DE Q4 2025 Earnings
Reported Nov 26, 2025 at 6:00 AM ET · SEC Source
Q4 25 EPS
$3.93
BEAT +2.61%
Est. $3.83
Q4 25 Revenue
$12.39B
BEAT +122.28%
Est. $5.58B
vs S&P Since Q4 25
+16.7%
BEATING MARKET
DE +22.7% vs S&P +6.0%
Full Year 2025 Results
FY 25 EPS
$18.50
BEAT +0.26%
Est. $18.45
FY 25 Revenue
$45.68B
BEAT +19.76%
Est. $38.15B
Market Reaction
Did DE Beat Earnings? Q4 2025 Results
Deere & Company closed out fiscal 2025 with a stronger-than-expected quarter, posting earnings of $3.93 per diluted share against a consensus estimate of $3.83, a beat of 2.61%, while revenue climbed 14.5% year-over-year to $12.39 billion. The stando… Read more Deere & Company closed out fiscal 2025 with a stronger-than-expected quarter, posting earnings of $3.93 per diluted share against a consensus estimate of $3.83, a beat of 2.61%, while revenue climbed 14.5% year-over-year to $12.39 billion. The standout driver was Construction & Forestry, where sales surged 27% to $3.38 billion and helped offset a bruising quarter for Small Agriculture & Turf, which saw operating profit collapse 89% to just $25 million as warranty expenses and tariff headwinds compounded production cost pressures. Full-year net income fell 29% to $5.03 billion, underscoring the weight of the ongoing agricultural downturn cycle, even as CEO John May characterized fiscal 2025 as the company's best performance at this point in the cycle. Looking ahead, Deere projects fiscal 2026 net income of $4 billion to $4.75 billion, with management flagging 2026 as the likely bottom for large ag, where U.S. And Canada industry sales are forecast to decline 15-20%, while construction and small ag segments are expected to provide partial offsets with flat-to-up-5% industry outlooks.
Key Takeaways
- • Higher shipment volumes across all equipment segments drove Q4 revenue growth
- • Favorable price realization in Production & Precision Ag
- • Construction & Forestry sales surged 27% on higher shipment volumes
- • Financial Services benefited from favorable financing spreads and lower provision for credit losses
- • Higher tariffs and production costs pressured operating margins across segments
- • Litigation accrual of $95 million pretax for antitrust class action
DE YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
DE Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— John May, Q4 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% |