Deere & Company (DE) Cash Flow Statement
Where DE’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $7.46B −19.2% vs FY2024
- Capital expenditures
- $4.23B 9.5% of revenue
- Free cash flow
- $3.23B 7.2% margin
- Returned to shareholders
- $2.86B 88% of free cash flow
- Change in cash
- $900.0M cash at year-end $8.53B
Cash from operations
$7.46B
Capital expenditures
−$4.23B
Investments (net)
−$217.0M
Acquisitions & other
+$2.39B
Dividends
−$1.72B
Share buybacks (net)
−$1.14B
Net borrowing (repayment)
−$1.64B
Other financing
−$79.0M
Currency & other
+$77.0M
Change in cash
$900.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DE cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.76BFY2016 | $7.46BFY2025 | +7.9%/yr | |
| Capital expenditures | $2.96BFY2016 | $4.23BFY2025 | +4.1%/yr | |
| Free cash flow | $809.2MFY2016 | $3.23BFY2025 | +16.6%/yr | |
| Free cash flow margin | 3.1%FY2016 | 7.2%FY2025 | +4.1 pts | |
| Operating cash flow / net income | 2.47FY2016 | 1.49FY2025 | −0.98 | |
| Stock-based compensation | $56.1MFY2016 | $151.0MFY2025 | +11.6%/yr | |
| Dividends paid | $761.3MFY2016 | $1.72BFY2025 | +9.5%/yr | |
| Share buybacks (net) | $205.4MFY2016 | $1.14BFY2025 | +21.0%/yr | |
| Capex / revenue | 11.4%FY2016 | 9.5%FY2025 | −1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DE cash flow by activity
OperatingInvestingFinancingChange in cash
DE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DE cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.00B | $7.09B | $10.15B | $7.13B | $5.96B | $2.75B | $3.26B | $2.37B | $2.16B | $1.52B |
| Depreciation & amortization | $2.23B | $2.12B | $2.00B | $1.90B | $2.05B | $2.12B | $2.02B | $1.93B | $1.72B | $1.56B |
| Stock-based compensation | $151.0M | $208.0M | $130.0M | $85.0M | $82.0M | $81.0M | $82.0M | $83.8M | $68.1M | $56.1M |
| Change in working capital | −$443.0M | −$181.0M | −$3.34B | −$4.32B | $396.0M | $1.87B | −$1.66B | −$4.07B | −$1.29B | $314.1M |
| Other non-cash items | $524.0M | −$2.0M | −$363.0M | −$96.0M | −$767.0M | $661.0M | −$283.0M | $1.51B | −$451.2M | $312.8M |
| Cash from operating activities | $7.46B | $9.23B | $8.59B | $4.70B | $7.73B | $7.48B | $3.41B | $1.82B | $2.20B | $3.76B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.23B | −$4.80B | −$4.47B | −$3.79B | −$2.58B | −$2.66B | −$3.45B | −$2.95B | −$2.59B | −$2.96B |
| Investments (net) | −$217.0M | −$6.46B | −$8.75B | −$8.48B | −$85.0M | −$2.62B | −$2.22B | −$1.56B | −$264.5M | $655.1M |
| Acquisitions & other investing | $2.39B | $4.80B | $4.47B | $3.79B | −$3.08B | $1.96B | $1.74B | −$3.65B | $1.21B | $1.12B |
| Cash from investing activities | −$2.06B | −$6.46B | −$8.75B | −$8.48B | −$5.75B | −$3.32B | −$3.92B | −$8.15B | −$1.64B | −$1.18B |
| Financing activities | ||||||||||
| Dividends paid | −$1.72B | −$1.60B | −$1.43B | −$1.31B | −$1.04B | −$956.0M | −$943.0M | −$805.8M | −$764.0M | −$761.3M |
| Share repurchases & issuance (net) | −$1.14B | −$4.01B | −$7.22B | −$3.60B | −$2.54B | −$750.0M | −$1.25B | −$957.9M | −$6.0M | −$205.4M |
| Net borrowing (repayment) | −$1.64B | $3.01B | $11.52B | $5.76B | $2.45B | $528.0M | −$917.0M | $473.2M | $1.31B | −$1.21B |
| Shares issued | $0 | $0 | $0 | $63.0M | $148.0M | $331.0M | $178.0M | $216.9M | $0 | $0 |
| Other financing | −$79.0M | −$113.0M | −$73.0M | −$92.0M | −$98.0M | −$133.0M | $3.44B | $1.95B | $3.75B | −$225.6M |
| Cash from financing activities | −$4.58B | −$2.72B | $2.81B | $826.0M | −$1.08B | −$980.0M | $509.0M | $876.4M | $4.29B | −$2.41B |
| Summary | ||||||||||
| Net change in cash | $900.0M | $13.0M | $2.68B | −$3.18B | $953.0M | $3.22B | −$59.0M | −$5.43B | $5.00B | $173.6M |
| Cash at end of period | $8.53B | $7.63B | $7.62B | $4.94B | $8.12B | $7.17B | $3.96B | $3.90B | $9.33B | $4.34B |
| Free cash flow | $3.23B | $4.43B | $4.12B | $911.0M | $5.15B | $4.83B | −$37.0M | −$1.13B | −$392.5M | $809.2M |
| Free cash flow margin | 7.2% | 8.8% | 6.8% | 1.8% | 12.0% | 13.9% | −0.1% | −3.1% | −1.4% | 3.1% |
| Capex / revenue | 9.5% | 9.5% | 7.4% | 7.4% | 6.0% | 7.6% | 9.0% | 8.1% | 9.1% | 11.4% |
| Operating cash flow / net income | 1.49 | 1.30 | 0.85 | 0.66 | 1.30 | 2.72 | 1.05 | 0.77 | 1.02 | 2.47 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.38B | $1.77B | $655.0M | $1.06B | $1.27B | $1.80B | $867.0M | $1.24B | $1.73B | $2.37B | $1.75B | $2.37B |
| Depreciation & amortization | $603.0M | $594.0M | $590.0M | $561.0M | $564.0M | $555.0M | $549.0M | $520.0M | $553.0M | $525.0M | $520.0M | $477.0M |
| Stock-based compensation | $47.0M | $28.0M | $41.0M | $47.0M | $50.0M | $26.0M | $28.0M | $49.0M | $55.0M | $58.0M | $46.0M | $18.0M |
| Change in working capital | $96.0M | −$286.0M | −$2.16B | $2.25B | $983.0M | −$875.0M | −$2.81B | $3.26B | $973.0M | −$1.14B | −$3.27B | $3.05B |
| Other non-cash items | $85.0M | −$174.0M | −$12.0M | $73.0M | $28.0M | $194.0M | $229.0M | $20.0M | −$116.0M | $43.0M | $51.0M | −$219.0M |
| Cash from operating activities | $2.21B | $1.93B | −$890.0M | $4.00B | $2.90B | $1.70B | −$1.13B | $5.09B | $3.19B | $1.85B | −$908.0M | $5.69B |
| Investing activities | ||||||||||||
| Capital expenditures | −$265.0M | −$1.06B | −$688.0M | −$1.37B | −$1.05B | −$1.02B | −$791.0M | −$1.59B | −$1.12B | −$1.27B | −$816.0M | −$1.61B |
| Investments (net) | $54.0M | −$41.0M | $15.0M | $22.0M | −$1.58B | −$637.0M | $1.42B | −$2.79B | −$2.00B | −$2.89B | $1.22B | −$4.19B |
| Acquisitions & other investing | −$707.0M | −$630.0M | $2.50B | $89.0M | $1.05B | $1.02B | $791.0M | $1.59B | $1.12B | $1.27B | $816.0M | $1.61B |
| Cash from investing activities | −$918.0M | −$1.73B | $1.82B | −$1.26B | −$1.58B | −$637.0M | $1.42B | −$2.79B | −$2.00B | −$2.89B | $1.22B | −$4.19B |
| Financing activities | ||||||||||||
| Dividends paid | −$438.0M | −$437.0M | −$441.0M | −$438.0M | −$439.0M | −$440.0M | −$403.0M | −$403.0M | −$406.0M | −$410.0M | −$386.0M | −$362.0M |
| Share repurchases & issuance (net) | −$197.0M | −$198.0M | −$302.0M | −$2.0M | −$298.0M | −$397.0M | −$441.0M | −$780.0M | −$805.0M | −$1.09B | −$1.33B | −$2.55B |
| Net borrowing (repayment) | $478.0M | $1.49B | −$1.73B | −$2.55B | $34.0M | $939.0M | −$69.0M | −$720.0M | $1.62B | — | — | $2.37B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$44.0M | $4.0M | −$15.0M | −$36.0M | −$33.0M | $0 | −$10.0M | −$25.0M | −$36.0M | $2.99B | −$931.0M | −$30.0M |
| Cash from financing activities | −$201.0M | $863.0M | −$2.49B | −$3.02B | −$736.0M | $102.0M | −$923.0M | −$1.93B | $373.0M | $1.48B | −$2.65B | −$571.0M |
| Summary | ||||||||||||
| Net change in cash | $1.01B | $1.06B | −$1.46B | −$314.0M | $668.0M | $1.27B | −$726.0M | $340.0M | $1.57B | $427.0M | −$2.32B | $842.0M |
| Cash at end of period | $9.15B | $8.13B | $7.07B | $8.53B | $8.85B | $8.18B | $6.91B | $7.63B | $7.29B | $5.73B | $5.30B | $7.62B |
| Free cash flow | $1.94B | $874.0M | −$1.58B | $2.63B | $1.84B | $682.0M | −$1.92B | $3.50B | $2.08B | $580.0M | −$1.72B | $4.08B |
| Free cash flow margin | 15.4% | 6.5% | −16.4% | 21.7% | 15.6% | 5.4% | −23.3% | 32.3% | 16.2% | 3.9% | −14.6% | 26.9% |
| Capex / revenue | 2.1% | 7.9% | 7.2% | 11.3% | 8.9% | 8.1% | 9.6% | 14.7% | 8.7% | 8.5% | 6.9% | 10.6% |
| Operating cash flow / net income | 1.60 | 1.09 | −1.36 | 3.77 | 2.28 | 0.94 | −1.31 | 4.10 | 1.85 | 0.78 | −0.52 | 2.40 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DE cash generation
In fiscal 2025 (ended October 31, 2025), Deere generated $7.5 billion of cash from operations (down 19.2%) and spent $4.2 billion on capital expenditures, leaving free cash flow of $3.2 billion, 7.2% of revenue. It returned $2.9 billion to shareholders through dividends ($1.7 billion) and net share buybacks ($1.1 billion). Cash and equivalents rose by $900.0 million over the year.
Related: DE income statement, DE balance sheet, DE dividend history. See the DE stock overview for the latest quote and news.
DE cash flow FAQ
What is Deere's free cash flow?
Deere's free cash flow was $3.2 billion in fiscal 2025: $7.5 billion of operating cash flow minus $4.2 billion of capital expenditures It was $4.4 billion a year earlier..
How much cash does Deere generate from operations?
Deere generated $7.5 billion of cash from operating activities in fiscal 2025, 1.49 times its net income of $5.0 billion.
How much does Deere spend on capital expenditures?
Deere spent $4.2 billion on capital expenditures in fiscal 2025, 9.5% of revenue, compared with $4.8 billion the year before.
How much stock does Deere buy back?
Deere spent $1.1 billion on net share repurchases in fiscal 2025.
How much does Deere pay in dividends?
Deere paid $1.7 billion in dividends in fiscal 2025, 53.2% of free cash flow.