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Research Held Through the DownturnNarrow moat

Deere & Company (DE) — moat facet

Deere raised research spending every year through a 30% sales fall, from $2.18 billion to $2.31 billion, while cutting a tenth of its workforce.

A company shows what it believes in by what it keeps spending when sales collapse. Deere's research and development expense was $2,177 million in fiscal 2023, $2,290 million in fiscal 2024 and $2,311 million in fiscal 20251, rising each year while equipment net sales fell from $55,565 million to $38,917 million2. As a share of equipment sales it went from 3.9% to 5.9%3.

Deere research and development expense ($M)2,177FY20232,290FY20242,311FY2025Deere Form 10-K FY2025 selected financial data
Up every year while sales fell.

It kept rising in fiscal 2026: $1,704 million in the first nine months, against $1,631 million a year earlier4, up 4.5%5.

This spending is the technology moat's foundation. Engaged acres, See & Spray and autonomy kits all come from engineering budgets that would be the first cut at a company under pressure. Deere had pressure: it cut its workforce from 82,956 at the end of fiscal 2023 to 73,146 at the end of fiscal 20256. It did not cut research.

The question is whether the spending earns its return. Research is expensed, so a company that holds it through a trough reports lower margins than one that cuts, and the benefit arrives only if the products sell in the recovery. Deere's 10-K concedes that adoption of some of its solutions "has been slower than we expected"7.

Capital spending tells a similar story. Deere's capital expenditures rose from $867 million in fiscal 2021 to $1,624 million in fiscal 2024 and were $1,304 million in fiscal 20258, well above the $668 million of fiscal 20169. The company kept investing in plants as well as products through the downturn.

The check is the ratio when sales recover: research below 4.5% of equipment net sales in fiscal 2027 would make the spending a trough artefact, not a commitment.

Moat trajectory: Widening

R&D $1,704M in nine months FY2026, up 4.5%.

The number that tests this moat
Moat Explorer calc
R&D as a share of equipment net sales, nine months
5.5% (first nine months FY2026: $1,704M on $30,779M), after 5.9% in FY2025 and 3.9% in FY2023

Whether technology spending is a commitment; below 4.5% as volumes recover would mean it was a trough artefact.

How it's calculated: Research and development expense divided by equipment operations net sales, Deere Form 10-K FY2025 and Form 10-Q Q3 FY2026.
Source: Moat Explorer calculation from Deere & Company filings ↗
⚠ Threats to the moat
⚠ THREAT 01
Spending at the Trough Shows in the Margin
Deere's held research spending cost it about two points of margin in fiscal 2025, an investment that only pays if adoption speeds up.
References
  1. ReportedDeere's research and development expense was $2,177 million in fiscal 2023, $2,290 million in fiscal 2024 and $2,311 million in fiscal 2025, rising each year while equipment net sales fell from $55,565 million to $38,917 million.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - selected financial data, MD&A and the supplemental consolidating data for equipment operations and financial services. — FY2025 · publ. 18 December 2025 · source ↗
  2. ReportedDeere's research and development expense was $2,177 million in fiscal 2023, $2,290 million in fiscal 2024 and $2,311 million in fiscal 2025, rising each year while equipment net sales fell from $55,565 million to $38,917 million.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - selected financial data, MD&A and the supplemental consolidating data for equipment operations and financial services. — FY2025 · publ. 18 December 2025 · source ↗
  3. Moat Explorer calcAs a share of equipment sales it went from 3.9% to 5.9%.
    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.
  4. ReportedIt kept rising in fiscal 2026: $1,704 million in the first nine months, against $1,631 million a year earlier, up 4.5%.
    Deere & Company Form 10-Q for the quarter ended 2 August 2026, $ millions - income statement, balance sheet, receivables, financing receivables, cash returned and the outlook. — Q3 FY2026 · publ. 27 August 2026 · source ↗
  5. Moat Explorer calcIt kept rising in fiscal 2026: $1,704 million in the first nine months, against $1,631 million a year earlier, up 4.5%.
    Moat Explorer calculation from Deere & Company reported figures ($ 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.
  6. ReportedDeere had pressure: it cut its workforce from 82,956 at the end of fiscal 2023 to 73,146 at the end of fiscal 2025.
    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. ReportedDeere's 10-K concedes that adoption of some of its solutions "has been slower than we expected".
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - Item 1A risk factors and legal proceedings: the farm cycle, interest rates, tariffs, technology adoption, competition and the right-to-repair litigation. — FY2025 · publ. 18 December 2025 · source ↗
  8. ReportedDeere's capital expenditures rose from $867 million in fiscal 2021 to $1,624 million in fiscal 2024 and were $1,304 million in fiscal 2025, well above the $668 million of fiscal 2016.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - capital allocation: dividends, share repurchases, the repurchase plan, capital expenditures and book value per share. — FY2025 · publ. 18 December 2025 · source ↗
  9. ReportedDeere's capital expenditures rose from $867 million in fiscal 2021 to $1,624 million in fiscal 2024 and were $1,304 million in fiscal 2025, well above the $668 million of fiscal 2016.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - capital allocation: dividends, share repurchases, the repurchase plan, capital expenditures and book value per share. — FY2025 · publ. 18 December 2025 · source ↗
Sources
Generated October 5, 2026