8-K - DE - Equibles

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: November 26, 2025

(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	Name of each exchange on which registered
Common stock, $1 par value	DE	New York Stock Exchange
6.55% Debentures Due 2028	DE28	New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02Results of Operations and Financial Condition

On Wednesday, November 26, 2025, Deere & Company (the “Company”) issued a press release announcing its results of operations for the fourth quarter of fiscal 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01Regulation FD

On Wednesday, November 26, 2025, the Company made available a presentation providing a review of its fourth quarter of fiscal 2025 in connection with its investor earnings call. A copy of the presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits

(d)Exhibits


Number	Description of Exhibit
99.1	Press Release and Supplemental Financial Information (Furnished herewith)
99.2	Fourth Quarter 2025 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/ Kellye L. Walker
		Kellye L. Walker
		Corporate Secretary


Dated: November 26, 2025

Exhibit 99.1

(Furnished herewith)

,
News Release

Contact: Jen Hartmann Director, Public Relations HartmannJenniferA@JohnDeere.com

Deere Reports Net Income of $1.065 Billion for Fourth Quarter, $5.027 Billion for Fiscal Year

●	2025 results highlight resilient performance in the face of difficult market conditions
●	Outlook for small ag and construction and forestry improves as large ag remains subdued
---	---
●	Full-year 2026 earnings are projected to be between $4.00 billion and $4.75 billion
---	---

MOLINE, Illinois (November 26, 2025) — Deere & Company reported net income of $1.065 billion for the fourth quarter ended November 2, 2025, or $3.93 per share, compared with net income of $1.245 billion, or $4.55 per share, for the quarter ended October 27, 2024. For fiscal year 2025, net income attributable to Deere & Company was $5.027 billion, or $18.50 per share, compared with $7.100 billion, or $25.62 per share, in fiscal 2024.

Worldwide net sales and revenues increased 11%, to $12.394 billion, for the fourth quarter of 2025 and decreased 12%, to $45.684 billion, for the full year. Net sales were $10.579 billion for the quarter and $38.917 billion for the year, compared with $9.275 billion and $44.759 billion in fiscal 2024, respectively.

“This past year brought its share of challenges and uncertainty, but thanks to the structural improvements we’ve made and the diverse customer segments and geographies we serve, we were able to achieve our best results yet for this point in the cycle,” said John May, chairman and CEO of John Deere. “Our continued commitment to delivering customer value and focusing on operational efficiency enabled us to remain resilient and demonstrate the strength of our business.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.00 billion to $4.75 billion.

“Looking ahead, we believe 2026 will mark the bottom of the large ag cycle,” May stated. “While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain, our commitment to inventory management and cost control, coupled with expected growth in small agriculture & turf and construction & forestry, positions us to effectively manage the business and seize emerging opportunities as market conditions begin to recover.”


Deere & Company	Fourth Quarter					Full Year
$ in millions, except per share amounts	2025		2024		% Change	2025		2024		% Change
Net sales and revenues	$	12,394	$	11,143	11%	$	45,684	$	51,716	-12%
Net income	$	1,065	$	1,245	-14%	$	5,027	$	7,100	-29%
Fully diluted EPS	$	3.93	$	4.55		$	18.50	$	25.62

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


Production & Precision Agriculture	Fourth Quarter
$ in millions	2025		2024		% Change
Net sales	$	4,740	$	4,305	10%
Operating profit	$	604	$	657	-8%
Operating margin		12.7%		15.3%

Production & Precision Agriculture sales increased for the quarter due to higher shipment volumes and favorable price realization. Operating profit decreased primarily due to higher production costs, higher tariffs, and special items described in Note 2, partially offset by price realization and higher shipment volumes / sales mix.

Production & Precision Agriculture Operating Profit

Fourth Quarter 2025 Compared to Fourth Quarter 2024

$ in millions


Small Agriculture & Turf	Fourth Quarter
$ in millions	2025		2024		% Change
Net sales	$	2,457	$	2,306	7%
Operating profit	$	25	$	234	-89%
Operating margin		1.0%		10.1%

Small Agriculture & Turf sales increased for the quarter due to higher shipment volumes. Operating profit decreased due to higher tariffs, warranty expenses, and production costs.

Small Agriculture & Turf Operating Profit

Fourth Quarter 2025 Compared to Fourth Quarter 2024

$ in millions


Construction & Forestry	Fourth Quarter
$ in millions	2025		2024		% Change
Net sales	$	3,382	$	2,664	27%
Operating profit	$	348	$	328	6%
Operating margin		10.3%		12.3%

Construction & Forestry sales increased for the quarter due to higher shipment volumes. Operating profit increased primarily due to higher shipment volumes / sales mix, partially offset by increased production costs driven by higher tariffs and special items described in Note 2.

Construction & Forestry Operating Profit

Fourth Quarter 2025 Compared to Fourth Quarter 2024

$ in millions


Financial Services	Fourth Quarter
$ in millions	2025		2024		% Change
Net income	$	293	$	173	69%

Financial Services net income for the quarter was higher due to favorable financing spreads, special items described in Note 2, and a lower provision for credit losses.


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)						Flat
Asia						Down ~5%

Construction & Forestry
U.S. & Canada:
Construction Equipment						Flat to up 5%
Compact Construction Equipment						Flat to up 5%
Global Forestry						Flat
Global Roadbuilding						Flat


Deere Segment Outlook for Fiscal 2026		Currency	Price
$ in millions	Net Sales	Translation	Realization
Production & Precision Ag	Down 5 to 10%	+1.5%	~ +1.5%
Small Ag & Turf	Up ~10%	+1.0%	~ +2.0%
Construction & Forestry	Up ~10%	+1.0%	~ +3.0%

Financial Services	Net Income	~ $830

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the section entitled “Company Outlook & Summary,” “Industry Outlook for Fiscal 2026,” “Deere Segment Outlook for Fiscal 2026,” and “Condensed Notes to 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, governmental farm programs, availability of transport for crops as well as adverse macroeconomic conditions, including unemployment, inflation, interest rate volatility, changes in consumer practices due to slower economic growth or a recession, and regional or global liquidity constraints
●	the uncertainty of government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government, and retaliatory trade regulations
---	---
●	political, economic, and social instability in the geographies in which the company operates, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East
---	---
●	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 pricing, 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
---	---
●	changes in climate patterns, unfavorable weather events, and natural disasters
---	---
●	suppliers’ and manufacturers’ business practices and compliance with laws applicable to topics 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
---	---
●	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 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 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 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, tariffs, product liability, 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 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

FOURTH QUARTER 2025 PRESS RELEASE

(In millions of dollars) Unaudited


	Three Months Ended					Years Ended
	November 2		October 27		%	November 2		October 27		%
	2025		2024		Change	2025		2024		Change
Net sales and revenues:
Production & Precision Ag net sales	$	4,740	$	4,305	+10	$	17,311	$	20,834	-17
Small Ag & Turf net sales		2,457		2,306	+7		10,224		10,969	-7
Construction & Forestry net sales		3,382		2,664	+27		11,382		12,956	-12
Financial Services revenues		1,548		1,522	+2		5,821		5,782	+1
Other revenues		267		346	-23		946		1,175	-19
Total net sales and revenues	$	12,394	$	11,143	+11	$	45,684	$	51,716	-12

Operating profit: *
Production & Precision Ag	$	604	$	657	-8	$	2,671	$	4,514	-41
Small Ag & Turf		25		234	-89		1,207		1,627	-26
Construction & Forestry		348		328	+6		1,028		2,009	-49
Financial Services		374		231	+62		1,114		889	+25
Total operating profit		1,351		1,450	-7		6,020		9,039	-33
Reconciling items **		68		43	+58		266		155	+72
Income taxes		(354)		(248)	+43		(1,259)		(2,094)	-40
Net income attributable to Deere & Company	$	1,065	$	1,245	-14	$	5,027	$	7,100	-29

* 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 Months and Years Ended November 2, 2025 and October 27, 2024

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


	Three Months Ended				Years Ended
	2025		2024		2025		2024
Net Sales and Revenues
Net sales	$	10,579	$	9,275	$	38,917	$	44,759
Finance and interest income		1,515		1,551		5,748		5,759
Other income		300		317		1,019		1,198
Total		12,394		11,143		45,684		51,716

Costs and Expenses
Cost of sales		7,944		6,571		28,159		30,775
Research and development expenses		681		626		2,311		2,290
Selling, administrative and general expenses		1,276		1,232		4,663		4,840
Interest expense		762		870		3,170		3,348
Other operating expenses		307		326		1,124		1,257
Total		10,970		9,625		39,427		42,510

Income of Consolidated Group before Income Taxes		1,424		1,518		6,257		9,206
Provision for income taxes		354		248		1,259		2,094

Income of Consolidated Group		1,070		1,270		4,998		7,112
Equity in loss of unconsolidated affiliates		(10)		(28)				(24)

Net Income		1,060		1,242		4,998		7,088
Less: Net loss attributable to noncontrolling interests		(5)		(3)		(29)		(12)
Net Income Attributable to Deere & Company	$	1,065	$	1,245	$	5,027	$	7,100

Per Share Data
Basic	$	3.94	$	4.57	$	18.55	$	25.73
Diluted		3.93		4.55		18.50		25.62
Dividends declared		1.62		1.47		6.48		5.88
Dividends paid		1.62		1.47		6.33		5.76

Average Shares Outstanding
Basic		270.3		272.6		270.9		276.0
Diluted		271.1		273.6		271.7		277.1

See Condensed Notes to Consolidated Financial Statements.

DEERE & COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

As of November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited


	2025		2024
Assets
Cash and cash equivalents	$	8,276	$	7,324
Marketable securities		1,411		1,154
Trade accounts and notes receivable – net		5,317		5,326
Financing receivables – net		44,575		44,309
Financing receivables securitized – net		6,831		8,723
Other receivables		2,403		2,545
Equipment on operating leases – net		7,600		7,451
Inventories		7,406		7,093
Property and equipment – net		8,079		7,580
Goodwill		4,188		3,959
Other intangible assets – net		892		999
Retirement benefits		3,273		2,921
Deferred income taxes		2,284		2,086
Other assets		3,461		2,906
Assets held for sale				2,944
Total Assets	$	105,996	$	107,320

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	13,796	$	13,533
Short-term securitization borrowings		6,596		8,431
Accounts payable and accrued expenses		13,909		14,543
Deferred income taxes		434		478
Long-term borrowings		43,544		43,229
Retirement benefits and other liabilities		1,710		2,354
Liabilities held for sale				1,827
Total liabilities		79,989		84,395

Redeemable noncontrolling interest		51		82

Stockholders’ Equity
Total Deere & Company stockholders’ equity		25,950		22,836
Noncontrolling interests		6		7
Total stockholders’ equity		25,956		22,843
Total Liabilities and Stockholders’ Equity	$	105,996	$	107,320

See Condensed Notes to Consolidated Financial Statements.

DEERE & COMPANY

STATEMENTS OF CONSOLIDATED CASH FLOWS

For the Years Ended November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited


	2025		2024
Cash Flows from Operating Activities
Net income	$	4,998	$	7,088
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		296		310
Depreciation and amortization		2,229		2,118
Impairments and other adjustments		41		125
Share-based compensation expense		151		208
Credit for deferred income taxes		(288)		(294)
Changes in assets and liabilities:
Receivables related to sales		1,084		421
Inventories		(275)		788
Accounts payable and accrued expenses		(251)		(1,040)
Accrued income taxes payable/receivable		(136)		(123)
Retirement benefits		(865)		(227)
Other		475		(143)
Net cash provided by operating activities		7,459		9,231

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		26,480		25,162
Proceeds from maturities and sales of marketable securities		486		832
Proceeds from sales of equipment on operating leases		1,917		1,929
Cost of receivables acquired (excluding receivables related to sales)		(26,340)		(28,816)
Acquisitions of businesses, net of cash acquired		(101)
Purchases of marketable securities		(703)		(1,055)
Purchases of property and equipment		(1,360)		(1,640)
Cost of equipment on operating leases acquired		(2,868)		(3,162)
Collections of receivables from unconsolidated affiliates		507
Loans to unconsolidated affiliates		(109)
Collateral on derivatives – net		182		413
Other		(148)		(127)
Net cash used for investing activities		(2,057)		(6,464)

Cash Flows from Financing Activities
Net payments in short-term borrowings (original maturities three months or less)		(2,539)		(1,856)
Proceeds from borrowings issued (original maturities greater than three months)		13,161		18,096
Payments of borrowings (original maturities greater than three months)		(12,264)		(13,232)
Repurchases of common stock		(1,138)		(4,007)
Dividends paid		(1,720)		(1,605)
Other		(79)		(113)
Net cash used for financing activities		(4,579)		(2,717)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		77		(37)

Net Increase in Cash, Cash Equivalents, and Restricted Cash		900		13
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year		7,633		7,620
Cash, Cash Equivalents, and Restricted Cash at End of Year	$	8,533	$	7,633

See Condensed Notes to Consolidated Financial Statements. 13


DEERE & COMPANY
Condensed Notes to Consolidated Financial Statements
(In millions of dollars) Unaudited
(1)	Acquisitions
---	---

In 2025, the company acquired several small-scale 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 aimed at improving profitability, efficiency, and sustainability. In addition, the company acquired the remaining ownership interest of an equity method investment. The combined purchase price consideration for these acquisitions was $115 million, consisting of $101 million cash, net of cash acquired, and $14 million loan forgiven. The businesses were assigned to the Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), and Construction & Forestry (CF) segments. Most of the purchase price for these acquisitions was allocated to goodwill and intangible assets.

(2)	Special Items

Litigation Accrual

In the fourth quarter of 2025, the company increased the total accrued losses on unresolved legal matters in connection with a consolidated multidistrict class action antitrust lawsuit by $95 million pretax ($75 million after-tax) which was included in “Selling, administrative and general expenses.”

Impairment of Intangible Assets

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

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 50% owner of the company’s wholly-owned subsidiary in Brazil, Banco John Deere S.A. (BJD). BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction is intended to reduce the company’s incremental risk as it continues to grow in the Brazilian market. The company deconsolidated BJD upon completion of the transaction in February 2025. The company accounts for its investment in BJD using the equity method of accounting and results of its operations are reported in “Equity in income (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.

BJD was reclassified as held for sale in 2024, resulting in a net loss of $59 million pretax and after-tax due to the establishment of a $97 million valuation allowance on the assets held for sale and a $38 million reversal of allowance for credit losses. In the first quarter of 2025, a gain of $32 million pretax and after-tax was recorded in “Selling, administrative and general expenses” related to a decrease in valuation allowance. The valuation allowance changes are presented in “Impairments and other adjustments” in the statements of consolidated cash flows. No significant gain or loss was recognized 14

upon completion of the transaction. The equity interest in BJD was valued at $362 million at the deconsolidation date.

Legal Settlements

The company reached legal settlements concerning patent infringement claims. As a result of these settlements, in the fourth quarter of 2024, the company recognized a total of $57 million pretax gain ($45 million after-tax) in “Other Income,” providing a benefit of $17 million to PPA and $40 million to CF. These settlements resolve the disputes without any admission of liability by the parties involved. The company believes that these settlements enhance its ability to protect its intellectual property and reinforce its commitment to innovation and technological advancement.

Impairment of Investment in Unconsolidated Affiliate

In the fourth quarter of 2024, the company recorded a non-cash charge of $28 million pretax and after-tax in “Equity in income (loss) of unconsolidated affiliates” for an other than temporary decline in value of an investment recorded in SAT. This is presented in “Impairments and other adjustments” in the statements of consolidated cash flows.

Employee-Separation Programs

In the third quarter of 2024, the company implemented employee-separation programs for the company’s salaried workforce in several geographic areas, including the United States, Europe, Asia, and Latin America. The programs’ main purpose was to help meet the company’s strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs were largely involuntary in nature with the expense recorded when management committed to a plan, the plan was communicated to the employees, and the employees were not required to provide service beyond the legal notification period. For the limited voluntary employee-separation programs, the expense was recorded in the period in which the employee irrevocably accepted a separation offer.

The programs’ pretax expenses recorded for the periods ended October 27, 2024, by operating segment were as follows in millions of dollars:


	Three Months										Fiscal Year
	PPA		SAT		CF		FS		Total		PPA		SAT		CF		FS		Total
Cost of sales	$	3	$	2					$	5	$	21	$	11	$	8			$	40
Research and development expenses		3		3	$	1				7		22		9		2				33
Selling, administrative and general expenses		9		9		1	$	1		20		34		23		12	$	10		79
Total operating profit decrease	$	15	$	14	$	2	$	1		32	$	77	$	43	$	22	$	10		152
Non-operating profit expenses*										1										5
Total									$	33									$	157

* Relates primarily to corporate expenses.

Summary of 2025 and 2024 Special Items

The following table summarizes the operating profit impact, in millions of dollars, of the special items recorded for the three months and fiscal years ended November 2, 2025, and October 27, 2024:


		Three Months										Fiscal Years
		PPA		SAT		CF		FS		Total		PPA		SAT		CF		FS		Total
2025 Expense (benefit):
Litigation accrual		$	47	$	24	$	24			$	95	$	47	$	24	$	24			$	95
Impairment													28		17		16				61
BJD measurement																		$	(32)		(32)
Total expense (benefit)			47		24		24				95		75		41		40		(32)		124
2024 Expense (benefit):
Legal settlements			(17)				(40)				(57)		(17)				(40)				(57)
Impairment					28						28				28						28
Employee-separation programs			15		14		2	$	1		32		77		43		22		10		152
BJD measurement									44		44								59		59
Total expense (benefit)			(2)		42		(38)		45		47		60		71		(18)		69		182
Period over period change		$	49	$	(18)	$	62	$	(45)	$	48	$	15	$	(30)	$	58	$	(101)	$	(58)
(3)	The consolidated financial statements represent the consolidation of all the company’s subsidiaries.
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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 November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited


	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2025		2024		2025		2024		2025		2024		2025		2024
Net Sales and Revenues
Net sales	$	10,579	$	9,275									$	10,579	$	9,275
Finance and interest income		169		154	$	1,500	$	1,569	$	(154)	$	(172)		1,515		1,551	^1^
Other income		242		274		171		117		(113)		(74)		300		317	^2, 3, 4^
Total		10,990		9,703		1,671		1,686		(267)		(246)		12,394		11,143

Costs and Expenses
Cost of sales		7,950		6,578						(6)		(7)		7,944		6,571	^4^
Research and development expenses		681		626										681		626
Selling, administrative and general expenses		1,095		946		183		288		(2)		(2)		1,276		1,232	^4^
Interest expense		91		83		716		828		(45)		(41)		762		870	^1^
Interest compensation to Financial Services		109		131						(109)		(131)					^1^
Other operating expenses		16		54		396		337		(105)		(65)		307		326	^3, 4, 5^
Total		9,942		8,418		1,295		1,453		(267)		(246)		10,970		9,625

Income before Income Taxes		1,048		1,285		376		233						1,424		1,518
Provision for income taxes		269		187		85		61						354		248

Income after Income Taxes		779		1,098		291		172						1,070		1,270
Equity in income (loss) of unconsolidated affiliates		(12)		(29)		2		1						(10)		(28)

Net Income		767		1,069		293		173						1,060		1,242
Less: Net loss attributable to noncontrolling interests		(5)		(3)										(5)		(3)
Net Income Attributable to Deere & Company	$	772	$	1,072	$	293	$	173					$	1,065	$	1,245

^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 Years Ended November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited


	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2025		2024		2025		2024		2025		2024		2025		2024
Net Sales and Revenues
Net sales	$	38,917	$	44,759									$	38,917	$	44,759
Finance and interest income		521		596	$	5,768	$	6,035	$	(541)	$	(872)		5,748		5,759	^1^
Other income		821		1,006		521		458		(323)		(266)		1,019		1,198	^2, 3, 4^
Total		40,259		46,361		6,289		6,493		(864)		(1,138)		45,684		51,716

Costs and Expenses
Cost of sales		28,190		30,803						(31)		(28)		28,159		30,775	^4^
Research and development expenses		2,311		2,290										2,311		2,290
Selling, administrative and general expenses		3,856		3,791		815		1,059		(8)		(10)		4,663		4,840	^4^
Interest expense		372		396		2,923		3,182		(125)		(230)		3,170		3,348	^1^
Interest compensation to Financial Services		414		640						(414)		(640)					^1^
Other operating expenses		(29)		133		1,439		1,354		(286)		(230)		1,124		1,257	^3, 4, 5^
Total		35,114		38,053		5,177		5,595		(864)		(1,138)		39,427		42,510

Income before Income Taxes		5,145		8,308		1,112		898						6,257		9,206
Provision for income taxes		1,020		1,887		239		207						1,259		2,094

Income after Income Taxes		4,125		6,421		873		691						4,998		7,112
Equity in income (loss) of unconsolidated affiliates		(17)		(29)		17		5								(24)

Net Income		4,108		6,392		890		696						4,998		7,088
Less: Net loss attributable to noncontrolling interests		(29)		(12)										(29)		(12)
Net Income Attributable to Deere & Company	$	4,137	$	6,404	$	890	$	696					$	5,027	$	7,100

^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

As of November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited


	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2025		2024		2025		2024		2025		2024		2025		2024
Assets		****		****		****		****		****		****		****		****
Cash and cash equivalents	$	6,340	$	5,615	$	1,936	$	1,709					$	8,276	$	7,324
Marketable securities		217		125		1,194		1,029						1,411		1,154
Receivables from Financial Services		4,649		3,043					$	(4,649)	$	(3,043)					^6^
Trade accounts and notes receivable – net		1,316		1,257		5,900		6,225		(1,899)		(2,156)		5,317		5,326	^7^
Financing receivables – net		88		78		44,487		44,231						44,575		44,309
Financing receivables securitized – net		1		2		6,830		8,721						6,831		8,723
Other receivables		1,809		2,193		658		427		(64)		(75)		2,403		2,545	^7^
Equipment on operating leases – net						7,600		7,451						7,600		7,451
Inventories		7,406		7,093										7,406		7,093
Property and equipment – net		8,047		7,546		32		34						8,079		7,580
Goodwill		4,188		3,959										4,188		3,959
Other intangible assets – net		892		999										892		999
Retirement benefits		3,181		2,839		94		83		(2)		(1)		3,273		2,921	^8^
Deferred income taxes		2,507		2,262		46		43		(269)		(219)		2,284		2,086	^9^
Other assets		2,218		2,194		1,244		715		(1)		(3)		3,461		2,906
Assets held for sale								2,944								2,944
Total Assets	$	42,859	$	39,205	$	70,021	$	73,612	$	(6,884)	$	(5,497)	$	105,996	$	107,320

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	414	$	911	$	13,382	$	12,622					$	13,796	$	13,533
Short-term securitization borrowings		1		2		6,595		8,429						6,596		8,431
Payables to Equipment Operations						4,649		3,043	$	(4,649)	$	(3,043)					^6^
Accounts payable and accrued expenses		12,757		13,534		3,116		3,243		(1,964)		(2,234)		13,909		14,543	^7^
Deferred income taxes		347		434		356		263		(269)		(219)		434		478	^9^
Long-term borrowings		8,756		6,603		34,788		36,626						43,544		43,229
Retirement benefits and other liabilities		1,646		2,250		66		105		(2)		(1)		1,710		2,354	^8^
Liabilities held for sale								1,827								1,827
Total liabilities		23,921		23,734		62,952		66,158		(6,884)		(5,497)		79,989		84,395

Redeemable noncontrolling interest		51		82										51		82

Stockholders’ Equity
Total Deere & Company stockholders’ equity		25,950		22,836		7,069		7,454		(7,069)		(7,454)		25,950		22,836	^10^
Noncontrolling interests		6		7										6		7
Financial Services’ equity		(7,069)		(7,454)						7,069		7,454					^10^
Adjusted total stockholders’ equity		18,887		15,389		7,069		7,454						25,956		22,843
Total Liabilities and Stockholders’ Equity	$	42,859	$	39,205	$	70,021	$	73,612	$	(6,884)	$	(5,497)	$	105,996	$	107,320

^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 net pension assets / liabilities.

^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 Years Ended November 2, 2025 and October 27, 2024

(In millions of dollars) Unaudited


	EQUIPMENT				FINANCIAL
	OPERATIONS				SERVICES				ELIMINATIONS				CONSOLIDATED
	2025		2024		2025		2024		2025		2024		2025		2024
Cash Flows from Operating Activities
Net income	$	4,108	$	6,392	$	890	$	696					$	4,998	$	7,088
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		18		14		278		296						296		310
Depreciation and amortization		1,280		1,220		1,082		1,040	$	(133)	$	(142)		2,229		2,118	^11^
Impairments and other adjustments		73		28		(32)		97						41		125
Share-based compensation expense										151		208		151		208	^12^
Distributed earnings of Financial Services		1,368		250						(1,368)		(250)					^13^
Provision (credit) for deferred income taxes		(369)		(97)		81		(197)						(288)		(294)
Changes in assets and liabilities:
Receivables related to sales		(91)		(13)						1,175		434		1,084		421	^14, 16^
Inventories		(138)		1,011						(137)		(223)		(275)		788	^15^
Accounts payable and accrued expenses		(617)		(1,429)		109		277		257		112		(251)		(1,040)	^16^
Accrued income taxes payable/receivable		(112)		(218)		(24)		95						(136)		(123)
Retirement benefits		(814)		(215)		(51)		(12)						(865)		(227)
Other		394		(38)		147		40		(66)		(145)		475		(143)	^11, 12, 15^
Net cash provided by operating activities		5,100		6,905		2,480		2,332		(121)		(6)		7,459		9,231

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)						27,037		26,029		(557)		(867)		26,480		25,162	^14^
Proceeds from maturities and sales of marketable securities		46		99		440		733						486		832
Proceeds from sales of equipment on operating leases						1,917		1,929						1,917		1,929
Cost of receivables acquired (excluding receivables related to sales)						(26,623)		(29,152)		283		336		(26,340)		(28,816)	^14^
Acquisitions of businesses, net of cash acquired		(101)												(101)
Purchases of marketable securities		(125)		(209)		(578)		(846)						(703)		(1,055)
Purchases of property and equipment		(1,358)		(1,636)		(2)		(4)						(1,360)		(1,640)
Cost of equipment on operating leases acquired						(3,053)		(3,464)		185		302		(2,868)		(3,162)	^15^
Decrease (increase) in investment in Financial Services		(10)		4						10		(4)					^17^
Decrease in trade and wholesale receivables						1,161		21		(1,161)		(21)					^14^
Collections of receivables from unconsolidated affiliates		190				317								507
Loans to unconsolidated affiliates						(109)								(109)
Collateral on derivatives – net		(1)				183		413						182		413
Other		(90)		(125)		(61)		(8)		3		6		(148)		(127)
Net cash provided by (used for) investing activities		(1,449)		(1,867)		629		(4,349)		(1,237)		(248)		(2,057)		(6,464)

Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		144		28		(2,683)		(1,884)						(2,539)		(1,856)
Change in intercompany receivables/payables		(1,695)		1,459		1,695		(1,459)
Proceeds from borrowings issued (original maturities greater than three months)		2,369		159		10,792		17,937						13,161		18,096
Payments of borrowings (original maturities greater than three months)		(923)		(1,123)		(11,341)		(12,109)						(12,264)		(13,232)
Repurchases of common stock		(1,138)		(4,007)										(1,138)		(4,007)
Capital investment from (returned to) Equipment Operations						10		(4)		(10)		4					^17^
Dividends paid		(1,720)		(1,605)		(1,368)		(250)		1,368		250		(1,720)		(1,605)	^13^
Other		(53)		(46)		(26)		(67)						(79)		(113)
Net cash provided by (used for) financing activities		(3,016)		(5,135)		(2,921)		2,164		1,358		254		(4,579)		(2,717)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		86		(15)		(9)		(22)						77		(37)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		721		(112)		179		125						900		13
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year		5,643		5,755		1,990		1,865						7,633		7,620
Cash, Cash Equivalents, and Restricted Cash at End of Year	$	6,364	$	5,643	$	2,169	$	1,990					$	8,533	$	7,633

^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. 20

4Q 2025 Earnings Call<br>26 November 2025<br>Exhibit 99.2<br>(Furnished herewith)
2 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Forward-Looking Statements<br>This earnings call, this presentational and accompanying materials may include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.<br>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,”<br>“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<br>concerning the Company’s future performance and industry outlooks, the Company’s plans and projections for the future, including estimates and assumptions with respect to economic, political, technological,<br>weather, market acceptance, acquisitions and divestitures of businesses, anticipated transaction costs, the integration of new businesses, anticipated benefits of acquisitions, and other factors that impact the<br>Company’s businesses and customers.<br>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<br>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<br>inherent uncertainties, risks, changes in circumstances, and other factors that are difficult to predict and many of which are outside of the Company’s control causing actual results to differ materially from those<br>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 such factors as grain stocks, harvest yields,<br>available farm acres, soil conditions, prices for commodities and livestock, input costs, government policies and support, availability of transport for crops as well as adverse macroeconomic conditions, including<br>unemployment, inflation, interest rate volatility, changes in consumer practices due to slower economic growth or a recession, and regional or global liquidity constraints the uncertainty of government policies and<br>actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government and retaliatory trade regulations; political, economic, and social instability of the<br>geographies in which we operate, including the ongoing war between Russia and Ukraine and the conflicts in the Middle East; worldwide demand for food and different forms of renewable energy impacting the price of<br>farm commodities and consequently the demand for our equipment; rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities; accurately forecasting customer<br>demand for products and services, and adequately managing inventory; uncertainty of our ability to sell products domestically or internationally, continue production at certain international facilities, procure raw<br>materials and components, accurately forecast demand and inventory, manage increased costs of production, absorb or pass on increased pricing, accurately predict financial results and industry trends, and remain<br>competitive based on trade actions, policies, and general economic uncertainty; availability and price of raw materials, components, and whole goods; delays or disruptions in our supply chain; changes in climate<br>patterns, unfavorable weather events, and natural disasters; suppliers’ and manufacturers’ business practices and compliance with laws applicable to topics such as human rights, safety, environmental, and fair<br>wages; higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for our products and solutions; our ability to adapt in highly<br>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<br>strategies, including our Smart Industrial Operating Model and Leap Ambitions; dealer practices and their ability to manage new and used inventory, distribute our products, and provide support and service for<br>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<br>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<br>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<br>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<br>well as compliance with these laws and regulations; governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy; warranty claims, post-sales repairs<br>or recalls, product liability litigation, and regulatory investigations because of the deficient operation of our products; investigations, claims, lawsuits, or other legal proceedings, including the lawsuit filed by the Federal<br>Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin alleging that we unlawfully withheld self-repair capabilities from farmers and independent<br>repair providers; and loss of or challenges to intellectual property rights. For a discussion of some of these risks and uncertainties see “Item 1A Risk Factors” in our most recent Annual Report on Form 10-K, as<br>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.<br>All forward-looking statements made in this earnings call, this presentational and accompanying materials are based only on information currently available and speaks only as of the date on which it is made. You<br>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<br>developments or otherwise.<br>This earnings call, this presentational 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<br>for the Company’s GAAP measures of performance and the financial results calculated in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measures can be found in<br>the appendix should be carefully evaluated.<br>22
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3 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>FY 2025 Results<br>($ millions except where noted)<br>$51,716<br>$45,684<br>FY 2024 FY 2025<br>$44,759<br>$38,917<br>FY 2024 FY 2025<br>$7,100<br>$5,027<br>FY 2024 FY 2025<br>$25.62<br>$18.50<br>FY 2024 FY 2025<br>13%<br>Net Sales and<br>Revenues<br>Net Sales<br>(Equipment Operations)<br>Net Income<br>(attributable to<br>Deere & Company)<br>Diluted EPS<br>($ per share)<br>12% 29% 28%<br>23
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4 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>4Q 2025 Results<br>($ millions except where noted)<br>$11,143<br>$12,394<br>4Q 2024 4Q 2025<br>$9,275<br>$10,579<br>4Q 2024 4Q 2025<br>$1,245<br>$1,065<br>4Q 2024 4Q 2025<br>$4.55<br>$3.93<br>4Q 2024 4Q 2025<br>14%<br>Net Sales and<br>Revenues<br>Net Sales<br>(Equipment Operations)<br>Net Income<br>(attributable to<br>Deere & Company)<br>Diluted EPS<br>($ per share)<br>11% 14% 14%<br>24
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5 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Production & Precision Ag<br>4Q 2025 Results $ in millions<br>$4,305<br>$4,740<br>4Q 2024 4Q 2025<br>Net Sales 10% Operating Profit Comparison<br>($49)<br>$657<br>$69<br>$122 ($12) $23 ($147)<br>($43)<br>($16)<br>$604<br>4Q 2024 Volume/<br>Mix<br>Price Currency Warranty Production<br>Costs<br>SA&G/<br>R&D<br>Special<br>Items<br>Other 4Q 2025<br>25
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6 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Small Ag & Turf<br>4Q 2025 Results $ in millions<br>$2,306<br>$2,457<br>4Q 2024 4Q 2025<br>Net Sales 7% Operating Profit Comparison<br>$18<br>$234<br>$1<br>$23 $2 ($65)<br>($85)<br>($40)<br>($63)<br>$25<br>4Q 2024 Volume/<br>Mix<br>Price Currency Warranty Production<br>Costs<br>SA&G/<br>R&D<br>Special<br>Items<br>Other 4Q 2025<br>26
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7 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Ag and Turf<br>Industry Outlook (in units) – FY 2026<br>Source: Deere & Company forecast as of 26 November 2025<br>U.S. and CANADA<br>LARGE AG<br>15-20%<br>EUROPE AG<br>Flat to up 5%<br>SOUTH AMERICA AG<br>(tractors and combines)<br>Flat<br>U.S. and CANADA<br>SMALL AG and TURF<br>Flat to up 5%<br>ASIA AG<br>~5%<br>27
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8 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Production & Precision Ag<br>Business Segment Outlook $ in millions<br>Source: Deere & Company forecast as of 26 November 2025<br>15.4%<br>FY 2025 FY 2026 Fcst<br>$17,311<br>FY 2025 FY 2026 Fcst<br>Net Sales Operating Margin<br>5-10% 11-13%<br>28
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9 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>$10,224<br>FY 2025 FY 2026 Fcst<br>Small Ag & Turf<br>Business Segment Outlook $ in millions<br>Source: Deere & Company forecast as of 26 November 2025<br>11.8%<br>FY 2025 FY 2026 Fcst<br>Net Sales Operating Margin<br>~10%<br>12.5-14%<br>29
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10 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Construction & Forestry<br>4Q 2025 Results $ in millions<br>$2,664<br>$3,382<br>4Q 2024 4Q 2025<br>Net Sales 27% Operating Profit Comparison<br>($62)<br>$328<br>$235 ($32) $4 ($10) ($125)<br>($58)<br>$68<br>$348<br>4Q 2024 Volume/<br>Mix<br>Price Currency Warranty Production<br>Costs<br>SA&G/<br>R&D<br>Special<br>Items<br>Other 4Q 2025<br>30
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11 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Construction & Forestry<br>Industry Outlook (in units) – FY 2026<br>Source: Deere & Company forecast as of 26 November 2025<br>GLOBAL ROADBUILDING<br>Flat<br>U.S. and CANADA<br>CONSTRUCTION EQUIPMENT<br>Flat to up 5%<br>U.S. and CANADA COMPACT<br>CONSTRUCTION EQUIPMENT<br>Flat to up 5%<br>GLOBAL FORESTRY<br>Flat<br>31
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12 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Construction & Forestry<br>Business Segment Outlook $ in millions<br>Source: Deere & Company forecast as of 26 November 2025<br>9.0%<br>FY 2025 FY 2026 Fcst<br>$11,382<br>FY 2025 FY 2026 Fcst<br>Net Sales Operating Margin<br>~10%<br>8-10%<br>32
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13 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Financial Services<br>Net Income – Results and Outlook $ in millions<br>Source: Deere & Company forecast as of 26 November 2025<br>$173<br>$293<br>4Q 2024 4Q 2025<br>Quarter Results Fiscal Year Outlook<br>$890 $830<br>FY 2025 FY 2026 Fcst<br>~<br>33
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14 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Deere & Company Outlook<br>Effective<br>Tax Rate<br>Net Income<br>(attributable to Deere & Co.)<br>$4.0-4.75B 25-27%<br>FY 2026 FORECAST<br>Net Operating<br>Cash Flow<br>$4.0-5.0B<br>Equipment Operations<br>Source: Deere & Company forecast as of 26 November 2025<br>Other<br>Research and Development Expenses<br>Capital Expenditures*<br>Up slightly<br>~$1.4B<br>34
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15 John Deere	4Q 2025 Earnings Call	November 26, 2025 35
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16 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Appendix<br>36
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17 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>October 2025 Retail Sales (Rolling 3 Months)<br>and Dealer Inventories<br>Retail Sales<br>U.S. and Canada Ag Industry* Deere<br>2WD Tractors (< 40 PTO hp) 10% Less than the industry<br>2WD Tractors (40 < 100 PTO hp) 2% In-line with the industry<br>2WD Tractors (100+ PTO hp) 17% More than the industry<br>4WD Tractors 50% In-line with the industry<br>Combines 20% More than the industry<br>Deere Dealer Inventories<br>U.S. and Canada Ag 2025 2024<br>2WD Tractors (100+ PTO hp) 23% 24%<br>Combines 8% 4%<br> As reported by the Association of Equipment Manufacturers<br> As reported to the Association of Equipment Manufacturers<br>* In units as a % of trailing 12 months retail sales, as reported to the Association of Equipment Manufacturers<br>37
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18 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>October 2025 Retail Sales (Rolling 3 Months)<br>Retail Sales<br>Europe Ag Deere<br>Tractors Double digits<br>Combines Single digit<br> Based on internal sales reports<br>Retail Sales<br>U.S. and Canada Deere*<br>Selected Turf and Utility Equipment Double digits<br>Earthmoving and Forestry Single digit<br>38
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19 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Deere Use-of-Cash Priorities<br>SHARE<br>REPURCHASE<br>Manage the balance sheet, including liquidity, to support a rating that provides<br>access to low-cost and readily available short- and long-term funding<br>mechanisms (reflects the strategic nature of our financial services operation)<br>Fund value-creating investments in our businesses<br>Consistently and moderately raise dividend targeting a 25-35% payout ratio of<br>mid-cycle earnings<br>Consider share repurchase as a means to deploy excess cash to<br>shareholders, once above requirements are met<br>COMMITTED<br>TO “A” RATING<br>FUND OPERATING<br>& GROWTH NEEDS<br>COMMON STOCK<br>DIVIDEND<br>CASH FROM OPERATIONS<br>39
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Webcast: John Deere – Investor Relations Website
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21 John Deere	4Q 2025 Earnings Call	November 26, 2025<br>Deere & Company’s 1Q 2026 earnings call<br>is scheduled for 9:00 a.m. Central Time on<br>Thursday, 19 February 2026.<br>41
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