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Ten Thousand Fewer PeopleNarrow moat

Deere & Company (DE) — moat facet

Deere cut about 9,800 jobs, 12% of its workforce, between fiscal 2023 and 2025 while holding research and overhead roughly flat.

Deere protected its margin partly by employing fewer people. Year-end employees were 82,956 in fiscal 2023, 75,847 in fiscal 2024 and 73,146 in fiscal 20251, a reduction of 9,810, or 11.8%2. Fiscal 2024 included $152 million of employee-separation programs3.

Deere employees at fiscal year end (thousands)60.5FY201774.4FY201875.6FY202183.0FY202375.8FY202473.1FY2025Deere Form 10-K FY2025, selected financial data
Back to the pre-boom level.

The cut was smaller than the fall in sales. Equipment net sales fell 30.0% over the same two years4, while headcount fell 11.8%. Deere kept most of its engineers and dealers' trainers, and selling, administrative and general expense was $4,663 million in fiscal 2025 against $4,595 million in fiscal 20235. The cuts fell on production workers and on costs that move with volume.

The history explains why the base is large. Headcount went from 60,476 in fiscal 2017 to 74,413 in fiscal 20186, the year Wirtgen joined, and peaked in fiscal 2023. Of today's roughly 73,100, about 32,500 are full-time production employees7.

This is a lever that can only be pulled so far. A company that cuts too deep in a trough cannot meet demand in the recovery; Deere's construction factories are already producing modestly below retail demand8.

The workforce is now smaller per dollar of sales than at the start of the boom. In fiscal 2021 Deere employed 75,550 people on net sales and revenues of $44,024 million9; in fiscal 2025, 73,146 on $45,684 million10.

The test comes on the way up. Headcount above 80,000 at the end of fiscal 2027, with equipment sales still short of $50 billion, would be Deere rebuilding costs ahead of revenue.

Moat trajectory: Holding steady

73,146 employees at FYE 2025.

The number that tests this moat
Reported
Employees at fiscal year end
73,146 (FY2025), from 75,847 in FY2024 and 82,956 in FY2023

How fast costs return in a recovery; above 80,000 before sales recover would mean costs are running ahead.

Source: Deere & Company Form 10-K, FY2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
The UAW Contract Ends in November 2027
Deere's UAW contract covering about 7,600 workers expires on 1 November 2027, as the recovery is expected to begin.
References
  1. ReportedYear-end employees were 82,956 in fiscal 2023, 75,847 in fiscal 2024 and 73,146 in fiscal 2025, a reduction of 9,810, or 11.8%.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - human capital: employees, unions and the UAW agreement, and the selected-data employee series. — FY2025 · publ. 18 December 2025 · source ↗
  2. Moat Explorer calcYear-end employees were 82,956 in fiscal 2023, 75,847 in fiscal 2024 and 73,146 in fiscal 2025, a reduction of 9,810, or 11.8%.
    Moat Explorer calculation from Deere & Company reported figures ($ millions unless stated; fiscal years end on the Sunday nearest 31 October). Cycle: net income FY2025 over FY2023 5,027 / 10,166 - 1 = -50.6%; net sales and revenues 45,684 / 61,251 - 1 = -25.4%; FY2025 over FY2024 45,684 / 51,716 - 1 = -11.7%; equipment net sales 38,917 / 55,565 - 1 = -30.0%; Production & Precision Ag sales 17,311 / 26,790 - 1 = -35.4%, FY2025 over FY2024 17,311 / 20,834 - 1 = -16.9%; Small Ag & Turf 10,224 / 13,980 - 1 = -26.9%; Construction & Forestry 11,382 / 14,795 - 1 = -23.1%; PPA operating profit 2,671 / 6,996 - 1 = -61.8%; PPA sales 2020-2023 26,790 / 12,962 = 2.07 times, more than double; PPA U.S. net sales and revenues 7,753 / 13,917 - 1 = -44.3%; U.S. net sales and revenues 23,974 / 34,105 - 1 = -29.7%; Latin America 5,607 / 8,197 - 1 = -31.6%; production agriculture product line 16,960 / 26,450 - 1 = -35.9%; roadbuilding 3,552 / 3,794 - 1 = -6.4%; roadbuilding over Construction & Forestry net sales 3,552 / 11,382 = 31.2%. Construction & Forestry product lines FY2023 to FY2025: construction 4,570 / 6,842 - 1 = -33.2%; compact construction 1,922 / 2,451 - 1 = -21.6%; forestry 1,124 / 1,429 - 1 = -21.3%; roadbuilding -6.4%. Segment margins (operating profit over segment net sales): PPA 2020 1,969 / 12,962 = 15.2%; 2021 3,334 / 16,509 = 20.2%; 2022 4,386 / 22,002 = 19.9%; 2023 6,996 / 26,790 = 26.1%; 2024 4,514 / 20,834 = 21.7%; 2025 2,671 / 17,311 = 15.4%. SAT 2020 1,000 / 9,363 = 10.7%; 2021 2,045 / 11,860 = 17.2%; 2022 1,949 / 13,381 = 14.6%; 2023 2,472 / 13,980 = 17.7%; 2024 1,627 / 10,969 = 14.8%; 2025 1,207 / 10,224 = 11.8%. CF 2020 590 / 8,947 = 6.6%; 2021 1,489 / 11,368 = 13.1%; 2022 2,014 / 12,534 = 16.1%; 2023 2,695 / 14,795 = 18.2%; 2024 2,009 / 12,956 = 15.5%; 2025 1,028 / 11,382 = 9.0%. Equipment operations operating profit 2,671 + 1,207 + 1,028 = 4,906 (FY2025), 4,514 + 1,627 + 2,009 = 8,150 (FY2024), 6,996 + 2,472 + 2,695 = 12,163 (FY2023); equipment operating margin 4,906 / 38,917 = 12.6%, 8,150 / 44,759 = 18.2%, 12,163 / 55,565 = 21.9%; first nine months FY2026 (1,372 + 1,538 + 1,134 = 4,044) / 30,779 = 13.1%; Q3 FY2026 527 + 622 + 436 = 1,585 against Q3 FY2025 580 + 485 + 237 = 1,302, an increase of 283. Nine-month operating profit change: PPA 1,372 / 2,066 - 1 = -33.6%; SAT 1,538 / 1,182 - 1 = +30.1%; CF 1,134 / 681 - 1 = +66.5%. PPA share of segment operating profit FY2023 6,996 / 12,958 = 54.0%; FY2025 2,671 / 6,020 = 44.4%. FS segment operating profit 1,114 / 795 - 1 = +40.1%. Equipment gross margin (net sales less consolidated cost of sales): FY2023 55,565 - 37,715 = 17,850, / 55,565 = 32.1%; FY2024 (44,759 - 30,775) / 44,759 = 31.2%; FY2025 38,917 - 28,159 = 10,758, / 38,917 = 27.6%. Equipment share of net sales and revenues 38,917 / 45,684 = 85.2% (FY2025); 55,565 / 61,251 = 90.7% (FY2023). Financial Services band (total net sales and revenues less equipment net sales): 2020 35,540 - (12,962 + 9,363 + 8,947 = 31,272) = 4,268; 2021 44,024 - (16,509 + 11,860 + 11,368 = 39,737) = 4,287; 2022 52,577 - (22,002 + 13,381 + 12,534 = 47,917) = 4,660; 2023 61,251 - 55,565 = 5,686; 2024 51,716 - 44,759 = 6,957; 2025 45,684 - 38,917 = 6,767 = finance and interest income 5,748 + other income 1,019; share of revenue 6,767 / 45,684 = 14.8% (FY2025), 5,686 / 61,251 = 9.3% (FY2023). Financial Services share of consolidated assets 70,021 / 105,996 = 66.1%; share of net income 890 / 5,027 = 17.7%; return on equity 890 / ((7,069 + 7,454) / 2 = 7,262) = 12.3%; Financial Services borrowings 13,382 + 6,595 + 34,788 = 54,765; consolidated borrowings 13,796 + 6,596 + 43,544 = 63,936; FS share 54,765 / 63,936 = 85.7%; Financial Services equity over assets 7,069 / 70,021 = 10.1%, about a tenth (debt to equity 8.6 to 1). Interest compensation to Financial Services 414 / 687 - 1 = -39.7%. Financing receivables 44,575 (about $44.6bn) / 23,702 = 1.88 times. Write-offs six months FY2026 150 / 44,575 = 0.3%. Equipment operations: net debt 9,171 - 6,557 = 2,614 (FY2025); 2,614 / 4,137 = 0.63 years of net income, less than eight months; return on invested capital estimate FY2025 (4,137 + 372 x 0.8 = 4,435) / (18,887 + 9,171 - 6,557 = 21,501) = 20.6%; FY2024 (6,404 + 396 x 0.8 = 6,721) / (15,389 + 7,516 - 5,740 = 17,165) = 39.2%; 20% tax on interest is an approximation. Equipment operations cash flow 5,100 / 11,919 - 1 = -57.2%. Costs and people: R&D over equipment net sales 2,177 / 55,565 = 3.9% (FY2023), 2,290 / 44,759 = 5.1% (FY2024), 2,311 / 38,917 = 5.9% (FY2025), 1,704 / 30,779 = 5.5% (nine months FY2026); nine-month R&D 1,704 / 1,631 - 1 = +4.5%; R&D at the FY2023 ratio 38,917 x 3.9% = about 1,520, difference 2,311 - 1,520 = about 790, about 2 points of 38,917. Employees 82,956 - 73,146 = 9,810, about 9,800, 9,810 / 82,956 = 11.8%. Tariff cost about 600 / 4,906 = 12.2% of equipment operating profit; 1,100 / 4,906 = 22%, about a fifth. Trade receivables 7,723 / 6,103 - 1 = +26.5%. Wirtgen first-year operating profit 116 / 5,327 = 2.2%; CF operating profit 1,028 / 5,327 = 19.3%, about a fifth; CF goodwill 3,051 / 4,188 = 72.9%. Tenna goodwill 286 / 439 = 65%. Backlog CF 3.8 / 2.2 - 1 = +73%. Engaged acres per connected machine 520 million / 1.2 million = about 433. Capital returns: cash returned FY2023 dividends paid 1,427 + repurchases 7,216 = 8,643; FY2025 1,720 + 1,138 = 2,858; 2,858 / 8,643 - 1 = -66.9%; diluted shares 271.7 / 316.6 - 1 = -14.2%; dividend payout 6.48 / 18.50 = 35.0%. Fiscal 2016 net margin 1,523.9 / 26,644.0 = 5.7%. Diluted EPS FY2025 over FY2023 18.50 / 34.63 - 1 = -46.6%. Equipment segment identifiable assets 8,787 + 3,987 + 7,792 = 20,566, over Financial Services 70,021 = 29.4%, less than a third. Valuation: trailing twelve months to 2 August 2026 net sales and revenues 45,684 - 33,290 + 35,589 = 47,983; net income 5,027 - 3,962 + 3,808 = 4,873; diluted EPS 18.50 - 14.57 + 14.06 = 17.99; P/E 185,230 / 4,873 = 38.0; P/S 185,230 / 47,983 = 3.86; market value over FY2023 net income 185,230 / 10,166 = 18.2 times; market value change since FY2025 year end 185,230 / 124,792 - 1 = +48.4%; trailing net income 4,873 / 5,027 - 1 = -3.1%; analyst target 691.83 / 687.00 - 1 = +0.7%; Deere over CNH and AGCO 185.23 / (16.67 + 8.03 = 24.70) = 7.5 times; Deere over Caterpillar 185.23 / 388.62 = 47.7%, about half; Caterpillar over Deere 388.62 / 185.23 = 2.1 times. Year-end P/E and P/S: 2015 24.15bn / 1,940 = 12.45, / 28,863 = 0.837; 2016 32.65 / 1,524 = 21.42, / 26,644 = 1.225; 2017 50.49 / 2,159 = 23.39, / 29,738 = 1.698; 2018 47.52 / 2,368 = 20.07, / 37,358 = 1.272; 2019 54.28 / 3,253 = 16.69, / 39,258 = 1.383; 2020 84.31 / 2,751 = 30.65, / 35,540 = 2.372; 2021 106.137 / 5,963 = 17.80, / 44,024 = 2.411; 2022 119.777 / 7,131 = 16.80, / 52,577 = 2.278; 2023 104.011 / 10,166 = 10.23, / 61,251 = 1.698; 2024 111.610 / 7,100 = 15.72, / 51,716 = 2.158; 2025 124.792 / 5,027 = 24.82, / 45,684 = 2.732. Guidance: fiscal 2026 net income midpoints (4,000 + 4,750) / 2 = 4,375 (November 2025); (4,500 + 5,000) / 2 = 4,750 (February and May 2026); (4,750 + 5,000) / 2 = 4,875, $4.875bn (August 2026); 4,875 / 5,027 - 1 = -3.0%; nine months 3,808 / 4,875 = 78.1%; implied fourth quarter 4,750 - 3,808 = 942 to 5,000 - 3,808 = 1,192. U.S. share of net sales and revenues 23,974 / 45,684 = 52.5% (FY2025), 34,105 / 61,251 = 55.7% (FY2023) - cycle, costs, people, capital returns and geography. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Deere & Company Forms 10-K, 10-Q, results releases, the 2026 proxy statement, the Q3 FY2026 call, and stockanalysis.com market data; each operand is stated in the source line.
  3. ReportedFiscal 2024 included $152 million of employee-separation programs.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - human capital: employees, unions and the UAW agreement, and the selected-data employee series. — FY2025 · publ. 18 December 2025 · source ↗
  4. Moat Explorer calcEquipment net sales fell 30.0% over the same two years, while headcount fell 11.8%.
    Moat Explorer calculation from Deere & Company reported figures ($ millions unless stated; fiscal years end on the Sunday nearest 31 October). Cycle: net income FY2025 over FY2023 5,027 / 10,166 - 1 = -50.6%; net sales and revenues 45,684 / 61,251 - 1 = -25.4%; FY2025 over FY2024 45,684 / 51,716 - 1 = -11.7%; equipment net sales 38,917 / 55,565 - 1 = -30.0%; Production & Precision Ag sales 17,311 / 26,790 - 1 = -35.4%, FY2025 over FY2024 17,311 / 20,834 - 1 = -16.9%; Small Ag & Turf 10,224 / 13,980 - 1 = -26.9%; Construction & Forestry 11,382 / 14,795 - 1 = -23.1%; PPA operating profit 2,671 / 6,996 - 1 = -61.8%; PPA sales 2020-2023 26,790 / 12,962 = 2.07 times, more than double; PPA U.S. net sales and revenues 7,753 / 13,917 - 1 = -44.3%; U.S. net sales and revenues 23,974 / 34,105 - 1 = -29.7%; Latin America 5,607 / 8,197 - 1 = -31.6%; production agriculture product line 16,960 / 26,450 - 1 = -35.9%; roadbuilding 3,552 / 3,794 - 1 = -6.4%; roadbuilding over Construction & Forestry net sales 3,552 / 11,382 = 31.2%. Construction & Forestry product lines FY2023 to FY2025: construction 4,570 / 6,842 - 1 = -33.2%; compact construction 1,922 / 2,451 - 1 = -21.6%; forestry 1,124 / 1,429 - 1 = -21.3%; roadbuilding -6.4%. Segment margins (operating profit over segment net sales): PPA 2020 1,969 / 12,962 = 15.2%; 2021 3,334 / 16,509 = 20.2%; 2022 4,386 / 22,002 = 19.9%; 2023 6,996 / 26,790 = 26.1%; 2024 4,514 / 20,834 = 21.7%; 2025 2,671 / 17,311 = 15.4%. SAT 2020 1,000 / 9,363 = 10.7%; 2021 2,045 / 11,860 = 17.2%; 2022 1,949 / 13,381 = 14.6%; 2023 2,472 / 13,980 = 17.7%; 2024 1,627 / 10,969 = 14.8%; 2025 1,207 / 10,224 = 11.8%. CF 2020 590 / 8,947 = 6.6%; 2021 1,489 / 11,368 = 13.1%; 2022 2,014 / 12,534 = 16.1%; 2023 2,695 / 14,795 = 18.2%; 2024 2,009 / 12,956 = 15.5%; 2025 1,028 / 11,382 = 9.0%. Equipment operations operating profit 2,671 + 1,207 + 1,028 = 4,906 (FY2025), 4,514 + 1,627 + 2,009 = 8,150 (FY2024), 6,996 + 2,472 + 2,695 = 12,163 (FY2023); equipment operating margin 4,906 / 38,917 = 12.6%, 8,150 / 44,759 = 18.2%, 12,163 / 55,565 = 21.9%; first nine months FY2026 (1,372 + 1,538 + 1,134 = 4,044) / 30,779 = 13.1%; Q3 FY2026 527 + 622 + 436 = 1,585 against Q3 FY2025 580 + 485 + 237 = 1,302, an increase of 283. Nine-month operating profit change: PPA 1,372 / 2,066 - 1 = -33.6%; SAT 1,538 / 1,182 - 1 = +30.1%; CF 1,134 / 681 - 1 = +66.5%. PPA share of segment operating profit FY2023 6,996 / 12,958 = 54.0%; FY2025 2,671 / 6,020 = 44.4%. FS segment operating profit 1,114 / 795 - 1 = +40.1%. Equipment gross margin (net sales less consolidated cost of sales): FY2023 55,565 - 37,715 = 17,850, / 55,565 = 32.1%; FY2024 (44,759 - 30,775) / 44,759 = 31.2%; FY2025 38,917 - 28,159 = 10,758, / 38,917 = 27.6%. Equipment share of net sales and revenues 38,917 / 45,684 = 85.2% (FY2025); 55,565 / 61,251 = 90.7% (FY2023). Financial Services band (total net sales and revenues less equipment net sales): 2020 35,540 - (12,962 + 9,363 + 8,947 = 31,272) = 4,268; 2021 44,024 - (16,509 + 11,860 + 11,368 = 39,737) = 4,287; 2022 52,577 - (22,002 + 13,381 + 12,534 = 47,917) = 4,660; 2023 61,251 - 55,565 = 5,686; 2024 51,716 - 44,759 = 6,957; 2025 45,684 - 38,917 = 6,767 = finance and interest income 5,748 + other income 1,019; share of revenue 6,767 / 45,684 = 14.8% (FY2025), 5,686 / 61,251 = 9.3% (FY2023). Financial Services share of consolidated assets 70,021 / 105,996 = 66.1%; share of net income 890 / 5,027 = 17.7%; return on equity 890 / ((7,069 + 7,454) / 2 = 7,262) = 12.3%; Financial Services borrowings 13,382 + 6,595 + 34,788 = 54,765; consolidated borrowings 13,796 + 6,596 + 43,544 = 63,936; FS share 54,765 / 63,936 = 85.7%; Financial Services equity over assets 7,069 / 70,021 = 10.1%, about a tenth (debt to equity 8.6 to 1). Interest compensation to Financial Services 414 / 687 - 1 = -39.7%. Financing receivables 44,575 (about $44.6bn) / 23,702 = 1.88 times. Write-offs six months FY2026 150 / 44,575 = 0.3%. Equipment operations: net debt 9,171 - 6,557 = 2,614 (FY2025); 2,614 / 4,137 = 0.63 years of net income, less than eight months; return on invested capital estimate FY2025 (4,137 + 372 x 0.8 = 4,435) / (18,887 + 9,171 - 6,557 = 21,501) = 20.6%; FY2024 (6,404 + 396 x 0.8 = 6,721) / (15,389 + 7,516 - 5,740 = 17,165) = 39.2%; 20% tax on interest is an approximation. Equipment operations cash flow 5,100 / 11,919 - 1 = -57.2%. Costs and people: R&D over equipment net sales 2,177 / 55,565 = 3.9% (FY2023), 2,290 / 44,759 = 5.1% (FY2024), 2,311 / 38,917 = 5.9% (FY2025), 1,704 / 30,779 = 5.5% (nine months FY2026); nine-month R&D 1,704 / 1,631 - 1 = +4.5%; R&D at the FY2023 ratio 38,917 x 3.9% = about 1,520, difference 2,311 - 1,520 = about 790, about 2 points of 38,917. Employees 82,956 - 73,146 = 9,810, about 9,800, 9,810 / 82,956 = 11.8%. Tariff cost about 600 / 4,906 = 12.2% of equipment operating profit; 1,100 / 4,906 = 22%, about a fifth. Trade receivables 7,723 / 6,103 - 1 = +26.5%. Wirtgen first-year operating profit 116 / 5,327 = 2.2%; CF operating profit 1,028 / 5,327 = 19.3%, about a fifth; CF goodwill 3,051 / 4,188 = 72.9%. Tenna goodwill 286 / 439 = 65%. Backlog CF 3.8 / 2.2 - 1 = +73%. Engaged acres per connected machine 520 million / 1.2 million = about 433. Capital returns: cash returned FY2023 dividends paid 1,427 + repurchases 7,216 = 8,643; FY2025 1,720 + 1,138 = 2,858; 2,858 / 8,643 - 1 = -66.9%; diluted shares 271.7 / 316.6 - 1 = -14.2%; dividend payout 6.48 / 18.50 = 35.0%. Fiscal 2016 net margin 1,523.9 / 26,644.0 = 5.7%. Diluted EPS FY2025 over FY2023 18.50 / 34.63 - 1 = -46.6%. Equipment segment identifiable assets 8,787 + 3,987 + 7,792 = 20,566, over Financial Services 70,021 = 29.4%, less than a third. Valuation: trailing twelve months to 2 August 2026 net sales and revenues 45,684 - 33,290 + 35,589 = 47,983; net income 5,027 - 3,962 + 3,808 = 4,873; diluted EPS 18.50 - 14.57 + 14.06 = 17.99; P/E 185,230 / 4,873 = 38.0; P/S 185,230 / 47,983 = 3.86; market value over FY2023 net income 185,230 / 10,166 = 18.2 times; market value change since FY2025 year end 185,230 / 124,792 - 1 = +48.4%; trailing net income 4,873 / 5,027 - 1 = -3.1%; analyst target 691.83 / 687.00 - 1 = +0.7%; Deere over CNH and AGCO 185.23 / (16.67 + 8.03 = 24.70) = 7.5 times; Deere over Caterpillar 185.23 / 388.62 = 47.7%, about half; Caterpillar over Deere 388.62 / 185.23 = 2.1 times. Year-end P/E and P/S: 2015 24.15bn / 1,940 = 12.45, / 28,863 = 0.837; 2016 32.65 / 1,524 = 21.42, / 26,644 = 1.225; 2017 50.49 / 2,159 = 23.39, / 29,738 = 1.698; 2018 47.52 / 2,368 = 20.07, / 37,358 = 1.272; 2019 54.28 / 3,253 = 16.69, / 39,258 = 1.383; 2020 84.31 / 2,751 = 30.65, / 35,540 = 2.372; 2021 106.137 / 5,963 = 17.80, / 44,024 = 2.411; 2022 119.777 / 7,131 = 16.80, / 52,577 = 2.278; 2023 104.011 / 10,166 = 10.23, / 61,251 = 1.698; 2024 111.610 / 7,100 = 15.72, / 51,716 = 2.158; 2025 124.792 / 5,027 = 24.82, / 45,684 = 2.732. Guidance: fiscal 2026 net income midpoints (4,000 + 4,750) / 2 = 4,375 (November 2025); (4,500 + 5,000) / 2 = 4,750 (February and May 2026); (4,750 + 5,000) / 2 = 4,875, $4.875bn (August 2026); 4,875 / 5,027 - 1 = -3.0%; nine months 3,808 / 4,875 = 78.1%; implied fourth quarter 4,750 - 3,808 = 942 to 5,000 - 3,808 = 1,192. U.S. share of net sales and revenues 23,974 / 45,684 = 52.5% (FY2025), 34,105 / 61,251 = 55.7% (FY2023) - cycle, costs, people, capital returns and geography. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Deere & Company Forms 10-K, 10-Q, results releases, the 2026 proxy statement, the Q3 FY2026 call, and stockanalysis.com market data; each operand is stated in the source line.
  5. ReportedDeere kept most of its engineers and dealers' trainers, and selling, administrative and general expense was $4,663 million in fiscal 2025 against $4,595 million in fiscal 2023.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - Item 1 business: dealers, distribution, parts, used-equipment trade-ins, sales incentives and manufacturing. — FY2025 · publ. 18 December 2025 · source ↗
  6. ReportedHeadcount went from 60,476 in fiscal 2017 to 74,413 in fiscal 2018, the year Wirtgen joined, and peaked in fiscal 2023.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - human capital: employees, unions and the UAW agreement, and the selected-data employee series. — FY2025 · publ. 18 December 2025 · source ↗
  7. ReportedOf today's roughly 73,100, about 32,500 are full-time production employees.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - human capital: employees, unions and the UAW agreement, and the selected-data employee series. — FY2025 · publ. 18 December 2025 · source ↗
  8. ReportedA company that cuts too deep in a trough cannot meet demand in the recovery; Deere's construction factories are already producing modestly below retail demand.
    Deere & Company third-quarter fiscal 2026 earnings call, FactSet corrected transcript - engaged and highly engaged acres, See & Spray adoption, early order programs, construction backlogs, tariffs, equipment cash flow guidance and the FTC settlement - outlook, early order programs, construction backlogs, tariffs, cash flow and the FTC settlement. — Q3 FY2026 · publ. 20 August 2026 · source ↗
  9. ReportedIn fiscal 2021 Deere employed 75,550 people on net sales and revenues of $44,024 million; in fiscal 2025, 73,146 on $45,684 million.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - human capital: employees, unions and the UAW agreement, and the selected-data employee series. — FY2025 · publ. 18 December 2025 · source ↗
  10. ReportedIn fiscal 2021 Deere employed 75,550 people on net sales and revenues of $44,024 million; in fiscal 2025, 73,146 on $45,684 million.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - human capital: employees, unions and the UAW agreement, and the selected-data employee series. — FY2025 · publ. 18 December 2025 · source ↗
Sources
Generated October 5, 2026