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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 1, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 1-4121

DEERE & COMPANY

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)		36-2382580 (IRS Employer Identification No.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices, zip code)

Registrant’s Telephone Number, including area code: (309) 765-8000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Common stock, $1 par value	DE	New York Stock Exchange
6.55% Debentures Due 2028	DE28	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

At February 1, 2026, 270,107,282 shares of common stock, $1 par value, of the registrant were outstanding.

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED INCOME
For the Three Months Ended February 1, 2026 and January 26, 2025
(In millions of dollars and shares except per share amounts) Unaudited
	2026		2025
Net Sales and Revenues
Net sales	$	8,001	$	6,809
Finance and interest income		1,343		1,453
Other income		267		246
Total		9,611		8,508

Costs and Expenses
Cost of sales		6,280		5,037
Research and development expenses		554		526
Selling, administrative and general expenses		972		972
Interest expense		719		829
Other operating expenses		250		249
Total		8,775		7,613

Income of Consolidated Group before Income Taxes		836		895
Provision for income taxes		196		27

Income of Consolidated Group		640		868
Equity in income (loss) of unconsolidated affiliates		15		(1)

Net Income		655		867
Less: Net loss attributable to noncontrolling interests		(1)		(2)
Net Income Attributable to Deere & Company	$	656	$	869

Per Share Data
Basic	$	2.43	$	3.20
Diluted		2.42		3.19
Dividends declared		1.62		1.62
Dividends paid		1.62		1.47

Average Shares Outstanding
Basic		270.3		271.6
Diluted		270.9		272.3

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
For the Three Months Ended February 1, 2026 and January 26, 2025
(In millions of dollars) Unaudited
	2026		2025
Net Income	$	655	$	867

Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment		(1)		3
Cumulative translation adjustment		374		(451)
Unrealized loss on derivatives		(5)		(1)
Unrealized gain (loss) on debt securities		2		(15)
Other Comprehensive Income (Loss), Net of Income Taxes		370		(464)

Comprehensive Income		1,025		403
Less: Comprehensive income (loss) attributable to noncontrolling interests		2		(5)
Comprehensive Income Attributable to Deere & Company	$	1,023	$	408

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
	February 1		November 2		January 26
	2026		2025		2025
Assets
Cash and cash equivalents	$	6,798	$	8,276	$	6,601
Marketable securities		1,398		1,411		1,214
Trade accounts and notes receivable – net		5,993		5,317		4,931
Financing receivables – net		42,113		44,575		41,396
Financing receivables securitized – net		6,479		6,831		8,257
Other receivables		2,411		2,403		2,979
Equipment on operating leases – net		7,512		7,600		7,157
Inventories		8,286		7,406		7,744
Property and equipment – net		8,084		8,079		7,425
Goodwill		4,280		4,188		3,872
Other intangible assets – net		880		892		937
Retirement benefits		3,378		3,273		3,018
Deferred income taxes		2,268		2,284		1,852
Other assets		3,556		3,461		2,807
Assets held for sale						2,929
Total Assets	$	103,436	$	105,996	$	103,119

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	14,392	$	13,796	$	12,811
Short-term securitization borrowings		6,283		6,596		8,014
Accounts payable and accrued expenses		12,533		13,909		12,162
Deferred income taxes		434		434		448
Long-term borrowings		41,804		43,544		43,556
Retirement benefits and other liabilities		1,633		1,710		1,734
Liabilities held for sale						1,830
Total liabilities		77,079		79,989		80,555

Commitments and contingencies (Note 17)
Redeemable noncontrolling interest		50		51		78

Stockholders’ Equity
Common stock, $1 par value (issued shares at February 1, 2026 – 536,431,204)		5,715		5,668		5,526
Common stock in treasury		(36,645)		(36,362)		(35,709)
Retained earnings		59,895		59,676		56,829
Accumulated other comprehensive income (loss)		(2,665)		(3,032)		(4,167)
Total Deere & Company stockholders’ equity		26,300		25,950		22,479
Noncontrolling interests		7		6		7
Total stockholders’ equity		26,307		25,956		22,486
Total Liabilities and Stockholders’ Equity	$	103,436	$	105,996	$	103,119

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Three Months Ended February 1, 2026 and January 26, 2025
(In millions of dollars) Unaudited
	2026		2025
Cash Flows from Operating Activities
Net income	$	655	$	867
Adjustments to reconcile net income to net cash used for operating activities:
Provision for credit losses		36		69
Depreciation and amortization		590		549
Impairments and other adjustments				(32)
Share-based compensation expense		41		28
Provision for deferred income taxes		18		208
Changes in assets and liabilities:
Receivables related to sales		350		1,063
Inventories		(746)		(795)
Accounts payable and accrued expenses		(1,486)		(1,845)
Accrued income taxes payable/receivable		(88)		(540)
Retirement benefits		(194)		(688)
Other		(66)		(16)
Net cash used for operating activities		(890)		(1,132)

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		8,098		8,137
Proceeds from maturities and sales of marketable securities		144		61
Proceeds from sales of equipment on operating leases		377		433
Cost of receivables acquired (excluding receivables related to sales)		(6,023)		(6,045)
Purchases of marketable securities		(129)		(141)
Purchases of property and equipment		(256)		(352)
Cost of equipment on operating leases acquired		(432)		(439)
Collections of receivables from unconsolidated affiliates		105
Collateral on derivatives – net		(11)		(191)
Other		(51)		(47)
Net cash provided by investing activities		1,822		1,416

Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		848		(1,484)
Proceeds from borrowings issued (original maturities greater than three months)		780		3,168
Payments of borrowings (original maturities greater than three months)		(3,360)		(1,753)
Repurchases of common stock		(302)		(441)
Dividends paid		(441)		(403)
Other		(15)		(10)
Net cash used for financing activities		(2,490)		(923)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		98		(87)

Net Decrease in Cash, Cash Equivalents, and Restricted Cash		(1,460)		(726)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		8,533		7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	7,073	$	6,907

Components of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$	6,798	$	6,601
Cash, cash equivalents, and restricted cash (Assets held for sale)				116
Restricted cash (Other assets)		275		190
Total Cash, Cash Equivalents, and Restricted Cash	$	7,073	$	6,907

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY
For the Three Months Ended February 1, 2026 and January 26, 2025
(In millions of dollars) Unaudited
			Total Stockholders’ Equity
			Deere & Company Stockholders
									Accumulated
	Total								Other				Redeemable
	Stockholders’		Common		Treasury		Retained		Comprehensive		Noncontrolling		Noncontrolling
	Equity		Stock		Stock		Earnings		Income (Loss)		Interests		Interest
Balance October 27, 2024	$	22,843	$	5,489	$	(35,349)	$	56,402	$	(3,706)	$	7	$	82
Net income (loss)		869						869						(2)
Other comprehensive loss		(461)								(461)				(3)
Repurchases of common stock		(384)				(384)
Treasury shares reissued		24				24
Dividends declared		(441)						(441)
Share based awards and other		36		37				(1)						1
Balance January 26, 2025	$	22,486	$	5,526	$	(35,709)	$	56,829	$	(4,167)	$	7	$	78


Balance November 2, 2025	$	25,956	$	5,668	$	(36,362)	$	59,676	$	(3,032)	$	6	$	51
Net income (loss)		656						656						(1)
Other comprehensive income		367								367				3
Repurchases of common stock		(303)		(4)		(299)
Treasury shares reissued		16				16
Dividends declared		(439)						(439)
Share based awards and other		54		51				2				1		(3)
Balance February 1, 2026	$	26,307	$	5,715	$	(36,645)	$	59,895	$	(2,665)	$	7	$	50

See Condensed Notes to Interim Consolidated Financial Statements.

Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

(1) Organization and Consolidation

Deere & Company has been developing innovative solutions to help its customers become more profitable for more than 185 years. References to “Deere & Company,” “John Deere,” “Deere,” “we,” “us,” or “our” include our consolidated subsidiaries, unless otherwise stated. We manage our business through the following operating segments: Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (John Deere Financial or FS). References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal years 2026 and 2025 were February 1, 2026, and January 26, 2025, respectively. Both periods contained 13 weeks. Fiscal year 2025 contained 53 weeks, with the additional week occurring in the fourth quarter. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending near the end of October and the associated periods in those fiscal years.

All amounts are presented in millions of U.S. dollars, unless otherwise specified. Certain prior period amounts have been reclassified to conform to current period presentation.

Variable Interest Entities

We consolidate certain variable interest entities (VIEs) related to retail note securitizations (see Note 10).

We have a 50% ownership interest in Banco John Deere S.A. (BJD), an equity method investment that finances retail and wholesale loans for agricultural, construction, and forestry equipment in Brazil. This investment was established in February 2025 through the sale of 50% ownership of a former subsidiary (see Note 21). BJD is a VIE as we provide funding and are exposed to losses that are disproportionate to our voting rights. However, we are not the primary beneficiary of the VIE because the power over significant activities, including the strategic plan, budget, credit policies, and funding guidelines, is shared among equity holders through an equally represented board of directors.

Financial results of BJD are reported in “Equity in income (loss) of unconsolidated affiliates.” The related investment in unconsolidated affiliates is included in “Other assets” on the condensed consolidated balance sheets, while short-term and long-term funding is recorded in receivables from unconsolidated affiliates and included in “Other receivables.”

Our carrying value of receivables from and investments in BJD and maximum exposure to loss were as follows:


	February 1		November 2
	2026		2025
Receivables from unconsolidated affiliates – "Other receivables"	$	306	$	394
Investments in unconsolidated affiliates – "Other assets"		389		405
Carrying value of assets related to VIE		695		799
Guarantees		164		157
Maximum exposure to loss	$	859	$	956

Guarantees primarily include BJD debt related to government funding that existed prior to the deconsolidation of BJD. We did not record a contractual liability related to these guarantees on our condensed consolidated balance sheets.

(2) Summary of Significant Accounting Policies and New Accounting Pronouncements

Quarterly Financial Statements

The interim consolidated financial statements of Deere & Company have been prepared by us, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

Use of Estimates in Financial Statements

Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.

Accounting Pronouncements to be Adopted

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for us beginning with our interim reporting for fiscal year 2030, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides updated guidance for the capitalization of internal-use software. The ASU will be effective for us beginning with our interim reporting for fiscal year 2029, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The ASU will be effective for us beginning with our annual reporting for fiscal year 2026. We are assessing the effect of this update on our related disclosures. The adoption will not have a material impact on our consolidated financial statements.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements. All other accounting standards issued but not yet adopted were not applicable to us.


No. 2025-12 — Codification Improvements
No. 2025-11 — Interim Reporting (Topic 270): Narrow-Scope Improvements
No. 2025-09 — Derivatives and Hedging (Topic 815): Hedge Accounting Improvements
No. 2025-07 — Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract
No. 2025-05 — Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets
No. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
No. 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

(3) Revenue Recognition

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:


Three Months Ended February 1, 2026	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	1,226	$	1,106	$	1,577	$	1,051	$	4,960
Canada		398		101		136		191		826
Western Europe		464		486		426		54		1,430
Central Europe and CIS		172		60		76		2		310
Latin America		684		95		231		32		1,042
Asia, Africa, Oceania, and Middle East		325		376		288		54		1,043
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611

Major product lines:
Production agriculture	$	3,093							$	3,093
Small agriculture			$	1,527						1,527
Turf				576						576
Construction					$	1,111				1,111
Compact construction						468				468
Roadbuilding						772				772
Forestry						269				269
Financial products		57		27		18	$	1,384		1,486
Other		119		94		96				309
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611

Revenue recognized:
At a point in time	$	3,164	$	2,174	$	2,695	$	33	$	8,066
Over time		105		50		39		1,351		1,545
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611


Three Months Ended January 26, 2025	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	1,555	$	949	$	1,113	$	1,085	$	4,702
Canada		354		79		101		187		721
Western Europe		277		352		344		43		1,016
Central Europe and CIS		67		39		71		4		181
Latin America		715		80		205		96		1,096
Asia, Africa, Oceania, and Middle East		205		308		224		55		792
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

Major product lines:
Production agriculture	$	3,002							$	3,002
Small agriculture			$	1,234						1,234
Turf				463						463
Construction					$	770				770
Compact construction						361				361
Roadbuilding						596				596
Forestry						226				226
Financial products		55		33		21	$	1,470		1,579
Other		116		77		84				277
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

Revenue recognized:
At a point in time	$	3,086	$	1,760	$	2,028	$	29	$	6,903
Over time		87		47		30		1,441		1,605
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

We invoice in advance of recognizing the revenue of certain products and services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue, was $2,121, $2,039, and $2,027 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively. The contract liability is reduced as the revenue is recognized. Revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of the fiscal year was $265 and $197 during the three months ended February 1, 2026, and January 26, 2025, respectively.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,811 at February 1, 2026. The estimated revenue to be recognized by fiscal year follows: remainder of 2026 – $465, 2027 – $529, 2028 – $351, 2029 – $213, 2030 – $127, 2031 – $77, and later years – $49. As permitted, we elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

(4) Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) follow:


	February 1		November 2		January 26
	2026		2025		2025
Retirement benefits adjustment	$	(1,183)	$	(1,182)	$	(1,271)
Cumulative translation adjustment		(1,382)		(1,753)		(2,734)
Unrealized loss on derivatives		(59)		(54)		(73)
Unrealized loss on debt securities		(41)		(43)		(89)
Accumulated other comprehensive income (loss)	$	(2,665)	$	(3,032)	$	(4,167)

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended February 1, 2026	Amount		Credit		Amount
Cumulative translation adjustment	$	371			$	371
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(2)				(2)
Reclassification of realized (gain) loss to Interest expense		(4)	$	1		(3)
Net unrealized gain (loss) on derivatives		(6)		1		(5)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		4		(2)		2
Net unrealized gain (loss) on debt securities		4		(2)		2
Retirement benefits adjustment:
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(12)		3		(9)
Prior service (credit) cost		10		(2)		8
Net unrealized gain (loss) on retirement benefits adjustment		(2)		1		(1)
Total other comprehensive income (loss)	$	367			$	367


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 26, 2025	Amount		Credit		Amount
Cumulative translation adjustment	$	(449)	$	1	$	(448)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		7		(2)		5
Reclassification of realized (gain) loss to Interest expense		(8)		2		(6)
Net unrealized gain (loss) on derivatives		(1)				(1)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(19)		4		(15)
Net unrealized gain (loss) on debt securities		(19)		4		(15)
Retirement benefits adjustment:
Net actuarial gain (loss)		6		(1)		5
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(11)		3		(8)
Prior service (credit) cost		9		(3)		6
Net unrealized gain (loss) on retirement benefits adjustment		4		(1)		3
Total other comprehensive income (loss)	$	(465)	$	4	$	(461)

(5) EARNINGS Per Share

A reconciliation of basic and diluted earnings per share attributable to Deere & Company follows in millions, except per share amounts:


	Three Months Ended
	February 1		January 26
	2026		2025
Net income attributable to Deere & Company	$	656	$	869
Average shares outstanding		270.3		271.6
Basic earnings per share	$	2.43	$	3.20

Average shares outstanding		270.3		271.6
Effect of dilutive stock options and unvested restricted stock units		.6		.7
Total potential shares outstanding		270.9		272.3
Diluted earnings per share	$	2.42	$	3.19

Shares excluded as antidilutive		.2		.3

(6) Pension and Other Postretirement Benefits

We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses.”

The components of net periodic pension and OPEB (benefit) cost consisted of the following:


	Three Months Ended
	February 1		January 26
	2026		2025
Pensions:
Service cost	$	59	$	65
Interest cost		125		128
Expected return on plan assets		(249)		(254)
Amortization of actuarial gain		(2)		(1)
Amortization of prior service cost		10		10
Net benefit	$	(57)	$	(52)

OPEB:
Service cost	$	4	$	5
Interest cost		37		40
Expected return on plan assets		(41)		(28)
Amortization of actuarial gain		(10)		(10)
Amortization of prior service credit				(1)
Net (benefit) cost	$	(10)	$	6

During the first three months of 2026, we contributed and expect to contribute the following amounts to our pension and OPEB plans:


	Pensions		OPEB
Contributed	$	30	$	110
Expected contributions remainder of the year		70		40

(7) INCOME TAXES

The effective tax rate for the three months ended February 1, 2026, and January 26, 2025, was 23.4% and 3.0%, respectively. The effective tax rate in the first quarter of 2025 was impacted by favorable net discrete tax items (see Note 21).

(8) SEGMENT DATA

Our operations are organized and reported in four business segments: Production & Precision Agriculture, Small Agriculture & Turf, Construction & Forestry, and Financial Services. This presentation is consistent with how the chief operating decision maker, our Chief Executive Officer (CEO), who also serves as the Chairman of the Board, assesses the performance of the segments and makes decisions regarding resource allocations. Each segment has a group president responsible for managing financial performance and executing strategic initiatives.

●

Production & Precision Agriculture – PPA segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for production-scale growers of large grains, small grains, cotton, and sugarcane.

●

Small Agriculture & Turf – SAT segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for dairy and livestock producers, high-value and small acreage crop producers, and turf and utility customers.

●

Construction & Forestry – CF segment defines, develops, and delivers a broad range of machines and technology solutions organized along the earthmoving, forestry, and roadbuilding production systems.

The products and services produced by the segments above are primarily marketed through independent retail dealer networks and major retail outlets. For roadbuilding products in certain markets outside the U.S. and Canada, the products are sold through company-owned sales and service subsidiaries.

●

Financial Services – FS segment finances sales and leases by John Deere dealers of new and used production and precision agriculture equipment, small agriculture and turf equipment, and construction and forestry equipment. In addition, the FS segment provides wholesale financing to dealers of the foregoing equipment, finances retail revolving charge accounts, and offers extended equipment warranties.

The CEO evaluates the performance of the business segments based on operating profit, which for FS includes interest income and interest expense, and on identifiable segment operating assets. Segment operating profit and operating assets are measured using accounting policies consistent with those applied in the consolidated financial statements. Because of integrated manufacturing operations and common administrative and marketing support, a substantial number of allocations must be

made to determine operating segment data. Intersegment transactions are primarily made between the FS segment and PPA, SAT, and CF segments, and are recognized at current market prices.

Total identifiable assets assigned to the equipment operations operating segments are those the segments actively manage, consisting of trade receivables, inventories, property and equipment, intangible assets, and certain other assets. Corporate assets are managed on a consolidated basis, including cash and cash equivalents, retirement benefit net assets, goodwill, and deferred income tax assets. Financial Services assets include cash and cash equivalents, retirement benefits, and deferred income tax assets that are managed by the segment.

Information relating to operations by operating segment was as follows:


Three Months Ended February 1, 2026	PPA		SAT		CF		FS		Total
External net sales	$	3,163	$	2,168	$	2,670			$	8,001
External finance and interest income		12		10		5	$	1,260		1,287
External other income		57		36		48		124		265
Intersegment income		54		9		8		104		175
Total segment net sales and revenues		3,286		2,223		2,731		1,488		9,728
Cost of sales		(2,476)		(1,633)		(2,182)				(6,291)
Interest expense								(664)		(664)
Other segment items*		(671)		(394)		(412)		(523)		(2,000)
Segment operating profit	$	139	$	196	$	137	$	301	$	773

Three Months Ended January 26, 2025	PPA		SAT		CF		FS		Total
External net sales	$	3,067	$	1,748	$	1,994			$	6,809
External finance and interest income		9		9		2	$	1,363		1,383
External other income		56		33		45		107		241
Intersegment income		57		5		2		103		167
Total segment net sales and revenues		3,189		1,795		2,043		1,573		8,600
Cost of sales		(2,164)		(1,297)		(1,584)				(5,045)
Interest expense								(766)		(766)
Other segment items*		(687)		(374)		(394)		(541)		(1,996)
Segment operating profit	$	338	$	124	$	65	$	266	$	793

* Other segment items for PPA, SAT, and CF include selling, administrative and general expenses; advertising; engineering; research and development; equity in income (loss) of unconsolidated affiliates; and other miscellaneous operating expenses. Financial Services other segment items include selling, administrative and general expenses; foreign exchange gains and losses; equity in income (loss) of unconsolidated affiliates; and other miscellaneous operating expenses.

A reconciliation of segment net sales and revenues and segment net income to consolidated net sales and revenues and consolidated net income follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Reconciliation of net sales and revenues
Segment net sales and revenues	$	9,728	$	8,600
External other income*		58		75
Elimination of intersegment revenues		(175)		(167)
Net sales and revenues	$	9,611	$	8,508

Reconciliation of net income
Segment operating profit	$	773	$	793
Interest income – excluding FS		93		90
Interest expense – excluding FS		(93)		(84)
Pension and OPEB benefit, excluding service cost component		130		116
Corporate other – net**		(52)		(21)
Income taxes		(196)		(27)
Net income	$	655	$	867

* External other income includes corporate investment income, corporate interest income, and other miscellaneous revenue items that are included in “Finance and interest income” and “Other income” on the statements of consolidated income.

** Corporate other – net includes certain foreign exchange gains and losses, certain investment income, and certain corporate administrative and general expenses.

Additional operating segment information was as follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Depreciation* and amortization expense
PPA	$	171	$	166
SAT		75		65
CF		96		88
FS		274		265
Intersegment		(26)		(35)
Total	$	590	$	549

Capital additions
PPA	$	74	$	87
SAT		32		35
CF		48		78
FS
Total	$	154	$	200

* Depreciation includes depreciation for equipment on operating leases.


	February 1		November 2		January 26
	2026		2025		2025
Total Assets
PPA	$	9,123	$	8,787	$	8,773
SAT		4,335		3,987		4,179
CF		8,043		7,792		7,237
FS		67,904		70,021		69,686
Corporate*		14,031		15,409		13,244
Total Assets	$	103,436	$	105,996	$	103,119

Equity investment in unconsolidated affiliates
PPA	$	10	$	11	$	12
SAT		38		37		59
CF
FS		450		462		48
Total	$	498	$	510	$	119

* Corporate assets are managed on a consolidated basis, including cash and cash equivalents, retirement benefit net assets, goodwill, and deferred income tax assets.

(9) Financing Receivables

We monitor the credit quality of financing receivables based on delinquency status, defined as follows:

●

Past due balances represent any payments 30 days or more past the due date.

●

Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.

●

Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses.

The credit quality and aging analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows:


	February 1, 2026
	2026		2025		2024		2023		2022		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	2,265	$	11,250	$	7,550	$	4,637	$	2,574	$	1,218	$	3,210	$	32,704
30-59 days past due		6		117		89		57		30		15		100		414
60-89 days past due				44		38		25		14		6		12		139
90+ days past due				2		2		1		1		2				8
Non-performing				52		141		102		63		46		12		416
Construction and forestry
Current		953		2,915		1,793		865		362		92		108		7,088
30-59 days past due

DEERE & CO 10-Q