Thank you, Josh, and good morning to everyone joining us today. Deere & Company's fiscal 2025 results for the fourth quarter and for the full year reflect the resilience of our business amidst a challenging and uncertain market backdrop. In the fourth quarter, equipment operations delivered 9.2% margins. Full-year operating margins came in at 12.6%. And we delivered over $5 billion in net income. Financial performance that represents our best results yet for this point in the cycle. Our teams continue to manage this downturn effectively by focusing on what we can control. And we believe the progress we have made throughout this past fiscal year positions us well as we enter fiscal year 2026. Looking ahead to 2026, we anticipate that large ag in North America will continue to be subdued. However, there are indications of stabilization, and we also see areas of optimism emerging in other segments and geographies. Notably, we see opportunities for growth ahead in our small ag and turf and construction forestry businesses. Slide three begins with the results for fiscal year 2025.
Net sales and revenues were down 12% to $45.7 billion, while net sales for equipment operations were down 13% to $38.9 billion. Net income attributable to Deere & Company was $5 billion or $18.5 per diluted share. Next, fourth quarter results are on Slide four. Net sales and revenues were up 11% to $12.4 billion, while net sales for the equipment operations were up 14% to $10.6 billion. Net income attributable to Deere & Company decreased to $1.1 billion or $3.93 per diluted share. Diving into our fourth quarter results for our individual business segments, we'll begin on Slide five with our Production Precision Ag business. Net sales of $4.74 billion were up 10% compared to the fourth quarter last year, primarily due to higher shipment volumes and favorable price realization.
Price realization in the quarter was positive by approximately three points. Currency translation was also positive by about a point. Operating profit was $604 million, resulting in a 12.7% operating margin for the segment. The year-over-year decrease in operating profit was primarily due to higher production costs, higher tariffs, and special items, which were partially offset by price realization and higher shipment volumes.
Turning to Small Ag and Turf on Slide six. Net sales were up 7% year over year, totaling $2.457 billion in the fourth quarter, primarily due to higher shipment volumes. Price realization in the quarter was positive by approximately one point. Currency was also positive by more than 0.5 point. For the quarter, operating profit declined year over year to $25 million. The decrease was primarily due to higher tariffs, warranty expenses, and production costs. Slide seven details our fiscal year 2026 ag and turf industry outlook. We expect industry sales of large equipment in the U.S. and Canada to be down 15% to 20%. Row crop farmers continue to face challenging farm fundamentals, which are pressuring short-term liquidity. Used equipment, while continuing to improve over the past quarter, remains a constraint to investments in new machinery. However, strong crop yields and consumption, new trade agreements, growing demand for biofuels, and supportive government payments support potential upside. For small ag and turf in the U.S. and Canada, industry demand is estimated to be flat to up 5%. The dairy and livestock sector continues to generate profits driven by strong beef prices. Additionally, a modest recovery in turf is anticipated, following a rebound in the housing market and growth in the overall economy. In Europe, the industry is projected to be flat to up 5%. The outlook for the dairy sector continues to be robust, with stabilizing interest rates helping to support investment decisions. In addition, margins for arable farmers are strengthening as crop yields recover in major European ag markets. Within South America, we anticipate industry sales of tractors and combines will remain flat in 2026. While soybean and corn acreage is expected to grow at a trendline pace in Brazil, customer demand for equipment has been tempered due to the high-interest rate environment. Additionally, strong global crop yields are weighing on prices, and the recent trade agreement between China and the U.S. creates uncertainty around demand for Brazil exports of soybeans. In Argentina, industry growth is anticipated to moderate after robust growth in 2025. Industry sales in Asia are expected to be down 5% following slight gains in India last year.
Moving to our segment forecast on Slide eight. We anticipate Production and Precision Ag net sales to be down 5-10% in fiscal year 2026. The forecast assumes roughly 1.5 points of positive price realization and about 1.5 points of positive currency translation. Segment operating margin for the full year is forecasted between 11-13%, reflecting stability in international markets amidst incremental tariff and mix headwinds with Large Ag in the U.S. declining another year. Slide nine provides our forecast for the Small Ag and Turf segment.