Deere’s Fiscal Fourth Quarter Revenue Jumps 11.2 Percent

Deere & Co. posted $12.394 billion in fiscal fourth quarter 2025 revenue compared to $11.143 billion in the fiscal fourth quarter of 2024, an 11.2-percent increase. Net income, however, was $1.065 billion, compared to $1.245 billion in the year-ago quarter, a 14.4-percent decline. 

Net sales and revenue for the full year was $45.684 billion compared to $51.716 billion in full fiscal year 2024, an 11.7-percent drop. Net income for the full year totaled $5.027 billion compared to $7.100 billion in the full year 2024, a 29.2-percent decrease.

“This past year brought its share of challenges and uncertainty, but thanks to the structural improvements we’ve made and the diverse customer segments and geographies we serve, we were able to achieve our best results yet for this point in the cycle,” said John May, chairman and CEO of John Deere. “Our continued commitment to delivering customer value and focusing on operational efficiency enabled us to remain resilient and demonstrate the strength of our business.”

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.00 billion to $4.75 billion. 

“Looking ahead, we believe 2026 will mark the bottom of the large ag cycle,” May added. “While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain, our commitment to inventory management and cost control, coupled with expected growth in small agriculture & turf and construction & forestry, positions us to effectively manage the business and seize emerging opportunities as market conditions begin to recover.”

The Product & Precision Agriculture segment posted $4.740 billion in the fiscal fourth quarter compared to $4.305 billion a year ago, a 10.1-percent increase. The increase was the result of higher shipment volumes and favorable price realization. Operating profit decreased primarily because of higher production costs.

The Construction & Forestry division recorded net sales of $3.382 billion in the fiscal fourth quarter, compared to $2.664 billion in the fourth quarter a year ago, a 27-percent jump because of higher shipment volumes. Operating profit increased 6 percent because of higher shipment volumes and sales mix, partially offset by increased production costs driven by higher tariffs and special items.

For fiscal 2026, Deere’s outlook is for an increase of about 10 percent in net sales in Construction & Forestry as well as Small Ag & Turf. It expects Production & Precision Ag’s net sales to decline 5 to 10 percent.