Deere & Company, commonly known as John Deere, is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions . The company operates through four main business segments, offering a wide range of machinery and services tailored to various industries . John Deere sells large and mid-size tractors, combines, cotton pickers, sugarcane harvesters, mid-size and compact tractors, hay and forage equipment, turf products, excavators, loaders, roadbuilding equipment, and provides financing and leasing services for its equipment .
- Production and Precision Agriculture (PPA) - Produces large and mid-size tractors, combines, cotton pickers, sugarcane harvesters, and related equipment, significantly contributing to the company's revenue .
- Construction and Forestry (CF) - Offers a range of machines for construction, earthmoving, and forestry, including excavators, loaders, and roadbuilding equipment .
- Small Agriculture and Turf (SAT) - Provides mid-size and compact tractors, hay and forage equipment, and turf products .
- Financial Services (FS) - Includes financing and leasing for John Deere equipment, playing a crucial role in the company's operations .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John C. May ExecutiveBoard | Chairman, Chief Executive Officer, and President | Board Member at Ford Motor Company | John C. May has been with DE since 2004, holding various leadership roles before becoming CEO in 2020. He is known for driving innovation and executing DE's Smart Industrial Operating Model. | View Report → |
Cory J. Reed Executive | President, Worldwide Agriculture & Turf Division, Production & Precision Ag | None | Joined DE in 1998. Previously served as President of John Deere Financial and held leadership roles in agriculture and turf divisions. | |
Deanna M. Kovar Executive | President, Worldwide Agriculture & Turf Division, Small Ag & Turf | None | Joined DE in 2018. Focuses on advancing precision agriculture and global market strategies. | |
Felecia J. Pryor Executive | Senior Vice President and Chief People Officer | None | Joined DE in 2022. Previously served as EVP and CHRO at BorgWarner Inc. and held HR leadership roles at Ford Motor Company. | |
Jahmy J. Hindman Executive | Senior Vice President and Chief Technology Officer | None | Joined DE in 2018. Leads technology innovation, including autonomy and AI integration. | |
Joshua A. Jepsen Executive | Senior Vice President and Chief Financial Officer | None | Joined DE in 2022 as CFO. Previously served as Deputy Financial Officer and Director of Investor Relations. | |
Justin R. Rose Executive | President, Lifecycle Solutions, Supply Management, and Customer Success | None | Joined DE in 2022. Previously a Senior Partner at Boston Consulting Group. | |
Kellye L. Walker Executive | Senior Vice President and Chief Legal Officer | None | Joined DE in 2024. Previously served as EVP and CLO at Eastman Chemical Company and Huntington Ingalls Industries. | |
Rajesh Kalathur Executive | President, John Deere Financial, and Chief Information Officer | None | Joined DE in 1996. Previously served as CFO and has extensive experience in finance, IT, and business development. | |
Ryan D. Campbell Executive | President, Worldwide Construction & Forestry Division and Power Systems | None | Joined DE in 1997. Previously served as CFO and held various financial leadership roles. | |
Alan C. Heuberger Board | Independent Director | None | Joined DE's board in 2016. Senior Investment Manager at Cascade Asset Management Company, with expertise in finance and governance. | |
Dmitri L. Stockton Board | Independent Director | Board Member at Ryder System, Inc., Target Corporation, and Smurfit WestRock plc | Joined DE's board in 2015. Former Chairman and CEO of GE Asset Management, with expertise in finance, risk management, and governance. | |
Gregory R. Page Board | Independent Director | Chairman of Corteva, Inc.; Board Member at Eaton Corporation and 3M Company | Joined DE's board in 2013. Former Chairman and CEO of Cargill, with expertise in agriculture, finance, and sustainability. | |
L. Neil Hunn Board | Independent Director | CEO of Roper Technologies, Inc. | Joined DE's board in 2023. CEO of Roper Technologies, with expertise in software and business model transformation. | |
Leanne G. Caret Board | Independent Director | Board Member at Raytheon Technologies Corporation | Joined DE's board in 2021. Former EVP at Boeing, with expertise in aerospace and defense. | |
Michael O. Johanns Board | Independent Director | Board Member at Corteva, Inc. | Joined DE's board in 2015. Former U.S. Secretary of Agriculture, U.S. Senator, and Governor of Nebraska, with expertise in agriculture and governance. | |
R. Preston Feight Board | Independent Director | CEO and Board Member at PACCAR Inc | Joined DE's board in 2024. CEO of PACCAR Inc, with expertise in engineering, manufacturing, and alternative powertrains. | |
Sheila G. Talton Board | Independent Director | CEO of Gray Matter Analytics; Board Member at OGE Energy Corp. and Sysco Corporation | Joined DE's board in 2015. CEO of Gray Matter Analytics, with expertise in technology, data analytics, and governance. | |
Sherry M. Smith Board | Independent Director | Board Member at Anywhere Real Estate Inc. and Piper Sandler Companies | Joined DE's board in 2011. Former CFO of SuperValu Inc., with expertise in finance, auditing, and governance. | |
Tamra A. Erwin Board | Independent Director | Board Member at F5, Inc. and Xerox Holdings Corporation | Joined DE's board in 2020. Former EVP and CEO of Verizon Business Group, with expertise in technology and customer service. |
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With the proactive adjustments in production schedules and a mid-single-digit reduction in your global salaried workforce, resulting in a one-time expense of approximately $150 million, $124 million of which was booked in the third quarter , how do you plan to balance cost reductions with necessary investments in innovation to ensure long-term growth in precision agriculture technologies amidst the current challenging macro environment?
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Given the increased competition leading to net pricing declines in your Construction segment and adjustments to production schedules to lower field inventories , what strategies are you implementing to defend market share and preserve margins in the face of aggressive pricing from competitors?
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Can you elaborate on the steps you're taking to reduce elevated used inventory levels in North American large ag, and how this might impact new equipment sales and pricing dynamics in the coming quarters? ,
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With the volatility in working capital leading to a downward revision of your operating cash flow guidance , what specific actions are you taking to improve cash generation and manage capital deployment effectively?
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How confident are you that the proactive inventory management and production adjustments will prevent a prolonged downturn similar to previous cycles, especially considering the softening in both the agriculture and construction markets? ,
Research analysts who have asked questions during DEERE & earnings calls.
David Raso
Evercore ISI
4 questions for DE
Jamie Cook
Truist Securities
4 questions for DE
Jerry Revich
Goldman Sachs Group Inc.
3 questions for DE
Kristen Owen
Oppenheimer & Co. Inc.
3 questions for DE
Robert Wertheimer
Melius Research
3 questions for DE
Angel Castillo Malpica
Morgan Stanley
2 questions for DE
Kyle Menges
Citigroup
2 questions for DE
Stephen Volkmann
Jefferies
2 questions for DE
Steven Fisher
UBS
2 questions for DE
Tami Zakaria
JPMorgan Chase & Co.
2 questions for DE
Timothy Thein
Raymond James
2 questions for DE
Angel Castillo
Morgan Stanley
1 question for DE
Chad Dillard
AllianceBernstein
1 question for DE
Charles Albert Dillard
Bernstein
1 question for DE
Jairam Nathan
Daiwa Capital Markets
1 question for DE
Joel Jackson
BMO Capital Markets
1 question for DE
Mircea Dobre
Robert W. Baird & Co.
1 question for DE
Paddy Bogart
Melius Research LLC
1 question for DE
Tim Thein
Raymond James Financial
1 question for DE
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company is identified as a global competitor in the agriculture and turf operations, with varying numbers of product lines competing with the company's products and differing degrees of regional focus. | |
CLAAS KGaA mbH | This competitor is noted as part of the competitive environment in the agriculture and turf operations, with a focus on global markets. |
Listed as a global competitor in both the agriculture and turf operations and the construction business, operating in competitive markets in North and South America as well as other global markets. | |
Kubota Tractor Corporation | Recognized as a competitor in the agriculture and turf operations, with a presence in global markets. |
Mahindra & Mahindra Limited | Identified as a competitor in the agriculture and turf operations, with a focus on global markets. |
Mentioned as a competitor in the agriculture and turf operations, with a presence in global markets. | |
A global competitor in the construction and forestry (CF) segment, operating in competitive markets worldwide. | |
Doosan Infracore Co., Ltd. | Listed as a global competitor in the CF segment, along with its subsidiary Doosan Bobcat Inc. |
Fayat Group | Identified as a global competitor in the CF segment. |
GOMACO Corporation | Recognized as a global competitor in the CF segment. |
Hitachi Construction Machinery | Mentioned as a global competitor in the CF segment. |
Komatsu Ltd. | Listed as a global competitor in the CF segment. |
Ponsse Plc | Identified as a global competitor in the CF segment. |
SANY Group Co., Ltd. | Recognized as a global competitor in the CF segment. |
Mentioned as a global competitor in the CF segment. | |
Tigercat Industries Inc. | Listed as a global competitor in the CF segment. |
Volvo Construction Equipment | Identified as a global competitor in the CF segment, as part of Volvo Group AB. |
XCMG | Recognized as a global competitor in the CF segment. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
SparkAI Inc. | 2023 | Deere & Company acquired SparkAI Inc. as part of a combined $82 million deal (net of $2 million in cash) with most of the purchase price allocated to goodwill and assigned to the Precision Agriculture (PPA) segment to accelerate smart technology integration into its products. |
Smart Apply, Inc. | 2023 | Deere & Company acquired Smart Apply, Inc. in a combined $82 million transaction (net of $2 million in cash), with the purchase price primarily allocated to goodwill and assigned to the Small Agriculture and Turf (SAT) segment to enhance its smart spray control technology offerings. |
Kreisel Electric Inc. | 2022 | Deere acquired Kreisel Electric Inc. for a total cash purchase price of $276 million (including adjustments) with most consideration allocated to goodwill and other intangible assets; the deal includes call and put options for future ownership interest changes, strengthening its high-performance battery technology capabilities. |
Excavator Factories (Deere-Hitachi Joint Venture) | 2022 | Deere took full ownership of three former joint venture factories with Hitachi in an acquisition involving a total invested capital of $690 million and a net purchase price of $246 million, gaining complete control over excavator design and integration within its construction and forestry segment. |
AgriSync Inc. | 2022 | As part of a combined $134 million transaction (net of $3 million in cash), Deere acquired AgriSync Inc., a technology service provider, with $53 million allocated to goodwill and $21 million to intangible assets across multiple segments to further integrate technology services into its operations. |
SureFire Ag Systems, Inc. & SureFire Electronics, LLC (SurePoint) | 2022 | Deere acquired an 80% stake in SureFire Ag Systems, Inc. and SureFire Electronics, LLC (renamed as SurePoint) under a combined transaction of $134 million (net of $3 million in cash) with allocations to goodwill, intangible assets, and other asset values, enhancing its precision agriculture capabilities. |
GUSS Automation LLC | 2022 | Deere acquired a 40% equity method investment in GUSS Automation LLC as part of a group acquisition costing $134 million (net of $3 million in cash), allocating the investment to the Small Agriculture and Turf segment to bolster its Smart Industrial strategy with semi-autonomous sprayer technology. |
LGT, LLC (Light) | 2022 | Deere acquired LGT, LLC (Light) as part of a combined $124 million transaction (net of $3 million in cash), enhancing its Smart Industrial operating model by integrating advanced camera-based depth sensing technology into its production and precision agriculture segment. |
InnerPlant, Inc. | 2022 | Deere acquired InnerPlant, Inc. as an equity method investment allocated to its production and precision agriculture segment, although specific deal values and detailed terms were not disclosed. |
Recent press releases and 8-K filings for DE.
- On October 2, 2025, Deere Funding Canada Corporation, an indirect wholly owned subsidiary of Deere & Company, agreed to sell $500 million aggregate principal of 4.150% senior unsecured notes due October 9, 2030, fully and unconditionally guaranteed by Deere & Company.
- The Notes pay 4.150% interest per annum, payable semi-annually on April 9 and October 9, beginning April 9, 2026, and rank equally with all other senior unsecured debt of the Guarantor.
- The Issuer and Guarantor entered into a Terms Agreement with Goldman Sachs & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, and TD Securities (USA) LLC as representatives of the underwriters for the offering.
- The Notes were issued under an indenture dated June 15, 2020, and include a make-whole redemption feature (U.S. Treasury + 0.10%) or redemption at 100% of principal (plus accrued interest) on or after September 9, 2030, with a tax-call option.
- Deere & Co posted 9% sales growth to $13,152 M and 26% increase in net income to $1,734 M, with EPS of $6.29, up 24% year-over-year
- Production & Precision Ag segment net sales declined to $4,273 M from $5,099 M in Q3 2024
- Financial Services net income fell to $153 M from $205 M a year ago
- Reaffirmed FY 2025 guidance: net income $4.75–5.25 B, effective tax rate 19–21%, net operating cash flow $4.5–5.5 B, and capex of ~$1.4 B
- Brazilian Agriculture Opportunity: Deere highlighted Brazil’s potential as a leading global food producer with significant expansion in crop production and sustainable practices, driven by technological advancements.
- Long-Term Investment Foundation: The company emphasized its 25-year presence in Brazil, marked by substantial investments in manufacturing, dealer networks, and a new R&D center to support local agricultural innovation.
- Growth Strategy Focus: Deere outlined its strategy centered on product leadership, enhancing connectivity through solutions like JDLink Boost, and broad tech adoption to drive productivity and customer value.
- Value Creation for Customers: The integrated approach aims to deliver cost savings and improved profitability by leveraging precision ag technologies and digital solutions, reinforcing Deere’s competitive edge in the region.
- Q2 2025 net income of $1.804B and EPS of $6.64 reflect a decline from Q2 2024’s $2.370B and $8.53 per share .
- Worldwide net sales dropped 16% to approximately $12.7B, driven by reduced volumes and adverse market conditions .
- Equipment operations delivered an 18.8% margin and the Production & Precision Ag segment achieved a 22% operating margin, highlighting robust execution despite lower shipments .
- FY 2025 guidance includes a net income forecast of $4.75–$5.50B and an anticipated net operating cash flow of $4.5–$5.5B, outlining future expectations .
- For the first six months, net income fell to $2.673B from $4.121B, underscoring a challenging operating environment .
- Management is addressing ongoing tariff headwinds with early order programs and strategic sourcing adjustments to manage evolving trade uncertainties .