Farm income cycle
Equipment replacement timing follows farm profitability, which moves with crop prices and input costs. A weak farm-income stretch can delay large-equipment purchases even if Deere's technology edge stays intact.
Stock research
Deere & Company (DE) Stock Research
Deere is the leading maker of agricultural and construction equipment, sold under the John Deere brand.
For the fiscal year ended November 2, 2025, Deere & Company reported revenue of $45.7B and net income of $5.0B, with operating cash flow of $7.5B. Source: Form 10-K filed December 18, 2025
- $45.7B
- FY ending 2025-11-02
- $5.0B
- FY ending 2025-11-02
- $18.50
- 11.0%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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About Deere
It is layering precision-agriculture technology and autonomy onto its machinery to lift farmer productivity.
- NYSE: DE
- Industrials
- Farm Machinery & Equipment (SIC 3523)
- November 1
- Moline, Illinois
- 1837
DE key financials
Reported figures from Deere & Company's filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $45.7B | 2024-10-28 – 2025-11-02 | SEC filing |
| Net income | $5.0B | 2024-10-28 – 2025-11-02 | SEC filing |
| Operating cash flow | $7.5B | 2024-10-28 – 2025-11-02 | SEC filing |
| Diluted EPS | $18.50 | 2024-10-28 – 2025-11-02 | SEC filing |
| Net margin | 11.0% | 2024-10-28 – 2025-11-02 | SEC filing |
| Shares outstanding | 270M | As of 2026-02-01 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in DE
For Deere & Company, the most important recurring operating and market variables are:
- ◆Agricultural equipment demand tied to farm income and crop prices
- ◆Precision-agriculture and autonomy technology attach rates as a margin lever beyond hardware
- ◆Construction and forestry equipment demand tied to infrastructure and construction spending
- ◆Dealer and used-equipment inventory levels as a leading indicator of new-equipment orders
Key questions for the DE thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
Precision ag monetization
Track subscription and software attach rates for guidance, autonomy, and data services layered onto machinery. This recurring-revenue layer could smooth out Deere's historically cyclical hardware sales if it scales.
Used equipment and dealer inventory
Elevated used-equipment inventory or falling used prices tend to precede softer new-equipment orders, since farmers can substitute a used purchase for a new one when budgets tighten.
Construction and forestry segment
This segment is more sensitive to non-residential construction activity and public infrastructure spending than the agriculture business, giving Deere a second, less correlated demand driver.
Does DE's reported profit turn into cash?
Operating cash flow was $7.5B, 1.48 times net income of $5.0B, for the fiscal year ended November 2, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of DE's revenue is left as profit?
Net income was 11.0% of revenue for the fiscal year ended November 2, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
When does Deere & Company's fiscal year end?
The SEC lists Deere & Company's fiscal year end as November 1, not December 31. The latest annual figures here run from October 28, 2024 to November 2, 2025. Its reporting year ends on a nearby date rather than a fixed calendar day.
Annual results cover a different 12 months from calendar-year peers. Align periods before comparing growth or margins across companies.
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The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchDE primary sources
- Latest annual report: Form 10-K filed December 18, 2025
- Latest quarterly report: Form 10-Q filed August 27, 2026
- Deere & Company investor relations
- Deere & Company filings at the SEC
- All DE filings on SEC EDGAR
How we source and review company pages: research methodology.
Congressional trading in DE
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Dan Newhouse | 2026-07-10 | Sale | Spouse | $1,001 - $15,000 | Filing #20034998 |
| Alan Armstrong | 2026-03-27 | Purchase | Self | $1,001 - $15,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
| Julie Johnson | 2025-12-18 | Sale | Joint | $1,001 - $15,000 | Filing #20033789 |
| Julie Johnson | 2025-11-13 | Sale | Joint | $1,001 - $15,000 | Filing #20033611 |
| Julie Johnson | 2025-10-22 | Sale | Joint | $1,001 - $15,000 | Filing #20033420 |
| Julie Johnson | 2025-10-21 | Purchase | Joint | $1,001 - $15,000 | Filing #20035035 |
| Valerie Hoyle | 2025-09-23 | Sale | Spouse | $1,001 - $15,000 | Filing #20032211 |
| Julia Letlow | 2025-09-22 | Sale | Self | $1,001 - $15,000 | Filing #20030977 |
| Julie Johnson | 2025-08-14 | Sale | Joint | $1,001 - $15,000 | Filing #20032066 |
| Adam Smith | 2025-08-08 | Sale | Spouse | $1,001 - $15,000 | Filing #20030868 |
All verified DE congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare DE with similar companies
Deere peers
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DE — frequently asked questions
What does Deere & Company do?
Deere is the leading maker of agricultural and construction equipment, sold under the John Deere brand.
What were DE's latest reported annual revenue and net income?
For the fiscal year ended November 2, 2025, Deere & Company reported revenue of $45.7B and net income of $5.0B, with operating cash flow of $7.5B. The figures come from Deere & Company's SEC XBRL filings.
When does Deere & Company's fiscal year end?
The SEC lists Deere & Company's fiscal year end as November 1.
Do members of Congress trade DE?
The current verified House and Senate snapshot contains 21 transaction rows for DE, each linked to the original filing.
Where is Deere & Company headquartered?
Deere & Company is headquartered in Moline, Illinois and was founded in 1837.
Is DE a good investment?
This page does not rate DE as a buy or sell. It sets out what Deere & Company reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the DE numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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