Caterpillar vs John Deere: Revenue, Profit and Business Model
Caterpillar had $67.6B of annual revenue in FY2025 and $8.9B of net income. John Deere had $45.7B of annual revenue in FY2025 and $5B of net income.
Latest financial snapshot
Caterpillar
- Latest annual revenue
- $67.6B (FY2025)
- Net income
- $8.9B
- Net margin
- 13.1%
- Revenue growth
- +6.4% a year, FY2016–FY2025
John Deere
- Latest annual revenue
- $45.7B (FY2025)
- Net income
- $5B
- Net margin
- 11.0%
- Revenue growth
- +6.2% a year, FY2016–FY2025
Financial summary
Caterpillar
Caterpillar's revenue tracks construction activity, commodity prices, and capital spending, which makes it cyclical: sales fell from $65.9 billion in 2012 to $38.5 billion in 2016 before recovering. The company has since cut that volatility by growing aftermarket parts and services, which earn higher margins and keep flowing in downturns. In 2025 sales and revenues reached a record $67.589 billion, while profit fell to $8.882 billion from $10.788 billion in 2024 on tariffs and higher costs. The company returned about $7.9 billion to shareholders in 2025. In Q2 2026 sales and revenues rose 24% to $20.543 billion, operating margin widened to 20.9% from 17.3%, and Caterpillar spent $2.2 billion on buybacks and dividends in the quarter. Caterpillar Inc. is the world's leading manufacturer of heavy equipment, commanding a massive market valuation often topping $180 billion.
John Deere
Deere's results follow the farm cycle. Revenue climbed from $35.5 billion in FY2020 to a record $61.3 billion in FY2023 with $10.17 billion of net income, then fell to $51.7 billion in FY2024 and $45.7 billion in FY2025 as farmers delayed purchases. Even at the FY2025 trough, Deere earned $5.03 billion, helped by pricing, cost control, and the steady income of John Deere Financial. In FY2026 the decline appears to be bottoming: nine-month net sales and revenues rose 7% to $35.589 billion, and guidance points to net income of $4.75-$5.00 billion for the year. Deere & Company (doing business as John Deere) is a colossal global manufacturer of agricultural and heavy machinery, commanding a market valuation typically over $100 billion.
Revenue and profit by year
Caterpillar
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $67.6B | $8.9B | 13.1% | +4.3% | Source |
| FY2024 | $64.8B | $10.8B | 16.6% | -3.4% | Source |
| FY2023 | $67.1B | $10.3B | 15.4% | +12.8% | Source |
| FY2022 | $59.4B | $6.7B | 11.3% | +16.6% | Source |
| FY2021 | $51B | $6.5B | 12.7% | +22.1% | Source |
| FY2020 | $41.7B | $3B | 7.2% | -22.4% | Source |
| FY2019 | $53.8B | $6.1B | 11.3% | -1.7% | Source |
| FY2018 | $54.7B | $6.1B | 11.2% | +20.4% | Source |
| FY2017 | $45.5B | $759M | 1.7% | +18.0% | Source |
| FY2016 | $38.5B | -$59M | -0.2% | — | Source |
John Deere
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $45.7B | $5B | 11.0% | -11.7% | Source |
| FY2024 | $51.7B | $7.1B | 13.7% | -15.6% | Source |
| FY2023 | $61.3B | $10.2B | 16.6% | +16.5% | Source |
| FY2022 | $52.6B | $7.1B | 13.6% | +19.4% | Source |
| FY2021 | $44B | $6B | 13.5% | +23.9% | Source |
| FY2020 | $35.5B | $2.8B | 7.7% | -9.5% | Source |
| FY2019 | $39.3B | $3.3B | 8.3% | +5.1% | Source |
| FY2018 | $37.4B | $2.4B | 6.3% | +25.6% | Source |
| FY2017 | $29.7B | $2.2B | 7.3% | +11.6% | Source |
| FY2016 | $26.6B | $1.5B | 5.7% | — | Source |
Where the revenue comes from
Caterpillar
- Construction Industries
~41% (Q2 2026)
Excavators, dozers, wheel loaders, backhoes, compact equipment, and paving machines. Q2 2026 segment sales were $8.346 billion, up 35% year over year.
- Power & Energy
~40% (Q2 2026)
Reciprocating engines, generator sets, Solar industrial gas turbines, and marine and oil-and-gas engines. Q2 2026 segment sales were $8.238 billion, up 17%, helped by data-center power demand.
- Resource Industries (including Rail from 2026)
Smallest primary segment
Large mining trucks, loaders, drills, autonomy systems, quarry equipment, and, after a November 2025 realignment, Progress Rail locomotives and rail services.
- Financial Products
~5% (Q2 2026)
Cat Financial retail loans, leases, insurance, and dealer floor-plan financing; Financial Products revenues were $962 million in Q2 2026. Segment shares are approximate and include inter-segment sales.
John Deere
- Equipment Operations Net Sales~85%
Agriculture, turf, construction, and forestry equipment generated $38.917 billion in FY2025 net sales.
- Financial Services~13%
Finance and interest income generated $5.748 billion by supporting retail notes, leases, wholesale receivables, warranties, and revolving accounts.
- Other Income~2%
Other income, including extended warranty premiums and other items, contributed $1.019 billion.
Business model and strategy
Caterpillar
How it makes money
Caterpillar runs a B2B manufacturing and distribution model built around independent dealers. It designs and manufactures equipment, then sells most of it to locally owned Cat dealers (such as Finning and Toromont) who resell, rent, finance, and service it for end customers.
Growth strategy
Under Joe Creed, Caterpillar's strategy has three pillars: Commercial Excellence, Advanced Technology Leader, and Transform How We Work.
Competitive advantage
Caterpillar's advantage is its global dealer network and the reliability of its parts supply. When a $5 million mining truck breaks down at a remote site, the operator loses money every hour, so fast parts delivery and local service matter more than purchase price. Lower-priced Chinese competitors do not yet offer comparable repair coverage worldwide.
John Deere
How it makes money
Deere makes money in two connected ways. Equipment operations (about 85% of FY2025 revenue, $38.917 billion) design and build machines in three segments: Production and Precision Agriculture (large tractors, combines, planters, sprayers), Small Agriculture and Turf (utility tractors, mowers, hay and forage, golf), and Construction and Forestry (earthmoving, forestry, and Wirtgen roadbuilding).
Growth strategy
Deere's growth plan centers on its Smart Industrial strategy: selling outcomes per acre rather than only machines. Priorities include autonomy kits for tractors, See & Spray targeted herbicide application, connectivity (including a 2024 Starlink satellite agreement), electrification through Kreisel Electric, expansion of Wirtgen roadbuilding, and growth in Brazil and other emerging farm markets.
Competitive advantage
Deere's edge comes from scale plus an integrated system. It has the largest installed base of high-horsepower tractors and combines in North America, a dense independent dealer network that keeps machines running during short planting and harvest windows, in-house precision technology (guidance, Operations Center, See & Spray), and a captive finance arm that helps customers buy.
Questions about Caterpillar vs John Deere
Which company has higher revenue — Caterpillar Inc. or Deere & Company?
Caterpillar Inc. had $67.6B (FY2025), while Deere & Company had $45.7B (FY2025). By latest annual revenue, Caterpillar Inc. is the larger business, with Deere & Company showing a smaller revenue base.
What is the market cap of Caterpillar Inc. vs Deere & Company?
Caterpillar Inc.'s market capitalisation stands at $370.0B, while Deere & Company's is $187.4B. Caterpillar Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Deere & Company.
How does revenue per employee compare for Caterpillar Inc. and Deere & Company?
Caterpillar Inc. has $573k / employee in revenue per employee, while Deere & Company has $625k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Caterpillar Inc. and Deere & Company make money?
Caterpillar Inc. and Deere & Company generate revenue in fundamentally different ways. Caterpillar Inc.: Caterpillar runs a B2B manufacturing and distribution model built around independent dealers. Deere & Company: Deere makes money in two connected ways.
Which company is valued higher relative to revenue — Caterpillar Inc. or Deere & Company?
On a price-to-sales (P/S) basis, Caterpillar Inc. trades at 5.5x P/S and Deere & Company at 4.1x P/S. Caterpillar Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Deere & Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Caterpillar Inc. bigger than Deere & Company?
By last reported revenue, Caterpillar Inc. ($67.6B (FY2025)) is the larger company compared to Deere & Company ($45.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Caterpillar vs John Deere overview