Deere & Company · NYSE:DE
Deere & — Q4 2025 Earnings Presentation
22 slides from Deere &'s earnings presentation, Nov 26, 2025
Slide 1: 4Q 2025 Earnings Call
4Q 2025 Earnings Call 26 November 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This earnings call, this presentational and accompanying materials may include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as
Slide 3: FY 2025 Results
FY 2025 Results ($ millions except where noted) Net Sales and Net Sales Net Income Diluted EPS (Equipment Operations) (attributable to ($ per share) Revenues Deere & Company) $51,716 $44,759 $7,100 $25.62 $45,684 $38,917 $5,027 $18.50 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 1
Slide 4: 4Q 2025 Results
4Q 2025 Results ($ millions except where noted) Net Sales and Net Sales Net Income Diluted EPS (Equipment Operations) (attributable to ($ per share) Revenues Deere & Company) $12,394 $10,579 $11,143 $9,275 $1,245 $4.55 $1,065 $3.93 4Q 2024 4Q 2025 4Q 2024 4Q 2025 4Q 2024 4Q 2025 4Q 2024 4Q 2025 11%
Slide 5: Production & Precision Ag
Production & Precision Ag 4Q 2025 Results $ in millions Net Sales 10% Operating Profit Comparison $122 ($12) $23 ($147) $4,740 $69 ($43) $4,305 ($49) ($16) $657 $604 4Q 2024 4Q 2025 4Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 4Q 2025 Mix Costs R&D Items 5 John Deere | 4Q 2
Slide 6: Small Ag & Turf
Small Ag & Turf 4Q 2025 Results $ in millions Net Sales 7% Operating Profit Comparison $23 $2 ($65) $1 $2,457 $234 $2,306 ($85) ($40) $18 ($63) $25 4Q 2024 4Q 2025 4Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 4Q 2025 Mix Costs R&D Items 6 John Deere | 4Q 2025 Earnings Call
Slide 7: Ag and Turf Industry Outlook – FY 2026
Ag and Turf Industry Outlook (in units) – FY 2026 U.S. and CANADA U.S. and CANADA EUROPE AG LARGE AG SMALL AG and TURF 15-20% Flat to up 5% Flat to up 5% SOUTH AMERICA AG ASIA AG (tractors and combines) Flat ~5% Source: Deere & Company forecast as of 26 November 2025 7 John Deere | 4Q 2025 Earnings
Slide 8: Production & Precision Ag Business Segment Outlook
Production & Precision Ag Business Segment Outlook $ in millions Net Sales Operating Margin 5-10% 11-13% 15.4% $17,311 FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 26 November 2025 8 John Deere | 4Q 2025 Earnings Call | November 26, 2025
Slide 9: Small Ag & Turf Business Segment Outlook
Small Ag & Turf Business Segment Outlook $ in millions Net Sales Operating Margin ~10% 12.5-14% $10,224 11.8% FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 26 November 2025 9 John Deere | 4Q 2025 Earnings Call | November 26, 2025
Slide 10: Construction & Forestry
Construction & Forestry 4Q 2025 Results $ in millions Net Sales 27% Operating Profit Comparison $235 ($32) $4 ($10) ($125) $3,382 $2,664 ($58) ($62) $68 $348 $328 4Q 2024 4Q 2025 4Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 4Q 2025 Mix Costs R&D Items 10 John Deere | 4Q 202
Slide 11: Construction & Forestry Industry Outlook
Construction & Forestry Industry Outlook (in units) – FY 2026 U.S. and CANADA U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT CONSTRUCTION EQUIPMENT Flat to up 5% Flat to up 5% GLOBAL FORESTRY GLOBAL ROADBUILDING Flat Flat Source: Deere & Company forecast as of 26 November 2025 11 John Deere | 4Q 202
Slide 12: Construction & Forestry Business Segment Outlook
Construction & Forestry Business Segment Outlook $ in millions Net Sales Operating Margin 8-10% ~10% 9.0% $11,382 FY 2025 FY 2026 Fcst FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 26 November 2025 12 John Deere | 4Q 2025 Earnings Call | November 26, 2025
Slide 13: Financial Services Net Income – Results and Outlook
Financial Services Net Income – Results and Outlook $ in millions Quarter Results Fiscal Year Outlook $890 $293 ~ $830 $173 4Q 2024 4Q 2025 FY 2025 FY 2026 Fcst Source: Deere & Company forecast as of 26 November 2025 13 John Deere | 4Q 2025 Earnings Call | November 26, 2025
Slide 14: Deere & Company Outlook
Deere & Company Outlook FY 2026 FORECAST Net Income Effective Net Operating (attributable to Deere & Co.) Tax Rate* Cash Flow* $4.0-4.75B 25-27% $4.0-5.0B Research and Development Expenses* Up slightly Other Capital Expenditures* ~$1.4B *Equipment Operations Source: Deere & Company forecast as of 26
Slide 15: John Deere | 4Q 2025 Earnings Call | November 26, 2025
15 John Deere | 4Q 2025 Earnings Call | November 26, 2025
Slide 16: Appendix
Appendix 16 John Deere | 4Q 2025 Earnings Call | November 26, 2025
Slide 17: October 2025 Retail Sales and Dealer Inventories
October 2025 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 10% Less than the industry 2WD Tractors (40 < 100 PTO hp) 2% In-line with the industry 2WD Tractors (100+ PTO hp) 17% More than the industry 4WD Tractors 5
Slide 18: October 2025 Retail Sales (Rolling 3 Months)
October 2025 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Double digits Combines Single digit Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Double digits Earthmoving and Forestry Single digit * Based on internal sales reports 18 John Deere | 4Q 202
Slide 19: Deere Use-of-Cash Priorities
Deere Use-of-Cash Priorities CASH FROM OPERATIONS Manage the balance sheet, including liquidity, to support a rating that provides COMMITTED access to low-cost and readily available short- and long-term funding TO “A” RATING mechanisms (reflects the strategic nature of our financial services operati
Slide 20: Webcast: John Deere – Investor Relations Website
Webcast: John Deere – Investor Relations Website
Slide 21: 1Q 2026 earnings call scheduled for 19 February 2026
Deere & Company’s 1Q 2026 earnings call is scheduled for 9:00 a.m. Central Time on Thursday, 19 February 2026. 21 John Deere | 4Q 2025 Earnings Call | November 26, 2025
Slide 22: John Deere
@ JOHN DEERE