Deere & Company

Balance sheet and liquidity are strong for a cyclical manufacturer. Equipment operations historically carry modest net leverage while consolidated debt largely sits in Financial Services and is matched to earning assets.

FY2025 diluted shares averaged about 271.7 million, with 270.4 million outstanding at year end and $7.9 billion remaining under an $18 billion repurchase authorization, providing flexibility through the downturn. Management raised the quarterly dividend to $1.62 in late 2024 and maintained it through 2025, signaling confidence.

Company commentary and filings cite FY2025 consolidated operating cash inflows of about $7.5 billion and a prudently slower cadence of buybacks as the cycle cooled.