DE FY 2023 Earnings Report — Deere & Company Revenue & Financial Results | Market Cap Arena

Deere & CompanyDE

FY 2023 Earnings

Reported December 15, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$60.2B	—	$51.3B	—	17.5%
Op. Income	$14.6B	—	$9.0B	—	61.7%
Gross Margin	37.0%	—	30.7%	—	6.4pp
Net Margin	16.9%	—	13.9%	—	3.0pp
EPS (Diluted)	$34.63	—	$23.28	—	48.8%
Free Cash Flow	$4.1B	—	$911M	—	352.4%

Revenue Flow

Item	Amount
REVENUE	$60.2B
Cost of Revenue	$37.9B
GROSS PROFIT	$22.3B
R&D Expenses	$2.2B
Selling & Marketing	$0
General & Administrative	$4.3B
SG&A Expenses	$4.3B
Other Expenses	$1.2B
Operating Expenses	$7.7B
Cost & Expenses	$45.7B
OPERATING INCOME	$14.6B
Interest Income	$0
Interest Expense	$2.5B
Other Income/Expenses	-$1.6B
INCOME BEFORE TAX	$13.0B
Income Tax Expense	$2.9B
Net Income from Continuing Ops	$10.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$10.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$10.2B
D&A	$2.0B
EBIT	$15.5B
EBITDA	$17.5B
EPS	$35
EPS Diluted	$35

Income Statement

Item	Amount
REVENUE	$60.2B
Cost of Revenue	$37.9B
GROSS PROFIT	$22.3B
R&D Expenses	$2.2B
Selling & Marketing	$0
General & Administrative	$4.3B
SG&A Expenses	$4.3B
Other Expenses	$1.2B
Operating Expenses	$7.7B
Cost & Expenses	$45.7B
OPERATING INCOME	$14.6B
Interest Income	$0
Interest Expense	$2.5B
Other Income/Expenses	-$1.6B
INCOME BEFORE TAX	$13.0B
Income Tax Expense	$2.9B
Net Income from Continuing Ops	$10.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$10.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$10.2B
D&A	$2.0B
EBIT	$15.5B
EBITDA	$17.5B
EPS	$35
EPS Diluted	$35

Cash Flow Statement

Item	Amount
Net Income	$10.2B
Depreciation & Amortization	$2.0B
Stock-Based Compensation	$130M
Deferred Income Tax	-$790M
Other Non-Cash Items	$416M
Change in Working Capital	-$3.3B
OPERATING CASH FLOW	$8.6B
Capital Expenditure	-$4.5B
Acquisitions (Net)	-$82M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$4.2B
NET CASH FROM INVESTING	-$8.7B
Net Debt Issuance	$11.5B
Common Stock Repurchased	-$7.2B
Common Dividends Paid	-$1.4B
Other Financing Activities	-$73M
NET CASH FROM FINANCING	$2.8B
FREE CASH FLOW	$4.1B
Net Change in Cash	$2.7B

Balance Sheet

Item	Amount
Cash & Equivalents	$7.5B
Short-Term Investments	$946M
Net Receivables	$58.8B
Inventory	$8.2B
Other Current Assets	$829M
TOTAL CURRENT ASSETS	$76.4B
PP&E (Net)	$14.2B
Goodwill	$3.9B
Intangible Assets	$1.6B
Long-Term Investments	$126M
Tax Assets	$1.8B
Other Non-Current Assets	$6.1B
TOTAL NON-CURRENT ASSETS	$27.7B
TOTAL ASSETS	$104.1B
Account Payables	$3.5B
Short-Term Debt	$24.9B
Deferred Revenue	$1.1B
Other Current Liabilities	$1.1B
TOTAL CURRENT LIABILITIES	$38.9B
Long-Term Debt	$38.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$520M
Other Non-Current Liabilities	$4.3B
TOTAL NON-CURRENT LIABILITIES	$43.3B
TOTAL LIABILITIES	$82.2B
Common Stock	$5.3B
Additional Paid-In Capital	$0
Retained Earnings	$50.9B
Treasury Stock	-$31.3B
Accum. Other Comp. Income	-$3.1B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$21.8B
Minority Interest	$101M
TOTAL EQUITY	$21.9B
TOTAL LIABILITIES & EQUITY	$104.1B
Total Debt	$63.7B
Net Debt	$56.2B