Short answer
Deere & Company (DE) filed its fiscal 2025 10-K annual report with the SEC on Dec 18, 2025. It reported revenue of $45.7B (−11.7% year over year) and net income of $5.0B.
- Top risk flagged: Regulatory risk: exposure to U.S. interest rate volatility with $150 million fair value impact from 10% rate change at Nov 2, 2025
FY2025 key financial metrics · XBRL
- Revenue
- $45.7B
- −11.7% YoY
- Net income
- $5.0B
- −29.2% YoY
- EPS (diluted)
- $18.50
- −27.8% YoY
- ROE
- 19.4%
- −11.7 pp YoY
- Operating cash flow
- $7.5B
- −19.2% YoY
Source: XBRL data from the Deere & Company (DE) FY2025 10-K on SEC EDGAR. USD.
Deere & Company FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global producer of agricultural, turf, construction, and forestry equipment plus financial services financing related equipment and inputs
- New emphasis on automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service (SaaS) in refined Leap Ambitions for 2030 growth
- Strategic shift: refined multi-year financial/operational goals prioritizing differentiated tech-enabled equipment and services despite continued low SaaS revenue contribution
- Quantitative highlight: net sales declined 12-17% across equipment segments; 30% volume drop in large ag sales U.S./Canada; financial services net income up 28% to $890M due to special items and lower expenses
- Noteworthy 2025 issues: $600M tariff impact on product costs; ongoing FTC antitrust lawsuit over independent repair access; legal and economic uncertainties including geopolitical conflicts and global trade tensions
Risk Factors
- Regulatory risk: exposure to U.S. interest rate volatility with $150 million fair value impact from 10% rate change at Nov 2, 2025
- Geopolitical risk: 10% U.S. dollar strengthening could reduce 2026 net cash inflows by ~$100 million due to global foreign currency exposures
- Operational risk: net sales decline from $55.6B in 2023 to $38.9B in 2025 highlights vulnerability to sales volume fluctuations
- Competitive risk: technology disruption risk from precision agriculture tech solutions offered by competitors in equipment manufacturing segment
- Financial risk: elevated long-term borrowings increased to $43.5B in 2025 from $32.7B in 2020 indicating rising leverage levels
Generated from the filing text; verify against the original. How to read a 10-K
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