Form 8-K

8-K — DEERE & CO

Accession: 0001104659-26-098904

Filed: 2026-08-20

Period: 2026-08-20

CIK: 0000315189

SIC: 3523 (FARM MACHINERY & EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — de-20260820x8k.htm (Primary)

EX-99.1 (de-20260820xex99d1.htm)

EX-99.2 (de-20260820xex99d2.htm)

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8-K

8-K (Primary)

Filename: de-20260820x8k.htm · Sequence: 1

DEERE & CO_August 20, 2026

0000315189falseDEERE & CO0000315189us-gaap:CommonStockMember2026-08-202026-08-200000315189de:Debentures6.55PercentDue2028Member2026-08-202026-08-2000003151892026-08-202026-08-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report: August 20, 2026

(Date of earliest event reported)

DEERE & COMPANY

(Exact name of registrant as specified in its charter)

Delaware

1-4121

36-2382580

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices and zip code)

(309) 765-8000

(Registrant’s telephone number, including area code)

___________________________________________________

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $1 par value

New York Stock Exchange

6.55% Debentures Due 2028

DE28

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02Results of Operations and Financial Condition

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

Item 7.01Regulation FD

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

Item 9.01Financial Statements and Exhibits

(d)Exhibits

Number

Description of Exhibit

99.1

Press Release and Supplemental Financial Information (Furnished herewith)

99.2

Third Quarter 2026 Earnings Conference Call Presentation (Furnished herewith)

104

Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

Signature

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

DEERE & COMPANY

By:

/s/ Julie M. O. Rosales

Julie M. O. Rosales

Corporate Secretary

Dated: August 20, 2026

EX-99.1

Filename: de-20260820xex99d1.htm · Sequence: 2

Exhibit 99.1

(Furnished herewith)

News Release

Media Inquiries:

PublicRelations@JohnDeere.com

Deere Reports Third Quarter Net Income of $1.379 Billion

● Disciplined execution drives stronger-than-expected results in a dynamic market.

● Net income guidance improved to $4.75 billion to $5.00 billion.

● Order book trends reinforce 2026 as the bottom of the ag equipment cycle.

MOLINE, Illinois (August 20, 2026) — Deere & Company reported net income of $1.379 billion for the third quarter ended August 2, 2026, or $5.10 per share, compared with net income of $1.289 billion, or $4.75 per share, for the quarter ended July 27, 2025. For the first nine months of the year, net income attributable to Deere & Company was $3.808 billion, or $14.06 per share, compared with $3.962 billion, or $14.57 per share, for the same period last year.

Worldwide net sales and revenues increased 5 percent, to $12.608 billion, for the third quarter of 2026 and rose 7 percent, to $35.589 billion, for nine months. Net sales were $10.999 billion for the quarter and $30.779 billion for nine months, compared with $10.357 billion and $28.338 billion last year, respectively.

“Deere delivered a strong quarter, reflecting disciplined execution by our teams and continued resilience across our portfolio,” said John C. May, chairman and chief executive officer. “Our performance underscores the strength of our business, supported by stable U.S. market conditions, our ability to manage softer conditions in Brazil and Europe, and our commitment to helping customers succeed.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.75 billion to $5.00 billion.

“As we look ahead, we continue to believe 2026 will mark the bottom of the current ag equipment cycle,” May said. “Across our business, early order program trends, improving used-equipment inventories, and increasing customer adoption of our advanced technologies give us confidence that Deere is well positioned for long-term value creation.”

Deere & Company

Third Quarter

Year to Date

$ in millions, except per share amounts

2026

2025

% Change

2026

2025

% Change

Net sales and revenues

12,608

12,018

35,589

33,290

Net income

1,379

1,289

3,808

3,962

-4%

Fully diluted EPS

5.10

4.75

14.06

14.57

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

Production & Precision Agriculture

Third Quarter

$ in millions

2026

2025

% Change

Net sales

3,998

4,273

-6%

Operating profit

527

580

-9%

Operating margin

13.2%

13.6%

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

Production & Precision Agriculture Operating Profit

Third Quarter 2026 Compared to Third Quarter 2025

$ in millions

Small Agriculture & Turf

Third Quarter

$ in millions

2026

2025

% Change

Net sales

3,383

3,025

12%

Operating profit

622

485

28%

Operating margin

18.4%

16.0%

Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and favorable price realization. Operating profit increased primarily due to higher shipment volumes / sales mix and favorable price realization, partially offset by higher production costs.

Small Agriculture & Turf Operating Profit

Third Quarter 2026 Compared to Third Quarter 2025

$ in millions

Construction & Forestry

Third Quarter

$ in millions

2026

2025

% Change

Net sales

3,618

3,059

18%

Operating profit

436

237

84%

Operating margin

12.1%

7.7%

Construction & Forestry sales increased for the quarter primarily as a result of higher shipment volumes and favorable price realization. Operating profit increased primarily due to favorable price realization, partially offset by higher SA&G and R&D costs.

Construction & Forestry Operating Profit

Third Quarter 2026 Compared to Third Quarter 2025

$ in millions

Financial Services

Third Quarter

$ in millions

2026

2025

% Change

Net income

219

205

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

Industry Outlook for Fiscal 2026

Agriculture & Turf

U.S. & Canada:

Large Ag

Down 15 to 20%

Small Ag & Turf

Flat to up 5%

Europe

Flat

South America (Tractors & Combines)

Down 15 to 20%

Asia

Flat

Construction & Forestry

U.S. & Canada:

Construction Equipment

Up 5 to 10%

Compact Construction Equipment

Up ~5%

Global Forestry

Down ~10%

Global Roadbuilding

Up ~10%

Deere Segment Outlook for Fiscal 2026

Currency

Price

$ in millions

Net Sales

Translation

Realization

Production & Precision Ag

Down ~10%

+2.5%

~ +1.0%

Small Ag & Turf

Up ~15%

+0.5%

~ +1.5%

Construction & Forestry

Up ~20%

+1.5%

~ +3.0%

Financial Services

Net Income

~ $870

FORWARD-LOOKING STATEMENTS

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

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

● the agricultural business cycle, which can be unpredictable and is affected by factors such as farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs including the availability and price of fertilizer, government farm programs, and availability of transport for crops

● construction and forestry activity, which is affected by factors such as housing starts and supply, real estate and housing prices, levels of residential and non-residential construction, public and private infrastructure development, and government policies and regulations

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

● the uncertainty of government policies and actions with respect to the global trade environment, including increased and contested tariffs announced by the U.S. government and retaliatory trade regulations

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

● worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and the resulting impacts on the demand for the company’s equipment

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

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

● selling products domestically or internationally, managing increased costs of production, absorbing or passing on increased expenses, as well as accurately predicting financial results and industry trends

● availability and price of raw materials, components, and whole goods

● delays or disruptions in the company’s supply chain, including those arising from geopolitical conflicts

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

● suppliers’ and manufacturers’ business practices and compliance with applicable laws such as human rights, safety, environmental, and fair wages

● higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for the company’s products and solutions

● attracting, developing, engaging, and retaining qualified employees

● adapting in highly competitive markets, including understanding and meeting customers’ changing expectations for products and solutions, including delivery and utilization of precision technology

● realizing the anticipated benefits of the company’s Smart Industrial Operating Model, achieving the company’s Leap Ambitions, and executing the company’s related business strategies in production systems, precision technologies, and aftermarket support

● the company’s dealer network’s development and implementation of successful sales plans, management of new and used inventory, distribution of the company’s products, and support and service for the company’s precision technology solutions

● achieving anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes

● negative claims or publicity that damage the company’s reputation or brand

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

● labor relations and contracts, including work stoppages and other disruptions

● security breaches, cybersecurity attacks, technology failures, and other disruptions to the company’s information technology infrastructure and products

● leveraging artificial intelligence and machine learning within the company’s business processes

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

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

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

● investigations, claims, lawsuits, or other legal proceedings

● loss of or challenges to intellectual property rights

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

DEERE & COMPANY

THIRD QUARTER 2026 PRESS RELEASE

(In millions of dollars) Unaudited

Three Months Ended

Nine Months Ended

August 2

July 27

August 2

July 27

2026

2025

Change

2026

2025

Change

Net sales and revenues:

Production & Precision Ag net sales

3,998

4,273

-6

11,664

12,571

-7

Small Ag & Turf net sales

3,383

3,025

+12

9,036

7,767

+16

Construction & Forestry net sales

3,618

3,059

+18

10,079

8,000

+26

Financial Services revenues

1,371

1,418

-3

4,121

4,273

-4

Other revenues

238

243

-2

689

679

Total net sales and revenues

12,608

12,018

35,589

33,290

Operating profit: *

Production & Precision Ag

527

580

-9

1,372

2,066

-34

Small Ag & Turf

622

485

+28

1,538

1,182

+30

Construction & Forestry

436

237

+84

1,134

681

+67

Financial Services

271

266

823

740

+11

Total operating profit

1,856

1,568

+18

4,867

4,669

Reconciling items **

-13

184

198

-7

Income taxes

(529)

(339)

+56

(1,243)

(905)

+37

Net income attributable to Deere & Company

1,379

1,289

3,808

3,962

-4

* Operating profit is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of Financial Services includes the effect of interest expense and foreign exchange gains and losses.

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

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED INCOME

For the Three and Nine Months Ended August 2, 2026 and July 27, 2025

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

Three Months Ended

Nine Months Ended

2026

2025

2026

2025

Net Sales and Revenues

Net sales

10,999

10,357

30,779

28,338

Finance and interest income

1,353

1,426

4,011

4,233

Other income

256

235

799

719

Total

12,608

12,018

35,589

33,290

Costs and Expenses

Cost of sales

7,939

7,570

22,486

20,215

Research and development expenses

567

556

1,704

1,631

Selling, administrative and general expenses

1,220

1,217

3,401

3,387

Interest expense

710

794

2,141

2,408

Other operating expenses

290

281

846

817

Total

10,726

10,418

30,578

28,458

Income of Consolidated Group before Income Taxes

1,882

1,600

5,011

4,832

Provision for income taxes

529

339

1,243

905

Income of Consolidated Group

1,353

1,261

3,768

3,927

Equity in income of unconsolidated affiliates

Net Income

1,377

1,271

3,802

3,938

Less: Net loss attributable to noncontrolling interests

(2)

(18)

(6)

(24)

Net Income Attributable to Deere & Company

1,379

1,289

3,808

3,962

Per Share Data

Basic

5.11

4.76

14.10

14.61

Diluted

5.10

4.75

14.06

14.57

Dividends declared

1.62

4.86

Dividends paid

1.62

4.86

4.71

Average Shares Outstanding

Basic

269.8

270.7

270.1

271.1

Diluted

270.7

271.4

270.8

271.9

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

August 2

November 2

July 27

2026

2025

Assets

Cash and cash equivalents

8,928

8,276

8,580

Marketable securities

1,350

1,411

1,407

Trade accounts and notes receivable – net

7,723

5,317

6,103

Financing receivables – net

42,860

44,575

43,930

Financing receivables securitized – net

6,316

6,831

7,948

Other receivables

2,466

2,403

2,826

Equipment on operating leases – net

7,400

7,600

7,512

Inventories

7,811

7,406

7,713

Property and equipment – net

8,006

8,079

7,713

Goodwill

4,466

4,188

4,209

Other intangible assets – net

940

892

926

Retirement benefits

3,541

3,273

3,182

Deferred income taxes

2,343

2,284

2,209

Other assets

3,457

3,461

3,559

Total Assets

107,607

105,996

107,817

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

17,115

13,796

14,607

Short-term securitization borrowings

6,095

6,596

7,610

Accounts payable and accrued expenses

13,668

13,909

13,582

Deferred income taxes

411

434

489

Long-term borrowings

40,626

43,544

44,429

Retirement benefits and other liabilities

1,651

1,710

1,836

Total liabilities

79,566

79,989

82,553

Redeemable noncontrolling interest

Stockholders’ Equity

Total Deere & Company stockholders’ equity

27,990

25,950

25,175

Noncontrolling interests

Total stockholders’ equity

27,997

25,956

25,180

Total Liabilities and Stockholders’ Equity

107,607

105,996

107,817

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Nine Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars) Unaudited

2026

2025

Cash Flows from Operating Activities

Net income

3,802

3,938

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

Provision for credit losses

205

258

Depreciation and amortization

1,787

1,668

Impairments and other adjustments

Share-based compensation expense

116

104

Credit for deferred income taxes

(61)

(102)

Changes in assets and liabilities:

Receivables related to sales

(1,252)

(494)

Inventories

(443)

(526)

Accounts payable and accrued expenses

(266)

(717)

Accrued income taxes payable/receivable

(119)

(147)

Retirement benefits

(367)

(813)

Other

(152)

266

Net cash provided by operating activities

3,250

3,464

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

19,922

19,712

Proceeds from maturities and sales of marketable securities

389

359

Proceeds from sales of equipment on operating leases

1,479

1,408

Cost of receivables acquired (excluding receivables related to sales)

(19,139)

(18,962)

Acquisitions of businesses, net of cash acquired

(455)

(89)

Purchases of marketable securities

(361)

(598)

Purchases of property and equipment

(716)

(852)

Cost of equipment on operating leases acquired

(1,933)

(2,009)

Collections of receivables from unconsolidated affiliates

197

334

Collateral on derivatives – net

(63)

127

Other

(145)

(231)

Net cash used for investing activities

(825)

(801)

Cash Flows from Financing Activities

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

3,205

(2,060)

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

5,373

10,707

Payments of borrowings (original maturities greater than three months)

(8,338)

(7,743)

Repurchases of common stock

(697)

(1,136)

Dividends paid

(1,316)

(1,282)

Other

(55)

(43)

Net cash used for financing activities

(1,828)

(1,557)

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

108

Net Increase in Cash, Cash Equivalents, and Restricted Cash

617

1,214

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

8,533

7,633

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

9,150

8,847

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

Condensed Notes to Interim Consolidated Financial Statements

(In millions of dollars) Unaudited

(1) Acquisitions

In 2026, the company completed several acquisitions to advance the capabilities of its existing technology offerings, including the February acquisition of Tenna LLC (Tenna), a U.S. construction technology company that provides mixed-fleet equipment operations and asset tracking solutions, for a purchase price of $439 million, net of cash acquired. Tenna was assigned to the CF segment. The company also acquired other small-scale businesses assigned to the PPA, SAT, and CF segments for a combined purchase price consideration of $16 million, net of cash acquired. Most of the purchase price for these acquisitions was allocated to goodwill and other intangible assets.

In 2025, the company acquired businesses to advance the capabilities of the company’s existing technology offerings, providing customers with a more comprehensive set of tools to generate and use data to make decisions that improve profitability, efficiency, and sustainability. The combined cost of these acquisitions was $89 million, net of cash acquired. The businesses were assigned to the PPA and CF segments. Most of the purchase price for these acquisitions was allocated to goodwill and other intangible assets.

(2) Special Items

Impairment

In the third quarter of 2025, the company recorded a non-cash charge of $61 million pretax ($49 million after-tax), primarily related to the trade name and customer relationship assets of external overseas battery operations. Of this amount, $53 million was recorded in “Selling, administrative and general expenses” and $8 million in “Cost of sales.” The charge is presented in “Impairments and other adjustments” in the statements of consolidated cash flows. The impairment resulted from slowing external demand for batteries, which indicated that it is probable future cash flows would not cover the carrying value of the assets.

Discrete Tax Items

In the first quarter of 2025, the company recorded favorable net discrete tax items primarily due to tax benefits of $110 million related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $53 million from an adjustment to an uncertain tax position of a foreign subsidiary.

Banco John Deere S.A.

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

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

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

Summary of 2025 Special Items

The following table summarizes the operating profit impact of the special items recorded in millions of dollars for the three months and nine months ended July 27, 2025.

Three Months

Nine Months

PPA

SAT

Total

PPA

SAT

Total

2025 Expense (benefit):

Impairment

BJD measurement

(32)

Total expense (benefit)

(32)

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

DEERE & COMPANY

(4) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

For the Three Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2026

2025

2026

2025

2026

2025

2026

2025

Net Sales and Revenues

Net sales

10,999

10,357

10,999

10,357

Finance and interest income

149

133

1,383

1,433

(179)

(140)

1,353

1,426

Other income

191

190

122

111

(57)

(66)

256

235

2, 3, 4

Total

11,339

10,680

1,505

1,544

(236)

(206)

12,608

12,018

Costs and Expenses

Cost of sales

7,950

7,578

(11)

(8)

7,939

7,570

Research and development expenses

567

556

567

556

Selling, administrative and general expenses

988

999

234

220

(2)

1,220

1,217

Interest expense

102

661

720

(50)

(28)

710

794

Interest compensation to Financial Services

129

112

(129)

(112)

Other operating expenses

(23)

(8)

357

345

(44)

(56)

290

281

3, 4, 5

Total

9,710

9,339

1,252

1,285

(236)

(206)

10,726

10,418

Income before Income Taxes

1,629

1,341

253

259

1,882

1,600

Provision for income taxes

472

274

529

339

Income after Income Taxes

1,157

1,067

196

194

1,353

1,261

Equity in income (loss) of unconsolidated affiliates

(1)

Net Income

1,158

1,066

219

205

1,377

1,271

Less: Net loss attributable to noncontrolling interests

(2)

(18)

(2)

(18)

Net Income Attributable to Deere & Company

1,160

1,084

219

205

1,379

1,289

1 Elimination of intercompany interest income and expense.

2 Elimination of equipment operations’ margin from inventory transferred to equipment on operating leases.

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

4 Elimination of intercompany service revenues and fees.

5 Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF INCOME

For the Nine Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2026

2025

2026

2025

2026

2025

2026

2025

Net Sales and Revenues

Net sales

30,779

28,338

30,779

28,338

Finance and interest income

379

351

4,093

4,268

(461)

(386)

4,011

4,233

Other income

616

580

408

350

(225)

(211)

799

719

2, 3, 4

Total

31,774

29,269

4,501

4,618

(686)

(597)

35,589

33,290

Costs and Expenses

Cost of sales

22,518

20,239

(32)

(24)

22,486

20,215

Research and development expenses

1,704

1,631

1,704

1,631

Selling, administrative and general expenses

2,775

2,761

632

(6)

3,401

3,387

Interest expense

294

282

1,973

2,206

(126)

(80)

2,141

2,408

Interest compensation to Financial Services

334

306

(334)

(306)

Other operating expenses

(59)

(47)

1,093

1,045

(188)

(181)

846

817

3, 4, 5

Total

27,566

25,172

3,698

3,883

(686)

(597)

30,578

28,458

Income before Income Taxes

4,208

4,097

803

735

5,011

4,832

Provision for income taxes

1,059

752

184

153

1,243

905

Income after Income Taxes

3,149

3,345

619

582

3,768

3,927

Equity in income (loss) of unconsolidated affiliates

(4)

Net Income

3,149

3,341

653

597

3,802

3,938

Less: Net loss attributable to noncontrolling interests

(6)

(24)

(6)

(24)

Net Income Attributable to Deere & Company

3,155

3,365

653

597

3,808

3,962

1 Elimination of intercompany interest income and expense.

2 Elimination of equipment operations’ margin from inventory transferred to equipment on operating leases.

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

4 Elimination of intercompany service revenues and fees.

5 Elimination of Financial Services’ lease depreciation expense related to inventory transferred to equipment on operating leases.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

CONDENSED BALANCE SHEETS

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

Aug 2

Nov 2

Jul 27

2026

2025

2026

2025

2026

2025

2026

2025

Assets

Cash and cash equivalents

6,607

6,340

6,641

2,321

1,936

1,939

8,928

8,276

8,580

Marketable securities

155

217

240

1,195

1,194

1,167

1,350

1,411

1,407

Receivables from Financial Services

5,364

4,649

3,649

(5,364)

(4,649)

(3,649)

Trade accounts and notes receivable – net

1,472

1,316

1,335

8,442

5,900

7,064

(2,191)

(1,899)

(2,296)

7,723

5,317

6,103

Financing receivables – net

106

42,754

44,487

43,846

42,860

44,575

43,930

Financing receivables securitized – net

6,314

6,830

7,947

6,316

6,831

7,948

Other receivables

1,926

1,809

2,013

594

658

867

(54)

(64)

(54)

2,466

2,403

2,826

Equipment on operating leases – net

7,400

7,600

7,512

7,400

7,600

7,512

Inventories

7,811

7,406

7,713

7,811

7,406

7,713

Property and equipment – net

7,975

8,047

7,680

8,006

8,079

7,713

Goodwill

4,466

4,188

4,209

4,466

4,188

4,209

Other intangible assets – net

940

892

926

940

892

926

Retirement benefits

3,439

3,181

3,092

104

(2)

3,541

3,273

3,182

Deferred income taxes

2,487

2,507

2,471

(191)

(269)

(306)

2,343

2,284

2,209

Other assets

2,371

2,218

2,357

1,098

1,244

1,211

(12)

(1)

(9)

3,457

3,461

3,559

Total Assets

45,121

42,859

42,411

70,300

70,021

71,722

(7,814)

(6,884)

(6,316)

107,607

105,996

107,817

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

417

414

461

16,698

13,382

14,146

17,115

13,796

14,607

Short-term securitization borrowings

6,094

6,595

7,610

6,095

6,596

7,610

Payables to equipment operations

5,364

4,649

3,649

(5,364)

(4,649)

(3,649)

Accounts payable and accrued expenses

12,796

12,757

12,795

3,129

3,116

3,146

(2,257)

(1,964)

(2,359)

13,668

13,909

13,582

7, 8

Deferred income taxes

326

347

393

276

356

402

(191)

(269)

(306)

411

434

489

Long-term borrowings

8,907

8,756

8,789

31,719

34,788

35,640

40,626

43,544

44,429

Retirement benefits and other liabilities

1,586

1,646

1,767

(2)

1,651

1,710

1,836

Total liabilities

24,033

23,921

24,205

63,347

62,952

64,664

(7,814)

(6,884)

(6,316)

79,566

79,989

82,553

Redeemable noncontrolling interest

Stockholders’ Equity

Total Deere & Company stockholders’ equity

27,990

25,950

25,175

6,953

7,069

7,058

(6,953)

(7,069)

(7,058)

27,990

25,950

25,175

Noncontrolling interests

Financial Services’ equity

(6,953)

(7,069)

(7,058)

6,953

7,069

7,058

Adjusted total stockholders’ equity

21,044

18,887

18,122

6,953

7,069

7,058

27,997

25,956

25,180

Total Liabilities and Stockholders’ Equity

45,121

42,859

42,411

70,300

70,021

71,722

(7,814)

(6,884)

(6,316)

107,607

105,996

107,817

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

7 Primarily reclassification of sales incentive accruals on receivables sold to Financial Services.

8 Reclassification of other receivables / payables.

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

10 Elimination of Financial Services’ equity.

DEERE & COMPANY

SUPPLEMENTAL CONSOLIDATING DATA (Continued)

STATEMENTS OF CASH FLOWS

For the Nine Months Ended August 2, 2026 and July 27, 2025

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2026

2025

2026

2025

2026

2025

2026

2025

Cash Flows from Operating Activities

Net income

3,149

3,341

653

597

3,802

3,938

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

Provision (credit) for credit losses

(1)

206

240

205

258

Depreciation and amortization

1,042

965

821

804

(76)

(101)

1,787

1,668

Impairments and other adjustments

(32)

Share-based compensation expense

116

104

116

104

Distributed earnings of Financial Services

794

1,066

(794)

(1,066)

Provision (credit) for deferred income taxes

(242)

(81)

140

(61)

(102)

Changes in assets and liabilities:

Receivables related to sales

(123)

(66)

(1,129)

(428)

(1,252)

(494)

14, 16

Inventories

(330)

(423)

(113)

(103)

(443)

(526)

Accounts payable and accrued expenses

(646)

(34)

(293)

(140)

(266)

(717)

Accrued income taxes payable/receivable

(99)

(89)

(20)

(58)

(119)

(147)

Retirement benefits

(359)

(770)

(8)

(43)

(367)

(813)

Other

(142)

123

182

(81)

(39)

(152)

266

11, 12, 15

Net cash provided by operating activities

4,012

3,338

1,608

1,899

(2,370)

(1,773)

3,250

3,464

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

20,261

20,178

(339)

(466)

19,922

19,712

Proceeds from maturities and sales of marketable securities

108

281

332

389

359

Proceeds from sales of equipment on operating leases

1,479

1,408

1,479

1,408

Cost of receivables acquired (excluding receivables related to sales)

(19,351)

(19,189)

212

227

(19,139)

(18,962)

Acquisitions of businesses, net of cash acquired

(455)

(89)

(455)

(89)

Purchases of marketable securities

(42)

(133)

(319)

(465)

(361)

(598)

Purchases of property and equipment

(714)

(851)

(2)

(1)

(716)

(852)

Cost of equipment on operating leases acquired

(2,086)

(2,148)

153

139

(1,933)

(2,009)

Increase in investment in Financial Services

(5)

Increase in trade and wholesale receivables

(1,550)

(807)

1,550

807

Collections of receivables from unconsolidated affiliates

189

197

145

197

334

Collateral on derivatives – net

(64)

123

(63)

127

Other

(72)

(75)

(73)

(156)

(145)

(231)

Net cash used for investing activities

(1,179)

(928)

(1,227)

(580)

1,581

707

(825)

(801)

Cash Flows from Financing Activities

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

294

3,187

(2,354)

3,205

(2,060)

Change in intercompany receivables/payables

(735)

(660)

735

660

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

430

2,188

4,943

8,519

5,373

10,707

Payments of borrowings (original maturities greater than three months)

(262)

(863)

(8,076)

(6,880)

(8,338)

(7,743)

Repurchases of common stock

(697)

(1,136)

(697)

(1,136)

Capital investment from Equipment Operations

(5)

Dividends paid

(1,316)

(1,282)

(794)

(1,066)

794

1,066

(1,316)

(1,282)

Other

(27)

(25)

(28)

(18)

(55)

(43)

Net cash used for financing activities

(2,589)

(1,484)

(28)

(1,139)

789

1,066

(1,828)

(1,557)

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

(2)

108

Net Increase in Cash, Cash Equivalents, and Restricted Cash

266

1,022

351

192

617

1,214

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

6,364

5,643

2,169

1,990

8,533

7,633

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

6,630

6,665

2,520

2,182

9,150

8,847

11 Elimination of depreciation on leases related to inventory transferred to equipment on operating leases.

12 Reclassification of share-based compensation expense.

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

14 Primarily reclassification of receivables related to the sale of equipment.

15 Reclassification of direct lease agreements with retail customers.

16 Reclassification of sales incentive accruals on receivables sold to Financial Services.

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

EX-99.2

Filename: de-20260820xex99d2.htm · Sequence: 3

3Q 2026 Earnings Call

20 August 2026

Exhibit 99.2

(Furnished herewith)

2 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Forward-Looking Statements

These materials and the accompanying earnings call include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of

1995. Forward-looking statements may be identified by words such as “forecast,” “guidance,” “project,” “target,” “outlook,” “prospects,” “expect,” “estimate,” “will,” “goal,” “plan,”

“anticipate,” “intend,” “predict,” “believe,” “likely,” “future,” “could,” “may,” or other similar words or phrases, including the negative variations of such words or phrases. Examples of

forward-looking statements include, among others, comments and information concerning the Company’s plans and projections for the future, the agricultural industry, cash priorities,

estimates and assumptions with respect to economic, political, supply chain, energy, technological and weather matters, market acceptance of the Company’s products, benefits of

acquisitions and divestitures, as well as integration of businesses and anticipated transaction costs.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations and

assumptions regarding the future of the Company’s business, plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking

statements are subject to inherent uncertainties, risks, changes in circumstances, and other factors that are difficult to predict and many of which are outside of the Company’s control and

may cause our actual results to differ materially from those projected in these forward-looking statements. Among these factors are risks related to the agricultural business cycle;

construction and forestry activity; macroeconomic conditions, including unemployment, inflation, interest rate volatility and energy price increases resulting from geopolitical conflicts; the

uncertainty of government policies and actions with respect to the global trade environment including increased and contested tariffs; exposure to risks and events beyond our control in

countries in which we operate, such as economic and political instability, worldwide demand for food and different forms of renewable energy impacting the price of farm commodities;

rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities; accurately forecasting customer demand for products and services;

delays or disruptions in our supply chain, including those arising from geopolitical conflicts; changes in climate patterns, unfavorable weather events, and natural disasters; higher interest

rates and currency fluctuations; negative economic conditions in the financial industry which could impact our financial services segment; adapting in highly competitive markets;

challenges in executing and realizing the benefits of our business strategies; dealer practices and their ability to manage new and used inventory, distribute our products, and provide

support and service for precision technology solutions; the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successful integration; negative

claims or publicity that damage our reputation or brand; the ability to attract, develop, engage, and retain qualified employees; the impact of workforce reductions on company culture,

employee retention and morale, and institutional knowledge; labor relations and contracts, including work stoppages and other disruptions; security breaches, cybersecurity attacks,

technology failures, and other disruptions to our information technology infrastructure and products; leveraging artificial intelligence and machine learning within our business processes;

changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with these laws and regulations; and investigations, claims,

lawsuits, or other legal proceedings. For a discussion of risks and uncertainties impacting our business, see “Item 1A Risk Factors” in our most recent Annual Report on Form 10-K, as

updated by our subsequent filings with the U.S. Securities and Exchange Commission. Investors should refer to and consider the information on risks and uncertainties in addition to the

information presented here.

All forward-looking statements made in these materials and the accompanying earnings call are based only on information currently available and speak only as of the date on which they

are made. You should not place undue reliance on forward-looking statements. The Company, except as required by law, undertakes no obligation to update or revise any forward-looking

statements whether as a result of new developments or otherwise.

These materials and the accompanying earnings call may contain non-GAAP financial measures. Non-GAAP measures should be viewed as a supplement to, and not in isolation from, or

as a substitute for the Company’s GAAP measures of performance and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully

evaluated.

3 John Deere | 3Q 2026 Earnings Call | August 20, 2026

3Q 2026 Results

($ millions except where noted)

$12,018 $12,608

3Q 2025 3Q 2026

$10,357 $10,999

3Q 2025 3Q 2026

$1,289 $1,379

3Q 2025 3Q 2026

$4.75 $5.10

3Q 2025 3Q 2026

Net Sales and

Revenues

Net Sales

(Equipment Operations)

Net Income

(attributable to

Deere & Company)

Diluted EPS

($ per share)

5% 7% 7%

4 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Production & Precision Ag

3Q 2026 Results $ in millions

$4,273

$3,998

3Q 2025 3Q 2026

Net Sales 6% Operating Profit Comparison

$28

$580

($124) $108

$49 $0 ($95)

($24)

$527

3Q 2025 Volume/

Mix

Price Currency Warranty Production

Costs

SA&G/

R&D

Special

Items

Other 3Q 2026

5 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Small Ag & Turf

3Q 2026 Results $ in millions

$3,025

$3,383

3Q 2025 3Q 2026

Net Sales 12% Operating Profit Comparison

$17

$485

$120

$51 $12 $10 ($52)

$9 ($30)

$622

3Q 2025 Volume/

Mix

Price Currency Warranty Production

Costs

SA&G/

R&D

Special

Items

Other 3Q 2026

6 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Ag and Turf

Industry Outlook (in units) – FY 2026

Source: Deere & Company forecast as of 20 August 2026

U.S. and CANADA

LARGE AG

Down 15-20%

EUROPE AG

Flat

SOUTH AMERICA AG

(tractors and combines)

Down 15-20%

U.S. and CANADA

SMALL AG and TURF

Flat to up 5%

ASIA AG

Flat

7 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Production & Precision Ag

Business Segment Outlook $ in millions

Source: Deere & Company forecast as of 20 August 2026

15.4%

FY 2025 FY 2026 Fcst

$17,311

FY 2025 FY 2026 Fcst

Net Sales Operating Margin

~10% 11-12%

8 John Deere | 3Q 2026 Earnings Call | August 20, 2026

$10,224

FY 2025 FY 2026 Fcst

Small Ag & Turf

Business Segment Outlook $ in millions

Source: Deere & Company forecast as of 20 August 2026

11.8%

FY 2025 FY 2026 Fcst

Net Sales Operating Margin

~15% 14.5-15.5%

9 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Construction & Forestry

3Q 2026 Results $ in millions

$3,059

$3,618

3Q 2025 3Q 2026

Net Sales 18% Operating Profit Comparison

$436

($35)

($65)

($14)

$237

$22

$244 $10 $21

$16

3Q 2025 Volume/

Mix

Price Currency Warranty Production

Costs

SA&G/

R&D

Special

Items

Other 3Q 2026

10 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Construction & Forestry

Industry Outlook (in units) – FY 2026

Source: Deere & Company forecast as of 20 August 2026

GLOBAL ROADBUILDING

Up ~10%

U.S. and CANADA

CONSTRUCTION EQUIPMENT

Up 5-10%

U.S. and CANADA COMPACT

CONSTRUCTION EQUIPMENT

Up ~5%

GLOBAL FORESTRY

Down ~10%

11 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Construction & Forestry

Business Segment Outlook $ in millions

Source: Deere & Company forecast as of 20 August 2026

9.0%

FY 2025 FY 2026 Fcst

$11,382

FY 2025 FY 2026 Fcst

Net Sales Operating Margin

~20% 10.5-11.5%

12 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Financial Services

Net Income – Results and Outlook $ in millions

Source: Deere & Company forecast as of 20 August 2026

$205 $219

3Q 2025 3Q 2026

Quarter Results Fiscal Year Outlook

$890 $870

FY 2025 FY 2026 Fcst

13 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Deere & Company Outlook

Effective

Tax Rate*

Net Income

(attributable to Deere & Co.)

$4.75-5.0B 24-26%

FY 2026 FORECAST

Net Operating

Cash Flow*

$5.0-5.5B

*Equipment Operations

Source: Deere & Company forecast as of 20 August 2026

Other

Research and Development Expenses*

Capital Expenditures*

Up slightly

~$1.3B

14 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Appendix

15 John Deere | 3Q 2026 Earnings Call | August 20, 2026

July 2026 Retail Sales (Rolling 3 Months)

and Dealer Inventories

Retail Sales

U.S. and Canada Ag Industry* Deere**

2WD Tractors (< 40 PTO hp) 20% Down more than the industry

2WD Tractors (40 < 100 PTO hp) 11% Down less than the industry

2WD Tractors (100+ PTO hp) 7% Down less than the industry

4WD Tractors 34% Down more than the industry

Combines 20% Down more than the industry

Deere Dealer Inventories***

U.S. and Canada Ag 2026 2025

2WD Tractors (100+ PTO hp) 33% 31%

Combines 25% 26%

* As reported by the Association of Equipment Manufacturers

** As reported to the Association of Equipment Manufacturers

*** In units as a % of trailing 12 months retail sales, as reported to the Association of Equipment Manufacturers

16 John Deere | 3Q 2026 Earnings Call | August 20, 2026

July 2026 Retail Sales (Rolling 3 Months)

Retail Sales

Europe Ag Deere*

Tractors Down low double digits

Combines Up high single digit

* Based on internal sales reports

Retail Sales

U.S. and Canada Deere*

Selected Turf and Utility Equipment Down single digit

Earthmoving and Forestry Up single digit

17 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Deere Use-of-Cash Priorities

REPURCHASE

Manage the balance sheet, including liquidity, to support a rating that provides

access to low-cost and readily available short- and long-term funding

mechanisms (reflects the strategic nature of our financial services operation)

Fund value-creating investments in our businesses, including organic

and inorganic activities.

Consistently and moderately raise dividend targeting a 25-35% payout ratio of

mid-cycle earnings

Repurchase shares to deploy remaining free cash flow to shareholders over

the business cycle

COMMITTED

TO “A” RATING

FUND OPERATING

& GROWTH NEEDS

COMMON STOCK

DIVIDEND

CASH FROM OPERATIONS Equipment Operations Cash Flow from Operating Activities

18 John Deere | 3Q 2026 Earnings Call | August 20, 2026

Deere & Company’s 4Q 2026 earnings call

is scheduled for 9:00 a.m. Central Time on

Wednesday, 25 November 2026.

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