Filing Flows

Filing Flows › Companies › Deere › Cash flow

Deere cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$1.9B in Q3 FY26 · $6.0B over twelve months

Operating cash flow$2.2B
Capital spending−$265M
Free cash flow+$1.9B
Cash / net income1.6×

Analysis

In Q3 FY26, Deere generated $2.2B of operating cash flow and spent $265M on capital projects, leaving free cash flow of $1.9B.

Over the twelve months to Aug 2, 2026, operating cash flow was $7.2B; the largest uses were net borrowing (+) / repaid (−) ($2.3B), dividends ($1.8B), capital spending ($1.2B); the cash balance rose by $303M.

Operating cash flow was $2.2B against net income of $1.4B — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$603M, inventory +$295M, receivables −$168M.

Free cash flow

Deere: free cash flow by quarterDeere: free cash flow by quarter$4.5BQ4 FY24−$1.5BQ1 FY25$1.5BQ2 FY25$2.6BQ3 FY25$3.5BQ4 FY25−$1.1BQ1 FY26$1.7BQ2 FY26$1.9BQ3 FY26
Operating cash flow less capital spending.
Deere: operating cash flow against capital spendingDeere: operating cash flow against capital spendingOperating cash flowCapital spending$5.1B$597MQ4 FY24−$1.1B$352MQ1 FY25$1.7B$203MQ2 FY25$2.9B$297MQ3 FY25$4.0B$508MQ4 FY25−$890M$256MQ1 FY26$1.9B$195MQ2 FY26$2.2B$265MQ3 FY26
Latest (Q3 FY26): Operating cash flow $2.2B, Capital spending $265M.

Capital allocation, year by year

Deere: where the cash came from (up) and went (down), by fiscal yearDeere: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $7.7BFY21: Net borrowing $2.4BFY21: Shares issued $148MFY21: Capital spending −$848MFY21: Acquisitions −$244MFY21: Buybacks −$2.5BFY21: Dividends −$1.0B$10.3BFY21FY22: Operating cash flow $4.7BFY22: Net borrowing $5.7BFY22: Shares issued $63.0MFY22: Capital spending −$1.1BFY22: Acquisitions −$498MFY22: Buybacks −$3.6BFY22: Dividends −$1.3B$10.5BFY22FY23: Operating cash flow $8.6BFY23: Net borrowing $11.5BFY23: Capital spending −$1.5BFY23: Acquisitions −$82.0MFY23: Buybacks −$7.2BFY23: Dividends −$1.4B$20.1BFY23FY24: Operating cash flow $9.2BFY24: Net borrowing $3.0BFY24: Capital spending −$1.6BFY24: Buybacks −$4.0BFY24: Dividends −$1.6B$12.2BFY24FY25: Operating cash flow $7.5BFY25: Net borrowing −$1.6BFY25: Capital spending −$1.4BFY25: Acquisitions −$101MFY25: Buybacks −$1.1BFY25: Dividends −$1.7B$7.5BFY25
Over these 5 years operating cash flow totalled $37.7B; the largest uses were buybacks ($18.5B) and dividends ($7.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.9B
Debt$17.1B
Net debt$8.2B
Due within a year$8.9B

Deere funds itself: free cash flow was $6.0B over the last twelve months, and $8.9B of cash and investments stands against $17.1B of debt ($8.9B due within a year, 1.0× covered by cash).

Deere: debt maturities by year (FY25)Deere: debt maturities by year (FY25)$8.9BYear 1$8.9BYear 2$9.2BYear 3$6.6BYear 4$4.6BYear 5
Principal due in each year as disclosed in the annual report, against $8.9B of cash and investments now.

Where the cash came from and went

Deere: sources (+) and uses (−) of cash, Q3 FY26Deere: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$2.2BCash drawn (+) / kept (−)−$1.0BOther investing−$637MNet borrowing (+) / repaid (−)$478MDividends−$438MCapital spending−$265MBuybacks−$197MExchange rates−$74.0MOther financing−$44.0MAcquisitions−$16.0M
Deere: sources (+) and uses (−) of cash, TTM to Q3 FY26Deere: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$7.2BNet borrowing (+) / repaid (−)−$2.3BDividends−$1.8BCapital spending−$1.2BBuybacks−$699MAcquisitions−$467MOther investing−$390MCash drawn (+) / kept (−)−$303MOther financing−$91.0MExchange rates−$11.0M

From profit to cash

Deere: net income to operating cash flow, Q3 FY26Deere: net income to operating cash flow, Q3 FY26Net income$1.4BDepreciation & amortization$603MStock-based pay$47.0MDeferred taxes$7.0MReceivables−$168MInventory$295MPayables$67.0MIncome taxes payable−$114MOther operating capital$93.0MOperating cash flow$2.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$2.2B−$265M−$16.0M−$197M−$438M$478M−$1.0B$1.9B
Q2 FY26$1.9B−$195M—−$198M−$437M$1.5B−$1.1B$1.7B
Q1 FY26−$890M−$256M—−$302M−$441M−$1.7B$1.5B−$1.1B
Q4 FY25$4.0B−$508M−$12.0M−$2.0M−$438M−$2.5B$314M$3.5B
Q3 FY25$2.9B−$297M—−$298M−$439M$34.0M−$668M$2.6B
Q2 FY25$1.7B−$203M—−$397M−$440M$939M−$1.3B$1.5B
Q1 FY25−$1.1B−$352M—−$441M−$403M−$69.0M$726M−$1.5B
Q4 FY24$5.1B−$597M—−$780M−$403M−$720M−$340M$4.5B

Deere: income statement and cash flow

Deere, Q3 FY26: revenue $12.6B (+5% year over year), operating margin 14.9%. The chart follows the revenue to costs, profit and cash.

Deere: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.