DE · DEERE & CO

661 filings

DE SEC Filings

DEERE & CO - 661 total filings

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

Showing 1–50 of 661 filings

DEERE & CO Quarterly Report for Q3 Ended Aug 2, 2026

Deere & Company's third quarter of fiscal 2026 (ended August 2, 2026) shows top-line growth driven by the Construction & Forestry and Small Agriculture & Turf segments, offsetting weakness in Production & Precision Agriculture. Net sales and revenues rose 5% in the quarter to $12,608 million and 7% year-to-date to $35,589 million. However, net income attributable to Deere fell 4% for the nine months to $3,808 million, held back by a $502 million net tariff cost, higher material costs, and a prior-year special tax benefit. Diluted EPS for the quarter was $5.10, up from $4.75, while year-to-date EPS of $14.06 was down from $14.57. Segment performance was mixed. PPA net sales fell 7% year-to-date and operating margin compressed to 11.8% from 16.4%, reflecting weak large-ag demand in North America and Brazil. SAT and CF delivered strong gains, with SAT operating profit up 30% year-to-date and CF operating profit up 67%, supported by volume growth and price realization. Tariff recoveries of $382 million following the February 2026 Supreme Court ruling provided a meaningful one-time benefit to cost of sales, which investors should weigh when assessing underlying margin trends. Balance sheet and cash flow highlights include higher trade receivables and short-term borrowings, which pushed total cash-flow dynamics toward seasonal working capital build. Operating cash flow was $3,250 million, versus $3,464 million a year earlier. Cash returned to shareholders totaled $2,013 million in the first nine months, and the board declared a quarterly dividend of $1.62 per share. Management expects 2026 net sales to rise, with PPA declining more than offset by CF and SAT, and expects fiscal 2026 capital expenditures of about $1.3 billion.

Aug 27, 2026 8-K

DEERE & 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.

Aug 20, 2026 8-K

DEERE & 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.

Jul 15, 2026 8-K

DEERE & 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.

Jun 1, 2026 10-Q

DEERE & CO Quarterly Report for Q2 Ended May 3, 2026

Deere & Company's fiscal Q2 2026 (quarter ended May 3, 2026) showed mixed results: net sales and revenues rose 5% to $13.4 billion and 8% year-to-date to $23.0 billion, but net income attributable to Deere fell 2% to $1.77 billion in the quarter and 9% to $2.43 billion year-to-date. Diluted EPS was $6.55 versus $6.64 a year ago (six-month diluted EPS $8.97 versus $9.82). The top-line growth was driven by Construction & Forestry (sales up 29% in the quarter) and Small Agriculture & Turf (up 16%), which offset a 14% decline in Production & Precision Agriculture (PPA) sales. PPA operating margin compressed to 15.7% from 22.0%, reflecting lower large-ag shipment volumes, higher material costs, and tariffs. Cash generation and balance sheet items warrant attention. Operating cash flow was $1.04 billion for the first six months, up from $568 million, but receivables and inventory build absorbed much of the seasonal cash. Trade receivables rose to $7.6 billion from $5.3 billion at fiscal year-end, while financing receivables declined as agricultural retail demand softened. Total assets were $107.0 billion and total borrowings remained elevated, with short-term borrowings at $15.6 billion. The company returned $1.38 billion to shareholders in the first half through dividends and buybacks, and remains rated A/A1/A+ with stable outlooks. Management guides to 2026 net sales growth, with a PPA decline more than offset by gains in CF and SAT. Management expects large-ag demand in North America and South America to weaken. A recovery of roughly $272 million from IEEPA tariff refunds lowered cost of sales in the quarter, and the company faces an ongoing FTC antitrust lawsuit over right-to-repair, with no estimate of financial impact yet.

May 28, 2026 8-K

DEERE & 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.

May 21, 2026 8-K

DEERE & 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.

May 1, 2026 8-K

DEERE & CO 8-K Report, Executive Changes (Mar 16, 2026)

Deere & Company (DE) announced on March 16, 2026, that its Board of Directors, upon the recommendation of the Compensation Committee, has approved one-time grants of performance-based restricted stock units (PSUs) to its named executive officers and other senior officers. These awards, to be granted under the John Deere 2020 Equity and Incentive Plan, are designed to incentivize long-term business results aligned with the company's refined Leap Ambitions and to promote executive retention. The PSUs are contingent on achieving specific Shareholder Value Added (SVA) targets over a five-fiscal year performance period, running from November 3, 2025, to October 27, 2030. The performance metrics are structured to account for the cyclical nature of Deere's business, with annual SVA targets set as a percentage of estimated mid-cycle net sales. The payout structure is performance-dependent, ranging from zero to 175% of the target number of PSUs based on achieving between 90% and 125% (or more) of the applicable annual SVA target. The final award will be based on an average performance percentage over the five-year period. SVA itself is defined as operating profit less the product of average assets and cost of capital for the company's equipment operations segments, aiming to measure earnings above the cost of capital.

Mar 16, 2026 8-K

DEERE & CO 8-K Report, Shareholder Vote Results (Feb 27, 2026)

Deere & Company (DE) filed an 8-K on February 27, 2026, detailing the results of its annual shareholder meeting held on February 25, 2026. The primary purpose of this filing is to inform investors about the outcomes of various voting matters presented to shareholders. All director nominees were overwhelmingly elected, indicating strong shareholder confidence in the current board. Additionally, shareholders provided advisory approval for the executive compensation plan and ratified Deloitte & Touche LLP as the company's independent auditor for fiscal year 2026. The filing also reported the outcomes of several shareholder proposals. Notably, proposals concerning a report on the ROI of emission reduction goals, the right for shareholders to act by written consent, and a report on faith-based business resource groups all failed to gain majority shareholder approval. These results suggest that while shareholders support the company's leadership and financial oversight, they did not endorse these specific strategic or governance-related initiatives at this time.

Feb 27, 2026 10-Q

DEERE & CO Quarterly Report for Q1 Ended Feb 1, 2026

Deere & Company's first quarter of fiscal 2026 (ended February 1, 2026) showed a sharp divergence between top-line growth and profitability. Net sales and revenues rose 13% to $9.611 billion, driven by higher equipment shipment volumes in Small Agriculture & Turf and Construction & Forestry, plus favorable currency translation. However, net income attributable to Deere fell about 25% to $656 million from $869 million, and diluted EPS dropped to $2.42 from $3.19. The decline was driven primarily by $361 million in pretax incremental tariff costs, which Deere said had a $272 million after-tax impact, and by a prior-year one-time favorable discrete tax benefit of $163 million. Production & Precision Agriculture operating margin compressed to 4.4% from 11.0%, reflecting tariffs, adverse sales mix, and higher warranty expense. Segment performance was mixed. SAT operating profit rose 58% on higher volumes and price realization, and CF operating profit more than doubled, though tariffs weighed on both. Financial Services net income increased 6% to $244 million on better financing spreads and lower credit provisions, even as revenue fell with the deconsolidation of Banco John Deere. Consolidated interest expense fell 13% to $719 million, helped by lower borrowing rates and balances. Cash flow from operations was negative $890 million, a seasonal pattern tied to inventory build and employee incentive payouts. Management expects 2026 net sales to rise overall, with lower large-ag sales in North America offset by gains in SAT and CF, and flat operating cash flow from equipment operations. Key items for investors include the pending FTC right-to-repair antitrust lawsuit, where Deere is in preliminary settlement discussions, and the February 20, 2026 Supreme Court ruling invalidating IEEPA tariffs, which could provide tariff relief and potential refunds that Deere is still evaluating. Deere also completed the $440 million acquisition of Tenna LLC after quarter end and declared a $1.62 quarterly dividend. Liquidity remained solid, with $8.2 billion in cash and marketable securities and $7.2 billion in unused credit lines.

Feb 26, 2026 8-K

DEERE & CO 8-K Report, Financial Results (Feb 19, 2026)

Deere & Company (DE) reported first quarter fiscal 2026 net income of $656 million, or $2.42 per diluted share, down 25% from $869 million, or $3.19 per share, a year earlier. Worldwide net sales and revenues rose 13% to $9,611 million, and net sales (equipment operations) rose 18% to $8,001 million. The top-line growth was driven by Small Ag & Turf (sales up 24%) and Construction & Forestry (sales up 34%), with the Production & Precision Ag segment up only 3%. Profitability, however, weakened sharply in the large agriculture business: Production & Precision Ag operating profit fell 59% to $139 million (4.4% margin vs. 11.0%), reflecting higher tariffs, unfavorable mix, and higher warranty expense. Income taxes rose to $196 million from $27 million, which weighed on net income even as pretax income fell less sharply. Management characterized fiscal 2026 as the likely bottom of the current cycle and pointed to recovering demand in construction and small agriculture. The company raised its fiscal 2026 net income guidance to $4.5 billion to $5.0 billion. Outlook calls for Production & Precision Ag net sales to fall 5% to 10%, with U.S. & Canada large ag industry down 15% to 20%, while Small Ag & Turf and Construction & Forestry net sales are each expected to rise about 15%. Financial Services net income is forecast at roughly $840 million, down from $890 million in fiscal 2025. Cash flow was negative in the quarter, with equipment operations operating cash flow of $(1,343) million, though this is seasonal. Inventories rose to $8,286 million from $7,744 million a year earlier, and the company continued shareholder returns with $302 million in share repurchases and $441 million in dividends paid. Investors should weigh the strong top-line recovery in smaller segments against the sharp margin compression in large agriculture and the ongoing tariff and warranty pressures.

Feb 19, 2026 8-K

DEERE & CO 8-K Report, Executive Changes (Jan 22, 2026)

Deere & Company (DE) announced a significant leadership change in its finance department via an 8-K filing on January 22, 2026. Joshua A. Jepsen has resigned from his position as Senior Vice President and Chief Financial Officer, with his departure effective February 19, 2026. The company has stated that Mr. Jepsen's decision is not linked to any financial or accounting improprieties or disputes regarding the company's operations or policies, providing some reassurance to investors regarding the underlying financial health. In response to this transition, Deere & Company has appointed Ryan D. Campbell as the interim Chief Financial Officer, effective also on February 19, 2026. Mr. Campbell brings considerable experience to this role, having previously served as the company's CFO from March 2019 to May 2022, and most recently as President of Worldwide Construction & Forestry and Power Systems since May 2022. The company has indicated that a search for a permanent CFO replacement is underway, encompassing both internal and external candidates.

Jan 22, 2026 10-K

DEERE & CO Annual Report, Year Ended Nov 2, 2025

Deere & Company's fiscal 2025 results (year ended November 2, 2025, a 53-week year) reflect a sharp downturn in its equipment markets. Consolidated net sales and revenues fell 12% to $45.7 billion, and net income attributable to Deere declined to $5.0 billion from $7.1 billion, with diluted EPS of $18.50 versus $25.62. The decline was driven by lower sales volumes in large agriculture in North America, weaker construction and forestry demand, roughly $600 million of direct incremental tariff costs, and higher allowances for credit losses in agriculture and turf receivables. Equipment operations operating margins compressed across all three segments, with Production & Precision Agriculture falling to 15.4% from 21.7%, Small Agriculture & Turf to 11.8%, and Construction & Forestry to 9.0%. Financial Services net income rose 28% to $890 million, helped by special items, lower SG&A, and better financing spreads, although the deconsolidation of Banco John Deere in Brazil reduced the receivables base. Liquidity remains strong: cash and marketable securities total about $9.7 billion, the company generated $7.5 billion in operating cash flow, and it returned $2.8 billion less to shareholders than in 2024 by cutting buybacks. Management forecasts lower equipment operations operating cash flow in 2026, a further decline in large ag in North America, and modest improvement in small ag and turf and construction. Pending legal risk includes an FTC and state attorneys general antitrust suit over right-to-repair, for which management is in preliminary settlement discussions and has not estimated an impact. For investors, the central questions are how long the agricultural cycle persists, whether tariff relief from the Supreme Court IEEPA case materializes, and whether the right-to-repair litigation leads to operating or financial constraints. The company maintains A-range credit ratings from all three agencies with stable outlooks, and it declared a quarterly dividend of $1.62 per share for early 2026.

Dec 18, 2025 8-K

DEERE & CO 8-K Report, Executive Changes (Dec 4, 2025)

Deere & Company (NYSE: DE) filed an 8-K on December 4, 2025 reporting two governance changes and a related press release. The Board expanded from 10 to 11 directors and elected Brian Sikes, Chair, President and CEO of Cargill, effective December 4, 2025. Mr. Sikes was also appointed to the Compensation and Corporate Governance committees. The Company states there are no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K, and no arrangements tied to his selection. Separately, Raj Kalathur, President of John Deere Financial and Chief Information Officer, notified the Board on December 3, 2025 of his intention to retire effective January 31, 2026. The filing does not name a successor or describe a transition plan, so investors should watch for a follow-up announcement, particularly given that John Deere Financial and IT are both strategically important to Deere's technology-enabled product and financing strategy. For investors, the filing is low-impact on near-term financials. The board addition brings in an agricultural-industry executive with deep supply chain experience, which may be viewed favorably, while the retirement of a senior executive over a roughly eight-week notice period is a leadership transition worth monitoring. The Item 7.01 press release is furnished, not filed, and contains no financial guidance or results.

Dec 4, 2025 8-K

DEERE & CO 8-K Report, Financial Results (Nov 26, 2025)

Deere & Company reported fourth-quarter fiscal 2025 net income attributable to the company of $1.065 billion, or $3.93 per diluted share, down 14% from $1.245 billion ($4.55) a year earlier, even though worldwide net sales and revenues rose 11% to $12.394 billion. For the full year, net income fell 29% to $5.027 billion ($18.50 per share) on revenues down 12% to $45.684 billion. The headline quarterly revenue growth was driven by Construction & Forestry (+27%) and Production & Precision Ag (+10%) shipment volumes, while profitability was squeezed by tariffs, higher production costs, warranty expense, and special items. Small Ag & Turf operating margin collapsed to 1.0% from 10.1%, and Production & Precision Ag margin fell to 12.7% from 15.3%. Management guided fiscal 2026 net income to $4.00–4.75 billion and characterized 2026 as the likely bottom of the large ag cycle. The outlook calls for large ag in the U.S. and Canada to fall 15–20%, while small ag & turf and construction & forestry are expected to grow, with Production & Precision Ag net sales down 5–10% and Small Ag & Turf and Construction & Forestry each up about 10%. Financial Services net income is forecast at roughly $830 million versus $890 million in fiscal 2025. Investors should weigh the improved segment mix and stabilization narrative against continued tariff pressure, a $95 million pretax litigation accrual in the quarter, and the company's ongoing FTC right-to-repair lawsuit.

Nov 26, 2025 8-K

DEERE & CO 8-K Report, Corporate Update (Oct 9, 2025)

Deere & Company (DE) has announced through a subsidiary, Deere Funding Canada Corporation, the successful issuance of $500 million in 4.150% senior unsecured notes due October 9, 2030. These notes are fully and unconditionally guaranteed by Deere & Company. The offering was conducted through a Terms Agreement with several leading underwriters, including Goldman Sachs & Co. LLC and MUFG Securities Americas Inc. The issuance of these notes is a standard financing activity to support the company's ongoing operations and strategic initiatives. From an investor's perspective, this debt issuance signals continued access to capital markets for Deere. The senior unsecured nature of the notes means they rank equally with other unsecured debt of the parent company, which is a common structure for corporate debt. The 4.150% coupon rate reflects prevailing market conditions and the creditworthiness of Deere & Company. Investors should note that while the notes are guaranteed by the parent, they are an unsecured obligation, meaning repayment relies on the overall financial health of Deere & Company. The filing also details redemption provisions and incorporates by reference relevant prospectus supplements and legal opinions.

Oct 9, 2025 8-K

DEERE & CO 8-K Report, Executive Changes (Sep 2, 2025)

Deere & Company disclosed a set of senior leadership changes in an 8-K filed September 2, 2025, tied to the company's Smart Industrial Strategy. The Board elected Cory Reed as President, Lifecycle Solutions, Supply Management, and Customer Success, effective November 3, 2025. On the same date, Reed will step down from his current role as President of the Worldwide Ag & Turf Division's Production & Precision Ag business and its Americas and Australia sales and marketing regions. The press release also names two other executives to new roles effective November 3. Deanna Kovar, previously president of Small Ag & Turf, becomes president of Production & Precision Ag, covering the Americas and Australia. Justin Rose, previously president of Lifecycle Solutions, becomes president of Small Agriculture & Turf, covering Europe, Africa, and Asia. Together, these moves reshape responsibility for the company's production-scale and small-equipment businesses and its aftermarket, customer support, and supply chain functions. The filing contains no financial results, guidance, or quantitative metrics. For investors, the significance lies in organizational execution and management continuity rather than near-term financial impact. The filing does not explain the rationale for the changes beyond general references to customer value and the strategy.

Sep 2, 2025 10-Q

DEERE & CO Quarterly Report for Q3 Ended Jul 27, 2025

Deere & Company's third-quarter fiscal 2025 results (quarter ended July 27, 2025) show a clear cyclical downturn in its equipment business. Net sales and revenues fell 9% to $12,018 million for the quarter and 18% to $33,290 million year-to-date. Net income attributable to Deere fell 26% to $1,289 million in the quarter and 32% to $3,962 million for the nine months, with diluted EPS of $4.75 versus $6.29 a year ago. Results were pressured by lower shipment volumes in production and precision agriculture and construction and forestry, higher tariffs (about $300 million direct cost in the first nine months), and unfavorable price realization from incentive programs aimed at elevated used inventory. Equipment operations' Q3 operating margins compressed sharply, with CF falling to 7.7% and PPA to 13.6%. Management expects fiscal 2025 agriculture, turf and construction volumes to be lower than 2024, citing high interest rates, trade uncertainty, weak commodity prices and used inventory. Balance sheet metrics remain solid: cash and marketable securities were $9,987 million, unused credit lines were $6,150 million, and the financial services debt-to-equity ratio was 8.6 to 1. Credit quality is a watch item, with the allowance for credit losses rising in the first nine months on elevated agriculture and turf delinquencies. Deere continued returning capital, with $2,418 million paid to shareholders year-to-date, including $1,136 million in buybacks and $1,282 million in dividends. The company also faces an FTC and state attorneys general antitrust suit over right-to-repair, which management says it cannot yet assess. Overall, the filing points to a weaker near-term earnings cycle, with a strong liquidity position and a dividend declared at $1.62 per share. Because the company's fiscal year 2025 is a 53-week year, the extra week falls in Q4, which may affect year-over-year comparisons for the full year. Investors should watch the fourth-quarter results for evidence of stabilization in equipment demand and for the outcome of the FTC litigation.

Aug 28, 2025 8-K

DEERE & CO 8-K Report, Financial Results (Aug 14, 2025)

Deere & Company reported third quarter fiscal 2025 net income attributable to the company of $1.289 billion, or $4.75 per diluted share, down 26% from $1.734 billion, or $6.29 per share, a year earlier. Worldwide net sales and revenues fell 9% to $12.018 billion, and year-to-date net income fell 32% to $3.962 billion. The decline was driven mainly by Production & Precision Agriculture, where operating profit fell 50% on lower shipment volumes and unfavorable price realization, and Construction & Forestry, where operating profit fell 47% on price realization and tariff-driven production costs. Management described customers as cautious amid ongoing uncertainty and said inventory had been matched to retail demand. Full-year fiscal 2025 net income guidance was narrowed to a range of $4.75 billion to $5.25 billion. Management's industry outlook calls for U.S. and Canada large ag down roughly 30%, small ag and turf down roughly 10%, and construction equipment down roughly 10%. Segment net sales guidance is down 15% to 20% for Production & Precision Ag, down roughly 10% for Small Ag & Turf, and down 10% to 15% for Construction & Forestry. Financial Services net income is forecast at about $770 million, up from $696 million in fiscal 2024. For investors, the key takeaways are continued earnings pressure from weak large-ag demand, tariff costs, and price realization, partly offset by a stronger Financial Services segment and lower provisions for credit losses. The filing also flags risk factors including tariffs, the FTC lawsuit over right-to-repair, and cybersecurity. The company's fiscal 2025 operating cash flow guidance is $4.5 billion to $5.5 billion for equipment operations, and it expects a 19-21% effective tax rate.

Aug 14, 2025 8-K

DEERE & CO 8-K Report, Corporate Update (Jul 7, 2025)

This 8-K filing from Deere & Company (DE) primarily announces the passing of director Sherry M. Smith, who had been a board member since 2011. The company has responded by reducing its Board size to ten members and appointing R. Preston Feight as Lead Director, effective July 7, 2025. This change, while somber, represents a structural adjustment to the Board's composition. For investors, this filing does not contain any immediate financial performance updates or strategic shifts. The core information relates to corporate governance and board leadership. The appointment of a Lead Director suggests a focus on maintaining strong oversight and guidance for the company's executive team following this loss. Investors should monitor future filings for any subsequent changes to board composition or committee assignments.

Jul 7, 2025 10-Q

DEERE & CO Quarterly Report for Q2 Ended Apr 27, 2025

Deere & Company's second-quarter fiscal 2025 results (quarter ended April 27, 2025) show a sharp earnings decline driven by lower equipment sales volumes. Net sales and revenues fell 16% to $12.8 billion for the quarter and 22% to $21.3 billion for the six months. Net income attributable to Deere fell 24% to $1.80 billion for the quarter (diluted EPS $6.64, versus $8.53) and 35% to $2.67 billion year-to-date (diluted EPS $9.82, versus $14.74). Management attributes the decline mainly to lower shipment volumes in Production & Precision Agriculture and Construction & Forestry, higher interest rates and used inventory levels, unfavorable currency effects, and rising overhead and tariff costs. Operating profit fell 26% in the quarter, with Construction & Forestry down 43% and PPA down 30%, while Small Agriculture & Turf was roughly flat and Financial Services was stable. Credit quality is a watch item. The allowance for credit losses rose on higher expected losses in agriculture and turf retail accounts, reflecting elevated delinquencies and weaker market conditions. Equipment operations' cash flow from operations was $1.05 billion for the first six months, down from $3.03 billion, and total consolidated operating cash flow was $568 million, down from $944 million. Management expects lower operating cash flows from equipment operations for 2025. Cash returned to shareholders was $1.68 billion year-to-date, funded partly by higher external borrowings. Deconsolidation of Banco John Deere, after a 50% stake sale to Bradesco in February 2025, reduced financing receivables and borrowings. Management guides to lower agriculture and turf and construction sales volumes for the remainder of 2025. It cites tariffs (about $95 million of direct incremental cost in the quarter) and a pending FTC and state antitrust lawsuit over right-to-repair practices, whose outcome cannot yet be predicted. The company maintains strong credit ratings (A/A1/A+) and declared a quarterly dividend of $1.62 per share.

May 29, 2025 8-K

DEERE & CO 8-K Report, Financial Results (May 15, 2025)

Deere & Company's second quarter fiscal 2025 (ended April 27, 2025) was markedly weaker year over year. Net income attributable to Deere fell 24% to $1.804 billion ($6.64 per diluted share) from $2.370 billion ($8.53), and worldwide net sales and revenues declined 16% to $12.763 billion. For the first six months, net income fell 35% to $2.673 billion and revenues fell 22% to $21.272 billion. Equipment net sales dropped 18% for the quarter, with Production & Precision Ag down 21%, Small Ag & Turf down 6%, and Construction & Forestry down 23%. Operating profit was down 26% in the quarter, driven mainly by lower shipment volumes and sales mix, unfavorable currency effects, and, per the release, incremental tariff costs that were partly offset by lower production costs and price realization. Financial Services net income was essentially flat at $161 million. Management widened its full-year fiscal 2025 net income guidance to a range of $4.75 billion to $5.50 billion, which reflects tariffs in effect as of May 13, 2025, and excludes potential future tariffs. Segment guidance calls for net sales declines of 15% to 20% in Production & Precision Ag, 10% to 15% in Small Ag & Turf, and 10% to 15% in Construction & Forestry. The industry outlook is weak, with U.S. and Canada large ag down roughly 30% and small ag and turf down 10% to 15%. Management also reiterated a commitment to an "A" credit rating and noted continued investment in its core U.S. market over the next decade. For investors, the key issues are the sharp earnings contraction, the tariff exposure (which management says is only partly reflected in the outlook), and whether the full-year range holds if trade conditions worsen. Balance sheet and cash flow remain sound, with six-month operating cash flow of $568 million and cash of $7.991 billion, though operating cash flow was well below the prior year. Management also reported a $0.9 billion-plus reduction in share repurchases year over year ($838 million versus $2.422 billion for the six-month period).

May 15, 2025 8-K

DEERE & CO 8-K Report, Shareholder Vote Results (Feb 28, 2025)

Deere & Company (DE) filed an 8-K on February 28, 2025, detailing the results of its annual shareholder meeting held on February 26, 2025. The primary focus of this filing is the voting outcomes on various proposals. Notably, all director nominees were overwhelmingly elected, and shareholders approved, on an advisory basis, the executive compensation. Additionally, Deloitte & Touche LLP was ratified as the company's independent auditor for fiscal year 2025. However, several shareholder proposals did not receive majority support, including those concerning racial and gender hiring statistics, financial sustainability reports, and charitable giving. One proposal for a meritocratic workplace report was withdrawn by the proponent. The strong endorsement of the board and executive compensation suggests shareholder confidence in current leadership and strategy, while the rejection of several governance and social-related proposals indicates a preference for the company's existing approach in these areas or a lack of support for the specific requests made.

Feb 28, 2025 10-Q

DEERE & CO Quarterly Report for Q1 Ended Jan 26, 2025

Deere & Company's first-quarter fiscal 2025 results (quarter ended January 26, 2025) show a sharp earnings decline driven by lower equipment sales volumes. Net sales and revenues fell 30% to $8.5 billion from $12.2 billion, and net income attributable to Deere fell 50% to $869 million from $1.75 billion, with diluted EPS of $3.19 versus $6.23. Equipment operations net sales dropped 35% to $6.8 billion, with production and precision agriculture (-37%), small agriculture and turf (-28%), and construction and forestry (-38%) all down materially. Construction and forestry operating margin compressed to 3.3% from 17.6%, and total operating profit fell 64%. Financial services was the one bright spot, with net income up 11% to $230 million, though this was helped by a special valuation allowance reversal tied to the Brazil business. Cash flow and balance sheet trends were mixed. Operating cash flow was negative $1.13 billion, reflecting the seasonal payout of employee profit-sharing, higher inventories ($7.7 billion, up 27% on a LIFO-adjusted basis versus prior-year trends), and lower accrued expenses. Cash and marketable securities totaled $7.8 billion, and unused credit lines rose to $7.8 billion. Deere returned $844 million to shareholders in the quarter through buybacks ($441 million) and dividends ($403 million), and $520 million was contributed to a U.S. OPEB plan. Management expects lower sales volumes and lower operating cash flow from equipment operations for fiscal 2025, citing market uncertainty, high interest rates, elevated used inventories, and potential tariffs. Key risks flagged in the filing include a new FTC and state attorneys general antitrust lawsuit (filed January 15, 2025) over right-to-repair practices, which Deere says it cannot yet estimate the impact of, along with rising credit-loss provisions in financial services from elevated delinquencies. The Banco John Deere Brazil joint venture with Bradesco was completed in February 2025, leaving Deere with a 50% equity stake that will be accounted for as an unconsolidated affiliate. The company declared a $1.62 quarterly dividend, unchanged from the prior declaration.

Feb 27, 2025 8-K

DEERE & CO 8-K Report, Financial Results (Feb 13, 2025)

Deere & Company reported first-quarter fiscal 2025 net income attributable to the company of $869 million, or $3.19 per diluted share, down 50% from $1,751 million, or $6.23 per share, a year earlier. Worldwide net sales and revenues fell 30% to $8.508 billion. Net sales of the equipment segments dropped 30% to $6.809 billion, driven by lower shipment volumes in all three equipment segments as the company works to reduce field inventories of new and used equipment amid weak customer demand. Operating margins compressed sharply: Production & Precision Agriculture fell to 11.0% from 21.6%, Small Agriculture & Turf to 7.1% from 13.4%, and Construction & Forestry to 3.3% from 17.6%. Financial Services net income rose 11% to $230 million, though this was helped by a $32 million reversal of a valuation allowance tied to the Banco John Deere sale. Results also included $163 million of favorable discrete tax items. Management held its fiscal 2025 net income guidance at $5.0 to $5.5 billion, a figure that does not reflect potential U.S. import tariffs or retaliatory measures by other countries. Segment guidance calls for production and precision agriculture net sales to fall 15 to 20 percent, small agriculture and turf to fall about 10 percent, and construction and forestry to fall 10 to 15 percent. Financial Services net income is forecast at about $750 million, up from $696 million in fiscal 2024. Equipment operations net operating cash flow is forecast at $4.5 to $5.5 billion. Investors should note that equipment operations used $2.9 billion of operating cash in the quarter, that share repurchases slowed to $441 million from $1.328 billion, and that the company declared a dividend of $1.62 per share, up from $1.47. The filing also highlights several risks: an FTC and five-state lawsuit alleging the company unlawfully restricted farmers' right to repair, trade and tariff uncertainty, and continued weak U.S. large agriculture and construction demand. On the positive side, January 2025 retail sales data show Deere outpacing the industry in several U.S. and Canada equipment categories, and dealer inventory of 100+ hp two-wheel-drive tractors rose to 34% of trailing sales from 30%, a level management is working to manage.

Feb 13, 2025 8-K

DEERE & CO 8-K Report, Corporate Update (Jan 16, 2025)

Deere & Company (DE) announced a significant debt offering, successfully raising $2 billion by issuing two series of unsecured senior notes. The company sold $1.25 billion of 5.450% Notes due in 2035 and $750 million of 5.700% Notes due in 2055. This move is primarily aimed at strengthening its capital structure and providing flexibility for future operations and investments. The offering was conducted through a terms agreement with a syndicate of prominent underwriters, indicating strong market appetite for Deere's debt.

Jan 16, 2025 10-K

DEERE & CO Annual Report, Year Ended Oct 27, 2024

Deere & Company's fiscal 2024 10-K (year ended October 27, 2024) shows a clear cyclical downturn. Consolidated net sales and revenues fell 16% to $51.7 billion from $61.3 billion, and net income attributable to Deere fell 30% to $7.1 billion from $10.2 billion, with diluted EPS of $25.62 versus $34.63. Equipment operations net sales dropped 19% to $44.8 billion, driven by lower shipment volumes in production and precision agriculture (PPA, down 22%), small agriculture and turf (SAT, down 22%), and construction and forestry (CF, down 12%). Operating margins compressed across segments: PPA fell to 21.7% from 26.1%, SAT to 14.8% from 17.7%, and CF to 15.5% from 18.2%. Management cited weak farm fundamentals, high interest rates, rising grain stocks, and elevated dealer inventories. Backlogs fell sharply (PPA $5.2B vs. $7.9B; CF $2.2B vs. $6.4B), and management guides to lower agriculture, turf, and construction equipment sales in 2025. The financial services segment is a counterweight. Revenue rose 23% to $6.5 billion, and segment net income rose 12% to $696 million, though management noted that results excluding a 2023 accounting correction would have declined on higher credit-loss provisions and less favorable financing spreads. Consolidated interest expense rose 36% to $3.3 billion as borrowing costs climbed, and provisions for credit losses increased. Financing receivables rose to $53.3 billion, and past-due and non-performing ratios worsened. Operating cash flow was $9.2 billion, supported by inventory reductions and lower receivables, while the company returned less cash to shareholders (repurchases of $4.0 billion versus $7.2 billion in 2023). The company plans a 2025 capital expenditure budget of $1.6 billion and expects lower operating cash flow in 2025. For investors, the key points are the sharp earnings reset tied to the agricultural cycle, the rising financing-cost and credit-quality pressures in John Deere Financial, and the pending legal and regulatory exposure from the FTC investigation and the multidistrict class action over repair restrictions. Management also disclosed a joint venture with Bradesco for its Brazilian financing unit (Banco John Deere) and a $10.0 million FCPA settlement tied to Wirtgen Thailand. Ratings remain strong (A1/A/A+), and the company continues to pay its quarterly dividend, declaring $5.88 per share for the year.

Dec 12, 2024 8-K

DEERE & CO 8-K Report, Corporate Update (Dec 3, 2024)

Deere & Company (DE) has filed an 8-K report on December 3, 2024, primarily announcing the declaration of its quarterly dividend on common stock. This action is routine for publicly traded companies and signals continued confidence in the company's financial health and ability to return value to shareholders. While this filing does not contain substantial new financial performance data or strategic shifts, the declaration of a dividend is a positive indicator for investors. It suggests that the board of directors believes the company has sufficient cash flow and future earnings prospects to support ongoing dividend payments. Investors should refer to the attached press release (Exhibit 99.1) for specific details regarding the dividend amount and payment dates.

Dec 3, 2024 8-K

DEERE & CO 8-K Report, Financial Results (Nov 21, 2024)

Deere & Company reported fourth-quarter fiscal 2024 net income attributable to the company of $1.245 billion, or $4.55 per diluted share, down 47% from $2.369 billion ($8.26) a year earlier. Worldwide net sales and revenues fell 28% to $11.143 billion. For the full fiscal year, net income was $7.100 billion ($25.62 per share), down 30%, and net sales and revenues declined 16% to $51.716 billion. Equipment net sales fell 38% in Production & Precision Ag and 25% in Small Ag & Turf and 29% in Construction & Forestry in the quarter, driven mainly by lower shipment volumes. Operating profit for the quarter dropped sharply across the equipment segments, while Financial Services net income was roughly flat at $173 million. Management guided fiscal 2025 net income attributable to Deere to $5.0 to $5.5 billion, implying further meaningful declines from fiscal 2024. The outlook calls for Production & Precision Ag net sales down about 15% and Small Ag & Turf and Construction & Forestry sales down about 10% and 10% to 15%, respectively. Industry forecasts point to weaker demand in U.S. and Canadian large ag (down about 30%) and small ag and turf (down about 10%), with Europe down 5 to 10%. Financial Services net income is projected at about $750 million, and equipment operations net operating cash flow is expected at $4.5 to $5.5 billion. The quarter included several special items: a $57 million pretax gain from patent legal settlements, a $28 million impairment charge on an investment, $157 million of pretax employee-separation program expenses (with about $220 million in annual savings targeted), and a $59 million fiscal-year loss tied to the planned 50% sale of Banco John Deere S.A. to Bradesco, with the valuation allowance increasing to $97 million. Management reiterated its commitment to an "A" credit rating, continued investment in products and precision technology, and its capital priorities of dividends and share repurchases, which were reduced to $4.0 billion in fiscal 2024 from $7.2 billion in fiscal 2023.

Nov 21, 2024 8-K

DEERE & CO 8-K Report, Executive Changes (Nov 1, 2024)

Deere & Company (NYSE: DE) filed an 8-K on November 1, 2024 to report a board change. The Board increased its size from 11 to 12 directors and appointed R. Preston Feight, the current chief executive officer of PACCAR Inc, effective immediately. The filing states there are no arrangements or understandings under which Feight was selected, and the company is not aware of any related party transactions requiring disclosure under Item 404(a) of Regulation S-K. The filing is an event disclosure rather than a financial report, and it contains no earnings, guidance, or financial results. For investors, the main takeaway is governance rather than near-term financial impact. Deere describes the appointment as aligned with its "Smart Industrial Operating Model" and its ongoing transformation. Chairman and CEO John C. May cites Feight's technology background in powertrains, driver assistance, and connectivity, and notes PACCAR's history of collaboration with Deere. Feight's experience in engineering, manufacturing, aftermarket, and financial services is relevant to Deere's equipment and John Deere Financial businesses. The press release notes that 11 of the 12 directors are now independent, non-employee directors. The 8-K does not disclose committee assignments, compensation, or any strategic initiative tied to the appointment, so investors should consult the company's subsequent proxy statement and filings for those details.

Nov 1, 2024 10-Q

DEERE & CO Quarterly Report for Q3 Ended Jul 28, 2024

Deere & Company's third-quarter fiscal 2024 10-Q (quarter ended July 28, 2024) shows a clear downturn in equipment demand. Net sales and revenues fell 17% in the quarter to $13.2 billion and 11% year-to-date to $40.6 billion, driven by lower shipment volumes across production and precision agriculture, small agriculture and turf, and construction and forestry. Net income attributable to Deere fell 42% to $1.73 billion in the quarter (diluted EPS $6.29 vs. $10.20), and 25% to $5.86 billion year-to-date (diluted EPS $21.04 vs. $26.35). Management expects production volumes to keep declining through the rest of 2024 and forecasts lower equipment sales in all major agricultural markets and lower construction industry sales. Margins compressed across the equipment segments, with production and precision agriculture operating margin at 22.8% in the quarter versus 26.2% a year ago. Higher interest expense (up 35% in the quarter) and a higher provision for credit losses in financial services weighed on earnings. The quarter also included $135 million of special items: roughly $120 million in employee-separation program costs and a $15 million loss tied to the planned sale of 50% of Banco John Deere S.A. in Brazil, which was reclassified as held for sale and is being transferred to a joint venture with Banco Bradesco. Cash returned to shareholders was $4.4 billion year-to-date, funded partly by higher external borrowings, with total borrowings rising and cash flow from operations down to $4.1 billion from $2.9 billion a year earlier on a consolidated basis. For investors, the central questions are the depth and duration of the agricultural and construction cycle, whether cost actions and pricing can protect margins, and whether financial services credit quality holds as delinquencies rise. The company maintains strong investment-grade ratings (A+/A1/A) and has substantial unused credit lines, but the earnings trajectory and rising leverage in the financial services arm are the key watch items.

Aug 29, 2024 8-K

DEERE & CO 8-K Report, Financial Results (Aug 15, 2024)

Deere & Company reported third-quarter fiscal 2024 net income of $1.734 billion, or $6.29 per diluted share, down 42% from $2.978 billion, or $10.20 per share, a year earlier. Total net sales and revenues fell 17% to $13.152 billion, and equipment net sales fell roughly 20% to $11.387 billion. Weakness was broad across segments: production and precision agriculture net sales fell 25%, small agriculture and turf fell 18%, and construction and forestry fell 13%, all driven mainly by lower shipment volumes. Operating margins compressed sharply, with production and precision agriculture at 22.8% (versus 26.2%), small agriculture and turf at 16.2% (versus 19.6%), and construction and forestry at 13.8% (versus 19.1%). Management expects fiscal 2024 net income of approximately $7.0 billion, which the company describes as unchanged. It also lowered its segment sales outlook, now calling for declines of 20 to 25% in production and precision agriculture and small agriculture and turf, and 10 to 15% in construction and forestry. Industry forecasts point to weak demand, including large ag down about 15% in the U.S. and Canada, South American tractor and combine sales down 15 to 20%, and construction equipment down 5 to 10%. Management is responding with employee-separation programs that carry an estimated $150 million pretax cost and roughly $230 million of annual pretax savings, and with a plan to sell 50% of Banco John Deere in Brazil to Banco Bradesco. For investors, the central question is whether the cost actions and the reaffirmed full-year earnings target can offset a multi-year agricultural downcycle. Financial services earnings are forecast at about $720 million for fiscal 2024, higher than 2023, and the Brazil transaction should reduce incremental credit risk. The filing also flags heavier interest expense, which rose to $840 million in the quarter from $623 million, along with the cyclical and macroeconomic risks described in the forward-looking statements.

Aug 15, 2024 8-K

DEERE & CO 8-K Report, Regulation FD Disclosure (Jun 5, 2024)

Deere & Company (DE) filed an 8-K on June 5, 2024, to disclose a planned workforce reduction. This action, announced to employees on May 31, 2024, involves reducing both production and salaried employees to align with strategic priorities and reduce operational overlap. The company explicitly stated that this workforce reduction is not expected to impact its previously issued earnings guidance, which remains unchanged from the May 16, 2024 earnings call. The workforce reduction activities for salaried employees are anticipated to occur during the third quarter of fiscal year 2024. While the company anticipates this will help meet strategic priorities and improve efficiency, it also included a standard forward-looking statements disclaimer, highlighting that actual results could differ materially due to various risks, including macroeconomic conditions and potential unintended consequences of the realignment.

Jun 5, 2024 10-Q

DEERE & CO Quarterly Report for Q2 Ended Apr 28, 2024

Deere & Company's second-quarter fiscal 2024 10-Q (quarter ended April 28, 2024) shows a clear cyclical downturn in equipment demand, with net sales and revenues falling 12% to $15.2 billion for the quarter and 9% to $27.4 billion year-to-date. Net income attributable to Deere fell 17% to $2.37 billion in the quarter and 14% to $4.12 billion for six months, and diluted EPS dropped to $8.53 from $9.65 (quarter) and $14.74 from $16.18 (six months). Production & precision agriculture and small agriculture & turf sales declined sharply, with segment operating margins compressing (PPA 25.1% vs. 27.7%; SAT 17.9% vs. 20.5%). Management guides to continued production declines through the rest of 2024, lower agricultural industry sales in North America, Europe, and South America, and flat-to-down construction equipment demand. Financial services was a bright spot, with quarterly net income rising to $162 million from $28 million, driven by a larger average portfolio, though this was partly offset by a higher provision for credit losses tied to elevated agricultural delinquencies. Interest expense rose 47% in the quarter as borrowing rates and balances increased, and it is a material drag on consolidated earnings. Operating cash flow was only $944 million in the first half versus a $147 million outflow a year earlier, while shareholder returns of $3.2 billion (buybacks plus dividends) were partly funded by new external borrowings, which rose by about $2.2 billion in the first six months. Balance sheet strength remains solid, with cash and marketable securities of $6.6 billion, a stable A-range credit profile (A+/A1/A ratings with stable outlooks), and a $1.47 quarterly dividend declared. Investors should weigh the near-term earnings pressure from volume declines and margin compression against Deere's continued buybacks, technology investments, and the resilience of its financial services portfolio.

May 30, 2024 8-K

DEERE & CO 8-K Report, Financial Results (May 16, 2024)

Deere & Company reported second-quarter fiscal 2024 net income attributable to the company of $2.370 billion, or $8.53 per diluted share, down 17% from $2.860 billion, or $9.65 per share, a year earlier. Net sales and revenues fell 12% to $15.235 billion. For the first six months, net income was $4.121 billion ($14.74 per share), down 14%, on revenues of $27.420 billion, down 9%. Management attributed the decline to softer global agricultural and turf demand, partly offset by price realization and stability in construction end markets. Operating profit fell across the equipment segments: Production & Precision Agriculture dropped 24% to $1.650 billion (25.1% margin), Small Agriculture & Turf fell 33% to $571 million (17.9% margin), and Construction & Forestry fell 20% to $668 million (17.4% margin). Financial Services was the bright spot, with quarterly net income of $162 million versus $28 million, though the prior-year comparison was depressed by a $135 million after-tax accounting correction. For fiscal 2024, Deere updated its full-year net income forecast to approximately $7.0 billion. It expects equipment segment net sales to decline 20% to 25% in Production & Precision Agriculture and Small Agriculture & Turf, and 5% to 10% in Construction & Forestry. Financial Services net income is forecast at about $770 million, up from $619 million in fiscal 2023. Management also guided to a 23% to 25% effective tax rate, net operating cash flow of $7.0 to $7.25 billion, and capital expenditures of about $1.9 billion. Industry outlooks point to sharp declines in large ag (about 15% in U.S. and Canada and Europe, and 15% to 20% in South America) and small ag and turf (about 10% in U.S. and Canada), while construction equipment is flat to down 5%. Balance sheet indicators show cash of $5.553 billion, down from $7.458 billion at fiscal year-end 2023, and $2.422 billion of share repurchases year to date. Investors should weigh the cyclical ag downturn and margin compression against the company's management of production and inventory levels and its continued investment in technology.

May 16, 2024 8-K

DEERE & CO 8-K Report, Shareholder Vote Results (Mar 1, 2024)

This 8-K filing from Deere & Company details the results of its Annual Meeting of Shareholders held on February 28, 2024. All director nominees were overwhelmingly elected, reflecting strong shareholder confidence in the current board. Additionally, shareholders approved, on an advisory basis, the executive compensation package, indicating general satisfaction with the company's remuneration practices for its top executives. The company's choice of Deloitte & Touche LLP as its independent registered public accounting firm for fiscal year 2024 was also ratified by a substantial majority.

Mar 1, 2024 10-Q

DEERE & CO Quarterly Report for Q1 Ended Jan 28, 2024

Deere & Company's first-quarter fiscal 2024 results (quarter ended January 28, 2024) show a clear slowdown from the prior-year period. Net sales and revenues fell 4% to $12,185 million from $12,652 million, driven by lower shipment volumes in production and precision agriculture and small agriculture and turf. Net income attributable to Deere declined 11% to $1,751 million, and diluted EPS dropped to $6.23 from $6.55. Management expects production volumes to decline further in 2024 as demand moderates toward more normal levels, and it forecasts lower operating cash flows for the year. The quarter's most notable pressure point is interest expense, which rose 67% to $802 million on higher average borrowing rates and larger average borrowings. Operating profit in equipment segments fell as well: production and precision agriculture operating profit dropped 13%, small agriculture and turf 27%, and construction and forestry 9%. Financial services was a relative bright spot, with revenues up 32% and net income up 12% on a 19% larger average receivables portfolio, although management flagged continued financing spread compression from elevated interest rates. Cash flow and balance sheet trends also warrant attention. Operating cash use was $908 million, and cash, equivalents and marketable securities declined to $6,273 million from $8,404 million at fiscal year-end. Total assets were $101,371 million and total borrowings rose year over year, while the company continued returning capital, with $1,714 million paid to shareholders in the quarter through buybacks and dividends. Credit ratings remain strong (A+/A1/A), and management reiterated that the company has access to funding at reasonable cost.

Feb 29, 2024 8-K

DEERE & CO 8-K Report, Financial Results (Feb 15, 2024)

Deere & Company reported first-quarter fiscal 2024 net income attributable to the company of $1.751 billion, or $6.23 per diluted share, down 11% from $1.959 billion, or $6.55 per share, a year earlier. Consolidated net sales and revenues fell 4% to $12.185 billion, with equipment net sales of $10.486 billion versus $11.402 billion. The decline was driven primarily by lower shipment volumes across Production & Precision Agriculture (net sales down 7%, operating margin 21.6%) and Small Agriculture & Turf (net sales down 19%, operating margin 13.4%), partially offset by price realization. Construction & Forestry sales were flat, though operating profit fell 9% on higher production costs. Financial Services net income rose 12% to $207 million on a larger average portfolio, partially offset by less favorable financing spreads. Management guided fiscal 2024 net income attributable to Deere to $7.50 to $7.75 billion and expects fleet replenishment to moderate as agricultural fundamentals normalize from record 2022 and 2023 levels. Segment guidance calls for net sales declines of roughly 20% in Production & Precision Ag, 10 to 15% in Small Ag & Turf, and 5 to 10% in Construction & Forestry, with price realization of about 1.5% in each equipment segment. Financial Services net income is forecast at approximately $770 million, up from $619 million in fiscal 2023 after a $135 million after-tax correction to financing incentive accounting recorded in Q2 2023. For investors, the key takeaways are that equipment volumes are normalizing from peak levels while margins remain structurally strong, and that the company is guiding to a meaningful earnings decline versus fiscal 2023 as the cycle turns. Cash flow was weak in the quarter, with operating cash use of $908 million, driven by working capital changes, and interest expense rose sharply to $802 million from $479 million. Cash and equivalents declined to $5.1 billion from $7.5 billion at fiscal year-end.

Feb 15, 2024 10-K

DEERE & CO Annual Report, Year Ended Oct 29, 2023

Deere & Company's fiscal 2023 10-K (fiscal year ended October 29, 2023) shows a year of strong performance driven by price realization and robust demand for farm and construction equipment. Consolidated net sales and revenues rose to $61.3 billion from $52.6 billion, and net income attributable to Deere reached $10.2 billion, or $34.63 diluted EPS, versus $23.28 in 2022. Equipment operations net sales grew 16% to $55.6 billion, with price realization of 12% across the enterprise and the production and precision agriculture segment posting a 26.1% operating margin. Deere's cost of sales ratio improved to 67.9% from 73.7%, showing that price increases outpaced cost inflation as supply chains normalized. The filing also points to a weaker outlook for 2024. Management expects demand to decline, production volumes to fall back toward more normal levels, and large agricultural equipment sales to decline in North America, Europe, and South America. Backlogs fell year over year across all segments (PPA from $9.7 billion to $7.9 billion, SAT from $4.6 billion to $3.3 billion, CF from $8.2 billion to $6.4 billion). Rising interest rates compressed financial services spreads by about $170 million after tax, and management expects further spread compression in 2024 if rates keep rising. Interest expense more than doubled to $2.45 billion, reflecting higher borrowing costs and a larger receivables portfolio. Balance sheet and capital allocation are important considerations for investors. Operating cash flow was $8.6 billion, while investing outflows of $8.7 billion were driven mainly by growth in financing receivables. Deere returned significantly more cash to shareholders, repurchasing $7.2 billion of stock and paying $1.4 billion in dividends, and $13.0 billion remains under the $18.0 billion buyback authorization. Financial services now carries roughly $70.7 billion in assets against $104.1 billion consolidated, and the company's credit ratings remain strong at A2 (Moody's, positive outlook), A (S&P), and A+ (Fitch). The auditor, Deloitte & Touche LLP, issued an unqualified opinion on both the financial statements and internal control over financial reporting. Pending legal risks include a class action over right-to-repair and an FTC investigation, both of which management says cannot yet be predicted.

Dec 15, 2023 8-K

DEERE & CO 8-K Report, Corporate Update (Dec 6, 2023)

Deere & Company (DE) has filed an 8-K report on December 6, 2023, primarily announcing the declaration of its quarterly dividend on common stock. This filing serves as an update to investors regarding the company's commitment to returning value through dividends. While the specific dividend amount is detailed in the attached press release (Exhibit 99.1), the core purpose of this 8-K is to formally notify the market of this dividend declaration, a common practice for publicly traded companies.

Dec 6, 2023 8-K

DEERE & CO 8-K Report, Financial Results (Nov 22, 2023)

Deere & Company reported strong fiscal fourth-quarter and full-year 2023 results on November 22, 2023. Fourth-quarter net income attributable to Deere rose 5% to $2.369 billion ($8.26 per diluted share), while worldwide net sales and revenues fell 1% to $15.412 billion. For the full year, net income climbed 43% to $10.166 billion ($34.63 per share) and net sales and revenues rose 16% to $61.251 billion, driven by price realization and higher shipment volumes in production and precision agriculture and construction and forestry. Operating profit for the Production & Precision Ag segment jumped 60% for the year, and the company's full-year results benefited from price realization across segments. The key forward-looking item is guidance for fiscal 2024, with net income attributable to Deere forecast at $7.75 to $8.25 billion, which implies a decline from 2023's record level. Management expects agricultural end markets to contract, with U.S. and Canada large ag down 10 to 15 percent and Production & Precision Ag net sales down 15 to 20 percent, as volumes normalize toward mid-cycle levels. Construction & Forestry net sales are forecast down about 10 percent, while Financial Services net income is expected to rise to roughly $770 million. Investors should also note that the fourth quarter included a $173 million pretax financing-incentive correction recorded in the second quarter, a $243 million Brazilian tax benefit in the third quarter, and a loss on the sale of the Russian roadbuilding business. Interest expense more than doubled for the full year, to $2.453 billion from $1.062 billion, and the company repurchased $7.2 billion of common stock during fiscal 2023, underscoring its capital return priorities alongside the outlook for softer end markets.

Nov 22, 2023 8-K

DEERE & CO 8-K Report, Executive Changes (Oct 30, 2023)

Deere & Company (DE) filed an 8-K on October 30, 2023, primarily to report amendments to its John Deere Short-Term Incentive Bonus Plan (STI Plan). The key change is a doubling of the maximum annual payout for participants from $5.0 million to $10.0 million. This adjustment, the first since 2005, aims to bring the plan's compensation limits in line with current market conditions and the company's performance potential. Additionally, the amendments removed provisions related to Section 162(m) of the Internal Revenue Code, which are no longer applicable. These changes are effective for the fiscal year 2023 onwards. While this 8-K does not contain new financial results, it signals an update to the executive compensation structure, reflecting a commitment to incentivize leadership through potentially higher short-term bonuses.

Oct 30, 2023 8-K

DEERE & CO 8-K Report, Executive Changes (Oct 3, 2023)

This 8-K filing from Deere & Company (DE) announces the upcoming retirement of Mr. Marc Howze, who currently serves as Senior Advisor, Office of the Chairman. His retirement is effective February 15, 2024. While this is a significant personnel change, the filing does not provide further details on Mr. Howze's replacement or the immediate impact on the company's operations or strategic direction. Investors should monitor future filings for updates on leadership transitions and potential succession plans.

Oct 3, 2023 10-Q

DEERE & CO Quarterly Report for Q3 Ended Jul 30, 2023

Deere & Company's Q3 FY2023 10-Q (quarter ended July 30, 2023) shows a strong quarter driven by pricing and volume. Net sales and revenues rose 12% to $15.8 billion for the quarter and 24% to $45.8 billion year-to-date. Net income attributable to Deere reached $2.98 billion for the quarter (up 58%) and $7.80 billion year-to-date (up 60%), with diluted EPS of $10.20 and $26.35. Results were helped by price realization, a sharply improved cost of sales ratio (67.4% vs. 73.2%), and a $243 million favorable Brazil tax ruling. Management expects strong demand to persist, with full order books and favorable crop prices supporting farm income. The main investor concerns are in the financial services segment and the balance sheet. Financial services net income for the nine months fell 34% to $429 million, reflecting compressed financing spreads ($133 million after-tax headwind), a $173 million pretax accounting correction to dealer financing incentives, and a higher provision for credit losses. Interest expense more than doubled for the nine months to $1.67 billion from $713 million, as higher rates and a larger portfolio increased borrowing costs. Total assets grew to $103.4 billion, and total borrowings rose substantially, with short-term borrowings up to $17.1 billion. Management expects spread compression to persist through the rest of 2023. Capital returns remained significant: the company repurchased $4.7 billion of stock year-to-date and paid $1.1 billion in dividends, with $15.6 billion still authorized under the $18 billion repurchase program. Operating cash flow improved to $2.9 billion from $418 million, though it was still absorbed by receivable growth. Management forecasts higher operating cash flow for full-year 2023 and capital expenditures of about $1.65 billion.

Aug 31, 2023 8-K

DEERE & CO 8-K Report, Corporate Update (Aug 30, 2023)

Deere & Company (DE) has filed a Current Report (8-K) on August 30, 2023, primarily announcing the declaration of its quarterly dividend on common stock. This filing, specifically Item 8.01 Other Events, indicates that the press release detailing this dividend action is attached as Exhibit 99.1. For investors, the key takeaway is confirmation of the regular dividend payout, which is a crucial signal of financial health and commitment to returning value to shareholders.

Aug 30, 2023 8-K

DEERE & CO 8-K Report, Financial Results (Aug 18, 2023)

Deere & Company reported strong third-quarter fiscal 2023 results (quarter ended July 30, 2023). Net income attributable to Deere was $2.978 billion, or $10.20 per diluted share, up 58% from $1.884 billion, or $6.16 per share, a year earlier. Worldwide net sales and revenues rose 12% to $15.801 billion, and net sales rose about 10% to $14.284 billion. Nine-month net income reached $7.797 billion ($26.35 per share), up 60%. Production & Precision Agriculture was the main driver, with quarterly operating margin expanding to 26.2% from 21.2%, supported mainly by price realization and higher shipment volumes. Small Ag & Turf and Construction & Forestry also improved, though Financial Services net income was roughly flat at $216 million. Management raised its fiscal 2023 net income forecast to $9.75 billion to $10.00 billion, citing favorable farm and construction fundamentals, a strong advance-order position, and stabilizing supply chains. The Financial Services outlook is weaker, with full-year net income forecast at $630 million versus $880 million in fiscal 2022, reflecting less-favorable financing spreads, a correction to the accounting for dealer financing incentives, higher credit-loss provisions, and higher SA&G expenses. Investors should note that quality-of-earnings items affected the quarter: a $243 million Brazilian tax ruling benefit and $47 million of related interest income in Q3, and a $173 million pretax ($135 million after-tax) charge in Q2 from the dealer incentive correction. Balance sheet and cash flow data show growth in both receivables and borrowings. Total assets rose to $103.4 billion from $90.0 billion at fiscal year-end 2022, and total borrowings (short-term and long-term) increased to roughly $62 billion. Nine-month operating cash flow was $2.9 billion, versus $0.4 billion a year earlier, largely reflecting working-capital movements. Deere repurchased $4.66 billion of stock in the nine months, up from $2.48 billion, and diluted share count fell to 292.1 million from 305.7 million, which supports per-share earnings growth.

Aug 18, 2023 8-K

DEERE & CO 8-K Report, Executive Changes (Aug 1, 2023)

Deere & Company (DE) announced a change in its Board of Directors through an 8-K filing on August 1, 2023. The company expanded its board size from 11 to 12 directors and elected L. Neil Hunn as a new director, effective the same date. Mr. Hunn brings valuable experience as the president and chief executive officer of Roper Technologies, Inc., a company focused on software, engineered products, and solutions. This strategic appointment signals a potential focus on technology integration or innovation within Deere's leadership. Investors should note that Mr. Hunn has no disclosed family relationships or known related-party transactions with Deere or its existing leadership, suggesting an independent addition to the board. The filing also includes a press release dated August 1, 2023, which details Mr. Hunn's appointment. While this information is provided under Regulation FD, it is important for investors to review the press release for further context on the company's rationale behind this board expansion and the specific expertise Mr. Hunn is expected to contribute. The addition of a director with a background in technology-related companies like Roper Technologies may indicate Deere's ongoing commitment to leveraging technological advancements in its agricultural and construction equipment sectors.

Aug 1, 2023 10-Q

DEERE & CO Quarterly Report for Q2 Ended Apr 30, 2023

Deere & Company's second-quarter fiscal 2023 10-Q (quarter ended April 30, 2023) shows a very strong operating quarter. Net sales and revenues rose 30% to $17.4 billion, and net income attributable to Deere increased 36% to $2.86 billion, or $9.65 diluted EPS versus $6.81 a year earlier. Six-month results were similarly strong, with net income up 61% to $4.82 billion. Growth was driven by higher shipment volumes and price realization across production and precision agriculture, small agriculture and turf, and construction and forestry. Production and precision agriculture operating margin reached 27.7% in the quarter, up from 20.7%, and the cost of sales ratio improved to 66.7% from 74.1%. Results were also helped by supply chain improvements and a comparison against a prior-year $326 million non-cash gain. The filing also flags several areas of pressure. Financial services net income fell 87% in the quarter to $28 million, reflecting tighter financing spreads, a higher provision for credit losses, and a $135 million after-tax correction to the accounting for dealer financing incentives. Interest expense more than tripled in the quarter, to $569 million from $187 million, as rates rose. Management expects spread compression to persist through 2023 and forecasts lower full-year financial services net income versus 2022. Balance sheet growth is notable: trade receivables rose to $9.97 billion, and short-term borrowings and long-term debt both increased. Operating cash flow was negative $147 million for the six months, driven by working capital needs, and unused credit lines fell sharply to $785 million from $4.6 billion a year earlier. Capital returns remained significant. The company repurchased $2.5 billion of stock in the first half and declared a $1.25 per share quarterly dividend, and $17.7 billion remained under the December 2022 buyback authorization. Management expects strong demand to persist through 2023, with order books full and dealer inventories low, though it cautioned that supply chain constraints and macroeconomic factors, including rising rates and banking-sector stress, remain uncertainties.

Jun 1, 2023 8-K

DEERE & CO 8-K Report, Corporate Update (May 31, 2023)

Deere & Company (DE) filed an 8-K report on May 31, 2023, primarily to announce the declaration of its quarterly dividend on common stock. This filing, referencing a press release issued on the same day, indicates a continued commitment to returning capital to shareholders. While not providing updated financial performance figures, the dividend declaration is a positive signal for income-focused investors and suggests management's confidence in the company's ongoing financial health and future prospects. Investors should note that this 8-K is a routine disclosure concerning a dividend payment and does not contain new material financial results or significant operational updates beyond what may have been previously communicated. For a comprehensive understanding of Deere's financial standing, investors should refer to their latest quarterly earnings report and subsequent filings.

May 31, 2023 8-K

DEERE & CO 8-K Report, Financial Results (May 19, 2023)

Deere & Company reported strong second-quarter fiscal 2023 results for the period ended April 30, 2023. Net income attributable to Deere rose 36% to $2.860 billion ($9.65 diluted EPS), up from $2.098 billion ($6.81) a year earlier. Total net sales and revenues increased 30% to $17.387 billion, and Equipment Operations net sales rose 34% to $16.079 billion. Growth was driven by price realization and higher shipment volumes, most notably in Production & Precision Agriculture, where sales rose 53% and operating margin expanded to 27.7% from 20.7%. Management cited favorable market conditions, an improving operating environment, and easing supply-chain constraints. Deere raised its full-year fiscal 2023 net income forecast to $9.25–$9.50 billion and expects Equipment Operations cash flow of $10.0–$10.5 billion. The company's segment outlook calls for Production & Precision Ag net sales up about 20% and Small Ag & Turf up about 5%, with price realization contributing significantly. Construction & Forestry sales are expected to rise about 15%. The quarter contained a notable negative: Financial Services net income fell 87% to $28 million. This was driven by a $135 million after-tax ($173 million pretax) correction to the accounting for dealer financing incentives, along with less favorable financing spreads and higher credit-loss provisions. Deere did not restate prior periods, calling the correction immaterial. Financial Services' full-year net income forecast was lowered to about $630 million from $880 million in fiscal 2022. Investors should weigh the strong equipment-segment momentum against the one-time accounting charge and the weaker finance-arm outlook.

May 19, 2023