News Release   May 15, 2025

Deere Reports Second Quarter Net Income of $1.804 Billion

  • Disciplined execution drives strong quarterly performance across all segments.
  • Employees and dealers showcase resilience in supporting customers amidst heightened uncertainty.
  • Full-year net income range broadened in response to dynamic environment.

MOLINE, Illinois (May 15, 2025) — Deere & Company reported net income of $1.804 billion for the second quarter ended April 27, 2025, or $6.64 per share, compared with net income of $2.370 billion, or $8.53 per share, for the quarter ended April 28, 2024. For the first six months of the year, net income attributable to Deere & Company was $2.673 billion, or $9.82 per share, compared with $4.121 billion, or $14.74 per share, for the same period last year.

Worldwide net sales and revenues decreased 16 percent, to $12.763 billion, for the second quarter of 2025 and decreased 22 percent, to $21.272 billion, for six months. Net sales were $11.171 billion for the quarter and $17.980 billion for six months, compared with $13.610 billion and $24.097 billion last year, respectively.

“As we navigate the current environment, our customers remain our top priority,” said John May, chairman and CEO of John Deere. “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.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2025 is forecasted to be in a range of $4.75 billion to $5.50 billion.

“Despite the near-term market challenges, we remain confident in the future,” said May. “Our commitment to delivering value for our customers includes ongoing investment in advanced products, solutions, and manufacturing capabilities. Over the next decade, we will continue to make significant investments in our core U.S. market, underscoring our dedication to innovation and growth while focusing on remaining cost-competitive in a global market.”

This media release, financial highlights, and more financial data are available in PDF format.

Forward-looking Statements

Certain statements contained herein, including in the section entitled “Company Outlook & Summary,” “Industry Outlook for Fiscal 2025,” “Deere Segment Outlook for Fiscal 2025,” and “Condensed Notes to Interim Consolidated Financial Statements” relating to future events, expectations, forecasted financial and industry results, future investment and trends constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect all lines of the company’s operations generally while others could more heavily affect a particular line of business.

Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, the company expressly disclaims any obligation to update or revise its forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

  • government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government, any potential retaliatory trade regulations, tariffs and policies and the uncertainty of the company’s ability to sell products domestically or internationally, continue production at certain international facilities, procure raw materials and components, accurately forecast demand and inventory, manage increased costs of production, absorb or pass on increased pricing, accurately predict financial results and industry trends, and remain competitive based on these trade actions, policies and general economic uncertainty;
  • the agricultural business cycle, which can be unpredictable and is affected by factors such as world grain stocks, harvest yields, available farm acres, acreage planted, soil conditions, prices for commodities and livestock, input costs, availability of transport for crops as well as adverse macroeconomic conditions, including unemployment, inflation, interest rate volatility, changes in consumer practices due to slower economic growth or a recession and regional or global liquidity constraints;
  • higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for the company’s products and solutions;
  • the company’s ability to adapt in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology;
  • housing starts and supply, real estate and housing prices, levels of public and non-residential construction, and infrastructure investment;
  • political, economic, and social instability of the geographies in which the company operates, including the ongoing war between Russia and Ukraine, the conflict between India and Pakistan, and the conflicts in the Middle East;
  • worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for the company’s equipment;
  • investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that the company unlawfully withheld self-repair capabilities from farmers and independent repair providers;
  • delays or disruptions in the company’s supply chain;
  • changes in climate patterns, unfavorable weather events, and natural disasters;
  • availability and price of raw materials, components, and whole goods;
  • suppliers’ and manufacturers’ business practices and compliance with applicable laws such as human rights, safety, environmental, and fair wages;
  • loss of or challenges to intellectual property rights;
  • rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities;
  • the ability to execute business strategies, including the company’s Smart Industrial Operating Model and Leap Ambitions;
  • accurately forecasting customer demand for products and services and adequately managing inventory;
  • dealer practices and their ability to manage inventory and distribution of the company’s products and to provide support and service for precision technology solutions;
  • the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes;
  • negative claims or publicity that damage the company’s reputation or brand;
  • the ability to attract, develop, engage, and retain qualified employees;
  • the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge;
  • labor relations and contracts, including work stoppages and other disruptions;
  • security breaches, cybersecurity attacks, technology failures, and other disruptions to the company’s information technology infrastructure and products;
  • leveraging artificial intelligence and machine learning within the company’s business processes;
  • changes to governmental communications channels (radio frequency technology);
  • changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of U.S., foreign and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environmental (including climate change and engine emissions), farming, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, human rights, import / export and trade, tariffs, labor and employment, product liability, telematics, and telecommunications;
  • governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy; and
  • warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations as a result of the deficient operation of the company’s products.

Further information concerning the company or its businesses, including factors that could materially affect the company’s financial results, is included in the company’s filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q). There also may be other factors that the company cannot anticipate or that are not described herein because the company does not currently perceive them to be material.

This media release, financial highlights, and more financial data are available in PDF format.

For further information, the news media should contact:
Jen Hartmann
Director, Public Relations
Deere & Company
HartmannJenniferA@JohnDeere.com