# EDGAR Filing Document

**Accession Number:** 0000315189
**File Stem:** 0001558370-25-011453
**Filing Date:** 2025-8
**Character Count:** 67690
**Document Hash:** 63a085a5dad2da39cc75e6c23a626583
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-011453.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001558370-25-011453

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250814

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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:** 1102

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04121
- **FILM NUMBER:** 251213951

**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_August 14, 2025

**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: August 14, 2025

(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 | 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, August 14, 2025, Deere & Company (the "Company") issued a press release announcing its results of operations for the third quarter of fiscal 2025. 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, August 14, 2025, the Company made available a presentation providing a review of its third quarter of fiscal 2025 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-20250814xex99d1.htm) |
| 99.2 | &nbsp;&nbsp;[Third Quarter 2025 Earnings Conference Call Information (Furnished herewith)](de-20250814xex99d2.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/ Edward R. Berk* |
|  |  | Edward R. Berk |
|  |  | Corporate Secretary |
| Dated: August 14, 2025 |  |  |

---

## Exhibit 99.1

**Exhibit 99.1**

**(Furnished herewith)**

---

| | |
|:---|:---|
| **News Release** | ![Graphic](de-20250814xex99d1001.jpg) |

---

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

**Deere Reports Third Quarter Net Income of $1.289 Billion**

● Disciplined execution yields solid results in the face of a challenging environment.

● Customers remain cautious amid ongoing uncertainty.

● Full-year net income guidance narrowed.

MOLINE, Illinois (August 14, 2025) — Deere & Company reported net income of $1.289 billion for the third quarter ended July 27, 2025, or $4.75 per share, compared with net income of $1.734 billion, or $6.29 per share, for the quarter ended July 28, 2024. For the first nine months of the year, net income attributable to Deere & Company was $3.962 billion, or $14.57 per share, compared with $5.855 billion, or $21.04 per share, for the same period last year.

Worldwide net sales and revenues decreased 9 percent, to $12.018 billion, for the third quarter of 2025 and decreased 18 percent, to $33.290 billion, for nine months. Net sales were $10.357 billion for the quarter and $28.338 billion for nine months, compared with $11.387 billion and $35.484 billion last year, respectively.

"By proactively managing inventory, we've matched production to retail demand, enabling our company and dealers to respond swiftly to market shifts and customer needs," said John May, chairman and CEO of John Deere. "By continuing to address the high levels of used equipment in the industry, we're building a healthier market for everyone—our customers, our dealers, and our business—even in these challenging times."

**Company Outlook & Summary**

Net income attributable to Deere & Company for fiscal 2025 is forecasted to be in a range of $4.75 billion to $5.25 billion.

"We remain committed to delivering solutions that address our customers' current needs while also laying the groundwork for future growth. For example, the increasing utilization and proven in-field effectiveness of advanced technologies—such as See & Spray and Harvest Settings Automation—are empowering customers to improve their productivity and better navigate industry challenges," May noted. "The positive outcomes we're enabling reinforce our confidence in Deere's future despite near-term uncertainty."

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Deere & Company** | Third Quarter | Third Quarter | Third Quarter | Year to Date | Year to Date | Year to Date |
| *$ in millions, except per share amounts* | 2025 | 2024 | % Change | 2025 | 2024 | % Change |
| Net sales and revenues | $12018  | $13152 | -9% | $33290  | $40572 | -18% |
| Net income | $1289  | $1734 | -26% | $3962  | $5855 | -32% |
| Fully diluted EPS | $4.75  | $6.29 |  | $14.57  | $21.04 |  |

---

All periods presented were affected by special items. See Note 2 of the financial statements for further details. The cost of additional tariffs for each segment is included in the "Production costs" and "Other" categories below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Production & Precision Agriculture** | Third Quarter | Third Quarter | Third Quarter | Third Quarter | Third Quarter |
| *$ in millions* | 2025 | 2025 | 2024 | 2024 | % Change |
| Net sales | $| 4273  | $| 5099 | -16% |
| Operating profit | $| 580  | $| 1162 | -50% |
| Operating margin |  | 13.6% |  | 22.8% |  |

---

Production and precision agriculture sales decreased for the quarter as a result of lower shipment volumes and unfavorable price realization. Operating profit decreased primarily due to lower shipment volumes / sales mix.

**Production & Precision Agriculture Operating Profit**

Third Quarter 2025 Compared to Third Quarter 2024

$ in millions

![Graphic](de-20250814xex99d1002.jpg)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Agriculture & Turf** | Third Quarter | Third Quarter | Third Quarter | Third Quarter | Third Quarter |
| *$ in millions* | 2025 | 2025 | 2024 | 2024 | % Change |
| Net sales | $| 3025  | $| 3053 | -1% |
| Operating profit | $| 485  | $| 496 | -2% |
| Operating margin |  | 16.0% |  | 16.2% |  |

---

Small agriculture and turf sales decreased for the quarter as a result of lower shipment volumes, partially offset by favorable currency translation and price realization. Operating profit decreased due to higher tariffs, partially offset by reductions in warranty expenses and lower production costs. The decreased production costs were primarily the result of lower material costs.

**Small Agriculture & Turf Operating Profit**

Third Quarter 2025 Compared to Third Quarter 2024

$ in millions

![Graphic](de-20250814xex99d1003.jpg)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Construction & Forestry** | Third Quarter | Third Quarter | Third Quarter | Third Quarter | Third Quarter |
| *$ in millions* | 2025 | 2025 | 2024 | 2024 | % Change |
| Net sales | $| 3059  | $| 3235 | -5% |
| Operating profit | $| 237  | $| 448 | -47% |
| Operating margin |  | 7.7% |  | 13.8% |  |

---

Construction and forestry sales decreased for the quarter primarily due to unfavorable price realization. Operating profit decreased primarily due to unfavorable price realization and higher production costs caused by higher tariffs, partially offset by favorable product mix.

**Construction & Forestry Operating Profit**

Third Quarter 2025 Compared to Third Quarter 2024

$ in millions

![Graphic](de-20250814xex99d1004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Financial Services** | Third Quarter | Third Quarter | Third Quarter |
| *$ in millions* | 2025 | 2024 | % Change |
| Net income | $205  | $153 | 34% |

---

Financial services net income for the quarter was higher due to a lower provision for credit losses and prior year special items.

------

---

| | |
|:---|:---|
| **Industry Outlook for Fiscal 2025** |  |
| **Agriculture & Turf** |  |
| U.S. & Canada: |  |
| &nbsp;&nbsp;Large Ag | Down ~ 30% |
| &nbsp;&nbsp;Small Ag & Turf | Down ~ 10% |
| Europe | Flat to down 5% |
| South America (Tractors & Combines) | Flat |
| Asia | Flat to up 5% |
| **Construction & Forestry** |  |
| U.S. & Canada: |  |
| &nbsp;&nbsp;Construction Equipment | Down ~ 10% |
| &nbsp;&nbsp;Compact Construction Equipment | Flat to down 5% |
| Global Forestry | Flat to down 5% |
| Global Roadbuilding | Flat |

---

---

| | | | |
|:---|:---|:---|:---|
| **Deere Segment Outlook for Fiscal 2025** |  | Currency | Price |
| *$ in millions* | Net Sales | Translation | Realization |
| Production & Precision Ag | Down 15% to 20% | Down 1.0% | Up 1.0% |
| Small Ag & Turf | Down ~ 10% | Up 0.5% | Up 0.5% |
| Construction & Forestry | Down 10% to 15% | ~ Flat | Down 2.0% |
| Financial Services | Net Income | ~ $770 |  |

---

------

**FORWARD-LOOKING STATEMENTS**

Certain statements contained herein, including in the section entitled "Company Outlook & Summary," "Industry Outlook for Fiscal 2025," "Deere Segment Outlook for Fiscal 2025," and "Condensed Notes to Interim Consolidated Financial Statements" relating to future events, expectations, forecasted financial and industry results, future investment 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;● government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government, and retaliatory trade regulations;

&nbsp;&nbsp;&nbsp;&nbsp;● the uncertainty of the company's ability to sell products domestically or internationally, continue production at certain international facilities, procure raw materials and components, accurately forecast demand and inventory, manage increased costs of production, absorb or pass on increased pricing, accurately predict financial results and industry trends, and remain competitive based on trade actions, policies and general economic uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;● the agricultural business cycle, which can be unpredictable and is affected by factors such as world grain stocks, harvest yields, available farm acres, acreage planted, soil conditions, prices for commodities and livestock, input costs, availability of transport for crops as well as adverse macroeconomic conditions, including unemployment, inflation, interest rate volatility, changes in consumer practices due to slower economic growth or a recession and regional or global liquidity constraints;

&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 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;● housing starts and supply, real estate and housing prices, levels of public and non-residential construction, and infrastructure investment;

&nbsp;&nbsp;&nbsp;&nbsp;● political, economic, and social instability of the geographies in which the company operates, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East;

&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;● 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;● delays or disruptions in the company's supply chain;

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

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

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

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

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

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

------

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

&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 governmental communications channels (radio frequency technology);

&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, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, human rights, import / export and trade, tariffs, labor and employment, product liability, 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; and

&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.

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 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.

------

**DEERE & COMPANY**

THIRD QUARTER 2025 PRESS RELEASE

(In millions of dollars) Unaudited

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Three Months Ended  | Nine Months Ended  | Nine Months Ended  | Nine Months Ended  |
|  | July 27<br>2025 | July 28<br>2024 | %<br>Change | July 27<br>2025 | July 28<br>2024 | %<br>Change |
| Net sales and revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;Production & precision ag net sales | $4273  | $5099  | -16 | $12571  | $16529  | -24 |
| &nbsp;&nbsp;Small ag & turf net sales | 3025  | 3053  | -1 | 7767  | 8663  | -10 |
| &nbsp;&nbsp;Construction & forestry net sales | 3059  | 3235  | -5 | 8000  | 10292  | -22 |
| &nbsp;&nbsp;Financial services revenues | 1418  | 1489  | -5 | 4273  | 4259  |  |
| &nbsp;&nbsp;Other revenues | 243  | 276  | -12 | 679  | 829  | -18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net sales and revenues | $12018  | $13152  | -9 | $33290  | $40572  | -18 |
| Operating profit: \* |  |  |  |  |  |  |
| &nbsp;&nbsp;Production & precision ag | $580  | $1162  | -50 | $2066  | $3857  | -46 |
| &nbsp;&nbsp;Small ag & turf | 485  | 496  | -2 | 1182  | 1393  | -15 |
| &nbsp;&nbsp;Construction & forestry | 237  | 448  | -47 | 681  | 1682  | -60 |
| &nbsp;&nbsp;Financial services | 266  | 191  | +39 | 740  | 657  | +13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating profit | 1568  | 2297  | -32 | 4669  | 7589  | -38 |
| Reconciling items \*\* | 60  | 62  | -3 | 198  | 111  | +78 |
| Income taxes | (339) | (625) | -46 | (905) | (1845) | -51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Deere & Company | $1289  | $1734  | -26 | $3962  | $5855  | -32 |

---

\*&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 Nine Months Ended July 27, 2025 and July 28, 2024

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Nine Months Ended  | Nine Months Ended  |
|  | 2025 | 2024 | 2025 | 2024 |
| **Net Sales and Revenues** |  |  |  |  |
| Net sales | $10357  | $11387  | $28338  | $35484  |
| Finance and interest income | 1426  | 1461  | 4233  | 4207  |
| Other income | 235  | 304  | 719  | 881  |
| &nbsp;&nbsp;Total | 12018  | 13152  | 33290  | 40572  |
| **Costs and Expenses** |  |  |  |  |
| Cost of sales | 7570  | 7848  | 20215  | 24205  |
| Research and development expenses | 556  | 567  | 1631  | 1664  |
| Selling, administrative and general expenses | 1217  | 1278  | 3387  | 3608  |
| Interest expense | 794  | 840  | 2408  | 2478  |
| Other operating expenses | 281  | 264  | 817  | 930  |
| &nbsp;&nbsp;Total | 10418  | 10797  | 28458  | 32885  |
| **Income of Consolidated Group before Income Taxes** | 1600  | 2355  | 4832  | 7687  |
| Provision for income taxes | 339  | 625  | 905  | 1845  |
| **Income of Consolidated Group** | 1261  | 1730  | 3927  | 5842  |
| Equity in income of unconsolidated affiliates | 10  | 1  | 11  | 4  |
| **Net Income** | 1271  | 1731  | 3938  | 5846  |
| &nbsp;&nbsp;Less: Net loss attributable to noncontrolling interests | (18) | (3) | (24) | (9) |
| **Net Income Attributable to Deere & Company** | $1289  | $1734  | $3962  | $5855  |
| **Per Share Data** |  |  |  |  |
| Basic | $4.76  | $6.32  | $14.61  | $21.13  |
| Diluted | 4.75  | 6.29  | 14.57  | 21.04  |
| Dividends declared | 1.62  | 1.47  | 4.86  | 4.41  |
| Dividends paid | 1.62  | 1.47  | 4.71  | 4.29  |
| **Average Shares Outstanding** |  |  |  |  |
| Basic | 270.7  | 274.5  | 271.1  | 277.1  |
| Diluted | 271.4  | 275.6  | 271.9  | 278.2  |

---

------

See Condensed Notes to Interim Consolidated Financial Statements.

------

**DEERE & COMPANY**

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

---

| | | | |
|:---|:---|:---|:---|
|  | July 27<br>2025 | October 27 <br>2024 | July 28<br>2024 |
| **Assets** |  |  |  |
| Cash and cash equivalents | $8580  | $7324  | $7004  |
| Marketable securities | 1407  | 1154  | 1140  |
| Trade accounts and notes receivable – net | 6103  | 5326  | 7469  |
| Financing receivables – net | 43930  | 44309  | 43896  |
| Financing receivables securitized – net | 7948  | 8723  | 8274  |
| Other receivables | 2826  | 2545  | 2270  |
| Equipment on operating leases – net | 7512  | 7451  | 7118  |
| Inventories | 7713  | 7093  | 7696  |
| Property and equipment – net | 7713  | 7580  | 7092  |
| Goodwill | 4209  | 3959  | 3960  |
| Other intangible assets – net | 926  | 999  | 1030  |
| Retirement benefits | 3182  | 2921  | 3126  |
| Deferred income taxes | 2209  | 2086  | 1898  |
| Other assets | 3559  | 2906  | 2903  |
| Assets held for sale |  | 2944  | 2965  |
| **Total Assets** | $107817  | $107320  | $107841  |
| **Liabilities and Stockholders' Equity** |  |  |  |
| **Liabilities** |  |  |  |
| Short-term borrowings | $14607  | $13533  | $15294  |
| Short-term securitization borrowings | 7610  | 8431  | 7869  |
| Accounts payable and accrued expenses | 13582  | 14543  | 14397  |
| Deferred income taxes | 489  | 478  | 481  |
| Long-term borrowings | 44429  | 43229  | 42692  |
| Retirement benefits and other liabilities | 1836  | 2354  | 2156  |
| Liabilities held for sale |  | 1827  | 1803  |
| &nbsp;&nbsp;Total liabilities | 82553  | 84395  | 84692  |
| Redeemable noncontrolling interest | 84  | 82  | 84  |
| **Stockholders' Equity** |  |  |  |
| Total Deere & Company stockholders' equity | 25175  | 22836  | 23062  |
| Noncontrolling interests | 5  | 7  | 3  |
| &nbsp;&nbsp;Total stockholders' equity | 25180  | 22843  | 23065  |
| **Total Liabilities and Stockholders' Equity** | $107817  | $107320  | $107841  |

---

------

See Condensed Notes to Interim Consolidated Financial Statements.

------

**DEERE & COMPANY**

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Nine Months Ended July 27, 2025 and July 28, 2024

(In millions of dollars) Unaudited

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **Cash Flows from Operating Activities** |  |  |
| Net income | $3938  | $5846  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 258  | 222  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for depreciation and amortization | 1668  | 1598  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and other adjustments | 29  | 53  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 104  | 159  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit for deferred income taxes | (102) | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables related to sales | (494) | (2446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (526) | 234  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (717) | (1015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes payable/receivable | (147) | 31  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits | (813) | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 266  | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 3464  | 4139  |
| **Cash Flows from Investing Activities** |  |  |
| Collections of receivables (excluding receivables related to sales) | 19712  | 19143  |
| Proceeds from maturities and sales of marketable securities | 359  | 333  |
| Proceeds from sales of equipment on operating leases | 1408  | 1451  |
| Cost of receivables acquired (excluding receivables related to sales) | (18962) | (21113) |
| Acquisitions of businesses, net of cash acquired | (89) |  |
| Purchases of marketable securities | (598) | (572) |
| Purchases of property and equipment | (852) | (1043) |
| Cost of equipment on operating leases acquired | (2009) | (2165) |
| Collections of receivables from unconsolidated affiliates | 334  |  |
| Collateral on derivatives – net | 127  | 390  |
| Other | (231) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (801) | (3671) |
| **Cash Flows from Financing Activities** |  |  |
| Net payments in short-term borrowings (original maturities three months or less) | (2060) | (992) |
| Proceeds from borrowings issued (original maturities greater than three months) | 10707  | 15512  |
| Payments of borrowings (original maturities greater than three months) | (7743) | (10792) |
| Repurchases of common stock | (1136) | (3227) |
| Dividends paid | (1282) | (1202) |
| Other | (43) | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (1557) | (789) |
| **Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash** | 108  | (6) |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | 1214  | (327) |
| **Cash, Cash Equivalents, and Restricted Cash at Beginning of Period** | 7633  | 7620  |
| **Cash, Cash Equivalents, and Restricted Cash at End of Period** | $8847  | $7293  |

---

------

See Condensed Notes to Interim Consolidated Financial Statements.

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---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) **Acquisitions** 

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 production and precision agriculture and construction and forestry segments. Most of the purchase price for these acquisitions was allocated to goodwill and intangible assets.

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

<u>Impairment</u>

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." This 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.

<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 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 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 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.

BJD was reclassified as held for sale in the third quarter of 2024, resulting in a net loss of $15 million pretax and after-tax due to the establishment of a $53 million valuation allowance on the assets held for sale and a $38 million reversal of allowance for credit losses. In the first quarter of 2025, a gain of $32 million pretax and after-tax was recorded in "Selling, administrative and general expenses" related to a decrease in valuation allowance. This is presented in "Impairments and other adjustments" in the statements of consolidated cash flows. No significant gain or loss was recognized upon completion of the transaction. The equity interest in BJD was valued at $362 million at the deconsolidation date.

<u>Employee-Separation Programs</u>

In the third quarter of 2024, the company implemented employee-separation programs for the company's salaried workforce in several geographic areas, including the United States, Europe, Asia, and Latin America. The programs' main purpose was to help meet the company's strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs were largely

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involuntary in nature with the expense recorded when management committed to a plan, the plan was communicated to the employees, and the employees were not required to provide service beyond the legal notification period. For the limited voluntary employee-separation programs, the expense was recorded in the period in which the employee irrevocably accepted a separation offer.

The expenses for the three months and nine months ended July 28, 2024 were recorded in millions of dollars as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | PPA | SAT | CF | FS | Total |
| Employee-Separation Programs: |  |  |  |  |  |
| &nbsp;&nbsp;Cost of sales | $18  | $9  | $8  |  | $35  |
| &nbsp;&nbsp;Research and development expenses | 19  | 6  | 1  |  | 26  |
| &nbsp;&nbsp;Selling, administrative and general expenses | 25  | 14  | 11  | $9  | 59  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating profit decrease | $62  | $29  | $20  | $9  | 120  |
| &nbsp;&nbsp;Non-operating profit expenses\* |  |  |  |  | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  | $124  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Relates primarily to corporate expenses.

**Summary of 2025 and 2024 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 and July 28, 2024.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Three Months | Three Months | Three Months | Three Months | Three Months | Nine Months | Nine Months | Nine Months | Nine Months | Nine Months |
|  | PPA | SAT | CF | FS | Total | PPA | SAT | CF | FS | Total |
| 2025 Expense (benefit): |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Impairment | $28  | $17  | $16  |  | $61  | $28  | $17  | $16  |  | $61  |
| &nbsp;&nbsp;BJD measurement |  |  |  |  |  |  |  |  | $(32) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expense (benefit) | 28  | 17  | 16  |  | 61  | 28  | 17  | 16  | (32) | 29  |
| 2024 Expense: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BJD measurement |  |  |  | $15  | 15  |  |  |  | 15  | 15  |
| &nbsp;&nbsp;Employee-separation programs | 62  | 29  | 20  | 9  | 120  | 62  | 29  | 20  | 9  | 120  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expense | 62  | 29  | 20  | 24  | 135  | 62  | 29  | 20  | 24  | 135  |
| Period over period change | $(34) | $(12) | $(4) | $(24) | $(74) | $(34) | $(12) | $(4) | $(56) | $(106) |

---

&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 and precision agriculture operations, small agriculture and turf operations, and construction and 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.

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**DEERE & COMPANY**

(4) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

For the Three Months Ended July 27, 2025 and July 28, 2024

(In millions of dollars) Unaudited

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | EQUIPMENT | EQUIPMENT | FINANCIAL | FINANCIAL |  |  |  |  |
|  | OPERATIONS | OPERATIONS | SERVICES | SERVICES | ELIMINATIONS | ELIMINATIONS | CONSOLIDATED | CONSOLIDATED |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Net Sales and Revenues** |  |  |  |  |  |  |  |  |
| Net sales | $10357  | $11387  |  |  |  |  | $10357  | $11387  |
| Finance and interest income | 133  | 155  | $1433  | $1537  | $(140) | $(231) | 1426  | 1461 <br><sup>1</sup>  |
| Other income | 190  | 246  | 111  | 130  | (66) | (72) | 235  | 304 <br><sup>2, 3, 4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 10680  | 11788  | 1544  | 1667  | (206) | (303) | 12018  | 13152  |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |
| Cost of sales | 7578  | 7855  |  |  | (8) | (7) | 7570  | 7848 <br><sup>4</sup>  |
| Research and development expenses | 556  | 567  |  |  |  |  | 556  | 567  |
| Selling, administrative and general expenses | 999  | 962  | 220  | 318  | (2) | (2) | 1217  | 1278 <br><sup>4</sup>  |
| Interest expense | 102  | 91  | 720  | 812  | (28) | (63) | 794  | 840 <br><sup>1</sup>  |
| Interest compensation to Financial Services | 112  | 168  |  |  | (112) | (168)<br><sup>1</sup>  |  |  |
| Other operating expenses | (8) | (16) | 345  | 343  | (56) | (63) | 281  | 264 <br><sup>3, 4, 5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 9339  | 9627  | 1285  | 1473  | (206) | (303) | 10418  | 10797  |
| **Income before Income Taxes** | 1341  | 2161  | 259  | 194  |  |  | 1600  | 2355  |
| Provision for income taxes | 274  | 583  | 65  | 42  |  |  | 339  | 625  |
| **Income after Income Taxes** | 1067  | 1578  | 194  | 152  |  |  | 1261  | 1730  |
| Equity in income (loss) of unconsolidated affiliates | (1) |  | 11  | 1  |  |  | 10  | 1  |
| **Net Income** | 1066  | 1578  | 205  | 153  |  |  | 1271  | 1731  |
| &nbsp;&nbsp;Less: Net loss attributable to noncontrolling interests | (18) | (3) |  |  |  |  | (18) | (3) |
| **Net Income Attributable to Deere & Company** | $1084  | $1581  | $205  | $153  |  |  | $1289  | $1734  |

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<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.

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**DEERE & COMPANY**

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF INCOME

For the Nine Months Ended July 27, 2025 and July 28, 2024

(In millions of dollars) Unaudited

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | EQUIPMENT | EQUIPMENT | FINANCIAL | FINANCIAL |  |  |  |  |
|  | OPERATIONS | OPERATIONS | SERVICES | SERVICES | ELIMINATIONS | ELIMINATIONS | CONSOLIDATED | CONSOLIDATED |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Net Sales and Revenues** |  |  |  |  |  |  |  |  |
| Net sales | $28338  | $35484  |  |  |  |  | $28338  | $35484  |
| Finance and interest income | 351  | 441  | $4268  | $4466  | $(386) | $(700) | 4233  | 4207 <br><sup>1</sup>  |
| Other income | 580  | 732  | 350  | 341  | (211) | (192) | 719  | 881 <br><sup>2, 3, 4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 29269  | 36657  | 4618  | 4807  | (597) | (892) | 33290  | 40572  |
| **Costs and Expenses** |  |  |  |  |  |  |  |  |
| Cost of sales | 20239  | 24226  |  |  | (24) | (21) | 20215  | 24205 <br><sup>4</sup>  |
| Research and development expenses | 1631  | 1664  |  |  |  |  | 1631  | 1664  |
| Selling, administrative and general expenses | 2761  | 2844  | 632  | 771  | (6) | (7) | 3387  | 3608 <br><sup>4</sup>  |
| Interest expense | 282  | 314  | 2206  | 2354  | (80) | (190) | 2408  | 2478 <br><sup>1</sup>  |
| Interest compensation to Financial Services | 306  | 510  |  |  | (306) | (510)<br><sup>1</sup>  |  |  |
| Other operating expenses | (47) | 76  | 1045  | 1018  | (181) | (164) | 817  | 930 <br><sup>3, 4, 5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 25172  | 29634  | 3883  | 4143  | (597) | (892) | 28458  | 32885  |
| **Income before Income Taxes** | 4097  | 7023  | 735  | 664  |  |  | 4832  | 7687  |
| Provision for income taxes | 752  | 1700  | 153  | 145  |  |  | 905  | 1845  |
| **Income after Income Taxes** | 3345  | 5323  | 582  | 519  |  |  | 3927  | 5842  |
| Equity in income (loss) of unconsolidated affiliates | (4) |  | 15  | 4  |  |  | 11  | 4  |
| **Net Income** | 3341  | 5323  | 597  | 523  |  |  | 3938  | 5846  |
| &nbsp;&nbsp;Less: Net loss attributable to noncontrolling interests | (24) | (9) |  |  |  |  | (24) | (9) |
| **Net Income Attributable to Deere & Company** | $3365  | $5332  | $597  | $523  |  |  | $3962  | $5855  |

---

<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 |
|  | July 27<br>2025 | Oct 27 <br>2024 | July 28<br>2024 | July 27<br>2025 | Oct 27 <br>2024 | July 28<br>2024 | July 27<br>2025 | Oct 27 <br>2024 | July 28<br>2024 | July 27<br>2025 | Oct 27 <br>2024 | July 28<br>2024 |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents  | $6641  | $5615  | $5385  | $1939  | $1709  | $1619  |  |  |  | $8580  | $7324  | $7004  |
| Marketable securities  | 240  | 125  | 155  | 1167  | 1029  | 985  |  |  |  | 1407  | 1154  | 1140  |
| Receivables from Financial Services | 3649  | 3043  | 3951  |  |  |  | $(3649) | $(3043) | $(3951)<br><sup>6</sup>  |  |  |  |
| Trade accounts and notes receivable – net  | 1335  | 1257  | 1150  | 7064  | 6225  | 8890  | (2296) | (2156) | (2571) | 6103  | 5326  | 7469 <br><sup>7</sup>  |
| Financing receivables – net  | 84  | 78  | 82  | 43846  | 44231  | 43814  |  |  |  | 43930  | 44309  | 43896  |
| Financing receivables securitized – net  | 1  | 2  | 2  | 7947  | 8721  | 8272  |  |  |  | 7948  | 8723  | 8274  |
| Other receivables  | 2013  | 2193  | 1821  | 867  | 427  | 494  | (54) | (75) | (45) | 2826  | 2545  | 2270 <br><sup>7</sup>  |
| Equipment on operating leases – net  |  |  |  | 7512  | 7451  | 7118  |  |  |  | 7512  | 7451  | 7118  |
| Inventories  | 7713  | 7093  | 7696  |  |  |  |  |  |  | 7713  | 7093  | 7696  |
| Property and equipment – net  | 7680  | 7546  | 7058  | 33  | 34  | 34  |  |  |  | 7713  | 7580  | 7092  |
| Goodwill  | 4209  | 3959  | 3960  |  |  |  |  |  |  | 4209  | 3959  | 3960  |
| Other intangible assets – net  | 926  | 999  | 1030  |  |  |  |  |  |  | 926  | 999  | 1030  |
| Retirement benefits  | 3092  | 2839  | 3047  | 92  | 83  | 80  | (2) | (1) | (1) | 3182  | 2921  | 3126 <br><sup>8</sup>  |
| Deferred income taxes  | 2471  | 2262  | 2192  | 44  | 43  | 35  | (306) | (219) | (329) | 2209  | 2086  | 1898 <br><sup>9</sup>  |
| Other assets  | 2357  | 2194  | 2236  | 1211  | 715  | 675  | (9) | (3) | (8) | 3559  | 2906  | 2903  |
| Assets held for sale  |  |  |  |  | 2944  | 2965  |  |  |  |  | 2944  | 2965  |
| **Total Assets**  | $42411  | $39205  | $39765  | $71722  | $73612  | $74981  | $(6316) | $(5497) | $(6905) | $107817  | $107320  | $107841  |
| **Liabilities and Stockholders' Equity**  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Short-term borrowings  | $461  | $911  | $983  | $14146  | $12622  | $14311  |  |  |  | $14607  | $13533  | $15294  |
| Short-term securitization borrowings  |  | 2  | 1  | 7610  | 8429  | 7868  |  |  |  | 7610  | 8431  | 7869  |
| Payables to Equipment Operations |  |  |  | 3649  | 3043  | 3951  | $(3649) | $(3043) | $(3951)<br><sup>6</sup>  |  |  |  |
| Accounts payable and accrued expenses  | 12795  | 13534  | 13880  | 3146  | 3243  | 3141  | (2359) | (2234) | (2624) | 13582  | 14543  | 14397 <br><sup>7</sup>  |
| Deferred income taxes  | 393  | 434  | 420  | 402  | 263  | 390  | (306) | (219) | (329) | 489  | 478  | 481 <br><sup>9</sup>  |
| Long-term borrowings  | 8789  | 6603  | 6592  | 35640  | 36626  | 36100  |  |  |  | 44429  | 43229  | 42692  |
| Retirement benefits and other liabilities  | 1767  | 2250  | 2048  | 71  | 105  | 109  | (2) | (1) | (1) | 1836  | 2354  | 2156 <br><sup>8</sup>  |
| Liabilities held for sale  |  |  |  |  | 1827  | 1803  |  |  |  |  | 1827  | 1803  |
| &nbsp;&nbsp;Total liabilities  | 24205  | 23734  | 23924  | 64664  | 66158  | 67673  | (6316) | (5497) | (6905) | 82553  | 84395  | 84692  |
| Redeemable noncontrolling interest | 84  | 82  | 84  |  |  |  |  |  |  | 84  | 82  | 84  |
| **Stockholders' Equity** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Deere & Company stockholders' equity  | 25175  | 22836  | 23062  | 7058  | 7454  | 7308  | (7058) | (7454) | (7308) | 25175  | 22836  | 23062 <br><sup>10</sup>  |
| Noncontrolling interests  | 5  | 7  | 3  |  |  |  |  |  |  | 5  | 7  | 3  |
| Financial Services' equity | (7058) | (7454) | (7308) |  |  |  | 7058  | 7454  | 7308  |  |  | <br><sup>10</sup>  |
| &nbsp;&nbsp;Adjusted total stockholders' equity | 18122  | 15389  | 15757  | 7058  | 7454  | 7308  |  |  |  | 25180  | 22843  | 23065  |
| **Total Liabilities and Stockholders' Equity**  | $42411  | $39205  | $39765  | $71722  | $73612  | $74981  | $(6316) | $(5497) | $(6905) | $107817  | $107320  | $107841  |

---

<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 net pension assets / liabilities.

<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 Nine Months Ended July 27, 2025 and July 28, 2024

(In millions of dollars) Unaudited

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | EQUIPMENT | EQUIPMENT | FINANCIAL | FINANCIAL |  |  |  |  |
|  | OPERATIONS | OPERATIONS | SERVICES | SERVICES | ELIMINATIONS | ELIMINATIONS | CONSOLIDATED | CONSOLIDATED |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Cash Flows from Operating Activities** |  |  |  |  |  |  |  |  |
| Net income | $3341  | $5323  | $597  | $523  |  |  | $3938  | $5846  |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 18  | 10  | 240  | 212  |  |  | 258  | 222  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for depreciation and amortization | 965  | 932  | 804  | 773  | $(101) | $(107) | 1668  | 1598 <br><sup>11</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and other adjustments | 61  |  | (32) | 53  |  |  | 29  | 53  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense |  |  |  |  | 104  | 159  | 104  | 159 <br><sup>12</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributed earnings of Financial Services | 1066  | 250  |  |  | (1066) | (250)<br><sup>13</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (credit) for deferred income taxes | (242) | (49) | 140  | (76) |  |  | (102) | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables related to sales | (66) | 106  |  |  | (428) | (2552) | (494) | (2446)<br><sup>14, 16</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (423) | 391  |  |  | (103) | (157) | (526) | 234 <br><sup>15</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (646) | (924) | 69  | 212  | (140) | (303) | (717) | (1015)<br><sup>16</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes payable/receivable | (89) | 13  | (58) | 18  |  |  | (147) | 31  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits | (770) | (241) | (43) | (5) |  |  | (813) | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 123  | (109) | 182  | 44  | (39) | (107) | 266  | (172)<br><sup>11, 12, 15</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 3338  | 5702  | 1899  | 1754  | (1773) | (3317) | 3464  | 4139  |
| **Cash Flows from Investing Activities** |  |  |  |  |  |  |  |  |
| Collections of receivables (excluding receivables related to sales) |  |  | 20178  | 19826  | (466) | (683) | 19712  | 19143 <br><sup>14</sup>  |
| Proceeds from maturities and sales of marketable securities | 27  | 56  | 332  | 277  |  |  | 359  | 333  |
| Proceeds from sales of equipment on operating leases |  |  | 1408  | 1451  |  |  | 1408  | 1451  |
| Cost of receivables acquired (excluding receivables related to sales) |  |  | (19189) | (21395) | 227  | 282  | (18962) | (21113)<br><sup>14</sup>  |
| Acquisitions of businesses, net of cash acquired | (89) |  |  |  |  |  | (89) |  |
| Purchases of marketable securities | (133) | (220) | (465) | (352) |  |  | (598) | (572) |
| Purchases of property and equipment | (851) | (1041) | (1) | (2) |  |  | (852) | (1043) |
| Cost of equipment on operating leases acquired |  |  | (2148) | (2377) | 139  | 212  | (2009) | (2165)<br><sup>15</sup>  |
| Decrease in investment in Financial Services |  | 11  |  |  |  | (11)<br><sup>17</sup>  |  |  |
| Increase in trade and wholesale receivables |  |  | (807) | (3255) | 807  | 3255 <br><sup>14</sup>  |  |  |
| Collections of receivables from unconsolidated affiliates | 189  |  | 145  |  |  |  | 334  |  |
| Collateral on derivatives – net | 4  |  | 123  | 390  |  |  | 127  | 390  |
| Other | (75) | (88) | (156) | (8) |  | 1  | (231) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (928) | (1282) | (580) | (5445) | 707  | 3056  | (801) | (3671) |
| **Cash Flows from Financing Activities** |  |  |  |  |  |  |  |  |
| Net proceeds (payments) in short-term borrowings (original maturities three months or less) | 294  | 81  | (2354) | (1073) |  |  | (2060) | (992) |
| Change in intercompany receivables/payables | (660) | 558  | 660  | (558) |  |  |  |  |
| Proceeds from borrowings issued (original maturities greater than three months) | 2188  | 115  | 8519  | 15397  |  |  | 10707  | 15512  |
| Payments of borrowings (original maturities greater than three months) | (863) | (1061) | (6880) | (9731) |  |  | (7743) | (10792) |
| Repurchases of common stock | (1136) | (3227) |  |  |  |  | (1136) | (3227) |
| Capital returned to Equipment Operations |  |  |  | (11) |  | 11 <br><sup>17</sup>  |  |  |
| Dividends paid | (1282) | (1202) | (1066) | (250) | 1066  | 250  | (1282) | (1202)<br><sup>13</sup>  |
| Other | (25) | (37) | (18) | (51) |  |  | (43) | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) financing activities | (1484) | (4773) | (1139) | 3723  | 1066  | 261  | (1557) | (789) |
| **Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash** | 96  | 12  | 12  | (18) |  |  | 108  | (6) |
| **Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash** | 1022  | (341) | 192  | 14  |  |  | 1214  | (327) |
| **Cash, Cash Equivalents, and Restricted Cash at Beginning of Period** | 5643  | 5755  | 1990  | 1865  |  |  | 7633  | 7620  |
| **Cash, Cash Equivalents, and Restricted Cash at End of Period** | $6665  | $5414  | $2182  | $1879  |  |  | $8847  | $7293  |

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<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.

<sup>17</sup> Elimination of change in investment from equipment operations to financial services.

------

## Exhibit 99.2

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3Q 2025 Earnings Call 14 August 2025 Exhibit 99.2 (Furnished herewith) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Forward-Looking Statements This earnings call and accompanying materials may 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, including estimates and assumptions with respect to economic, political, technological, weather, market acceptance, acquisitions and divestitures of businesses, anticipated transaction costs, the integration of new businesses, anticipated benefits of acquisitions, and other factors that impact the Company's businesses and customers. 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 actual results to differ materially from those projected in these forward-looking statements. Among these factors are risks related to government policies relating to trade (e.g., increased and proposed tariffs announced by the U.S. government and potential retaliatory trade regulations); the agricultural business cycle which can be unpredictable and affected by agriculture fundamentals, such as prices for commodities; the political and economic geographies in which we operate; international conflicts; adverse macroeconomic conditions impacting consumer practices, including demand for John Deere products; housing starts and supply, non-residential construction, and infrastructure investment; higher interest rates; higher provision for credit losses and write-offs; competitive markets; production schedules; the ability to execute business strategies; events that damage the company's reputation or brand (including legal proceedings brought against the company); dealer practices and their ability to manage inventory (including used inventory and rental fleets) and distribute John Deere products; changes in U.S. and international laws and regulations; and changes in climate. For a discussion of some of these risks and uncertainties 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. 22 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 3Q 2025 Results ($ millions except where noted) $13,152 $12,018 3Q 2024 3Q 2025 $11,387 $10,357 3Q 2024 3Q 2025 $1,734 $1,289 3Q 2024 3Q 2025 $6.29 $4.75 3Q 2024 3Q 2025 9% Net Sales and Revenues Net Sales (Equipment Operations) Net Income (attributable to Deere & Company) Diluted EPS ($ per share) 9% 26% 24% 23 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Production and Precision Ag 3Q 2025 Results $ in millions $5,099 $4,273 3Q 2024 3Q 2025 Net Sales 16% Operating Profit Comparison $34 $1,162 ($494) ($40) ($52) ($45) $69 ($17) ($37) $580 3Q 2024 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2025 24 |

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| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Small Ag and Turf 3Q 2025 Results $ in millions $3,053 $3,025 3Q 2024 3Q 2025 Net Sales 1% Operating Profit Comparison $12 $496 ($11) $15 $9 $29 $15 ($16) ($64) $485 3Q 2024 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2025 25 |

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| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Ag and Turf Industry Outlook (in units) – FY 2025 Source: Deere & Company forecast as of 14 August 2025 U.S. and CANADA LARGE AG ~30% EUROPE AG Flat to down 5% SOUTH AMERICA AG (tractors and combines) Flat U.S. and CANADA SMALL AG and TURF ~10% ASIA AG Flat to up 5% 26 |

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| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Production and Precision Ag Business Segment Outlook $ in millions Source: Deere & Company forecast as of 14 August 2025 21.7% FY 2024 FY 2025 Fcst $20,834 FY 2024 FY 2025 Fcst Net Sales Operating Margin 15.5-17.0% 15-20% 27 |

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| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 $10,969 FY 2024 FY 2025 Fcst Small Ag and Turf Business Segment Outlook $ in millions Source: Deere & Company forecast as of 14 August 2025 14.8% FY 2024 FY 2025 Fcst Net Sales Operating Margin ~10% 12.0-13.5% 28 |

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| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Construction and Forestry 3Q 2025 Results $ in millions $3,235 $3,059 3Q 2024 3Q 2025 Net Sales 5% Operating Profit Comparison $4 $448 $59 ($160) ($1) ($15) ($74) ($34) $10 $237 3Q 2024 Volume/ Mix Price Currency Warranty Production Costs SA&G/ R&D Special Items Other 3Q 2025 29 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Construction and Forestry Industry Outlook (in units) – FY 2025 Source: Deere & Company forecast as of 14 August 2025 GLOBAL ROADBUILDING Flat U.S. and CANADA CONSTRUCTION EQUIPMENT ~10% U.S. and CANADA COMPACT CONSTRUCTION EQUIPMENT Flat to down 5% GLOBAL FORESTRY Flat to down 5% 30 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Construction and Forestry Business Segment Outlook $ in millions Source: Deere & Company forecast as of 14 August 2025 15.5% FY 2024 FY 2025 Fcst $12,956 FY 2024 FY 2025 Fcst Net Sales Operating Margin 10-15% 8.5-10.0% 31 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Financial Services Net Income – Results and Outlook $ in millions Source: Deere & Company forecast as of 14 August 2025 $153 $205 3Q 2024 3Q 2025 Quarter Results Fiscal Year Outlook $696 $770 FY 2024 FY 2025 Fcst ~ 32 |

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| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Deere & Company Outlook Effective Tax Rate\* Net Income (attributable to Deere & Co.) $4.75-5.25B 19-21% FY 2025 FORECAST Net Operating Cash Flow\* $4.5-5.5B \*Equipment Operations Source: Deere & Company forecast as of 14 August 2025 Other Research and Development Expenses\* Capital Expenditures\* Down slightly ~$1.4B 33 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Appendix 34 |

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| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 July 2025 Retail Sales (Rolling 3 Months) and Dealer Inventories Retail Sales U.S. and Canada Ag Industry\* Deere\*\* 2WD Tractors (< 40 PTO hp) 5% In line with the industry 2WD Tractors (40 < 100 PTO hp) 2% More than the industry 2WD Tractors (100+ PTO hp) 28% More than the industry 4WD Tractors 42% Less than the industry Combines 28% More than the industry Deere Dealer Inventories\*\*\* U.S. and Canada Ag 2025 2024 2WD Tractors (100+ PTO hp) 31% 32% Combines 26% 22% \* 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 35 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 July 2025 Retail Sales (Rolling 3 Months) Retail Sales Europe Ag Deere\* Tractors Double digits Combines Single digit \* Based on internal sales reports Retail Sales U.S. and Canada Deere\* Selected Turf and Utility Equipment Flat Earthmoving and Forestry Single digit 36 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 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 Consistently and moderately raise dividend targeting a 25-35% payout ratio of mid-cycle earnings Consider share repurchase as a means to deploy excess cash to shareholders, once above requirements are met COMMITTED TO "A" RATING FUND OPERATING & GROWTH NEEDS COMMON STOCK DIVIDEND CASH FROM OPERATIONS 37 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 John Deere \| 3Q 2025 Earnings Call \| August 14, 2025 Deere & Company's 4Q 2025 earnings call is scheduled for 9:00 a.m. Central Time on Wednesday, 26 November 2025. 38 |

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&nbsp;&nbsp;![GRAPHIC](de-20250814xex99d2g019.jpg)<br>