Deere & Company Revenue & Financials

Revenue fell from $61.25 billion in FY2023 to $51.7 billion in FY2024 — an $9.5 billion decline driven by the agricultural equipment demand cycle softening as farm income fell from the elevated post-pandemic commodity price levels. Net income of $7.1 billion on $51.7 billion in revenue maintained a 13.7% net margin, demonstrating that the production and precision agriculture business retains strong profitability even in down cycles. The John Deere Financial division's $65 billion receivables and lease portfolio is the financial infrastructure that enables the equipment business. Farmers and contractors who buy $500,000 combines or $300,000 tractors typically finance them — and John Deere Financial captures that financing relationship rather than allowing third-party lenders to own the customer credit data. The $1.9 billion net income contribution from the financial services division in FY2024 is recession-resistant relative to equipment sales. Market capitalization of $115 billion against $51.7 billion in revenue at a 2.2x price-to-sales ratio reflects both the cyclical nature of agricultural equipment demand and the premium the market assigns to the technology portfolio. The autonomous driving capability, the precision agriculture data platform, and the See & Spray technology are not priced as pure industrial assets — they carry a technology company multiple that the traditional equipment business alone would not command. The right-to-repair software revenue protection represents a recurring service stream that grows with the installed base. 188 years of dealer relationships — the distribution and service network that took generations to build — is the physical infrastructure that no capital investment can replicate on a commercial timeline.