Deere Reports Q4 & FY2025 Earnings, 2026 Outlook

Moline, Illinois - Deere & Company., an agricultural machinery manufacturer, has reported financial results for the fourth quarter and full fiscal year ended November 2, 2025. The company recorded net income of $1.065 billion for the quarter, compared with $1.245 billion in the same period last year. For fiscal 2025, net income was $5.027 billion, down from $7.100 billion in fiscal 2024.

Worldwide net sales and revenues for the quarter rise 11 percent to $12.394 billion, supported by higher shipment volumes, while full-year net sales and revenues declined 12 percent to $45.684 billion. Equipment net sales were $10.579 billion for the quarter and $38.917 billion for the year, versus $9.275 billion and $44.759 billion in fiscal 2024.

Mr. John May, chairman and CEO of John Deere, said, “The company delivered strong performance despite broader industry challenges, crediting structural improvements and its diversified presence. Deere’s commitment to customer value and operational efficiency as key factors in maintaining resilience.”

Looking ahead, Deere expects fiscal 2026 net income to be in the range of $4.00 billion to $4.75 billion. May said the company anticipates 2026 to mark the bottom of the large agriculture cycle, noting ongoing margin pressures from tariffs and continued softness in the large ag sector. However, he expressed confidence that disciplined inventory management, cost control, and expected growth in small agriculture, turf, construction and forestry markets will help Deere navigate current conditions and benefit as demand begins to recover.

In the fourth quarter, Production and Precision Agriculture sales increased due to higher shipment volumes and positive price realization, though operating profit declined because of increased production costs, tariffs and special items. Sales also rose in the Small Agriculture and Turf segment, but operating profit fell, affected by higher tariffs, warranty expenses and production costs. Construction and Forestry sales and operating profit increased, supported by stronger volumes and favorable sales mix, partially offset by higher tariff-driven costs and special items.

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