DE DEERE & CO

Overview and Growth

Fiscal 2025 results for DEERE & CO combined $45.68B of revenue with net income of $5.03B and an operating cash inflow of $7.46B. Revenue of $45.68B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 11.7% below fiscal 2024 revenue of $51.72B, marking a top-line contraction. The company reported diluted EPS of $18.50, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 27.8% from $25.62 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The diluted weighted-average share count was 271.70M, linking total earnings with the per-share result received by shareholders. Diluted shares moved 1.9% from 277.10M in fiscal 2024, leaving the current share base lower year over year. The company employed $106.00B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.43x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After all reported below-operating-line items, the company recorded net income of $5.03B for the fiscal year. Net margin was 11.0%, meaning that this portion of revenue remained as net income after all recognized expenses. The reported income-tax provision was $1.26B, the amount recognized between pretax income and the final net-income result. Return on period-end equity was 19.4%, relating annual net income to the equity capital on the balance sheet. Net income represented 4.7% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $7.10B to $5.03B, with the current outcome ending below that comparison.

Liquidity and Capital Structure

At period end, the $106.00B asset base was financed through $79.99B of liabilities and $25.96B of equity. Cash and equivalents totaled $8.28B, identifying the most liquid reported component available within the broader current-asset balance. Book equity represented 24.5% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 75.5%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 7.8%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 1.2% from $107.32B in fiscal 2024, leaving current total assets lower year over year. Book equity was 13.6% higher than fiscal 2024 equity of $22.84B, showing how shareholder capital changed year over year. The reported cash balance changed 13.0% from $7.32B in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $7.46B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.48x, showing the relationship between accrual earnings and operating cash. Capital spending was $1.36B, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 18.2%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $6.10B, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 13.4%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 5.8%, showing the cash productivity of the company’s assets. Operating cash flow of $7.46B finished below fiscal 2024 operating cash flow of $9.23B, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Nov 2, 2025. Analysis generated Oct 21, 2026.