DE (Deere & Company) Stock Financials & Earnings

Company Info & Key Metrics

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

CEOJohn C. May

Country🇺🇸 United States

ExchangeNYSE

IPOJun 1, 1972

www.deere.com

Revenue$9.6B

YoY Growth+16.3%

QoQ Growth-20.5%

Net Income$656M

EPS$2.42

Free Cash Flow-$1.6B

Gross Margin34.7%

Op. Margin16.2%

Net Margin6.8%

FCF Margin-16.4%

Rev Multiple (TTM)3.5x

P/E Ratio (TTM)33.6x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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
Q3 25	$11.8B	$4.2B	$2.2B
Q4 25	$12.1B	$3.9B	$1.9B
Q1 26	$9.6B	$3.3B	$1.6B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q2 23	2.8x	18.1x
Q3 23	2.7x	16.1x
Q4 23	2.7x	15.9x
Q1 24	2.7x	16.3x
Q2 24	2.8x	17.1x
Q3 24	3.0x	19.7x
Q4 24	3.2x	22.8x
Q1 25	3.4x	26.0x
Q2 25	3.6x	28.6x
Q3 25	3.7x	31.1x
Q4 25	3.6x	32.2x
Q1 26	3.5x	33.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
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
Q3 25	$2.9B	$1.8B
Q4 25	$4.0B	$2.6B
Q1 26	-$890M	-$1.6B

Capital Expenditures

CapEx

Quarter	CapEx
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
Q3 25	$1.1B
Q4 25	$1.4B
Q1 26	$688M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%
Q3 25	-8.3%	-3.3%
Q4 25	+11.7%	+17.4%
Q1 26	+16.3%	+18.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%
Q3 25	$50M	0.4%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
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
Q3 25	$556M	$1.2B
Q4 25	$681M	$854M
Q1 26	$554M	$972M

Revenue Segments

Quarter	Compact Construction Equipment	Financial Products	Forestry	Other	Production & Precision Ag (PPA)	Roadbuilding	Small Agriculture	Turf	Material Reconciling Items
Q3 24	$2.0B	$1.6B	$269M	$345M	$5.0B	$961M	$2.2B	$825M	—
Q1 25	$1.1B	$1.6B	$226M	—	$3.0B	$596M	$1.2B	$463M	$277M
Q2 25	$1.7B	$1.5B	$254M	—	$5.1B	$949M	$2.0B	$957M	$334M
Q3 25	$1.7B	$1.5B	$292M	—	$4.2B	$1.0B	$2.2B	$760M	$339M
Q1 26	$1.6B	$1.5B	$269M	—	$3.1B	$772M	$1.5B	$576M	$309M

Revenue by Geography

Quarter	Asia, Africa, Oceania, and Middle East	Canada	Central Europe and CIS	Latin America	United States	Western Europe	Central Europe and Commonwealth of Independent States
Q2 23	$1.5B	$1.2B	$703M	$2.2B	$9.6B	$2.2B	—
Q3 23	$1.5B	$1.0B	$491M	$2.0B	$8.7B	$2.1B	—
Q1 24	$1.1B	$886M	—	$1.3B	$7.1B	$1.4B	$354M
Q2 24	$1.1B	$1.2B	—	$1.4B	$9.2B	$1.9B	$454M
Q3 24	$1.1B	$1.1B	—	$1.4B	$7.7B	$1.6B	$389M
Q4 24	$1.1B	$760M	—	$1.5B	$6.2B	$1.4B	$291M
Q1 25	$792M	$721M	—	$1.1B	$4.7B	$1.0B	$181M
Q2 25	$1.0B	$1.2B	—	$1.4B	$6.9B	$1.8B	$428M
Q3 25	$1.1B	$895M	—	$1.5B	$6.0B	$2.0B	$536M
Q1 26	$1.0B	$826M	—	$1.0B	$5.0B	$1.4B	$310M

War Chest

Quarter	Cash	Short-term Investments	Total
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
Q2 23	297M	-0.9%
Q3 23	292M	-1.5%
Q4 23	287M	-1.8%
Q1 24	281M	-2.0%
Q2 24	278M	-1.1%
Q3 24	276M	-0.8%
Q4 24	274M	-0.7%
Q1 25	272M	-0.5%
Q2 25	272M	-0.2%
Q3 25	271M	-0.1%
Q4 25	271M	-0.1%
Q1 26	271M	-0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$591K	60K
FY 15	$492K	57K
FY 16	$456K	57K
FY 17	$473K	60K
FY 18	$490K	74K
FY 19	$516K	74K
FY 20	$499K	70K
FY 21	$570K	76K
FY 22	$624K	82K
FY 23	$726K	83K
FY 24	$666K	76K
FY 25	$611K	73K