Deere & Company · NYSE:DE
Deere & — Q2 2025 Earnings Presentation
22 slides from Deere &'s earnings presentation, May 15, 2025
Slide 1: 2Q 2025 Earnings Call
2Q 2025 Earnings Call 15 May 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: Commitment to Our Customers, Executing Our Plan, Investing in Our Future
COMMITMENT EXECUTING INVESTING TO OUR OUR IN OUR CUSTOMERS PLAN FUTURE 3 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 4: 2Q 2025 Results
2Q 2025 Results ($ millions except where noted) Net Sales and Net Sales Net Income Diluted EPS (Equipment Operations) (attributable to ($ per share) Revenues Deere & Company) $15,235 $2,370 $13,610 $8.53 $12,763 $11,171 $1,804 $6.64 2Q 2024 2Q 2025 2Q 2024 2Q 2025 2Q 2024 2Q 2025 2Q 2024 2Q 2025 16%
Slide 5: Production and Precision Ag
Production and Precision Ag 2Q 2025 Results $ in millions Net Sales 21% Operating Profit Comparison ($610) $6,581 $1,650 $5,230 $73 ($8) $0 $57 $46 ($92) $32 $1,148 2Q 2024 2Q 2025 2Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 2Q 2025 Mix Costs R&D Items 5 John Deere | 2Q 20
Slide 6: Small Ag and Turf
Small Ag and Turf 2Q 2025 Results $ in millions Net Sales 6% Operating Profit Comparison ($97) $17 $0 ($4) $29 $3,185 $28 $2,994 $571 $23 $7 $574 2Q 2024 2Q 2025 2Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 2Q 2025 Mix Costs R&D Items 6 John Deere | 2Q 2025 Earnings Call |
Slide 7: Ag and Turf Industry Outlook (in units) – 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% 10-15% ~5% SOUTH AMERICA AG ASIA AG (tractors and combines) Flat Flat Source: Deere & Company forecast as of 15 May 2025 7 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 8: 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 15 May 2025 8 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 9: Small Ag and Turf Business Segment Outlook
Small Ag and Turf Business Segment Outlook $ in millions Net Sales Operating Margin 10-15% 11.5-13.5% $10,969 14.8% FY 2024 FY 2025 Fcst FY 2024 FY 2025 Fcst Source: Deere & Company forecast as of 15 May 2025 9 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 10: Construction and Forestry
Construction and Forestry 2Q 2025 Results $ in millions Net Sales 23% Operating Profit Comparison ($244) $3,844 $668 $2,947 ($53) ($14) $27 ($12) ($2) $9 $0 $379 2Q 2024 2Q 2025 2Q 2024 Volume/ Price Currency Warranty Production SA&G/ Special Other 2Q 2025 Mix Costs R&D Items 10 John Deere | 2Q 2025
Slide 11: Construction and Forestry Industry Outlook (in units) – 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% ~5% GLOBAL FORESTRY GLOBAL ROADBUILDING Flat to down 5% Flat Source: Deere & Company forecast as of 15 May 2025 11 John Deere | 2Q 2025 Earnings
Slide 12: Construction and Forestry Business Segment Outlook
Construction and Forestry Business Segment Outlook $ in millions Net Sales Operating Margin 10-15% 8.5-11.5% $12,956 15.5% FY 2024 FY 2025 Fcst FY 2024 FY 2025 Fcst Source: Deere & Company forecast as of 15 May 2025 12 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 13: Financial Services Net Income – Results and Outlook
Financial Services Net Income – Results and Outlook $ in millions Quarter Results Fiscal Year Outlook $162 $161 $696 ~ $750 2Q 2024 2Q 2025 FY 2024 FY 2025 Fcst Source: Deere & Company forecast as of 15 May 2025 13 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 14: Deere & Company Outlook
Deere & Company Outlook FY 2025 FORECAST Net Income Effective Net Operating (attributable to Deere & Co.) Tax Rate* Cash Flow* $4.75-5.50B 20-22% $4.5-5.5B Research and Development Expenses* Down slightly Other Capital Expenditures* ~$1.4B *Equipment Operations Source: Deere & Company forecast as of
Slide 15: Appendix
Appendix 15 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 16: U.S. Sourcing by Geography
U.S. Sourcing by Geography Complete Goods Components India Canada RoW Japan RoW China 1% 1% India 3% 1% 2% 2% Mexico 3% Japan 5% 2% Europe 6% Europe 9% Mexico 10% United States United States 79% 76% Note: Complete Goods shown as a percent of FY25E U.S. net sales. Note: Direct materials shown as a pe
Slide 17: April 2025 Retail Sales and Dealer Inventories
April 2025 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 11% More than the industry 2WD Tractors (40 < 100 PTO hp) 9% More than the industry 2WD Tractors (100+ PTO hp) 22% More than the industry 4WD Tractors 17% Mo
Slide 18: April 2025 Retail Sales (Rolling 3 Months)
April 2025 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Double digits Combines Double digits Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Single digit Earthmoving and Forestry High single digit * Based on internal sales reports 18 John Deere | 2Q
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: Brazil Investor Day 2025
Brazil Investor Day 2025 Opportunity | Foundation | Growth 10 June 2025 12:00 p.m. Central Time Join us virtually at www.investor.deere.com 20 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 21: 3Q 2025 earnings call scheduled for 14 August 2025
Deere & Company’s 3Q 2025 earnings call is scheduled for 9:00 a.m. Central Time on Thursday, 14 August 2025. 21 John Deere | 2Q 2025 Earnings Call | May 15, 2025
Slide 22: John Deere
@ JOHN DEERE