030. For investors, the main takeaways are continuity, since Norwood is an internal candidate with deep knowledge of Deere's businesses and investor relations, and the retention of Campbell in an operating leadership role. The 8-K does not explain the reasons for the transition, so investors may want to watch upcoming earnings calls for commentary on the handover and any changes in capital allocation priorities.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.