Disciplined execution drives strong quarterly performance across all segments.
Employees and dealers showcase resilience in supporting customers amidst heightened uncertainty.
Full-year net income range broadened in response to dynamic environment.

MOLINE, Ill., May 15, 2025 /PRNewswire/ -- Deere & Company reported net income of $1.804 billion for the second quarter ended April 27, 2025, or $6.64 per share, compared with net income of $2.370 billion, or $8.53 per share, for the quarter ended April 28, 2024. For the first six months of the year, net income attributable to Deere & Company was $2.673 billion, or $9.82 per share, compared with $4.121 billion, or $14.74 per share, for the same period last year.

Worldwide net sales and revenues decreased 16 percent, to $12.763 billion, for the second quarter of 2025 and decreased 22 percent, to $21.272 billion, for six months. Net sales were $11.171 billion for the quarter and $17.980 billion for six months, compared with $13.610 billion and $24.097 billion last year, respectively.

"As we navigate the current environment, our customers remain our top priority," said John May, chairman and CEO of John Deere. "I'm incredibly proud of our team's execution this quarter, delivering exceptional performance despite challenging market dynamics. Their dedication and hard work have been instrumental in ensuring our customers continue to receive the high-quality service and products they expect from John Deere."

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2025 is forecasted to be in a range of $4.75 billion to $5.50 billion.

"Despite the near-term market challenges, we remain confident in the future," said May. "Our commitment to delivering value for our customers includes ongoing investment in advanced products, solutions, and manufacturing capabilities. Over the next decade, we will continue to make significant investments in our core U.S. market, underscoring our dedication to innovation and growth while focusing on remaining cost-competitive in a global market."

Deere & Company	Second Quarter					Year to Date
$ in millions, except per share amounts	2025		2024		% Change	2025		2024		% Change
Net sales and revenues	$	12,763	$	15,235	-16 %	$	21,272	$	27,420	-22 %
Net income	$	1,804	$	2,370	-24 %	$	2,673	$	4,121	-35 %
Fully diluted EPS	$	6.64	$	8.53		$	9.82	$	14.74

Current period results were affected by special items. See Note 1 of the financial statements for further details. The cost of additional tariffs for each segment is included in the production costs and other items below, partially offsetting year-over-year cost reduction in these categories.

Production & Precision Agriculture	Second Quarter
$ in millions	2025		2024		% Change
Net sales	$	5,230	$	6,581	-21 %
Operating profit	$	1,148	$	1,650	-30 %
Operating margin		22.0 %		25.1 %

Production and precision agriculture sales decreased for the quarter as a result of lower shipment volumes. Operating profit decreased due to lower shipment volumes / sales mix and the unfavorable effects of foreign currency exchange, partially offset by lower production costs and price realization.

Small Agriculture & Turf	Second Quarter
$ in millions	2025		2024		% Change
Net sales	$	2,994	$	3,185	-6 %
Operating profit	$	574	$	571	1 %
Operating margin		19.2 %		17.9 %

Small agriculture and turf sales decreased for the quarter as a result of lower shipment volumes, partially offset by price realization. Operating profit held steady as favorable factors including lower production costs, lower warranty expenses, and price realization were offset by lower shipment volumes / sales mix.

Construction & Forestry	Second Quarter
$ in millions	2025		2024		% Change
Net sales	$	2,947	$	3,844	-23 %
Operating profit	$	379	$	668	-43 %
Operating margin		12.9 %		17.4 %

Construction and forestry sales decreased for the quarter due to lower shipment volumes. Operating profit decreased primarily due to lower shipment volumes / sales mix and unfavorable price realization.

Financial Services	Second Quarter
$ in millions	2025		2024		% Change
Net income	$	161	$	162	-1 %

Financial services net income for the quarter was flat due to less-favorable financing spreads and a higher provision for credit losses, offset by lower SA&G expenses and a reduction in derivative valuation adjustments.

Industry Outlook for Fiscal 2025
Agriculture & Turf
U.S. & Canada:
Large Ag						Down ~ 30%
Small Ag & Turf						Down 10-15%
Europe						Down ~ 5%
South America (Tractors & Combines)						Flat
Asia						Flat

Construction & Forestry
U.S. & Canada:
Construction Equipment						Down ~ 10%
Compact Construction Equipment						Down ~ 5%
Global Forestry						Flat to down 5%
Global Roadbuilding						Flat

Deere Segment Outlook for Fiscal 2025

The Deere & Company outlook incorporates the impacts from global import tariffs that are in effect as of May 13, 2025. Due to the uncertain global trade environment, the potential impacts of future tariffs are not included in the outlook.

		Currency	Price
$ in millions	Net Sales	Translation	Realization
Production & Precision Ag	Down 15% to 20%	Down 1.5%	Up 1.0%
Small Ag & Turf	Down 10% to 15%	~ Flat	Up 0.5%
Construction & Forestry	Down 10% to 15%	~ Flat	Down 1.0%

Financial Services	Net Income	~$ 750

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the section entitled "Company Outlook & Summary," "Industry Outlook for Fiscal 2025," "Deere Segment Outlook for Fiscal 2025," and "Condensed Notes to Interim Consolidated Financial Statements" relating to future events, expectations, forecasted financial and industry results, future investment 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:

government policies and actions with respect to the global trade environment including increased and proposed tariffs announced by the U.S. government, any potential retaliatory trade regulations, tariffs and policies and the uncertainty of the company's ability to sell products domestically or internationally, continue production at certain international facilities, procure raw 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 competitive based on these trade actions, policies and general economic uncertainty;
the agricultural business cycle, which can be unpredictable and is affected by factors such as world grain stocks, harvest yields, available farm acres, acreage planted, soil conditions, prices for commodities and livestock, input costs, 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;
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 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;
housing starts and supply, real estate and housing prices, levels of public and non-residential construction, and infrastructure investment;
political, economic, and social instability of the geographies in which the company operates, including the ongoing war between Russia and Ukraine, the conflict between India and Pakistan, 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;
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;
delays or disruptions in the company's supply chain;
changes in climate patterns, unfavorable weather events, and natural disasters;
availability and price of raw materials, components, and whole goods;
suppliers' and manufacturers' business practices and compliance with applicable laws such as human rights, safety, environmental, and fair wages;
loss of or challenges to intellectual property rights;
rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities;
the ability to execute business strategies, including the company's Smart Industrial Operating Model and Leap Ambitions;
accurately forecasting customer demand for products and services and adequately managing inventory;
dealer practices and their ability to manage inventory and distribution of 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 governmental communications channels (radio frequency technology);
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, health and safety, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, human rights, import / export and trade, tariffs, labor and employment, product liability, telematics, and telecommunications;
governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy; and
warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations as a result of the deficient operation of the company's products.

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 SECOND QUARTER 2025 PRESS RELEASE (In millions of dollars) Unaudited

	Three Months Ended					Six Months Ended
	April 27		April 28		%	April 27		April 28		%
	2025		2024		Change	2025		2024		Change
Net sales and revenues:
Production & precision ag net sales	$	5,230	$	6,581	-21	$	8,297	$	11,430	-27
Small ag & turf net sales		2,994		3,185	-6		4,742		5,610	-15
Construction & forestry net sales		2,947		3,844	-23		4,941		7,057	-30
Financial services revenues		1,385		1,395	-1		2,856		2,770	+3
Other revenues		207		230	-10		436		553	-21
Total net sales and revenues	$	12,763	$	15,235	-16	$	21,272	$	27,420	-22

Operating profit: *
Production & precision ag	$	1,148	$	1,650	-30	$	1,486	$	2,695	-45
Small ag & turf		574		571	+1		698		897	-22
Construction & forestry		379		668	-43		444		1,234	-64
Financial services		207		209	-1		473		466	+2
Total operating profit		2,308		3,098	-26		3,101		5,292	-41
Reconciling items **		35		23	+52		138		49	+182
Income taxes		(539)		(751)	-28		(566)		(1,220)	-54
Net income attributable to Deere & Company	$	1,804	$	2,370	-24	$	2,673	$	4,121	-35


*	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 April 27, 2025 and April 28, 2024 (In millions of dollars and shares except per share amounts) Unaudited


	Three Months Ended				Six Months Ended
	2025		2024		2025		2024
Net Sales and Revenues
Net sales	$	11,171	$	13,610	$	17,980	$	24,097
Finance and interest income		1,354		1,387		2,807		2,746
Other income		238		238		485		577
Total		12,763		15,235		21,272		27,420

Costs and Expenses
Cost of sales		7,609		9,157		12,646		16,357
Research and development expenses		549		565		1,075		1,098
Selling, administrative and general expenses		1,197		1,265		2,169		2,330
Interest expense		784		836		1,614		1,638
Other operating expenses		287		295		536		664
Total		10,426		12,118		18,040		22,087

Income of Consolidated Group before Income Taxes		2,337		3,117		3,232		5,333
Provision for income taxes		539		751		566		1,220

Income of Consolidated Group		1,798		2,366		2,666		4,113
Equity in income of unconsolidated affiliates		3		2		1		3

Net Income		1,801		2,368		2,667		4,116
Less: Net loss attributable to noncontrolling interests		(3)		(2)		(6)		(5)
Net Income Attributable to Deere & Company	$	1,804	$	2,370	$	2,673	$	4,121

Per Share Data
Basic	$	6.65	$	8.56	$	9.85	$	14.80
Diluted		6.64		8.53		9.82		14.74
Dividends declared		1.62		1.47		3.24		2.94
Dividends paid		1.62		1.47		3.09		2.82

Average Shares Outstanding
Basic		271.1		276.8		271.3		278.4
Diluted		271.8		277.9		272.1		279.5

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (In millions of dollars) Unaudited


	April 27		October 27		April 28
	2025		2024		2024
Assets
Cash and cash equivalents	$	7,991	$	7,324	$	5,553
Marketable securities		1,272		1,154		1,094
Trade accounts and notes receivable – net		6,748		5,326		8,880
Financing receivables – net		43,029		44,309		45,278
Financing receivables securitized – net		7,765		8,723		7,262
Other receivables		2,975		2,545		2,535
Equipment on operating leases – net		7,336		7,451		6,965
Inventories		7,870		7,093		8,443
Property and equipment – net		7,555		7,580		7,034
Goodwill		4,094		3,959		3,936
Other intangible assets – net		964		999		1,064
Retirement benefits		3,133		2,921		3,056
Deferred income taxes		2,088		2,086		1,936
Other assets		3,483		2,906		2,592
Assets held for sale				2,944
Total Assets	$	106,303	$	107,320	$	105,628

Liabilities and Stockholders' Equity

Liabilities
Short-term borrowings	$	15,948	$	13,533	$	17,699
Short-term securitization borrowings		7,562		8,431		6,976
Accounts payable and accrued expenses		13,345		14,543		14,609
Deferred income taxes		496		478		491
Long-term borrowings		42,811		43,229		40,962
Retirement benefits and other liabilities		1,763		2,354		2,105
Liabilities held for sale				1,827
Total liabilities		81,925		84,395		82,842

Redeemable noncontrolling interest		83		82		98

Stockholders' Equity
Total Deere & Company stockholders' equity		24,287		22,836		22,684
Noncontrolling interests		8		7		4
Total stockholders' equity		24,295		22,843		22,688
Total Liabilities and Stockholders' Equity	$	106,303	$	107,320	$	105,628

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY STATEMENTS OF CONSOLIDATED CASH FLOWS For the Six Months Ended April 27, 2025 and April 28, 2024 (In millions of dollars) Unaudited


	2025		2024
Cash Flows from Operating Activities
Net income	$	2,667	$	4,116
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		174		131
Provision for depreciation and amortization		1,104		1,045
Impairments and other adjustments		(32)
Share-based compensation expense		54		104
Provision (credit) for deferred income taxes		11		(120)
Changes in assets and liabilities:
Receivables related to sales		(1,069)		(2,469)
Inventories		(772)		(409)
Accounts payable and accrued expenses		(898)		(1,300)
Accrued income taxes payable/receivable		(147)		(29)
Retirement benefits		(794)		(208)
Other		270		83
Net cash provided by operating activities		568		944

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		14,348		13,703
Proceeds from maturities and sales of marketable securities		245		200
Proceeds from sales of equipment on operating leases		1,001		1,011
Cost of receivables acquired (excluding receivables related to sales)		(12,744)		(14,091)
Purchases of marketable securities		(347)		(432)
Purchases of property and equipment		(555)		(719)
Cost of equipment on operating leases acquired		(1,254)		(1,369)
Collections of receivables from unconsolidated affiliates		234
Collateral on derivatives – net		27		96
Other		(176)		(69)
Net cash provided by (used for) investing activities		779		(1,670)

Cash Flows from Financing Activities
Net proceeds in short-term borrowings (original maturities three months or less)		551		58
Proceeds from borrowings issued (original maturities greater than three months)		5,156		10,189
Payments of borrowings (original maturities greater than three months)		(4,837)		(8,139)
Repurchases of common stock		(838)		(2,422)
Dividends paid		(843)		(796)
Other		(10)		(52)
Net cash used for financing activities		(821)		(1,162)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		20		(5)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		546		(1,893)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		7,633		7,620
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	8,179	$	5,727

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE & COMPANY

Condensed Notes to Interim Consolidated Financial Statements

(In millions of dollars) Unaudited

(1) 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 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 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 the third quarter of 2024. In the first quarter of 2025, a pretax and after-tax gain (reversal of previous losses) of $32 million was recorded in "Selling, administrative and general expenses" and presented in "Impairments and other adjustments" in the statements of consolidated income and consolidated cash flows, respectively, related to a decrease in valuation allowance. No significant gain or loss was recognized upon completion of the transaction. The equity interest in BJD was valued at $362 million at the deconsolidation date.

(2) The consolidated financial statements represent the consolidation of all the company's subsidiaries. The supplemental consolidating data in Note 3 to the financial statements is presented for informational purposes. Equipment operations represent the enterprise without financial services. Equipment operations include the company's production and precision agriculture operations, small agriculture and turf operations, and construction and 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 (3) SUPPLEMENTAL CONSOLIDATING DATA STATEMENTS OF INCOME For the Three Months Ended April 27, 2025 and April 28, 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	$	11,171	$	13,610									$	11,171	$	13,610
Finance and interest income		108		129	$	1,380	$	1,496	$	(134)	$	(238)		1,354		1,387	¹
Other income		187		198		121		92		(70)		(52)		238		238	^{2, 3, 4}
Total		11,466		13,937		1,501		1,588		(204)		(290)		12,763		15,235

Costs and Expenses
Cost of sales		7,617		9,164						(8)		(7)		7,609		9,157	⁴
Research and development expenses		549		565										549		565
Selling, administrative and general expenses		961		1,007		238		260		(2)		(2)		1,197		1,265	⁴
Interest expense		94		114		721		780		(31)		(58)		784		836	¹
Interest compensation to Financial Services		103		180						(103)		(180)					¹
Other operating expenses		12		1		335		337		(60)		(43)		287		295	^{3, 4, 5}
Total		9,336		11,031		1,294		1,377		(204)		(290)		10,426		12,118

Income before Income Taxes		2,130		2,906		207		211						2,337		3,117
Provision for income taxes		490		700		49		51						539		751

Income after Income Taxes		1,640		2,206		158		160						1,798		2,366
Equity in income of unconsolidated affiliates						3		2						3		2

Net Income		1,640		2,206		161		162						1,801		2,368
Less: Net loss attributable to noncontrolling interests		(3)		(2)										(3)		(2)
Net Income Attributable to Deere & Company	$	1,643	$	2,208	$	161	$	162					$	1,804	$	2,370

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 April 27, 2025 and April 28, 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	$	17,980	$	24,097									$	17,980	$	24,097
Finance and interest income		217		285	$	2,835	$	2,929	$	(245)	$	(468)		2,807		2,746	¹
Other income		391		487		239		211		(145)		(121)		485		577	^{2, 3, 4}
Total		18,588		24,869		3,074		3,140		(390)		(589)		21,272		27,420

Costs and Expenses
Cost of sales		12,662		16,371						(16)		(14)		12,646		16,357	⁴
Research and development expenses		1,075		1,098										1,075		1,098
Selling, administrative and general expenses		1,761		1,882		412		453		(4)		(5)		2,169		2,330	⁴
Interest expense		178		223		1,487		1,542		(51)		(127)		1,614		1,638	¹
Interest compensation to Financial Services		194		341						(194)		(341)					¹
Other operating expenses		(38)		91		699		675		(125)		(102)		536		664	^{3, 4, 5}
Total		15,832		20,006		2,598		2,670		(390)		(589)		18,040		22,087

Income before Income Taxes		2,756		4,863		476		470						3,232		5,333
Provision for income taxes		477		1,117		89		103						566		1,220

Income after Income Taxes		2,279		3,746		387		367						2,666		4,113
Equity in income (loss) of unconsolidated affiliates		(3)				4		3						1		3

Net Income		2,276		3,746		391		370						2,667		4,116
Less: Net loss attributable to noncontrolling interests		(6)		(5)										(6)		(5)
Net Income Attributable to Deere & Company	$	2,282	$	3,751	$	391	$	370					$	2,673	$	4,121

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
	Apr 27		Oct 27		Apr 28		Apr 27		Oct 27		Apr 28		Apr 27		Oct 27		Apr 28		Apr 27		Oct 27		Apr 28
	2025		2024		2024		2025		2024		2024		2025		2024		2024		2025		2024		2024
Assets
Cash and cash equivalents	$	6,331	$	5,615	$	3,800	$	1,660	$	1,709	$	1,753							$	7,991	$	7,324	$	5,553
Marketable securities		139		125		148		1,133		1,029		946								1,272		1,154		1,094
Receivables from Financial Services		2,497		3,043		4,480							$	(2,497)	$	(3,043)	$	(4,480)							⁶
Trade accounts and notes receivable – net		1,429		1,257		1,320		7,406		6,225		10,263		(2,087)		(2,156)		(2,703)		6,748		5,326		8,880	⁷
Financing receivables – net		82		78		80		42,947		44,231		45,198								43,029		44,309		45,278
Financing receivables securitized – net		2		2				7,763		8,721		7,262								7,765		8,723		7,262
Other receivables		2,009		2,193		1,822		1,009		427		760		(43)		(75)		(47)		2,975		2,545		2,535	⁷
Equipment on operating leases – net								7,336		7,451		6,965								7,336		7,451		6,965
Inventories		7,870		7,093		8,443														7,870		7,093		8,443
Property and equipment – net		7,523		7,546		6,999		32		34		35								7,555		7,580		7,034
Goodwill		4,094		3,959		3,936														4,094		3,959		3,936
Other intangible assets – net		964		999		1,064														964		999		1,064
Retirement benefits		3,046		2,839		2,980		89		83		77		(2)		(1)		(1)		3,133		2,921		3,056	⁸
Deferred income taxes		2,377		2,262		2,210		42		43		71		(331)		(219)		(345)		2,088		2,086		1,936	⁹
Other assets		2,349		2,194		2,105		1,152		715		504		(18)		(3)		(17)		3,483		2,906		2,592
Assets held for sale										2,944												2,944
Total Assets	$	40,712	$	39,205	$	39,387	$	70,569	$	73,612	$	73,834	$	(4,978)	$	(5,497)	$	(7,593)	$	106,303	$	107,320	$	105,628

Liabilities and Stockholders' Equity

Liabilities
Short-term borrowings	$	241	$	911	$	1,055	$	15,707	$	12,622	$	16,644							$	15,948	$	13,533	$	17,699
Short-term securitization borrowings		1		2				7,561		8,429		6,976								7,562		8,431		6,976
Payables to Equipment Operations								2,497		3,043		4,480	$	(2,497)	$	(3,043)	$	(4,480)							⁶
Accounts payable and accrued expenses		12,180		13,534		13,771		3,313		3,243		3,605		(2,148)		(2,234)		(2,767)		13,345		14,543		14,609	⁷
Deferred income taxes		405		434		421		422		263		415		(331)		(219)		(345)		496		478		491	⁹
Long-term borrowings		8,685		6,603		6,575		34,126		36,626		34,387								42,811		43,229		40,962
Retirement benefits and other liabilities		1,695		2,250		1,995		70		105		111		(2)		(1)		(1)		1,763		2,354		2,105	⁸
Liabilities held for sale										1,827												1,827
Total liabilities		23,207		23,734		23,817		63,696		66,158		66,618		(4,978)		(5,497)		(7,593)		81,925		84,395		82,842

Redeemable noncontrolling interest		83		82		98														83		82		98

Stockholders' Equity
Total Deere & Company stockholders' equity		24,287		22,836		22,684		6,873		7,454		7,216		(6,873)		(7,454)		(7,216)		24,287		22,836		22,684	¹⁰
Noncontrolling interests		8		7		4														8		7		4
Financial Services' equity		(6,873)		(7,454)		(7,216)								6,873		7,454		7,216							¹⁰
Adjusted total stockholders' equity		17,422		15,389		15,472		6,873		7,454		7,216								24,295		22,843		22,688
Total Liabilities and Stockholders' Equity	$	40,712	$	39,205	$	39,387	$	70,569	$	73,612	$	73,834	$	(4,978)	$	(5,497)	$	(7,593)	$	106,303	$	107,320	$	105,628

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 Six Months Ended April 27, 2025 and April 28, 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	$	2,276	$	3,746	$	391	$	370					$	2,667	$	4,116
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		11		10		163		121						174		131
Provision for depreciation and amortization		643		608		529		509	$	(68)	$	(72)		1,104		1,045	¹¹
Impairments and other adjustments						(32)								(32)
Share-based compensation expense										54		104		54		104	¹²
Distributed earnings of Financial Services		984		247						(984)		(247)					¹³
Provision (credit) for deferred income taxes		(153)		(74)		164		(46)						11		(120)
Changes in assets and liabilities:
Receivables related to sales		(185)		(58)						(884)		(2,411)		(1,069)		(2,469)	^{14, 16}
Inventories		(691)		(300)						(81)		(109)		(772)		(409)	¹⁵
Accounts payable and accrued expenses		(1,069)		(1,012)		102		147		69		(435)		(898)		(1,300)	¹⁶
Accrued income taxes payable/receivable		(77)		(20)		(70)		(9)						(147)		(29)
Retirement benefits		(753)		(205)		(41)		(3)						(794)		(208)
Other		59		89		224		65		(13)		(71)		270		83	^{11, 12, 15}
Net cash provided by operating activities		1,045		3,031		1,430		1,154		(1,907)		(3,241)		568		944

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)						14,684		14,175		(336)		(472)		14,348		13,703	¹⁴
Proceeds from maturities and sales of marketable securities		18		58		227		142						245		200
Proceeds from sales of equipment on operating leases						1,001		1,011						1,001		1,011
Cost of receivables acquired (excluding receivables related to sales)						(12,875)		(14,238)		131		147		(12,744)		(14,091)	¹⁴
Purchases of marketable securities		(20)		(226)		(327)		(206)						(347)		(432)
Purchases of property and equipment		(555)		(718)				(1)						(555)		(719)
Cost of equipment on operating leases acquired						(1,363)		(1,516)		109		147		(1,254)		(1,369)	¹⁵
Decrease in investment in Financial Services				10								(10)					¹⁷
Increase in trade and wholesale receivables						(1,019)		(3,171)		1,019		3,171					¹⁴
Collections of receivables from unconsolidated affiliates		183				51								234
Collateral on derivatives – net		3				24		96						27		96
Other		(72)		(68)		(104)		(2)				1		(176)		(69)
Net cash provided by (used for) investing activities		(443)		(944)		299		(3,710)		923		2,984		779		(1,670)

Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)		65		189		486		(131)						551		58
Change in intercompany receivables/payables		428		31		(428)		(31)
Proceeds from borrowings issued (original maturities greater than three months)		2,043		34		3,113		10,155						5,156		10,189
Payments of borrowings (original maturities greater than three months)		(766)		(1,012)		(4,071)		(7,127)						(4,837)		(8,139)
Repurchases of common stock		(838)		(2,422)										(838)		(2,422)
Capital returned to Equipment Operations								(10)				10					¹⁷
Dividends paid		(843)		(796)		(984)		(247)		984		247		(843)		(796)	¹³
Other		(4)		(27)		(6)		(25)						(10)		(52)
Net cash provided by (used for) financing activities		85		(4,003)		(1,890)		2,584		984		257		(821)		(1,162)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		22				(2)		(5)						20		(5)

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		709		(1,916)		(163)		23						546		(1,893)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		5,643		5,755		1,990		1,865						7,633		7,620
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	6,352	$	3,839	$	1,827	$	1,888					$	8,179	$	5,727

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.

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SOURCE John Deere Company