Deere (NYSE: DE) sees 2026 as ag cycle low amid double‑digit equipment declines

Q: How did DE (Deere & Company) perform financially in Q3 2026?

Deere reported Q3 2026 net income of $1.379 billion , up 7%, and diluted EPS of $5.10 versus $4.75 a year earlier. Worldwide net sales and revenues rose 5% to $12.608 billion , reflecting growth in Small Ag & Turf and Construction & Forestry.

Q: What guidance did DE provide for full-year fiscal 2026 earnings?

Deere forecasts fiscal 2026 net income of $4.75 billion to $5.00 billion . Management stated that 2026 is expected to mark the bottom of the current agricultural equipment cycle, supported by early order trends and growing adoption of Deere’s advanced technologies.

Q: How did DE’s main segments perform in Q3 2026?

In Q3 2026, Production & Precision Ag net sales were $3.998 billion (down 6%). Small Ag & Turf net sales rose 12% to $3.383 billion, and Construction & Forestry net sales grew 18% to $3.618 billion. Segment operating profits moved accordingly, with Construction & Forestry up 84%.

Q: What is the industry outlook for DE’s markets in fiscal 2026?

Deere expects U.S./Canada Large Ag and South America tractors & combines to decline 15–20% , while Small Ag & Turf is seen flat to up 5% . U.S./Canada construction equipment is forecast up 5–10%, and global roadbuilding up about 10%.

Q: Did DE report any notable acquisitions or special items affecting 2026 results?

In 2026 Deere completed several acquisitions, including Tenna LLC for $439 million , plus smaller deals totaling $16 million, mainly allocated to goodwill and intangibles. Deere also recognized tariff recoveries of $110 million in Q3 and $382 million year-to-date , reflected largely in production costs.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

DEERE & CO (DE) reported a solid third quarter of fiscal 2026, with net income of $1.379 billion (up 7%) and diluted EPS of $5.10, compared with $1.289 billion and $4.75 a year earlier. Worldwide net sales and revenues were $12.608 billion, up 5%, while nine‑month net income was $3.808 billion, slightly below $3.962 billion in 2025.

Segment performance was mixed. Construction & Forestry net sales rose 18% to $3.618 billion and operating profit increased 84% to $436 million, while Small Agriculture & Turf net sales grew 12% to $3.383 billion with operating profit up 28% to $622 million. Production & Precision Agriculture net sales fell 6% and operating profit declined 9%. Financial Services net income increased 7% to $219 million.

For fiscal 2026, Deere forecasts net income of $4.75 billion to $5.00 billion

Positive

Construction & Forestry operating profit up 84% to $436 million in Q3 2026, driven mainly by favorable price realization, with segment net sales up 18% to $3.618 billion.

Small Agriculture & Turf operating profit up 28% to $622 million, as 12% higher net sales and favorable pricing more than offset higher production costs.

Total operating profit rose 18% to $1.856 billion for the quarter, outpacing the 5% increase in total net sales and revenues to $12.608 billion.

Negative

Industry outlook for large agriculture is weak, with U.S. & Canada Large Ag and South America tractors & combines each expected to be down 15 to 20% in fiscal 2026.

Global forestry demand is projected to decline ~10% in fiscal 2026, partially offsetting expected growth of 5–10% in U.S./Canada construction and ~10% in global roadbuilding.

Filing Explained

As of August 2, Deere reported cash while nine-month financing uses included common-stock repurchases and dividends paid.

The company has completed its third-quarter fiscal 2026 reporting event, and the August 20, 2026 Form 8-K updates its disclosed liquidity and capital balances through August 2, 2026. At that date, Deere reported cash and borrowings across short-term, securitization, and long-term categories.
Form 8-K reports specified material events; here, the filing covers results of operations and an earnings-call presentation. The filing presents the balance-sheet amounts separately from cash movements reported for the nine months ended August 2.
For those nine months, operating activities provided cash, while financing activities used cash. Financing uses included common-stock repurchases and dividends paid; the same period included borrowing proceeds and repayments.
The August 20 outlook remains a forecast: Deere states that its assumptions, risks, and uncertainties could cause actual fiscal 2026 results to differ materially, so the next results disclosure is the specified resolution point.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q3 2026 net income: $1,379 million Q3 2026 diluted EPS: $5.10 Q3 2026 net sales and revenues: $12,608 million +5 more

8 metrics

Q3 2026 net income $1,379 million Net income attributable to Deere & Company for the third quarter of fiscal 2026

Q3 2026 diluted EPS $5.10 Diluted earnings per share for the third quarter of fiscal 2026

Q3 2026 net sales and revenues $12,608 million Worldwide net sales and revenues for the third quarter of fiscal 2026, up 5%

Nine-month 2026 net income $3,808 million Net income attributable to Deere & Company for the first nine months of fiscal 2026

Fiscal 2026 net income guidance $4.75–$5.00 billion Forecast net income attributable to Deere & Company for fiscal 2026

Construction & Forestry Q3 operating profit $436 million Segment operating profit for Construction & Forestry in Q3 2026, up 84%

Tariff recoveries nine months 2026 $382 million Tariff recoveries recorded in the first nine months of fiscal 2026

Tenna acquisition price $439 million Purchase price, net of cash acquired, for Tenna LLC in 2026

Key Terms

operating profit, operating margin, tariff recoveries, forward-looking statements, +1 more

5 terms

operating profit financial

"Operating profit increased primarily due to favorable price realization, partially offset by higher SA&G and R&D costs."

Operating profit is the amount of money a company makes from its core business activities after subtracting the costs directly related to running those activities, such as wages and supplies. It shows how efficiently a company is generating profit from its main operations, serving as a key indicator for investors to assess its financial health and profitability before considering other expenses like taxes or interest.

operating margin financial

"Operating margin was 18.4% compared with 16.0% in the prior-year quarter."

Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.

tariff recoveries financial

"The company recorded tariff recoveries in the third quarter and first nine months of 2026 of $110 million and $382 million."

forward-looking statements regulatory

"Certain statements contained herein ... constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

equity method of accounting financial

"The company accounts for its investment in BJD using the equity method of accounting."

An equity method of accounting is the way a company reports its financial interest in another business when it has significant influence but not full control, typically owning between about 20% and 50% of the voting stock. Instead of listing the investment at purchase cost or consolidating every line item, the investor records its proportional share of the other company’s profits or losses and adjusts the investment value for dividends or impairments, so investors see the economic impact of that stake. This matters because it changes reported earnings and asset values in a way that reflects ongoing performance—similar to showing your share of a small business’s monthly profit on your own books rather than just the amount you originally paid for your share—and helps gauge how much influence that stake has on the investor’s financial health.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

FAQ

How did DE (Deere & Company) perform financially in Q3 2026?

Deere reported Q3 2026 net income of $1.379 billion, up 7%, and diluted EPS of $5.10 versus $4.75 a year earlier. Worldwide net sales and revenues rose 5% to $12.608 billion, reflecting growth in Small Ag & Turf and Construction & Forestry.

What were DE’s year-to-date results for the first nine months of fiscal 2026?

For the first nine months of fiscal 2026, net income attributable to Deere was $3.808 billion, compared with $3.962 billion in 2025. Worldwide net sales and revenues increased 7% to $35.589 billion, while diluted EPS was $14.06 versus $14.57 a year earlier.

What guidance did DE provide for full-year fiscal 2026 earnings?

Deere forecasts fiscal 2026 net income of $4.75 billion to $5.00 billion. Management stated that 2026 is expected to mark the bottom of the current agricultural equipment cycle, supported by early order trends and growing adoption of Deere’s advanced technologies.

How did DE’s main segments perform in Q3 2026?

In Q3 2026, Production & Precision Ag net sales were $3.998 billion (down 6%). Small Ag & Turf net sales rose 12% to $3.383 billion, and Construction & Forestry net sales grew 18% to $3.618 billion. Segment operating profits moved accordingly, with Construction & Forestry up 84%.

What is the industry outlook for DE’s markets in fiscal 2026?

Deere expects U.S./Canada Large Ag and South America tractors & combines to decline 15–20%, while Small Ag & Turf is seen flat to up 5%. U.S./Canada construction equipment is forecast up 5–10%, and global roadbuilding up about 10%.

Did DE report any notable acquisitions or special items affecting 2026 results?

In 2026 Deere completed several acquisitions, including Tenna LLC for $439 million, plus smaller deals totaling $16 million, mainly allocated to goodwill and intangibles. Deere also recognized tariff recoveries of $110 million in Q3 and $382 million year-to-date, reflected largely in production costs.

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Understanding 8-K Material Events →

Available on EDGAR 08/20/2026 - 06:04 AM Accepted by SEC EDGAR 08/20/2026 - 06:00 AM Learn about SEC filing dates

0000315189falseDEERE & CO0000315189us-gaap:CommonStockMember2026-08-202026-08-200000315189de:Debentures6.55PercentDue2028Member2026-08-202026-08-2000003151892026-08-202026-08-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report: August 20, 2026
(Date of earliest event reported)
DEERE & COMPANY
(Exact name of registrant as specified in its charter)

Delaware

1-4121

36-2382580
(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)
One John Deere Place
Moline, Illinois 61265
(Address of principal executive offices and zip code)
(309) 765-8000
(Registrant’s telephone number, including area code)
___________________________________________________
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of each class

Trading Symbol(s)

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐

Item 2.02Results of Operations and Financial Condition

On Thursday, August 20, 2026, Deere & Company (the “Company”) issued a press release announcing its results of operations for the third quarter of fiscal year 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01Regulation FD

On Thursday, August 20, 2026, the Company made available a presentation providing a review of its third quarter of fiscal year 2026 in connection with its investor earnings call. A copy of the presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits
(d)Exhibits

Number
Description of Exhibit
99.1
Press Release and Supplemental Financial Information (Furnished herewith)
99.2
Third Quarter 2026 Earnings Conference Call Presentation (Furnished herewith)
104
Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

2

Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DEERE & COMPANY

By:
/s/ Julie M. O. Rosales

Julie M. O. Rosales

Corporate Secretary

Dated: August 20, 2026

3

Exhibit 99.1
(Furnished herewith)

News Release

Media Inquiries:
PublicRelations@JohnDeere.com

Deere Reports Third Quarter Net Income of $1.379 Billion
● Disciplined execution drives stronger-than-expected results in a dynamic market.
● Net income guidance improved to $4.75 billion to $5.00 billion.
● Order book trends reinforce 2026 as the bottom of the ag equipment cycle.
MOLINE, Illinois (August 20, 2026) — Deere & Company reported net income of $1.379 billion for the third quarter ended August 2, 2026, or $5.10 per share, compared with net income of $1.289 billion, or $4.75 per share, for the quarter ended July 27, 2025. For the first nine months of the year, net income attributable to Deere & Company was $3.808 billion, or $14.06 per share, compared with $3.962 billion, or $14.57 per share, for the same period last year.
Worldwide net sales and revenues increased 5 percent, to $12.608 billion, for the third quarter of 2026 and rose 7 percent, to $35.589 billion, for nine months. Net sales were $10.999 billion for the quarter and $30.779 billion for nine months, compared with $10.357 billion and $28.338 billion last year, respectively.
“Deere delivered a strong quarter, reflecting disciplined execution by our teams and continued resilience across our portfolio,” said John C. May, chairman and chief executive officer. “Our performance underscores the strength of our business, supported by stable U.S. market conditions, our ability to manage softer conditions in Brazil and Europe, and our commitment to helping customers succeed.”
Company Outlook & Summary
Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.75 billion to $5.00 billion.
“As we look ahead, we continue to believe 2026 will mark the bottom of the current ag equipment cycle,” May said. “Across our business, early order program trends, improving used-equipment inventories, and increasing customer adoption of our advanced technologies give us confidence that Deere is well positioned for long-term value creation.”

4

Deere & Company

Third Quarter

Year to Date

$ in millions, except per share amounts

2026

2025

% Change

2026

2025

% Change

Net sales and revenues

$
12,608

$
12,018

5%

$
35,589

$
33,290

7%

Net income

$
1,379

$
1,289

7%

$
3,808

$
3,962

-4%

Fully diluted EPS

$
5.10

$
4.75

$
14.06

$
14.57

Results for the prior periods presented were affected by special items. See Note 2 of the financial statements for further details. The company recorded tariff recoveries in the third quarter and first nine months of 2026 of $110 million and $382 million, respectively. The tariff impact for each segment is primarily included in the “Production Costs” category below.

Production & Precision Agriculture

Third Quarter

$ in millions

2026

2025

% Change

Net sales

$
3,998

$
4,273

-6%

Operating profit

$
527

$
580

-9%

Operating margin

13.2%

13.6%

Production & Precision Agriculture sales decreased for the quarter as a result of lower shipment volumes, partially offset by favorable price realization and foreign currency translation. Operating profit decreased primarily due to lower shipment volumes / sales mix and higher production costs, partially offset by favorable price realization and the effects of foreign currency exchange.
Production & Precision Agriculture Operating Profit
Third Quarter 2026 Compared to Third Quarter 2025
$ in millions

5

Small Agriculture & Turf

Third Quarter

$ in millions

2026

2025

% Change

Net sales

$
3,383

$
3,025

12%

Operating profit

$
622

$
485

28%

Operating margin

18.4%

16.0%

Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and favorable price realization. Operating profit increased primarily due to higher shipment volumes / sales mix and favorable price realization, partially offset by higher production costs.
Small Agriculture & Turf Operating Profit
Third Quarter 2026 Compared to Third Quarter 2025
$ in millions

6

Construction & Forestry

Third Quarter

$ in millions

2026

2025

% Change

Net sales

$
3,618

$
3,059

18%

Operating profit

$
436

$
237

84%

Operating margin

12.1%

7.7%

Construction & Forestry sales increased for the quarter primarily as a result of higher shipment volumes and favorable price realization. Operating profit increased primarily due to favorable price realization, partially offset by higher SA&G and R&D costs.
Construction & Forestry Operating Profit
Third Quarter 2026 Compared to Third Quarter 2025
$ in millions

Financial Services

Third Quarter

$ in millions

2026

2025

% Change

Net income

$
219

$
205

7%

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

7

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

South America (Tractors & Combines)

Down 15 to 20%

Asia

Flat

Construction & Forestry

U.S. & Canada:

Construction Equipment

Up 5 to 10%

Compact Construction Equipment

Up ~5%

Global Forestry

Down ~10%

Global Roadbuilding

Up ~10%

Deere Segment Outlook for Fiscal 2026

Currency

Price

$ in millions

Net Sales

Translation

Realization

Production & Precision Ag

Down ~10%

+2.5%

~ +1.0%

Small Ag & Turf

Up ~15%

+0.5%

~ +1.5%

Construction & Forestry

Up ~20%

+1.5%

~ +3.0%

Financial Services

Net Income

~ $870

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 information currently available to the company and the company’s 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
● construction and forestry activity, which is affected by factors such as housing starts and supply, real estate and housing prices, levels of residential and non-residential construction, public and private infrastructure development, and government policies and regulations
● macroeconomic conditions, including unemployment, inflation, interest rate volatility, energy price increases resulting from geopolitical conflicts, changes in consumer sentiment and practices due to slower economic growth or a recession, and 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
8
● worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and the resulting impacts on 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
● selling products domestically or internationally, managing increased costs of production, absorbing or passing on increased expenses, as well as accurately predicting 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
● attracting, developing, engaging, and retaining qualified employees
● adapting in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology
● realizing the anticipated benefits of the company’s Smart Industrial Operating Model, achieving the company’s Leap Ambitions, and executing the company’s related business strategies in production systems, precision technologies, and aftermarket support
● the company’s dealer network’s development and implementation of successful sales plans, management of new and used inventory, distribution of the company’s products, and support and service for the company’s precision technology solutions
● achieving 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, environment (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, right-to-repair, 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
● 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 other 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 Reports 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.

9
DEERE & COMPANY
THIRD QUARTER 2026 PRESS RELEASE
(In millions of dollars) Unaudited

Three Months Ended

Nine Months Ended

August 2

July 27

%

August 2

July 27

%

2026

2025

Change

2026

2025

Change

Net sales and revenues:

Production & Precision Ag net sales

$
3,998

$
4,273

-6

$
11,664

$
12,571

-7

Small Ag & Turf net sales

3,383

3,025

+12

9,036

7,767

+16

Construction & Forestry net sales

3,618

3,059

+18

10,079

8,000

+26

Financial Services revenues

1,371

1,418

-3

4,121

4,273

-4

Other revenues

238

243

-2

689

679

+1

Total net sales and revenues

$
12,608

$
12,018

+5

$
35,589

$
33,290

+7

Operating profit: *

Production & Precision Ag

$
527

$
580

-9

$
1,372

$
2,066

-34

Small Ag & Turf

622

485

+28

1,538

1,182

+30

Construction & Forestry

436

237

+84

1,134

681

+67

Financial Services

271

266

+2

823

740

+11

Total operating profit

1,856

1,568

+18

4,867

4,669

+4

Reconciling items **

52

60

-13

184

198

-7

Income taxes

(529)

(339)

+56

(1,243)

(905)

+37

Net income attributable to Deere & Company

$
1,379

$
1,289

+7

$
3,808

$
3,962

-4

*      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.

10
DEERE & COMPANY
STATEMENTS OF CONSOLIDATED INCOME
For the Three and Nine Months Ended August 2, 2026 and July 27, 2025
(In millions of dollars and shares except per share amounts) Unaudited

Three Months Ended

Nine Months Ended


2026

2025

2026

2025

Net Sales and Revenues

Net sales

$
10,999

$
10,357

$
30,779

$
28,338

Finance and interest income

1,353

1,426

4,011

4,233

Other income

256

235

799

719

Total

12,608

12,018

35,589

33,290

Costs and Expenses

Cost of sales

7,939

7,570

22,486

20,215

Research and development expenses

567

556

1,704

1,631

Selling, administrative and general expenses

1,220

1,217

3,401

3,387

Interest expense

710

794

2,141

2,408

Other operating expenses

290

281

846

817

Total

10,726

10,418

30,578

28,458

Income of Consolidated Group before Income Taxes

1,882

1,600

5,011

4,832

Provision for income taxes

529

339

1,243

905

Income of Consolidated Group

1,353

1,261

3,768

3,927

Equity in income of unconsolidated affiliates

24

10

34

11

Net Income

1,377

1,271

3,802

3,938

Less: Net loss attributable to noncontrolling interests

(2)

(18)

(6)

(24)

Net Income Attributable to Deere & Company

$
1,379

$
1,289

$
3,808

$
3,962

Per Share Data

Basic

$
5.11

$
4.76

$
14.10

$
14.61

Diluted

5.10

4.75

14.06

14.57

Dividends declared

1.62

1.62

4.86

4.86

Dividends paid

1.62

1.62

4.86

4.71

Average Shares Outstanding

Basic

269.8

270.7

270.1

271.1

Diluted

270.7

271.4

270.8

271.9

See Condensed Notes to Interim Consolidated Financial Statements.

11
DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited

August 2

November 2

July 27


2026

2025

2025
Assets

Cash and cash equivalents

$
8,928

$
8,276

$
8,580
Marketable securities

1,350

1,411

1,407
Trade accounts and notes receivable – net

7,723

5,317

6,103
Financing receivables – net

42,860

44,575

43,930
Financing receivables securitized – net

6,316

6,831

7,948
Other receivables

2,466

2,403

2,826
Equipment on operating leases – net

7,400

7,600

7,512
Inventories

7,811

7,406

7,713
Property and equipment – net

8,006

8,079

7,713
Goodwill

4,466

4,188

4,209
Other intangible assets – net

940

892

926
Retirement benefits

3,541

3,273

3,182
Deferred income taxes

2,343

2,284

2,209
Other assets

3,457

3,461

3,559
Total Assets

$
107,607

$
105,996

$
107,817

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$
17,115

$
13,796

$
14,607
Short-term securitization borrowings

6,095

6,596

7,610
Accounts payable and accrued expenses

13,668

13,909

13,582
Deferred income taxes

411

434

489
Long-term borrowings

40,626

43,544

44,429
Retirement benefits and other liabilities

1,651

1,710

1,836
Total liabilities

79,566

79,989

82,553

Redeemable noncontrolling interest

44

51

84

Stockholders’ Equity

Total Deere & Company stockholders’ equity

27,990

25,950

25,175
Noncontrolling interests

7

6

5
Total stockholders’ equity

27,997

25,956

25,180
Total Liabilities and Stockholders’ Equity

$
107,607

$
105,996

$
107,817

See Condensed Notes to Interim Consolidated Financial Statements.

12
DEERE & COMPANY
STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Nine Months Ended August 2, 2026 and July 27, 2025
(In millions of dollars) Unaudited


2026

2025
Cash Flows from Operating Activities

Net income

$
3,802

$
3,938
Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

205

258
Depreciation and amortization

1,787

1,668
Impairments and other adjustments

29
Share-based compensation expense

116

104
Credit for deferred income taxes

(61)

(102)
Changes in assets and liabilities:

Receivables related to sales

(1,252)

(494)
Inventories

(443)

(526)
Accounts payable and accrued expenses

(266)

(717)
Accrued income taxes payable/receivable

(119)

(147)
Retirement benefits

(367)

(813)
Other

(152)

266
Net cash provided by operating activities

3,250

3,464

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

19,922

19,712
Proceeds from maturities and sales of marketable securities

389

359
Proceeds from sales of equipment on operating leases

1,479

1,408
Cost of receivables acquired (excluding receivables related to sales)

(19,139)

(18,962)
Acquisitions of businesses, net of cash acquired

(455)

(89)
Purchases of marketable securities

(361)

(598)
Purchases of property and equipment

(716)

(852)
Cost of equipment on operating leases acquired

(1,933)

(2,009)
Collections of receivables from unconsolidated affiliates

197

334
Collateral on derivatives – net

(63)

127
Other

(145)

(231)
Net cash used for investing activities

(825)

(801)

Cash Flows from Financing Activities

Net proceeds (payments) in short-term borrowings (original maturities three months or less)

3,205

(2,060)
Proceeds from borrowings issued (original maturities greater than three months)

5,373

10,707
Payments of borrowings (original maturities greater than three months)

(8,338)

(7,743)
Repurchases of common stock

(697)

(1,136)
Dividends paid

(1,316)

(1,282)
Other

(55)

(43)
Net cash used for financing activities

(1,828)

(1,557)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

20

108

Net Increase in Cash, Cash Equivalents, and Restricted Cash

617

1,214
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period

8,533

7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period

$
9,150

$
8,847

See Condensed Notes to Interim Consolidated Financial Statements.
13

DEERE & COMPANY

Condensed Notes to Interim Consolidated Financial Statements

(In millions of dollars) Unaudited

(1) Acquisitions
In 2026, the company completed several acquisitions to advance the capabilities of its existing technology offerings, including the February acquisition of Tenna LLC (Tenna), a U.S. construction technology company that provides mixed-fleet equipment operations and asset tracking solutions, for a purchase price of $439 million, net of cash acquired. Tenna was assigned to the CF segment. The company also acquired other small-scale businesses assigned to the PPA, SAT, and CF segments for a combined purchase price consideration of $16 million, net of cash acquired. Most of the purchase price for these acquisitions was allocated to goodwill and other intangible assets.
In 2025, the company acquired businesses to advance the capabilities of the company’s existing technology offerings, providing customers with a more comprehensive set of tools to generate and use data to make decisions that improve profitability, efficiency, and sustainability. The combined cost of these acquisitions was $89 million, net of cash acquired. The businesses were assigned to the PPA and CF segments. Most of the purchase price for these acquisitions was allocated to goodwill and other intangible assets.
(2) Special Items
Impairment
In the third quarter of 2025, the company recorded a non-cash charge of $61 million pretax ($49 million after-tax), primarily related to the trade name and customer relationship assets of external overseas battery operations. Of this amount, $53 million was recorded in “Selling, administrative and general expenses” and $8 million in “Cost of sales.” The charge is presented in “Impairments and other adjustments” in the statements of consolidated cash flows. The impairment resulted from slowing external demand for batteries, which indicated that it is probable future cash flows would not cover the carrying value of the assets.
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 nine months ended July 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.
14
Summary of 2025 Special Items
The following table summarizes the operating profit impact of the special items recorded in millions of dollars for the three months and nine months ended July 27, 2025.

Three Months

Nine Months

PPA

SAT

CF

FS

Total

PPA

SAT

CF

FS

Total

2025 Expense (benefit):

Impairment

$
28

$
17

$
16

$
61

$
28

$
17

$
16

$
61

BJD measurement

$
(32)

(32)

Total expense (benefit)

$
28

$
17

$
16

$
61

$
28

$
17

$
16

$
(32)

$
29

(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.
15
DEERE & COMPANY
(4) SUPPLEMENTAL CONSOLIDATING DATA
STATEMENTS OF INCOME
For the Three Months Ended August 2, 2026 and July 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

$
10,999

$
10,357

$
10,999

$
10,357

Finance and interest income

149

133

$
1,383

$
1,433

$
(179)

$
(140)

1,353

1,426
¹

Other income

191

190

122

111

(57)

(66)

256

235
^{2, 3, 4}

Total

11,339

10,680

1,505

1,544

(236)

(206)

12,608

12,018

Costs and Expenses

Cost of sales

7,950

7,578

(11)

(8)

7,939

7,570
⁴

Research and development expenses

567

556

567

556

Selling, administrative and general expenses

988

999

234

220

(2)

(2)

1,220

1,217
⁴

Interest expense

99

102

661

720

(50)

(28)

710

794
¹

Interest compensation to Financial Services

129

112

(129)

(112)

¹

Other operating expenses

(23)

(8)

357

345

(44)

(56)

290

281
^{3, 4, 5}

Total

9,710

9,339

1,252

1,285

(236)

(206)

10,726

10,418

Income before Income Taxes

1,629

1,341

253

259

1,882

1,600

Provision for income taxes

472

274

57

65

529

339

Income after Income Taxes

1,157

1,067

196

194

1,353

1,261

Equity in income (loss) of unconsolidated affiliates

1

(1)

23

11

24

10

Net Income

1,158

1,066

219

205

1,377

1,271

Less: Net loss attributable to noncontrolling interests

(2)

(18)

(2)

(18)

Net Income Attributable to Deere & Company

$
1,160

$
1,084

$
219

$
205

$
1,379

$
1,289

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.

16
DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA (Continued)
STATEMENTS OF INCOME
For the Nine Months Ended August 2, 2026 and July 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

$
30,779

$
28,338

$
30,779

$
28,338

Finance and interest income

379

351

$
4,093

$
4,268

$
(461)

$
(386)

4,011

4,233
¹

Other income

616

580

408

350

(225)

(211)

799

719
^{2, 3, 4}

Total

31,774

29,269

4,501

4,618

(686)

(597)

35,589

33,290

Costs and Expenses

Cost of sales

22,518

20,239

(32)

(24)

22,486

20,215
⁴

Research and development expenses

1,704

1,631

1,704

1,631

Selling, administrative and general expenses

2,775

2,761

632

632

(6)

(6)

3,401

3,387
⁴

Interest expense

294

282

1,973

2,206

(126)

(80)

2,141

2,408
¹

Interest compensation to Financial Services

334

306

(334)

(306)

¹

Other operating expenses

(59)

(47)

1,093

1,045

(188)

(181)

846

817
^{3, 4, 5}

Total

27,566

25,172

3,698

3,883

(686)

(597)

30,578

28,458

Income before Income Taxes

4,208

4,097

803

735

5,011

4,832

Provision for income taxes

1,059

752

184

153

1,243

905

Income after Income Taxes

3,149

3,345

619

582

3,768

3,927

Equity in income (loss) of unconsolidated affiliates

(4)

34

15

34

11

Net Income

3,149

3,341

653

597

3,802

3,938

Less: Net loss attributable to noncontrolling interests

(6)

(24)

(6)

(24)

Net Income Attributable to Deere & Company

$
3,155

$
3,365

$
653

$
597

$
3,808

$
3,962

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.

17
DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA (Continued)
CONDENSED BALANCE SHEETS
(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

2026

2025

2025

2026

2025

2025

2026

2025

2025

2026

2025

2025


Assets

Cash and cash equivalents

$
6,607

$
6,340

$
6,641

$
2,321

$
1,936

$
1,939

$
8,928

$
8,276

$
8,580

Marketable securities

155

217

240

1,195

1,194

1,167

1,350

1,411

1,407

Receivables from Financial Services

5,364

4,649

3,649

$
(5,364)

$
(4,649)

$
(3,649)

⁶

Trade accounts and notes receivable – net

1,472

1,316

1,335

8,442

5,900

7,064

(2,191)

(1,899)

(2,296)

7,723

5,317

6,103
⁷

Financing receivables – net

106

88

84

42,754

44,487

43,846

42,860

44,575

43,930

Financing receivables securitized – net

2

1

1

6,314

6,830

7,947

6,316

6,831

7,948

Other receivables

1,926

1,809

2,013

594

658

867

(54)

(64)

(54)

2,466

2,403

2,826
⁸

Equipment on operating leases – net

7,400

7,600

7,512

7,400

7,600

7,512

Inventories

7,811

7,406

7,713

7,811

7,406

7,713

Property and equipment – net

7,975

8,047

7,680

31

32

33

8,006

8,079

7,713

Goodwill

4,466

4,188

4,209

4,466

4,188

4,209

Other intangible assets – net

940

892

926

940

892

926

Retirement benefits

3,439

3,181

3,092

104

94

92

(2)

(2)

(2)

3,541

3,273

3,182

Deferred income taxes

2,487

2,507

2,471

47

46

44

(191)

(269)

(306)

2,343

2,284

2,209
⁹

Other assets

2,371

2,218

2,357

1,098

1,244

1,211

(12)

(1)

(9)

3,457

3,461

3,559

Total Assets

$
45,121

$
42,859

$
42,411

$
70,300

$
70,021

$
71,722

$
(7,814)

$
(6,884)

$
(6,316)

$
107,607

$
105,996

$
107,817

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

$
417

$
414

$
461

$
16,698

$
13,382

$
14,146

$
17,115

$
13,796

$
14,607

Short-term securitization borrowings

1

1

6,094

6,595

7,610

6,095

6,596

7,610

Payables to equipment operations

5,364

4,649

3,649

$
(5,364)

$
(4,649)

$
(3,649)

⁶

Accounts payable and accrued expenses

12,796

12,757

12,795

3,129

3,116

3,146

(2,257)

(1,964)

(2,359)

13,668

13,909

13,582
^{7, 8}

Deferred income taxes

326

347

393

276

356

402

(191)

(269)

(306)

411

434

489
⁹

Long-term borrowings

8,907

8,756

8,789

31,719

34,788

35,640

40,626

43,544

44,429

Retirement benefits and other liabilities

1,586

1,646

1,767

67

66

71

(2)

(2)

(2)

1,651

1,710

1,836

Total liabilities

24,033

23,921

24,205

63,347

62,952

64,664

(7,814)

(6,884)

(6,316)

79,566

79,989

82,553

Redeemable noncontrolling interest

44

51

84

44

51

84

Stockholders’ Equity

Total Deere & Company stockholders’ equity

27,990

25,950

25,175

6,953

7,069

7,058

(6,953)

(7,069)

(7,058)

27,990

25,950

25,175
¹⁰

Noncontrolling interests

7

6

5

7

6

5

Financial Services’ equity

(6,953)

(7,069)

(7,058)

6,953

7,069

7,058

¹⁰

Adjusted total stockholders’ equity

21,044

18,887

18,122

6,953

7,069

7,058

27,997

25,956

25,180

Total Liabilities and Stockholders’ Equity

$
45,121

$
42,859

$
42,411

$
70,300

$
70,021

$
71,722

$
(7,814)

$
(6,884)

$
(6,316)

$
107,607

$
105,996

$
107,817

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.

18
DEERE & COMPANY
SUPPLEMENTAL CONSOLIDATING DATA (Continued)
STATEMENTS OF CASH FLOWS
For the Nine Months Ended August 2, 2026 and July 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

$
3,149

$
3,341

$
653

$
597

$
3,802

$
3,938

Adjustments to reconcile net income to net cash provided by operating activities:

Provision (credit) for credit losses

(1)

18

206

240

205

258

Depreciation and amortization

1,042

965

821

804

$
(76)

$
(101)

1,787

1,668
¹¹

Impairments and other adjustments

61

(32)

29

Share-based compensation expense

116

104

116

104
¹²

Distributed earnings of Financial Services

794

1,066

(794)

(1,066)

¹³

Provision (credit) for deferred income taxes

20

(242)

(81)

140

(61)

(102)

Changes in assets and liabilities:

Receivables related to sales

(123)

(66)

(1,129)

(428)

(1,252)

(494)
^{14, 16}

Inventories

(330)

(423)

(113)

(103)

(443)

(526)
¹⁵

Accounts payable and accrued expenses

61

(646)

(34)

69

(293)

(140)

(266)

(717)
¹⁶

Accrued income taxes payable/receivable

(99)

(89)

(20)

(58)

(119)

(147)

Retirement benefits

(359)

(770)

(8)

(43)

(367)

(813)

Other

(142)

123

71

182

(81)

(39)

(152)

266
^{11, 12, 15}

Net cash provided by operating activities

4,012

3,338

1,608

1,899

(2,370)

(1,773)

3,250

3,464

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

20,261

20,178

(339)

(466)

19,922

19,712
¹⁴

Proceeds from maturities and sales of marketable securities

108

27

281

332

389

359

Proceeds from sales of equipment on operating leases

1,479

1,408

1,479

1,408

Cost of receivables acquired (excluding receivables related to sales)

(19,351)

(19,189)

212

227

(19,139)

(18,962)
¹⁴

Acquisitions of businesses, net of cash acquired

(455)

(89)

(455)

(89)

Purchases of marketable securities

(42)

(133)

(319)

(465)

(361)

(598)

Purchases of property and equipment

(714)

(851)

(2)

(1)

(716)

(852)

Cost of equipment on operating leases acquired

(2,086)

(2,148)

153

139

(1,933)

(2,009)
¹⁵

Increase in investment in Financial Services

(5)

5

¹⁷

Increase in trade and wholesale receivables

(1,550)

(807)

1,550

807

¹⁴

Collections of receivables from unconsolidated affiliates

189

197

145

197

334

Collateral on derivatives – net

1

4

(64)

123

(63)

127

Other

(72)

(75)

(73)

(156)

(145)

(231)

Net cash used for investing activities

(1,179)

(928)

(1,227)

(580)

1,581

707

(825)

(801)

Cash Flows from Financing Activities

Net proceeds (payments) in short-term borrowings (original maturities three months or less)

18

294

3,187

(2,354)

3,205

(2,060)

Change in intercompany receivables/payables

(735)

(660)

735

660

Proceeds from borrowings issued (original maturities greater than three months)

430

2,188

4,943

8,519

5,373

10,707

Payments of borrowings (original maturities greater than three months)

(262)

(863)

(8,076)

(6,880)

(8,338)

(7,743)

Repurchases of common stock

(697)

(1,136)

(697)

(1,136)

Capital investment from Equipment Operations

5

(5)

¹⁷

Dividends paid

(1,316)

(1,282)

(794)

(1,066)

794

1,066

(1,316)

(1,282)
¹³

Other

(27)

(25)

(28)

(18)

(55)

(43)

Net cash used for financing activities

(2,589)

(1,484)

(28)

(1,139)

789

1,066

(1,828)

(1,557)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

22

96

(2)

12

20

108

Net Increase in Cash, Cash Equivalents, and Restricted Cash

266

1,022

351

192

617

1,214

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

$
6,630

$
6,665

$
2,520

$
2,182

$
9,150

$
8,847

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.
¹⁷ Elimination of change in investment from equipment operations to Financial Services.
19

3Q 2026 Earnings Call 20 August 2026 Exhibit 99.2 (Furnished herewith)
2 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Forward-Looking Statements These materials and the accompanying earnings call include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “forecast,” “guidance,” “project,” “target,” “outlook,” “prospects,” “expect,” “estimate,” “will,” “goal,” “plan,” “anticipate,” “intend,” “predict,” “believe,” “likely,” “future,” “could,” “may,” or other similar words or phrases, including the negative variations of such words or phrases. Examples of forward-looking statements include, among others, comments and information concerning the Company’s plans and projections for the future, the agricultural industry, cash priorities, estimates and assumptions with respect to economic, political, supply chain, energy, technological and weather matters, market acceptance of the Company’s products, benefits of acquisitions and divestitures, as well as integration of businesses and anticipated transaction costs. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations and assumptions regarding the future of the Company’s business, plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are subject to inherent uncertainties, risks, changes in circumstances, and other factors that are difficult to predict and many of which are outside of the Company’s control and may cause our actual results to differ materially from those projected in these forward-looking statements. Among these factors are risks related to the agricultural business cycle; construction and forestry activity; macroeconomic conditions, including unemployment, inflation, interest rate volatility and energy price increases resulting from geopolitical conflicts; the uncertainty of government policies and actions with respect to the global trade environment including increased and contested tariffs; exposure to risks and events beyond our control in countries in which we operate, such as economic and political instability, worldwide demand for food and different forms of renewable energy impacting the price of farm commodities; rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities; accurately forecasting customer demand for products and services; delays or disruptions in our supply chain, including those arising from geopolitical conflicts; changes in climate patterns, unfavorable weather events, and natural disasters; higher interest rates and currency fluctuations; negative economic conditions in the financial industry which could impact our financial services segment; adapting in highly competitive markets; challenges in executing and realizing the benefits of our business strategies; dealer practices and their ability to manage new and used inventory, distribute our products, and provide support and service for precision technology solutions; the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successful integration; negative claims or publicity that damage our reputation or brand; the ability to attract, develop, engage, and retain qualified employees; 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 our information technology infrastructure and products; leveraging artificial intelligence and machine learning within our business processes; changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with these laws and regulations; and investigations, claims, lawsuits, or other legal proceedings. For a discussion of risks and uncertainties impacting our business, see “Item 1A Risk Factors” in our most recent Annual Report on Form 10-K, as updated by our subsequent filings with the U.S. Securities and Exchange Commission. Investors should refer to and consider the information on risks and uncertainties in addition to the information presented here. All forward-looking statements made in these materials and the accompanying earnings call are based only on information currently available and speak only as of the date on which they are made. You should not place undue reliance on forward-looking statements. The Company, except as required by law, undertakes no obligation to update or revise any forward-looking statements whether as a result of new developments or otherwise. These materials and the accompanying earnings call may contain non-GAAP financial measures. Non-GAAP measures should be viewed as a supplement to, and not in isolation from, or as a substitute for the Company’s GAAP measures of performance and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. 21
3 John Deere | 3Q 2026 Earnings Call | August 20, 2026 3Q 2026 Results ($ millions except where noted) $12,018 $12,608 3Q 2025 3Q 2026 $10,357 $10,999 3Q 2025 3Q 2026 $1,289 $1,379 3Q 2025 3Q 2026 $4.75 $5.10 3Q 2025 3Q 2026 6% Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) 5% 7% 7% 22
4 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Production & Precision Ag 3Q 2026 Results $ in millions $4,273 $3,998 3Q 2025 3Q 2026 Net Sales 6% Operating Profit Comparison $28 $580 ($124) $108 $49 $0 ($95) $5 ($24) $527 3Q 2025 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2026 23
5 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Small Ag & Turf 3Q 2026 Results $ in millions $3,025 $3,383 3Q 2025 3Q 2026 Net Sales 12% Operating Profit Comparison $17 $485 $120 $51 $12 $10 ($52) $9 ($30) $622 3Q 2025 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2026 24
6 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Ag and Turf Industry Outlook (in units) – FY 2026 Source: Deere & Company forecast as of 20 August 2026 U.S. and CANADA LARGE AG Down 15-20% EUROPE AG Flat SOUTH AMERICA AG (tractors and combines) Down 15-20% U.S. and CANADA SMALL AG and TURF Flat to up 5% ASIA AG Flat 25
7 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Production & Precision Ag Business Segment Outlook $ in millions Source: Deere & Company forecast as of 20 August 2026 15.4% FY 2025 FY 2026 Fcst $17,311 FY 2025 FY 2026 Fcst Net Sales Operating Margin ~10% 11-12% 26
8 John Deere | 3Q 2026 Earnings Call | August 20, 2026 $10,224 FY 2025 FY 2026 Fcst Small Ag & Turf Business Segment Outlook $ in millions Source: Deere & Company forecast as of 20 August 2026 11.8% FY 2025 FY 2026 Fcst Net Sales Operating Margin ~15% 14.5-15.5% 27
9 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Construction & Forestry 3Q 2026 Results $ in millions $3,059 $3,618 3Q 2025 3Q 2026 Net Sales 18% Operating Profit Comparison $436 ($35) ($65) ($14) $237 $22 $244 $10 $21 $16 3Q 2025 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2026 28
10 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Construction & Forestry Industry Outlook (in units) – FY 2026 Source: Deere & Company forecast as of 20 August 2026 GLOBAL ROADBUILDING Up ~10% U.S. and CANADA CONSTRUCTION EQUIPMENT Up 5-10% U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT Up ~5% GLOBAL FORESTRY Down ~10% 29
11 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Construction & Forestry Business Segment Outlook $ in millions Source: Deere & Company forecast as of 20 August 2026 9.0% FY 2025 FY 2026 Fcst $11,382 FY 2025 FY 2026 Fcst Net Sales Operating Margin ~20% 10.5-11.5% 30
12 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Financial Services Net Income – Results and Outlook $ in millions Source: Deere & Company forecast as of 20 August 2026 $205 $219 3Q 2025 3Q 2026 Quarter Results Fiscal Year Outlook $890 $870 FY 2025 FY 2026 Fcst ~ 31
13 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Deere & Company Outlook Effective Tax Rate* Net Income (attributable to Deere & Co.) $4.75-5.0B 24-26% FY 2026 FORECAST Net Operating Cash Flow* $5.0-5.5B *Equipment Operations Source: Deere & Company forecast as of 20 August 2026 Other Research and Development Expenses* Capital Expenditures* Up slightly ~$1.3B 32
14 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Appendix 33
15 John Deere | 3Q 2026 Earnings Call | August 20, 2026 July 2026 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry* Deere** 2WD Tractors (< 40 PTO hp) 20% Down more than the industry 2WD Tractors (40 < 100 PTO hp) 11% Down less than the industry 2WD Tractors (100+ PTO hp) 7% Down less than the industry 4WD Tractors 34% Down more than the industry Combines 20% Down more than the industry Deere Dealer Inventories*** U.S. and Canada Ag 2026 2025 2WD Tractors (100+ PTO hp) 33% 31% Combines 25% 26% * As reported by the Association of Equipment Manufacturers ** As reported to the Association of Equipment Manufacturers *** In units as a % of trailing 12 months retail sales, as reported to the Association of Equipment Manufacturers 34
16 John Deere | 3Q 2026 Earnings Call | August 20, 2026 July 2026 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere* Tractors Down low double digits Combines Up high single digit * Based on internal sales reports Retail Sales U.S. and Canada Deere* Selected Turf and Utility Equipment Down single digit Earthmoving and Forestry Up single digit 35
17 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Deere Use-of-Cash Priorities SHARE REPURCHASE Manage the balance sheet, including liquidity, to support a rating that provides access to low-cost and readily available short- and long-term funding mechanisms (reflects the strategic nature of our financial services operation) Fund value-creating investments in our businesses, including organic and inorganic activities. Consistently and moderately raise dividend targeting a 25-35% payout ratio of mid-cycle earnings Repurchase shares to deploy remaining free cash flow to shareholders over the business cycle COMMITTED TO “A” RATING FUND OPERATING & GROWTH NEEDS COMMON STOCK DIVIDEND CASH FROM OPERATIONS Equipment Operations Cash Flow from Operating Activities 36
18 John Deere | 3Q 2026 Earnings Call | August 20, 2026 Deere & Company’s 4Q 2026 earnings call is scheduled for 9:00 a.m. Central Time on Wednesday, 25 November 2026. 37

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments
6 documents

Press Releases

EX-99.1 EX-99.1 2.0 MB

EX-99.2 EX-99.2 27.4 KB

Other Documents

EX-101 EX-101.SCH 3.7 KB

EX-101 EX-101.DEF 13.4 KB

EX-101 EX-101.LAB 19.0 KB

EX-101 EX-101.PRE 13.1 KB


Delaware	1-4121	36-2382580
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Title of each class	Trading Symbol(s)	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


Number	Description of Exhibit
99.1	Press Release and Supplemental Financial Information (Furnished herewith)
99.2	Third Quarter 2026 Earnings Conference Call Presentation (Furnished herewith)
104	Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)


	DEERE & COMPANY


	By:	/s/ Julie M. O. Rosales
		Julie M. O. Rosales
		Corporate Secretary


Dated: August 20, 2026


Deere & Company	Third Quarter					Year to Date
$ in millions, except per share amounts	2026		2025		% Change	2026		2025		% Change
Net sales and revenues	$	12,608	$	12,018	5%	$	35,589	$	33,290	7%
Net income	$	1,379	$	1,289	7%	$	3,808	$	3,962	-4%
Fully diluted EPS	$	5.10	$	4.75		$	14.06	$	14.57


Production & Precision Agriculture	Third Quarter
$ in millions	2026		2025		% Change
Net sales	$	3,998	$	4,273	-6%
Operating profit	$	527	$	580	-9%
Operating margin		13.2%		13.6%


Small Agriculture & Turf	Third Quarter
$ in millions	2026		2025		% Change
Net sales	$	3,383	$	3,025	12%
Operating profit	$	622	$	485	28%
Operating margin		18.4%		16.0%


Construction & Forestry	Third Quarter
$ in millions	2026		2025		% Change
Net sales	$	3,618	$	3,059	18%
Operating profit	$	436	$	237	84%
Operating margin		12.1%		7.7%


Financial Services	Third Quarter
$ in millions	2026		2025		% Change
Net income	$	219	$	205	7%


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
South America (Tractors & Combines)						Down 15 to 20%
Asia						Flat

Construction & Forestry
U.S. & Canada:
Construction Equipment						Up 5 to 10%
Compact Construction Equipment						Up ~5%
Global Forestry						Down ~10%
Global Roadbuilding						Up ~10%


		Currency	Price
$ in millions	Net Sales	Translation	Realization
Production & Precision Ag	Down ~10%	+2.5%	~ +1.0%
Small Ag & Turf	Up ~15%	+0.5%	~ +1.5%
Construction & Forestry	Up ~20%	+1.5%	~ +3.0%

Financial Services	Net Income	~ $870


	Three Months Ended					Nine Months Ended
	August 2		July 27		%	August 2		July 27		%
	2026		2025		Change	2026		2025		Change
Net sales and revenues:
Production & Precision Ag net sales	$	3,998	$	4,273	-6	$	11,664	$	12,571	-7
Small Ag & Turf net sales		3,383		3,025	+12		9,036		7,767	+16
Construction & Forestry net sales		3,618		3,059	+18		10,079		8,000	+26
Financial Services revenues		1,371		1,418	-3		4,121		4,273	-4
Other revenues		238		243	-2		689		679	+1
Total net sales and revenues	$	12,608	$	12,018	+5	$	35,589	$	33,290	+7

Operating profit: *
Production & Precision Ag	$	527	$	580	-9	$	1,372	$	2,066	-34
Small Ag & Turf		622		485	+28		1,538		1,182	+30
Construction & Forestry		436		237	+84		1,134		681	+67
Financial Services		271		266	+2		823		740	+11
Total operating profit		1,856		1,568	+18		4,867		4,669	+4
Reconciling items **		52		60	-13		184		198	-7
Income taxes		(529)		(339)	+56		(1,243)		(905)	+37
Net income attributable to Deere & Company	$	1,379	$	1,289	+7	$	3,808	$	3,962	-4


	August 2		November 2		July 27
	2026		2025		2025
Assets
Cash and cash equivalents	$	8,928	$	8,276	$	8,580
Marketable securities		1,350		1,411		1,407
Trade accounts and notes receivable – net		7,723		5,317		6,103
Financing receivables – net		42,860		44,575		43,930
Financing receivables securitized – net		6,316		6,831		7,948
Other receivables		2,466		2,403		2,826
Equipment on operating leases – net		7,400		7,600		7,512
Inventories		7,811		7,406		7,713
Property and equipment – net		8,006		8,079		7,713
Goodwill		4,466		4,188		4,209
Other intangible assets – net		940		892		926
Retirement benefits		3,541		3,273		3,182
Deferred income taxes		2,343		2,284		2,209
Other assets		3,457		3,461		3,559
Total Assets	$	107,607	$	105,996	$	107,817

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	17,115	$	13,796	$	14,607
Short-term securitization borrowings		6,095		6,596		7,610
Accounts payable and accrued expenses		13,668		13,909		13,582
Deferred income taxes		411		434		489
Long-term borrowings		40,626		43,544		44,429
Retirement benefits and other liabilities		1,651		1,710		1,836
Total liabilities		79,566		79,989		82,553

Redeemable noncontrolling interest		44		51		84

Stockholders’ Equity
Total Deere & Company stockholders’ equity		27,990		25,950		25,175
Noncontrolling interests		7		6		5
Total stockholders’ equity		27,997		25,956		25,180
Total Liabilities and Stockholders’ Equity	$	107,607	$	105,996	$	107,817


	2026		2025
Cash Flows from Operating Activities
Net income	$	3,802	$	3,938
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		205		258
Depreciation and amortization		1,787		1,668
Impairments and other adjustments				29
Share-based compensation expense		116		104
Credit for deferred income taxes		(61)		(102)
Changes in assets and liabilities:
Receivables related to sales		(1,252)		(494)
Inventories		(443)		(526)
Accounts payable and accrued expenses		(266)		(717)
Accrued income taxes payable/receivable		(119)		(147)
Retirement benefits		(367)		(813)
Other		(152)		266
Net cash provided by operating activities		3,250		3,464

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		19,922		19,712
Proceeds from maturities and sales of marketable securities		389		359
Proceeds from sales of equipment on operating leases		1,479		1,408
Cost of receivables acquired (excluding receivables related to sales)		(19,139)		(18,962)
Acquisitions of businesses, net of cash acquired		(455)		(89)
Purchases of marketable securities		(361)		(598)
Purchases of property and equipment		(716)		(852)
Cost of equipment on operating leases acquired		(1,933)		(2,009)
Collections of receivables from unconsolidated affiliates		197		334
Collateral on derivatives – net		(63)		127
Other		(145)		(231)
Net cash used for investing activities		(825)		(801)

Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		3,205		(2,060)
Proceeds from borrowings issued (original maturities greater than three months)		5,373		10,707
Payments of borrowings (original maturities greater than three months)		(8,338)		(7,743)
Repurchases of common stock		(697)		(1,136)
Dividends paid		(1,316)		(1,282)
Other		(55)		(43)
Net cash used for financing activities		(1,828)		(1,557)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		20		108

Net Increase in Cash, Cash Equivalents, and Restricted Cash		617		1,214
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		8,533		7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	9,150	$	8,847


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


	Three Months									Nine Months
	PPA		SAT		CF		FS	Total		PPA		SAT		CF		FS		Total
2025 Expense (benefit):
Impairment	$	28	$	17	$	16		$	61	$	28	$	17	$	16			$	61
BJD measurement																$	(32)		(32)
Total expense (benefit)	$	28	$	17	$	16		$	61	$	28	$	17	$	16	$	(32)	$	29


	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2026		2025		2026		2025		2026		2025		2026		2025
Net Sales and Revenues
Net sales	$	10,999	$	10,357									$	10,999	$	10,357
Finance and interest income		149		133	$	1,383	$	1,433	$	(179)	$	(140)		1,353		1,426	¹
Other income		191		190		122		111		(57)		(66)		256		235	^{2, 3, 4}
Total		11,339		10,680		1,505		1,544		(236)		(206)		12,608		12,018

Costs and Expenses
Cost of sales		7,950		7,578						(11)		(8)		7,939		7,570	⁴
Research and development expenses		567		556										567		556
Selling, administrative and general expenses		988		999		234		220		(2)		(2)		1,220		1,217	⁴
Interest expense		99		102		661		720		(50)		(28)		710		794	¹
Interest compensation to Financial Services		129		112						(129)		(112)					¹
Other operating expenses		(23)		(8)		357		345		(44)		(56)		290		281	^{3, 4, 5}
Total		9,710		9,339		1,252		1,285		(236)		(206)		10,726		10,418

Income before Income Taxes		1,629		1,341		253		259						1,882		1,600
Provision for income taxes		472		274		57		65						529		339

Income after Income Taxes		1,157		1,067		196		194						1,353		1,261
Equity in income (loss) of unconsolidated affiliates		1		(1)		23		11						24		10

Net Income		1,158		1,066		219		205						1,377		1,271
Less: Net loss attributable to noncontrolling interests		(2)		(18)										(2)		(18)
Net Income Attributable to Deere & Company	$	1,160	$	1,084	$	219	$	205					$	1,379	$	1,289