Revenue growth has turned positive at 7.0% in the latest quarter, but operating margin remains volatile, ranging from 15.7% to 24.8% over the past ten quarters, indicating significant sensitivity to cyclical demand swings.
Deere & Company (DE) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 47.68B | 44.66B | 50.52B | 60.25B | 51.28B | 43.03B | 34.72B | 38.38B | 36.46B | 28.62B | 25.9B | 28.16B | 35.24B | 37.11B | 35.48B | 31.39B | 25.4B | 22.6B | 27.87B | 23.54B | 21.66B | 21.19B | 19.2B | 15.53B | 13.95B | 13.29B | 13.14B | 11.52B | 13.63B | 12.62B | 11.06B |
| Revenue Growth % | 9.87% | -11.59% | -16.15% | 17.48% | 19.17% | 23.94% | -9.53% | 5.27% | 27.4% | 10.5% | -8.02% | -20.11% | -5.04% | 4.6% | 13.04% | 23.58% | 12.39% | -18.92% | 18.38% | 8.69% | 2.22% | 10.34% | 23.62% | 11.38% | 4.92% | 1.19% | 14.02% | -15.44% | 7.99% | 14.06% | 9.32% |
| Cost of Goods Sold | 30.64B | 28.37B | 31.02B | 37.94B | 35.55B | 29.32B | 23.86B | 27.02B | 25.78B | 20.03B | 18.36B | 20.3B | 24.93B | 25.81B | 25.13B | 22.03B | 17.6B | 16.45B | 19.87B | 16.5B | 15.56B | 15.18B | 13.58B | 11.29B | 10.11B | 9.85B | 8.94B | 7.9B | 8.99B | 8.21B | 7.21B |
| COGS % of Revenue | - | 63.52% | 61.41% | 62.98% | 69.33% | 68.13% | 68.73% | 70.4% | 70.72% | 70.01% | 70.88% | 72.11% | 70.73% | 69.55% | 70.82% | 70.2% | 69.28% | 72.77% | 71.29% | 70.09% | 71.86% | 71.63% | 70.73% | 72.67% | 72.5% | 74.12% | 68.02% | 68.57% | 65.99% | 65.07% | 65.18% |
| Gross Profit | 17.04B | 16.3B | 19.5B | 22.31B | 15.73B | 13.71B | 10.86B | 11.36B | 10.68B | 8.58B | 7.54B | 7.85B | 10.32B | 11.3B | 10.35B | 9.35B | 7.8B | 6.15B | 8B | 7.04B | 6.1B | 6.01B | 5.62B | 4.25B | 3.84B | 3.44B | 4.2B | 3.62B | 4.63B | 4.41B | 3.85B |
| Gross Margin % | 35.74% | 36.48% | 38.59% | 37.02% | 30.67% | 31.87% | 31.27% | 29.6% | 29.28% | 29.99% | 29.12% | 27.89% | 29.27% | 30.45% | 29.18% | 29.8% | 30.72% | 27.23% | 28.71% | 29.91% | 28.14% | 28.37% | 29.27% | 27.33% | 27.5% | 25.88% | 31.98% | 31.43% | 34.01% | 34.93% | 34.82% |
| Gross Profit Growth % | - | -16.41% | -12.6% | 41.81% | 14.69% | 26.32% | -4.42% | 6.4% | 24.39% | 13.83% | -3.98% | -23.87% | -8.73% | 9.18% | 10.67% | 19.9% | 26.8% | -23.11% | 13.62% | 15.54% | 1.4% | 6.93% | 32.41% | 10.71% | 11.47% | -18.1% | 16% | -21.86% | 5.15% | 14.45% | 12.48% |
| Operating Expenses | 8B | 7.88B | 8.07B | 7.71B | 6.7B | 6.05B | 6.49B | 6.53B | 6.3B | 5.65B | 5.3B | 5.1B | 5.68B | 5.76B | 5.51B | 5B | 4.57B | 4.29B | 4.31B | 3.73B | 3.28B | 3.14B | 2.93B | 2.65B | 2.6B | 2.7B | 2.05B | 2.93B | 2.75B | 2.65B | 2.33B |
| OpEx % of Revenue | - | 17.64% | 15.97% | 12.81% | 13.07% | 14.06% | 18.69% | 17% | 17.28% | 19.75% | 20.46% | 18.11% | 16.11% | 15.52% | 15.53% | 15.92% | 18% | 18.96% | 15.45% | 15.85% | 15.16% | 14.84% | 15.25% | 17.03% | 18.61% | 20.31% | 15.58% | 25.42% | 20.19% | 21.02% | 21.07% |
| Selling, General & Admin | 4.25B | 4.24B | 4.51B | 4.31B | 3.65B | 3.2B | 3.45B | 3.48B | 3.47B | 3.13B | 2.79B | 2.87B | 3.28B | 3.61B | 3.42B | 3.17B | 2.97B | 2.78B | 2.96B | 2.62B | 2.32B | 2.47B | 2.32B | 2.07B | 2.07B | 2.11B | 1.5B | 1.96B | 1.89B | 1.87B | 1.65B |
| SG&A % of Revenue | - | 9.5% | 8.92% | 7.15% | 7.11% | 7.44% | 9.92% | 9.08% | 9.52% | 10.93% | 10.78% | 10.2% | 9.32% | 9.71% | 9.63% | 10.1% | 11.69% | 12.3% | 10.62% | 11.13% | 10.73% | 11.64% | 12.07% | 13.32% | 14.82% | 15.87% | 11.46% | 16.99% | 13.86% | 14.86% | 14.9% |
| Research & Development | 2.38B | 2.31B | 2.29B | 2.18B | 1.91B | 1.59B | 1.64B | 1.78B | 1.66B | 1.37B | 1.39B | 1.43B | 1.45B | 1.48B | 1.43B | 1.23B | 1.05B | 977M | 943.1M | 816.8M | 725.8M | 677.3M | 611.6M | 577.3M | 527.8M | 590.1M | 542.1M | 458.4M | 444.4M | 412.3M | 370.3M |
| R&D % of Revenue | - | 5.17% | 4.53% | 3.61% | 3.73% | 3.69% | 4.73% | 4.65% | 4.55% | 4.8% | 5.38% | 5.06% | 4.12% | 3.98% | 4.04% | 3.91% | 4.14% | 4.32% | 3.38% | 3.47% | 3.35% | 3.2% | 3.18% | 3.72% | 3.78% | 4.44% | 4.13% | 3.98% | 3.26% | 3.27% | 3.35% |
| Other Operating Expenses | 4M | 1.33B | 1.27B | 1.23B | 1.15B | 1.26B | 1.4B | 1.26B | 1.17B | 1.15B | 1.11B | 801M | 942M | 678M | 660M | 601M | 550M | 528M | 403M | 294M | 235M | 0 | 0 | 0 | 0 | 0 | 0 | 513.3M | 418M | 365.6M | 311.4M |
| Operating Income | 9.05B | 8.42B | 11.43B | 14.59B | 9.03B | 7.66B | 4.37B | 4.83B | 4.38B | 2.93B | 2.24B | 2.75B | 4.64B | 5.54B | 4.84B | 4.36B | 3.23B | 1.87B | 3.7B | 3.31B | 2.81B | 2.87B | 2.69B | 1.6B | 1.24B | 740.9M | 2.15B | 692.5M | 1.88B | 1.76B | 1.52B |
| Operating Margin % | 18.97% | 18.84% | 22.62% | 24.22% | 17.6% | 17.81% | 12.58% | 12.6% | 12% | 10.25% | 8.66% | 9.78% | 13.16% | 14.93% | 13.65% | 13.89% | 12.72% | 8.26% | 13.26% | 14.07% | 12.98% | 13.53% | 14.02% | 10.3% | 8.89% | 5.57% | 16.39% | 6.01% | 13.82% | 13.91% | 13.75% |
| Operating Income Growth % | - | -26.35% | -21.68% | 61.66% | 17.79% | 75.44% | -9.64% | 10.49% | 49.22% | 30.75% | -18.56% | -40.62% | -16.32% | 14.46% | 11.09% | 34.91% | 73% | -49.47% | 11.61% | 17.8% | -1.97% | 6.49% | 68.31% | 29.04% | 67.34% | -65.6% | 211% | -63.24% | 7.33% | 15.4% | 15.85% |
| EBITDA | 10.2B | 10.64B | 13.54B | 16.59B | 10.92B | 9.71B | 6.49B | 6.85B | 6.3B | 4.65B | 3.8B | 4.14B | 5.94B | 6.68B | 5.85B | 5.27B | 4.15B | 2.74B | 4.53B | 4.06B | 3.5B | 3.5B | 3.31B | 2.23B | 1.97B | 1.46B | 2.8B | 1.21B | 2.3B | 2.12B | 1.83B |
| EBITDA Margin % | 21.39% | 23.83% | 26.81% | 27.54% | 21.3% | 22.57% | 18.68% | 17.86% | 17.29% | 16.24% | 14.68% | 14.69% | 16.87% | 18% | 16.48% | 16.8% | 16.32% | 12.13% | 16.24% | 17.23% | 16.17% | 16.54% | 17.26% | 14.36% | 14.09% | 10.98% | 21.33% | 10.47% | 16.89% | 16.81% | 16.56% |
| EBITDA Growth % | -6.02% | -21.41% | -18.38% | 51.95% | 12.44% | 49.75% | -5.36% | 8.74% | 35.59% | 22.24% | -8.07% | -30.42% | -11.05% | 14.3% | 10.86% | 27.21% | 51.25% | -39.46% | 11.61% | 15.8% | -0.04% | 5.74% | 48.52% | 13.54% | 34.67% | -47.92% | 132.34% | -47.61% | 8.53% | 15.74% | 14.81% |
| D&A (Non-Cash Add-back) | 1.15B | 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 |
| EBIT | 9.35B | 9.43B | 12.55B | 15.47B | 10.19B | 8.6B | 5.13B | 5.55B | 5.28B | 4.05B | 2.99B | 3.46B | 5.46B | 6.22B | 5.52B | 4.98B | 3.84B | 2.38B | 4.26B | 3.83B | 3.19B | 2.87B | 2.69B | 1.6B | 1.24B | 740.9M | 2.15B | 692.5M | 1.88B | 1.76B | 1.52B |
| Net Interest Income | -1.55B | -3.17B | -3.35B | -2.45B | -1.06B | -993M | -1.25B | -1.47B | -1.2B | -899M | -763.7M | -680M | -664M | -741.3M | -782.8M | -759.4M | -811.4M | -1.04B | -1.14B | -1.15B | -1.02B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.35B | 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 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.9B | 3.17B | 3.35B | 2.45B | 1.06B | 993M | 1.25B | 1.47B | 1.2B | 899M | 763.7M | 680M | 664M | 741.3M | 782.8M | 759.4M | 811.4M | 1.04B | 1.14B | 1.15B | 1.02B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.6B | -2.16B | -2.25B | -1.56B | 111M | -40M | -533M | -725M | -277M | 198M | -20.9M | 27.3M | 152.3M | -58.4M | -110.8M | -127M | -194.7M | -534.5M | -530.9M | -606.8M | -616.3M | -754.9M | -591.2M | -619.8M | -662.3M | -787.2M | -1.37B | -318.6M | -308.4M | -244.1M | -223.8M |
| Pretax Income | 6.45B | 6.26B | 9.18B | 13.03B | 9.14B | 7.62B | 3.83B | 4.11B | 4.1B | 3.13B | 2.22B | 2.78B | 4.79B | 5.48B | 4.73B | 4.23B | 3.04B | 1.33B | 3.16B | 2.7B | 2.19B | 2.11B | 2.1B | 980M | 577.5M | -46.3M | 779.3M | 373.9M | 1.58B | 1.51B | 1.3B |
| Pretax Margin % | 13.52% | 14.01% | 18.18% | 21.62% | 17.82% | 17.71% | 11.04% | 10.71% | 11.24% | 10.94% | 8.58% | 9.88% | 13.59% | 14.78% | 13.33% | 13.48% | 11.95% | 5.9% | 11.36% | 11.49% | 10.13% | 9.97% | 10.94% | 6.31% | 4.14% | -0.35% | 5.93% | 3.25% | 11.56% | 11.98% | 11.73% |
| Income Tax | 1.61B | 1.26B | 2.09B | 2.87B | 2.01B | 1.66B | 1.08B | 852M | 1.73B | 971M | 700.1M | 840.1M | 1.63B | 1.95B | 1.66B | 1.42B | 1.16B | 460M | 1.11B | 883M | 741.6M | 698.6M | 703.1M | 336.9M | 258.3M | 17.7M | 293.8M | 134.7M | 553.9M | 550.9M | 479.8M |
| Effective Tax Rate % | 24.95% | 20.12% | 22.81% | 22.04% | 21.97% | 21.75% | 28.21% | 20.73% | 42.14% | 31.02% | 31.51% | 30.21% | 33.96% | 35.49% | 35.08% | 33.64% | 38.26% | 34.51% | 35.11% | 32.65% | 33.79% | 33.07% | 33.46% | 34.38% | 44.73% | -38.23% | 37.7% | 36.03% | 35.16% | 36.46% | 36.99% |
| Net Income | 4.87B | 5.03B | 7.1B | 10.17B | 7.13B | 5.96B | 2.75B | 3.25B | 2.37B | 2.16B | 1.52B | 1.94B | 3.16B | 3.54B | 3.06B | 2.8B | 1.86B | 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 |
| Net Margin % | 10.22% | 11.25% | 14.05% | 16.87% | 13.91% | 13.86% | 7.92% | 8.48% | 6.5% | 7.54% | 5.88% | 6.89% | 8.97% | 9.53% | 8.64% | 8.92% | 7.34% | 3.87% | 7.37% | 7.74% | 7.82% | 6.83% | 7.32% | 4.14% | 2.29% | -0.48% | 3.7% | 2.08% | 7.5% | 7.61% | 7.39% |
| Net Income Growth % | -6.41% | -29.2% | -30.16% | 42.56% | 19.59% | 116.76% | -15.43% | 37.37% | 9.68% | 41.68% | -21.45% | -38.64% | -10.62% | 15.42% | 9.46% | 50.13% | 113.51% | -57.45% | 12.69% | 7.55% | 17.07% | 2.89% | 118.64% | 101.47% | 598.75% | -113.18% | 102.97% | -76.58% | 6.38% | 17.47% | 15.75% |
| Net Income (Continuing) | 4.84B | 5B | 7.09B | 10.15B | 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 | 872.9M | 2.05B | 1.82B | 1.45B | 1.41B | 1.4B | 643.1M | 319.2M | -64M | 485.5M | 239.2M | 1.02B | 960.1M | 817.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 240.6M | 32.8M | 7.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 44M | 57M | 89M | 101M | 95M | 3M | 7M | 18M | 17M | 17.2M | 24.8M | 14.2M | 2.9M | 1.9M | 19.9M | 14.6M | 13.1M | 4.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 18.00 | 18.50 | 25.62 | 34.63 | 23.28 | 18.99 | 8.69 | 10.15 | 7.24 | 6.68 | 4.81 | 5.77 | 8.63 | 9.09 | 7.63 | 6.63 | 4.35 | 2.06 | 4.70 | 4.00 | 3.59 | 2.94 | 2.78 | 1.32 | 0.67 | -0.14 | 1.03 | 0.51 | 2.08 | 1.87 | 1.56 |
| EPS Growth % | -5.91% | -27.79% | -26.02% | 48.75% | 22.59% | 118.53% | -14.38% | 40.19% | 8.38% | 38.88% | -16.64% | -33.14% | -5.06% | 19.13% | 15.08% | 52.41% | 111.17% | -56.17% | 17.5% | 11.42% | 22.11% | 5.76% | 110.61% | 97.01% | 578.57% | -113.59% | 101.96% | -75.48% | 11.23% | 19.87% | 15.56% |
| EPS (Basic) | - | 18.56 | 25.72 | 34.80 | 23.42 | 19.14 | 8.77 | 10.28 | 7.34 | 6.76 | 4.83 | 5.81 | 8.71 | 9.18 | 7.72 | 6.71 | 4.40 | 2.07 | 4.76 | 4.05 | 3.63 | 2.98 | 2.85 | 1.34 | 0.67 | -0.14 | 1.03 | 0.52 | 2.10 | 1.89 | 1.57 |
| Diluted Shares Outstanding | 270.7M | 271.7M | 277.1M | 293.6M | 306.3M | 314M | 316.6M | 320.6M | 327.3M | 323.3M | 316.6M | 336M | 366.1M | 389.2M | 401.5M | 422.4M | 428.6M | 424.4M | 436.3M | 455M | 471.6M | 492.8M | 506.2M | 487.2M | 480M | 474.07M | 471.36M | 469.02M | 491.06M | 513.42M | 525.59M |
| Basic Shares Outstanding | 269.8M | 270.9M | 276M | 292.2M | 304.5M | 311.6M | 313.5M | 316.5M | 322.6M | 319.5M | 315.2M | 333.6M | 363M | 385.3M | 397.1M | 417.4M | 424M | 422.8M | 431.1M | 449.3M | 466.8M | 486.6M | 494.4M | 479.93M | 476.42M | 474.07M | 469.08M | 464.47M | 486.38M | 507.99M | 520.57M |
| Dividend Payout Ratio | - | 34.22% | 22.61% | 14.04% | 18.41% | 17.44% | 34.75% | 28.99% | 34.03% | 35.39% | 49.96% | 42.08% | 24.86% | 21.28% | 22.77% | 21.18% | 25.92% | 54.2% | 21.83% | 21.23% | 20.57% | 20.02% | 17.54% | 32.73% | 65.44% | - | 42.43% | 85.87% | 20.79% | 21.28% | 25.61% |
Quick answers to the most common questions about buying DE stock.
For fiscal year 2025, Deere & Company (DE) reported total revenue of $44.66B. This represents a 303.8% increase compared to $11.06B in 1996.
Deere & Company (DE) is profitable, generating $5.03B in net income for the fiscal year ending 2025 with a net profit margin of 11.3%.
Deere & Company (DE) reported an operating income of $8.42B, resulting in an operating profit margin of 18.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Deere & Company (DE) generated $16.30B in gross profit for the year, representing a gross profit margin of 36.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical demand and margin compression
Metrics are mathematically derived from official filings.
Revenue Growth Reverses Course
After a period of severe contraction, Deere's revenue growth has turned positive, with the most recent quarter showing a 7.0% year-over-year increase, a significant reversal from the double-digit declines seen throughout 2025.
The shift from consistent negative growth (e.g., -30.3% in 2025Q1) to positive territory suggests the company may be navigating through the trough of the agricultural equipment cycle. However, the magnitude of the rebound varies significantly by quarter, indicating the recovery is not yet uniform and may be influenced by seasonal factors or specific segment performance.
Gross Margin Resilience Amidst Volatility
Deere's gross margin has demonstrated notable resilience, recovering to 37.0% in the latest quarter after dipping to 32.6% in 2025Q4, suggesting effective pricing power and cost management despite cyclical revenue pressures.
The margin profile appears structurally superior to peers like CNH Industrial (31.5% gross margin) and AGCO (24.8%), supporting the thesis of a premium brand and high-margin financial services mix. The fluctuation in margins, however, indicates sensitivity to volume-driven fixed-cost absorption, a key risk during cyclical downturns.
Operating Leverage Amplifies Earnings Swings
Operating income has shown high sensitivity to revenue changes, with operating margin expanding to 20.6% in 2026Q3 from 15.7% in 2025Q4, indicating significant operating leverage in the cost structure.
This leverage is a double-edged sword; it amplifies profitability during upswings but can lead to rapid margin compression when volumes decline, as seen in the 2025 fiscal year. The recent improvement suggests management is successfully scaling overhead costs relative to the recovering revenue base, but the sustainability of this leverage depends on the durability of the demand recovery.
EPS Volatility and Non-Operating Influences
Reported EPS has been highly volatile, swinging from a -48.8% decline in 2025Q1 to a 7.4% increase in 2026Q3, with the recent beat of $5.10 versus the $4.14 estimate highlighting the impact of non-operational factors.
The significant variance in EPS growth rates, which do not always align with revenue growth, suggests that items such as tax provisions, financial services income, and share repurchases are material drivers of bottom-line results. Investors should focus on the underlying operating income trend to assess core business performance, as the net income figure appears heavily influenced by the consolidated financial services segment.
R&D Investment Persists Through Downturn
Research and development expenses have remained consistently high, ranging from $526M to $681M per quarter, indicating a commitment to technology leadership even during periods of revenue contraction.
This sustained R&D spend, which appears to be a fixed priority, supports the long-term 'Smart Industrial' strategy but adds pressure to operating margins during cyclical lows. The discipline in SG&A, which has generally been held flat or reduced in line with revenue, suggests management is actively managing discretionary spending to protect profitability.
Cyclical Recovery May Mask Structural Risks
The recent positive revenue growth and EPS beat could be masking underlying cyclical risks, as the company's performance remains heavily tied to volatile Net Farm Income and commodity prices.
A short-seller would focus on the fact that the recovery is occurring against a backdrop of softening global crop prices and elevated interest rates, which historically pressure equipment demand. Furthermore, the high operating leverage means any future demand shortfall could quickly erode the recently improved margins, and the premium valuation assumes a smooth transition to a higher-margin technology mix that is not yet fully reflected in the financials.