Deere & Company · NYSE:DE
Deere & — Q3 2025 Earnings Presentation
19 slides from Deere &'s earnings presentation, Aug 14, 2025
Slide 1: 3Q 2025 Earnings Call
3Q 2025 Earnings Call 14 August 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This earnings call 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 “forecast,” “guidanc
Slide 3: 3Q 2025 Results
3Q 2025 Results ($ millions except where noted) Net Sales and Net Sales Net Income Diluted EPS (Equipment Operations) (attributable to ($ per share) Revenues Deere & Company) $13,152 $11,387 $1,734 $6.29 $12,018 $10,357 $1,289 $4.75 3Q 2024 3Q 2025 3Q 2024 3Q 2025 3Q 2024 3Q 2025 3Q 2024 3Q 2025 9%
Slide 4: Production and Precision Ag 3Q 2025 Results
Production and Precision Ag 3Q 2025 Results $ in millions Net Sales 16% Operating Profit Comparison ($494) $5,099 $1,162 $4,273 ($40) ($52) ($17) $34 ($37) ($45) $69 $580 3Q 2024 3Q 2025 3Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 3Q 2025 Mix Costs R&D Items 4 John Deere |
Slide 5: Small Ag and Turf 3Q 2025 Results
Small Ag and Turf 3Q 2025 Results $ in millions Net Sales 1% Operating Profit Comparison $15 ($16) $12 ($64) $3,053 $3,025 $29 ($11) $15 $9 $496 $485 3Q 2024 3Q 2025 3Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 3Q 2025 Mix Costs R&D Items 5 John Deere | 3Q 2025 Earnings Cal
Slide 6: Ag and Turf Industry Outlook – FY 2025
Ag and Turf Industry Outlook (in units) – FY 2025 U.S. and CANADA U.S. and CANADA EUROPE AG LARGE AG SMALL AG and TURF ~30% ~10% Flat to down 5% SOUTH AMERICA AG ASIA AG (tractors and combines) Flat Flat to up 5% Source: Deere & Company forecast as of 14 August 2025 6 John Deere | 3Q 2025 Earnings C
Slide 7: Production and Precision Ag Business Segment Outlook
Production and Precision Ag Business Segment Outlook $ in millions Net Sales Operating Margin 15-20% 15.5-17.0% $20,834 21.7% FY 2024 FY 2025 Fcst FY 2024 FY 2025 Fcst Source: Deere & Company forecast as of 14 August 2025 7 John Deere | 3Q 2025 Earnings Call | August 14, 2025
Slide 8: Small Ag and Turf Business Segment Outlook
Small Ag and Turf Business Segment Outlook $ in millions Net Sales Operating Margin ~10% 12.0-13.5% $10,969 14.8% FY 2024 FY 2025 Fcst FY 2024 FY 2025 Fcst Source: Deere & Company forecast as of 14 August 2025 8 John Deere | 3Q 2025 Earnings Call | August 14, 2025
Slide 9: Construction and Forestry 3Q 2025 Results
Construction and Forestry 3Q 2025 Results $ in millions Net Sales 5% Operating Profit Comparison $3,235 $59 ($160) $3,059 $448 ($1) ($15) ($74) ($34) $4 $10 $237 3Q 2024 3Q 2025 3Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 3Q 2025 Mix Costs R&D Items 9 John Deere | 3Q 2025
Slide 10: Construction and Forestry Industry Outlook – FY 2025
Construction and Forestry Industry Outlook (in units) – FY 2025 U.S. and CANADA U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT CONSTRUCTION EQUIPMENT ~10% Flat to down 5% GLOBAL FORESTRY GLOBAL ROADBUILDING Flat to down 5% Flat Source: Deere & Company forecast as of 14 August 2025 10 John Deere | 3Q
Slide 11: Construction and Forestry Business Segment Outlook
Construction and Forestry Business Segment Outlook $ in millions Net Sales Operating Margin 10-15% 8.5-10.0% $12,956 15.5% FY 2024 FY 2025 Fcst FY 2024 FY 2025 Fcst Source: Deere & Company forecast as of 14 August 2025 11 John Deere | 3Q 2025 Earnings Call | August 14, 2025
Slide 12: Financial Services Net Income – Results and Outlook
Financial Services Net Income – Results and Outlook $ in millions Quarter Results Fiscal Year Outlook $205 ~ $770 $153 $696 3Q 2024 3Q 2025 FY 2024 FY 2025 Fcst Source: Deere & Company forecast as of 14 August 2025 12 John Deere | 3Q 2025 Earnings Call | August 14, 2025
Slide 13: Deere & Company Outlook
Deere & Company Outlook FY 2025 FORECAST Net Income Effective Net Operating (attributable to Deere & Co.) Tax Rate* Cash Flow* $4.75-5.25B 19-21% $4.5-5.5B Research and Development Expenses* Down slightly Other Capital Expenditures* ~$1.4B *Equipment Operations Source: Deere & Company forecast as of
Slide 14: Appendix
Appendix 14 John Deere | 3Q 2025 Earnings Call | August 14, 2025
Slide 15: July 2025 Retail Sales and Dealer Inventories
July 2025 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 5% In line with the industry 2WD Tractors (40 < 100 PTO hp) 2% More than the industry 2WD Tractors (100+ PTO hp) 28% More than the industry 4WD Tractors 42% L
Slide 16: July 2025 Retail Sales (Rolling 3 Months)
July 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 Flat Earthmoving and Forestry Single digit * Based on internal sales reports 16 John Deere | 3Q 2025 Earnings C
Slide 17: 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 18: 4Q 2025 earnings call scheduled for 26 November 2025
Deere & Company’s 4Q 2025 earnings call is scheduled for 9:00 a.m. Central Time on Wednesday, 26 November 2025. 18 John Deere | 3Q 2025 Earnings Call | August 14, 2025
Slide 19: John Deere
@ JOHN DEERE