Deere & Company

Evidence of pricing strength was clear in the 2021 to 2023 upcycle as Deere captured price to offset inflation; in FY2025 pricing power moderated as volumes fell and discounting normalized in some lines.

Parts and service typically sustain better-than-average price realization, and autonomy and software subscriptions can unlock incremental, latent pricing leverage on a per-acre and per-hour basis over time. Regulatory developments and mixed-fleet solutions temper the ceiling but do not remove it.

On balance, Deere retains solid pricing power in core iron and superior pricing in aftermarket, with potential upside from software as deployments scale.