Deere & Société (DE): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique de l'innovation agricole, Deere & L'entreprise est un Titan, transformant l'agriculture grâce à des technologies de pointe et à la modélisation stratégique des entreprises. Avec un héritage couvrant près de deux siècles, cette puissance mondiale a méticuleusement conçu un modèle commercial qui va bien au-delà de la fabrication traditionnelle de machines, intégrant l'agriculture de précision, des solutions numériques et des systèmes de soutien complets qui permettent aux agriculteurs du monde entier. En mélangeant parfaitement l'ingénierie avancée, l'innovation technologique et les approches centrées sur le client, Deere & L'entreprise a redéfini le fonctionnement des entreprises agricoles, créant un plan de réussite qui résonne à travers les écosystèmes agricoles mondiaux.

Deere & Société (DE) - Modèle d'entreprise: partenariats clés

Fabricants et fournisseurs d'équipements agricoles

Deere & La société maintient des partenariats stratégiques avec plusieurs fournisseurs de composants d'équipement:

Fournisseur	Détails du partenariat	Valeur d'achat annuelle
Bosch gmbh	Composants électroniques	412 millions de dollars
Zf Friedrichshafen AG	Systèmes de transmission	287 millions de dollars
Cummins Inc.	Composants du moteur	523 millions de dollars

Partenaires technologiques pour les solutions d'agriculture de précision

Deere collabore avec les entreprises technologiques pour améliorer l'innovation agricole:

• IBM (IA et intégration d'apprentissage automatique)
• Microsoft Azure (plates-formes de cloud computing)
• Nvidia (Advanced Sensing Technologies)

Institutions financières pour le financement des équipements

John Deere Financial fournit des réseaux de partenariat critiques:

Institution financière	Volume de financement	Fourchette de taux d'intérêt
Wells Fargo	2,3 milliards de dollars	3.5% - 6.2%
Banque d'Amérique	1,8 milliard de dollars	3.7% - 6.5%

Centres de recherche sur les universités et les centres d'innovation agricole

Partenariats clés de collaboration de recherche:

• Université de l'Illinois - 12,4 millions de dollars d'investissement de recherche annuel
• Iowa State University - 9,7 millions de dollars de recherche sur l'agriculture de précision
• Université de Californie Davis - 8,3 millions de dollars de développement technologique agricole

Agences gouvernementales et organisations de politique agricole

Engagements de partenariat gouvernemental stratégique:

Agence	Focus de la collaboration	Financement annuel
USDA	Développement de la technologie agricole	22,6 millions de dollars
EPA	Initiatives de durabilité	5,9 millions de dollars

Deere & Société (DE) - Modèle d'entreprise: activités clés

Conception et fabrication de machines agricoles

Volume de production annuel: 172 000 unités de machines agricoles en 2022

Catégorie de machines	Unités de production annuelles	Revenus (2022)
Tracteurs	76,500	7,4 milliards de dollars
Combinaison	38,250	3,9 milliards de dollars
Équipement de récolte	57,250	5,2 milliards de dollars

Développement de la technologie de l'agriculture de précision

Investissement en R&D: 1,8 milliard de dollars en 2022

• Équipe de développement de logiciels: 1 200 ingénieurs
• Brevets technologiques actifs: 3,750
• Plateformes d'agriculture numérique: 4 plates-formes principales

Ventes et distribution mondiales d'équipements agricoles

Région	Volume des ventes	Part de marché
Amérique du Nord	89 400 unités	52%
Europe	34 400 unités	22%
Amérique du Sud	28 600 unités	15%
Asie-Pacifique	19 600 unités	11%

Services de support client et de maintenance

Revenus de services de maintenance annuels: 2,3 milliards de dollars en 2022

• Centres de services mondiaux: 1 600
• Personnel de soutien technique: 6 500 techniciens
• Temps de réponse moyen: 4,2 heures

Recherche agricole et innovation

Investissement en innovation: 1,5 milliard de dollars en 2022

• Centres de recherche: 12 emplacements mondiaux
• Équipes de recherche en technologie agricole: 850 chercheurs
• Développements annuels du prototype: 120 nouveaux concepts de technologie agricole

Deere & Société (DE) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées dans le monde

Deere & L'entreprise fonctionne 14 installations de fabrication Aux États-Unis, avec des installations supplémentaires dans:

• Brésil
• Chine
• Allemagne
• Inde
• Mexique

Emplacement	Type d'installation	Ligne de produit primaire
Moline, Illinois	Siège social mondial	Équipement agricole
Waterloo, Iowa	Fabrication de tracteurs	Grands tracteurs agricoles
Pune, Inde	Fabrication mondiale	Tracteurs compacts

Brevets de propriété intellectuelle et technologique

Depuis 2023, Deere & La société tient 3 892 brevets actifs à travers la technologie agricole et les solutions agricoles de précision.

Réseau de concessionnaires mondiaux

Deere maintient 5 551 emplacements de concessionnaires indépendants Dans le monde entier, avec:

• 2 983 concessionnaires d'équipements agricoles
• 1 672 concessionnaires d'équipements de construction
• 896 Concessionnaires d'équipement de foresterie et de pelouse / jardin

Équipes d'ingénierie et de recherche

Deere emploie 12 400 professionnels de la recherche et du développement avec un investissement annuel de R&D de 2,1 milliards de dollars en 2023.

Capital financier et réputation de la marque

Métrique financière	Valeur 2023
Actif total	86,4 milliards de dollars
Total des capitaux propres	33,2 milliards de dollars
Revenus annuels	52,8 milliards de dollars

Deere & Société (DE) - Modèle d'entreprise: propositions de valeur

Machines et équipements agricoles hautes performances

John Deere produit une gamme complète d'équipements agricoles avec un chiffre d'affaires de 27,4 milliards de dollars. Les gammes de produits comprennent:

• Tracteurs allant de 45 à 670 chevaux
• Combiner les récolteurs avec jusqu'à 690 chevaux en moteur
• Pulvérisateurs couvrant jusqu'à 120 pieds de largeur de flèche

Catégorie d'équipement	2023 Ventes unitaires	Fourchette de prix moyenne
Gros tracteurs	38 500 unités	$250,000 - $600,000
Combiner les récolteurs	12 300 unités	$300,000 - $750,000

Technologies agricoles de précision avancées

John Deere a investi 2,1 milliards de dollars dans la recherche et le développement en 2023, en se concentrant sur les technologies d'agriculture de précision.

• Précision des systèmes de guidage Autotrac dans les 2,5 cm
• Centre d'opérations John Deere avec analyse de données en temps réel
• Technologies d'optimisation des performances de la machine

Solutions complètes pour la productivité agricole

Solutions intégrées générant 5,6 milliards de dollars de revenus agricoles de précision en 2023.

Type de solution	Revenus de 2023
Logiciel agricole de précision	1,2 milliard de dollars
Services d'équipement connectés	2,4 milliards de dollars

Innovation agricole durable

John Deere a engagé 500 millions de dollars dans des technologies agricoles durables en 2023.

• Développement d'équipements électriques et autonomes
• Conceptions réduites de machines d'émission de carbone
• Technologies d'agriculture de précision réduisant la consommation de ressources

Infrastructure mondiale de soutien et de service

Réseau de services mondial avec des mesures 2023:

Métrique de service	2023 données
Emplacements des concessionnaires mondiaux	1 595 concessionnaires
Pays ayant une présence de service	180 pays
Revenus de services annuels	3,8 milliards de dollars

Deere & Société (DE) - Modèle d'entreprise: relations clients

Programmes de support client à long terme

John Deere propose John Deere Worksight Programme de support couvrant 2 200+ emplacements de concessionnaires dans le monde. Le programme fournit des services complets de surveillance et de maintenance des équipements.

Programme de soutien	Couverture annuelle	Portée mondiale
John Deere Worksight	Assistance technique 24/7	2 200+ emplacements de concessionnaires

Engagement du réseau des concessionnaires

John Deere maintient un réseau de concessionnaires robuste avec environ 1 500 concessionnaires agricoles à travers l'Amérique du Nord.

• Revenus moyens du concessionnaire: 14,3 millions de dollars par emplacement
• Le réseau de concessionnaire couvre 50 États aux États-Unis
• Présence du concessionnaire international dans plus de 30 pays

Plateformes numériques pour la gestion des équipements

John Deere Operations Center fournit des solutions avancées de gestion des équipements numériques.

Plate-forme numérique	Utilisateurs actifs	Capacité de gestion des données
Centre d'opérations John Deere	Plus de 500 000 utilisateurs actifs	Suivi d'équipement en temps réel

Formation technique et éducation

John Deere investit dans des programmes de formation technique complets pour les clients et les concessionnaires.

• Budget de formation annuel: 42 millions de dollars
• Modules de formation en ligne et en personne
• Programmes de certification pour les techniciens d'équipement

Options de financement personnalisées

John Deere Financial fournit des solutions de financement spécialisées pour les équipements agricoles et de construction.

Service de financement	Portefeuille de prêts totaux	Montant moyen du prêt
John Deere Financial	37,2 milliards de dollars	250 000 $ par prêt d'équipement agricole

Deere & Société (DE) - Modèle d'entreprise: canaux

Réseau de concessionnaires autorisés

Deere & La société exploite 2 162 emplacements de concessionnaires dans le monde en 2023. Le réseau de concessionnaire couvre:

Région	Nombre de concessionnaires
Amérique du Nord	1 387 concessionnaires
Europe	412 concessionnaires
Asie-Pacifique	263 concessionnaires
l'Amérique latine	100 concessionnaires

Plates-formes de vente en ligne directes

La plate-forme de commerce électronique de John Deere a généré 3,2 milliards de dollars de revenus de vente numérique en 2023. Les principaux canaux en ligne comprennent:

• Johndeere.com
• Myjohndeere.com
• Plates-formes de marché de l'équipement

Salons des équipements agricoles

John Deere participe à 47 salons agricoles internationaux chaque année, avec un investissement marketing estimé à 22,5 millions de dollars en 2023.

Marketing numérique et commerce électronique

Dépenses de marketing numérique en 2023: 78,6 millions de dollars

Canal numérique	Métriques d'engagement
Liendin	1,2 million de followers
Youtube	850 000 abonnés
Facebook	1,5 million de followers

Conférences de l'industrie agricole

Participation annuelle de la conférence: 22 événements majeurs

• Conférence agricole nord-américaine
• Sommet de l'agriculture de précision internationale
• Exposition mondiale d'équipement agricole

Deere & Société (DE) - Modèle d'entreprise: segments de clients

Grands agriculteurs commerciaux

Depuis 2024, Deere & La société sert de grands agriculteurs commerciaux avec des segments de revenus annuels:

Taille de la ferme	Revenus annuels	Dépenses d'équipement
1 000 à 5 000 acres	2,5 M $ - 7,5 M $	500 000 $ - 1,5 M $
5 000 à 10 000 acres	7,5 M $ - 15 M $	1,5 M $ - 3 M $

Opérations agricoles à petite à moyenne

Caractéristiques du segment du marché:

• Taille moyenne de la ferme: 400 à 1 000 acres
• Investissement annuel d'équipement: 100 000 $ - 350 000 $
• Marché total adressable: 2,02 millions de fermes aux États-Unis

Services agricoles du gouvernement

Données d'approvisionnement du gouvernement:

Catégorie d'approvisionnement	Dépenses annuelles
Équipement agricole	425 millions de dollars
Recherche & Soutien au développement	78 millions de dollars

Coopératives agricoles

Détails du segment coopératif:

• Cooperatives agricoles totales aux États-Unis: 1 698
• Budget moyen de l'équipement annuel moyen: 750 000 $
• Power d'achat collectif: 1,2 milliard de dollars

Entreprises agricoles internationales

Pénétration mondiale du marché:

Région	Part de marché	Ventes annuelles d'équipement
Amérique du Nord	48%	6,3 milliards de dollars
Europe	22%	2,9 milliards de dollars
Amérique du Sud	15%	1,9 milliard de dollars
Asie-Pacifique	12%	1,6 milliard de dollars
Afrique	3%	400 millions de dollars

Deere & Société (DE) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Deere & La société a investi 2,1 milliards de dollars dans les frais de recherche et de développement au cours de l'exercice 2023. La rupture des investissements en R&D comprend:

Segment	Investissement en R&D ($ m)
Agriculture et gazon	1,350
Construction et foresterie	450
Services financiers	300

Frais de fabrication et de production

Coûts de fabrication totaux pour Deere & La société au cours de l'exercice 2023 s'est élevé à 38,4 milliards de dollars, avec les composantes clés suivantes:

• Coûts de matériel direct: 24,6 milliards de dollars
• Coûts de main-d'œuvre directs: 5,2 milliards de dollars
• Fabrication des frais généraux: 8,6 milliards de dollars

Distribution et logistique globales

Frais de logistique et de distribution pour Deere & La société en 2023 a totalisé 3,7 milliards de dollars, notamment:

Canal de distribution	Coût ($ m)
Prise en charge du réseau de concessionnaire	1,850
Expédition et transport mondiaux	1,250
Entrepôts	600

Opérations de marketing et de vente

Frais de marketing et de vente pour Deere & La société au cours de l'exercice 2023 était de 2,9 milliards de dollars, distribuée comme suit:

• Rémunération du personnel des ventes: 1,4 milliard de dollars
• Campagnes marketing: 650 millions de dollars
• Infrastructure de soutien aux ventes: 850 millions de dollars

Maintenance des infrastructures technologiques

Infrastructures technologiques et coûts de maintenance pour Deere & La société en 2023 s'élevait à 1,2 milliard de dollars, notamment:

Catégorie de technologie	Coût ($ m)
Systèmes informatiques et logiciels	550
Maintenance de plate-forme numérique	350
Infrastructure de cybersécurité	300

Deere & Société (DE) - Modèle d'entreprise: sources de revenus

Ventes d'équipements agricoles

Au cours de l'exercice 2023, Deere & La société a déclaré des ventes nettes de l'équipement agricole de 25,8 milliards de dollars. La répartition des ventes d'équipements comprend:

Catégorie d'équipement	Revenus de vente
Grands tracteurs agricoles	7,2 milliards de dollars
Tracteurs agricoles des services publics	3,5 milliards de dollars
Équipement de récolte	5,9 milliards de dollars
Équipement de semis et de travail du sol	4,2 milliards de dollars

Licence de technologie de l'agriculture de précision

Les licences de technologie d'agriculture de précision ont généré environ 412 millions de dollars de revenus pour Deere & Société en 2023.

Revenus de pièces et de services

Le segment des pièces et des services a généré 6,3 milliards de dollars de revenus pour l'exercice 2023, avec la distribution suivante:

• Ventes de pièces d'équipement agricole: 4,1 milliards de dollars
• Revenus de services d'équipement agricole: 2,2 milliards de dollars

Services financiers et location d'équipement

Deere Financial Services a déclaré un chiffre d'affaires total de 2,9 milliards de dollars en 2023, le location d'équipement contribuant à 1,2 milliard de dollars à ce segment.

Catégorie de service financier	Revenu
Location d'équipement	1,2 milliard de dollars
Services de financement	1,7 milliard de dollars

Abonnements à la solution d'agriculture numérique

Les solutions et abonnements agricoles numériques ont généré 287 millions de dollars de revenus pour Deere & Société en 2023.

• Abonnements de John Deere Operations Center: 156 millions de dollars
• Abonnements de logiciels d'agriculture de précision: 131 millions de dollars

Deere & Company (DE) - Canvas Business Model: Value Propositions

Integrated solutions for increased productivity and sustainability

Deere & Company supports its customers through a business cycle where worldwide net sales and revenues for fiscal year 2025 totaled $45.684 billion. The company delivered a net income attributable to Deere & Company of $5.027 billion for fiscal year 2025. Free cash flow for fiscal year 2025 was reported at $3.23 Billion.

Autonomy and automation (e.g., Autonomous 9RX Tractor) to solve labor shortages

The Autonomous 9RX Tractor was unveiled in January 2025 at CES. Tractors being tested in the field had farmed more than 50,000 acres autonomously as of January 2025. Model Year 2025 8 Series and 9 Series tractors offer an autonomous-ready option to support seamless transition to full autonomy. Labor shortages in agriculture are reported by 60 to 88% of businesses using Deere equipment.

Precision Ag tools like See & Spray to reduce input costs and increase yields

John Deere customers used See & Spray technology across more than five million acres of farmland during the 2025 growing season. In 2025, customers reduced non-residual herbicide use by an average of nearly 50%, saving nearly 31 million gallons of herbicide mix. Field studies showed an average yield bump of 2 bushels per acre in soybeans when using the technology compared to broadcast spraying. The Application Savings Guarantee aligns cost with performance, charging $1/fallow acre or $5/in-crop acre based on measurable savings.

Metric	Value / Range	Context Year/Period
See & Spray Acres Covered	5 million acres	2025 Growing Season
Average Herbicide Reduction	Nearly 50%	2025
Herbicide Gallons Saved	Nearly 31 million gallons	2025
Average Soybean Yield Bump	2.0 bushels per acre	Trials
Autonomous Tillage Acres Farmed	More than 50,000 acres	As of January 2025

Premium quality, durability, and high resale value of equipment

The company is focused on operational efficiency to remain resilient, which supports the underlying quality of its assets. While specific resale value percentages for FY2025 are not available, the company's focus on structural improvements and customer value underpins the perceived durability of its fleet.

Comprehensive financial services to facilitate equipment acquisition

John Deere Financial Services reported a portfolio size of $67.2 billion as of October 27, 2024. Retail Notes & Financing Leases represented 60% of this portfolio by market as of that date. The company manages its balance sheet to support an "A" rating, which provides access to low-cost funding mechanisms for its financial services operation.

• John Deere Financial Services Portfolio (as of 10/27/2024): $67.2 billion
• Retail Notes & Financing Leases Share of Portfolio: 60%
• Target Dividend Payout Ratio: 25-35% of mid-cycle earnings

Deere & Company (DE) - Canvas Business Model: Customer Relationships

You're looking at how Deere & Company keeps its customers engaged, especially as equipment sales face a contraction. The relationship strategy is deeply rooted in its physical network, heavily supplemented by digital tools that are seeing real uptake.

Dedicated, high-touch support through local independent dealers

The dealer network remains the backbone of the customer relationship. As of November 06, 2025, there are 2,269 John Deere dealers operating across the United States. This physical footprint is substantial, with the company maintaining a presence in 2,273 locations across 50 states. To support this channel and future product development, Deere & Company is prepared to invest $20 billion in its U.S. production plants over the next decade. This investment underpins the ability of local dealers to service and supply customers effectively. For instance, Texas alone accounts for 169 of these dealers, representing about 7% of the total U.S. network.

Digital, self-service monitoring via the Operations Center app

Digital engagement is scaling rapidly, turning raw machine data into actionable customer insights. The John Deere Operations Center has surpassed 485 million acres under management globally. A key metric here is engagement; 30% of those acres are classified as highly engaged. The introduction of the Precision Essentials kit has acted as a catalyst, bringing over 2,400 new customers directly into the Operations Center ecosystem. For existing users, adopting this kit led to a 35% increase in their engaged acres and a nearly 50% increase in their highly engaged acres. Furthermore, the connectivity solution JDLink Boost, designed for areas with poor cell coverage, surpassed 5,000 global orders in its first year of availability.

Here's a quick look at the digital adoption metrics as of late 2025:

Metric	Value	Context
Total Acres Managed in Operations Center	485 million acres	Global scale of digital platform usage.
Highly Engaged Acres Percentage	30%	Indicates deep utilization of the platform's features.
New Customers Added via Precision Essentials	Over 2,400	Direct pipeline into the digital ecosystem.
Increase in Engaged Acres (Existing Users Post-Adoption)	35%	Measure of increased digital activity from current users.
JDLink Boost Global Orders (First Year)	Over 5,000	Adoption of connectivity solutions in challenging coverage areas.

Long-term, durable relationships built on brand loyalty and quality

The relationship is fortified by the perception of quality, which supports premium pricing and customer retention even during market downturns. The full-year fiscal 2025 results showed resilience, with net income attributable to Deere & Company reaching $5.027 billion, despite worldwide net sales and revenues decreasing 12% to $45.684 billion compared to fiscal 2024. This performance, described by leadership as the best results yet at this point in the cycle, speaks to the structural strength and customer commitment to the brand.

Aftermarket service and parts support across the product lifecycle

The focus on keeping existing equipment running is a major relationship driver, especially when new equipment sales are projected to decline. Dealer forecasts for 2025 show strong confidence in the aftermarket segment. Over 90% of dealers expect their service revenue to be as good as or better than 2024. Parts revenue projections are similarly positive, with 44.4% forecasting growth between 2-7% and 4.9% expecting revenue to be up 8% or more. Only a small fraction, 43.2%, project parts revenue to be flat.

Here is the dealer forecast breakdown for the aftermarket segment in 2025:

• Service Revenue Forecast: Over 90% expected to be flat or better.
• Parts Revenue Forecast (Flat): 43.2% of dealers.
• Parts Revenue Forecast (Growth of 2-7%): 44.4% of dealers.
• Parts Revenue Forecast (Growth of 8%+): 4.9% of dealers.

Finance: draft 13-week cash view by Friday.

Deere & Company (DE) - Canvas Business Model: Channels

You're looking at how Deere & Company gets its products and services to the customer base, which is a complex mix of physical locations and digital tools as of late 2025. This channel strategy is key to supporting their fiscal year 2025 worldwide net sales and revenues of $45.684 billion.

The backbone remains the physical presence, which Deere & Company supports through a Global network of over 2,100 independent John Deere dealer locations. These dealers are crucial for high-touch service and inventory management, especially as the company navigates market contraction, with a full-year net income attributable to Deere & Company for fiscal year 2025 reported at $5.027 billion.

Digital channels are increasingly integrated into the physical sales and service flow. For instance, customers using the John Deere Operations Center can now order parts for scheduled services directly through the newly integrated Shop.Deere.com feature, streamlining parts ordering.

The John Deere Operations Center is a digital platform for data and machine management that is seeing significant adoption outside of its core large-scale farming base. The flexibility of this tech platform is clear in its expansion into construction and forestry applications.

Digital Channel Metric	Data Point (Late 2025)
Active Organizations Using Op Center for Road Building	Nearly 3,000
New Customers Entering OpCenter Ecosystem via Precision Essentials Orders	Over 2,400
Increase in Engaged Acres for Existing Op Center Users	35%
Increase in Highly Engaged Acres for Existing Op Center Users	Nearly 50%

The Direct sales team for large-scale agricultural and construction enterprises works alongside the dealer network, focusing on complex, high-value sales that require deep technical consultation. This approach supports the overall business, which reported Q4 2025 net sales and revenues of $12.394 billion.

Strategic alliances for specific regional distribution, such as the exclusive partnership with Hitachi Construction Machinery for excavators, remain important for market penetration in specific segments globally. This hybrid sales strategy helps Deere maintain its dominant position, including maintaining over 50% market share in large agricultural machinery in North America.

The digital ecosystem is also supported by technology adoption metrics, such as the 21,000 global orders for Precision Ag Essentials since its launch last year, which drives engagement with the digital tools.

• Dealer network size: Over 2,100 locations.
• Q4 2025 Net Income: $1.065 billion.
• FY 2026 Net Income Forecast Range: $4.00 billion to $4.75 billion.
• Digital platform usage for road building more than doubled.

Deere & Company (DE) - Canvas Business Model: Customer Segments

You're looking at the core of Deere & Company's revenue engine, which is definitely segmented by the scale and type of operation you're in. The largest group, the Large-Scale Agricultural Producers, still drives the bulk of the equipment revenue, pegged at over 65% of that total. These are the operations where the Production & Precision Ag (PPA) technology is most critical.

Next up, you have the Construction and Earthmoving Contractors, which account for approximately 25% of sales. This group, combined with Forestry Operations, is showing some expected resilience heading into 2026, even as the large ag cycle remains subdued. Still, the outlook for Construction & Forestry net sales for fiscal year 2025 was forecasted to be down between 10% and 15%.

The remaining customer base is more fragmented but important for overall stability. This includes Small Agriculture and Turf customers, like homeowners and commercial landscapers, and those Forestry Operations and Timber Management companies. For the Small Ag & Turf segment, net sales were expected to remain down around 10% for fiscal year 2025.

The final, and perhaps most future-facing, segment is the Agritech Adopters seeking data-driven, autonomous solutions. This group is intrinsically tied to the PPA segment, which saw net sales forecasts revised to be down between 15% and 20% for the full fiscal year 2025, partly due to currency effects.

Here's the quick math on how the segments stacked up based on the most recent full-year data available:

Customer Segment Grouping	Relevant Segment Name (FY2024 Revenue)	FY2024 Revenue Amount	FY2025 Forecast/Outlook
Large-Scale Agricultural Producers	Production & Precision Ag (PPA)	$20.57 B	Net sales forecast down 15% to 20%
Construction and Earthmoving Contractors	Construction & Forestry (C&F)	(Part of $9.11 B in FY2023 C&F)	Net sales forecast down 10% to 15%
Small Agriculture and Turf	Small Agriculture (FY2024) / Turf (FY2024)	$7.69 B / $3.02 B	Net sales expected down around 10%
Forestry Operations	Forestry (FY2024)	$1.11 B	Part of C&F outlook
Agritech Adopters	Production & Precision Ag (PPA)	$20.57 B	Focus on technology adoption driving segment

You should also note the overall financial context for Deere & Company in fiscal year 2025:

• Worldwide net sales and revenues for full year 2025: $45.684 billion.
• Net income attributable to Deere & Company for fiscal year 2025: $5.027 billion.
• Fourth quarter 2025 worldwide net sales and revenues: $12.394 billion.
• Fourth quarter 2025 net income: $1.065 billion.
• Full-year 2026 net income is projected to be between $4.00 billion and $4.75 billion.

For the fourth quarter of 2025, segment sales increases were reported:

• Production and Precision Agriculture sales increased 10%.
• Construction and Forestry sales increased 27%.

Finance is drafting the 13-week cash view by Friday.

Deere & Company (DE) - Canvas Business Model: Cost Structure

You're looking at the major expenses that drive the machinery giant's operations as of late 2025. Honestly, for a company building massive, complex equipment, the cost side is dominated by materials, making up the bulk of the Cost of Goods Sold (COGS).

The direct costs associated with building and selling equipment remain Deere & Company's largest expense category. For fiscal year 2025, the reported Cost of Goods Sold was $28.159 billion, which represented an 8.5% decline year-over-year from 2024. This figure inherently bundles the high costs of direct material procurement-steel, electronics, specialized components-and the associated direct labor required for assembly.

Deere & Company maintains a significant, non-negotiable spend on staying ahead technologically. The investment in Research & Development (R&D) for the full fiscal year 2025 was reported at $2.311 billion. This spend fuels the smart industrial strategy, focusing on automation, AI, and precision technology integration across their product lines.

The capital intensity of manufacturing means substantial ongoing investment in the physical plant. This is captured in the Capital Expenditure (Capex) figures. For fiscal year 2025, Deere & Company's capital expenditure was -$4.23 billion. This outlay covers maintaining, upgrading, and expanding facilities and production equipment necessary for high-volume, high-quality output.

Beyond the direct costs and R&D, overhead and support costs are critical to keeping the global machine running smoothly. These costs include:

• Manufacturing overhead, including factory utilities and indirect labor.
• Costs related to managing complex global supply chains.
• Selling, General, and Administrative (SG&A) expenses not captured in COGS.

Supporting the dealer network is a major component of managing sales volume and market share, especially during periods of market uncertainty. While a specific 2025 figure for dealer incentives isn't immediately available in the latest reports, the company spent just over $3.5 billion on dealer sales incentives in fiscal year 2023. You can expect this line item to remain substantial as Deere manages dealer inventory and supports sales against economic headwinds.

Here's a quick look at some of the key financial anchors for the cost structure in FY 2025:

Cost Component	FY 2025 Amount
Cost of Goods Sold (COGS)	$28.159 billion
Research & Development (R&D)	$2.311 billion
Capital Expenditure (Capex)	-$4.23 billion
Dealer Sales Incentives (Latest Reported FY 2023)	$3.5 billion

The operating expense (opex) for Deere & Company in fiscal year 2025 was reported at $8.10 Billion. This figure captures many of the overhead and operational costs that aren't directly tied to the production of a single unit.

Finance: draft 13-week cash view by Friday.

Deere & Company (DE) - Canvas Business Model: Revenue Streams

You're looking at the core ways Deere & Company brings in cash as of late 2025. It's a mix of big-ticket machinery sales, financing the purchase of that machinery, and keeping it running afterward.

The total top-line number for the fiscal year 2025 was $45.684 billion in worldwide net sales and revenues. This figure represented a 12% decrease from the prior year, reflecting the challenging farm economy and tariff impacts John May mentioned.

The primary engine remains Equipment Sales, which is reported as Net Sales for Equipment Operations. For fiscal year 2025, Net Sales for Equipment Operations totaled $38.917 billion. This category bundles the sales of new equipment across the major divisions, which includes the revenue generated from Aftermarket Parts and Service sales, as those are integral to the equipment lifecycle. The company's strategy focuses on keeping customers operational, which drives aftermarket revenue.

Here is how the Equipment Sales break down, based on segment estimates for FY 2025, keeping in mind that Aftermarket Parts and Service is embedded within these equipment segments:

• Production & Precision Ag net sales for the full year 2025 were $17.3 billion, down 16.9% year-over-year.
• Small Agriculture & Turf net sales for the full year 2025 were $10.07 billion (TTM data available, close to FY2025 estimates).
• Construction & Forestry net sales for the full year 2025 were $10.66 billion (TTM data available, close to FY2025 estimates).

The Financial Services segment is a crucial support stream, helping customers acquire the high-cost assets. For fiscal year 2025, Financial Services revenues were reported at $5.8 billion, a slight increase of 0.7% year-over-year. The net income from this segment was strong, coming in at $890 million for the full year, which was up 27.9% compared to fiscal 2024, helped by favorable financing spreads. You can see the relative size of these streams here:

Revenue Stream Component	FY 2025 Revenue (Approximate)	Percentage of Total Revenue (Estimate)
Equipment Operations Net Sales	$38.917 billion	Approximately 85%
Financial Services Revenue	$5.8 billion	Approximately 13%
Total Worldwide Net Sales and Revenues	$45.684 billion	100%

The final, growing component is Digital and Software Subscriptions. While Deere & Company doesn't always break out the exact dollar amount for recurring software revenue separately in the main top-line disclosures, the value proposition is clear. Revenue is generated from subscriptions for connected services like JDLink and the Operations Center. This recurring revenue stream supports the Smart Industrial strategy, providing ongoing value long after the initial machine sale. The company's focus on technology integration is designed to increase the stickiness of the customer relationship, which directly feeds this revenue block.

Finance: draft 13-week cash view by Friday.