Saturday 17 October 2026 Export DE’s income statement to Excel — free account

Deere & Company

DE Industrials Farm & Heavy Construction Machinery

Deere & Company’s revenue for fiscal 2025 (year ended October 2025) was $45.7 billion, down 11.7% from fiscal 2024. In the quarter to July 2026, revenue grew 4.91%, EPS grew 7.35%, free cash flow fell 20.1% and total debt fell 4.22%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years.

641.86 8.81 −1.35%

Follow DE

Alert me

Market cap: $175.4B
P/E: 35.6×
Fwd P/E: 32.2×
Dividend yield: 1.01%
F-score: 6/9
Altman Z: 2.92
Beneish M: −2.60
Dividend safety: 74/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 55.91

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	2	—	—	—	—	—	—	3	—	—

Insider Ownership 7.51%

Capital & Financial Ratios $m

Market Cap 175,440.00

Revenue 47,983.00

Net Income 4,862.00

Free Cash Flow 8,009.00

Net Debt 53,558.00

Current Ratio 2.10

Debt/Equity 2.28

P/E ratio 35.56

Fwd P/E 32.20

P/S ratio 3.61

P/B ratio 6.19

Past 5Y EPS Growth 16.31%

This Y EPS Growth (2.22%)

Next Y EPS Growth 25.36%

Next Y revenue growth (9.99%)

Next 5Y EPS Growth 13.61%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 97.42%

10-year low 10-year high

P/S against its own 10 years 98.45%

10-year low 10-year high

P/B against its own 10 years 84.59%

10-year low 10-year high

EV/Sales against its own 10 years 98.19%

10-year low 10-year high

EV/FCF against its own 10 years 79.06%

10-year low 10-year high

Dividends

Payout Ratio 0.36

Annual Dividend Rate 6.48

Annual Dividend Yield 1.01%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.57	1.62 1.62 1.62
2025	6.48	1.62 1.62 1.62 1.62
2024	6.03	1.47 1.47 1.47 1.62
2023	5.32	1.25 1.25 1.35 1.47
2022	4.51	1.05 1.13 1.13 1.20
2021	3.90	0.90 0.90 1.05 1.05
2020	3.04	0.76 0.76 0.76 0.76
2019	3.04	0.76 0.76 0.76 0.76
2018	2.74	0.60 0.69 0.69 0.76
2017	2.40	0.60 0.60 0.60 0.60
2016	2.40	0.60 0.60 0.60 0.60

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	8,404	8,478	9,687	10,278
Receivables	10,362	7,871	7,720	10,189
Inventory	8,160	7,093	7,406	7,811
Other	—	—	—	—
	77,934	76,474	76,219	77,454

	2023	2024	2025	Q'26
Payables	16,130	14,543	13,909	13,668
ST’ Debt	24,934	21,964	20,392	23,210
Other	—	—	—	—
	41,064	36,507	34,301	36,878

Compound Annual Growth %

	10y	5y	3y
Sales	4.70%	5.15%	(4.58%)
Cash Flow	7.09%	(0.06%)	16.65%
Earnings	9.99%	12.81%	(11.00%)
Book Value	14.40%	14.93%	8.60%

Revenue $m

	Jan	Apr	Jul	Oct	Year
’26	9,611	13,369	12,608	—	—
’25	8,508	12,763	12,018	12,395	45,684
’24	12,185	15,235	13,152	11,144	51,716
’23	12,652	17,387	15,801	15,411	61,251
’22	9,569	13,370	14,102	15,536	52,577
’21	9,112	12,058	11,527	11,327	44,024
’20	7,631	9,253	8,925	9,731	35,540

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Jan	Apr	Jul	Oct	Year
’26	(890)	1,932	2,208	—	—
’25	(1,132)	1,700	2,896	3,995	7,459
’24	(908)	1,852	3,195	5,092	9,231
’23	(1,246)	1,099	3,043	5,693	8,589
’22	(2,553)	791	2,180	4,281	4,699
’21	143	1,643	2,528	3,412	7,726
’20	(508)	1,284	3,281	3,426	7,483

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Jan	Apr	Jul	Oct	Year
’26	(769)	2,379	2,403	—	—
’25	(1,051)	2,065	3,006	3,996	8,016
’24	(764)	2,000	3,311	4,973	9,520
’23	(1,064)	1,326	3,192	5,618	9,072
’22	(2,267)	1,194	2,396	4,335	5,658
’21	449	2,028	2,855	3,640	8,972
’20	(353)	1,586	3,540	3,673	8,446

Fiscal quarters ending in the months shown.

EPS $

	Jan	Apr	Jul	Oct	Year
’26	2.42	6.55	5.10	—	—
’25	3.19	6.64	4.75	3.93	18.50
’24	6.23	8.53	6.29	4.55	25.62
’23	6.55	9.65	10.20	8.26	34.63
’22	2.92	6.81	6.16	7.44	23.28
’21	3.87	5.68	5.32	4.12	18.99
’20	1.63	2.11	2.57	2.39	8.69

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	70.16	103.45	128.32	132.68	106.14	263.85	283.81	345.55	340.20	403.01	Analyst estimates 2026–2028 Powerpack
	High	104.83	159.10	175.26	180.48	273.56	400.34	448.40	450.00	469.39	533.78
People
People	Employees	56,800	60,500	74,000	73,500	69,600	75,600	82,200	83,000	75,800	73,100
	Revenue/emp, $m	0.47	0.49	0.50	0.53	0.51	0.58	0.64	0.74	0.68	0.62
Income, $m
Income, $m	Revenue	26,644	29,738	37,358	39,258	35,540	44,024	52,577	61,251	51,716	45,684
	Gross margin, %	31.71	33.20	31.55	31.75	33.38	33.86	32.79	38.43	40.49	38.36
	EBT	2,224	3,154	4,071	4,088	3,883	7,602	9,127	13,019	9,206	6,257
	EBT margin, %	8.35	10.61	10.90	10.41	10.93	17.27	17.36	21.26	17.80	13.70
	Net income	1,522	2,159	2,371	3,257	2,753	5,965	7,130	10,155	7,088	4,998
	Depreciation	1,560	1,716	1,927	2,019	2,118	2,050	1,895	2,004	2,118	2,229
Per share, $
Per share, $	Revenue	84.53	93.08	115.80	124.04	113.37	141.28	172.67	209.62	187.38	168.64
	Earnings	4.83	6.76	7.34	10.28	8.78	19.14	23.42	34.80	25.73	18.55
	Cash flow	11.96	6.87	5.65	10.78	23.87	24.79	15.43	29.39	33.45	27.53
	Capex	1.94	2.65	1.82	1.67	3.07	4.00	3.15	1.65	1.05	2.06
	Free cash flow	13.90	9.52	7.47	12.45	26.94	28.79	18.58	31.05	34.49	29.59
	Book value	20.72	29.92	35.00	36.07	41.29	59.16	66.55	74.57	82.76	95.81
	Shares, m	315	320	323	317	314	312	305	292	276	271
Valuation, ×
Valuation, ×	P/E	18.28	19.80	18.48	16.96	26.39	18.75	16.86	10.50	15.74	24.89
	P/S	1.04	1.43	1.17	1.40	2.04	2.54	2.29	1.74	2.16	2.74
	P/B	4.26	4.44	3.87	4.83	5.61	6.06	5.95	4.90	4.89	4.82
	EV/Sales	2.20	2.45	2.18	2.45	3.12	3.44	3.17	2.64	3.26	3.92
	EV/FCF	13.39	23.90	33.85	24.37	13.13	16.88	29.50	17.83	17.69	22.37
Cash, $m
Cash, $m	Operating cash flow	3,770	2,196	1,822	3,412	7,483	7,726	4,699	8,589	9,231	7,459
	Capex	612	846	587	528	963	1,246	959	483	289	557
	Free cash flow	4,381	3,042	2,409	3,940	8,446	8,972	5,658	9,072	9,520	8,016
Balance, $m
Balance, $m	Working capital	21,775	25,421	23,122	25,851	29,100	32,085	32,350	36,870	39,967	41,918
	Total debt	35,612	40,045	42,256	45,334	45,998	48,412	51,899	63,411	65,193	63,936
	Net debt	30,822	30,259	37,862	40,896	38,291	39,667	46,391	55,007	56,715	54,249
	Shareholders’ equity	6,531	9,561	11,291	11,417	12,944	18,434	20,265	21,789	22,843	25,956
Returns, %
Returns, %	ROA	2.63	3.49	3.49	4.55	3.72	7.49	8.19	10.47	6.72	4.71
	ROIC	3.72	4.95	5.18	4.88	4.74	8.18	8.56	10.60	7.23	4.88
	ROE	22.94	26.83	22.71	28.65	22.59	38.01	36.85	48.35	31.82	20.60

Negative figures in brackets.

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CAT Caterpillar Inc.	$338.2B	31.2×	37.6×	+23.98% (above 0%: growing)	+68.10% (above 0%: growing)	+47.08% (above 0%: growing)	37.78%	22.67%	Compare
DE Deere & Company	$175.4B	35.6×	32.2×	+4.91% (above 0%: growing)	+7.35% (above 0%: growing)	−20.06% (below 0%: shrinking)	37.03%	20.56%
PCAR PACCAR Inc.	$58.3B	23.3×	20.5×	+0.48% (above 0%: growing)	+3.62% (above 0%: growing)	−16.22% (below 0%: shrinking)	20.64%	14.56%	Compare
CNH CNH Industrial N.V.	$14.8B	46.6×	27.5×	+1.95% (above 0%: growing)	−35.29% (below 0%: shrinking)	−124.62% (below 0%: shrinking)	29.29%	13.66%	Compare
OSK Oshkosh Corporation	$8.0B	14.5×	12.2×	+6.70% (above 0%: growing)	−7.57% (below 0%: shrinking)	+814.92% (above 0%: growing)	16.48%	8.34%	Compare
AGCO AGCO Corporation	$7.4B	14.3×	20.4×	−0.96% (below 0%: shrinking)	−74.41% (below 0%: shrinking)	−66.49% (below 0%: shrinking)	24.75%	5.39%	Compare
FSS Federal Signal Corporation	$6.9B	24.0×	21.5×	+18.70% (above 0%: growing)	+19.49% (above 0%: growing)	+92.75% (above 0%: growing)	30.41%	17.64%	Compare
TEX Terex Corporation	$6.0B	25.6×	17.6×	+50.50% (above 0%: growing)	−11.82% (below 0%: shrinking)	+21.79% (above 0%: growing)	19.84%	8.36%	Compare
ALG Alamo Group, Inc.	$1.9B	18.0×	14.3×	+7.55% (above 0%: growing)	−0.77% (below 0%: shrinking)	+147.74% (above 0%: growing)	24.59%	10.15%	Compare
Median of peers	$7.7B	23.6×	20.5×	+7.13%	−4.17%	+34.44%	24.67%	11.91%

All 27 Farm & Heavy Construction Machinery stocks →

Deere & Company (DE) key facts

Concern: Deere & Company’s revenue for fiscal 2025 (year ended October 2025) was $45.7 billion, down 11.7% from fiscal 2024.
Concern: Net income was $5.0 billion, or $18.55 per share (basic), a net margin of 11.0%.
Deere & Company (DE) is a Farm & Heavy Construction Machinery company in the Industrials sector, listed on the New York Stock Exchange.
As of October 16, 2026, DE traded at $641.86, a market capitalization of $175.4 billion.
At that price the stock trades at 35.6× trailing-twelve-month earnings and 3.6× sales; its P/E is higher than 97% of its own readings over the past ten years.
Deere & Company pays an annual dividend of $6.48 per share, a yield of 1.01%, with a payout ratio of 36.0%.
Return on equity was 20.6% and debt-to-equity 2.28.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.92 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 29 September 2026

Deere & Company reported revenue of $45.7 billion in FY2025 and $12.6 billion in Q3 FY2026. Net income was $5.0 billion in FY2025 and $1.4 billion in Q3 FY2026, while diluted EPS was $18.50 in FY2025 and $5.10 in Q3 FY2026.

Revenue was $48.0 billion in TTM to Q3 FY2026, with net income of $4.9 billion and free cash flow of $8.0 billion. Net debt was $53.6 billion in Q3 FY2026, and market capitalisation was $186.1 billion as of September 28, 2026.

Read the full analysis →