The company reported its net sales for its Small Ag & Turf segment of $2.46 billion for the fourth quarter, up 7% vs. the same period last year. The segment’s operating profit, however, was down 89% to $25 million vs. $234 million during the Q4 2024. For the full year 2025, the Small Ag & Turf segment reported net sales and revenues of $10.22 billion, down 7% compared to $11.0 billion in 2024.

Deere’s outlook for fiscal year 2026 is for the Small Ag & Turf segment to be up about 10%, compared to its Production & Precision Ag segment which is expected to be down 5-10% in 2026.

Worldwide net sales and revenues increased 11%, to $12.394 billion, for the fourth quarter of 2025 and decreased 12%, to $45.684 billion, for the full year. Net sales were $10.579 billion for the quarter and $38.917 billion for the year, compared with $9.275 billion and $44.759 billion in fiscal 2024, respectively.

“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,” said John May, chairman and CEO of John Deere. “Our continued commitment to delivering customer value and focusing on operational efficiency enabled us to remain resilient and demonstrate the strength of our business.”

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Operating income was $164.8 million, 10.1% of sales. Cost reduction and strike impacts totaled $9.7 million. Operating cash flow reached $209.8 million. Debt net of cash fell 87.3% to $23.2 million. Backlog was $668.6 million. EBITDA was $220.6 million (13.5% of sales). Cost-saving efforts remain on track.

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Worldwide net sales and revenues decreased 28 percent, to $11.143 billion, for the fourth quarter of fiscal 2024 and decreased 16 percent, to $51.716 billion, for the full year. Net sales were $9.275 billion for the quarter and $44.759 billion for the year, compared with $13.801 billion and $55.565 billion in fiscal 2023, respectively.

“Amid significant market challenges this year, we proactively adjusted our business operations to better align with the current environment,” said John May, chairman and CEO of Deere & Company. “Together with the structural improvements made over the past several years, these adjustments enable us to serve our customers more effectively and achieve strong results across the business cycle.”

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Highlights

• Ninth consecutive quarterly record for sales and earnings
• Fourth quarter net sales of $417.5 million, up 8%
• Fourth quarter operating income of $44.8 million, up 5%
• Fourth quarter net income of $31.5 million, or $2.63 per diluted share, up 8%
• Full year net sales of $1.69 billion, up 12%
• Full year operating income of $198.0 million, up 33%
• Full year net income of $136.2 million, up 34%
• Full year diluted EPS was $11.36, up 33%
• Record EBITDA of $246.6 million, up 26%
• Year-end 2023 backlog at $860 million

Fourth Quarter Results: Fourth quarter 2023 net sales were $417.5 million compared to $386.6 million in the fourth quarter of 2022, an increase of 8%. Gross margin improved in the quarter versus the fourth quarter of 2022 by $11.1 million or 11%. Fourth quarter net income improved 8% to $31.5 million, or $2.63 per diluted share, compared to net income of $29.2 million, or $2.44 per diluted share in the fourth quarter of 2022. The Company’s backlog at the end of 2023 was $860 million.

Full Year Results: Full year 2023 net sales increased to almost $1.7 billion, up 12% compared to $1.5 billion for the full year 2022. Gross margin for 2023 increased $77.1 million or 20% versus the full year 2022. Net income for 2023 was $136.2 million, or $11.36 per diluted share, compared to net income of $101.9 million, or $8.54 per diluted share in 2022, a year-over- year EPS improvement of 33%.

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For the quarter, net income was $617 million vs. $592 million for the same period in 2022, a 4% year-over-year increase. Consolidated revenue was $6.79 billion in the quarter (down 2% compared to Q4 2022) and Net sales of Industrial Activities were $6.02 billion (down 5% compared to Q4 2022).

Ag Sales Decline

Agriculture segment net sales for the full year were $18.12 billion, up 1% year-over-year. For the quarter, agriculture net sales were down 8% for the quarter to $4.95 billion, primarily due to lower industry volume, dealer inventory management and unfavorable mix, CNH said.

In a note to investors, Stanley Elliott, managing director, Stifel, wrote, “For 2024, CNHI expects industry sales to decline 10-15% in ag and construction to decline 5-10%. CNHI’s segment sales are expected to outperform industry declines and margins are expected to outperform past cycles. 

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For the third quarter of fiscal 2024, Titan Machinery revenue increased to $694.1 million compared to $668.8 million in the third quarter of last year. Equipment revenue was $521.8 million for the third quarter of fiscal 2024, compared to $509.0 million in the third quarter last year. Parts revenue was $115.0 million for the third quarter of fiscal 2024, compared to $108.7 million in the third quarter last year. Revenue generated from service was $44.8 million for the third quarter of fiscal 2024, compared to $39.0 million in the third quarter last year. Revenue from rental and other was $12.6 million for the third quarter of fiscal 2024, compared to $12.1 million in the third quarter last year.

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Worldwide net sales and revenues decreased 1%, to $15.412 billion, for the fourth quarter of fiscal 2023 and rose 16%, to $61.251 billion, for the full year. Net sales were $13.801 billion for the quarter and $55.565 billion for the year, compared with $14.351 billion and $47.917 billion in 2022.

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Worldwide net sales and revenues decreased 1%, to $15.412 billion, for the fourth quarter of fiscal 2023 and rose 16%, to $61.251 billion, for the full year. Net sales were $13.801 billion for the quarter and $55.565 billion for the year, compared with $14.351 billion and $47.917 billion in 2022. 

Production & precision agriculture revenue for the fourth quarter was $7 billion, down 6% from $7.4 billion year-over-year. For the full fiscal year 2023, production & precision ag revenue was $26.8 billion, up 22% from $22 billion in 2022.

John Deere said production and precision agriculture sales decreased for the quarter due to lower shipment volumes partially offset by price realization.  

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Net sales for the fourth quarter ended December 31, 2022, were $509.8 million, compared to $487.7 million in the comparable quarter of 2021, an increase of 4.5 percent driven by sales increases across the Agriculture and Earthmoving / Construction (EMC) segments. Overall net sales were influenced by both increased volume from higher demand in the EMC segment, along with price increases across all segments. The contributing factors to the increase in demand in the EMC segment were recovery in construction markets, including the return to normalized supply and demand levels in the market. Price increases have been implemented due to rising raw material costs and other inflationary impacts in the markets, including freight and energy.

Agricultural Segment

During the quarter ended December 31, 2022, net sales in the Agricultural segment increased 4 percent due to pricing, which was implemented to offset increased raw material and other cost inflation, while volume was down slightly as customers returned to more normalized seasonal order patterns.  The slight increase in gross profit was due to higher pricing levels, which were almost entirely offset by higher input costs, resulting in profit margin declining slightly year-over-year.

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Fourth Quarter 2022 Highlights

• Net Sales of $1.1 billion increased 17.5%, a fourth quarter record
• Operating Income increased 116.2% to $109.7 million, or 9.7% of net sales (increased 32.9% to $113.7 million or 10.1% adjusted1) compared to $50.8 million or 5.3% of net sales ($85.6 million or 8.9% adjusted1)
• Diluted Earnings per Share (“EPS”) of $1.86 ($3.57 adjusted1) compared to $1.25 ($2.73 adjusted1)

Full Year 2022 Highlights

• Record Net Sales of $4.3 billion, an increase of 24.1%
  • Strong sales growth as Infrastructure grew to a record $2.9 billion and Agriculture grew to a record $1.3 billion, including 17.6% growth in agriculture technology products and services
• Operating Income increased 51.1% to $433.2 million, or 10.0% of net sales (increased 34.6% to $449.7 million or 10.3% adjusted1) compared to $286.8 million or 8.2% of net sales ($334.0 million or 9.5% adjusted1)
  • Higher operating income was led by favorable pricing and volume growth in both Infrastructure and Agriculture
• Generated strong operating cash flows of $326.3 million, a significant improvement compared to 2021, driven by higher net earnings and improvements in working capital performance
• Capital expenditures were $93.3 million, including approximately $30.0 million for strategic investments including a new concrete utility structures facility in Bristol, Indiana and irrigation capacity expansions in Brazil and Dubai

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