Deere & Company (DE) financials

NYSE · Industrials · Agricultural - Machinery · 73,100 employees · CEO John C. May

Price: $675.48 +2.35%
Market cap: $182B
Enterprise value: $237B
Last report: Q3 '26 filed 2026-08-27
Next report: 2026-11-25 EPS est. $4.07

Revenue (TTM)$47.7B+9.9% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)19.0%-1.0 pp vs a year agoOperating income $9.05B

Net income (TTM)$4.87B-6.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.87B-5.7% vs a year agoCapex $3.38B

Diluted EPS (TTM)$18.00-5.9% vs a year agoSum of the last 4 quarters

Net cash-$53.9B+4.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $182B
Revenue: $47.7B
Revenue growth: -7%
Profit margin: 10.2%
P/E: 37.4×
P/S: 3.8×
EV / EBITDA: 20.3×
Free cash flow: $3.87B
Net income: $4.87B
Revenue estimate: $41.4B
Earnings: 2026-11-25
Dividend: $6.48

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-20): revenue beat by 16.6%, EPS beat by 8.7%Revenue $12.6B vs $10.8B expected (+16.6%); EPS $5.10 vs $4.69 (+8.7%).
Revenue growth steady: 7.0% year on yearQ3 '26 revenue $12.6B, against an average of 6.6% over the four quarters before.
Operating margin 19.0% (TTM), -1.0 pp on a year agoOperating income grew 4.4% while revenue grew 9.9%.
40.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $6.45B vs operating income $9.05B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 7.1% of revenue (a year ago 10.3%)$3.38B invested in the last 4 quarters (-24.2% on a year earlier). Free cash flow $3.87B = 79.4% of net income.
Returned $2.45B to shareholders = 63.4% of free cash flowBuybacks $699M (a year earlier $1.92B), dividends $1.75B, stock-based pay $163M (TTM).
Diluted share count down 0.3% in a year271M diluted shares in Q3 '26, 271M a year earlier.
Net debt $53.9BCash + short-term investments $10.3B, debt incl. leases $64.2B; a year ago net debt $56.7B.
Construction And Forestry Segment: revenue +18.0%, margin 11.8% (was 7.6%)Fastest-growing reported segment in Q3 '26: operating income $436M on revenue $3.69B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-08-02. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$12.6B	$11.8B	+7.0%
Gross margin	37.0%	35.8%	+1.3 pp
Operating income	$2.59B	$2.16B	+20.1%
Operating margin	20.6%	18.3%	+2.2 pp
Net income	$1.38B	$1.29B	+7.0%
Diluted EPS	$5.10	$4.75	+7.4%
Operating cash flow	$2.21B	$2.9B	-23.8%
Capex	$265M	$1.05B	-74.8%
Free cash flow	$1.94B	$1.84B	+5.4%
R&D	$567M	$556M	+2.0%
Stock-based compensation	$47M	$50M	-6.0%

Reported vs consensus

2026-08-20

	Actual	Consensus	vs consensus
Revenue	$12.6B	$10.8B	+16.6%
EPS (as estimated)	$5.10	$4.69	+8.7%

From the report of 2026-08-20 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Production & Precision Ag (PPA)	$3.92B	-6.3%	31.1%	$16.1B	-13.5%
Compact Construction Equipment	$2.13B	+25.3%	16.9%	$7.85B	-25.6%
Small Agriculture	$2.43B	+10.8%	19.2%	$8.12B	-25.6%
Financial Products	$1.49B	-3.5%	11.8%	$6.12B	-21.0%
Turf	$875M	+15.1%	6.9%	$3.07B	-30.0%
Roadbuilding	$1.15B	+13.1%	9.1%	$4.18B	-6.5%
Other	–	–	–	–	–
Forestry	$283M	-3.1%	2.2%	$1.2B	-9.2%
Material Reconciling Items	$342M	+0.9%	2.7%	$1.39B	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
United States	$6.81B	+13.4%	54.0%	$25.3B	+6.2%
Western Europe	$1.87B	-7.8%	14.8%	$7.13B	+14.7%
Latin America	$1.26B	-13.8%	10.0%	$5.25B	-2.6%
Asia, Africa, Oceania, and Middle East	$1.23B	+13.1%	9.8%	$4.81B	+20.0%
CANADA	$947M	+5.8%	7.5%	$3.74B	+5.0%
Central Europe and Commonwealth of Independent States	$484M	-9.7%	3.8%	$1.75B	+21.8%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Production And Precision Agriculture Segment	$4.1B	-6.5%	$527M	-9.1%	12.9%	13.2%	$1.98B
Construction And Forestry Segment	$3.69B	+18.0%	$436M	+84.0%	11.8%	7.6%	$1.48B
Small Agriculture And Turf Segment	$3.45B	+11.6%	$622M	+28.2%	18.0%	15.7%	$1.56B
Financial Services Segment	–	–	$271M	+1.9%	–	–	$1.2B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $7.25B
Capex: -$3.38B
Buybacks: -$699M
Dividends: -$1.75B
Acquisitions: $481M
Net debt issued: -$2.31B
Stock-based compensation: $163M
Free cash flow: $3.87B
Returned to shareholders / FCF: 63.4%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	37.4×	17.4×	10.6× – 24.9×
EV / EBITDA	20.3×	13.0×	9.4× – 15.5×
EV / Sales	5.0×	3.4×	2.7× – 4.0×
Price / FCF	47.1×	48.9×	21.7× – 132.3×
Price / Book	6.5×	5.4×	4.8× – 6.1×
FCF yield	2.1%	3.1%	0.8% – 4.6%
Return on invested capital	22.1%	9.3%	7.1% – 12.6%
Return on equity	18.1%	32.9%	19.4% – 46.7%

Analysts

Consensus target $731.20 (+8.2%)
range $570.00 – $813.00 · rating Buy

Strong buy0

Buy20

Hold20

Sell6

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$41.4B	-7.3%	$18.08	-2.3%	37.4×	18
FY2027	$45B	+8.7%	$22.66	+25.4%	29.8×	18
FY2028	$48.6B	+8.0%	$27.21	+20.1%	24.8×	14

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 299 figures Deere & Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities	$13.7B	$13.6B	+0.6%	$13.9B	$14.5B	-4.4%
Accounts Payable, Other	$192M	$215M	-10.7%	$191M	$204M	-6.4%
Accounts Receivable, after Allowance for Credit Loss	$7.72B	$6.1B	+26.5%	$5.32B	$5.33B	-0.2%
Accrued Employee Benefits	$1.14B	$1.36B	-15.8%	$1.58B	$1.93B	-18.1%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$2.98B	-$3.11B	+4.2%	-$3.03B	-$3.71B	+18.2%
Advertising Expense	–	–	–	$235M	$230M	+2.2%
Amortization of Intangible Assets	$40M	$31M	+29.0%	$143M	$166M	-13.9%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	200K	-100.0%	200K	300K	-33.3%
Assets	$108B	$108B	-0.2%	$106B	$107B	-1.2%
Assets for Plan Benefits, Defined Benefit Plan	$3.54B	$3.18B	+11.3%	$3.27B	$2.92B	+12.1%
Capital Expenditures Incurred but Not yet Paid	–	–	–	$167M	$208M	-19.7%
Capitalized Computer Software, Amortization	–	–	–	$227M	$180M	+26.1%
Capitalized Computer Software, Net	$470M2025-11-02	$504M	-6.7%	$470M	$504M	-6.7%
Cash and Cash Equivalents, at Carrying Value	$8.93B	$8.58B	+4.1%	$8.28B	$7.32B	+13.0%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	–	–	–	-$9M	-$6M	-50.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$9.15B	$8.85B	+3.4%	$8.53B	$7.63B	+11.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.02B	$668M	+51.9%	$900M	$13M	+6,823.1%
Collateral Already Posted, Aggregate Fair Value	$126M	$122M	+3.3%	$62M	$245M	-74.7%
Common Stock, Dividends, Per Share, Cash Paid	$1.62	$1.62	0.0%	$6.33	$5.76	+9.9%
Common Stock, Dividends, Per Share, Declared	$1.62	$1.62	0.0%	$6.48	$5.88	+10.2%
Common Stock, Par or Stated Value Per Share	$1.00	$1.00	0.0%	$1.00	$1.00	0.0%
Common Stock, Shares Authorized	1.2B2025-11-02	1.2B	0.0%	1.2B	1.2B	0.0%
Common Stock, Shares, Issued	536M	536M	0.0%	536M	536M	0.0%
Common Stock, Shares, Outstanding	270M2025-11-02	272M	-0.5%	270M	272M	-0.5%
Common Stock, Value, Issued	$5.83B	$5.62B	+3.7%	$5.67B	$5.49B	+3.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	-$3M	-$16M	+81.3%	-$24M	-$11M	-118.2%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.17B	$1.59B	-26.2%	$5.7B	$6.51B	-12.4%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.17B	$1.57B	-25.7%	$5.68B	$6.5B	-12.6%
Contract with Customer, Liability	$891M	$874M	+1.9%	$837M	$744M	+12.5%
Costs and Expenses	$10.7B	$10.4B	+3.0%	$39.4B	$42.5B	-7.3%
Current Federal Tax Expense (Benefit)	–	–	–	$400M	$1.25B	-68.1%
Current Foreign Tax Expense (Benefit)	–	–	–	$1.04B	$878M	+18.9%
Current Income Tax Expense (Benefit)	–	–	–	$1.55B	$2.39B	-35.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$103M	$257M	-59.9%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$140M	$161M	-13.0%	$155M	$156M	-0.6%
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	–	–	–	$0	$0	–
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff	–	–	–	$0	$0	–
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost	$187M	$211M	-11.4%	$218M	$199M	+9.5%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value	$162M	$183M	-11.5%	$197M	$171M	+15.2%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost	$554M	$480M	+15.4%	$472M	$456M	+3.5%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	$528M	$463M	+14.0%	$465M	$435M	+6.9%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost	$381M	$382M	-0.3%	$381M	$386M	-1.3%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	$375M	$375M	0.0%	$376M	$356M	+5.6%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost	$30M	$94M	-68.1%	$71M	$28M	+153.6%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	$29M	$94M	-69.1%	$72M	$27M	+166.7%
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost	$236M	$250M	-5.6%	$257M	$193M	+33.2%
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value	$209M	$223M	-6.3%	$234M	$165M	+41.8%
Debt, Current	$17.1B	$14.6B	+17.2%	$13.8B	$13.5B	+1.9%
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss	$1.39B	$1.42B	-2.0%	$1.4B	$1.26B	+10.9%
DebtSecuritiesAvailableForSaleExcludingAccruedInterest	$1.3B	$1.34B	-2.6%	$1.34B	$1.15B	+16.5%
Deferred Compensation Liability, Current	$23M2025-11-02	$28M	-17.9%	$23M	$28M	-17.9%
Deferred Costs	$417M2025-11-02	$412M	+1.2%	$417M	$412M	+1.2%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$107M	-$326M	+67.2%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$171M	$61M	-380.3%
Deferred Income Tax Assets, Net	$2.34B	$2.21B	+6.1%	$2.28B	$2.09B	+9.5%
Deferred Income Tax Expense (Benefit)	$7M	-$113M	+106.2%	-$288M	-$294M	+2.0%
Deferred Income Tax Liabilities, Net	$411M	$489M	-16.0%	$434M	$478M	-9.2%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$10M	-$29M	+65.5%
Deferred Tax Assets, Net of Valuation Allowance	$3.56B2025-11-02	$3.14B	+13.5%	$3.56B	$3.14B	+13.5%
Deferred Tax Assets, Other	$496M2025-11-02	$337M	+47.2%	$496M	$337M	+47.2%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-02, 10-Q 2026-05-03, 10-Q 2026-02-01, 10-K 2025-11-02, 10-Q 2025-07-27, 10-Q 2025-04-27, 10-Q 2025-01-26, 10-K 2024-10-27, 10-Q 2024-07-28

Data as of 2026-11-01