Deere & Company: Deere Reports Second Quarter Net Income of $1.773 Billion

• Strong execution across segments drives solid performance, reflecting portfolio strength.
• Net income guidance maintained, reinforcing confidence amid market volatility.
• Investment in new products and technology supports long-term growth and value creation.

MOLINE, Ill., May 21, 2026 /PRNewswire/ -- Deere & Company (NYSE: DE) reported net income of $1.773 billion for the second quarter ended May 3, 2026, or $6.55 per share, compared with net income of $1.804 billion, or $6.64 per share, for the quarter ended April 27, 2025. For the first six months of the year, net income attributable to Deere & Company was $2.429 billion, or $8.97 per share, compared with $2.673 billion, or $9.82 per share, for the same period last year.

Worldwide net sales and revenues increased 5 percent, to $13.369 billion, for the second quarter of 2026 and rose 8 percent, to $22.981 billion, for six months. Net sales were $11.778 billion for the quarter and $19.779 billion for six months, compared with $11.171 billion and $17.980 billion last year, respectively.

"Our performance in the current market environment demonstrates the strength of our diversified portfolio. This is particularly reflected in the strong outcomes achieved by our Small Ag and Construction & Forestry divisions during this year," stated John May, chairman and CEO of John Deere. "As we address ongoing challenges within global agricultural markets, our comprehensive portfolio continues to drive market share expansion and support our targets for sustained growth."

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.5 billion to $5.0 billion.

"While our customers face ongoing challenges, John Deere remains firmly committed to supporting their success through disciplined operations and resilience," said May. "By continuing to invest in innovation through the cycle and leveraging the strength of our dealer network, we are well positioned to deliver increasing value for customers and shareholders as market conditions improve."

Deere & Company		Second Quarter								Year to Date
$ in millions, except per share amounts		2026			2025			% Change		2026			2025			% Change
Net sales and revenues		$	13,369		$	12,763		5 %		$	22,981		$	21,272		8 %
Net income		$	1,773		$	1,804		-2 %		$	2,429		$	2,673		-9 %
Fully diluted EPS		$	6.55		$	6.64				$	8.97		$	9.82

The prior period year to date results presented were affected by special items. See Note 2 of the financial statements for further details. On February 20, 2026, the Supreme Court of the United States issued a decision invalidating tariffs imposed pursuant to the International Emergency Economic Powers Act (IEEPA). The company recorded a recovery of $272 million for refund claims related to IEEPA tariffs which have been filed and accepted by the U.S. Customs and Border Protection. The tariff impact for each segment is primarily included in the "Production Costs" category below.

Production & Precision Agriculture		Second Quarter
$ in millions		2026			2025			% Change
Net sales		$	4,503		$	5,230		-14 %
Operating profit		$	706		$	1,148		-39 %
Operating margin			15.7 %			22.0 %

Production & Precision Agriculture sales decreased for the quarter as a result of lower shipment volumes, partially offset by the positive effects of foreign currency translation. Operating profit decreased primarily due to lower shipment volumes and higher production costs, partially offset by the favorable effects of foreign currency exchange.

Small Agriculture & Turf		Second Quarter
$ in millions		2026			2025			% Change
Net sales		$	3,485		$	2,994		16 %
Operating profit		$	719		$	574		25 %
Operating margin			20.6 %			19.2 %

Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes and favorable price realization.

Construction & Forestry		Second Quarter
$ in millions		2026			2025			% Change
Net sales		$	3,790		$	2,947		29 %
Operating profit		$	561		$	379		48 %
Operating margin			14.8 %			12.9 %

Construction & Forestry sales increased for the quarter primarily as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes and favorable price realization, partially offset by higher production costs.

Financial Services		Second Quarter
$ in millions		2026			2025			% Change
Net income		$	190		$	161		18 %

Financial Services net income increased primarily due to favorable financing spreads and favorable derivative valuation adjustments, partially offset by the impact of a lower average portfolio.

Industry Outlook for Fiscal 2026
Agriculture & Turf
U.S. & Canada:
Large Ag						Down 15 to 20%
Small Ag & Turf						Flat to up 5%
Europe						Flat to up 5%
South America (Tractors & Combines)						Down ~15%
Asia						Flat
Construction & Forestry
U.S. & Canada:
Construction Equipment						Up ~5%
Compact Construction Equipment						Up ~5%
Global Forestry						Down ~5%
Global Roadbuilding						Up ~10%

Deere Segment Outlook for Fiscal 2026
				Currency		Price
$ in millions		Net Sales		Translation		Realization
Production & Precision Ag		Down 5 to 10%		+3.0 %		~ +1.0%
Small Ag & Turf		Up ~15%		+1.0 %		~ +1.5%
Construction & Forestry		Up ~20%		+2.0 %		~ +2.5%
Financial Services		Net Income		~ $860

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the sections entitled "Company Outlook & Summary," "Industry Outlook for Fiscal 2026," "Deere Segment Outlook for Fiscal 2026," and "Condensed Notes to Interim Consolidated Financial Statements" relating to future events, expectations, and trends constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect all lines of the company's operations generally while others could more heavily affect a particular line of business.

Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, the company expressly disclaims any obligation to update or revise its forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

• the agricultural business cycle, which can be unpredictable and is affected by factors such as farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs including the availability and price of fertilizer, government farm programs, and availability of transport for crops
• macroeconomic conditions, including unemployment, inflation, interest rate volatility, energy price increases resulting from geopolitical conflicts, changes in consumer practices due to slower economic growth or a recession, regional or global liquidity constraints
• the uncertainty of government policies and actions with respect to the global trade environment including increased and contested tariffs announced by the U.S. government and retaliatory trade regulations
• political, economic, and social instability in the geographies in which the company operates
• worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for the company's equipment
• rationalization, restructuring, relocation, expansion, and/or reconfiguration of manufacturing and warehouse facilities
• accurately forecasting customer demand for products and services, and adequately managing inventory
• uncertainty of the company's ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased expenses, and accurately predict financial results and industry trends
• availability and price of raw materials, components, and whole goods
• delays or disruptions in the company's supply chain, including those arising from geopolitical conflicts
• changes in climate patterns, unfavorable weather events, and natural disasters
• suppliers' and manufacturers' business practices and compliance with applicable laws such as human rights, safety, environmental, and fair wages
• higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for the company's products and solutions
• the ability to attract, develop, engage, and retain qualified employees
• the company's ability to adapt in highly competitive markets, including understanding and meeting customers' changing expectations for products and solutions, including delivery and utilization of precision technology
• the ability to execute business strategies, including the company's Smart Industrial Operating Model and refined Leap Ambitions
• dealer practices and their ability to manage new and used inventory, distribute the company's products, and to provide support and service for precision technology solutions
• the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes
• negative claims or publicity that damage the company's reputation or brand
• the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge
• labor relations and contracts, including work stoppages and other disruptions
• security breaches, cybersecurity attacks, technology failures, and other disruptions to the company's information technology infrastructure and products
• leveraging artificial intelligence and machine learning within the company's business processes
• changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of U.S., foreign, and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environmental (including climate change and engine emissions), farming, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications
• governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy
• warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of the company's products
• investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that the company unlawfully withheld self-repair capabilities from farmers and independent repair providers
• loss of or challenges to intellectual property rights

Further information concerning the company or its businesses, including factors that could materially affect the company's financial results, is included in the company's filings with the SEC (including, but not limited to, the factors discussed in Item 1A. "Risk Factors" of the company's most recent Annual Report on Form 10-K and subsequent Quarterly Report on Form 10-Q). There also may be other factors that the company cannot anticipate or that are not described herein because the company does not currently perceive them to be material.

DEERE & COMPANY
SECOND QUARTER 2026 PRESS RELEASE
(In millions of dollars) Unaudited
		Three Months Ended								Six Months Ended
		May 3			April 27			%		May 3			April 27			%
		2026			2025			Change		2026			2025			Change
Net sales and revenues:
Production & Precision Ag net sales		$	4,503		$	5,230		-14		$	7,666		$	8,297		-8
Small Ag & Turf net sales			3,485			2,994		+16			5,653			4,742		+19
Construction & Forestry net sales			3,790			2,947		+29			6,460			4,941		+31
Financial Services revenues			1,366			1,385		-1			2,751			2,856		-4
Other revenues			225			207		+9			451			436		+3
Total net sales and revenues		$	13,369		$	12,763		+5		$	22,981		$	21,272		+8
Operating profit: *
Production & Precision Ag		$	706		$	1,148		-39		$	845		$	1,486		-43
Small Ag & Turf			719			574		+25			916			698		+31
Construction & Forestry			561			379		+48			698			444		+57
Financial Services			251			207		+21			552			473		+17
Total operating profit			2,237			2,308		-3			3,011			3,101		-3
Reconciling items **			54			35		+54			132			138		-4
Income taxes			(518)			(539)		-4			(714)			(566)		+26
Net income attributable to Deere & Company		$	1,773		$	1,804		-2		$	2,429		$	2,673		-9

*	Operating profit is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of Financial Services includes the effect of interest expense and foreign exchange gains and losses.
**	Reconciling items are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and postretirement benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.

DEERE & COMPANY
STATEMENTS OF CONSOLIDATED INCOME
For the Three and Six Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars and shares except per share amounts) Unaudited
		Three Months Ended						Six Months Ended
		2026			2025			2026			2025
Net Sales and Revenues
Net sales		$	11,778		$	11,171		$	19,779		$	17,980
Finance and interest income			1,314			1,354			2,658			2,807
Other income			277			238			544			485
Total			13,369			12,763			22,981			21,272
Costs and Expenses
Cost of sales			8,266			7,609			14,547			12,646
Research and development expenses			583			549			1,137			1,075
Selling, administrative and general expenses			1,209			1,197			2,181			2,169
Interest expense			712			784			1,431			1,614
Other operating expenses			306			287			556			536
Total			11,076			10,426			19,852			18,040
Income of Consolidated Group before Income Taxes			2,293			2,337			3,129			3,232
Provision for income taxes			518			539			714			566
Income of Consolidated Group			1,775			1,798			2,415			2,666
Equity in income (loss) of unconsolidated affiliates			(5)			3			10			1
Net Income			1,770			1,801			2,425			2,667
Less: Net loss attributable to noncontrolling interests			(3)			(3)			(4)			(6)
Net Income Attributable to Deere & Company		$	1,773		$	1,804		$	2,429		$	2,673
Per Share Data
Basic		$	6.57		$	6.65		$	8.99		$	9.85
Diluted			6.55			6.64			8.97			9.82
Dividends declared			1.62			1.62			3.24			3.24
Dividends paid			1.62			1.62			3.24			3.09
Average Shares Outstanding
Basic			270.1			271.1			270.2			271.3
Diluted			270.8			271.8			270.9			272.1

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
		May 3			November 2			April 27
		2026			2025			2025
Assets
Cash and cash equivalents		$	7,905		$	8,276		$	7,991
Marketable securities			1,430			1,411			1,272
Trade accounts and notes receivable - net			7,571			5,317			6,748
Financing receivables - net			42,916			44,575			43,029
Financing receivables securitized - net			6,100			6,831			7,765
Other receivables			2,582			2,403			2,975
Equipment on operating leases - net			7,514			7,600			7,336
Inventories			8,188			7,406			7,870
Property and equipment - net			8,035			8,079			7,555
Goodwill			4,513			4,188			4,094
Other intangible assets - net			975			892			964
Retirement benefits			3,450			3,273			3,133
Deferred income taxes			2,361			2,284			2,088
Other assets			3,461			3,461			3,483
Total Assets		$	107,001		$	105,996		$	106,303
Liabilities and Stockholders' Equity
Liabilities
Short-term borrowings		$	15,632		$	13,796		$	15,948
Short-term securitization borrowings			5,929			6,596			7,562
Accounts payable and accrued expenses			13,653			13,909			13,345
Deferred income taxes			422			434			496
Long-term borrowings			42,261			43,544			42,811
Retirement benefits and other liabilities			1,644			1,710			1,763
Total liabilities			79,541			79,989			81,925
Redeemable noncontrolling interest			47			51			83
Stockholders' Equity
Total Deere & Company stockholders' equity			27,406			25,950			24,287
Noncontrolling interests			7			6			8
Total stockholders' equity			27,413			25,956			24,295
Total Liabilities and Stockholders' Equity		$	107,001		$	105,996		$	106,303

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY
STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Six Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars) Unaudited
		2026			2025
Cash Flows from Operating Activities
Net income		$	2,425		$	2,667
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			127			174
Depreciation and amortization			1,184			1,104
Impairments and other adjustments						(32)
Share-based compensation expense			69			54
Provision (credit) for deferred income taxes			(68)			11
Changes in assets and liabilities:
Receivables related to sales			(1,084)			(1,069)
Inventories			(738)			(772)
Accounts payable and accrued expenses			(333)			(898)
Accrued income taxes payable/receivable			(5)			(147)
Retirement benefits			(290)			(794)
Other			(245)			270
Net cash provided by operating activities			1,042			568
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)			14,385			14,348
Proceeds from maturities and sales of marketable securities			258			245
Proceeds from sales of equipment on operating leases			1,019			1,001
Cost of receivables acquired (excluding receivables related to sales)			(13,157)			(12,744)
Acquisition of business, net of cash acquired			(439)
Purchases of marketable securities			(284)			(347)
Purchases of property and equipment			(451)			(555)
Cost of equipment on operating leases acquired			(1,295)			(1,254)
Collections of receivables from unconsolidated affiliates			152			234
Collateral on derivatives - net			(8)			27
Other			(87)			(176)
Net cash provided by investing activities			93			779
Cash Flows from Financing Activities
Net proceeds in short-term borrowings (original maturities three months or less)			2,246			551
Proceeds from borrowings issued (original maturities greater than three months)			3,451			5,156
Payments of borrowings (original maturities greater than three months)			(5,935)			(4,837)
Repurchases of common stock			(500)			(838)
Dividends paid			(878)			(843)
Other			(11)			(10)
Net cash used for financing activities			(1,627)			(821)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash			94			20
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash			(398)			546
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			8,533			7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period		$	8,135		$	8,179

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY
Condensed Notes to Interim Consolidated Financial Statements
(In millions of dollars) Unaudited

(1)Acquisition

In February 2026, the company acquired Tenna LLC (Tenna), a U.S. construction technology company that offers mixed-fleet equipment operations and asset tracking solutions. The purchase price, net of cash acquired, was $439 million. Tenna was assigned to the CF segment. Most of the purchase price for this acquisition was allocated to goodwill and other intangible assets.

(2)Special Items

Discrete Tax Items

In the first quarter of 2025, the company recorded favorable net discrete tax items primarily due to tax benefits of $110 million related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $53 million from an adjustment to an uncertain tax position of a foreign subsidiary.

Banco John Deere S.A.

In 2024, the company entered into an agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become a 50% owner of the company's wholly-owned subsidiary in Brazil, Banco John Deere S.A. (BJD). BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction is intended to reduce the company's incremental risk as it continues to grow in the Brazilian market.

The BJD business was reclassified as held for sale in 2024. In January 2025, the valuation allowance on assets held for sale decreased, resulting in a pretax and after-tax gain (reversal of previous losses) of $32 million recorded in "Selling, administrative and general expenses" in the six months ended April 27, 2025. The valuation allowance changes are presented in "Impairments and other adjustments" in the statements of consolidated cash flows.

The company deconsolidated BJD upon completion of the transaction in February 2025. The company accounts for its investment in BJD using the equity method of accounting and results of its operations are reported in "Equity in income (loss) of unconsolidated affiliates" within the Financial Services segment. The company reports investments in unconsolidated affiliates and receivables from unconsolidated affiliates in "Other assets" and "Other receivables," respectively.

(3) The consolidated financial statements represent the consolidation of all the company's subsidiaries. The supplemental consolidating data in Note 4 to the financial statements is presented for informational purposes. Equipment operations represent the enterprise without Financial Services. Equipment operations include the company's Production & Precision Agriculture operations, Small Agriculture & Turf operations, Construction & Forestry operations, and other corporate assets, liabilities, revenues, and expenses not reflected within Financial Services. Transactions between the equipment operations and Financial Services have been eliminated to arrive at the consolidated financial statements.

DEERE & COMPANY
(4) SUPPLEMENTAL CONSOLIDATING DATA
STATEMENTS OF INCOME
For the Three Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars) Unaudited
		EQUIPMENT						FINANCIAL
		OPERATIONS						SERVICES						ELIMINATIONS						CONSOLIDATED
		2026			2025			2026			2025			2026			2025			2026			2025
Net Sales and Revenues
Net sales		$	11,778		$	11,171														$	11,778		$	11,171
Finance and interest income			110			108		$	1,359		$	1,380		$	(155)		$	(134)			1,314			1,354	1
Other income			212			187			150			121			(85)			(70)			277			238	2, 3, 4
Total			12,100			11,466			1,509			1,501			(240)			(204)			13,369			12,763
Costs and Expenses
Cost of sales			8,277			7,617									(11)			(8)			8,266			7,609	4
Research and development expenses			583			549															583			549
Selling, administrative and general expenses			980			961			231			238			(2)			(2)			1,209			1,197	4
Interest expense			102			94			649			721			(39)			(31)			712			784	1
Interest compensation to Financial Services			116			103									(116)			(103)							1
Other operating expenses			9			12			369			335			(72)			(60)			306			287	3, 4, 5
Total			10,067			9,336			1,249			1,294			(240)			(204)			11,076			10,426
Income before Income Taxes			2,033			2,130			260			207									2,293			2,337
Provision for income taxes			452			490			66			49									518			539
Income after Income Taxes			1,581			1,640			194			158									1,775			1,798
Equity in income (loss) of unconsolidated affiliates			(1)						(4)			3									(5)			3
Net Income			1,580			1,640			190			161									1,770			1,801
Less: Net loss attributable to noncontrolling interests			(3)			(3)															(3)			(3)
Net Income Attributable to Deere & Company		$	1,583		$	1,643		$	190		$	161								$	1,773		$	1,804

1	Elimination of intercompany interest income and expense.
2	Elimination of equipment operations' margin from inventory transferred to equipment on operating leases.
3	Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.
4	Elimination of intercompany service revenues and fees.
5	Elimination of Financial Services' lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA (Continued)
STATEMENTS OF INCOME
For the Six Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars) Unaudited
		EQUIPMENT						FINANCIAL
		OPERATIONS						SERVICES						ELIMINATIONS						CONSOLIDATED
		2026			2025			2026			2025			2026			2025			2026			2025
Net Sales and Revenues
Net sales		$	19,779		$	17,980														$	19,779		$	17,980
Finance and interest income			230			217		$	2,710		$	2,835		$	(282)		$	(245)			2,658			2,807	1
Other income			425			391			287			239			(168)			(145)			544			485	2, 3, 4
Total			20,434			18,588			2,997			3,074			(450)			(390)			22,981			21,272
Costs and Expenses
Cost of sales			14,568			12,662									(21)			(16)			14,547			12,646	4
Research and development expenses			1,137			1,075															1,137			1,075
Selling, administrative and general expenses			1,787			1,761			398			412			(4)			(4)			2,181			2,169	4
Interest expense			195			178			1,313			1,487			(77)			(51)			1,431			1,614	1
Interest compensation to Financial Services			205			194									(205)			(194)							1
Other operating expenses			(37)			(38)			736			699			(143)			(125)			556			536	3, 4, 5
Total			17,855			15,832			2,447			2,598			(450)			(390)			19,852			18,040
Income before Income Taxes			2,579			2,756			550			476									3,129			3,232
Provision for income taxes			587			477			127			89									714			566
Income after Income Taxes			1,992			2,279			423			387									2,415			2,666
Equity in income (loss) of unconsolidated affiliates			(1)			(3)			11			4									10			1
Net Income			1,991			2,276			434			391									2,425			2,667
Less: Net loss attributable to noncontrolling interests			(4)			(6)															(4)			(6)
Net Income Attributable to Deere & Company		$	1,995		$	2,282		$	434		$	391								$	2,429		$	2,673

1	Elimination of intercompany interest income and expense.
2	Elimination of equipment operations' margin from inventory transferred to equipment on operating leases.
3	Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.
4	Elimination of intercompany service revenues and fees.
5	Elimination of Financial Services' lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA (Continued)
CONDENSED BALANCE SHEETS
(In millions of dollars) Unaudited
		EQUIPMENT									FINANCIAL
		OPERATIONS									SERVICES									ELIMINATIONS									CONSOLIDATED
		May 3			Nov 2			Apr 27			May 3			Nov 2			Apr 27			May 3			Nov 2			Apr 27			May 3			Nov 2			Apr 27
		2026			2025			2025			2026			2025			2025			2026			2025			2025			2026			2025			2025
Assets
Cash and cash equivalents		$	5,917		$	6,340		$	6,331		$	1,988		$	1,936		$	1,660											$	7,905		$	8,276		$	7,991
Marketable securities			173			217			139			1,257			1,194			1,133												1,430			1,411			1,272
Receivables from Financial Services			4,642			4,649			2,497											$	(4,642)		$	(4,649)		$	(2,497)										6
Trade accounts and notes receivable - net			1,579			1,316			1,429			8,001			5,900			7,406			(2,009)			(1,899)			(2,087)			7,571			5,317			6,748	7
Financing receivables - net			102			88			82			42,814			44,487			42,947												42,916			44,575			43,029
Financing receivables securitized - net			1			1			2			6,099			6,830			7,763												6,100			6,831			7,765
Other receivables			2,062			1,809			2,009			573			658			1,009			(53)			(64)			(43)			2,582			2,403			2,975	8
Equipment on operating leases - net												7,514			7,600			7,336												7,514			7,600			7,336
Inventories			8,188			7,406			7,870																					8,188			7,406			7,870
Property and equipment - net			8,004			8,047			7,523			31			32			32												8,035			8,079			7,555
Goodwill			4,513			4,188			4,094																					4,513			4,188			4,094
Other intangible assets - net			975			892			964																					975			892			964
Retirement benefits			3,351			3,181			3,046			101			94			89			(2)			(2)			(2)			3,450			3,273			3,133
Deferred income taxes			2,532			2,507			2,377			45			46			42			(216)			(269)			(331)			2,361			2,284			2,088	9
Other assets			2,358			2,218			2,349			1,126			1,244			1,152			(23)			(1)			(18)			3,461			3,461			3,483
Total Assets		$	44,397		$	42,859		$	40,712		$	69,549		$	70,021		$	70,569		$	(6,945)		$	(6,884)		$	(4,978)		$	107,001		$	105,996		$	106,303
Liabilities and Stockholders' Equity
Liabilities
Short-term borrowings		$	397		$	414		$	241		$	15,235		$	13,382		$	15,707											$	15,632		$	13,796		$	15,948
Short-term securitization borrowings			1			1			1			5,928			6,595			7,561												5,929			6,596			7,562
Payables to equipment operations												4,642			4,649			2,497		$	(4,642)		$	(4,649)		$	(2,497)										6
Accounts payable and accrued expenses			12,600			12,757			12,180			3,138			3,116			3,313			(2,085)			(1,964)			(2,148)			13,653			13,909			13,345	7, 8
Deferred income taxes			331			347			405			307			356			422			(216)			(269)			(331)			422			434			496	9
Long-term borrowings			8,857			8,756			8,685			33,404			34,788			34,126												42,261			43,544			42,811
Retirement benefits and other liabilities			1,579			1,646			1,695			67			66			70			(2)			(2)			(2)			1,644			1,710			1,763
Total liabilities			23,765			23,921			23,207			62,721			62,952			63,696			(6,945)			(6,884)			(4,978)			79,541			79,989			81,925
Redeemable noncontrolling interest			47			51			83																					47			51			83
Stockholders' Equity
Total Deere & Company stockholders' equity			27,406			25,950			24,287			6,828			7,069			6,873			(6,828)			(7,069)			(6,873)			27,406			25,950			24,287	10
Noncontrolling interests			7			6			8																					7			6			8
Financial Services' equity			(6,828)			(7,069)			(6,873)												6,828			7,069			6,873										10
Adjusted total stockholders' equity			20,585			18,887			17,422			6,828			7,069			6,873												27,413			25,956			24,295
Total Liabilities and Stockholders' Equity		$	44,397		$	42,859		$	40,712		$	69,549		$	70,021		$	70,569		$	(6,945)		$	(6,884)		$	(4,978)		$	107,001		$	105,996		$	106,303

6	Elimination of receivables / payables between equipment operations and Financial Services.
7	Primarily reclassification of sales incentive accruals on receivables sold to Financial Services.
8	Reclassification of other receivables / payables.
9	Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.
10	Elimination of Financial Services' equity.

DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA (Continued)
STATEMENTS OF CASH FLOWS
For the Six Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars) Unaudited
		EQUIPMENT						FINANCIAL
		OPERATIONS						SERVICES						ELIMINATIONS						CONSOLIDATED
		2026			2025			2026			2025			2026			2025			2026			2025
Cash Flows from Operating Activities
Net income		$	1,991		$	2,276		$	434		$	391								$	2,425		$	2,667
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			1			11			126			163									127			174
Depreciation and amortization			689			643			546			529		$	(51)		$	(68)			1,184			1,104	11
Impairments and other adjustments												(32)												(32)
Share-based compensation expense															69			54			69			54	12
Distributed earnings of Financial Services			734			984									(734)			(984)							13
Provision (credit) for deferred income taxes			(19)			(153)			(49)			164									(68)			11
Changes in assets and liabilities:
Receivables related to sales			(225)			(185)									(859)			(884)			(1,084)			(1,069)	14, 16
Inventories			(649)			(691)									(89)			(81)			(738)			(772)	15
Accounts payable and accrued expenses			(237)			(1,069)			14			102			(110)			69			(333)			(898)	16
Accrued income taxes payable/receivable			15			(77)			(20)			(70)									(5)			(147)
Retirement benefits			(285)			(753)			(5)			(41)									(290)			(794)
Other			(335)			59			140			224			(50)			(13)			(245)			270	11, 12, 15
Net cash provided by operating activities			1,680			1,045			1,186			1,430			(1,824)			(1,907)			1,042			568
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)									14,641			14,684			(256)			(336)			14,385			14,348	14
Proceeds from maturities and sales of marketable securities			91			18			167			227									258			245
Proceeds from sales of equipment on operating leases									1,019			1,001									1,019			1,001
Cost of receivables acquired (excluding receivables related to sales)									(13,273)			(12,875)			116			131			(13,157)			(12,744)	14
Acquisition of business, net of cash acquired			(439)																		(439)
Purchases of marketable securities			(42)			(20)			(242)			(327)									(284)			(347)
Purchases of property and equipment			(451)			(555)															(451)			(555)
Cost of equipment on operating leases acquired									(1,415)			(1,363)			120			109			(1,295)			(1,254)	15
Increase in trade and wholesale receivables									(1,110)			(1,019)			1,110			1,019							14
Collections of receivables from unconsolidated affiliates						183			152			51									152			234
Collateral on derivatives - net			2			3			(10)			24									(8)			27
Other			(54)			(72)			(33)			(104)									(87)			(176)
Net cash provided by (used for) investing activities			(893)			(443)			(104)			299			1,090			923			93			779
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)			(4)			65			2,250			486									2,246			551
Change in intercompany receivables/payables			21			428			(21)			(428)
Proceeds from borrowings issued (original maturities greater than three months)			252			2,043			3,199			3,113									3,451			5,156
Payments of borrowings (original maturities greater than three months)			(181)			(766)			(5,754)			(4,071)									(5,935)			(4,837)
Repurchases of common stock			(500)			(838)															(500)			(838)
Dividends paid			(878)			(843)			(734)			(984)			734			984			(878)			(843)	13
Other			5			(4)			(16)			(6)									(11)			(10)
Net cash provided by (used for) financing activities			(1,285)			85			(1,076)			(1,890)			734			984			(1,627)			(821)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash			79			22			15			(2)									94			20
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash			(419)			709			21			(163)									(398)			546
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period			6,364			5,643			2,169			1,990									8,533			7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period		$	5,945		$	6,352		$	2,190		$	1,827								$	8,135		$	8,179

11	Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.
12	Reclassification of share-based compensation expense.
13	Elimination of dividends from Financial Services to the equipment operations, which are included in the equipment operations operating activities.
14	Primarily reclassification of receivables related to the sale of equipment.
15	Reclassification of direct lease agreements with retail customers.
16	Reclassification of sales incentive accruals on receivables sold to Financial Services.

SOURCE Deere & Company