# EDGAR Filing Document

**Accession Number:** 0000315189
**File Stem:** 0001104659-26-064747
**Filing Date:** 2026-5
**Character Count:** 64560
**Document Hash:** 244d3b85ba23211bdf4112a7602576ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-064747.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0001104659-26-064747

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20260521

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEERE & CO
- **CENTRAL INDEX KEY:** 0000315189
- **STANDARD INDUSTRIAL CLASSIFICATION:** FARM MACHINERY & EQUIPMENT [3523]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 362382580
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1101

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04121
- **FILM NUMBER:** 261005783

**BUSINESS ADDRESS:**
- **STREET 1:** ONE JOHN DEERE PLACE
- **CITY:** MOLINE
- **STATE:** IL
- **ZIP:** 61265-8098
- **BUSINESS PHONE:** (309) 765-8000

**MAIL ADDRESS:**
- **STREET 1:** ONE JOHN DEERE PLACE
- **CITY:** MOLINE
- **STATE:** IL
- **ZIP:** 61265-8098

?xml version='1.0' encoding='ASCII'? DEERE & CO_May 21, 2026

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**<br>

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report: May 21, 2026

(Date of earliest event reported)

**DEERE & COMPANY**

(Exact name of registrant as specified in its charter)

Delaware 1-4121 36-2382580 <br> (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 2.02** **Results of Operations and Financial Condition**

On Thursday, May 21, 2026, Deere & Company (the "Company") issued a press release announcing its results of operations for the second quarter of fiscal 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

**Item 7.01** **Regulation FD**

On Thursday, May 21, 2026, the Company made available a presentation providing a review of its second quarter of fiscal 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 9.01** **Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits

---

| | |
|:---|:---|
| Number | &nbsp;&nbsp;Description of Exhibit |
| 99.1 | &nbsp;&nbsp;[Press Release and Supplemental Financial Information (Furnished herewith)](de-20260521xex99d1.htm) |
| 99.2 | &nbsp;&nbsp;[Second Quarter 2026 Earnings Conference Call Presentation (Furnished herewith)](de-20260521xex99d2.htm) |
| 104 | &nbsp;&nbsp;Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document) |

---

**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 | DEERE & COMPANY |
|  | By: | */s/ Julie M. Rosales* |
|  |  | Julie M. Rosales |
|  |  | Assistant Secretary |
| Dated: May 21, 2026 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

**(Furnished herewith)**

---

| | |
|:---|:---|
| **News Release** | ![Graphic](de-20260521xex99d1001.jpg) |

---

Contact:<br>Jen Hartmann<br>Director, Public Relations<br>HartmannJenniferA@JohnDeere.com<u> </u>

**Deere Reports Second Quarter Net Income of $1.773 Billion**

● Strong execution across segments drives solid performance, reflecting portfolio strength.

● Net income guidance maintained, reinforcing confidence amid market volatility.

● Investment in new products and technology supports long-term growth and value creation.

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

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

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

**Company Outlook & Summary**

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Deere & Company** | Second Quarter | Second Quarter | Second Quarter | Year to Date | Year to Date | Year to Date |
| *$ in millions, except per share amounts* | 2026 | 2025 | % Change | 2026 | 2025 | % Change |
| Net sales and revenues | $13369  | $12763 | 5% | $22981  | $21272 | 8% |
| Net income | $1773  | $1804 | -2% | $2429  | $2673 | -9% |
| Fully diluted EPS | $6.55  | $6.64 |  | $8.97  | $9.82 |  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Production & Precision Agriculture** | Second Quarter | Second Quarter | Second Quarter | Second Quarter | Second Quarter |
| *$ in millions* | 2026 | 2026 | 2025 | 2025 | % Change |
| Net sales | $| 4503  | $| 5230 | -14% |
| Operating profit | $| 706  | $| 1148 | -39% |
| Operating margin |  | 15.7% |  | 22.0% |  |

---

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

**Production & Precision Agriculture Operating Profit**

Second Quarter 2026 Compared to Second Quarter 2025

$ in millions

![Graphic](de-20260521xex99d1002.jpg)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Agriculture & Turf** | Second Quarter | Second Quarter | Second Quarter | Second Quarter | Second Quarter |
| *$ in millions* | 2026 | 2026 | 2025 | 2025 | % Change |
| Net sales | $| 3485  | $| 2994 | 16% |
| Operating profit | $| 719  | $| 574 | 25% |
| Operating margin |  | 20.6% |  | 19.2% |  |

---

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

**Small Agriculture & Turf Operating Profit**

Second Quarter 2026 Compared to Second Quarter 2025

$ in millions

![Graphic](de-20260521xex99d1003.jpg)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Construction & Forestry** | Second Quarter | Second Quarter | Second Quarter | Second Quarter | Second Quarter |
| *$ in millions* | 2026 | 2026 | 2025 | 2025 | % Change |
| Net sales | $| 3790  | $| 2947 | 29% |
| Operating profit | $| 561  | $| 379 | 48% |
| Operating margin |  | 14.8% |  | 12.9% |  |

---

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

**Construction & Forestry Operating Profit**

Second Quarter 2026 Compared to Second Quarter 2025

$ in millions

![Graphic](de-20260521xex99d1004.jpg)

---

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

---

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

------

---

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

---

**Deere Segment Outlook for Fiscal 2026**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Currency | Price |
| *$ in millions* | Net Sales | Translation | Realization |
| Production & Precision Ag | Down 5 to 10% | +3.0% | ~ +1.0% |
| Small Ag & Turf | Up ~15% | +1.0% | ~ +1.5% |
| Construction & Forestry | Up ~20% | +2.0% | ~ +2.5% |
| Financial Services | Net Income | ~ $860 |  |

---

**FORWARD-LOOKING STATEMENTS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;● macroeconomic conditions, including unemployment, inflation, interest rate volatility, energy price increases resulting from geopolitical conflicts, changes in consumer practices due to slower economic growth or a recession, regional or global liquidity constraints

&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;● political, economic, and social instability in the geographies in which the company operates

&nbsp;&nbsp;&nbsp;&nbsp;● worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for the company's equipment

&nbsp;&nbsp;&nbsp;&nbsp;● rationalization, restructuring, relocation, expansion, and/or reconfiguration of manufacturing and warehouse facilities

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● accurately forecasting customer demand for products and services, and adequately managing inventory

&nbsp;&nbsp;&nbsp;&nbsp;● uncertainty of the company's ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased expenses, and accurately predict financial results and industry trends

&nbsp;&nbsp;&nbsp;&nbsp;● availability and price of raw materials, components, and whole goods

&nbsp;&nbsp;&nbsp;&nbsp;● delays or disruptions in the company's supply chain, including those arising from geopolitical conflicts

&nbsp;&nbsp;&nbsp;&nbsp;● changes in climate patterns, unfavorable weather events, and natural disasters

&nbsp;&nbsp;&nbsp;&nbsp;● suppliers' and manufacturers' business practices and compliance with applicable laws such as human rights, safety, environmental, and fair wages

&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;● the ability to attract, develop, engage, and retain qualified employees

&nbsp;&nbsp;&nbsp;&nbsp;● the company's ability to adapt in highly competitive markets, including understanding and meeting customers' changing expectations for products and solutions, including delivery and utilization of precision technology

&nbsp;&nbsp;&nbsp;&nbsp;● the ability to execute business strategies, including the company's Smart Industrial Operating Model and refined Leap Ambitions

&nbsp;&nbsp;&nbsp;&nbsp;● dealer practices and their ability to manage new and used inventory, distribute the company's products, and to provide support and service for precision technology solutions

&nbsp;&nbsp;&nbsp;&nbsp;● the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes

&nbsp;&nbsp;&nbsp;&nbsp;● negative claims or publicity that damage the company's reputation or brand

&nbsp;&nbsp;&nbsp;&nbsp;● the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge

&nbsp;&nbsp;&nbsp;&nbsp;● labor relations and contracts, including work stoppages and other disruptions

&nbsp;&nbsp;&nbsp;&nbsp;● security breaches, cybersecurity attacks, technology failures, and other disruptions to the company's information technology infrastructure and products

&nbsp;&nbsp;&nbsp;&nbsp;● leveraging artificial intelligence and machine learning within the company's business processes

&nbsp;&nbsp;&nbsp;&nbsp;● changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of U.S., foreign, and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environmental (including climate change and engine emissions), farming, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications

&nbsp;&nbsp;&nbsp;&nbsp;● governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy

&nbsp;&nbsp;&nbsp;&nbsp;● warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of the company's products

&nbsp;&nbsp;&nbsp;&nbsp;● investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that the company unlawfully withheld self-repair capabilities from farmers and independent repair providers

&nbsp;&nbsp;&nbsp;&nbsp;● loss of or challenges to intellectual property rights

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

------

**DEERE & COMPANY**

SECOND QUARTER 2026 PRESS RELEASE

(In millions of dollars) Unaudited

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Three Months Ended  | Six Months Ended  | Six Months Ended  | Six Months Ended  |
|  | May 3 <br>2026 | April 27 <br>2025 | %<br>Change | May 3 <br>2026 | April 27 <br>2025 | %<br>Change |
| Net sales and revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;Production & Precision Ag net sales | $4503  | $5230  | -14 | $7666  | $8297  | -8 |
| &nbsp;&nbsp;Small Ag & Turf net sales | 3485  | 2994  | +16 | 5653  | 4742  | +19 |
| &nbsp;&nbsp;Construction & Forestry net sales | 3790  | 2947  | +29 | 6460  | 4941  | +31 |
| &nbsp;&nbsp;Financial Services revenues | 1366  | 1385  | -1 | 2751  | 2856  | -4 |
| &nbsp;&nbsp;Other revenues | 225  | 207  | +9 | 451  | 436  | +3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net sales and revenues | $13369  | $12763  | +5 | $22981  | $21272  | +8 |
| Operating profit: \* |  |  |  |  |  |  |
| &nbsp;&nbsp;Production & Precision Ag | $706  | $1148  | -39 | $845  | $1486  | -43 |
| &nbsp;&nbsp;Small Ag & Turf | 719  | 574  | +25 | 916  | 698  | +31 |
| &nbsp;&nbsp;Construction & Forestry | 561  | 379  | +48 | 698  | 444  | +57 |
| &nbsp;&nbsp;Financial Services | 251  | 207  | +21 | 552  | 473  | +17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating profit | 2237  | 2308  | -3 | 3011  | 3101  | -3 |
| Reconciling items \*\* | 54  | 35  | +54 | 132  | 138  | -4 |
| Income taxes | (518) | (539) | -4 | (714) | (566) | +26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Deere & Company | $1773  | $1804  | -2 | $2429  | $2673  | -9 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; 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.

\*\*&nbsp;&nbsp;&nbsp;&nbsp; Reconciling items are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and postretirement benefit costs excluding the service cost component, and net income attributable to noncontrolling interests.

------

**DEERE & COMPANY**

STATEMENTS OF CONSOLIDATED INCOME

For the Three and Six Months Ended May 3, 2026 and April 27, 2025

(In millions of dollars and shares except per share amounts) Unaudited

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Six Months Ended  | Six Months Ended  |
|  | 2026 | 2025 | 2026 | 2025 |
| **Net Sales and Revenues** |  |  |  |  |
| Net sales | $11778  | $11171  | $19779  | $17980  |
| Finance and interest income | 1314  | 1354  | 2658  | 2807  |
| Other income | 277  | 238  | 544  | 485  |
| &nbsp;&nbsp;Total | 13369  | 12763  | 22981  | 21272  |
| **Costs and Expenses** |  |  |  |  |
| Cost of sales | 8266  | 7609  | 14547  | 12646  |
| Research and development expenses | 583  | 549  | 1137  | 1075  |
| Selling, administrative and general expenses | 1209  | 1197  | 2181  | 2169  |
| Interest expense | 712  | 784  | 1431  | 1614  |
| Other operating expenses | 306  | 287  | 556  | 536  |
| &nbsp;&nbsp;Total | 11076  | 10426  | 19852  | 18040  |
| **Income of Consolidated Group before Income Taxes** | 2293  | 2337  | 3129  | 3232  |
| Provision for income taxes | 518  | 539  | 714  | 566  |
| **Income of Consolidated Group** | 1775  | 1798  | 2415  | 2666  |
| Equity in income (loss) of unconsolidated affiliates | (5) | 3  | 10  | 1  |
| **Net Income** | 1770  | 1801  | 2425  | 2667  |
| &nbsp;&nbsp;Less: Net loss attributable to noncontrolling interests | (3) | (3) | (4) | (6) |
| **Net Income Attributable to Deere & Company** | $1773  | $1804  | $2429  | $2673  |
| **Per Share Data** |  |  |  |  |
| Basic | $6.57  | $6.65  | $8.99  | $9.85  |
| Diluted | 6.55  | 6.64  | 8.97  | 9.82  |
| Dividends declared | 1.62  | 1.62  | 3.24  | 3.24  |
| Dividends paid | 1.62  | 1.62  | 3.24  | 3.09  |
| **Average Shares Outstanding** |  |  |  |  |
| Basic | 270.1  | 271.1  | 270.2  | 271.3  |
| Diluted | 270.8  | 271.8  | 270.9  | 272.1  |

---

------

See Condensed Notes to Interim Consolidated Financial Statements.

------

**DEERE & COMPANY**

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

---

| | | | |
|:---|:---|:---|:---|
|  | May 3 <br>2026 | November 2<br>2025 | April 27 <br>2025 |
| **Assets** |  |  |  |
| Cash and cash equivalents | $7905  | $8276  | $7991  |
| Marketable securities | 1430  | 1411  | 1272  |
| Trade accounts and notes receivable – net | 7571  | 5317  | 6748  |
| Financing receivables – net | 42916  | 44575  | 43029  |
| Financing receivables securitized – net | 6100  | 6831  | 7765  |
| Other receivables | 2582  | 2403  | 2975  |
| Equipment on operating leases – net | 7514  | 7600  | 7336  |
| Inventories | 8188  | 7406  | 7870  |
| Property and equipment – net | 8035  | 8079  | 7555  |
| Goodwill | 4513  | 4188  | 4094  |
| Other intangible assets – net | 975  | 892  | 964  |
| Retirement benefits | 3450  | 3273  | 3133  |
| Deferred income taxes | 2361  | 2284  | 2088  |
| Other assets | 3461  | 3461  | 3483  |
| **Total Assets** | $107001  | $105996  | $106303  |
| **Liabilities and Stockholders' Equity** |  |  |  |
| **Liabilities** |  |  |  |
| Short-term borrowings | $15632  | $13796  | $15948  |
| Short-term securitization borrowings | 5929  | 6596  | 7562  |
| Accounts payable and accrued expenses | 13653  | 13909  | 13345  |
| Deferred income taxes | 422  | 434  | 496  |
| Long-term borrowings | 42261  | 43544  | 42811  |
| Retirement benefits and other liabilities | 1644  | 1710  | 1763  |
| &nbsp;&nbsp;Total liabilities | 79541  | 79989  | 81925  |
| Redeemable noncontrolling interest | 47  | 51  | 83  |
| **Stockholders' Equity** |  |  |  |
| Total Deere & Company stockholders' equity | 27406  | 25950  | 24287  |
| Noncontrolling interests | 7  | 6  | 8  |
| &nbsp;&nbsp;Total stockholders' equity | 27413  | 25956  | 24295  |
| **Total Liabilities and Stockholders' Equity** | $107001  | $105996  | $106303  |

---

------

See Condensed Notes to Interim Consolidated Financial Statements.

------

**DEERE & COMPANY**

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Six Months Ended May 3, 2026 and April 27, 2025

(In millions of dollars) Unaudited

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Cash Flows from Operating Activities** |  |  |
| Net income | $2425  | $2667  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 127  | 174  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1184  | 1104  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and other adjustments |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 69  | 54  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (credit) for deferred income taxes | (68) | 11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables related to sales | (1084) | (1069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (738) | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (333) | (898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes payable/receivable | (5) | (147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits | (290) | (794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (245) | 270  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1042  | 568  |
| **Cash Flows from Investing Activities** |  |  |
| Collections of receivables (excluding receivables related to sales) | 14385  | 14348  |
| Proceeds from maturities and sales of marketable securities | 258  | 245  |
| Proceeds from sales of equipment on operating leases | 1019  | 1001  |
| Cost of receivables acquired (excluding receivables related to sales) | (13157) | (12744) |
| Acquisition of business, net of cash acquired | (439) |  |
| Purchases of marketable securities | (284) | (347) |
| Purchases of property and equipment | (451) | (555) |
| Cost of equipment on operating leases acquired | (1295) | (1254) |
| Collections of receivables from unconsolidated affiliates | 152  | 234  |
| Collateral on derivatives – net | (8) | 27  |
| Other | (87) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 93  | 779  |
| **Cash Flows from Financing Activities** |  |  |
| Net proceeds in short-term borrowings (original maturities three months or less) | 2246  | 551  |
| Proceeds from borrowings issued (original maturities greater than three months) | 3451  | 5156  |
| Payments of borrowings (original maturities greater than three months) | (5935) | (4837) |
| Repurchases of common stock | (500) | (838) |
| Dividends paid | (878) | (843) |
| Other | (11) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (1627) | (821) |
| **Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash** | 94  | 20  |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (398) | 546  |
| **Cash, Cash Equivalents, and Restricted Cash at Beginning of Period** | 8533  | 7633  |
| **Cash, Cash Equivalents, and Restricted Cash at End of Period** | $8135  | $8179  |

---

------

See Condensed Notes to Interim Consolidated Financial Statements.

------

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) **Acquisition** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) **Special Items** 

<u>Discrete Tax Items</u>

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.

<u>Banco John Deere S.A.</u>

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

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

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

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

------

**DEERE & COMPANY**

(4) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

For the Three Months Ended May 3, 2026 and April 27, 2025

(In millions of dollars) Unaudited

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | EQUIPMENT | EQUIPMENT | FINANCIAL | FINANCIAL |  |  |  |  |
|  | OPERATIONS | OPERATIONS | SERVICES | SERVICES | ELIMINATIONS | ELIMINATIONS | CONSOLIDATED | CONSOLIDATED |
|  | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| **Net Sales and Revenues** |  |  |  |  |  |  |  |  |
| Net sales | $11778  | $11171  |  |  |  |  | $11778  | $11171  |
| Finance and interest income | 110  | 108  | $1359  | $1380  | $(155) | $(134) | 1314  | 1354 <br><sup>1</sup>  |
| Other income | 212  | 187  | 150  | 121  | (85) | (70) | 277  | 238 <br><sup>2, 3, 4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 12100  | 11466  | 1509  | 1501  | (240) | (204) | 13369  | 12763  |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |
| Cost of sales | 8277  | 7617  |  |  | (11) | (8) | 8266  | 7609 <br><sup>4</sup>  |
| Research and development expenses | 583  | 549  |  |  |  |  | 583  | 549  |
| Selling, administrative and general expenses | 980  | 961  | 231  | 238  | (2) | (2) | 1209  | 1197 <br><sup>4</sup>  |
| Interest expense | 102  | 94  | 649  | 721  | (39) | (31) | 712  | 784 <br><sup>1</sup>  |
| Interest compensation to Financial Services | 116  | 103  |  |  | (116) | (103)<br><sup>1</sup>  |  |  |
| Other operating expenses | 9  | 12  | 369  | 335  | (72) | (60) | 306  | 287 <br><sup>3, 4, 5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 10067  | 9336  | 1249  | 1294  | (240) | (204) | 11076  | 10426  |
| **Income before Income Taxes** | 2033  | 2130  | 260  | 207  |  |  | 2293  | 2337  |
| Provision for income taxes | 452  | 490  | 66  | 49  |  |  | 518  | 539  |
| **Income after Income Taxes** | 1581  | 1640  | 194  | 158  |  |  | 1775  | 1798  |
| Equity in income (loss) of unconsolidated affiliates | (1) |  | (4) | 3  |  |  | (5) | 3  |
| **Net Income** | 1580  | 1640  | 190  | 161  |  |  | 1770  | 1801  |
| &nbsp;&nbsp;Less: Net loss attributable to noncontrolling interests | (3) | (3) |  |  |  |  | (3) | (3) |
| **Net Income Attributable to Deere & Company** | $1583  | $1643  | $190  | $161  |  |  | $1773  | $1804  |

---

<sup>1</sup> Elimination of intercompany interest income and expense.

<sup>2</sup> Elimination of equipment operations' margin from inventory transferred to equipment on operating leases.

<sup>3</sup> Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.

<sup>4</sup> Elimination of intercompany service revenues and fees.

<sup>5</sup> Elimination of Financial Services' lease depreciation expense related to inventory transferred to equipment on operating leases.

------

**DEERE & COMPANY**

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF INCOME

For the Six Months Ended May 3, 2026 and April 27, 2025

(In millions of dollars) Unaudited

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | EQUIPMENT | EQUIPMENT | FINANCIAL | FINANCIAL |  |  |  |  |
|  | OPERATIONS | OPERATIONS | SERVICES | SERVICES | ELIMINATIONS | ELIMINATIONS | CONSOLIDATED | CONSOLIDATED |
|  | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| **Net Sales and Revenues** |  |  |  |  |  |  |  |  |
| Net sales | $19779  | $17980  |  |  |  |  | $19779  | $17980  |
| Finance and interest income | 230  | 217  | $2710  | $2835  | $(282) | $(245) | 2658  | 2807 <br><sup>1</sup>  |
| Other income | 425  | 391  | 287  | 239  | (168) | (145) | 544  | 485 <br><sup>2, 3, 4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 20434  | 18588  | 2997  | 3074  | (450) | (390) | 22981  | 21272  |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |
| Cost of sales | 14568  | 12662  |  |  | (21) | (16) | 14547  | 12646 <br><sup>4</sup>  |
| Research and development expenses | 1137  | 1075  |  |  |  |  | 1137  | 1075  |
| Selling, administrative and general expenses | 1787  | 1761  | 398  | 412  | (4) | (4) | 2181  | 2169 <br><sup>4</sup>  |
| Interest expense | 195  | 178  | 1313  | 1487  | (77) | (51) | 1431  | 1614 <br><sup>1</sup>  |
| Interest compensation to Financial Services | 205  | 194  |  |  | (205) | (194)<br><sup>1</sup>  |  |  |
| Other operating expenses | (37) | (38) | 736  | 699  | (143) | (125) | 556  | 536 <br><sup>3, 4, 5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 17855  | 15832  | 2447  | 2598  | (450) | (390) | 19852  | 18040  |
| **Income before Income Taxes** | 2579  | 2756  | 550  | 476  |  |  | 3129  | 3232  |
| Provision for income taxes | 587  | 477  | 127  | 89  |  |  | 714  | 566  |
| **Income after Income Taxes** | 1992  | 2279  | 423  | 387  |  |  | 2415  | 2666  |
| Equity in income (loss) of unconsolidated affiliates | (1) | (3) | 11  | 4  |  |  | 10  | 1  |
| **Net Income** | 1991  | 2276  | 434  | 391  |  |  | 2425  | 2667  |
| &nbsp;&nbsp;Less: Net loss attributable to noncontrolling interests | (4) | (6) |  |  |  |  | (4) | (6) |
| **Net Income Attributable to Deere & Company** | $1995  | $2282  | $434  | $391  |  |  | $2429  | $2673  |

---

<sup>1</sup> Elimination of intercompany interest income and expense.

<sup>2</sup> Elimination of equipment operations' margin from inventory transferred to equipment on operating leases.

<sup>3</sup> Elimination of income and expenses between equipment operations and Financial Services related to intercompany guarantees of investments in certain international markets.

<sup>4</sup> Elimination of intercompany service revenues and fees.

<sup>5</sup> Elimination of Financial Services' lease depreciation expense related to inventory transferred to equipment on operating leases.

------

**DEERE & COMPANY**

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEETS

(In millions of dollars) Unaudited

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | EQUIPMENT | EQUIPMENT | EQUIPMENT | FINANCIAL | FINANCIAL | FINANCIAL |  |  |  |  |  |  |
|  | OPERATIONS | OPERATIONS | OPERATIONS | SERVICES | SERVICES | SERVICES | ELIMINATIONS | ELIMINATIONS | ELIMINATIONS | CONSOLIDATED | CONSOLIDATED | CONSOLIDATED |
|  | May 3 <br>2026 | Nov 2<br>2025 | Apr 27 <br>2025 | May 3 <br>2026 | Nov 2<br>2025 | Apr 27 <br>2025 | May 3 <br>2026 | Nov 2<br>2025 | Apr 27 <br>2025 | May 3 <br>2026 | Nov 2<br>2025 | Apr 27 <br>2025 |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents  | $5917  | $6340  | $6331  | $1988  | $1936  | $1660  |  |  |  | $7905  | $8276  | $7991  |
| Marketable securities  | 173  | 217  | 139  | 1257  | 1194  | 1133  |  |  |  | 1430  | 1411  | 1272  |
| Receivables from Financial Services | 4642  | 4649  | 2497  |  |  |  | $(4642) | $(4649) | $(2497)<br><sup>6</sup>  |  |  |  |
| Trade accounts and notes receivable – net  | 1579  | 1316  | 1429  | 8001  | 5900  | 7406  | (2009) | (1899) | (2087) | 7571  | 5317  | 6748 <br><sup>7</sup>  |
| Financing receivables – net  | 102  | 88  | 82  | 42814  | 44487  | 42947  |  |  |  | 42916  | 44575  | 43029  |
| Financing receivables securitized – net  | 1  | 1  | 2  | 6099  | 6830  | 7763  |  |  |  | 6100  | 6831  | 7765  |
| Other receivables  | 2062  | 1809  | 2009  | 573  | 658  | 1009  | (53) | (64) | (43) | 2582  | 2403  | 2975 <br><sup>8</sup>  |
| Equipment on operating leases – net |  |  |  | 7514  | 7600  | 7336  |  |  |  | 7514  | 7600  | 7336  |
| Inventories  | 8188  | 7406  | 7870  |  |  |  |  |  |  | 8188  | 7406  | 7870  |
| Property and equipment – net  | 8004  | 8047  | 7523  | 31  | 32  | 32  |  |  |  | 8035  | 8079  | 7555  |
| Goodwill  | 4513  | 4188  | 4094  |  |  |  |  |  |  | 4513  | 4188  | 4094  |
| Other intangible assets – net  | 975  | 892  | 964  |  |  |  |  |  |  | 975  | 892  | 964  |
| Retirement benefits  | 3351  | 3181  | 3046  | 101  | 94  | 89  | (2) | (2) | (2) | 3450  | 3273  | 3133  |
| Deferred income taxes  | 2532  | 2507  | 2377  | 45  | 46  | 42  | (216) | (269) | (331) | 2361  | 2284  | 2088 <br><sup>9</sup>  |
| Other assets  | 2358  | 2218  | 2349  | 1126  | 1244  | 1152  | (23) | (1) | (18) | 3461  | 3461  | 3483  |
| **Total Assets**  | $44397  | $42859  | $40712  | $69549  | $70021  | $70569  | $(6945) | $(6884) | $(4978) | $107001  | $105996  | $106303  |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term borrowings  | $397  | $414  | $241  | $15235  | $13382  | $15707  |  |  |  | $15632  | $13796  | $15948  |
| Short-term securitization borrowings  | 1  | 1  | 1  | 5928  | 6595  | 7561  |  |  |  | 5929  | 6596  | 7562  |
| Payables to equipment operations |  |  |  | 4642  | 4649  | 2497  | $(4642) | $(4649) | $(2497)<br><sup>6</sup>  |  |  |  |
| Accounts payable and accrued expenses  | 12600  | 12757  | 12180  | 3138  | 3116  | 3313  | (2085) | (1964) | (2148) | 13653  | 13909  | 13345 <br><sup>7, 8</sup> |
| Deferred income taxes  | 331  | 347  | 405  | 307  | 356  | 422  | (216) | (269) | (331) | 422  | 434  | 496 <br><sup>9</sup>  |
| Long-term borrowings  | 8857  | 8756  | 8685  | 33404  | 34788  | 34126  |  |  |  | 42261  | 43544  | 42811  |
| Retirement benefits and other liabilities  | 1579  | 1646  | 1695  | 67  | 66  | 70  | (2) | (2) | (2) | 1644  | 1710  | 1763  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities  | 23765  | 23921  | 23207  | 62721  | 62952  | 63696  | (6945) | (6884) | (4978) | 79541  | 79989  | 81925  |
| Redeemable noncontrolling interest | 47  | 51  | 83  |  |  |  |  |  |  | 47  | 51  | 83  |
| **Stockholders' Equity** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Deere & Company stockholders' equity  | 27406  | 25950  | 24287  | 6828  | 7069  | 6873  | (6828) | (7069) | (6873) | 27406  | 25950  | 24287 <br><sup>10</sup>  |
| Noncontrolling interests  | 7  | 6  | 8  |  |  |  |  |  |  | 7  | 6  | 8  |
| Financial Services' equity | (6828) | (7069) | (6873) |  |  |  | 6828  | 7069  | 6873  |  |  | <br><sup>10</sup>  |
| &nbsp;&nbsp;Adjusted total stockholders' equity | 20585  | 18887  | 17422  | 6828  | 7069  | 6873  |  |  |  | 27413  | 25956  | 24295  |
| **Total Liabilities and Stockholders' Equity**  | $44397  | $42859  | $40712  | $69549  | $70021  | $70569  | $(6945) | $(6884) | $(4978) | $107001  | $105996  | $106303  |

---

<sup>6</sup> Elimination of receivables / payables between equipment operations and Financial Services.

<sup>7</sup> Primarily reclassification of sales incentive accruals on receivables sold to Financial Services.

<sup>8</sup> Reclassification of other receivables / payables.

<sup>9</sup> Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.

<sup>10</sup> Elimination of Financial Services' equity.

------

**DEERE & COMPANY**

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF CASH FLOWS

For the Six Months Ended May 3, 2026 and April 27, 2025

(In millions of dollars) Unaudited

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | EQUIPMENT | EQUIPMENT | FINANCIAL | FINANCIAL |  |  |  |  |
|  | OPERATIONS | OPERATIONS | SERVICES | SERVICES | ELIMINATIONS | ELIMINATIONS | CONSOLIDATED | CONSOLIDATED |
|  | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
| **Cash Flows from Operating Activities** |  |  |  |  |  |  |  |  |
| Net income | $1991  | $2276  | $434  | $391  |  |  | $2425  | $2667  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 1  | 11  | 126  | 163  |  |  | 127  | 174  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 689  | 643  | 546  | 529  | $(51) | $(68) | 1184  | 1104 <br><sup>11</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and other adjustments |  |  |  | (32) |  |  |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  |  |  |  | 69  | 54  | 69  | 54 <br><sup>12</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributed earnings of Financial Services | 734  | 984  |  |  | (734) | (984)<br><sup>13</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (credit) for deferred income taxes | (19) | (153) | (49) | 164  |  |  | (68) | 11  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables related to sales | (225) | (185) |  |  | (859) | (884) | (1084) | (1069)<br><sup>14, 16</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (649) | (691) |  |  | (89) | (81) | (738) | (772)<br><sup>15</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (237) | (1069) | 14  | 102  | (110) | 69  | (333) | (898)<br><sup>16</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes payable/receivable | 15  | (77) | (20) | (70) |  |  | (5) | (147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits | (285) | (753) | (5) | (41) |  |  | (290) | (794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (335) | 59  | 140  | 224  | (50) | (13) | (245) | 270 <br><sup>11, 12, 15</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1680  | 1045  | 1186  | 1430  | (1824) | (1907) | 1042  | 568  |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| Collections of receivables (excluding receivables related to sales) |  |  | 14641  | 14684  | (256) | (336) | 14385  | 14348 <br><sup>14</sup>  |
| Proceeds from maturities and sales of marketable securities | 91  | 18  | 167  | 227  |  |  | 258  | 245  |
| Proceeds from sales of equipment on operating leases |  |  | 1019  | 1001  |  |  | 1019  | 1001  |
| Cost of receivables acquired (excluding receivables related to sales) |  |  | (13273) | (12875) | 116  | 131  | (13157) | (12744)<br><sup>14</sup>  |
| Acquisition of business, net of cash acquired | (439) |  |  |  |  |  | (439) |  |
| Purchases of marketable securities | (42) | (20) | (242) | (327) |  |  | (284) | (347) |
| Purchases of property and equipment | (451) | (555) |  |  |  |  | (451) | (555) |
| Cost of equipment on operating leases acquired |  |  | (1415) | (1363) | 120  | 109  | (1295) | (1254)<br><sup>15</sup>  |
| Increase in trade and wholesale receivables |  |  | (1110) | (1019) | 1110  | 1019 <br><sup>14</sup>  |  |  |
| Collections of receivables from unconsolidated affiliates |  | 183  | 152  | 51  |  |  | 152  | 234  |
| Collateral on derivatives – net | 2  | 3  | (10) | 24  |  |  | (8) | 27  |
| Other | (54) | (72) | (33) | (104) |  |  | (87) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) investing activities | (893) | (443) | (104) | 299  | 1090  | 923  | 93  | 779  |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |
| Net proceeds (payments) in short-term borrowings (original maturities three months or less) | (4) | 65  | 2250  | 486  |  |  | 2246  | 551  |
| Change in intercompany receivables/payables | 21  | 428  | (21) | (428) |  |  |  |  |
| Proceeds from borrowings issued (original maturities greater than three months) | 252  | 2043  | 3199  | 3113  |  |  | 3451  | 5156  |
| Payments of borrowings (original maturities greater than three months) | (181) | (766) | (5754) | (4071) |  |  | (5935) | (4837) |
| Repurchases of common stock | (500) | (838) |  |  |  |  | (500) | (838) |
| Dividends paid | (878) | (843) | (734) | (984) | 734  | 984  | (878) | (843)<br><sup>13</sup>  |
| Other | 5  | (4) | (16) | (6) |  |  | (11) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) financing activities | (1285) | 85  | (1076) | (1890) | 734  | 984  | (1627) | (821) |
| **Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash** | 79  | 22  | 15  | (2) |  |  | 94  | 20  |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | (419) | 709  | 21  | (163) |  |  | (398) | 546  |
| **Cash, Cash Equivalents, and Restricted Cash at Beginning of Period** | 6364  | 5643  | 2169  | 1990  |  |  | 8533  | 7633  |
| **Cash, Cash Equivalents, and Restricted Cash at End of Period** | $5945  | $6352  | $2190  | $1827  |  |  | $8135  | $8179  |

---

<sup>11</sup> Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.

<sup>12</sup> Reclassification of share-based compensation expense.

<sup>13</sup> Elimination of dividends from Financial Services to the equipment operations, which are included in the equipment operations operating activities.

<sup>14</sup> Primarily reclassification of receivables related to the sale of equipment.

<sup>15</sup> Reclassification of direct lease agreements with retail customers.

<sup>16</sup> Reclassification of sales incentive accruals on receivables sold to Financial Services.

------

## Exhibit 99.2

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2Q 2026 Earnings Call 21 May 2026 Exhibit 99.2 (Furnished herewith) |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Forward-Looking Statements This earnings call and accompanying materials 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, 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, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they 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 causing and adequately managing inventory; availability and price of raw materials, components, and whole goods; delays or disruptions in 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, which can be unpredictable and is affected by a variety of factors, such as farm income; 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; the ability to execute business strategies, including our Smart Industrial Operating Model and Leap Ambitions ; the complexity of our products and the risks associated with not realizing the anticipated benefits of our investments, such as customer acceptance and the pace of adopting our products and technologies; 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; 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 this earnings call and accompanying materials are based only on information currently available and speaks only as of the date on which it is 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. This earnings call and accompanying materials 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. 20 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 2Q 2026 Results ($ millions except where noted) $12,763 $13,369 2Q 2025 2Q 2026 $11,171 $11,778 2Q 2025 2Q 2026 $1,804 $1,773 2Q 2025 2Q 2026 $6.64 $6.55 2Q 2025 2Q 2026 5% Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) 5% 2% 1% 21 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Production & Precision Ag 2Q 2026 Results $ in millions $5,230 $4,503 2Q 2025 2Q 2026 Net Sales 14% Operating Profit Comparison $0 $1,148 ($402) $49 $75 ($51) ($77) ($4) ($32) $706 2Q 2025 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2026 22 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Small Ag & Turf 2Q 2026 Results $ in millions $2,994 $3,485 2Q 2025 2Q 2026 Net Sales 16% Operating Profit Comparison $719 ($22) ($11) $574 $101 $40 $27 $2 $0 $8 2Q 2025 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2026 23 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Ag and Turf Industry Outlook (in units) – FY 2026 Source: Deere & Company forecast as of 21 May 2026 U.S. and CANADA LARGE AG Down 15-20% EUROPE AG Flat to up 5% SOUTH AMERICA AG (tractors and combines) Down ~15% U.S. and CANADA SMALL AG and TURF Flat to up 5% ASIA AG Flat 24 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Production & Precision Ag Business Segment Outlook $ in millions Source: Deere & Company forecast as of 21 May 2026 15.4% FY 2025 FY 2026 Fcst $17,311 FY 2025 FY 2026 Fcst Net Sales Operating Margin 5-10% 11-13% 25 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 $10,224 FY 2025 FY 2026 Fcst Small Ag & Turf Business Segment Outlook $ in millions Source: Deere & Company forecast as of 21 May 2026 11.8% FY 2025 FY 2026 Fcst Net Sales Operating Margin ~15% 13.5-15% 26 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Construction & Forestry 2Q 2026 Results $ in millions $2,947 $3,790 2Q 2025 2Q 2026 Net Sales 29% Operating Profit Comparison $561 ($9) ($82) ($34) $379 $191 $80 $36 $0 $0 2Q 2025 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 2Q 2026 27 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Construction & Forestry Industry Outlook (in units) – FY 2026 Source: Deere & Company forecast as of 21 May 2026 GLOBAL ROADBUILDING Up ~10% U.S. and CANADA CONSTRUCTION EQUIPMENT Up ~5% U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT Up ~5% GLOBAL FORESTRY Down ~5% 28 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Construction & Forestry Business Segment Outlook $ in millions Source: Deere & Company forecast as of 21 May 2026 9.0% FY 2025 FY 2026 Fcst $11,382 FY 2025 FY 2026 Fcst Net Sales Operating Margin ~20% 10-12% 29 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Financial Services Net Income – Results and Outlook $ in millions Source: Deere & Company forecast as of 21 May 2026 $161 $190 2Q 2025 2Q 2026 Quarter Results Fiscal Year Outlook $890 $860 FY 2025 FY 2026 Fcst ~ 30 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Deere & Company Outlook Effective Tax Rate\* Net Income (attributable to Deere & Co.) $4.5-5.0B 24-26% FY 2026 FORECAST Net Operating Cash Flow\* $4.5-5.5B \*Equipment Operations Source: Deere & Company forecast as of 21 May 2026 Other Research and Development Expenses\* Capital Expenditures\* Up slightly ~$1.4B 31 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Appendix 32 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 April 2026 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry\* Deere\*\* 2WD Tractors (< 40 PTO hp) 12% Up a single digit 2WD Tractors (40 < 100 PTO hp) 4% Up a single digit 2WD Tractors (100+ PTO hp) 14% Down more than the industry 4WD Tractors 24% Down less than the industry Combines 5% Flat Deere Dealer Inventories\*\*\* U.S. and Canada Ag 2026 2025 2WD Tractors (100+ PTO hp) 30% 31% Combines 12% 17% \* 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 33 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 April 2026 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere\* Tractors Up double digits Combines Up double digits \* Based on internal sales reports Retail Sales U.S. and Canada Deere\* Selected Turf and Utility Equipment Up low double digits Earthmoving and Forestry Up low double digits 34 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 John Deere \| 2Q 2026 Earnings Call \| May 21, 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 35 |

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| &nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 John Deere \| 2Q 2026 Earnings Call \| May 21, 2026 Deere & Company's 3Q 2026 earnings call is scheduled for 9:00 a.m. Central Time on Thursday, 20 August 2026. 36 |

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&nbsp;&nbsp;![GRAPHIC](de-20260521xex99d2g019.jpg)<br>