Deere's value outran its shrinking sales
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The story behind it
America is growing far more corn than anyone expected, and Deere had its worst week in two years Read the edition →
The story behind it
America is growing far more corn than anyone expected, and Deere had its worst week in two years Read the edition →What the chart shows
The US Department of Agriculture now expects the second-largest corn harvest on record. Corn futures fell sharply on Friday, and so did Deere, which finished its worst week in two years.
Deere's own numbers were already heading down. Revenue reached US$61.3 billion in the financial year to October 2023, then fell to US$51.7 billion and US$45.7 billion over the next two years. The market valued the company at US$104.0 billion at the end of that 2023 year and at US$124.8 billion two years later. After Friday's close it was still worth US$167.4 billion.
A bigger crop means smaller farm budgets next year, and Washington is watching the dealers as well: on Wednesday the Federal Trade Commission and the agriculture department opened a joint inquiry into how farm equipment is sold and repaired.
The numbers
Deere's revenue by financial year and its market value at each year end and at Friday's close, in US$bn on one scale. Sales fell from 61.3 in 2023 to 45.7 in 2025.
| US$bn | Market value | |
|---|---|---|
| FY21 | 44.0 | 106.1 |
| FY22 | 52.6 | 119.8 |
| FY23 | 61.3 | 104.0 |
| FY24 | 51.7 | 111.6 |
| FY25 | 45.7 | 124.8 |
How we make these charts: one chart a day from a story in the edition, drawn from the figures the story names and checked against the sources named on the chart before it is published. General information only, not financial advice.
