📊 Executive Summary
Deere & Company faces significant headwinds in FY2025 with revenue down 20% YTD and net income down 32%. Analysis of all three quarters reveals accelerating margin compression, tariff impacts, and persistent volume declines across all equipment segments.
9-Month Performance (Q1-Q3 2025)
Net Sales (9M)
$28.34B
▼ 20% vs 2024
Net Income (9M)
$3.96B
▼ 32% vs 2024
Diluted EPS (9M)
$14.58
▼ 31% vs 2024
Operating Cash Flow
$3.46B
▼ 16% vs 2024
Key Highlights
⚠️
Margin Compression
Gross margin deteriorated 320 bps to 28.6% due to tariffs and volume deleverage
📉
Volume Declines
PPA down 24%, SAT down 10%, CF down 22% year-to-date
💰
Strong Balance Sheet
$10B cash & marketable securities, $6.15B unused credit lines
⚖️
FTC Lawsuit Risk
Antitrust case filed Jan 2025, motion to dismiss denied, outcome unpredictable
📦
Tariff Impact
$300M impact in 9 months, expected $100-150M additional in Q4
✅
Financial Services
Only bright spot with +28% net income growth from higher interest rates
Segment Performance Distribution (9-Month)
Revenue Flow Analysis - Segment Contributions
Q4 2025 Scenario Analysis
Q4 2025 Predictions vs Q4 2024
Scenario Comparison - Key Metrics
Segment Performance Analysis
Segment Operating Margins - Quarterly Trend
Segment Interdependencies & Impact Network
Quarterly Performance Trends
Revenue Trend by Quarter
Quarterly Revenue & Profit Trends
Year-over-Year Performance Change (%)
Key Risk Factors for Q4 2025
Risk Impact Assessment
Scenario Comparison Table
Full Year 2025 EPS Scenarios