Deere & Company (DE)
Makes John Deere farm, construction, forestry, and turf equipment with precision technology and financing.
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Deere makes the machines that farms, building sites, road crews, forests, and groundskeepers depend on, then stays involved through financing, parts, service, and connected tools. Its large-farm business is in a downturn, while smaller machines, construction equipment, and software-assisted work are broadening what drives demand.
Item facts: FY2025 · year ended Nov 2, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 9 more below
Production Agriculture
Large tractors, harvesters, planters, and parts remain Deere's biggest business. Across all equipment lines, confirmed orders waiting to ship were $9.7B at year-end, but the large-farm portion had shrunk as farmers delayed replacement.
Competes with Magnum tractors & Axial-Flow combines (Case IH / CNH) · High-horsepower tractors & Gleaner combines (Massey Ferguson / AGCO)
In plain English
Picture the biggest jobs on a commercial farm: pulling wide tools, planting thousands of acres, and gathering a crop before weather turns. Deere sells the large tractors, combines, planters, attachments, and replacement parts that do that work.
Farms and contractors usually buy through local Deere dealers, often adding Deere financing and camera or guidance tools. The machines are expensive and last for years, so buyers can postpone replacing them when crop income is weak, borrowing costs are high, or used machines crowd dealer lots. That makes this Deere's largest engine and its clearest swing with the ups and downs in farm spending.
Small Agriculture
Smaller tractors, hay machines, and attachments spread demand across livestock, specialty crops, and small-acreage owners. In the third quarter of FY2026, sales rose about 11%; dealer stock and borrowing conditions remain the watchpoints.
Competes with Compact & utility tractors (Kubota) · Compact tractors & hay equipment (Massey Ferguson / AGCO)
In plain English
Not every farm is an ocean of grain. Vineyards, livestock operations, hay fields, and small properties need compact or mid-sized tractors and specialized tools that can turn tightly, feed animals, or gather forage.
Deere sells those machines, attachments, and parts through its agriculture dealers. Customers pay for a working setup rather than one machine alone, and return for repairs or replacement tools. Because these buyers earn money in different ways, demand is less tied to the replacement decisions of the largest crop farms, though weather, borrowing costs, and crowded dealer yards still matter.
Precision Technology Stack
Connected controls help machines steer, target chemicals, and coordinate field work. By August 2026, customers were using Operations Center across 520 million acres; continued use and how many new machines leave the factory with these tools matter most.
Competes with Precision-IQ, FarmENGAGE & OutRun (PTx / AGCO) · ARA smart sprayer (Ecorobotix)
In plain English
A machine can do more when it knows where it is, what it sees, and what the rest of the group has already done. JDLink connects machines, Operations Center organizes field and machine work, and camera-guided See & Spray aims chemicals only where they are needed.
Deere gets paid when customers buy equipped machines, add guidance or spraying tools, upgrade older equipment, or pay for related support and software. Think of it as software woven through the metal rather than a separate software shop: stand-alone subscriptions were not a meaningful revenue line, but the tools can make Deere equipment more useful and keep customers inside its dealer network.
Construction
Excavators, dozers, loaders, graders, backhoes, and dump trucks brought in $4.570B in FY2025. Demand has since strengthened, and Deere began shipping its first internally designed excavators during spring FY2026.
Competes with Excavators, dozers, loaders & graders (Caterpillar) · Excavators, dozers & wheel loaders (Komatsu)
In plain English
The yellow machines at a road cut or building site dig holes, push earth, lift material, smooth ground, and carry heavy loads. Deere sells a full group of them to contractors, rental companies, and government agencies.
Those buyers pay for machines that can stay busy across projects, then keep paying dealers for parts, repairs, rentals, and financing. Construction demand follows the amount of work underway and how heavily existing machines are being used. Deere is also replacing excavators sourced from a partner with models designed inside the company, a multi-year change meant to give it more control over an important machine family.
Compact Construction Equipment
Small loaders and excavators produced $1.922B in FY2025. Their many attachments make one machine useful to contractors, landscapers, farms, owners, and rental companies; housing activity and easy access to credit shape the next move.
Competes with Compact loaders & excavators (Bobcat) · Compact loaders & mini excavators (Caterpillar)
In plain English
These are the pocketknives of a jobsite: small tracked loaders and excavators that fit where full-sized machines cannot, then change jobs by swapping the tool on the front. A bucket can give way to another attachment without buying a whole new machine.
Contractors, landscapers, farms, property owners, and rental companies buy the machines through Deere dealers. The dealer can add attachments, financing, rentals, and repairs, turning a modest machine into a longer customer relationship. Demand rises when small projects are plentiful and credit is available, while worn tracks, digging tools, and other parts create repeat sales after purchase.
Financial Products
Deere finances customer purchases and dealer stock, and also offers leases, reusable credit accounts, and warranties. About $51.4B was owed to Deere at FY2025 year-end; borrowing costs, missed payments, and used-equipment values decide how well it pays.
Competes with Retail & wholesale equipment finance (CNH Industrial Capital) · Equipment loans, leases & protection (Cat Financial)
In plain English
The sale often starts with money, not metal. A farmer may need a loan for a tractor, a contractor may prefer a lease, and a dealer may borrow to keep machines on the lot. Deere provides all three, plus reusable credit accounts and warranty products.
Customers and dealers repay over time with interest, so Deere earns while making its own equipment easier to buy. To supply that cash, it borrows from banks and debt investors or packages loans for other buyers. The business works when what Deere earns on loans stays comfortably above its own cost of borrowing and when customers pay, with the machine itself helping protect against a loss.
Roadbuilding
Machines for removing, recycling, laying, and compacting road material cover nearly the whole paving job. Roadbuilding sales rose roughly 14% in the third quarter of FY2026; public budgets and contractors' workloads set the pace.
Competes with Pavers, milling machines & rollers (BOMAG / Fayat) · Asphalt pavers & compactors (Ammann)
In plain English
From worn asphalt to a finished road, this lineup follows the whole job. Milling machines peel away the old surface, crushers and recyclers prepare material, pavers lay it down, and rollers press it flat; Deere also sells quarry, mining, and asphalt-making equipment.
Road contractors, material producers, quarries, and public agencies buy through dealers and company-owned sales operations under Deere's roadbuilding brands. They pay for the machines and then for wear parts and service as abrasive stone and asphalt grind components down. Awarded road work creates demand, so budgets and the amount of time fleets stay busy matter more than household spending.
Forestry
Purpose-built machines cut, gather, carry, and load timber for loggers and forest owners. Sales fell about 3% in the third quarter of FY2026; wood demand, harvest access, and the shortage or cost of labor drive replacement.
Competes with Feller bunchers, harvesters, forwarders & loaders (Komatsu Forest) · Harvesters & forwarders (Ponsse)
In plain English
Deep in a working forest, ordinary construction gear is not enough. Deere's forestry machines cut trees, gather them, carry logs across rough ground, and load them for transport; specialized Waratah cutting heads and digital tools complete the setup.
Logging contractors, timber companies, and forest owners buy machines and cutting heads through forestry dealers, then return for parts and service under punishing working conditions. Purchases depend on planned harvests and prices for lumber and paper-making wood. Terrain, fire, rules, and access can halt work, while machines that let a small crew handle more timber become especially valuable when labor is scarce.
Turf
Riding mowers, commercial cutters, utility vehicles, and golf-care machines serve yards, crews, courses, and towns. Sales rose about 15% in the third quarter of FY2026; weather, the mowing season, and household spending can quickly change demand.
Competes with Commercial mowers (Toro) · Golf-course equipment (Toro) · Lawn & grounds mowers (Kubota)
In plain English
The familiar end of Deere is the mower, but the business reaches beyond backyards. Landscapers need commercial cutters, golf courses need carefully tuned care machines, and towns use utility vehicles and grounds equipment.
Homeowners can buy selected machines at Home Depot and Lowe's, while dealers serve both households and professional crews, selling equipment, parts, and repairs. Grass keeps growing, but purchases still bunch around the mowing season and favorable weather. For households, a mower can wait when budgets tighten; for professionals, keeping machines working and getting a clean cut make dealer service and replacement equipment part of the job.
Production AgricultureLarge tractors, harvesters, planters, and parts remain Deere's biggest business. Across all equipment lines, confirmed orders waiting to ship were $9.7B at year-end, but the large-farm portion had shrunk as farmers delayed replacement.Large tractors, harvesters, planters, and parts remain Deere's biggest business. Across all equipment lines, confirmed orders waiting to ship were $9.7B at year-end, but the large-farm portion had shrunk as farmers delayed replacement.
In plain English
Picture the biggest jobs on a commercial farm: pulling wide tools, planting thousands of acres, and gathering a crop before weather turns. Deere sells the large tractors, combines, planters, attachments, and replacement parts that do that work.
Farms and contractors usually buy through local Deere dealers, often adding Deere financing and camera or guidance tools. The machines are expensive and last for years, so buyers can postpone replacing them when crop income is weak, borrowing costs are high, or used machines crowd dealer lots. That makes this Deere's largest engine and its clearest swing with the ups and downs in farm spending.
Competes with Magnum tractors & Axial-Flow combines (Case IH / CNH) · High-horsepower tractors & Gleaner combines (Massey Ferguson / AGCO)
Small AgricultureSmaller tractors, hay machines, and attachments spread demand across livestock, specialty crops, and small-acreage owners. In the third quarter of FY2026, sales rose about 11%; dealer stock and borrowing conditions remain the watchpoints.Smaller tractors, hay machines, and attachments spread demand across livestock, specialty crops, and small-acreage owners. In the third quarter of FY2026, sales rose about 11%; dealer stock and borrowing conditions remain the watchpoints.
In plain English
Not every farm is an ocean of grain. Vineyards, livestock operations, hay fields, and small properties need compact or mid-sized tractors and specialized tools that can turn tightly, feed animals, or gather forage.
Deere sells those machines, attachments, and parts through its agriculture dealers. Customers pay for a working setup rather than one machine alone, and return for repairs or replacement tools. Because these buyers earn money in different ways, demand is less tied to the replacement decisions of the largest crop farms, though weather, borrowing costs, and crowded dealer yards still matter.
Competes with Compact & utility tractors (Kubota) · Compact tractors & hay equipment (Massey Ferguson / AGCO)
Precision Technology StackConnected controls help machines steer, target chemicals, and coordinate field work. By August 2026, customers were using Operations Center across 520 million acres; continued use and how many new machines leave the factory with these tools matter most.Connected controls help machines steer, target chemicals, and coordinate field work. By August 2026, customers were using Operations Center across 520 million acres; continued use and how many new machines leave the factory with these tools matter most.
In plain English
A machine can do more when it knows where it is, what it sees, and what the rest of the group has already done. JDLink connects machines, Operations Center organizes field and machine work, and camera-guided See & Spray aims chemicals only where they are needed.
Deere gets paid when customers buy equipped machines, add guidance or spraying tools, upgrade older equipment, or pay for related support and software. Think of it as software woven through the metal rather than a separate software shop: stand-alone subscriptions were not a meaningful revenue line, but the tools can make Deere equipment more useful and keep customers inside its dealer network.
Competes with Precision-IQ, FarmENGAGE & OutRun (PTx / AGCO) · ARA smart sprayer (Ecorobotix)
ConstructionExcavators, dozers, loaders, graders, backhoes, and dump trucks brought in $4.570B in FY2025. Demand has since strengthened, and Deere began shipping its first internally designed excavators during spring FY2026.Excavators, dozers, loaders, graders, backhoes, and dump trucks brought in $4.570B in FY2025. Demand has since strengthened, and Deere began shipping its first internally designed excavators during spring FY2026.
In plain English
The yellow machines at a road cut or building site dig holes, push earth, lift material, smooth ground, and carry heavy loads. Deere sells a full group of them to contractors, rental companies, and government agencies.
Those buyers pay for machines that can stay busy across projects, then keep paying dealers for parts, repairs, rentals, and financing. Construction demand follows the amount of work underway and how heavily existing machines are being used. Deere is also replacing excavators sourced from a partner with models designed inside the company, a multi-year change meant to give it more control over an important machine family.
Competes with Excavators, dozers, loaders & graders (Caterpillar) · Excavators, dozers & wheel loaders (Komatsu)
Compact Construction EquipmentSmall loaders and excavators produced $1.922B in FY2025. Their many attachments make one machine useful to contractors, landscapers, farms, owners, and rental companies; housing activity and easy access to credit shape the next move.Small loaders and excavators produced $1.922B in FY2025. Their many attachments make one machine useful to contractors, landscapers, farms, owners, and rental companies; housing activity and easy access to credit shape the next move.
In plain English
These are the pocketknives of a jobsite: small tracked loaders and excavators that fit where full-sized machines cannot, then change jobs by swapping the tool on the front. A bucket can give way to another attachment without buying a whole new machine.
Contractors, landscapers, farms, property owners, and rental companies buy the machines through Deere dealers. The dealer can add attachments, financing, rentals, and repairs, turning a modest machine into a longer customer relationship. Demand rises when small projects are plentiful and credit is available, while worn tracks, digging tools, and other parts create repeat sales after purchase.
Competes with Compact loaders & excavators (Bobcat) · Compact loaders & mini excavators (Caterpillar)
Financial ProductsDeere finances customer purchases and dealer stock, and also offers leases, reusable credit accounts, and warranties. About $51.4B was owed to Deere at FY2025 year-end; borrowing costs, missed payments, and used-equipment values decide how well it pays.Deere finances customer purchases and dealer stock, and also offers leases, reusable credit accounts, and warranties. About $51.4B was owed to Deere at FY2025 year-end; borrowing costs, missed payments, and used-equipment values decide how well it pays.
In plain English
The sale often starts with money, not metal. A farmer may need a loan for a tractor, a contractor may prefer a lease, and a dealer may borrow to keep machines on the lot. Deere provides all three, plus reusable credit accounts and warranty products.
Customers and dealers repay over time with interest, so Deere earns while making its own equipment easier to buy. To supply that cash, it borrows from banks and debt investors or packages loans for other buyers. The business works when what Deere earns on loans stays comfortably above its own cost of borrowing and when customers pay, with the machine itself helping protect against a loss.
Competes with Retail & wholesale equipment finance (CNH Industrial Capital) · Equipment loans, leases & protection (Cat Financial)
RoadbuildingMachines for removing, recycling, laying, and compacting road material cover nearly the whole paving job. Roadbuilding sales rose roughly 14% in the third quarter of FY2026; public budgets and contractors' workloads set the pace.Machines for removing, recycling, laying, and compacting road material cover nearly the whole paving job. Roadbuilding sales rose roughly 14% in the third quarter of FY2026; public budgets and contractors' workloads set the pace.
In plain English
From worn asphalt to a finished road, this lineup follows the whole job. Milling machines peel away the old surface, crushers and recyclers prepare material, pavers lay it down, and rollers press it flat; Deere also sells quarry, mining, and asphalt-making equipment.
Road contractors, material producers, quarries, and public agencies buy through dealers and company-owned sales operations under Deere's roadbuilding brands. They pay for the machines and then for wear parts and service as abrasive stone and asphalt grind components down. Awarded road work creates demand, so budgets and the amount of time fleets stay busy matter more than household spending.
Competes with Pavers, milling machines & rollers (BOMAG / Fayat) · Asphalt pavers & compactors (Ammann)
ForestryPurpose-built machines cut, gather, carry, and load timber for loggers and forest owners. Sales fell about 3% in the third quarter of FY2026; wood demand, harvest access, and the shortage or cost of labor drive replacement.Purpose-built machines cut, gather, carry, and load timber for loggers and forest owners. Sales fell about 3% in the third quarter of FY2026; wood demand, harvest access, and the shortage or cost of labor drive replacement.
In plain English
Deep in a working forest, ordinary construction gear is not enough. Deere's forestry machines cut trees, gather them, carry logs across rough ground, and load them for transport; specialized Waratah cutting heads and digital tools complete the setup.
Logging contractors, timber companies, and forest owners buy machines and cutting heads through forestry dealers, then return for parts and service under punishing working conditions. Purchases depend on planned harvests and prices for lumber and paper-making wood. Terrain, fire, rules, and access can halt work, while machines that let a small crew handle more timber become especially valuable when labor is scarce.
Competes with Feller bunchers, harvesters, forwarders & loaders (Komatsu Forest) · Harvesters & forwarders (Ponsse)
TurfRiding mowers, commercial cutters, utility vehicles, and golf-care machines serve yards, crews, courses, and towns. Sales rose about 15% in the third quarter of FY2026; weather, the mowing season, and household spending can quickly change demand.Riding mowers, commercial cutters, utility vehicles, and golf-care machines serve yards, crews, courses, and towns. Sales rose about 15% in the third quarter of FY2026; weather, the mowing season, and household spending can quickly change demand.
In plain English
The familiar end of Deere is the mower, but the business reaches beyond backyards. Landscapers need commercial cutters, golf courses need carefully tuned care machines, and towns use utility vehicles and grounds equipment.
Homeowners can buy selected machines at Home Depot and Lowe's, while dealers serve both households and professional crews, selling equipment, parts, and repairs. Grass keeps growing, but purchases still bunch around the mowing season and favorable weather. For households, a mower can wait when budgets tighten; for professionals, keeping machines working and getting a clean cut make dealer service and replacement equipment part of the job.
Competes with Commercial mowers (Toro) · Golf-course equipment (Toro) · Lawn & grounds mowers (Kubota)
Named in filings, launches and programs
- Other revenueServiceThe remaining 2.9% comes from guidance and connectivity, outside component sales, Deere-run dealers and service, licensing, and smaller streams.
- Lifecycle SolutionsEcosystemParts, maintenance, repairs, warranties, service agreements, and precision upgrades keep Deere earning after a machine leaves the dealer.
- TennaBrandSoftware that organizes work across construction machines from different makers, acquired in February 2026 for $439M after acquired cash.
- Virtual SuperintendentServiceJobsite planning and productivity software that works across equipment brands and is being joined with Operations Center tools.
- Banco John Deere S.A.BrandBrazilian equipment-finance business owned equally with Banco Bradesco since February 2025.
- John Deere Power SystemsProduct lineEngines, systems that send power to wheels or tracks, and electronic components go into Deere machines and are also sold to other equipment makers.
- Operations Center PRO ServiceServiceRepair and diagnostic tools covered by a proposed settlement requiring comparable access for owners, independent repairers, and Deere dealers.
- JD AIPlatform · AnnouncedAgricultural assistant announced in September 2026; expansion beyond farming remains a future plan.
- Mass-retail turf channelCustomer programSelected turf and compact machines also reach shoppers through Home Depot and Lowe's, alongside Deere dealers.
Other revenueService
The remaining 2.9% comes from guidance and connectivity, outside component sales, Deere-run dealers and service, licensing, and smaller streams.
Lifecycle SolutionsEcosystem
Parts, maintenance, repairs, warranties, service agreements, and precision upgrades keep Deere earning after a machine leaves the dealer.
TennaBrand
Software that organizes work across construction machines from different makers, acquired in February 2026 for $439M after acquired cash.
Virtual SuperintendentService
Jobsite planning and productivity software that works across equipment brands and is being joined with Operations Center tools.
Banco John Deere S.A.Brand
Brazilian equipment-finance business owned equally with Banco Bradesco since February 2025.
John Deere Power SystemsProduct line
Engines, systems that send power to wheels or tracks, and electronic components go into Deere machines and are also sold to other equipment makers.
Operations Center PRO ServiceService
Repair and diagnostic tools covered by a proposed settlement requiring comparable access for owners, independent repairers, and Deere dealers.
JD AIPlatform · Announced
Agricultural assistant announced in September 2026; expansion beyond farming remains a future plan.
Mass-retail turf channelCustomer program
Selected turf and compact machines also reach shoppers through Home Depot and Lowe's, alongside Deere dealers.