Deere & Company

FY2025 10-K is the most technology-forward filing to date. DE refined its Leap Ambitions in Dec 2025, emphasizing 'automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service (SaaS).' The 10-K states technology is being leveraged across segments: 'cameras, obstacle detection, radars, and machine learning' applied to CF Smart Detect; Operations Center extended to roadbuilding. In 2025, DE acquired 'several small-scale businesses to advance capabilities of existing technology offerings' ($115M). PPA FY2025 net sales were $17,311M (45% of equipment ops); total equipment $38,917M. Over-time revenue for 9 months was $573M; annualizing gives ~$764M. However, this includes extended warranties and advance payments. Deferred revenue at Oct 27, 2024 was $1,923M, growing to $2,100M by Jul 2025. The filing explicitly states 'Solutions as a Service products did not represent a significant percentage of our revenues in the periods presented.' Conservative estimate of 2.5% of total revenue. Math: ~$764M annualized over-time + ~$210M estimated hardware tech premiums = ~$974M / ~$46B total = ~2.1%. Rounding up to 2.5% to include non-subscription AI value embedded in equipment pricing.