Free cash flow remains highly erratic, oscillating between a negative $1.9 billion in 2025Q1 and a positive $3.5 billion in 2024Q4, driven primarily by significant working capital adjustments.
| Metric | TTM | Nov'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Nov'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Cash from Operations | 7.93B | 7.46B | 9.23B | 8.59B | 4.7B | 7.73B | 7.48B | 3.41B | 1.82B | 2.2B | 3.76B | 3.74B | 3.53B | 3.25B | 1.17B | 2.33B | 2.28B | 1.98B | 1.95B | 2.76B | 973.2M | 1.22B | 1.16B | 1.54B | 1.88B | 1.11B | 1.08B | 1.43B | 416.9M | 1.16B | 1.34B |
| Operating CF Margin % | - | 16.7% | 18.27% | 14.26% | 9.16% | 17.95% | 21.55% | 8.89% | 4.99% | 7.69% | 14.53% | 13.28% | 10% | 8.77% | 3.29% | 7.41% | 8.99% | 8.78% | 6.99% | 11.72% | 4.49% | 5.74% | 6.05% | 9.89% | 13.47% | 8.38% | 8.22% | 12.45% | 3.06% | 9.17% | 12.15% |
| Operating CF Growth % | 4.12% | -19.2% | 7.47% | 82.78% | -39.18% | 3.25% | 119.31% | 87.44% | -17.25% | -41.56% | 0.64% | 6.08% | 8.35% | 178.69% | -49.8% | 1.93% | 14.98% | 1.84% | -29.37% | 183.54% | -20.01% | 4.65% | -24.3% | -18.24% | 68.7% | 3.09% | -24.71% | 244.09% | -63.96% | -13.96% | 60.16% |
| Net Income | 4.78B | 5.03B | 7.09B | 10.17B | 7.13B | 5.96B | 2.75B | 3.26B | 2.37B | 2.16B | 1.52B | 1.94B | 3.16B | 3.54B | 3.07B | 2.81B | 1.87B | 873.5M | 2.05B | 1.82B | 1.69B | 1.45B | 1.41B | 643.1M | 319.2M | -64M | 485.5M | 239.2M | 1.02B | 960.1M | 817.3M |
| Depreciation & Amortization | 1.72B | 2.23B | 2.12B | 2B | 1.9B | 2.05B | 2.12B | 2.02B | 1.93B | 1.72B | 1.56B | 1.38B | 1.31B | 1.14B | 1B | 914.9M | 914.8M | 873.3M | 831M | 744.4M | 691.4M | 636.5M | 621M | 631.4M | 725.3M | 718.3M | 647.9M | 513.3M | 418M | 365.6M | 311.4M |
| Stock-Based Compensation | 50M | 0 | 208M | 130M | 85M | 82M | 81M | 82M | 83.8M | 68.1M | 56.1M | 66.1M | 78.5M | 80.7M | 74.5M | 69M | 71.2M | 70.5M | 70.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -281M | -288M | -294M | -790M | -66M | -441M | -11M | -465M | 1.48B | 100.1M | 282.7M | -18.4M | -280.1M | -172.6M | -91.8M | -168M | 175M | 171.6M | 89.7M | -4.2M | 15.8M | -49.3M | 385M | 33.1M | -1.2M | -230.3M | -132.9M | -162.4M | 141.9M | -6.9M | -65M |
| Other Non-Cash Items | 933M | 459M | 292M | 416M | -30M | -326M | 672M | 182M | 32.3M | -550.8M | 30.1M | 129.4M | -87.9M | 84M | -193.3M | -541.5M | 474.5M | 492M | -133M | 153M | 156.6M | 22M | 72.1M | 101.3M | 263.6M | 62.8M | 73.8M | 69.8M | -165.4M | 13.2M | 14.2M |
| Working Capital Changes | 751M | 32M | -181M | -3.34B | -4.32B | 396M | 1.87B | -1.66B | -4.07B | -1.29B | 314.1M | 239.9M | -654.4M | -1.42B | -2.7B | -755.9M | -1.23B | -496.1M | -962.1M | 61.6M | -1.21B | -839.4M | -1.32B | 126.8M | 388M | 494.1M | 5.7M | 774.6M | -1.05B | -226M | 209.2M |
| Change in Receivables | 1.07B | 1.08B | 421M | -4.25B | -2.48B | 969M | 2.01B | -142M | -1.53B | -838.9M | 335.2M | 811.6M | -749M | -1.51B | -1.9B | -808.9M | -1.1B | 481.8M | -428.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 802.3M | 0 | 0 | 0 |
| Change in Inventory | -241M | -275M | 788M | 279M | -2.09B | -2.5B | 397M | -780M | -1.77B | -1.31B | -106.1M | -691.4M | -297.9M | -728.4M | -1.51B | -1.73B | -1.05B | 452.5M | -1.2B | -357.2M | -78M | -324.1M | -293.7M | 84.1M | 85.8M | 136.5M | -184M | 50.7M | -192.6M | -255.2M | -75.1M |
| Change in Payables | 314M | -251M | 0 | 830M | 1.13B | 1.88B | -7M | 13M | 722.3M | 968M | -155.2M | -170.2M | -287M | 480.5M | 723.3M | 1.29B | 1.06B | -1.17B | 702.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -170.8M | 0 | 0 | 0 |
| Cash from Investing | -2.74B | -2.06B | -6.46B | -8.75B | -8.48B | -5.75B | -3.32B | -3.92B | -8.15B | -1.64B | -1.18B | -1.06B | -2.88B | -4.82B | -4B | -2.62B | -2.11B | -57M | -1.43B | -1.93B | -1.15B | -5.17B | -1.74B | -896.1M | -314M | -2.36B | -3.11B | -651.8M | -1.12B | -1.38B | -1.22B |
| Capital Expenditures | -4.17B | -4.23B | -4.8B | -4.47B | -3.79B | -2.58B | -2.66B | -3.45B | -2.95B | -2.59B | -2.96B | -2.83B | -2.66B | -2.38B | -2.12B | -1.68B | -1.31B | -1.31B | -1.61B | -1.48B | -766M | -512.6M | -363.8M | -309.6M | -358.7M | -491M | -426.7M | -531.3M | -537.8M | -484.9M | -275.9M |
| CapEx % of Revenue | 8.89% | 9.47% | 9.51% | 7.42% | 7.39% | 6% | 7.65% | 8.99% | 8.09% | 9.06% | 11.41% | 10.04% | 7.55% | 6.4% | 5.98% | 5.35% | 5.17% | 5.79% | 5.77% | 6.3% | 3.54% | 2.42% | 1.89% | 1.99% | 2.57% | 3.69% | 3.25% | 4.61% | 3.95% | 3.84% | 2.49% |
| Acquisitions | 1.08B | 1.82B | 0 | -82M | -498M | -244M | -66M | 93M | -5.09B | -170.3M | -117.4M | 149.2M | 345.8M | -61.5M | 30.2M | 850.3M | -10.6M | -49.8M | -210.3M | -112.1M | 384.4M | -169.7M | -192.9M | -10.6M | -506.9M | -315.2M | -643.3M | -215.8M | 154.5M | 101.9M | 86M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 445M | 572M | -1.44B | -4.2B | -4.2B | -2.84B | -560M | -517M | -58.7M | 832.1M | 1.9B | 912.4M | -975.4M | -2.2B | -1.23B | -1.24B | -760.7M | 505.3M | -204.6M | -543.9M | -1.21B | -2.28B | -1.17B | -534.1M | 564M | -1.52B | -2.23B | 72.8M | -701M | -1.06B | -1B |
| Cash from Financing | -5.38B | -4.58B | -2.72B | 2.81B | 826M | -1.08B | -980M | 509M | 876.4M | 4.29B | -2.41B | -2.12B | -288.3M | 406.5M | 3.88B | 139.6M | -1.01B | 470.3M | -648.5M | -281M | -416.8M | 3.05B | -668.5M | 858.9M | 225.9M | 2B | 2.03B | -795.1M | 686.7M | 268.9M | -200M |
| Debt Issued (Net) | -2.75B | -1.64B | 3.01B | 11.52B | 5.76B | 2.45B | 528M | 2.64B | 2.04B | 3.31B | -1.41B | 847.8M | 3.11B | 2.52B | 6.14B | 2.21B | -298.6M | 1.07B | 1.32B | 1.25B | 828.3M | 4.11B | -479.2M | 897.1M | 389.5M | 2.19B | 2.22B | -544.8M | 1.76B | 857.7M | 245.4M |
| Equity Issued (Net) | -800M | -1.14B | -4.01B | -7.22B | -3.53B | -2.39B | -419M | -1.07B | -958M | -6M | -205.4M | -2.77B | -2.73B | -1.36B | -1.53B | -1.5B | -229.7M | 13.3M | -1.57B | -1.23B | -971.7M | -765.3M | 57.7M | 174.1M | 46.8M | 16.5M | 15.3M | -44.8M | -863.2M | -384.3M | -235.7M |
| Dividends Paid | -1.75B | -1.72B | -1.6B | -1.43B | -1.31B | -1.04B | -956M | -943M | -805.8M | -764M | -761.3M | -816.3M | -786M | -752.9M | -697.9M | -593.1M | -483.5M | -473.4M | -448.1M | -386.7M | -348.4M | -289.7M | -246.6M | -210.5M | -208.9M | -206.5M | -206M | -205.4M | -212.4M | -204.3M | -209.3M |
| Share Repurchases | -800M | -1.14B | -4.01B | -7.22B | -3.6B | -2.54B | -750M | -1.25B | -957.9M | -6M | -205.4M | -2.77B | -2.73B | -1.53B | -1.59B | -1.67B | -358.8M | -3.2M | -1.68B | -1.52B | -1.3B | -918.9M | -193.1M | -400K | -1.2M | -1.3M | -600K | -49M | -885.9M | -419.1M | -274.7M |
| Other Financing | -80M | -79M | -113M | -73M | -92M | -98M | -133M | -116M | 597M | 1.75B | -28.7M | 620.1M | 116.7M | -8.6M | -36.1M | 21.6M | 2.1M | -137.3M | 46.5M | 91M | 75M | -1.9M | -400K | -1.8M | -1.5M | -2.8M | -1.3M | -100K | -1.2M | -200K | -400K |
| Net Change in Cash | -7M | 952M | 13M | 2.68B | -3.18B | 953M | 3.22B | -59M | -5.43B | 5B | 173.6M | 375.2M | 283M | -1.15B | 1B | -143.4M | -861.1M | 2.44B | -67.2M | 591.1M | -570.7M | -922.9M | -1.2B | 1.57B | 1.78B | 738.3M | -3.8M | -14.2M | -20.3M | 38.5M | -72.2M |
| Free Cash Flow | 3.77B | 3.23B | 4.43B | 4.12B | 911M | 5.15B | 4.83B | -37M | -1.13B | -392.5M | 809.2M | 914.2M | 866.6M | 879M | -953.3M | 645.5M | 969.4M | 676.7M | 340.8M | 1.28B | 207.2M | 704M | 798.7M | 1.23B | 1.52B | 622.4M | 653.3M | 903.2M | -120.9M | 671.8M | 1.07B |
| FCF Margin % | 8.04% | 7.23% | 8.77% | 6.84% | 1.78% | 11.96% | 13.9% | -0.1% | -3.1% | -1.37% | 3.12% | 3.25% | 2.46% | 2.37% | -2.69% | 2.06% | 3.82% | 2.99% | 1.22% | 5.42% | 0.96% | 3.32% | 4.16% | 7.89% | 10.9% | 4.68% | 4.97% | 7.84% | -0.89% | 5.32% | 9.66% |
| FCF Growth % | -13.02% | -27.05% | 7.47% | 352.36% | -82.3% | 6.61% | 13145.95% | 96.73% | -187.85% | -148.5% | -11.49% | 5.49% | -1.41% | 192.21% | -247.68% | -33.41% | 43.25% | 98.56% | -73.27% | 515.44% | -70.57% | -11.86% | -34.86% | -19.31% | 144.15% | -4.73% | -27.67% | 847.06% | -118% | -37.13% | 85.18% |
| FCF per Share | 13.91 | 11.89 | 15.98 | 14.04 | 2.97 | 16.39 | 15.25 | -0.12 | -3.45 | -1.21 | 2.56 | 2.72 | 2.37 | 2.26 | -2.37 | 1.53 | 2.26 | 1.59 | 0.78 | 2.80 | 0.44 | 1.43 | 1.58 | 2.52 | 3.17 | 1.31 | 1.39 | 1.93 | -0.25 | 1.31 | 2.03 |
| FCF Conversion (FCF/Net Income) | 0.79x | 1.48x | 1.30x | 0.84x | 0.66x | 1.30x | 2.72x | 1.05x | 0.77x | 1.02x | 2.47x | 1.93x | 1.12x | 0.92x | 0.38x | 0.83x | 1.22x | 2.27x | 0.95x | 1.51x | 0.57x | 0.84x | 0.83x | 2.39x | 5.88x | -17.40x | 2.22x | 6.00x | 0.41x | 1.20x | 1.64x |
| Interest Paid | 0 | 0 | 3.3B | 2.22B | 1.1B | 1.04B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2.52B | 3.58B | 1.94B | 2.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical working capital volatility
Based on reported financial statements, the relationship between net income and operating cash flow exhibits extreme volatility, with OCF/NI ratios swinging from -1.36 in 2026Q1 to 4.09 in 2024Q4, indicating that accounting earnings are frequently decoupled from actual cash generation due to significant accrual adjustments.
The wide variance in the OCF/NI ratio suggests that net income is a poor proxy for short-term liquidity, likely driven by the timing of equipment deliveries and the financing of customer receivables. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting treatment of the captive finance arm's credit provisions.
As reported in recent quarterly filings, DE's free cash flow trajectory remains highly erratic, oscillating between a negative $1.9 billion in 2025Q1 and a positive $3.5 billion in 2024Q4, which underscores the company's susceptibility to seasonal demand shifts and heavy capital intensity requirements.
The recurring negative FCF in the first fiscal quarter of each year suggests a structural pattern of inventory build-up ahead of the planting season. This pattern implies that the company must maintain significant liquidity buffers to fund operations during these periods of cash burn, limiting the predictability of shareholder returns.
According to the provided cash flow data, working capital changes are the primary determinant of quarterly cash flow, with swings as large as $3.3 billion in 2024Q4, highlighting the company's reliance on efficient inventory management and receivables collection to maintain positive operating cash flow.
The massive fluctuations in working capital suggest that the company's cash position is highly sensitive to dealer inventory levels and the speed at which farmers convert equipment into cash. If dealer inventory-to-sales ratios remain elevated, the company may face continued pressure on its cash conversion cycle, potentially necessitating further production adjustments.
Based on historical cash flow statements, DE has consistently prioritized dividend payments of approximately $400 million per quarter, even during periods of negative free cash flow, suggesting a commitment to shareholder returns that may be testing the limits of its current cash generation capacity.
The company's decision to maintain dividends while simultaneously managing significant share repurchases during periods of cash volatility warrants further investigation into the sustainability of this payout policy. If the current cyclical downturn persists, the company may need to moderate its buyback activity to preserve capital for core operational needs.
Quick answers to the most common questions about buying DE stock.
Deere & Company (DE) generated $7.46B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Deere & Company (DE) generated $3.23B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Deere & Company (DE) spent $4.23B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Deere & Company (DE) returned $1.72B to shareholders via cash dividends and spent $1.14B on share repurchases. This shows the company's commitment to returning capital to its equity investors.