What is Deere & Co's earnings per share (EPS)?

Deere & Co (DE) reported diluted earnings per share of $18.50 for fiscal year 2025. This represents a -27.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Deere & Co Financials

Source SEC Filings (10-K/10-Q) Updated Feb 1, 2026 Currency USD FYE November

This page shows Deere & Co (DE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 42/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Deere & Co's revenue declined 11.7% year-over-year, from $51.7B to $45.7B. This contraction results in a growth score of 14/100.

Leverage

Deere & Co has a moderate D/E ratio of 2.93. This balance of debt and equity financing earns a leverage score of 42/100.

Cash Flow

Deere & Co has a free cash flow margin of 13.4%, earning a moderate score of 58/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Deere & Co's ROE of 19.1% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 31.6% the prior year.

Piotroski F-Score Neutral

4/9

Deere & Co passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.48x

For every $1 of reported earnings, Deere & Co generates $1.48 in operating cash flow ($7.5B OCF vs $5.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$45.7B

YoY-11.7%

5Y CAGR+5.2%

10Y CAGR+4.7%

Deere & Co generated $45.7B in revenue in fiscal year 2025. This represents a decrease of 11.7% from the prior year.

EBITDA

N/A

Net Income

$5.0B

YoY-29.2%

5Y CAGR+12.8%

10Y CAGR+10.0%

Deere & Co reported $5.0B in net income in fiscal year 2025. This represents a decrease of 29.2% from the prior year.

EPS (Diluted)

$18.50

YoY-27.8%

5Y CAGR+16.3%

10Y CAGR+12.4%

Deere & Co earned $18.50 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 27.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$6.1B

YoY-19.7%

5Y CAGR-1.8%

10Y CAGR+7.1%

Deere & Co generated $6.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 19.7% from the prior year.

Cash & Debt

$6.8B

YoY+3.0%

5Y CAGR-0.5%

10Y CAGR+7.0%

Deere & Co held $6.8B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$6.48

YoY+10.2%

5Y CAGR+16.3%

10Y CAGR+10.4%

Deere & Co paid $6.48 per share in dividends in fiscal year 2025. This represents an increase of 10.2% from the prior year.

Shares Outstanding

270M

YoY-0.5%

5Y CAGR-2.9%

10Y CAGR-1.5%

Deere & Co had 270M shares outstanding in fiscal year 2025. This represents a decrease of 0.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

11.0%

YoY-2.7pp

5Y CAGR+3.3pp

10Y CAGR+4.3pp

Deere & Co's net profit margin was 11.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.7 percentage points from the prior year.

Return on Equity

19.1%

YoY-12.5pp

5Y CAGR-0.4pp

10Y CAGR-10.3pp

Deere & Co's ROE was 19.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 12.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.3B

YoY+0.9%

5Y CAGR+7.0%

10Y CAGR+5.0%

Deere & Co invested $2.3B in research and development in fiscal year 2025. This represents an increase of 0.9% from the prior year.

Share Buybacks

$1.1B

YoY-71.6%

5Y CAGR+8.7%

10Y CAGR-8.5%

Deere & Co spent $1.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 71.6% from the prior year.

Capital Expenditures

$1.4B

YoY-17.1%

5Y CAGR+10.6%

10Y CAGR+7.0%

Deere & Co invested $1.4B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 17.1% from the prior year.

DE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$45.7B-11.7%	$51.7B-15.6%	$61.3B+16.5%	$52.6B+19.4%	$44.0B+23.9%	$35.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$2.3B+0.9%	$2.3B+5.2%	$2.2B+13.9%	$1.9B+20.5%	$1.6B-3.5%	$1.6B
SG&A Expenses	$4.7B-3.7%	$4.8B+5.3%	$4.6B+18.9%	$3.9B+14.2%	$3.4B-2.7%	$3.5B
Operating Income	N/A	$9.0B-30.2%	$13.0B+36.3%	$9.5B+18.7%	$8.0B+86.1%	$4.3B
Interest Expense	$3.2B-5.3%	$3.3B+36.5%	$2.5B+131.0%	$1.1B+6.9%	$993.0M-20.4%	$1.2B
Income Tax	$1.3B-39.9%	$2.1B-27.1%	$2.9B+43.0%	$2.0B+21.0%	$1.7B+53.2%	$1.1B
Net Income	$5.0B-29.2%	$7.1B-30.2%	$10.2B+42.6%	$7.1B+19.6%	$6.0B+116.8%	$2.8B
EPS (Diluted)	$18.50-27.8%	$25.62-26.0%	$34.63+48.8%	$23.28+22.6%	$18.99+118.5%	$8.69

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$9.6B-14.9%	$11.3B-6.0%	$12.0B-5.8%	$12.8B+50.0%	$8.5B-23.7%	$11.1B-15.3%	$13.2B-13.7%	$15.2B
Cost of Revenue	$6.3B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$1.7B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$554.0M-15.0%	$652.0M+17.3%	$556.0M+1.3%	$549.0M+4.4%	$526.0M-15.8%	$625.0M+10.2%	$567.0M+0.4%	$565.0M
SG&A Expenses	$972.0M-23.9%	$1.3B+4.9%	$1.2B+1.7%	$1.2B+23.1%	$972.0M-21.0%	$1.2B-3.7%	$1.3B+1.0%	$1.3B
Operating Income	$139.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$719.0M-17.6%	$873.0M+9.9%	$794.0M+1.3%	$784.0M-5.4%	$829.0M-4.7%	$870.0M+3.6%	$840.0M+0.5%	$836.0M
Income Tax	$196.0M+5.9%	$185.0M-45.4%	$339.0M-37.1%	$539.0M+1896.3%	$27.0M-89.2%	$249.0M-60.2%	$625.0M-16.8%	$751.0M
Net Income	$656.0M-48.7%	$1.3B-0.9%	$1.3B-28.5%	$1.8B+107.6%	$869.0M-30.2%	$1.2B-28.2%	$1.7B-26.8%	$2.4B
EPS (Diluted)	$2.42	N/A	$4.75-28.5%	$6.64+108.2%	$3.19	N/A	$6.29-26.3%	$8.53

DE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$103.4B+0.3%	$103.1B+1.7%	$101.4B+10.6%	$91.6B+15.1%	$79.6B+5.5%	$75.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$6.8B+3.0%	$6.6B+28.5%	$5.1B+29.2%	$4.0B-11.1%	$4.5B-35.8%	$7.0B
Inventory	$8.3B+7.0%	$7.7B-13.3%	$8.9B-11.1%	$10.1B+26.7%	$7.9B+33.2%	$6.0B
Accounts Receivable	$6.0B+21.5%	$4.9B-36.7%	$7.8B+2.4%	$7.6B+56.7%	$4.9B-3.6%	$5.0B
Goodwill	$4.3B+10.5%	$3.9B-2.4%	$4.0B+1.9%	$3.9B+21.9%	$3.2B-0.1%	$3.2B
Total Liabilities	$77.1B-4.3%	$80.6B+1.7%	$79.2B+12.8%	$70.2B+13.6%	$61.8B+0.7%	$61.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	$32.8B+0.2%	$32.8B
Total Equity	$26.3B+17.0%	$22.5B+1.8%	$22.1B+3.5%	$21.3B+19.8%	$17.8B+26.4%	$14.1B
Retained Earnings	$59.9B+5.4%	$56.8B+8.7%	$52.3B+19.2%	$43.8B+18.4%	$37.0B+13.6%	$32.6B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$103.4B-2.4%	$106.0B-1.7%	$107.8B+1.4%	$106.3B+3.1%	$103.1B-3.9%	$107.3B-0.5%	$107.8B+2.1%	$105.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$6.8B-17.9%	$8.3B-3.5%	$8.6B+7.4%	$8.0B+21.1%	$6.6B-9.9%	$7.3B+4.6%	$7.0B+26.1%	$5.6B
Inventory	$8.3B+11.9%	$7.4B-4.0%	$7.7B-2.0%	$7.9B+1.6%	$7.7B+9.2%	$7.1B-7.8%	$7.7B-8.8%	$8.4B
Accounts Receivable	$6.0B+12.7%	$5.3B-12.9%	$6.1B-9.6%	$6.7B+36.8%	$4.9B-7.4%	$5.3B-28.7%	$7.5B-15.9%	$8.9B
Goodwill	$4.3B+2.2%	$4.2B-0.5%	$4.2B+2.8%	$4.1B+5.7%	$3.9B-2.2%	$4.0B0.0%	$4.0B+0.6%	$3.9B
Total Liabilities	$77.1B-3.6%	$80.0B-3.1%	$82.6B+0.8%	$81.9B+1.7%	$80.6B-4.6%	$84.4B-0.4%	$84.7B+2.2%	$82.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$41.7B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$26.3B+1.3%	$25.9B+3.1%	$25.2B+3.7%	$24.3B+8.0%	$22.5B-1.6%	$22.8B-1.0%	$23.1B+1.7%	$22.7B
Retained Earnings	$59.9B+0.4%	$59.7B+1.1%	$59.0B+1.4%	$58.2B+2.4%	$56.8B+0.8%	$56.4B+1.5%	$55.6B+2.5%	$54.2B

DE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$7.5B-19.2%	$9.2B+7.5%	$8.6B+82.8%	$4.7B-39.2%	$7.7B+3.2%	$7.5B
Capital Expenditures	$1.4B-17.1%	$1.6B+9.5%	$1.5B+32.1%	$1.1B+33.7%	$848.0M+3.4%	$820.0M
Free Cash Flow	$6.1B-19.7%	$7.6B+7.1%	$7.1B+98.9%	$3.6B-48.2%	$6.9B+3.2%	$6.7B
Investing Cash Flow	-$2.1B+68.2%	-$6.5B+26.1%	-$8.7B-3.1%	-$8.5B-47.6%	-$5.8B-73.2%	-$3.3B
Financing Cash Flow	-$4.6B-68.5%	-$2.7B-196.8%	$2.8B+240.0%	$826.0M+176.6%	-$1.1B-10.0%	-$980.0M
Dividends Paid	$1.7B+7.2%	$1.6B+12.5%	$1.4B+8.7%	$1.3B+26.3%	$1.0B+8.8%	$956.0M
Share Buybacks	$1.1B-71.6%	$4.0B-44.5%	$7.2B+100.6%	$3.6B+41.7%	$2.5B+238.4%	$750.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$890.0M-122.3%	$4.0B+37.9%	$2.9B+70.4%	$1.7B+250.2%	-$1.1B-122.2%	$5.1B+59.4%	$3.2B+72.5%	$1.9B
Capital Expenditures	$256.0M-49.6%	$508.0M+71.0%	$297.0M+46.3%	$203.0M-42.3%	$352.0M-41.0%	$597.0M+84.3%	$324.0M-9.2%	$357.0M
Free Cash Flow	-$1.1B-132.9%	$3.5B+34.2%	$2.6B+73.6%	$1.5B+200.9%	-$1.5B-133.0%	$4.5B+56.6%	$2.9B+92.0%	$1.5B
Investing Cash Flow	$1.8B+245.1%	-$1.3B+20.5%	-$1.6B-148.0%	-$637.0M-145.0%	$1.4B+150.7%	-$2.8B-39.6%	-$2.0B+30.7%	-$2.9B
Financing Cash Flow	-$2.5B+17.6%	-$3.0B-310.6%	-$736.0M-821.6%	$102.0M+111.1%	-$923.0M+52.1%	-$1.9B-616.9%	$373.0M-74.8%	$1.5B
Dividends Paid	$441.0M+0.7%	$438.0M-0.2%	$439.0M-0.2%	$440.0M+9.2%	$403.0M0.0%	$403.0M-0.7%	$406.0M-1.0%	$410.0M
Share Buybacks	$302.0M+15000.0%	$2.0M-99.3%	$298.0M-24.9%	$397.0M-10.0%	$441.0M-43.5%	$780.0M-3.1%	$805.0M-26.4%	$1.1B

DE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	17.5%-3.7pp	21.2%+3.1pp	18.1%-0.1pp	18.2%+6.1pp	12.1%
Net Margin	11.0%-2.7pp	13.7%-2.9pp	16.6%+3.0pp	13.6%+0.0pp	13.5%+5.8pp	7.7%
Return on Equity	19.1%-12.5pp	31.6%-14.5pp	46.1%+12.6pp	33.4%-0.1pp	33.5%+14.0pp	19.5%
Return on Assets	4.9%-2.0pp	6.9%-3.1pp	10.0%+2.3pp	7.8%+0.3pp	7.5%+3.8pp	3.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.93-0.7	3.580.0	3.59+0.3	3.29+1.4	1.84-0.5	2.33
FCF Margin	13.4%-1.3pp	14.7%+3.1pp	11.6%+4.8pp	6.8%-8.8pp	15.6%-3.1pp	18.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	21.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	1.7%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	6.8%-4.5pp	11.3%+0.6pp	10.7%-3.4pp	14.1%+3.9pp	10.2%-1.0pp	11.2%-2.0pp	13.2%-2.4pp	15.6%
Return on Equity	2.5%-2.4pp	4.9%-0.2pp	5.1%-2.3pp	7.4%+3.6pp	3.9%-1.6pp	5.5%-2.1pp	7.5%-2.9pp	10.4%
Return on Assets	0.6%-0.6pp	1.2%0.0pp	1.2%-0.5pp	1.7%+0.9pp	0.8%-0.3pp	1.2%-0.5pp	1.6%-0.6pp	2.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.93-0.2	3.08-0.2	3.28-0.1	3.37-0.2	3.58-0.1	3.70+0.0	3.67+0.0	3.65
FCF Margin	-11.9%-42.8pp	30.9%+9.3pp	21.6%+9.9pp	11.7%+29.2pp	-17.4%-57.8pp	40.3%+18.5pp	21.8%+12.0pp	9.8%

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Frequently Asked Questions

What is Deere & Co's annual revenue?

Deere & Co (DE) reported $45.7B in total revenue for fiscal year 2025. This represents a -11.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Deere & Co's revenue growing?

Deere & Co (DE) revenue declined by 11.7% year-over-year, from $51.7B to $45.7B in fiscal year 2025.

Is Deere & Co profitable?

Yes, Deere & Co (DE) reported a net income of $5.0B in fiscal year 2025, with a net profit margin of 11.0%.

What is Deere & Co's net profit margin?

Deere & Co (DE) had a net profit margin of 11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Deere & Co pay dividends?

Yes, Deere & Co (DE) paid $6.48 per share in dividends during fiscal year 2025.

What is Deere & Co's return on equity (ROE)?

Deere & Co (DE) has a return on equity of 19.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Deere & Co's free cash flow?

Deere & Co (DE) generated $6.1B in free cash flow during fiscal year 2025. This represents a -19.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Deere & Co's operating cash flow?

Deere & Co (DE) generated $7.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Deere & Co's total assets?

Deere & Co (DE) had $103.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Deere & Co's capital expenditures?

Deere & Co (DE) invested $1.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Deere & Co spend on research and development?

Deere & Co (DE) invested $2.3B in research and development during fiscal year 2025.

Does Deere & Co buy back shares?

Yes, Deere & Co (DE) spent $1.1B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Deere & Co have outstanding?

Deere & Co (DE) had 270M shares outstanding as of fiscal year 2025.

What is Deere & Co's debt-to-equity ratio?

Deere & Co (DE) had a debt-to-equity ratio of 2.93 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Deere & Co's return on assets (ROA)?

Deere & Co (DE) had a return on assets of 4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Deere & Co's Piotroski F-Score?

Deere & Co (DE) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Deere & Co's earnings high quality?

Deere & Co (DE) has an earnings quality ratio of 1.48x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Deere & Co?

Deere & Co (DE) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.