Deere & Company (DE) FY2025 10-K Annual Report
Deere & Company (DE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Dec 18, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Deere & Company FY2025 10-K Analysis
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
Deere & Company FY2025 Key Financial MetricsXBRL
Revenue
$45.7B
▼ -11.7% YoY
Net Income
$5.0B
▼ -29.2% YoY
Net Margin
11.0%
▼ -272bp YoY
ROE
19.4%
▼ -1172bp YoY
Total Assets
$106.0B
▼ -1.2% YoY
EPS (Diluted)
$18.50
▼ -27.8% YoY
Operating Cash Flow
$7.5B
▼ -19.2% YoY
Source: XBRL data from Deere & Company FY2025 10-K filing on SEC EDGAR. All figures in USD.
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