# EDGAR Filing Document

**Accession Number:** 0000027673
**File Stem:** 0001104659-26-020198
**Filing Date:** 2026-2
**Character Count:** 107108
**Document Hash:** b265b5e565586ad49f8a3a3e561cce29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-020198.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001104659-26-020198

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20260201

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEERE JOHN CAPITAL CORP
- **CENTRAL INDEX KEY:** 0000027673
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 362386361
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1101

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06458
- **FILM NUMBER:** 26682384

**BUSINESS ADDRESS:**
- **STREET 1:** P. O. BOX 5328
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53705-0328
- **BUSINESS PHONE:** (800) 438-7394

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DEERE JOHN CREDIT CO
- **DATE OF NAME CHANGE:** 19890130

?xml version='1.0' encoding='ASCII'? DEERE JOHN CAPITAL CORP_February 1, 2026

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

WASHINGTON, D.C. 20549

**FORM 10-Q**

**(Mark One)**

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

**For the quarterly period ended February 1, 2026**

or

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

**For the transition period from ____ to ____**

Commission File Number: 1-6458

#### JOHN DEERE CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware**(State or other jurisdiction of incorporation or organization) | **36-2386361**(IRS Employer Identification No.) |
| **P.O. Box 5328Madison, Wisconsin 53705-0328**(Address of principal executive offices, zip code) | **P.O. Box 5328Madison, Wisconsin 53705-0328**(Address of principal executive offices, zip code) |
| **(800) 438-7394**<br>(Registrant's telephone number, including area code) | **(800) 438-7394**<br>(Registrant's telephone number, including area code) |

---

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| 2.00% Senior Notes Due 2031 | JDCC 31 | New York Stock Exchange |

---

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

Yes ☒No ☐

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

Yes ☒No ☐

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Large accelerated filer  | &nbsp;&nbsp;☐ | &nbsp;&nbsp;Accelerated filer | &nbsp;&nbsp;☐ |
| &nbsp;&nbsp;Non-accelerated filer  | &nbsp;&nbsp;☒ | &nbsp;&nbsp;Smaller reporting company | &nbsp;&nbsp;☐ |
|  |  | &nbsp;&nbsp;Emerging growth company | &nbsp;&nbsp;☐ |

---

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At February 26, 2026, 2,500 shares of common stock, without par value, of the registrant were outstanding, all of which were owned by John Deere Financial Services, Inc., a wholly-owned subsidiary of Deere & Company.

**The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with certain reduced disclosures as permitted by those instructions.**

------

#### PART I. FINANCIAL INFORMATION

#### Item 1. &nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL STATEMENTS

#### John Deere Capital Corporation and Subsidiaries
**Statements of Consolidated Income**

**(Unaudited)**

(in millions)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **February 1**<br>**2026** | **January 26** <br>**2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;Finance income earned on retail notes | $507.1 | $507.4 |
| &nbsp;&nbsp;Lease revenues | 297.5 | 285.8 |
| &nbsp;&nbsp;Revolving charge account income | 113.4 | 116.4 |
| &nbsp;&nbsp;Finance income earned on wholesale receivables | 199.1 | 241.0 |
| &nbsp;&nbsp;Other income | 41.8 | 47.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 1158.9 | 1198.4 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Interest expense | 548.4 | 637.3 |
| &nbsp;&nbsp;Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of equipment on operating leases | 184.9 | 178.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and operating expenses | 99.9 | 108.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and interest paid to John Deere | 49.3 | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 30.8 | 60.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 364.9 | 369.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 913.3 | 1007.1 |
| **Income of Consolidated Group before Income Taxes** | 245.6 | 191.3 |
| &nbsp;&nbsp;Provision for income taxes | 48.2 | 32.9 |
| **Income of Consolidated Group** | 197.4 | 158.4 |
| &nbsp;&nbsp;Equity in income of unconsolidated affiliate | 1.6 | .9 |
| **Net Income** | 199.0 | 159.3 |
| &nbsp;&nbsp;Less: Net income attributable to noncontrolling interests | .2 | .2 |
| **Net Income Attributable to the Company** | $198.8 | $159.1 |

---

See Condensed Notes to Interim Consolidated Financial Statements.

**John Deere Capital Corporation and Subsidiaries**

**Statements of Consolidated Comprehensive Income**

**(Unaudited)**

(in millions)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **February 1**<br>**2026** | **January 26** <br>**2025** |
| **Net Income** | $199.0 | $159.3 |
| **Other Comprehensive Income (Loss), Net of Income Taxes** |  |  |
| &nbsp;&nbsp;Cumulative translation adjustment | 44.7 | (36.7) |
| &nbsp;&nbsp;Unrealized loss on derivatives | (.6) | (1.9) |
| &nbsp;&nbsp;Unrealized gain on debt securities | .2 | .3 |
| **Other Comprehensive Income (Loss), Net of Income Taxes** | 44.3 | (38.3) |
| **Comprehensive Income** | 243.3 | 121.0 |
| &nbsp;&nbsp;Less: Comprehensive income attributable to noncontrolling interests | .2 | .2 |
| **Comprehensive Income Attributable to the Company** | $243.1 | $120.8 |

---

See Condensed Notes to Interim Consolidated Financial Statements.

**Consolidated Balance Sheets**

**(Unaudited)**

(in millions)

---

| | | | |
|:---|:---|:---|:---|
|  | **February 1**<br>**2026** | **November 2**<br>**2025** | **January 26** <br>**2025** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $1691.3 | $1619.3 | $1715.7 |
| &nbsp;&nbsp;Marketable securities | 5.7 | 6.8 | 3.8 |
| &nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail notes | 25518.4 | 25786.5 | 24742.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail notes securitized | 6518.7 | 6870.8 | 8304.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving charge accounts | 3358.3 | 4677.0 | 3220.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale receivables | 12353.4 | 12655.9 | 12783.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing leases | 1492.5 | 1658.8 | 1376.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 49241.3 | 51649.0 | 50426.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | (244.8) | (250.1) | (242.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables – net | 48996.5 | 51398.9 | 50184.4 |
| &nbsp;&nbsp;Other receivables | 191.2 | 159.8 | 172.7 |
| &nbsp;&nbsp;Receivables from John Deere | 276.4 | 264.4 | 70.1 |
| &nbsp;&nbsp;Equipment on operating leases – net | 5406.4 | 5539.5 | 5293.7 |
| &nbsp;&nbsp;Notes receivable from John Deere |  |  | 590.3 |
| &nbsp;&nbsp;Notes receivable from related parties | 306.4 | 392.0 |  |
| &nbsp;&nbsp;Investment in unconsolidated affiliate | 60.5 | 56.8 | 48.0 |
| &nbsp;&nbsp;Deferred income taxes | 34.3 | 34.9 | 29.8 |
| &nbsp;&nbsp;Other assets | 544.6 | 518.2 | 433.8 |
| **Total Assets** | $57513.3 | $59990.6 | $58542.3 |
| **Liabilities and Stockholder's Equity** |  |  |  |
| &nbsp;&nbsp;Short-term external borrowings: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial paper and other notes payable | $1804.4 | $1380.9 | $83.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitization borrowings | 6282.9 | 6595.4 | 8012.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term external borrowings | 8418.1 | 8270.5 | 8376.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short-term external borrowings | 16505.4 | 16246.8 | 16472.3 |
| &nbsp;&nbsp;Notes payable to John Deere | 3584.1 | 4452.6 | 1228.4 |
| &nbsp;&nbsp;Other payables to John Deere | 263.1 | 279.1 | 642.6 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 1209.9 | 1272.1 | 1123.6 |
| &nbsp;&nbsp;Deposits held from dealers and merchants | 119.1 | 124.5 | 115.1 |
| &nbsp;&nbsp;Deferred income taxes | 371.1 | 382.5 | 510.7 |
| &nbsp;&nbsp;Long-term external borrowings | 29636.2 | 31301.9 | 32236.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 51688.9 | 54059.5 | 52329.1 |
| &nbsp;&nbsp;Commitments and contingencies (Note 9) |  |  |  |
| &nbsp;&nbsp;Stockholder's equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, without par value (issued and outstanding – <br>2,500 shares owned by John Deere Financial Services, Inc.) | 2292.8 | 2292.8 | 2292.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 3576.3 | 3727.5 | 4103.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (46.2) | (90.5) | (184.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Company stockholder's equity | 5822.9 | 5929.8 | 6212.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 1.5 | 1.3 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholder's equity | 5824.4 | 5931.1 | 6213.2 |
| **Total Liabilities and Stockholder's Equity** | $57513.3 | $59990.6 | $58542.3 |

---

See Condensed Notes to Interim Consolidated Financial Statements.

#### Statements of Consolidated Cash Flows
(Unaudited)

(in millions)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **February 1**<br>**2026** | **January 26** <br>**2025** |
| **Cash Flows from Operating Activities:** |  |  |
| &nbsp;&nbsp;Net income | $199.0 | $159.3 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 30.8 | 60.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for depreciation and amortization | 190.2 | 184.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (credit) for deferred income taxes | (10.1) | 225.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in accounts payable and accrued expenses | (93.2) | (79.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in accrued income taxes payable/receivable | (17.9) | (35.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 48.7 | 116.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 347.5 | 631.2 |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;Cost of receivables acquired (excluding wholesale) | (5582.4) | (5492.7) |
| &nbsp;&nbsp;Collections of receivables (excluding wholesale) | 7658.2 | 7774.0 |
| &nbsp;&nbsp;Decrease in wholesale receivables – net | 426.7 | 1201.6 |
| &nbsp;&nbsp;Cost of equipment on operating leases acquired | (326.2) | (355.2) |
| &nbsp;&nbsp;Proceeds from sales of equipment on operating leases | 272.4 | 296.2 |
| &nbsp;&nbsp;Cost of notes receivable acquired from John Deere and other related parties | (17.6) | (18.4) |
| &nbsp;&nbsp;Collections of notes receivable from John Deere and other related parties | 105.0 | 12.6 |
| &nbsp;&nbsp;Other | .3 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 2536.4 | 3423.5 |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;Increase (decrease) in commercial paper and other notes payable – net (original maturities <br>of three months or less) | 928.2 | (1589.7) |
| &nbsp;&nbsp;Decrease in securitization borrowings – net | (314.4) | (419.5) |
| &nbsp;&nbsp;Decrease in short-term borrowings with John Deere – net | (911.3) | (1405.9) |
| &nbsp;&nbsp;Proceeds from external borrowings issued (original maturities greater than three months) | 495.0 | 949.8 |
| &nbsp;&nbsp;Payments of external borrowings (original maturities greater than three months) | (2650.9) | (1350.6) |
| &nbsp;&nbsp;Dividends paid | (350.0) | (135.0) |
| &nbsp;&nbsp;Debt issuance costs | (4.4) | (4.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (2807.8) | (3955.7) |
| **Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash** | 11.6 | (7.1) |
| **Net Increase in Cash, Cash Equivalents, and Restricted Cash** | 87.7 | 91.9 |
| **Cash, Cash Equivalents, and Restricted Cash at Beginning of Period** | 1852.8 | 1787.0 |
| **Cash, Cash Equivalents, and Restricted Cash at End of Period** | $1940.5 | $1878.9 |
| **Components of Cash, Cash Equivalents, and Restricted Cash:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $1691.3 | $1715.7 |
| &nbsp;&nbsp;Restricted cash\* | 249.2 | 163.2 |
| **Total Cash, Cash Equivalents, and Restricted Cash** | $1940.5 | $1878.9 |

---

\* Restricted cash is reported in "Other assets" on the consolidated balance sheets and primarily relates to the securitization of receivables (see Note 5) and cash that is legally restricted as to withdrawal or usage.

See Condensed Notes to Interim Consolidated Financial Statements.

**John Deere Capital Corporation and Subsidiaries**

**Statements of Changes in Consolidated Stockholder's Equity**

**For the Three Months Ended February 1, 2026 and January 26, 2025**

**(Unaudited)**

(in millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Company Stockholder** | **Company Stockholder** | **Company Stockholder** | |
|  | <br>**Total**<br>**Stockholder's**<br>**Equity** | <br>**Common**<br>**Stock** | <br>**Retained**<br>**Earnings** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | <br>**Noncontrolling**<br>**Interests** |
| **Balance October 27, 2024** | $6227.2 | $2292.8 | $4079.6 | $(146.2) | $1.0 |
| Net income | 159.3 |  | 159.1 |  | .2 |
| Other comprehensive loss | (38.3) |  |  | (38.3) |  |
| Dividends declared | (135.0) |  | (135.0) |  |  |
| **Balance January 26, 2025** | $6213.2 | $2292.8 | $4103.7 | $(184.5) | $1.2 |
| **Balance November 2, 2025** | $5931.1 | $2292.8 | $3727.5 | $(90.5) | $1.3 |
| Net income | 199.0 |  | 198.8 |  | .2 |
| Other comprehensive income | 44.3 |  |  | 44.3 |  |
| Dividends declared | (350.0) |  | (350.0) |  |  |
| **Balance February 1, 2026** | $5824.4 | $2292.8 | $3576.3 | $(46.2) | $1.5 |

---

See Condensed Notes to Interim Consolidated Financial Statements.

#### Condensed Notes to Interim Consolidated Financial Statements (Unaudited)
**(1)** **ORGANIZATION AND CONSOLIDATION**

References to John Deere Capital Corporation (Capital Corporation), "the Company," "we," "us," or "our" include our consolidated subsidiaries. John Deere Financial Services, Inc. (JDFS), a wholly-owned subsidiary of Deere & Company, owns all of the outstanding common stock of Capital Corporation. We provide and administer financing for retail purchases of new equipment manufactured by Deere & Company's Production & Precision Agriculture operations, Small Agriculture & Turf operations, and Construction & Forestry operations and used equipment taken in trade for this equipment. References to "agriculture and turf" include both Production & Precision Agriculture and Small Agriculture & Turf. Deere & Company and its wholly-owned subsidiaries are collectively called "John Deere."

We offer the following financing solutions:

● *Retail notes* – we purchase retail installment sales and loan contracts from John Deere, which are generally acquired through independent John Deere retail dealers, and finance a limited amount of non-John Deere retail notes;

● *Revolving charge accounts* – we finance and service revolving charge accounts, in most cases acquired from and offered through merchants and dealers in the agriculture and turf and construction and forestry markets;

● *Wholesale receivables* – we provide wholesale financing to dealers of John Deere agriculture and turf equipment and construction and forestry equipment, primarily to finance inventories of equipment for those dealers; and

● *Financing and operating leases* – we lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers.

Retail notes, revolving charge accounts, and financing leases are collectively called "Customer Receivables." Customer Receivables and wholesale receivables are collectively called "Receivables." Receivables and equipment on operating leases are collectively called "Receivables and Leases." We secure our Receivables, other than certain revolving charge accounts, by retaining as collateral security in the equipment associated with those Receivables or with the use of other collateral, and require theft and physical damage insurance on such equipment.

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

We are the primary beneficiary of and consolidate certain variable interest entities that are special purpose entities (SPEs) related to the securitization of receivables. See Note 5 for more information on these SPEs.

**Presentation of Amounts**

All amounts are presented in millions of U.S. dollars, unless otherwise specified.

**(2)** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS**

**Quarterly Financial Statements**

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

**Use of Estimates in Financial Statements**

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

**Accounting Pronouncements to be Adopted**

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

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

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

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

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

---

| |
|:---|
| 2025-12 — Codification Improvements |
| 2025-11 — Interim Reporting (Topic 270): Narrow-Scope Improvements |
| 2025-09 — Derivatives and Hedging (Topic 815): Hedge Accounting Improvements |
| 2025-07 — Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract |
| 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments |
| 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative |

---

**(3)** **OTHER COMPREHENSIVE INCOME ITEMS** 

The after-tax components of accumulated other comprehensive income (loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Cumulative translation adjustment | $(29.0) | $(73.7) | $(150.7) |
| Unrealized loss on derivatives | (16.9) | (16.3) | (33.2) |
| Unrealized loss on debt securities | (.3) | (.5) | (.6) |
| Accumulated other comprehensive loss | $(46.2) | $(90.5) | $(184.5) |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Before<br>Tax<br>Amount | Tax<br>(Expense)<br>Credit | After<br>Tax<br>Amount |
| Three Months Ended February 1, 2026 |  |  |  |
| Cumulative translation adjustment | $44.7 |  | $44.7 |
| Unrealized gain (loss) on derivatives: |  |  |  |
| &nbsp;&nbsp;Unrealized hedging gain (loss) | (2.1) | $.4 | (1.7) |
| &nbsp;&nbsp;Reclassification of realized (gain) loss to Interest expense | 1.4 | (.3) | 1.1 |
| &nbsp;&nbsp;Net unrealized gain (loss) on derivatives | (.7) | .1 | (.6) |
| Unrealized gain (loss) on debt securities: |  |  |  |
| &nbsp;&nbsp;Unrealized holding gain (loss) | .4 | (.2) | .2 |
| Total other comprehensive income (loss) | $44.4 | $(.1) | $44.3 |
| Three Months Ended January 26, 2025 |  |  |  |
| Cumulative translation adjustment | $(36.7) |  | $(36.7) |
| Unrealized gain (loss) on derivatives: |  |  |  |
| &nbsp;&nbsp;Unrealized hedging gain (loss) | 6.8 | $(1.4) | 5.4 |
| &nbsp;&nbsp;Reclassification of realized (gain) loss to Interest expense | (9.2) | 1.9 | (7.3) |
| &nbsp;&nbsp;Net unrealized gain (loss) on derivatives | (2.4) | .5 | (1.9) |
| Unrealized gain (loss) on debt securities: |  |  |  |
| &nbsp;&nbsp;Unrealized holding gain (loss) | .4 | (.1) | .3 |
| Total other comprehensive income (loss) | $(38.7) | $.4 | $(38.3) |

---

**(4)** **RECEIVABLES**

**Credit Quality**

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

● Past due balances represent Receivables still accruing finance income with any payments 30 days or more past the contractual payment due date.

● Non-performing Receivables represent Receivables for which we have stopped accruing finance income, which generally occurs when Customer Receivables are 90 days delinquent and when interest-bearing wholesale receivables become 60 days delinquent. Accrued finance income and lease revenue previously recognized on non-performing Receivables is reversed and subsequently recognized on a cash basis. Accrual of finance income and lease revenue is resumed when the receivable becomes contractually current and collections are reasonably assured.

Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables, were as follows:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 |
| Accrued finance income and lease revenue reversed  | $13.1 | $13.4 |
| Finance income and lease revenue recognized on cash payments | 14.5 | 11.2 |

---

Total Receivable balances represent principal plus accrued interest. Receivable balances are written off to the allowance for credit losses when, in the judgment of management, they are considered uncollectible. Write-offs generally occur when Customer Receivables are 120 days delinquent, and on a case-by-case basis when wholesale receivables are 60 days delinquent. In these situations, collateral is repossessed (for collateral-dependent Receivables) or the account is designated for litigation, and the estimated uncollectible amount is written off to the allowance for credit losses.

The credit quality and aging analysis of Customer Receivables by year of origination was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | February 1, 2026 | February 1, 2026 | February 1, 2026 | February 1, 2026 | February 1, 2026 | February 1, 2026 | February 1, 2026 | February 1, 2026 |
|  | 2026 | 2025 | 2024 | 2023 | 2022 | Prior Years | Revolving Charge Accounts | Total |
| Customer Receivables: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Agriculture and turf |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $1997.8 | $9744.7 | $6802.1 | $4246.8 | $2354.3 | $1138.3 | $3122.5 | $29406.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due | 6.0 | 99.4 | 74.8 | 48.5 | 26.8 | 14.3 | 97.7 | 367.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due | .3 | 38.0 | 33.2 | 21.2 | 12.0 | 5.6 | 10.8 | 121.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ days past due |  | 2.3 | 2.0 | 1.0 | .6 | 2.1 |  | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing |  | 48.5 | 130.2 | 93.0 | 58.9 | 43.8 | 11.6 | 386.0 |
| &nbsp;&nbsp;Construction and forestry |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | 862.6 | 2528.0 | 1508.8 | 738.8 | 305.6 | 75.1 | 107.7 | 6126.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due | 6.5 | 62.7 | 47.9 | 30.4 | 10.0 | 4.9 | 5.3 | 167.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due | .1 | 21.6 | 23.4 | 10.8 | 4.0 | 2.0 | 1.5 | 63.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ days past due |  |  | .4 |  |  |  |  | .4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing | .4 | 42.9 | 78.3 | 65.5 | 30.0 | 22.4 | 1.2 | 240.7 |
| Total  | $2873.7 | $12588.1 | $8701.1 | $5256.0 | $2802.2 | $1308.5 | $3358.3 | $36887.9 |
| Write-offs for the three months ended February 1, 2026: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Agriculture and turf |  | $3.5 | $6.6 | $5.0 | $2.7 | $1.6 | $8.5 | $27.9 |
| &nbsp;&nbsp;Construction and forestry |  | 7.0 | 4.7 | 6.7 | 1.6 | .7 | 1.5 | 22.2 |
| Total |  | $10.5 | $11.3 | $11.7 | $4.3 | $2.3 | $10.0 | $50.1 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | November 2, 2025 | November 2, 2025 | November 2, 2025 | November 2, 2025 | November 2, 2025 | November 2, 2025 | November 2, 2025 | November 2, 2025 |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | Prior Years | Revolving Charge Accounts | Total |
| Customer Receivables: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Agriculture and turf |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $10793.0 | $7561.2 | $4784.4 | $2755.4 | $1228.4 | $260.0 | $4489.1 | $31871.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due | 33.0 | 65.9 | 53.1 | 34.8 | 14.5 | 5.9 | 33.9 | 241.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due | 11.7 | 30.7 | 22.4 | 11.2 | 6.9 | 2.2 | 9.0 | 94.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ days past due | .5 | 1.8 | .4 | .8 | 2.2 | .5 |  | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing | 38.8 | 97.2 | 89.0 | 51.6 | 28.1 | 15.6 | 13.5 | 333.8 |
| &nbsp;&nbsp;Construction and forestry |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | 2774.6 | 1726.0 | 888.1 | 392.5 | 108.6 | 9.1 | 124.1 | 6023.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due | 38.8 | 42.0 | 27.4 | 11.6 | 3.6 | 1.3 | 4.6 | 129.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due | 19.2 | 13.3 | 11.7 | 6.3 | 1.5 | .7 | 1.7 | 54.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ days past due | .2 | .8 |  |  | .3 |  |  | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing | 27.5 | 80.6 | 70.6 | 34.1 | 17.5 | 7.0 | 1.1 | 238.4 |
| Total | $13737.3 | $9619.5 | $5947.1 | $3298.3 | $1411.6 | $302.3 | $4677.0 | $38993.1 |
| Write-offs for the twelve months ended November 2, 2025: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Agriculture and turf | $5.0 | $29.3 | $33.0 | $19.1 | $6.7 | $6.2 | $99.9 | $199.2 |
| &nbsp;&nbsp;Construction and forestry | 7.2 | 32.4 | 26.2 | 10.3 | 2.7 | 1.6 | 7.3 | 87.7 |
| Total | $12.2 | $61.7 | $59.2 | $29.4 | $9.4 | $7.8 | $107.2 | $286.9 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | January 26, 2025 | January 26, 2025 | January 26, 2025 | January 26, 2025 | January 26, 2025 | January 26, 2025 | January 26, 2025 | January 26, 2025 |
|  | 2025 | 2024 | 2023 | 2022 | 2021 | Prior Years | Revolving Charge Accounts | Total |
| Customer Receivables: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Agriculture and turf |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $2152.3 | $11464.4 | $6777.2 | $4157.4 | $2226.8 | $832.9 | $2948.5 | $30559.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due | 7.5 | 101.9 | 81.8 | 45.3 | 23.6 | 10.8 | 125.7 | 396.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due | .3 | 38.4 | 33.0 | 17.2 | 9.3 | 4.6 | 23.3 | 126.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ days past due |  | 2.2 | .8 | .3 | 3.4 | .4 |  | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing |  | 42.1 | 112.8 | 74.5 | 40.0 | 30.2 | 14.1 | 313.7 |
| &nbsp;&nbsp;Construction and forestry |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | 803.9 | 2392.2 | 1381.0 | 742.0 | 292.8 | 59.3 | 99.6 | 5770.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due | 6.5 | 65.1 | 37.5 | 24.4 | 10.2 | 2.3 | 5.3 | 151.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due |  | 26.8 | 17.1 | 9.5 | 4.0 | 1.3 | 2.5 | 61.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ days past due |  | .8 | .1 | .2 |  | .2 |  | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing |  | 61.4 | 93.7 | 53.5 | 32.3 | 13.5 | 1.2 | 255.6 |
| Total | $2970.5 | $14195.3 | $8535.0 | $5124.3 | $2642.4 | $955.5 | $3220.2 | $37643.2 |
| Write-offs for the three months ended January 26, 2025: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Agriculture and turf |  | $4.5 | $8.4 | $4.8 | $1.6 | $2.2 | $10.0 | $31.5 |
| &nbsp;&nbsp;Construction and forestry |  | 7.8 | 7.5 | 3.9 | 1.3 | .4 | 2.5 | 23.4 |
| Total |  | $12.3 | $15.9 | $8.7 | $2.9 | $2.6 | $12.5 | $54.9 |

---

The credit quality and aging analysis of wholesale receivables was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Wholesale receivables: |  |  |  |
| &nbsp;&nbsp;Agriculture and turf |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $9328.5 | $9427.4 | $9791.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due | 7.5 | 5.2 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due | 2.8 |  | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ days past due | 1.8 | .6 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-performing | 5.3 | 9.1 | 29.0 |
| &nbsp;&nbsp;Construction and forestry |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | 2999.2 | 3205.7 | 2917.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due | 1.8 | 1.1 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due | .7 | 1.1 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;90+ days past due | 5.8 | 5.7 | 13.7 |
| Total  | $12353.4 | $12655.9 | $12783.2 |

---

**Allowance for Credit Losses**

The allowance for credit losses is an estimate of the credit losses expected over the life of our Receivable portfolio. Non-performing Receivables are included in the estimate of expected credit losses. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:

● product category

● market

● geography

● credit risk

● remaining balance

Expected recoveries from freestanding credit enhancements, such as dealer deposits and certain credit insurance and bank guarantee contracts, are not included in the estimate of expected credit losses. Recoveries from dealer deposits are recognized in "Other income" when the dealer's deposit account is charged, while recoveries from other freestanding credit enhancements are generally recognized when the associated credit loss is recorded.

An analysis of the allowance for credit losses and investment in Receivables was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended February 1, 2026 | Three Months Ended February 1, 2026 | Three Months Ended February 1, 2026 | Three Months Ended February 1, 2026 |
|  | Retail Notes<br>& Financing<br>Leases | Revolving<br>Charge<br>Accounts | <br>Wholesale<br>Receivables | <br>Total<br>Receivables |
| Allowance for credit losses: |  |  |  |  |
| Beginning of period balance | $225.1 | $7.4 | $17.6 | $250.1 |
| &nbsp;&nbsp;Provision (credit) for credit losses\* | 34.3 | (1.4) | (2.5) | 30.4 |
| &nbsp;&nbsp;Write-offs | (40.1) | (10.0) |  | (50.1) |
| &nbsp;&nbsp;Recoveries | 2.7 | 10.7 |  | 13.4 |
| &nbsp;&nbsp;Translation adjustments | .6 |  | .4 | 1.0 |
| End of period balance | $222.6 | $6.7 | $15.5 | $244.8 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;End of period balance | $33529.6 | $3358.3 | $12353.4 | $49241.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended January 26, 2025 | Three Months Ended January 26, 2025 | Three Months Ended January 26, 2025 | Three Months Ended January 26, 2025 |
|  | Retail Notes<br>& Financing<br>Leases | Revolving<br>Charge<br>Accounts | <br>Wholesale<br>Receivables | <br>Total<br>Receivables |
| Allowance for credit losses: |  |  |  |  |
| Beginning of period balance | $192.4 | $7.6 | $27.5 | $227.5 |
| &nbsp;&nbsp;Provision (credit) for credit losses\* | 62.3 | 1.9 | (3.6) | 60.6 |
| &nbsp;&nbsp;Write-offs | (42.4) | (12.5) | (.2) | (55.1) |
| &nbsp;&nbsp;Recoveries | 2.2 | 8.7 |  | 10.9 |
| &nbsp;&nbsp;Translation adjustments | (.3) |  | (1.6) | (1.9) |
| End of period balance | $214.2 | $5.7 | $22.1 | $242.0 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;End of period balance | $34423.0 | $3220.2 | $12783.2 | $50426.4 |

---

<sup>\*</sup> Excludes provision (credit) for credit losses on unfunded commitments of $.4 and $(.2) for the three months ended February 1, 2026 and January 26, 2025, respectively. The estimated credit losses related to unfunded commitments are recorded in "Accounts payable and accrued expenses."

The allowance for credit losses decreased in the first quarter of 2026 primarily due to lower Receivables outstanding. We monitor the economy as part of the allowance setting process, including potential impacts of the agricultural cycle and global trade policies, among other factors, and qualitative adjustments to the allowance are incorporated as necessary.

Recoveries from freestanding credit enhancements recorded in "Other income" were $7.0 and $7.9 for the first quarter of 2026 and 2025, respectively.

**Modifications**

We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Finance charges continue to accrue during the deferral or extension period except for modifications related to bankruptcy proceedings. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan.

The ending amortized cost of Receivables modified with borrowers experiencing financial difficulty was as follows:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 |
| Modified Receivables  | $57.8 | $24.1 |
| Percentage of Receivable portfolio | .12% | .05% |

---

Modifications offered include payment deferrals, term extensions, or a combination thereof. The weighted-average effects for contract modifications were as follows in months.

---

| | | |
|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 |
| Payment deferral | 6 | 7 |
| Term extension | 12 | 12 |
| Combination modification |  |  |
| &nbsp;&nbsp;Payment deferral | 11 | 5 |
| &nbsp;&nbsp;Term extension | 23 | 7 |

---

We continue to monitor the performance of Receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of Receivables modified during the prior twelve months ended February 1, 2026 and January 26, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | February 1<br>2026 | January 26 <br>2025 |
| Current | $157.4 | $63.9 |
| 30-59 days past due | 12.6 | 6.6 |
| 60-89 days past due | 5.4 | 4.0 |
| 90+ days past due | .1 | 3.0 |
| Non-performing | 16.5 | 13.1 |
| &nbsp;&nbsp;Total | $192.0 | $90.6 |

---

Defaults and subsequent write-offs of Receivables modified in the prior twelve months were not significant during the three months ended February 1, 2026 and January 26, 2025. In addition, at February 1, 2026, commitments to provide additional financing to these customers were not significant.

**(5)** **SECURITIZATION OF RECEIVABLES**

Our funding strategy includes retail note securitizations. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We transfer retail notes into a bankruptcy-remote SPE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The SPE issues debt to investors. The debt is secured by the retail notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investors are paid back based on cash receipts from the retail notes.

As part of step 1, these retail notes are legally isolated from the claims of our general creditors. This ensures cash receipts from the retail notes are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as secured borrowings. The receivables and borrowings remain on our balance sheet and are separately reported as "Retail notes securitized" and "Securitization borrowings," respectively. SPEs are consolidated as VIEs when we have the power to direct the activities that most significantly impact the SPEs' economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the SPEs.

The components of the securitization programs were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Retail notes securitized | $6518.7 | $6870.8 | $8304.8 |
| Allowance for credit losses | (39.3) | (41.0) | (49.6) |
| Other assets<sup>\*</sup> | 173.5 | 173.5 | 182.4 |
| &nbsp;&nbsp;Total restricted securitized assets | $6652.9 | $7003.3 | $8437.6 |
| Securitization borrowings | $6282.9 | $6595.4 | $8012.6 |
| Accrued interest on borrowings | 12.9 | 15.1 | 11.5 |
| &nbsp;&nbsp;Total liabilities related to restricted securitized assets | $6295.8 | $6610.5 | $8024.1 |

---

<sup>\*</sup> Primarily restricted cash of $156.9, $161.8, and $163.0 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively.

**(6)** **LEASES**

We lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers through sales-type, direct financing, and operating leases. Sales-type and direct financing leases are reported in "Financing leases" and operating leases are reported in "Equipment on operating leases – net."

Lease revenues earned by us were as follows:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 |
| Sales-type and direct financing lease revenues | $29.5 | $28.2 |
| Operating lease revenues | 264.3 | 254.1 |
| Variable lease revenues | 5.1 | 4.1 |
| &nbsp;&nbsp;Total lease revenues | $298.9 | $286.4 |

---

Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in "Other income" and were $1.4 and $.6 for the first quarter of 2026 and 2025, respectively.

The cost of equipment on operating leases by market and residual values were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Agriculture and turf | $5962.0 | $6046.7 | $5693.4 |
| Construction and forestry | 895.3 | 908.5 | 931.5 |
| &nbsp;&nbsp;Total | 6857.3 | 6955.2 | 6624.9 |
| Accumulated depreciation | (1450.9) | (1415.7) | (1331.2) |
| &nbsp;&nbsp;Equipment on operating leases – net | $5406.4 | $5539.5 | $5293.7 |
| Operating lease residual values | $3825.1 | $3899.1 | $3734.7 |
| First-loss residual value guarantees | 735.8 | 756.9 | 697.5 |

---

We discuss options to purchase the equipment or extend the lease prior to operating lease maturity with lessees and dealers. We remarket equipment returned to us upon termination of leases. The matured operating lease inventory balances at February 1, 2026, November 2, 2025, and January 26, 2025 were $34.2, $20.2, and $33.3, respectively. Matured operating lease inventory is reported in "Other assets."

**(7)** **NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES**

In February 2025, John Deere completed a transaction with Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of Banco John Deere S.A. (BJD), a former John Deere finance subsidiary in Brazil. We provide loans to BJD, which are reported in "Notes receivable from related parties." Prior to completion of the transaction, the loans to BJD were reported in "Notes receivable from John Deere."

Balances due from BJD were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Notes receivable from related parties | $306.4 | $392.0 |  |
| Notes receivable from John Deere |  |  | $590.3 |

---

The loan agreements mature over the next seven years and charge interest at competitive market rates. Interest earned from John Deere and other related parties is recorded in "Other income" and was $5.5 for the first three months of 2026, compared with $10.1 for the same period last year.

We also obtain funding from affiliated companies which resulted in notes payable to John Deere as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Notes payable to John Deere | $3584.1 | $4452.6 | $1228.4 |

---

The intercompany borrowings are short-term in nature or contain a due on demand call option. We pay interest to John Deere for these borrowings based on competitive market rates. Interest expense paid to John Deere was $32.4 and $9.9 for the first three months of 2026 and 2025, respectively, which is recorded in "Fees and interest paid to John Deere."

**(8)** **LONG-TERM EXTERNAL BORROWINGS**

Long-term external borrowings consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Medium-term notes | $29721.8 | $31394.0 | $32339.9 |
| Finance lease obligations | .2 | .2 | .1 |
| Debt issuance costs and debt discounts | (85.8) | (92.3) | (103.6) |
| &nbsp;&nbsp;Total | $29636.2 | $31301.9 | $32236.4 |

---

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $29,912.5, $31,595.1, and $33,128.1 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively. All outstanding medium-term notes are senior unsecured borrowings and generally rank equally with each other. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps.

**(9)** **COMMITMENTS AND CONTINGENCIES**

We provide guarantees related to certain financial instruments issued by John Deere Financial Inc. (JDFI), a John Deere finance subsidiary in Canada. At February 1, 2026, the following notional amounts were guaranteed by us:

● Medium-term notes: $3,187.5

● Commercial paper: $2,797.1

● Derivatives: $7,615.5 , with a fair value liability of $141.4

● Uncommitted revolving demand credit facility: $370.6 , with no borrowings outstanding

The weighted-average interest rate on the medium-term notes at February 1, 2026 was 3.9% with a maximum remaining maturity of four years.

We have commitments to extend credit to customers and John Deere dealers through lines of credit and other pre-approved credit arrangements. We apply the same credit policies and approval process for these commitments to extend credit as we do for our Receivables and Leases, and generally have the right to unconditionally cancel, alter, or amend the terms at any time. Collateral is not required for these commitments, but if credit is extended, collateral may be required upon funding. A significant portion of these commitments is not expected to be fully drawn upon; therefore, the total commitment amounts likely do not represent a future cash requirement. The unused commitments at February 1, 2026 were as follows:

● John Deere dealers: $13,335.7

● Customers: $34,777.6 , primarily related to revolving charge accounts

We had a reserve for credit losses of $5.1 on unfunded commitments that are not unconditionally cancellable at February 1, 2026, which is recorded in "Accounts payable and accrued expenses."

At February 1, 2026, we had restricted other assets associated with borrowings related to securitizations (see Note 5). Excluding the securitization programs, the remaining balance of restricted other assets was $92.3 as of February 1, 2026, and was primarily cash that is legally restricted as to withdrawal or usage.

We are subject to various unresolved legal actions, the most prevalent of which relate to retail credit matters. Currently, we believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our consolidated financial statements.

**(10)** **FAIR VALUE MEASUREMENTS** 

The fair values of financial instruments that do not approximate the carrying values are presented in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | February 1, 2026 | February 1, 2026 | November 2, 2025 | November 2, 2025 | January 26, 2025 | January 26, 2025 |
|  | Carrying<br>Value | Fair<br>Value | Carrying<br>Value | Fair<br>Value | Carrying<br>Value | Fair<br>Value |
| Receivables financed – net | $42517.1 | $42634.1 | $44569.1 | $44730.6 | $41929.2 | $41818.8 |
| Retail notes securitized – net | 6479.4 | 6494.3 | 6829.8 | 6853.5 | 8255.2 | 8172.3 |
| Notes receivable from related parties | 306.4 | 307.0 | 392.0 | 400.6 |  |  |
| Securitization borrowings | 6282.9 | 6322.0 | 6595.4 | 6629.9 | 8012.6 | 8033.7 |
| Current maturities of long-term <br>external borrowings | 8418.1 | 8458.0 | 8270.5 | 8292.3 | 8376.6 | 8331.1 |
| Long-term external borrowings | 29636.2 | 30052.4 | 31301.9 | 31712.5 | 32236.4 | 32505.5 |

---

Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.

Fair values of Receivables and notes receivable from related parties that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar Receivables or at current market interest rates. The fair values of the remaining Receivables approximated the carrying amounts.

Fair values of long-term external borrowings and securitization borrowings were based on current market quotes for identical or similar borrowings and credit risk, or on the discounted values of their related cash flows at current market interest rates. Certain long-term external borrowings have been swapped to current variable interest rates. The carrying values of these long-term external borrowings include adjustments related to fair value hedges.

Assets and liabilities measured at fair value on a recurring basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Marketable securities |  |  |  |
| &nbsp;&nbsp;International debt securities | $5.7 | $6.8 | $3.8 |
| Receivables from John Deere |  |  |  |
| &nbsp;&nbsp;Derivatives | 276.4 | 264.4 | 70.1 |
| Other assets |  |  |  |
| &nbsp;&nbsp;Derivatives |  | 5.0 | 1.4 |
| Total assets | $282.1 | $276.2 | $75.3 |
| Other payables to John Deere |  |  |  |
| &nbsp;&nbsp;Derivatives | $263.1 | $279.1 | $642.6 |
| Accounts payable and accrued expenses |  |  |  |
| &nbsp;&nbsp;Derivatives | 56.9 | 5.5 | 17.6 |
| Total liabilities | $320.0 | $284.6 | $660.2 |

---

All fair value measurements in the table above were Level 2. Excluded from the table above were our cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds.

The international debt securities mature over the next five years. At February 1, 2026, the amortized cost basis and fair value of these available-for-sale debt securities were $6.0 and $5.7, respectively.

The following is a description of the valuation methodologies we use to measure certain balance sheet items at fair value:

*Marketable securities* – The international debt securities are valued using quoted prices for identical assets in inactive markets.

*Derivatives –* Our derivative financial instruments consist of interest rate contracts (swaps and caps), foreign currency exchange contracts (forwards and swaps), and cross-currency interest rate contracts (swaps). The portfolio is valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

**(11)** **DERIVATIVE INSTRUMENTS**

Our outstanding derivative transactions are with both unrelated external counterparties and John Deere. For derivative transactions with John Deere, we utilize a centralized hedging structure in which John Deere enters into a derivative transaction with an unrelated external counterparty and simultaneously enters into a derivative transaction with us. Except for collateral provisions, the terms of the transaction between John Deere and us are identical to the terms of the transaction between John Deere and its unrelated external counterparty. Derivative asset and liability positions for transactions with John Deere are recorded in "Receivables from John Deere" and "Other payables to John Deere," respectively. Derivative asset and liability positions for transactions with unrelated external counterparty banks are recorded in "Other assets" and "Accounts payable and accrued expenses," respectively.

The fair values of our derivative instruments and the associated notional amounts are presented in the table below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | February 1, 2026 | February 1, 2026 | February 1, 2026 | November 2, 2025 | November 2, 2025 | November 2, 2025 | January 26, 2025 | January 26, 2025 | January 26, 2025 |
|  | | Fair Value | Fair Value | | Fair Value | Fair Value | | Fair Value | Fair Value |
|  | <br>Notional | Asset | Liability | <br>Notional | Asset | Liability | <br>Notional | Asset | Liability |
| Cash flow hedges: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts - swaps | $3875.0 | $.3 | $27.0 | $2675.0 |  | $20.9 | $3275.0 | $1.4 | $31.1 |
| Fair value hedges: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts - swaps | 10103.5 | 120.7 | 195.3 | 10929.0 | $150.5 | 219.1 | 14734.5 | 21.3 | 585.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross-currency interest rate contracts | 1558.0 | 131.5 |  | 1558.0 | 91.4 | 10.6 | 974.5 |  | 2.1 |
| Not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts - swaps | 6516.3 | 18.5 | 23.9 | 7073.2 | 17.6 | 20.2 | 6655.1 | 20.8 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | 1560.7 |  | 56.9 | 1554.1 | 5.0 | 5.5 | 1494.0 | 1.4 | 17.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross-currency interest rate contracts | 132.7 |  | 11.5 | 131.9 | 2.3 | 5.7 | 164.0 | 14.5 | .3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate caps - sold | 2040.1 |  | 5.4 | 1650.8 |  | 2.6 | 1916.2 |  | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate caps - purchased | 2040.1 | 5.4 |  | 1650.8 | 2.6 |  | 1916.2 | 12.1 |  |

---

The amount of loss recorded in other comprehensive income (OCI) related to cash flow hedges at February 1, 2026 that is expected to be reclassified to interest expense in the next twelve months if interest rates remain unchanged is $6.7 after-tax. No gains or losses were reclassified from OCI to earnings based on the probability that the original forecasted transaction would not occur.

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item.

---

| | | |
|:---|:---|:---|
|  |  | **Cumulative** |
|  | **Carrying** | **Fair Value** |
|  | **Amount of** | **Hedging** |
| February 1, 2026 | **Hedged Items** | **Amounts** |
| Current maturities of long-term external borrowings | $2906.8 | $(25.7) |
| Long-term external borrowings | 23290.3 | (190.7) |
| November 2, 2025 |  |  |
| Current maturities of long-term external borrowings | $2891.2 | $(29.2) |
| Long-term external borrowings | 24089.0 | (201.1) |
| January 26, 2025 |  |  |
| Current maturities of long-term external borrowings | $2109.7 | $(14.3) |
| Long-term external borrowings | 23924.6 | (788.2) |

---

The above table includes carrying amounts of current maturities of long-term external borrowings of $2,547.8, $2,544.2 and $2,109.7 and long-term external borrowings of $11,952.3, $11,963.1, and $8,922.6 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively, for hedged items that are in discontinued hedge relationships. Also included are cumulative fair value hedging amounts on discontinued hedge relationships of current maturities of long-term external borrowings of $(25.8), $(29.5), and $(14.3) and long-term external borrowings of $(171.3), $(184.7), and $(179.4) at February 1, 2026, November 2, 2025, and January 26, 2025, respectively. At January 26, 2025, long-term external borrowings with a carrying amount of $598.1 were in both active and discontinued hedging relationships as a result of hedging activities associated with reference rate reform.

The classification and gains (losses), including accrued interest expense, related to derivative instruments on the statements of consolidated income consisted of the following:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 |
| Fair value hedges |  |  |
| Interest rate contracts – Interest expense \* | $(39.5) | $(345.1) |
| Cash flow hedges |  |  |
| Recognized in OCI: |  |  |
| &nbsp;&nbsp;Interest rate contracts – OCI (pretax) | $(2.1) | $6.8 |
| Reclassified from OCI: |  |  |
| &nbsp;&nbsp;Interest rate contracts – Interest expense | (1.4) | 9.2 |
| Not designated as hedges |  |  |
| Interest rate contracts – Interest expense \* | $(3.8) | $(3.8) |
| Foreign currency exchange contracts – Administrative and operating expenses \* | (121.1) | 109.4 |
| &nbsp;&nbsp;Total not designated | $(124.9) | $105.6 |

---

<sup>\*</sup> Includes interest and foreign currency exchange gains (losses) from cross-currency interest rate contracts.

Included in the table above are interest expense and administrative and operating expense amounts we incurred on derivatives transacted with John Deere. The amounts we recognized on these affiliated party transactions for the three months ended February 1, 2026 and January 26, 2025 were losses of $53.7 and $337.3, respectively.

None of our derivative agreements contain credit-risk-related contingent features. We have a loss-sharing agreement with John Deere in which we have agreed to absorb any losses and expenses John Deere incurs if an unrelated external counterparty fails to meet its obligations on a derivative transaction that John Deere entered into to manage our exposures. The loss-sharing agreement did not increase the maximum amount of loss that we would incur, after considering collateral received and netting arrangements, as of February 1, 2026, November 2, 2025, and January 26, 2025.

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities for external derivatives and those with John Deere related to netting arrangements and any collateral received or paid were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | February 1, 2026 | February 1, 2026 | February 1, 2026 | February 1, 2026 |
|  | Gross Amounts<br>Recognized | Netting<br>Arrangements | Collateral | Net<br>Amount |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;John Deere | $276.4 | $(237.3) |  | $39.1 |
| &nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;External | 56.9 |  |  | 56.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Deere | 263.1 | (237.3) |  | 25.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | November 2, 2025 | November 2, 2025 | November 2, 2025 | November 2, 2025 |
|  | Gross Amounts<br>Recognized | Netting<br>Arrangements | Collateral | Net<br>Amount |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;External | $5.0 | $(1.6) |  | $3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Deere | 264.4 | (237.3) |  | 27.1 |
| &nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;External | 5.5 | (1.6) |  | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Deere | 279.1 | (237.3) |  | 41.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | January 26, 2025 | January 26, 2025 | January 26, 2025 | January 26, 2025 |
|  | Gross Amounts<br>Recognized | Netting<br>Arrangements | Collateral | Net<br>Amount |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;External | $1.4 |  |  | $1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Deere | 70.1 | $(25.5) |  | 44.6 |
| &nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;External | 17.6 |  |  | 17.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Deere | 642.6 | (25.5) |  | 617.1 |

---

**(12)**SUBSEQUENT EVENT

On February 23, 2026, Capital Corporation declared a $280 dividend to be paid to JDFS on March 10, 2026. JDFS, in turn, declared a $280 dividend to Deere & Company, also payable on March 10, 2026.

#### Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
**RESULTS OF OPERATIONS** 

All amounts are presented in millions of U.S. dollars unless otherwise specified.

**OVERVIEW**

**Organization**

We provide financial solutions that enable John Deere customers and dealers to advance their lives and livelihoods. Through our offering of retail notes, leases, and revolving charge accounts, customers are able to finance new and used John Deere equipment, as well as parts, services, and other input costs needed to run their operations. We also provide wholesale financing to John Deere dealers.

**TRENDS AND ECONOMIC CONDITIONS** 

Our volume of Receivables and Leases is largely dependent upon the level of retail sales and leases of John Deere products. The level of John Deere retail sales and leases is responsive to a variety of economic, financial, climatic, legislative, regulatory, and other factors that influence supply and demand for its products.

**Industry Sales Outlook for Fiscal Year 2026**

*Agriculture and Turf*

![Graphic](jdcc-20260201x10q010.jpg)

*Construction and Forestry*

![Graphic](jdcc-20260201x10q012.jpg)

**John Deere Trends**

John Deere's Leap Ambitions, a set of focused goals designed to guide the implementation of its Smart Industrial Operating Model, feature multi-year financial and operational goals, emphasizing the use of its differentiated equipment and service solutions, including automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service.

Deeper integration of technology into equipment to enable customers to do more with less remains a persistent market trend. Customers seek to improve profitability, productivity, and sustainability by selecting John Deere's equipment and technology solutions. These technologies are incorporated into customer operations across the varied production systems in which John Deere serves.

**John Deere Outlook for 2026**

John Deere's net sales are expected to increase in 2026 compared to 2025 with the anticipated decline in Production & Precision Agriculture sales, more than offset by improvements in Construction & Forestry and Small Agriculture & Turf.

*Agriculture and Turf Industry Outlook for 2026*

&nbsp;&nbsp;&nbsp;&nbsp;● Demand in the U.S. and Canada for large agriculture equipment is expected to decrease compared to 2025 levels amid challenging farm fundamentals for row crop farmers . These factors are expected to be partially offset by strong crop production, robust demand for commodities, and normalizing global crop trade flows. In addition, government programs continue to support farmers' short-term liquidity. Ongoing improvements in the used inventory market and the increase in age of used equipment are providing a better environment for machine replacement demand.

&nbsp;&nbsp;&nbsp;&nbsp;● John Deere expects small agricultural and turf equipment sales to be flat to up slightly from 2025 levels in the U.S. and Canada. The dairy and livestock market continues to generate profits driven by strong beef prices. A modest recovery is anticipated in the turf sector following several years of contraction.

&nbsp;&nbsp;&nbsp;&nbsp;● In Europe, the industry is forecasted to be flat to up slightly despite recent declines in milk prices, supported by a steady interest rate environment, manageable long-term financing costs, and resilient crop yields.

&nbsp;&nbsp;&nbsp;&nbsp;● Demand in South America is expected to be down slightly.

*Construction and Forestry Industry Outlook for 2026*

&nbsp;&nbsp;&nbsp;&nbsp;● Industry sales in the U.S. and Canada for earthmoving and compact construction equipment are projected to be slightly higher compared to 2025. U.S. government infrastructure spending, declining interest rates, strong rental equipment demand, and data center construction activity continue to provide a solid foundation for the industry.

&nbsp;&nbsp;&nbsp;&nbsp;● Global forestry markets are expected to be flat.

&nbsp;&nbsp;&nbsp;&nbsp;● Global roadbuilding markets are forecasted to be up slightly compared to 2025 driven by market growth in North America and Europe.

**Company Trends**

Our net income for fiscal year 2026 is expected to be lower than fiscal year 2025 primarily due to lower average portfolio balances, partially offset by favorable financing spreads and a lower provision for credit losses.

*Agricultural Market Business Cycle.* The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, government policies, and uncertainty in macroeconomic trends. These factors affect farmers' income and sentiment which may result in lower demand for John Deere's equipment and elevated receivable write-offs.

*Global Trade Policies*. In 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented retaliatory tariffs on imports from the U.S. and introduced additional trade barriers. Trade policies are evolving, causing uncertainty in the agriculture and construction industries.

On February 20, 2026, the United States Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). We are currently evaluating the impact of this decision on our business.

Changes in the agricultural market business cycle and global trade policies are driven by factors outside of our control, and as a result, we cannot reasonably foresee when these conditions may subside.

**Other Items of Concern and Uncertainties**

Other items that could impact our results are:

&nbsp;&nbsp;&nbsp;&nbsp;● global and regional political conditions

&nbsp;&nbsp;&nbsp;&nbsp;● shifts in energy, including positions with respect to biofuels, economic policies, and positions on government subsidies of farming

&nbsp;&nbsp;&nbsp;&nbsp;● capital market disruptions

&nbsp;&nbsp;&nbsp;&nbsp;● foreign currency and capital control policies

&nbsp;&nbsp;&nbsp;&nbsp;● right to repair regulations and legislation

&nbsp;&nbsp;&nbsp;&nbsp;● weather conditions

&nbsp;&nbsp;&nbsp;&nbsp;● marketplace pace of adoption and monetization of technologies we have invested in

&nbsp;&nbsp;&nbsp;&nbsp;● John Deere's and our ability to strengthen our digital capabilities, artificial intelligence, automation, and autonomy

&nbsp;&nbsp;&nbsp;&nbsp;● changes in demand and pricing for new and used equipment

&nbsp;&nbsp;&nbsp;&nbsp;● delays or disruptions in John Deere's supply chain

&nbsp;&nbsp;&nbsp;&nbsp;● significant fluctuations in foreign currency exchange rates

&nbsp;&nbsp;&nbsp;&nbsp;● volatility in the prices of many commodities

&nbsp;&nbsp;&nbsp;&nbsp;● slower economic growth

**2026 COMPARED WITH 2025**

The total revenues and net income attributable to the Company were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 | %<br>Change |
| Total revenues | $1158.9 | $1198.4 | (3) |
| Net income attributable to the Company | 198.8 | 159.1 | 25 |

---

Total revenues decreased slightly for the first quarter of 2026 primarily due to a 4% decrease in average portfolio balances. Net income for the quarter was higher than the same period in 2025, driven by favorable financing spreads and a lower provision for credit losses.

![Graphic](jdcc-20260201x10q014.jpg)

**Revenues**

Finance income, lease revenues, and other income earned by us were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 | %<br>Change |
| Finance income earned on: |  |  |  |
| &nbsp;&nbsp;Retail notes | $507.1 | $507.4 |  |
| &nbsp;&nbsp;Revolving charge accounts | 113.4 | 116.4 | (3) |
| &nbsp;&nbsp;Wholesale receivables | 199.1 | 241.0 | (17) |
| Lease revenues | 297.5 | 285.8 | 4 |
| Other income | 41.8 | 47.8 | (13) |

---

Finance income earned on Receivables decreased in the first quarter of 2026 compared to 2025, driven by lower average financing rates and lower average portfolio balances for wholesale receivables. Lease revenues increased due to higher average portfolio balances and financing rates.

Other income decreased in the first quarter of 2026 compared to 2025 due to lower interest income from John Deere and other related parties.

Revenues earned from John Deere totaled $210.1 for the first quarter of 2026, compared with $228.9 for the same period last year. The decrease was primarily driven by lower subsidies earned from John Deere on retail notes due to lower average portfolio balances, in addition to lower interest income on notes receivable from John Deere. Revenues earned from John Deere are included in each of the revenue amounts discussed above.

**Expenses**

Expenses incurred by us were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 | %<br>Change |
| Interest expense | $548.4 | $637.3 | (14) |
| Depreciation of equipment on operating leases | 184.9 | 178.5 | 4 |
| Administrative and operating expenses | 99.9 | 108.9 | (8) |
| Fees and interest paid to John Deere | 49.3 | 22.0 | 124 |
| Provision for credit losses | 30.8 | 60.4 | (49) |
| Provision for income taxes | 48.2 | 32.9 | 47 |

---

The decrease in interest expense for the first quarter of 2026 was primarily due to lower average external borrowings and lower average borrowing rates.

Depreciation of equipment on operating leases increased in the first quarter of 2026 primarily due to higher average balances of equipment on operating leases.

Administrative and operating expenses decreased in the first three months of 2026 compared to the same period in 2025 primarily due to favorable foreign exchange impacts.

Fees and interest paid to John Deere increased in the first quarter of 2026 due to higher interest on intercompany borrowings from John Deere, driven by higher average borrowings.

The provision for credit losses was lower in the first quarter of 2026 due to an increase in the allowance for credit losses in the first quarter of 2025 compared to a decrease in 2026. In addition, net write-offs for retail notes and revolving charge accounts were lower in 2026. The annualized provision for credit losses, as a percentage of the average balance of total Receivables, was .25% for the first quarter of 2026 and .47% for the same period last year.

The provision for income taxes increased during the first quarter of 2026 due to higher pretax income.

**Receivables and Leases**

Receivable and Lease (excluding wholesale) volumes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Three Months Ended  |
|  | February 1 <br>2026 | January 26 <br>2025 | $%<br>Change |
| Retail notes: |  |  |  |
| &nbsp;&nbsp;Agriculture and turf | $2054.1 | $2174.3 | (6) |
| &nbsp;&nbsp;Construction and forestry | 933.5 | 868.2 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail notes | 2987.6 | 3042.5 | (2) |
| Revolving charge accounts | 2421.5 | 2258.4 | 7 |
| Financing leases | 163.1 | 177.3 | (8) |
| Equipment on operating leases | 326.3 | 355.2 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Receivables and Leases (excluding wholesale) | $5898.5 | $5833.4 | 1 |

---

Receivable and Lease portfolio balances were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Retail notes: |  |  |  |
| &nbsp;&nbsp;Agriculture and turf | $25777.8 | $26555.1 | $27104.4 |
| &nbsp;&nbsp;Construction and forestry | 6259.3 | 6102.2 | 5942.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total retail notes | 32037.1 | 32657.3 | 33047.0 |
| Revolving charge accounts | 3358.3 | 4677.0 | 3220.2 |
| Wholesale receivables | 12353.4 | 12655.9 | 12783.2 |
| Financing leases | 1492.5 | 1658.8 | 1376.0 |
| Equipment on operating leases | 5406.4 | 5539.5 | 5293.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Receivables and Leases | $54647.7 | $57188.5 | $55720.1 |

---

Total Receivables and Leases decreased $2,540.8 during the first three months of 2026 and by $1,072.4 compared to one year ago, primarily due to lower agriculture and turf retail notes driven by reduced demand for John Deere equipment, as well as lower wholesale receivables. In addition, the decrease in the first three months of 2026 reflected a seasonal decline in revolving charge accounts.

Total Receivables 30 days or more past due, non-performing Receivables, and the allowance for credit losses were as follows (as a percentage of the Receivables balance):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | February 1, 2026 | February 1, 2026 | November 2, 2025 | November 2, 2025 | January 26, 2025 | January 26, 2025 |
|  | Dollars | Percent | Dollars | Percent | Dollars | Percent |
| Receivables 30 days or more past due | $748.5 | 1.52 | $540.1 | 1.05 | $789.1 | 1.56 |
| Non-performing Receivables | 632.0 | 1.28 | 581.3 | 1.13 | 598.3 | 1.19 |
| Allowance for credit losses | 244.8 | .50 | 250.1 | .48 | 242.0 | .48 |

---

We monitor the credit quality of Receivables based on delinquency status. Receivables 30 days or more past due continue to accrue finance income. We stop accruing finance income once Receivables are considered non-performing, which generally occurs once Receivables are 90 days past due. An allowance for credit losses is recorded for the estimated credit losses expected over the life of the Receivable portfolio. We measure expected credit losses on a collective basis when similar risk characteristics exist. Risk characteristics include product category, market, geography, credit risk, and remaining balance. Receivables that do not share risk characteristics with other receivables in the portfolio are evaluated on an individual basis. Non-performing Receivables are included in the estimate of expected credit losses. While we believe our allowance for credit losses is sufficient to provide for losses over the life of our existing Receivable portfolio, different assumptions or changes in economic conditions would result in changes to the allowance for credit losses and the provision for credit losses. See Note 4 for additional information related to the allowance for credit losses.

Deposits held from dealers and merchants amounted to $119.1 at February 1, 2026, compared with $124.5 at November 2, 2025 and $115.1 at January 26, 2025. These balances primarily represent the aggregate dealer retail note and lease deposits from individual John Deere dealers to which losses from retail notes and leases originating from the respective dealers can be charged. Recoveries from dealer deposits are recognized in "Other income" when the dealer's deposit account is charged.

We also utilize other freestanding credit enhancements, such as credit insurance and bank guarantees, to mitigate credit risk. Recoveries from these freestanding credit enhancements are generally recognized when the associated credit loss is recorded. Recoveries from dealer deposits and other freestanding credit enhancements recorded in "Other income" were $7.0 and $7.9 in the first quarter of 2026 and 2025, respectively.

Write-offs and recoveries of Receivables, by product, and as an annualized percentage of average balances held during the period, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  | Three Months Ended  | Three Months Ended  |
|  | February 1, 2026 | February 1, 2026 | January 26, 2025 | January 26, 2025 |
|  | Dollars | Percent | Dollars | Percent |
| Write-offs: |  |  |  |  |
| &nbsp;&nbsp;Retail notes and financing leases: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture and turf | $(19.5) | (.28) | $(21.5) | (.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction and forestry | (20.6) | (1.29) | (20.9) | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail notes and financing leases | (40.1) | (.47) | (42.4) | (.49) |
| &nbsp;&nbsp;Revolving charge accounts | (10.0) | (1.08) | (12.5) | (1.37) |
| &nbsp;&nbsp;Wholesale receivables |  |  | (.2) | (.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total write-offs | (50.1) | (.41) | (55.1) | (.43) |
| Recoveries: |  |  |  |  |
| &nbsp;&nbsp;Retail notes and financing leases: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agriculture and turf | 1.8 | .03 | 1.3 | .02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction and forestry | .9 | .06 | .9 | .06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail notes and financing leases | 2.7 | .03 | 2.2 | .03 |
| &nbsp;&nbsp;Revolving charge accounts | 10.7 | 1.15 | 8.7 | .95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 13.4 | .11 | 10.9 | .09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net write-offs | $(36.7) | (.30) | $(44.2) | (.34) |

---

**CRITICAL ACCOUNTING ESTIMATES** 

See our critical accounting estimates discussed in Management's Discussion and Analysis of Financial Condition and Results of Operations of our recently filed Annual Report on Form 10-K. There have been no material changes to these estimates.

**CAPITAL RESOURCES AND LIQUIDITY – 2026 COMPARED WITH 2025**

We rely on our ability to raise substantial amounts of funds to finance our Receivable and Lease portfolios. We have access to global capital markets at a reasonable cost and our ability to meet our debt obligations is supported in several ways. Sources of liquidity include:

&nbsp;&nbsp;&nbsp;&nbsp;● cash and cash equivalents

&nbsp;&nbsp;&nbsp;&nbsp;● the issuance of commercial paper and term debt

&nbsp;&nbsp;&nbsp;&nbsp;● the securitization of retail notes

&nbsp;&nbsp;&nbsp;&nbsp;● intercompany loans from John Deere

&nbsp;&nbsp;&nbsp;&nbsp;● our Receivable and Lease portfolio, which is self-liquidating in nature

&nbsp;&nbsp;&nbsp;&nbsp;● bank lines of credit

We closely monitor our cash requirements. Based on the available sources of liquidity, we expect to meet our funding needs in the short term (next 12 months) and long term (beyond 12 months).

Key metrics and certain balance sheet data are provided in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | February 1<br>2026 | November 2<br>2025 | January 26 <br>2025 |
| Cash, cash equivalents, and marketable securities | $1697.0 | $1626.1 | $1719.5 |
| Receivables and Leases – net | 54402.9 | 56938.4 | 55478.1 |
| Interest-bearing debt | 49725.7 | 52001.3 | 49937.1 |
| Unused credit lines | 7158.9 | 7268.0 | 7792.7 |
| Ratio of interest-bearing debt to stockholder's equity | 8.5 to 1 | 8.8 to 1 | 8.0 to 1 |

---

There have been no material changes to the contractual obligations and other cash requirements identified in our most recently filed Annual Report on Form 10-K.

**Cash Flows**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  |
|  | February 1<br>2026 | January 26 <br>2025 |
| Net cash provided by operating activities | $347.5 | $631.2 |
| Net cash provided by investing activities | 2536.4 | 3423.5 |
| Net cash used for financing activities | (2807.8) | (3955.7) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 11.6 | (7.1) |
| Net increase in cash, cash equivalents, and restricted cash | $87.7 | $91.9 |

---

Net cash provided by investing activities during the first three months of 2026 resulted primarily from a decrease in Receivables. The aggregate net cash provided by investing and operating activities was used to decrease borrowings and pay dividends, resulting in cash outflows for financing activities.

**Borrowings**

Total borrowings decreased $2,275.6 in the first three months of 2026 and decreased $211.4 compared to a year ago, due to a decline in the Receivable portfolio. During the first three months of 2026, we issued $480.0 and retired $2,130.0 of long-term external borrowings, which primarily consisted of medium-term notes. During the first three months of 2026, we also issued $659.1 and retired $973.5 of retail note securitization borrowings and maintained an average commercial paper balance of $952.2. Our funding profile may be altered to reflect such factors as relative costs of funding sources, assets available for securitizations, and capital market accessibility.

We have a revolving warehouse facility to utilize bank conduit facilities to securitize retail notes (see Note 5). The facility has an expiration in November 2026 and total capacity or "financing limit" of $2,500.0. At February 1, 2026, $2,025.1 of securitization borrowings were outstanding under the facility. At the end of the contractual revolving period, unless we and the banks agree to renew, we would liquidate the secured borrowings over time as payments on the retail notes are collected.

**Lines of Credit**

We have access to bank lines of credit with various banks throughout the world. Some of the lines are available to both us and Deere & Company.

Worldwide lines of credit were $11,838.9 at February 1, 2026, consisting primarily of:

&nbsp;&nbsp;&nbsp;&nbsp;● a 364-day credit facility agreement of $5,000.0 expiring in the second quarter of 2026

&nbsp;&nbsp;&nbsp;&nbsp;● a credit facility agreement of $3,250.0 expiring in the second quarter of 2028

&nbsp;&nbsp;&nbsp;&nbsp;● a credit facility agreement of $3,250.0 expiring in the second quarter of 2030

At February 1, 2026, $7,158.9 of these worldwide lines of credit were unused. For the purpose of computing the unused credit lines, commercial paper and short-term bank borrowings of us and John Deere were considered to constitute utilization.

The credit agreements governing these lines of credit require us to maintain a consolidated ratio of earnings to fixed charges at not less than 1.05 to 1 for any four consecutive fiscal quarterly periods and our ratio of senior debt, excluding securitization indebtedness, to capital base (total subordinated debt and stockholder's equity excluding accumulated other comprehensive income (loss)) at not more than 11 to 1 at the end of any fiscal quarter. All of these credit agreement requirements have been met during the periods included in the consolidated financial statements. The agreements are mutually extendable, and the annual facility fees are not significant.

**Debt Ratings**

Our ability to obtain funding is affected by our debt ratings, which are closely related to the outlook for and the financial condition of John Deere, and the nature and availability of support facilities, such as our lines of credit and the support agreement from Deere & Company.

To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our debt securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency's rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.

The senior long-term and short-term debt ratings and outlook currently assigned to our unsecured debt securities by the rating agencies engaged by us are the same as those for John Deere and are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Senior Long-Term | Short-Term | Outlook |
| Fitch Ratings | A+ | F1 | Stable |
| Moody's Investors Service, Inc. | A1 | Prime-1 | Stable |
| Standard & Poor's | A | A-1 | Stable |

---

**FORWARD-LOOKING STATEMENTS**

Certain statements contained herein, including in the sections entitled "Overview," "Trends and Economic Conditions," 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.

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, we expressly disclaim any obligation to update or revise our 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, government farm programs, 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; these constraints may impact our customers and dealers, resulting in a higher provision for credit losses and increased write-offs

&nbsp;&nbsp;&nbsp;&nbsp;● the uncertainty of 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, may impact us by reducing demand for John Deere equipment and our financing products, and could lead to a higher provision for credit losses, losses on leased equipment, and negatively affect our borrowing costs and access to capital

&nbsp;&nbsp;&nbsp;&nbsp;● political, economic, and social instability in the geographies in which we and John Deere operate

&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 John Deere's equipment

&nbsp;&nbsp;&nbsp;&nbsp;● our profitability and financial condition, including volume of Receivables and Leases, being dependent upon the level of retail sales and leases of John Deere products

&nbsp;&nbsp;&nbsp;&nbsp;● John Deere dealers' practices and their ability to manage new and used inventory, distribute John Deere products and to provide support and service for precision technology solutions

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● negative claims or publicity that damage John Deere's or our reputation or brand

&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 John Deere's and our products and solutions

&nbsp;&nbsp;&nbsp;&nbsp;● changes in our credit ratings and any failure to comply with financial covenants in credit agreements, which could impact access to funding

&nbsp;&nbsp;&nbsp;&nbsp;● a decrease in the value of used equipment or higher than estimated returns of equipment on operating leases

&nbsp;&nbsp;&nbsp;&nbsp;● John Deere's and our ability to adapt in highly competitive markets, including understanding and meeting customers' changing expectations for John Deere products and solutions, including our financing solutions

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

&nbsp;&nbsp;&nbsp;&nbsp;● delays or disruptions in John Deere's supply chain

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

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

&nbsp;&nbsp;&nbsp;&nbsp;● security breaches, cybersecurity attacks, technology failures, and other disruptions to John Deere's or our information technology infrastructure and products

&nbsp;&nbsp;&nbsp;&nbsp;● leveraging artificial intelligence and machine learning within John Deere's and our 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;● investigations, claims, lawsuits, or other legal proceedings

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

Our business is closely related to John Deere's business. Further information, including factors that could materially affect our financial results and John Deere's financial results, is included in the most recent Deere & Company Annual Report on Form 10-K and Quarterly Report on Form 10-Q (including, but not limited to, the factors discussed in Item 1A., "Risk Factors" of the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q) and other Deere & Company filings with the SEC.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Omitted pursuant to General Instruction H.

Item 4. CONTROLS AND PROCEDURES

Our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of February 1, 2026, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act. During the first quarter of 2026, there were no changes that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are subject to various unresolved legal actions, the most prevalent of which relate to retail credit matters. Currently, we believe the reasonably possible range of losses, if any, for these unresolved legal actions would not have a material effect on our consolidated financial statements; however, the outcome of any current or future proceedings, claims or investigations cannot be predicted with certainty.

Item 1A. Risk Factors

See our most recently filed Annual Report on Form 10-K (Part I, Item 1A). The risks described in the Annual Report on Form 10-K, and the "Forward-Looking Statements" in this Quarterly Report on Form 10-Q, are not the only risks we face. Additional risks and uncertainties may also materially affect our business, financial condition, or operating results. One should not consider the risk factors to be a complete discussion of risks, uncertainties, and assumptions.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Omitted pursuant to General Instruction H.

Item 3. Defaults Upon Senior Securities

Omitted pursuant to General Instruction H.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Certain instruments relating to long-term debt, constituting less than 10% of the registrant's total assets, are not filed as exhibits herewith pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. The registrant will furnish copies of such instruments to the SEC upon request of the SEC.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;[Certificate of Incorporation, as amended (Exhibit 3.1 to Form 10-K of the registrant for the year ended October 31, 1999, Securities and Exchange Commission file number 1-6458\*)](https://www.sec.gov/Archives/edgar/data/27673/000091205700002216/0000912057-00-002216.txt) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;[Bylaws, as amended (Exhibit 3.2 to Form 10-K of the registrant for the year ended October 31, 1999, Securities and Exchange Commission file number 1-6458\*)](https://www.sec.gov/Archives/edgar/data/27673/000091205700002216/0000912057-00-002216.txt) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 | &nbsp;&nbsp;[Rule 13a-14(a)/15d-14(a) Certification](jdcc-20260201xex31d1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 | &nbsp;&nbsp;[Rule 13a-14(a)/15d-14(a) Certification](jdcc-20260201xex31d2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;[Section 1350 Certifications (furnished herewith)](jdcc-20260201xex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.INS | &nbsp;&nbsp;Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.SCH | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Schema Document |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.CAL | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.DEF | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Definition Linkbase Document |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.LAB | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Label Linkbase Document |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.PRE | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Incorporated by reference.

SIGNATURES

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 thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | JOHN DEERE CAPITAL CORPORATION | JOHN DEERE CAPITAL CORPORATION |
| Date: | February 26, 2026 | By: | */s/ Ryan D. Campbell* |
|  |  |  | Ryan D. Campbell |
|  |  |  | Senior Vice President <br>(Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, John C. May, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of John Deere Capital Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date:  | February 26, 2026 | By:  | */s/ John C. May* |
|  |  |  | John C. May |
|  |  |  | Chairman and Chief Executive Officer<br>(Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, Ryan D. Campbell, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of John Deere Capital Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date:  | February 26, 2026 | By: | */s/ Ryan D. Campbell* |
|  |  |  | Ryan D. Campbell |
|  |  |  | Senior Vice President<br>(Principal Financial Officer and Principal Accounting Officer) |

---

------

## Ex-32

**Exhibit 32**

**STATEMENT PURSUANT TO<br>18 U.S.C. SECTION 1350<br>AS REQUIRED BY<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of John Deere Capital Corporation (the "Company") on Form 10-Q for the period ending February 1, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certify that to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| February 26, 2026 | */s/ John C. May* | Chairman and Chief Executive Officer <br>(Principal Executive Officer) |
|  | John C. May | Chairman and Chief Executive Officer <br>(Principal Executive Officer) |
| February 26, 2026 | */s/ Ryan D. Campbell* | Senior Vice President<br>(Principal Financial Officer and Principal Accounting Officer) |
|  | Ryan D. Campbell | Senior Vice President<br>(Principal Financial Officer and Principal Accounting Officer) |

---

------