What it does
The company states that it is managed through four segments: Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services. Its equipment businesses manufacture and distribute agricultural, turf, construction, roadbuilding, and forestry equipment, along with attachments and service parts. The filing also describes technology offerings integrated into equipment and offered through dealer networks, including connectivity, telematics, automation, digital tools, and precision technologies. Financial Services provides retail and wholesale financing, leases, revolving charge accounts, and extended warranties related primarily to the company’s products.
Source: Deere & Company Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that its equipment operations generate sales through PPA, SAT, and CF; the segment table accompanying this profile sets out the reported segment mix. In fiscal year 2025, the filing reports PPA net sales of $17,311, SAT net sales of $10,224, and CF net sales of $11,382. Equipment sales are supported by parts, services, and dealer distribution. The Financial Services segment earns financing income while providing retail notes, leases, wholesale receivables, revolving charge accounts, and extended warranties. The filing says its financing options are designed both to support product sales and generate financing income.
Source: Deere & Company Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The company describes customers across production-scale agriculture, dairy and livestock, high-value and small-acreage crops, turf and utility uses, construction, roadbuilding, forestry, and equipment dealers. Its PPA and SAT sales and marketing support is organized around Africa, Asia and the Middle East; Europe and the CIS; Latin America and South America; and the U.S., Canada and Australia. The filing says the majority of sales occur in the U.S. and Canada. Outside those countries, agriculture and turf equipment is sold to distributors and dealers for resale in over 100 countries. Construction and forestry sales use both company-owned and independent dealer channels in certain markets.
Source: Deere & Company Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that equipment operations compete in global and regional markets on product performance, technology features, innovation, quality, distribution, sustainability, financing, customer service, and value. Named agriculture and turf competitors are AGCO Corporation, CLAAS KGaA mbH, CNH Industrial N.V., Kubota Tractor Corporation, and The Toro Company. The filing also cites short-line, specialty, local or regional manufacturers, plus technology-focused companies and start-up ventures. Named CF competitors include Caterpillar Inc., CNH Industrial N.V., Doosan Infracore Co., Ltd. and Doosan Bobcat Inc., Fayat Group, GOMACO Corporation, Hitachi Construction Machinery, Komatsu Ltd., Kubota Tractor Corporation, Ponsse Plc, SANY Group Co., Ltd., Terex, Tigercat Industries Inc., Volvo Construction Equipment, and XCMG.
Source: Deere & Company Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing gives prominence to the following risks:
- Financial results largely depend on the agricultural market business cycle, general economic conditions, and outlook.
- Significant supply-chain disruptions from shortages of raw materials, components, and whole goods could affect customer commitments.
- Changes in interest rates, market liquidity conditions, and government banking, monetary, and fiscal policies could adversely affect financials, earnings, or cash flows.
- The company may not realize anticipated benefits from its Smart Industrial Operating Model and Leap Ambitions.
- Security breaches and other IT disruptions could interfere with operations or compromise information.
- Global operations are subject to complex and changing laws and regulations.
Source: Deere & Company Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
At November 2, 2025, the company had approximately 73,100 employees, including approximately 32,500 full-time production employees. It had 27,000 employees in the U.S.; unions represented approximately 77% of U.S. production and maintenance employees. The company describes a global manufacturing footprint intended, where possible, to produce products near their markets. It also states that agricultural-equipment demand is seasonal, with sales to farmers tied to planting and harvesting seasons. Retail demand for turf and utility equipment is normally higher in the second and third fiscal quarters. The filing reports U.S. and Canada marketing through approximately 2,050 independent dealer locations.
Source: Deere & Company Form 10-K for fiscal 2025, Item 1 — sec.gov