Caterpillar for the agricultural world.

The Ford Motor Company for farms.

• Agricultural Equipment: A wide range of machinery including tractors, combines, sprayers, and planters designed for various farming operations.
• Construction Equipment: Heavy machinery such as excavators, bulldozers, loaders, and motor graders used in building and infrastructure projects.
• Forestry Equipment: Specialized machines like feller bunchers, harvesters, and skidders for timber harvesting and processing.
• Turf and Utility Equipment: Equipment for landscaping, property maintenance, and recreational use, including lawn tractors, zero-turn mowers, and utility vehicles.
• Financial Services: Provides retail financing for new and used equipment, wholesale financing for dealers, and extended equipment warranties.

Deere & Company (DE) sells its equipment and services primarily through a global network of independent dealers to a wide range of end-users. As the company does not sell directly to a few identifiable major corporate customers in large volumes, nor does it sell primarily to individuals, describing the categories of end-users it serves is the most accurate representation of its customer base.

Deere serves the following primary categories of customers (end-users):

• Agricultural Operations and Agribusinesses: This category includes a broad spectrum of farming operations, from large-scale commercial farms to smaller family-owned agricultural enterprises. These customers purchase a wide range of equipment such as tractors, combines, planters, sprayers, and other implements for crop production, livestock management, and various other agricultural activities.
• Construction and Forestry Companies: This segment comprises businesses engaged in building construction, road construction, heavy earthmoving, mining, material handling, logging, and other forestry operations. They utilize Deere's excavators, loaders, bulldozers, backhoes, motor graders, feller bunchers, skidders, and other specialized heavy equipment.
• Landscapers, Turf Care Professionals, and Residential Owners: This diverse category includes commercial landscaping companies, golf course operators, municipalities, government agencies, and individual homeowners. They purchase compact utility tractors, riding lawn equipment, zero-turn mowers, utility vehicles, and other smaller equipment for property maintenance, turf care, and residential use.

John C. May, Chairman and Chief Executive Officer

John C. May has served as Chairman of the Board of Directors and Chief Executive Officer of Deere & Company since May 2020 and November 2019, respectively. He joined John Deere in 1997. Prior to his current role, he held positions including President & Chief Operating Officer, President of the Worldwide Agriculture & Turf Division, Chief Information Officer, and President of Agricultural Solutions. May also managed Deere's construction equipment factory in Dubuque, Iowa, and served as Managing Director of the company's China operations. Before joining Deere, he worked as a management consultant at KPMG Peat Marwick for five years.

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

Joshua A. Jepsen was elected Senior Vice President and Chief Financial Officer of Deere & Company in September 2022. He began his career with Deere as an intern in 1999. Jepsen has held a variety of accounting and financial-analysis roles across the company's manufacturing and North American sales and marketing operations. His previous assignments include Manager of Commercial Operations for the Construction & Forestry division outside the U.S. and Canada, and Controller for the Asia Pacific and Africa region. He also served as Director, Investor Relations, and played a key role in developing the company's Leap Ambitions and establishing its sustainability organization.

Cory J. Reed, President, Worldwide Agriculture & Turf Division: Production and Precision Ag, Americas and Australia

Cory J. Reed is President, Worldwide Agriculture & Turf Division for Production and Precision Ag, responsible for the North and South American and Australian markets, a role he assumed in June 2020. He joined John Deere in 1998. His previous leadership assignments include President, John Deere Financial; Senior Vice President, Intelligent Solutions Group; and Senior Vice President, Global Marketing Services. Reed has been instrumental in laying the foundation for John Deere's precision-farming platform.

Ryan D. Campbell, President, Worldwide Construction & Forestry Division and Power Systems

Ryan D. Campbell is President, Worldwide Construction & Forestry Division and Power Systems, a position he assumed in May 2022. Prior to this, he served as Senior Vice President & Chief Financial Officer of Deere & Company from 2019 to 2022. Campbell joined John Deere in 2007. His roles at the company also included Deputy Finance Officer, VP and Comptroller, and Director of Finance for the Agriculture and Turf Division. Before joining Deere, he spent a decade in public accounting with Ernst & Young.

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

Rajesh Kalathur is President, John Deere Financial, and Chief Information Officer, a position he assumed in 2019. He has more than 27 years of experience in finance, information technology, operations, and sales and marketing. Kalathur previously served as Chief Financial Officer for over six years and briefly reprised the role in 2022. He led initiatives to establish the John Deere Technology Center in India and was the Managing Director and CEO of John Deere India. He is also responsible for leading the company's digital transformation efforts.

The Right to Repair movement represents a clear emerging threat to Deere. This movement, driven by consumers, farmers, and legislative bodies, seeks to grant equipment owners and independent repair shops greater access to diagnostic tools, parts, and repair manuals for complex machinery, including agricultural equipment. Deere, like many manufacturers, has historically maintained a closed system, limiting access to proprietary software and specialized tools, which channels repairs through authorized dealerships and ensures revenue streams from parts and services.

The success of the Right to Repair movement could significantly impact Deere's business model by:

• **Eroding Service and Parts Revenue:** A substantial portion of Deere's aftermarket revenue comes from sales of proprietary parts and dealership-specific diagnostic and repair services. Wider access to tools and parts could shift repair business to independent providers, reducing Deere's profitable revenue streams.
• **Weakening Control Over Technology Ecosystem:** Modern Deere equipment relies heavily on integrated software and advanced electronics. The ability for third parties to modify or repair these systems without Deere's oversight could diminish the perceived value of Deere's integrated solutions and intellectual property.
• **Increasing Competition in Aftermarket:** By enabling independent repair, it could intensify competition for aftermarket parts and service, potentially leading to price pressure on Deere's offerings.

This threat is analogous to the historical examples provided because it represents a shift in control and business model that challenges an incumbent's established way of operating and monetizing its products, rather than a direct competitor offering a similar product. Like how the iPhone's open ecosystem challenged BlackBerry's controlled environment, or Netflix's accessibility challenged Blockbuster's physical distribution, the Right to Repair movement challenges Deere's control over its equipment's entire lifecycle and its service ecosystem.

Deere & Company (symbol: DE) operates in several major markets. The addressable market sizes for their main products and services are as follows:

• Agricultural Machinery: The global agriculture and farm machinery market size was estimated at USD 200.08 billion in 2024 and is anticipated to reach approximately USD 329.02 billion by 2034. Another estimate places the global market at USD 181.5 billion in 2024, projected to reach USD 259.7 billion by 2033. The Asia Pacific agriculture and farm machinery market accounted for USD 90.42 billion in 2025. The United States agriculture equipment market accounted for a 77.80% share of the North American market in 2024.
• Construction Equipment: The global construction equipment market was valued at USD 226.79 billion in 2024 and is expected to reach USD 330.01 billion by 2032. Other reports indicate the global market was valued at USD 208.7 billion in 2023 and is expected to reach USD 362.8 billion by 2032. The Asia-Pacific region held the largest market share in 2021 and accounted for 43.8% of the global revenue in 2023.
• Forestry Equipment: The global forestry equipment market size was valued at USD 9.43 billion in 2024 and is expected to reach USD 11.59 billion by 2033. Another report estimates the global market at USD 12.95 billion in 2025, expanding to USD 17.91 billion by 2034. North America leads this market, with approximately USD 3.3 billion in equipment shipments in 2023 and a market share of USD 3.71 billion in 2024. The United States market size is projected to be USD 2.69 billion in 2025.
• Turf Care Equipment: The global turf care equipment market size is estimated to be USD 14.33 billion in 2024 and is expected to reach USD 22.04 billion by 2034. Another source indicates the global market is valued at USD 15.4 billion in 2025 and is estimated to reach USD 22.6 billion in 2032. North America was the largest region in the turf equipment market in 2024 and is projected to cross US$ 6.5 billion by 2034.
• Financial Services: null

1. Expanded Adoption of Precision Agriculture and Smart Technology Solutions: Deere is making significant investments in precision agriculture and sees strong adoption rates for its advanced technological solutions. Products and services like "See & Spray," JDLink, and Precision Essentials enhance operational efficiency and productivity for farmers, creating new revenue streams beyond traditional equipment sales. The strategy of offering retrofittable precision upgrades also allows the company to broaden its customer base by enabling farmers to enhance existing equipment rather than requiring new machine purchases.
2. Strategic Price Realization: Despite a challenging market environment and lower shipment volumes in some segments, Deere has consistently demonstrated its ability to achieve positive price realization across its product lines. This pricing power suggests that as market conditions stabilize and demand eventually recovers, the company can translate this into higher average selling prices and increased revenue per unit.
3. Growth in Emerging and Key International Markets: Deere is actively pursuing strategic investments in important international markets, such as becoming a 50% owner of Banco John Deere in Brazil. These initiatives are aimed at reducing financing risks and promoting growth in these regions, which can contribute to overall revenue expansion as these markets develop and adopt more advanced agricultural and construction equipment.
4. Cyclical Recovery in Agricultural and Construction Equipment Markets: While current demand in both agricultural and construction sectors faces headwinds, these markets are inherently cyclical. Analysts anticipate a positive inflection in agricultural retail sales by late 2026 or early 2027. Similarly, a re-acceleration in U.S. non-residential construction is expected in the second half of 2026. These anticipated market recoveries are expected to drive increased demand for Deere's equipment, significantly contributing to future revenue growth.