DE Q2 2025 Earnings
Reported May 15, 2025 at 6:00 AM ET · SEC Source
Q2 25 EPS
$6.64
BEAT +17.76%
Est. $5.64
Q2 25 Revenue
$12.76B
BEAT +18.25%
Est. $10.79B
vs S&P Since Q2 25
-11.0%
TRAILING MARKET
DE +11.1% vs S&P +22.0%
Market Reaction
Did DE Beat Earnings? Q2 2025 Results
Deere & Company delivered a standout second quarter for fiscal 2025, posting earnings and revenue that cleared Wall Street's bar by a wide margin even as the broader agricultural equipment cycle continued to grind lower. The company earned $6.64 per … Read more Deere & Company delivered a standout second quarter for fiscal 2025, posting earnings and revenue that cleared Wall Street's bar by a wide margin even as the broader agricultural equipment cycle continued to grind lower. The company earned $6.64 per diluted share, well above the $5.64 consensus estimate, representing a 17.76% beat, while revenue of $12.76 billion topped expectations by 18.25% despite falling 14.9% year-over-year as weaker shipment volumes weighed across all three equipment segments. The outperformance was driven largely by disciplined cost management, with the Small Agriculture and Turf segment standing out for actually expanding its operating margin to 19.2% from 17.9% a year earlier. Looking ahead, Deere widened its full-year net income guidance to a range of $4.75 billion to $5.50 billion, reflecting the uncertain trade environment, including an anticipated $500 million tariff impact for fiscal 2025. The company also announced a $20 billion, decade-long U.S. Manufacturing investment commitment, signaling confidence in its long-term domestic footprint despite near-term market headwinds.
Key Takeaways
- • Lower shipment volumes across all equipment segments drove revenue declines
- • Production cost reductions partially offset tariff impacts
- • Price realization positive in Production & Precision Ag and Small Ag & Turf
- • Unfavorable foreign currency exchange effects in Production & Precision Ag and Construction & Forestry
- • Lower warranty expenses benefited Small Ag & Turf
- • Small Ag & Turf operating margin expanded to 19.2% from 17.9% despite lower volumes
DE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
DE Revenue by Segment
With YoY comparisons, source: SEC Filings
“As we navigate the current environment, our customers remain our top priority. I'm incredibly proud of our team's execution this quarter, delivering exceptional performance despite challenging market dynamics. Their dedication and hard work have been instrumental in ensuring our customers continue to receive the high-quality service and products they expect from John Deere.”
— John May, Q2 2025 Earnings Press Release
DE Earnings Trends
DE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DE EPS Trend
Earnings per share: estimate vs actual
DE Revenue Trend
Quarterly revenue: estimate vs actual
DE Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.10 | $2.42 | +15.42% | $9.61B | +28.07% |
| Q4 25 BEAT FY | $3.83 | $3.93 | +2.61% | $12.39B | +122.28% |
| FY Full Year | $18.45 | $18.50 | +0.26% | $45.68B | +19.76% |
| Q3 25 BEAT | $4.59 | $4.75 | +3.58% | $12.02B | +16.37% |
| Q2 25 BEAT | $5.64 | $6.64 | +17.76% | $12.76B | +18.25% |