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: 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	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 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

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	5%	$	22,981	$	21,272	8%
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	+9		451		436	+3
Total net sales and revenues	$	13,369	$	12,763	+5	$	22,981	$	21,272	+8

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		35	+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)		3		10		1

Net Income		1,770		1,801		2,425		2,667
Less: Net loss attributable to noncontrolling interests		(3)		(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		1.62		3.24		3.24
Dividends paid		1.62		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		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		3,461		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		47		51		83

Stockholders’ Equity
Total Deere & Company stockholders’ equity		27,406		25,950		24,287
Noncontrolling interests		7		6		8
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		69		54
Provision (credit) for deferred income taxes		(68)		11
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)		27
Other		(87)		(176)
Net cash provided by investing activities		93		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		94		20

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. 13


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	^1^
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	^4^
Research and development expenses		583		549										583		549
Selling, administrative and general expenses		980		961		231		238		(2)		(2)		1,209		1,197	^4^
Interest expense		102		94		649		721		(39)		(31)		712		784	^1^
Interest compensation to Financial Services		116		103						(116)		(103)					^1^
Other operating expenses		9		12		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		66		49						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)		3						(5)		3

Net Income		1,580		1,640		190		161						1,770		1,801
Less: Net loss attributable to noncontrolling interests		(3)		(3)										(3)		(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	^1^
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	^4^
Research and development expenses		1,137		1,075										1,137		1,075
Selling, administrative and general expenses		1,787		1,761		398		412		(4)		(4)		2,181		2,169	^4^
Interest expense		195		178		1,313		1,487		(77)		(51)		1,431		1,614	^1^
Interest compensation to Financial Services		205		194						(205)		(194)					^1^
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		89						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)		11		4						10		1

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		2025		2026		2025		2025		2026		2025		2025		2026		2025		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)							^6^
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	^7^
Financing receivables – net		102		88		82		42,814		44,487		42,947								42,916		44,575		43,029
Financing receivables securitized – net		1		1		2		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	^8^
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		31		32		32								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		94		89		(2)		(2)		(2)		3,450		3,273		3,133
Deferred income taxes		2,532		2,507		2,377		45		46		42		(216)		(269)		(331)		2,361		2,284		2,088	^9^
Other assets		2,358		2,218		2,349		1,126		1,244		1,152		(23)		(1)		(18)		3,461		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		1		1		1		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)							^6^
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	^9^
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		67		66		70		(2)		(2)		(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		47		51		83														47		51		83

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	^10^
Noncontrolling interests		7		6		8														7		6		8
Financial Services’ equity		(6,828)		(7,069)		(6,873)								6,828		7,069		6,873							^10^
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			1		11		126		163						127		174
Depreciation and amortization			689		643		546		529	$	(51)	$	(68)		1,184		1,104	^11^
Impairments and other adjustments									(32)								(32)
Share-based compensation expense											69		54		69		54	^12^
Distributed earnings of Financial Services			734		984						(734)		(984)					^13^
Provision (credit) for deferred income taxes			(19)		(153)		(49)		164						(68)		11
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)	^15^
Accounts payable and accrued expenses			(237)		(1,069)		14		102		(110)		69		(333)		(898)	^16^
Accrued income taxes payable/receivable			15		(77)		(20)		(70)						(5)		(147)
Retirement benefits			(285)		(753)		(5)		(41)						(290)		(794)
Other			(335)		59		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	^14^
Proceeds from maturities and sales of marketable securities			91		18		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)	^14^
Acquisition of business, net of cash acquired			(439)												(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)	^15^
Increase in trade and wholesale receivables							(1,110)		(1,019)		1,110		1,019					^14^
Collections of receivables from unconsolidated affiliates					183		152		51						152		234
Collateral on derivatives – net			2		3		(10)		24						(8)		27
Other			(54)		(72)		(33)		(104)						(87)		(176)
Net cash provided by (used for) investing activities			(893)		(443)		(104)		299		1,090		923		93		779

Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)			(4)		65		2,250		486						2,246		551
Change in intercompany receivables/payables			21		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)	^13^
Other			5		(4)		(16)		(6)						(11)		(10)
Net cash provided by (used for) financing activities			(1,285)		85		(1,076)		(1,890)		734		984		(1,627)		(821)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash			79		22		15		(2)						94		20

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash			(419)		709		21		(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. 18

2Q 2026 Earnings Call<br>21 May 2026<br>Exhibit 99.2<br>(Furnished herewith)
2 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Forward-Looking Statements<br>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.<br>Forward-looking statements may be identified by words such as “forecast,” “guidance,” “project,” “target,” “outlook,” “prospects,” “expect,” “estimate,” “will,” “goal,” “plan,” “anticipate,”<br>“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<br>statements include, among others, comments and information concerning the Company’s plans and projections for the future, the agricultural industry, cash priorities, estimates and<br>assumptions with respect to economic, political, supply chain, energy, technological and weather matters, market acceptance of the Company’s products, benefits of acquisitions and<br>divestitures as well as integration of businesses, anticipated transaction costs.<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<br>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<br>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<br>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<br>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<br>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<br>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<br>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<br>price of farm commodities; rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities; accurately forecasting customer demand<br>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<br>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<br>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<br>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<br>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<br>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<br>reductions on company culture, employee retention and morale, and institutional knowledge; labor relations and contracts, including work stoppages and other disruptions; security<br>breaches, cybersecurity attacks, technology failures, and other disruptions to our information technology infrastructure and products; leveraging artificial intelligence and machine learning<br>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;<br>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<br>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<br>uncertainties in addition to the information presented here.<br>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<br>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<br>statements whether as a result of new developments or otherwise.<br>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<br>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<br>evaluated.<br>20
---
3 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>2Q 2026 Results<br>($ millions except where noted)<br>$12,763 $13,369<br>2Q 2025 2Q 2026<br>$11,171 $11,778<br>2Q 2025 2Q 2026<br>$1,804 $1,773<br>2Q 2025 2Q 2026<br>$6.64 $6.55<br>2Q 2025 2Q 2026<br>5%<br>Net Sales and<br>Revenues<br>Net Sales<br>(Equipment Operations)<br>Net Income<br>(attributable to<br>Deere & Company)<br>Diluted EPS<br>($ per share)<br>5% 2% 1%<br>21
---
4 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Production & Precision Ag<br>2Q 2026 Results $ in millions<br>$5,230<br>$4,503<br>2Q 2025 2Q 2026<br>Net Sales 14% Operating Profit Comparison<br>$0<br>$1,148<br>($402)<br>$49<br>$75 ($51)<br>($77)<br>($4) ($32)<br>$706<br>2Q 2025 Volume/<br>Mix<br>Price Currency Warranty Production<br>Costs<br>SA&G/<br>R&D<br>Special<br>Items<br>Other 2Q 2026<br>22
---
5 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Small Ag & Turf<br>2Q 2026 Results $ in millions<br>$2,994<br>$3,485<br>2Q 2025 2Q 2026<br>Net Sales 16% Operating Profit Comparison<br>$719<br>($22)<br>($11)<br>$574<br>$101<br>$40 $27 $2 $0 $8<br>2Q 2025 Volume/<br>Mix<br>Price Currency Warranty Production<br>Costs<br>SA&G/<br>R&D<br>Special<br>Items<br>Other 2Q 2026<br>23
---
6 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Ag and Turf<br>Industry Outlook (in units) – FY 2026<br>Source: Deere & Company forecast as of 21 May 2026<br>U.S. and CANADA<br>LARGE AG<br>Down 15-20%<br>EUROPE AG<br>Flat to up 5%<br>SOUTH AMERICA AG<br>(tractors and combines)<br>Down ~15%<br>U.S. and CANADA<br>SMALL AG and TURF<br>Flat to up 5%<br>ASIA AG<br>Flat<br>24
---
7 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Production & Precision Ag<br>Business Segment Outlook $ in millions<br>Source: Deere & Company forecast as of 21 May 2026<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>25
---
8 John Deere	2Q 2026 Earnings Call	May 21, 2026<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 21 May 2026<br>11.8%<br>FY 2025 FY 2026 Fcst<br>Net Sales Operating Margin<br>~15%<br>13.5-15%<br>26
---
9 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Construction & Forestry<br>2Q 2026 Results $ in millions<br>$2,947<br>$3,790<br>2Q 2025 2Q 2026<br>Net Sales 29% Operating Profit Comparison<br>$561<br>($9)<br>($82)<br>($34)<br>$379<br>$191<br>$80<br>$36<br>$0 $0<br>2Q 2025 Volume/<br>Mix<br>Price Currency Warranty Production<br>Costs<br>SA&G/<br>R&D<br>Special<br>Items<br>Other 2Q 2026<br>27
---
10 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Construction & Forestry<br>Industry Outlook (in units) – FY 2026<br>Source: Deere & Company forecast as of 21 May 2026<br>GLOBAL ROADBUILDING<br>Up ~10%<br>U.S. and CANADA<br>CONSTRUCTION EQUIPMENT<br>Up ~5%<br>U.S. and CANADA COMPACT<br>CONSTRUCTION EQUIPMENT<br>Up ~5%<br>GLOBAL FORESTRY<br>Down ~5%<br>28
---
11 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Construction & Forestry<br>Business Segment Outlook $ in millions<br>Source: Deere & Company forecast as of 21 May 2026<br>9.0%<br>FY 2025 FY 2026 Fcst<br>$11,382<br>FY 2025 FY 2026 Fcst<br>Net Sales Operating Margin<br>~20%<br>10-12%<br>29
---
12 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Financial Services<br>Net Income – Results and Outlook $ in millions<br>Source: Deere & Company forecast as of 21 May 2026<br>$161 $190<br>2Q 2025 2Q 2026<br>Quarter Results Fiscal Year Outlook<br>$890 $860<br>FY 2025 FY 2026 Fcst<br>~<br>30
---
13 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Deere & Company Outlook<br>Effective<br>Tax Rate<br>Net Income<br>(attributable to Deere & Co.)<br>$4.5-5.0B 24-26%<br>FY 2026 FORECAST<br>Net Operating<br>Cash Flow<br>$4.5-5.5B<br>Equipment Operations<br>Source: Deere & Company forecast as of 21 May 2026<br>Other<br>Research and Development Expenses<br>Capital Expenditures*<br>Up slightly<br>~$1.4B<br>31
---
14 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Appendix<br>32
---
15 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>April 2026 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) 12% Up a single digit<br>2WD Tractors (40 < 100 PTO hp) 4% Up a single digit<br>2WD Tractors (100+ PTO hp) 14% Down more than the industry<br>4WD Tractors 24% Down less than the industry<br>Combines 5% Flat<br>Deere Dealer Inventories<br>U.S. and Canada Ag 2026 2025<br>2WD Tractors (100+ PTO hp) 30% 31%<br>Combines 12% 17%<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>33
---
16 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>April 2026 Retail Sales (Rolling 3 Months)<br>Retail Sales<br>Europe Ag Deere<br>Tractors Up double digits<br>Combines Up double digits<br> Based on internal sales reports<br>Retail Sales<br>U.S. and Canada Deere*<br>Selected Turf and Utility Equipment Up low double digits<br>Earthmoving and Forestry Up low double digits<br>34
---
17 John Deere	2Q 2026 Earnings Call	May 21, 2026<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, including organic<br>and inorganic activities.<br>Consistently and moderately raise dividend targeting a 25-35% payout ratio of<br>mid-cycle earnings<br>Repurchase shares to deploy remaining free cash flow to shareholders over<br>the business cycle<br>COMMITTED<br>TO “A” RATING<br>FUND OPERATING<br>& GROWTH NEEDS<br>COMMON STOCK<br>DIVIDEND<br>CASH FROM OPERATIONS Equipment Operations Cash Flow from Operating Activities<br>35
---
18 John Deere	2Q 2026 Earnings Call	May 21, 2026<br>Deere & Company’s 3Q 2026 earnings call<br>is scheduled for 9:00 a.m. Central Time on<br>Thursday, 20 August 2026.<br>36
---