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Deere & Company, taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is Deere & Company’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

Deere & Company annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2025FY2024FY2023FY2022
Revenue$44.66B$50.52B$60.25B$51.28B
Cost of revenue$28.37B$31.02B$37.94B$35.55B
Gross profit$16.30B$19.50B$22.31B$15.73B
Operating expenses$7.88B$8.07B$7.71B$6.70B
Operating income$8.42B$11.43B$14.59B$9.03B
Net income$5.03B$7.10B$10.17B$7.13B
Diluted EPS18.5025.6234.6323.28

Net income moved -29.5% across these years while earnings per share moved -20.5% — more than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.