DE

MKT CAP:$153B

Deere & Company

Market Cap

$153B

Industrials·Agricultural - Machinery·🇺🇸 United States·NYSE

Industrials·Agricultural·🇺🇸·NYSE

Stock Price

$566.02+$99.22 (+21.26%)

Apr 24, 2026

Company Details

Deere & Company manufactures and distributes various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The P...

CEO

John C. May

IPO Date

Jun 1, 1972

Website

www.deere.com/en

Key Metrics TTM

Revenue

$42.5B

-15.9% YoY

Net Income

$4.4B

EPS (Diluted)

$16.18

Free Cash Flow

-$191M

Revenue / Share

$156.85

Gross Margin

36.3%

Operating Margin

18.4%

Net Margin

10.3%

FCF Margin

-0.4%

P/S

3.6x

P/E

34.7x

Earnings Reports

Q1 2026

Feb 26, 2026

$9.6B+16.3%EPS $2.42

FY 2025

Dec 18, 2025

$44.7B-11.6%EPS $18.50

Q4 2025

Dec 18, 2025

$12.1B+11.7%EPS $3.93

Q2 2025

May 29, 2025

$12.5B-16.5%EPS $6.64

Q1 2025

Feb 27, 2025

$8.3B-30.3%EPS $3.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$9.3B	$2.6B	$1.1B
Q2 22	$12.8B	$3.9B	$2.2B
Q3 22	$13.8B	$4.3B	$2.6B
Q4 22	$15.3B	$4.8B	$3.1B
Q1 23	$12.4B	$4.5B	$2.7B
Q2 23	$17.2B	$6.4B	$4.2B
Q3 23	$15.5B	$5.9B	$4.0B
Q4 23	$15.2B	$5.5B	$3.7B
Q1 24	$11.8B	$4.6B	$2.7B
Q2 24	$15.0B	$5.8B	$3.7B
Q3 24	$12.8B	$5.0B	$2.9B
Q4 24	$10.8B	$4.0B	$2.1B
Q1 25	$8.3B	$3.2B	$1.5B
Q2 25	$12.5B	$4.9B	$2.9B
Q4 25	$12.1B	$3.9B	$1.9B
Q1 26	$9.6B	$3.3B	$1.6B

Valuation

Quarter	P/S	P/E
Q1 22	2.7x	20.4x
Q2 22	2.6x	19.5x
Q3 22	2.2x	16.5x
Q4 22	2.3x	16.5x
Q1 23	2.3x	15.2x
Q2 23	1.9x	12.4x
Q3 23	2.0x	12.2x
Q4 23	1.7x	10.1x
Q1 24	1.8x	11.1x
Q2 24	1.9x	11.6x
Q3 24	1.9x	12.5x
Q4 24	2.2x	15.8x
Q1 25	2.8x	21.1x
Q2 25	2.8x	22.1x
Q4 25	2.9x	25.1x
Q1 26	3.4x	32.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$2.6B	-$3.1B
Q2 22	$791M	$25M
Q3 22	$2.2B	$1.2B
Q4 22	$4.3B	$2.8B
Q1 23	-$1.2B	-$2.1B
Q2 23	$1.1B	$98M
Q3 23	$3.0B	$2.0B
Q4 23	$5.7B	$4.1B
Q1 24	-$908M	-$1.7B
Q2 24	$1.9B	$580M
Q3 24	$3.2B	$2.1B
Q4 24	$5.1B	$3.5B
Q1 25	-$1.1B	-$1.9B
Q2 25	$1.7B	$682M
Q4 25	$4.0B	$2.6B
Q1 26	-$890M	-$1.6B

Capital Expenditures

Quarter	CapEx
Q1 22	$584M
Q2 22	$766M
Q3 22	$963M
Q4 22	$1.5B
Q1 23	$812M
Q2 23	$1.0B
Q3 23	$1.0B
Q4 23	$1.6B
Q1 24	$816M
Q2 24	$1.3B
Q3 24	$1.1B
Q4 24	$1.6B
Q1 25	$791M
Q2 25	$1.0B
Q4 25	$1.4B
Q1 26	$688M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.0%	+12.0%
Q2 22	+8.7%	+12.2%
Q3 22	+23.2%	+23.4%
Q4 22	+37.6%	+28.1%
Q1 23	+32.8%	+18.2%
Q2 23	+33.7%	+22.0%
Q3 23	+12.2%	+2.7%
Q4 23	-0.8%	-6.0%
Q1 24	-4.4%	-5.3%
Q2 24	-12.6%	-13.0%
Q3 24	-17.3%	-14.0%
Q4 24	-28.6%	-24.1%
Q1 25	-30.3%	-26.0%
Q2 25	-16.5%	-14.5%
Q4 25	-5.9%	+2.4%
Q1 26	-11.2%	-7.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$18M	0.2%
Q2 22	$26M	0.2%
Q3 22	$20M	0.1%
Q4 22	$21M	0.1%
Q1 23	$23M	0.2%
Q2 23	$31M	0.2%
Q3 23	$58M	0.4%
Q4 23	$18M	0.1%
Q1 24	$46M	0.4%
Q2 24	$58M	0.4%
Q3 24	$55M	0.4%
Q4 24	$49M	0.5%
Q1 25	$28M	0.3%
Q2 25	$26M	0.2%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$402M	$781M
Q2 22	$453M	$932M
Q3 22	$481M	$959M
Q4 22	$576M	$973M
Q1 23	$495M	$952M
Q2 23	$547M	$1.3B
Q3 23	$528M	$1.1B
Q4 23	$606M	$917M
Q1 24	$533M	$1.1B
Q2 24	$565M	$1.3B
Q3 24	$567M	$1.3B
Q4 24	$626M	$899M
Q1 25	$526M	$972M
Q2 25	$549M	$1.2B
Q4 25	$681M	$854M
Q1 26	$554M	$972M

Revenue Segments

Quarter	Compact Construction	Construction	Construction & Forestry (CF)	Financial Products	Financial Services (FS)	Forestry	Production & Precision Ag (PPA)	Roadbuilding	Small Ag & Turf (SAT)	Compact Construction Equipment	Other	Small Agriculture	Turf	Material Reconciling Items
Q2 22	$433M	$1.5B	$2.1B	$6M	$569M	$325M	$2.4B	$1.0B	$4.2B	—	—	—	—	—
Q3 24	—	—	—	$1.6B	—	$269M	$5.0B	$961M	—	$2.0B	$345M	$2.2B	$825M	—
Q1 25	—	—	—	$1.6B	—	$226M	$3.0B	$596M	—	$1.1B	-$246M	$1.2B	$463M	$277M
Q2 25	—	—	—	$1.5B	—	$254M	$5.1B	$949M	—	$1.7B	-$238M	$2.0B	$957M	$334M
Q1 26	—	—	—	$1.5B	—	$269M	$3.1B	$772M	—	$1.6B	—	$1.5B	$576M	$309M

Revenue by Geography

Quarter	Asia, Africa, Australia, New Zealand, and Middle East	Canada	Central Europe and CIS	Latin America	United States	Western Europe	Asia, Africa, Oceania, and Middle East	Central Europe and Commonwealth of Independent States
Q1 22	$852M	$745M	$534M	$1.2B	$4.9B	$1.4B	—	—
Q2 22	$1.1B	$974M	$712M	$1.7B	$7.2B	$1.7B	—	—
Q3 22	$1.3B	$1.1B	$582M	$2.0B	$7.5B	$1.7B	—	—
Q1 23	—	$931M	$412M	$1.8B	$6.9B	$1.5B	$1.1B	—
Q2 23	—	$1.2B	$703M	$2.2B	$9.6B	$2.2B	$1.5B	—
Q3 23	—	$1.0B	$491M	$2.0B	$8.7B	$2.1B	$1.5B	—
Q1 24	—	$886M	—	$1.3B	$7.1B	$1.4B	$1.1B	$354M
Q2 24	—	$1.2B	—	$1.4B	$9.2B	$1.9B	$1.1B	$454M
Q3 24	—	$1.1B	—	$1.4B	$7.7B	$1.6B	$1.1B	$389M
Q4 24	—	$760M	—	$1.5B	$6.2B	$1.4B	$1.1B	$291M
Q1 25	—	$721M	—	$1.1B	$4.7B	$1.0B	$792M	$181M
Q2 25	—	$1.2B	—	$1.4B	$6.9B	$1.8B	$1.0B	$428M
Q1 26	—	$826M	—	$1.0B	$5.0B	$1.4B	$1.0B	$310M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$3.9B	$682M	$4.6B
Q3 22	$4.4B	$719M	$5.1B
Q4 22	$4.8B	$734M	$5.5B
Q1 23	$4.0B	$852M	$4.8B
Q2 23	$5.3B	$856M	$6.1B
Q3 23	$6.6B	$841M	$7.4B
Q4 23	$7.5B	$946M	$8.4B
Q1 24	$5.1B	$1.1B	$6.3B
Q2 24	$5.6B	$1.1B	$6.6B
Q3 24	$7.0B	$1.1B	$8.1B
Q4 24	$7.3B	$1.2B	$8.5B
Q1 25	$6.6B	$32M	$6.6B
Q2 25	$8.0B	$1.3B	$9.3B
Q3 25	$8.6B	$1.4B	$10.0B
Q4 25	$8.3B	$1.4B	$9.7B
Q1 26	$6.8B	$1.4B	$8.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	309M	-0.7%	-2.1%
Q2 22	308M	-0.4%	-2.3%
Q3 22	306M	-0.8%	-2.5%
Q4 22	302M	-1.2%	-3.0%
Q1 23	299M	-1.0%	-3.3%
Q2 23	297M	-0.9%	-3.8%
Q3 23	292M	-1.5%	-4.4%
Q4 23	287M	-1.8%	-5.0%
Q1 24	281M	-2.0%	-6.0%
Q2 24	278M	-1.1%	-6.3%
Q3 24	276M	-0.8%	-5.6%
Q4 24	274M	-0.7%	-4.6%
Q1 25	272M	-0.5%	-3.1%
Q2 25	272M	-0.2%	-2.2%
Q4 25	271M	-0.3%	-1.6%
Q1 26	271M	-0.1%	-1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$123.5K	76K
Q2 22	$169.8K	76K
Q3 22	$183.3K	76K
Q4 22	$185.8K	82K
Q1 23	$150.7K	82K
Q2 23	$208.6K	82K
Q3 23	$188.9K	82K
Q4 23	$182.7K	83K
Q1 24	$142.8K	83K
Q2 24	$180.8K	83K
Q3 24	$154.9K	83K
Q4 24	$142.7K	76K
Q1 25	$108.9K	76K
Q2 25	$165.1K	76K
Q4 25	$165.4K	73K
Q1 26	$131.5K	73K

Revenue / Employee