Deere & Co (NYSE: DE) is an agricultural and construction equipment manufacturer that designs, produces, and sells machinery under the John Deere brand across farming, earthmoving, road building, timber harvesting, and turf maintenance end markets. It makes money through two primary streams: net sales of equipment and $5.75B in finance and interest income generated by its financial services segment, which provides retail notes, revolving charge accounts, and wholesale receivables to dealers and end customers (FY2025, ended November 2, 2025). Total net sales and revenues were $45.68B in FY2025, down from $51.72B in FY2024 and a peak of $61.25B in FY2023. The company sells through a dealer network and supports those dealers with volume bonuses and retail sales incentive programs. Research and development spending was $2.31B in FY2025, reflecting sustained investment in precision agriculture and automation technology. Deere pays quarterly cash dividends and carries a debt-funded financial services operation typical of equipment manufacturers with captive finance arms.

Revenue model

Equipment net sales ($38.92B in FY2025) combined with finance and interest income ($5.75B in FY2025) from a captive financial services segment offering retail notes, revolving charge accounts, wholesale receivables, and extended warranties to dealers and retail customers.

Products and services

Agricultural equipment for corn, soy, small grain, sugarcane, dairy and livestock, high-value crops, and small acreage; turf and property maintenance equipment for lawn, golf course, and property care; construction and earthmoving equipment including excavators, compact excavators, articulated dump trucks, and motor graders; road building and rehabilitation equipment; timber harvesting equipment; retail financing, revolving charge accounts, wholesale receivables, and extended warranties through its financial services segment.

Customers and end markets

Farmers across row crop, small grain, sugarcane, and high-value crop segments; dairy and livestock operators; golf course and turf maintenance operators; construction and earthmoving contractors; road builders; timber harvesters; equipment dealers who receive volume bonuses and retail sales incentive programs.

Value-chain role

Original equipment manufacturer selling through an independent dealer network. The financial services segment provides dealer floor plan financing (wholesale receivables) and end-customer financing (retail notes, revolving charge accounts). The company also offers extended warranties and supports dealer inventory management through incentive programs.

Geographic exposure

The filing references compliance with U.S. and foreign laws across multiple jurisdictions, including foreign exchange controls and trade regulations, indicating international operations, but specific revenue breakdowns by geography are not provided in the available excerpts.

Source: SEC 10-K, filed 2025-12-18

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