Form 8-K

8-K — DEERE & CO

Accession: 0001104659-26-064747

Filed: 2026-05-21

Period: 2026-05-21

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-20260521x8k.htm (Primary)

EX-99.1 (de-20260521xex99d1.htm)

EX-99.2 (de-20260521xex99d2.htm)

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8-K

8-K (Primary)

Filename: de-20260521x8k.htm · Sequence: 1

DEERE & CO_May 21, 2026

0000315189falseDEERE & CO0000315189us-gaap:CommonStockMember2026-05-212026-05-210000315189de:Debentures6.55PercentDue2028Member2026-05-212026-05-2100003151892026-05-212026-05-21

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

Item 7.01Regulation FD

On Thursday, May 21, 2026, the Company made available a presentation providing a review of its second quarter of fiscal 2026 in connection with its investor earnings call. A copy of the presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits

(d)Exhibits

Number

Description of Exhibit

99.1

Press Release and Supplemental Financial Information (Furnished herewith)

99.2

Second 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. Rosales

Julie M. Rosales

Assistant Secretary

Dated: May 21, 2026

EX-99.1

Filename: de-20260521xex99d1.htm · Sequence: 2

Exhibit 99.1

(Furnished herewith)

News Release

Contact:

Jen Hartmann

Director, Public Relations

HartmannJenniferA@JohnDeere.com

Deere Reports Second Quarter Net Income of $1.773 Billion

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

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

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

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

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

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

Company Outlook & Summary

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

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

Deere & Company

Second Quarter

Year to Date

$ in millions, except per share amounts

2026

2025

% Change

2026

2025

% Change

Net sales and revenues

13,369

12,763

22,981

21,272

Net income

1,773

1,804

-2%

2,429

2,673

-9%

Fully diluted EPS

6.55

6.64

8.97

9.82

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

Production & Precision Agriculture

Second Quarter

$ in millions

2026

2025

% Change

Net sales

4,503

5,230

-14%

Operating profit

706

1,148

-39%

Operating margin

15.7%

22.0%

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

Production & Precision Agriculture Operating Profit

Second Quarter 2026 Compared to Second Quarter 2025

$ in millions

Small Agriculture & Turf

Second Quarter

$ in millions

2026

2025

% Change

Net sales

3,485

2,994

16%

Operating profit

719

574

25%

Operating margin

20.6%

19.2%

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

Small Agriculture & Turf Operating Profit

Second Quarter 2026 Compared to Second Quarter 2025

$ in millions

Construction & Forestry

Second Quarter

$ in millions

2026

2025

% Change

Net sales

3,790

2,947

29%

Operating profit

561

379

48%

Operating margin

14.8%

12.9%

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

Construction & Forestry Operating Profit

Second Quarter 2026 Compared to Second Quarter 2025

$ in millions

Financial Services

Second Quarter

$ in millions

2026

2025

% Change

Net income

190

161

18%

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

Industry Outlook for Fiscal 2026

Agriculture & Turf

U.S. & Canada:

Large Ag

Down 15 to 20%

Small Ag & Turf

Flat to up 5%

Europe

Flat to up 5%

South America (Tractors & Combines)

Down ~15%

Asia

Flat

Construction & Forestry

U.S. & Canada:

Construction Equipment

Up ~5%

Compact Construction Equipment

Up ~5%

Global Forestry

Down ~5%

Global Roadbuilding

Up ~10%

Deere Segment Outlook for Fiscal 2026

Currency

Price

$ in millions

Net Sales

Translation

Realization

Production & Precision Ag

Down 5 to 10%

+3.0%

~ +1.0%

Small Ag & Turf

Up ~15%

+1.0%

~ +1.5%

Construction & Forestry

Up ~20%

+2.0%

~ +2.5%

Financial Services

Net Income

~ $860

FORWARD-LOOKING STATEMENTS

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

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

● 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

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

● 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 consequently 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

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

● 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

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

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

● the ability to execute business strategies, including the company’s Smart Industrial Operating Model and refined Leap Ambitions

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

● the ability to realize 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, 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

● 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, including the lawsuit filed by the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that the company unlawfully withheld self-repair capabilities from farmers and independent repair providers

● loss of or challenges to intellectual property rights

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

DEERE & COMPANY

SECOND QUARTER 2026 PRESS RELEASE

(In millions of dollars) Unaudited

Three Months Ended

Six Months Ended

May 3

April 27

May 3

April 27

2026

2025

Change

2026

2025

Change

Net sales and revenues:

Production & Precision Ag net sales

4,503

5,230

-14

7,666

8,297

-8

Small Ag & Turf net sales

3,485

2,994

+16

5,653

4,742

+19

Construction & Forestry net sales

3,790

2,947

+29

6,460

4,941

+31

Financial Services revenues

1,366

1,385

-1

2,751

2,856

-4

Other revenues

225

207

451

436

Total net sales and revenues

13,369

12,763

22,981

21,272

Operating profit: *

Production & Precision Ag

706

1,148

-39

845

1,486

-43

Small Ag & Turf

719

574

+25

916

698

+31

Construction & Forestry

561

379

+48

698

444

+57

Financial Services

251

207

+21

552

473

+17

Total operating profit

2,237

2,308

-3

3,011

3,101

-3

Reconciling items **

+54

132

138

-4

Income taxes

(518)

(539)

-4

(714)

(566)

+26

Net income attributable to Deere & Company

1,773

1,804

-2

2,429

2,673

-9

* 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 Six Months Ended May 3, 2026 and April 27, 2025

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

Three Months Ended

Six Months Ended

2026

2025

2026

2025

Net Sales and Revenues

Net sales

11,778

11,171

19,779

17,980

Finance and interest income

1,314

1,354

2,658

2,807

Other income

277

238

544

485

Total

13,369

12,763

22,981

21,272

Costs and Expenses

Cost of sales

8,266

7,609

14,547

12,646

Research and development expenses

583

549

1,137

1,075

Selling, administrative and general expenses

1,209

1,197

2,181

2,169

Interest expense

712

784

1,431

1,614

Other operating expenses

306

287

556

536

Total

11,076

10,426

19,852

18,040

Income of Consolidated Group before Income Taxes

2,293

2,337

3,129

3,232

Provision for income taxes

518

539

714

566

Income of Consolidated Group

1,775

1,798

2,415

2,666

Equity in income (loss) of unconsolidated affiliates

(5)

Net Income

1,770

1,801

2,425

2,667

Less: Net loss attributable to noncontrolling interests

(3)

(4)

(6)

Net Income Attributable to Deere & Company

1,773

1,804

2,429

2,673

Per Share Data

Basic

6.57

6.65

8.99

9.85

Diluted

6.55

6.64

8.97

9.82

Dividends declared

1.62

3.24

Dividends paid

1.62

3.24

3.09

Average Shares Outstanding

Basic

270.1

271.1

270.2

271.3

Diluted

270.8

271.8

270.9

272.1

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars) Unaudited

May 3

November 2

April 27

2026

2025

Assets

Cash and cash equivalents

7,905

8,276

7,991

Marketable securities

1,430

1,411

1,272

Trade accounts and notes receivable – net

7,571

5,317

6,748

Financing receivables – net

42,916

44,575

43,029

Financing receivables securitized – net

6,100

6,831

7,765

Other receivables

2,582

2,403

2,975

Equipment on operating leases – net

7,514

7,600

7,336

Inventories

8,188

7,406

7,870

Property and equipment – net

8,035

8,079

7,555

Goodwill

4,513

4,188

4,094

Other intangible assets – net

975

892

964

Retirement benefits

3,450

3,273

3,133

Deferred income taxes

2,361

2,284

2,088

Other assets

3,461

3,483

Total Assets

107,001

105,996

106,303

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

15,632

13,796

15,948

Short-term securitization borrowings

5,929

6,596

7,562

Accounts payable and accrued expenses

13,653

13,909

13,345

Deferred income taxes

422

434

496

Long-term borrowings

42,261

43,544

42,811

Retirement benefits and other liabilities

1,644

1,710

1,763

Total liabilities

79,541

79,989

81,925

Redeemable noncontrolling interest

Stockholders’ Equity

Total Deere & Company stockholders’ equity

27,406

25,950

24,287

Noncontrolling interests

Total stockholders’ equity

27,413

25,956

24,295

Total Liabilities and Stockholders’ Equity

107,001

105,996

106,303

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

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

(In millions of dollars) Unaudited

2026

2025

Cash Flows from Operating Activities

Net income

2,425

2,667

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

Provision for credit losses

127

174

Depreciation and amortization

1,184

1,104

Impairments and other adjustments

(32)

Share-based compensation expense

Provision (credit) for deferred income taxes

(68)

Changes in assets and liabilities:

Receivables related to sales

(1,084)

(1,069)

Inventories

(738)

(772)

Accounts payable and accrued expenses

(333)

(898)

Accrued income taxes payable/receivable

(5)

(147)

Retirement benefits

(290)

(794)

Other

(245)

270

Net cash provided by operating activities

1,042

568

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

14,385

14,348

Proceeds from maturities and sales of marketable securities

258

245

Proceeds from sales of equipment on operating leases

1,019

1,001

Cost of receivables acquired (excluding receivables related to sales)

(13,157)

(12,744)

Acquisition of business, net of cash acquired

(439)

Purchases of marketable securities

(284)

(347)

Purchases of property and equipment

(451)

(555)

Cost of equipment on operating leases acquired

(1,295)

(1,254)

Collections of receivables from unconsolidated affiliates

152

234

Collateral on derivatives – net

(8)

Other

(87)

(176)

Net cash provided by investing activities

779

Cash Flows from Financing Activities

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

2,246

551

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

3,451

5,156

Payments of borrowings (original maturities greater than three months)

(5,935)

(4,837)

Repurchases of common stock

(500)

(838)

Dividends paid

(878)

(843)

Other

(11)

(10)

Net cash used for financing activities

(1,627)

(821)

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

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

(398)

546

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

8,533

7,633

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

8,135

8,179

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

Condensed Notes to Interim Consolidated Financial Statements

(In millions of dollars) Unaudited

(1) Acquisition

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

(2) Special Items

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 six months ended April 27, 2025. The valuation allowance changes are presented in “Impairments and other adjustments” in the statements of consolidated cash flows.

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

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

DEERE & COMPANY

(4) SUPPLEMENTAL CONSOLIDATING DATA

STATEMENTS OF INCOME

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

(In millions of dollars) Unaudited

EQUIPMENT

FINANCIAL

OPERATIONS

SERVICES

ELIMINATIONS

CONSOLIDATED

2026

2025

2026

2025

2026

2025

2026

2025

Net Sales and Revenues

Net sales

11,778

11,171

11,778

11,171

Finance and interest income

110

108

1,359

1,380

(155)

(134)

1,314

1,354

Other income

212

187

150

121

(85)

(70)

277

238

2, 3, 4

Total

12,100

11,466

1,509

1,501

(240)

(204)

13,369

12,763

Costs and Expenses

Cost of sales

8,277

7,617

(11)

(8)

8,266

7,609

Research and development expenses

583

549

583

549

Selling, administrative and general expenses

980

961

231

238

(2)

1,209

1,197

Interest expense

102

649

721

(39)

(31)

712

784

Interest compensation to Financial Services

116

103

(116)

(103)

Other operating expenses

369

335

(72)

(60)

306

287

3, 4, 5

Total

10,067

9,336

1,249

1,294

(240)

(204)

11,076

10,426

Income before Income Taxes

2,033

2,130

260

207

2,293

2,337

Provision for income taxes

452

490

518

539

Income after Income Taxes

1,581

1,640

194

158

1,775

1,798

Equity in income (loss) of unconsolidated affiliates

(1)

(4)

(5)

Net Income

1,580

1,640

190

161

1,770

1,801

Less: Net loss attributable to noncontrolling interests

(3)

Net Income Attributable to Deere & Company

1,583

1,643

190

161

1,773

1,804

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 Six Months Ended May 3, 2026 and April 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

19,779

17,980

19,779

17,980

Finance and interest income

230

217

2,710

2,835

(282)

(245)

2,658

2,807

Other income

425

391

287

239

(168)

(145)

544

485

2, 3, 4

Total

20,434

18,588

2,997

3,074

(450)

(390)

22,981

21,272

Costs and Expenses

Cost of sales

14,568

12,662

(21)

(16)

14,547

12,646

Research and development expenses

1,137

1,075

1,137

1,075

Selling, administrative and general expenses

1,787

1,761

398

412

(4)

2,181

2,169

Interest expense

195

178

1,313

1,487

(77)

(51)

1,431

1,614

Interest compensation to Financial Services

205

194

(205)

(194)

Other operating expenses

(37)

(38)

736

699

(143)

(125)

556

536

3, 4, 5

Total

17,855

15,832

2,447

2,598

(450)

(390)

19,852

18,040

Income before Income Taxes

2,579

2,756

550

476

3,129

3,232

Provision for income taxes

587

477

127

714

566

Income after Income Taxes

1,992

2,279

423

387

2,415

2,666

Equity in income (loss) of unconsolidated affiliates

(1)

(3)

Net Income

1,991

2,276

434

391

2,425

2,667

Less: Net loss attributable to noncontrolling interests

(4)

(6)

(4)

(6)

Net Income Attributable to Deere & Company

1,995

2,282

434

391

2,429

2,673

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

May 3

Nov 2

Apr 27

May 3

Nov 2

Apr 27

May 3

Nov 2

Apr 27

May 3

Nov 2

Apr 27

2026

2025

2026

2025

2026

2025

2026

2025

Assets

Cash and cash equivalents

5,917

6,340

6,331

1,988

1,936

1,660

7,905

8,276

7,991

Marketable securities

173

217

139

1,257

1,194

1,133

1,430

1,411

1,272

Receivables from Financial Services

4,642

4,649

2,497

(4,642)

(4,649)

(2,497)

Trade accounts and notes receivable – net

1,579

1,316

1,429

8,001

5,900

7,406

(2,009)

(1,899)

(2,087)

7,571

5,317

6,748

Financing receivables – net

102

42,814

44,487

42,947

42,916

44,575

43,029

Financing receivables securitized – net

6,099

6,830

7,763

6,100

6,831

7,765

Other receivables

2,062

1,809

2,009

573

658

1,009

(53)

(64)

(43)

2,582

2,403

2,975

Equipment on operating leases – net

7,514

7,600

7,336

7,514

7,600

7,336

Inventories

8,188

7,406

7,870

8,188

7,406

7,870

Property and equipment – net

8,004

8,047

7,523

8,035

8,079

7,555

Goodwill

4,513

4,188

4,094

4,513

4,188

4,094

Other intangible assets – net

975

892

964

975

892

964

Retirement benefits

3,351

3,181

3,046

101

(2)

3,450

3,273

3,133

Deferred income taxes

2,532

2,507

2,377

(216)

(269)

(331)

2,361

2,284

2,088

Other assets

2,358

2,218

2,349

1,126

1,244

1,152

(23)

(1)

(18)

3,461

3,483

Total Assets

44,397

42,859

40,712

69,549

70,021

70,569

(6,945)

(6,884)

(4,978)

107,001

105,996

106,303

Liabilities and Stockholders’ Equity

Liabilities

Short-term borrowings

397

414

241

15,235

13,382

15,707

15,632

13,796

15,948

Short-term securitization borrowings

5,928

6,595

7,561

5,929

6,596

7,562

Payables to equipment operations

4,642

4,649

2,497

(4,642)

(4,649)

(2,497)

Accounts payable and accrued expenses

12,600

12,757

12,180

3,138

3,116

3,313

(2,085)

(1,964)

(2,148)

13,653

13,909

13,345

7, 8

Deferred income taxes

331

347

405

307

356

422

(216)

(269)

(331)

422

434

496

Long-term borrowings

8,857

8,756

8,685

33,404

34,788

34,126

42,261

43,544

42,811

Retirement benefits and other liabilities

1,579

1,646

1,695

(2)

1,644

1,710

1,763

Total liabilities

23,765

23,921

23,207

62,721

62,952

63,696

(6,945)

(6,884)

(4,978)

79,541

79,989

81,925

Redeemable noncontrolling interest

Stockholders’ Equity

Total Deere & Company stockholders’ equity

27,406

25,950

24,287

6,828

7,069

6,873

(6,828)

(7,069)

(6,873)

27,406

25,950

24,287

Noncontrolling interests

Financial Services’ equity

(6,828)

(7,069)

(6,873)

6,828

7,069

6,873

Adjusted total stockholders’ equity

20,585

18,887

17,422

6,828

7,069

6,873

27,413

25,956

24,295

Total Liabilities and Stockholders’ Equity

44,397

42,859

40,712

69,549

70,021

70,569

(6,945)

(6,884)

(4,978)

107,001

105,996

106,303

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 Six Months Ended May 3, 2026 and April 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

1,991

2,276

434

391

2,425

2,667

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

Provision for credit losses

126

163

127

174

Depreciation and amortization

689

643

546

529

(51)

(68)

1,184

1,104

Impairments and other adjustments

(32)

Share-based compensation expense

Distributed earnings of Financial Services

734

984

(734)

(984)

Provision (credit) for deferred income taxes

(19)

(153)

(49)

164

(68)

Changes in assets and liabilities:

Receivables related to sales

(225)

(185)

(859)

(884)

(1,084)

(1,069)

14, 16

Inventories

(649)

(691)

(89)

(81)

(738)

(772)

Accounts payable and accrued expenses

(237)

(1,069)

102

(110)

(333)

(898)

Accrued income taxes payable/receivable

(77)

(20)

(70)

(5)

(147)

Retirement benefits

(285)

(753)

(5)

(41)

(290)

(794)

Other

(335)

140

224

(50)

(13)

(245)

270

11, 12, 15

Net cash provided by operating activities

1,680

1,045

1,186

1,430

(1,824)

(1,907)

1,042

568

Cash Flows from Investing Activities

Collections of receivables (excluding receivables related to sales)

14,641

14,684

(256)

(336)

14,385

14,348

Proceeds from maturities and sales of marketable securities

167

227

258

245

Proceeds from sales of equipment on operating leases

1,019

1,001

1,019

1,001

Cost of receivables acquired (excluding receivables related to sales)

(13,273)

(12,875)

116

131

(13,157)

(12,744)

Acquisition of business, net of cash acquired

(439)

Purchases of marketable securities

(42)

(20)

(242)

(327)

(284)

(347)

Purchases of property and equipment

(451)

(555)

(451)

(555)

Cost of equipment on operating leases acquired

(1,415)

(1,363)

120

109

(1,295)

(1,254)

Increase in trade and wholesale receivables

(1,110)

(1,019)

1,110

1,019

Collections of receivables from unconsolidated affiliates

183

152

234

Collateral on derivatives – net

(10)

(8)

Other

(54)

(72)

(33)

(104)

(87)

(176)

Net cash provided by (used for) investing activities

(893)

(443)

(104)

299

1,090

923

779

Cash Flows from Financing Activities

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

(4)

2,250

486

2,246

551

Change in intercompany receivables/payables

428

(21)

(428)

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

252

2,043

3,199

3,113

3,451

5,156

Payments of borrowings (original maturities greater than three months)

(181)

(766)

(5,754)

(4,071)

(5,935)

(4,837)

Repurchases of common stock

(500)

(838)

(500)

(838)

Dividends paid

(878)

(843)

(734)

(984)

734

984

(878)

(843)

Other

(4)

(16)

(6)

(11)

(10)

Net cash provided by (used for) financing activities

(1,285)

(1,076)

(1,890)

734

984

(1,627)

(821)

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

(2)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

(419)

709

(163)

(398)

546

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

5,945

6,352

2,190

1,827

8,135

8,179

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.

EX-99.2

Filename: de-20260521xex99d2.htm · Sequence: 3

2Q 2026 Earnings Call

21 May 2026

Exhibit 99.2

(Furnished herewith)

2 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Forward-Looking Statements

This earnings call and accompanying materials include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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

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

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

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

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

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

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

forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, changes in circumstances, and other factors that are difficult to predict and many of which

are outside of the Company’s control causing and adequately managing inventory; availability and price of raw materials, components, and whole goods; delays or disruptions in our actual

results to differ materially from those projected in these forward-looking statements. Among these factors are risks related to the agricultural business cycle, which can be unpredictable

and is affected by a variety of factors, such as farm income; macroeconomic conditions, including unemployment, inflation, interest rate volatility and energy price increases resulting from

geopolitical conflicts; the uncertainty of government policies and actions with respect to the global trade environment including increased and contested tariffs; exposure to risks and

events beyond our control in countries in which we operate, such as economic and political instability, worldwide demand for food and different forms of renewable energy impacting the

price of farm commodities; rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities; accurately forecasting customer demand

for products and services; delays or disruptions in our supply chain, including those arising from geopolitical conflicts; changes in climate patterns, unfavorable weather events, and natural

disasters; higher interest rates and currency fluctuations; negative economic conditions in the financial industry which could impact our financial services segment; the ability to execute

business strategies, including our Smart Industrial Operating Model and Leap Ambitions ; the complexity of our products and the risks associated with not realizing the anticipated benefits

of our investments, such as customer acceptance and the pace of adopting our products and technologies; dealer practices and their ability to manage new and used inventory, distribute

our products, and provide support and service for precision technology solutions; the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with

successful integration; negative claims or publicity that damage our reputation or brand; the ability to attract, develop, engage, and retain qualified employees; the impact of workforce

reductions on company culture, employee retention and morale, and institutional knowledge; labor relations and contracts, including work stoppages and other disruptions; security

breaches, cybersecurity attacks, technology failures, and other disruptions to our information technology infrastructure and products; leveraging artificial intelligence and machine learning

within our business processes; changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with these laws and regulations;

investigations, claims, lawsuits, or other legal proceedings. For a discussion of risks and uncertainties impacting our business, see “Item 1A Risk Factors” in our most recent Annual

Report on Form 10-K, as updated by our subsequent filings with the U.S. Securities and Exchange Commission. Investors should refer to and consider the information on risks and

uncertainties in addition to the information presented here.

All forward-looking statements made in this earnings call and accompanying materials are based only on information currently available and speaks only as of the date on which it is

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

statements whether as a result of new developments or otherwise.

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

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

evaluated.

3 John Deere | 2Q 2026 Earnings Call | May 21, 2026

2Q 2026 Results

($ millions except where noted)

$12,763 $13,369

2Q 2025 2Q 2026

$11,171 $11,778

2Q 2025 2Q 2026

$1,804 $1,773

2Q 2025 2Q 2026

$6.64 $6.55

2Q 2025 2Q 2026

Net Sales and

Revenues

Net Sales

(Equipment Operations)

Net Income

(attributable to

Deere & Company)

Diluted EPS

($ per share)

5% 2% 1%

4 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Production & Precision Ag

2Q 2026 Results $ in millions

$5,230

$4,503

2Q 2025 2Q 2026

Net Sales 14% Operating Profit Comparison

$1,148

($402)

$49

$75 ($51)

($77)

($4) ($32)

$706

2Q 2025 Volume/

Mix

Price Currency Warranty Production

Costs

SA&G/

R&D

Special

Items

Other 2Q 2026

5 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Small Ag & Turf

2Q 2026 Results $ in millions

$2,994

$3,485

2Q 2025 2Q 2026

Net Sales 16% Operating Profit Comparison

$719

($22)

($11)

$574

$101

$40 $27 $2 $0 $8

2Q 2025 Volume/

Mix

Price Currency Warranty Production

Costs

SA&G/

R&D

Special

Items

Other 2Q 2026

6 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Ag and Turf

Industry Outlook (in units) – FY 2026

Source: Deere & Company forecast as of 21 May 2026

U.S. and CANADA

LARGE AG

Down 15-20%

EUROPE AG

Flat to up 5%

SOUTH AMERICA AG

(tractors and combines)

Down ~15%

U.S. and CANADA

SMALL AG and TURF

Flat to up 5%

ASIA AG

Flat

7 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Production & Precision Ag

Business Segment Outlook $ in millions

Source: Deere & Company forecast as of 21 May 2026

15.4%

FY 2025 FY 2026 Fcst

$17,311

FY 2025 FY 2026 Fcst

Net Sales Operating Margin

5-10% 11-13%

8 John Deere | 2Q 2026 Earnings Call | May 21, 2026

$10,224

FY 2025 FY 2026 Fcst

Small Ag & Turf

Business Segment Outlook $ in millions

Source: Deere & Company forecast as of 21 May 2026

11.8%

FY 2025 FY 2026 Fcst

Net Sales Operating Margin

~15%

13.5-15%

9 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Construction & Forestry

2Q 2026 Results $ in millions

$2,947

$3,790

2Q 2025 2Q 2026

Net Sales 29% Operating Profit Comparison

$561

($9)

($82)

($34)

$379

$191

$80

$36

$0 $0

2Q 2025 Volume/

Mix

Price Currency Warranty Production

Costs

SA&G/

R&D

Special

Items

Other 2Q 2026

10 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Construction & Forestry

Industry Outlook (in units) – FY 2026

Source: Deere & Company forecast as of 21 May 2026

GLOBAL ROADBUILDING

Up ~10%

U.S. and CANADA

CONSTRUCTION EQUIPMENT

Up ~5%

U.S. and CANADA COMPACT

CONSTRUCTION EQUIPMENT

Up ~5%

GLOBAL FORESTRY

Down ~5%

11 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Construction & Forestry

Business Segment Outlook $ in millions

Source: Deere & Company forecast as of 21 May 2026

9.0%

FY 2025 FY 2026 Fcst

$11,382

FY 2025 FY 2026 Fcst

Net Sales Operating Margin

~20%

10-12%

12 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Financial Services

Net Income – Results and Outlook $ in millions

Source: Deere & Company forecast as of 21 May 2026

$161 $190

2Q 2025 2Q 2026

Quarter Results Fiscal Year Outlook

$890 $860

FY 2025 FY 2026 Fcst

13 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Deere & Company Outlook

Effective

Tax Rate*

Net Income

(attributable to Deere & Co.)

$4.5-5.0B 24-26%

FY 2026 FORECAST

Net Operating

Cash Flow*

$4.5-5.5B

*Equipment Operations

Source: Deere & Company forecast as of 21 May 2026

Other

Research and Development Expenses*

Capital Expenditures*

Up slightly

~$1.4B

14 John Deere | 2Q 2026 Earnings Call | May 21, 2026

Appendix

15 John Deere | 2Q 2026 Earnings Call | May 21, 2026

April 2026 Retail Sales (Rolling 3 Months)

and Dealer Inventories

Retail Sales

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

2WD Tractors (< 40 PTO hp) 12% Up a single digit

2WD Tractors (40 < 100 PTO hp) 4% Up a single digit

2WD Tractors (100+ PTO hp) 14% Down more than the industry

4WD Tractors 24% Down less than the industry

Combines 5% Flat

Deere Dealer Inventories***

U.S. and Canada Ag 2026 2025

2WD Tractors (100+ PTO hp) 30% 31%

Combines 12% 17%

* As reported by the Association of Equipment Manufacturers

** As reported to the Association of Equipment Manufacturers

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

16 John Deere | 2Q 2026 Earnings Call | May 21, 2026

April 2026 Retail Sales (Rolling 3 Months)

Retail Sales

Europe Ag Deere*

Tractors Up double digits

Combines Up double digits

* Based on internal sales reports

Retail Sales

U.S. and Canada Deere*

Selected Turf and Utility Equipment Up low double digits

Earthmoving and Forestry Up low double digits

17 John Deere | 2Q 2026 Earnings Call | May 21, 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 | 2Q 2026 Earnings Call | May 21, 2026

Deere & Company’s 3Q 2026 earnings call

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

Thursday, 20 August 2026.

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May 21, 2026

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Moline

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