Here are 1-3 brief analogies to describe Deere:

• The Caterpillar of agriculture.
• The Harley-Davidson of agricultural machinery.

• Agricultural Equipment: Manufactures a wide range of machinery for farming, including tractors, combines, planters, and sprayers.
• Turf Equipment: Produces equipment for lawn care and landscaping, such as mowers, utility vehicles, and golf course maintenance machinery.
• Construction Equipment: Develops and manufactures machinery for construction, roadbuilding, and earthmoving, including excavators, loaders, and motor graders.
• Forestry Equipment: Offers specialized machinery for logging and timber harvesting, such as feller bunchers, skidders, and harvesters.
• Financial Services: Provides retail financing for new and used John Deere equipment, as well as wholesale financing for dealers' inventories.

Deere & Company (DE) primarily sells its equipment to other businesses, rather than directly to individuals. While its sales model heavily relies on an independent dealer network that then sells to a fragmented market of end-users (such as farmers, construction contractors, forestry companies, and landscapers), certain large equipment rental companies represent significant direct or indirect bulk purchasers from manufacturers like Deere, especially within its Construction & Forestry segment.

The major customer companies for Deere's equipment, particularly for its construction and industrial machinery, include:

• United Rentals, Inc. (NYSE: URI)
  As the world's largest equipment rental company, United Rentals procures a wide range of construction and industrial equipment from manufacturers, including Deere, for its extensive rental fleet that it then leases to various businesses and contractors.
• Herc Holdings Inc. (NYSE: HRI)
  Herc Rentals, a leading equipment rental company, is another significant buyer of construction and industrial machinery from manufacturers like Deere for its rental operations across North America.
• Ashtead Group plc (LSE: ASHT.L)
  Ashtead Group, through its primary subsidiary Sunbelt Rentals (a major equipment rental provider in North America), is a substantial purchaser of various equipment types, including those offered by Deere, for its rental inventory.

• Titan International (TWI)
• The Goodyear Tire & Rubber Company (GT)
• Michelin (ML)
• Parker Hannifin Corporation (PH)
• Eaton Corporation plc (ETN)
• The Timken Company (TKR)

John C. May, Chairman of the Board and Chief Executive Officer

John C. May joined Deere in 1997. He has held various leadership roles, including President & Chief Operating Officer, President Worldwide Agriculture & Turf Division, Chief Information Officer, and President Agricultural Solutions. May also managed Deere's China operations during a period of significant growth and was factory manager at the Dubuque (Iowa) Works. Before joining Deere, he worked as a management consultant at KPMG Peat Marwick for five years. He became CEO in November 2019 and Chairman in May 2020. May serves on the board of the Ford Motor Company.

Joshua A. Jepsen, Senior Vice President & Chief Financial Officer

Joshua A. Jepsen was appointed Senior Vice President & Chief Financial Officer in September 2022. He began his career at Deere in 1999 as an intern. Jepsen has held various accounting and financial-analysis roles across the company's manufacturing and North American sales and marketing operations. His experience also includes serving as Manager of Commercial Operations for the Construction & Forestry division outside the U.S. and Canada, and Controller for the Asia Pacific and Africa region based in Singapore. He was also Manager of Investor Communications and Director of Investor Relations, becoming Deputy Financial Officer in March 2022.

Rajesh Kalathur, President, John Deere Financial, and Chief Information Officer

Rajesh Kalathur assumed his current role as President, John Deere Financial, and Chief Information Officer in 2019. He previously served as Chief Financial Officer for over six years. Throughout his more than 27 years at Deere, Kalathur has held positions of increasing responsibility in finance, business development, logistics, operations, marketing, and general management in the U.S. and Mexico. He led the initiative to establish the John Deere Technology Center in India and served as Managing Director and CEO of John Deere India.

Jahmy Hindman, Senior Vice President & Chief Technology Officer

Jahmy Hindman was appointed Chief Technology Officer in July 2020 and Senior Vice President in June 2023. He joined John Deere in 1996 as a test engineer. Hindman has over 25 years of experience in advanced technology, artificial intelligence, product engineering, and manufacturing. His previous leadership assignments include Global Manager, Architectures, Systems and Modules; platform architect for the tractor product lines; Manager, Large Tractor Chassis; general manager and engineering manager at Deere's construction-equipment factory in Tianjin, China; and product marketing manager and engineering supervisor for four-wheel-drive construction loaders.

Felecia J. Pryor, Senior Vice President & Chief People Officer

Felecia J. Pryor joined Deere as Senior Vice President & Chief People Officer in August 2022. She brings nearly two decades of human resources experience, including serving as Executive Vice President and Chief Human Resources Officer at BorgWarner, Inc. Pryor also spent 16 years at Ford Motor Company, where she held various human resources and labor relations roles, including Global Human Resources Director and executive roles in Thailand and China. She is licensed to practice law in Michigan.

The emergence of specialized, often electric and autonomous, agricultural technology (AgTech) startups directly challenging aspects of Deere's traditional equipment market by offering alternative solutions for farming tasks.

Companies such as Monarch Tractor are developing and selling electric, autonomous tractors for specific farm operations. Carbon Robotics offers AI-powered laser weeding robots that eliminate weeds without chemicals. Small Robot Company provides a fleet of small, autonomous robots for tasks like planting, weeding, and spraying. These solutions, while often niche today, represent a different paradigm of farming that prioritizes precision, sustainability, and potentially lower operating costs for specific tasks, potentially eroding the market for large, multi-purpose traditional machinery in the long term.

Here are the addressable market sizes for Deere's main products and services:

• Agricultural Equipment: The global agriculture equipment market size was estimated at USD 169.55 billion in 2024 and is projected to reach USD 295.28 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.7% from 2025 to 2033. The Asia Pacific region held a significant share of over 37.7% in 2024.
• Construction Equipment: The global construction equipment market size was valued at USD 224.56 billion in 2024, exhibiting a CAGR of 8.50% during 2025–2034. Another estimate valued the global market at USD 249.99 billion in 2025, projected to reach USD 349.91 billion by 2034, growing at a CAGR of 3.42% from 2026-2034. The Asia Pacific region dominates this market, holding a market share of over 43.8% in 2024.
• Forestry Equipment: The global forestry equipment market size was valued at USD 11.59 billion in 2024 and is expected to reach USD 17.16 billion by 2034, growing at a CAGR of 4.00% from 2025 to 2034. North America leads in market valuation with approximately US$ 3.63 billion, followed by Europe with approximately USD 4.5 billion in logging attachments alone, and Asia-Pacific at around USD 2.6 billion in 2023.
• Financial Services: null

Deere (symbol: DE) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market dynamics:

1. Expansion of Precision Agriculture Technologies: Deere is actively rolling out advanced precision technologies, such as "See & Spray" and "Smart Apply," to a broader range of crops including corn, soy, small grains, specialty crops, and orchards. These initiatives are planned through 2026 and are expected to boost sales through enhanced product offerings that increase efficiency and profitability for farmers.
2. Growth in the Construction and Forestry Segment: Following the integration of Wirtgen, Deere is targeting growth in its compaction, milling, and paving operations globally. The company also plans to localize excavator production to enhance competitiveness in North and Latin American markets between 2024 and 2026.
3. Strategic Expansion into Emerging Markets: Deere has identified Brazil and India as key priority markets for expansion. The company aims to scale the sales of planters, sprayers, and sugarcane harvesters in Brazil, while in India, it plans to expand its offerings of mid-horsepower tractors and combines, alongside growing its dealer network to achieve double-digit unit growth.
4. Increasing Recurring Revenue from Connected Fleets and Software Services: With over 600,000 connected machines globally, Deere is focusing on monetizing parts, services, and subscription models. The company's management has set a multi-year priority (2024-2025) to shift its revenue mix towards higher-margin, recurring software and service streams by leveraging telematics and SATCOM-enabled acreage.
5. Anticipated Cyclical Recovery in Agricultural Equipment Demand: Despite recent year-over-year revenue declines in its segments due to a cyclical downturn, some markets are showing early signs of positive inflection. Analysts forecast a revenue growth of 16.5% over the next 12 months, indicating an expected rebound in demand for agricultural equipment after a period of lower sales. This recovery in market conditions is a crucial driver for future revenue growth.

Share Repurchases

• In December 2022, Deere's board authorized an additional $18 billion for common stock repurchases, raising the total authorization to $39 billion.
• The company repurchased approximately $7.28 billion of its common stock in fiscal year 2023.
• Deere repurchased approximately $4.04 billion in fiscal year 2024 and about $1.05 billion in fiscal year 2025 (as of July 31, 2025).

Share Issuance

• No significant share issuances were identified over the last 3-5 years; the company has been actively reducing outstanding shares through repurchases.

Inbound Investments

• No major inbound investments from third-parties (e.g., strategic partners or private equity firms) were reported.

Outbound Investments

• Deere has made several acquisitions focusing on agricultural technology, including GUSS (August 2025), Sentera (May 2025), Smart-Apply (July 2023), and Bear Flag Robotics ($250 million, August 2021).
• The acquisitions primarily target advancements in autonomous vehicles, spraying technology, and geospatial data platforms for agriculture.

Capital Expenditures

• Capital expenditures amounted to $2.656 billion in fiscal year 2020, $2.58 billion in fiscal year 2021, $3.788 billion in fiscal year 2022, $4.468 billion in fiscal year 2023, and $4.802 billion in fiscal year 2024.
• Deere has committed to investing $20 billion in its U.S. operations over the next decade, including $100 million for American factory investments in 2025, with an estimated $1.6 billion in total capital expenditures for fiscal year 2025.
• The primary focus of these expenditures includes expanding manufacturing capabilities, developing new products and cutting-edge technology, and upgrading facilities for initiatives like new excavator factories, turf equipment expansions, and assembly lines for high-horsepower tractors.