Deere & Company reported net income of $1.065 billion for the fourth quarter ended November 2, 2025, compared with $1.245 billion, for the quarter ended October 27, 2024. For fiscal year 2025, net income was $5.027 billion, compared with $7.100 billion in fiscal 2024.
Worldwide net sales and revenues increased 11%, to $12.394 billion, for the fourth quarter of 2025 and decreased 12%, to $45.684 billion, for the full year. Net sales were $10.579 billion for the quarter and $38.917 billion for the year, compared with $9.275 billion and $44.759 billion in fiscal 2024, respectively.
“This past year brought its share of challenges and uncertainty, but thanks to the structural improvements we’ve made and the diverse customer segments and geographies we serve, we were able to achieve our best results yet for this point in the cycle,” said John May, chairman and CEO of John Deere.
“Our continued commitment to delivering customer value and focusing on operational efficiency enabled us to remain resilient and demonstrate the strength of our business.”
Bottom of the cycle in sight
Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.00 billion to $4.75 billion.
“Looking ahead, we believe 2026 will mark the bottom of the large ag cycle,” May stated. “While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain, our commitment to inventory management and cost control, coupled with expected growth in small agriculture & turf and construction & forestry, positions us to effectively manage the business and seize emerging opportunities as market conditions begin to recover.”
Production & Precision Agriculture sales increased for the quarter due to higher shipment volumes and favorable price realization. Operating profit decreased primarily due to higher production costs, higher tariffs, and special items, partially offset by price realization and higher shipment volumes / sales mix.
Small Agriculture & Turf sales increased for the quarter due to higher shipment volumes. Operating profit decreased due to higher tariffs, warranty expenses, and production costs.
Construction & Forestry sales increased for the quarter due to higher shipment volumes. Operating profit increased primarily due to higher shipment volumes / sales mix, partially offset by increased production costs driven by higher tariffs and special items.
