Deere & Co. reported net income of $1.065 billion for the fourth quarter that ended Nov. 2, or $3.93 per share, compared with net income of $1.245 billion, or $4.55 per share, for the quarter that ended Oct. 27, 2025. The Moline, Ill.-based Deere employs more than 10,000 employees at its factories in Waterloo, Ankeny, Dubuque, Ottumwa and facilities in other towns. Deere’s success, and ability to employ Iowans, rests largely on the agricultural economy, which has faltered in recent years. With tariffs and uncertainty in the ag market, many Midwest farmers are holding off on buying new equipment, which in turn affects Deere’s bottom line. Deere’s business performance is an important indicator and illustration of how Iowa’s economy is faring, as manufacturing and agriculture are two of the state’s largest industry sectors. Read about the company’s third quarter results here.

For fiscal year 2025, net income attributable to Deere & Co. was $5.027 billion, or $18.50 per share, compared with $7.100 billion, or $25.62 per share, in fiscal 2024. Worldwide net sales and revenues increased 11%, to $12.394 billion, for the fourth quarter of 2025 and decreased 12%, to $45.684 billion, for the full year. Net sales were $10.579 billion for the quarter and $38.917 billion for the year, compared with $9.275 billion and $44.759 billion in fiscal 2024, respectively. “This past year brought its share of challenges and uncertainty, but thanks to the structural improvements we’ve made and the diverse customer segments and geographies we serve, we were able to achieve our best results yet for this point in the cycle,” John May, chairman and CEO of John Deere, stated in a press release. “Our continued commitment to delivering customer value and focusing on operational efficiency enabled us to remain resilient and demonstrate the strength of our business.” Net income attributable to Deere & Co. for fiscal 2026 is forecasted to be in a range of $4 billion to $4.75 billion. “Looking ahead, we believe 2026 will mark the bottom of the large ag cycle,” May stated. “While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain, our commitment to inventory management and cost control, coupled with expected growth in small agriculture and turf and construction and forestry, positions us to effectively manage the business and seize emerging opportunities as market conditions begin to recover.”