Financial Analysis

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow: PPA SAT CF FS Total 2025 Primary geographic markets: United States $ 7,753 $ 5,282 $ 6,489 $ 4,450 $ 23,974 Canada 1,735 496 743 761 3,735 Western Europe 2,070 2,340 1,955 185 6,550 Central Europe and CIS 832 359 373 11 1,575 Latin America 4,021 453 936 197 5,607 Asia, Africa, Oceania, and Middle East 1,338 1,534 1,154 217 4,243 Total $ 17,749 $ 10,464 $ 11,650 $ 5,821 $ 45,684 Major product lines: Production agriculture $ 16,960 $ 16,960 Small agriculture $ 7,215 7,215 Turf 2,731 2,731 Construction $ 4,570 4,570 Compact construction 1,922 1,922 Roadbuilding 3,552 3,552 Forestry 1,124 1,124 Financial products 257 134 84 $ 5,821 6,296 Other 532 384 398 1,314 Total $ 17,749 $ 10,464 $ 11,650 $ 5,821 $ 45,684 Revenue recognized: At a point in time $ 17,311 $ 10,249 $ 11,494 $ 139 $ 39,193 Over time 438 215 156 5,682 6,491 Total $ 17,749 $ 10,464 $ 11,650 $ 5,821 $ 45,684 PPA SAT CF FS Total 2024 Primary geographic markets: United States $ 11,741 $ 6,249 $ 8,086 $ 4,166 $ 30,242 Canada 1,818 605 760 717 3,900 Western Europe 2,068 2,203 1,729 189 6,189 Central Europe and CIS 787 284 381 36 1,488 Latin America 3,482 433 1,170 453 5,538 Asia, Africa, Oceania, and Middle East 1,530 1,480 1,128 221 4,359 Total $ 21,426 $ 11,254 $ 13,254 $ 5,782 $ 51,716 Major product lines: Production agriculture $ 20,574 $ 20,574 Small agriculture $ 7,693 7,693 Turf 3,023 3,023 Const …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

22. SHARE-BASED COMPENSATION We grant restricted stock units (RSU) and stock options (collectively, equity incentive awards) to certain employees. RSUs are also granted to nonemployee directors for their services as directors. RSUs consist of service-based, performance/service-based, and market/service-based awards. The Long-Term Incentive Cash granted to certain employees is accounted for as share-based compensation. This incentive includes a performance metric based, in part, on the price of our shares. We are authorized to grant shares for equity incentive awards. The outstanding shares authorized were 13.7 million at November 2, 2025. We currently use shares that have been repurchased through our stock repurchase program to satisfy share option exercises and RSU conversions. The stock awards vesting periods and the dividend equivalents earned during the vesting period follow: Vesting Dividend Period Equivalents Stock options 1 - 3 years Not included Service-based RSUs 1 - 3 years Included Performance/service-based RSUs 3 years Not included Market/service-based RSUs 3 years Not included Stock options expire ten years from the grant date. Performance/service-based awards are subject to a performance metric based on our compound annual revenue growth rate, compared to a benchmark group of companies. Market/service-based awards are subject to a market related metric based on total shareholder return, compared to a benchmark group of companies. The performance/service-based un …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

25. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To determine fair value, we use various methods including market and income approaches. We utilize valuation models and techniques that maximize the use of observable inputs. The models are industry-standard models that consider various assumptions including time values and yield curves as well as other economic measures. These valuation techniques are consistently applied. Level 1 measurements consist of quoted prices in active markets for identical assets or liabilities. Level 2 measurements include significant other observable inputs such as quoted prices for similar assets or liabilities in active markets; identical assets or liabilities in inactive markets; observable inputs such as interest rates and yield curves; and other market-corroborated inputs. Level 3 measurements include significant unobservable inputs. Fair values of the financing receivables and receivables from unconsolidated affiliates that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar financing receivables or at current market interest rates. The fair values of the remaining receivables approximated the carrying amounts. Fair values of long-term borrowings and short-term securitization borrowings w …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

15. GOODWILL AND OTHER INTANGIBLE ASSETS NET The changes in amounts of goodwill by operating segments were as follows. PPA SAT CF Total October 29, 2023 $ 702 $ 363 $ 2,835 $ 3,900 Translation adjustments and other (1) 2 58 59 October 27, 2024 701 365 2,893 3,959 Acquisitions (Note 3) 30 24 11 65 Translation adjustments and other 13 4 147 164 November 2, 2025 $ 744 $ 393 $ 3,051 $ 4,188 The components of other intangible assets were as follows: 2025 2024 Customer lists and relationships $ 482 $ 508 Technology, patents, trademarks, and other 1,518 1,423 Total at cost 2,000 1,931 Less accumulated amortization: Customer lists and relationships (260) (231) Technology, patents, trademarks, and other (848) (701) Total accumulated amortization (1,108) (932) Other intangible assets net $ 892 $ 999 Actual amortization expense for the past three years and the estimated amortization expense for the next five years follows: Year Amortization 2023 $ 169 2024 166 2025 143 Estimated 2026 140 2027 133 2028 97 2029 80 2030 72 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

8. INCOME TAXES We are subject to income taxes in a number of jurisdictions. We determine our income tax provision using the asset and liability method. The provision for income taxes by taxing jurisdiction and by significant component consisted of the following: 2025 2024 2023 Current: U.S.: Federal $ 400 $ 1,253 $ 1,803 State 103 257 386 Foreign 1,044 878 1,472 Total current 1,547 2,388 3,661 Deferred: U.S.: Federal (107) (326) (485) State (10) (29) (65) Foreign (171) 61 (240) Total deferred (288) (294) (790) Provision for income taxes $ 1,259 $ 2,094 $ 2,871 Based upon the location of our operations, the consolidated income before income taxes in the U.S. in 2025, 2024, and 2023 was $2.7 billion, $5.9 billion, and $7.8 billion, respectively, and in foreign countries was $3.6 billion, $3.3 billion, and $5.2 billion, respectively. Certain foreign operations are branches or partnerships of Deere & Company and are subject to U.S. as well as foreign income tax regulations. The pretax income by location and the preceding analysis of the income tax provision by taxing jurisdiction are not directly related. A comparison of the statutory and effective income tax provision and reasons for related differences follow: 2025 2024 2023 U.S. federal income tax provision at the U.S. statutory rate (21%) $ 1,314 $ 1,933 $ 2,734 State and local taxes, net of federal effect 76 179 266 Other impacts of Tax Cuts and Jobs Act of 2017 41 (60) (58) Rate differential on foreign subsidiaries 238 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

19. LONG-TERM BORROWINGS Long-term borrowings at the end of 2025 and 2024 consisted of: 2025 2024 Underwritten term debt: U.S. dollar notes and debentures: 6.55% debentures due 2028 $ 200 $ 200 5.375% notes due 2029 500 500 3.10% notes due 2030 700 700 8.10% debentures due 2030 250 250 4.15% notes due 2030* 498 7.125% notes due 2031 300 300 5.45% notes due 2035 1,250 3.90% notes due 2042 1,250 1,250 2.875% notes due 2049 500 500 3.75% notes due 2050 850 850 5.70% notes due 2055 750 Euro notes: 1.85% notes due 2028 (600 principal) 694 650 2.20% notes due 2032 (600 principal) 694 650 1.65% notes due 2039 (650 principal) 752 704 Serial issuances: Medium-term notes* 34,041 36,566 Other notes and finance lease obligations 470 265 Less: debt issuance costs and debt discounts (155) (156) Long-term borrowings $ 43,544 $ 43,229 * Includes fair value hedge adjustments related to derivatives. The 4.15% notes due 2030 listed above were issued on October 9, 2025, by Deere Funding Canada Corporation (DFCC), an indirect wholly-owned subsidiary. These notes are fully and unconditionally guaranteed on a senior unsecured basis by Deere & Company and, therefore, rank equally with all our outstanding notes and debentures. DFCC financial results were not material to our consolidated financial statements or consolidated results of operations, and as a result, we have elected to exclude summarized financial information. Medium-term notes due through 2034 are offered by prospectus and issued at …

LongTermDebtTextBlock · excerpt; the full note is in the filing

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standards in 2025, none of which had a material effect on our consolidated financial statements: No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures No. 2023-05 Business Combinations Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement No. 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Accounting Pronouncements to be Adopted In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for us beginning with our interim reporting for fiscal year 2030, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides updated guidance for the capitalization of internal-use software. The ASU will be effective for us beginning with our interim reporting for fiscal year 2029, with early adoption permitted. We are assessing …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

7. PENSION AND OTHER POSTRETIREMENT BENEFITS We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The measurement date of our plans is October 31. The U.S. salaried qualified pension plan and U.S. salaried and hourly OPEB health care plans are closed to new participants. The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item Other operating expenses. The components of net periodic pension benefit and the related assumptions consisted of the following: 2025 2024 2023 Pensions: Service cost $ 252 $ 230 $ 246 Interest cost 517 545 533 Expected return on plan assets (1,005) (967) (878) Amortization of actuarial (gain) loss 5 3 (13) Amortization of prior service cost 39 40 38 Settlements/curtailments 25 38 37 Net benefit $ (167) $ (111) $ (37) Weighted-average assumptions: Discount rates service cost 4.9% 5.8% 5.2% Discount rates interest cost 4.9% 5.7% 5.1% Rate of compensation increase 4.3% 3.8% 3.8% Expected long-term rates of return 7.2% 7.0% 6.3% Interest crediting rate U.S. cash balance plans 4.2% 4.8% 4.3% During 2025 and 2024, curtailment expense of $18 and $35 , respectively, was recognized related to U.S. hourly employee layoffs. During 2023 , a settlement expense of $36 was recognized for the acceleration of actuarial losses related to the transfer of the Canadian pension pl …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

5. REVENUE RECOGNITION Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow: PPA SAT CF FS Total 2025 Primary geographic markets: United States $ 7,753 $ 5,282 $ 6,489 $ 4,450 $ 23,974 Canada 1,735 496 743 761 3,735 Western Europe 2,070 2,340 1,955 185 6,550 Central Europe and CIS 832 359 373 11 1,575 Latin America 4,021 453 936 197 5,607 Asia, Africa, Oceania, and Middle East 1,338 1,534 1,154 217 4,243 Total $ 17,749 $ 10,464 $ 11,650 $ 5,821 $ 45,684 Major product lines: Production agriculture $ 16,960 $ 16,960 Small agriculture $ 7,215 7,215 Turf 2,731 2,731 Construction $ 4,570 4,570 Compact construction 1,922 1,922 Roadbuilding 3,552 3,552 Forestry 1,124 1,124 Financial products 257 134 84 $ 5,821 6,296 Other 532 384 398 1,314 Total $ 17,749 $ 10,464 $ 11,650 $ 5,821 $ 45,684 Revenue recognized: At a point in time $ 17,311 $ 10,249 $ 11,494 $ 139 $ 39,193 Over time 438 215 156 5,682 6,491 Total $ 17,749 $ 10,464 $ 11,650 $ 5,821 $ 45,684 PPA SAT CF FS Total 2024 Primary geographic markets: United States $ 11,741 $ 6,249 $ 8,086 $ 4,166 $ 30,242 Canada 1,818 605 760 717 3,900 Western Europe 2,068 2,203 1,729 189 6,189 Central Europe and CIS 787 284 381 36 1,488 Latin America 3,482 433 1,170 453 5,538 Asia, Africa, Oceania, and Middle East 1,530 1,480 1,128 221 4,359 Total $ 21,426 $ 11,254 $ 13,254 $ 5,782 $ 51,716 Major product lines: Production agriculture $ 20,574 $ 20,574 Small agriculture $ 7,693 7,693 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

27. SEGMENT DATA Our operations are organized and reported in four business segments: Production & Precision Agriculture, Small Agriculture & Turf, Construction & Forestry, and Financial Services. This presentation is consistent with how the chief operating decision maker, our Chief Executive Officer (CEO), who also serves as the Chairman of the Board, assesses the performance of the segments and makes decisions regarding resource allocations. Each segment has a group president responsible for managing financial performance and executing strategic initiatives. Production & Precision Agriculture PPA segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for production-scale growers of large grains, small grains, cotton, and sugarcane. The segments primary products include four-wheel-drive (4WD), track, and row crop tractors; harvesters; cotton pickers and strippers; sugarcane harvesters and loaders; soil preparation, tillage, seeding, application, crop care equipment; and related attachments and service parts. Small Agriculture & Turf SAT segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for dairy and livestock producers, high-value and small acreage crop producers, and turf and utility customers. The segments primary products include specialty, utility, and compact tractors; as well as self-propelled forage harvesters and attachments; hay and forage …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS The following are significant accounting policies in addition to those included in other notes to the consolidated financial statements. Use of Estimates in Financial Statements Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates. Revenue Recognition General Sales of equipment and service parts are recognized when we transfer control of the good to the independent customer, which generally occurs upon shipment. In most situations, the independent customer is a dealer, which subsequently sells the equipment and service parts purchased from us to a retail customer, who can finance the equipment with the financial services segment or another source of financing. In some situations, we sell directly to a retail customer. The term customer includes both dealers and retail customers to whom we make direct sales. Interest-Free Periods and Past-Due Interest We charge dealers interest on outstanding balances from the earlier of when goods are sold to a retail customer by the dealer or the expiration of the interest-free period granted at the time of the sale to the dealer. Interest-free periods are determined based on the type of equipment sold and the time of year of the sale. These periods range from one to twelve months for most equipment …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

28. SUBSEQUENT EVENT On December 3, 2025, a quarterly dividend of $1.62 per share was declared at the Board of Directors meeting, payable on February 9, 2026, to stockholders of record on December 31, 2025.

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Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow: Three Months Ended February 1, 2026 PPA SAT CF FS Total Primary geographic markets: United States $ 1,226 $ 1,106 $ 1,577 $ 1,051 $ 4,960 Canada 398 101 136 191 826 Western Europe 464 486 426 54 1,430 Central Europe and CIS 172 60 76 2 310 Latin America 684 95 231 32 1,042 Asia, Africa, Oceania, and Middle East 325 376 288 54 1,043 Total $ 3,269 $ 2,224 $ 2,734 $ 1,384 $ 9,611 Major product lines: Production agriculture $ 3,093 $ 3,093 Small agriculture $ 1,527 1,527 Turf 576 576 Construction $ 1,111 1,111 Compact construction 468 468 Roadbuilding 772 772 Forestry 269 269 Financial products 57 27 18 $ 1,384 1,486 Other 119 94 96 309 Total $ 3,269 $ 2,224 $ 2,734 $ 1,384 $ 9,611 Revenue recognized: At a point in time $ 3,164 $ 2,174 $ 2,695 $ 33 $ 8,066 Over time 105 50 39 1,351 1,545 Total $ 3,269 $ 2,224 $ 2,734 $ 1,384 $ 9,611 Three Months Ended January 26, 2025 PPA SAT CF FS Total Primary geographic markets: United States $ 1,555 $ 949 $ 1,113 $ 1,085 $ 4,702 Canada 354 79 101 187 721 Western Europe 277 352 344 43 1,016 Central Europe and CIS 67 39 71 4 181 Latin America 715 80 205 96 1,096 Asia, Africa, Oceania, and Middle East 205 308 224 55 792 Total $ 3,173 $ 1,807 $ 2,058 $ 1,470 $ 8,508 Major product lines: Production agriculture $ 3,002 $ 3,002 Small agriculture $ 1,234 1,234 Turf 463 463 Construction $ 770 770 Compact construction 361 361 Roadbuild …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

(20) Share-Based AWARDS We are authorized to grant shares for equity incentive awards. The outstanding shares authorized were 12.6 million at February 1, 2026. In December 2025, we granted stock options to employees for the purchase of 161 thousand shares of common stock at an exercise price of $468.90 per share and a binomial lattice model fair value of $125.96 per share at the grant date. At February 1, 2026, options for 1.1 million shares were outstanding with a weighted-average exercise price of $353.91 per share. During the three months ended February 1, 2026, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date in dollars, follow: Grant-Date Shares Fair Value (per share) Service-based 296 $ 469.03 Performance/service-based 39 450.48 Market/service-based (fair value determined using a Monte Carlo model ) 39 555.14 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

(18) Fair Value Measurements The fair values of financial instruments that do not approximate the carrying values are presented in the table below. Long-term borrowings exclude finance lease liabilities. February 1, 2026 November 2, 2025 January 26, 2025 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Financing receivables net $ 42,113 $ 42,266 $ 44,575 $ 44,779 $ 41,396 $ 41,311 Financing receivables securitized net 6,479 6,494 6,831 6,855 8,257 8,174 Receivables from unconsolidated affiliates 306 306 392 400 Short-term securitization borrowings 6,283 6,322 6,596 6,631 8,014 8,036 Long-term borrowings due within one year 9,342 9,390 8,888 8,911 9,517 9,468 Long-term borrowings 41,730 41,721 43,471 43,527 43,483 43,172 Fair value measurements above were Level 3 for all receivables and Level 2 for all borrowings. Fair values of the financing receivables and receivables from unconsolidated affiliates that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar financing receivables or at current market interest rates. The fair values of the remaining financing receivables approximated the carrying amounts. At November 2, 2025, we also had $60 marketable securities classified as held-to-maturity Level 2 international corporate debt securities that matured in the first quarter of 2026. We record held-to-maturity marketable securities at amortized cost , which ap …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

(12) Goodwill and Other Intangible Assets Net The changes in amounts of goodwill by operating segments were as follows. PPA SAT CF Total Goodwill at October 27, 2024 $ 701 $ 365 $ 2,893 $ 3,959 Translation adjustments (11) (4) (72) (87) Goodwill at January 26, 2025 $ 690 $ 361 $ 2,821 $ 3,872 Goodwill at November 2, 2025 $ 744 $ 393 $ 3,051 $ 4,188 Translation adjustments 6 3 83 92 Goodwill at February 1, 2026 $ 750 $ 396 $ 3,134 $ 4,280 The components of other intangible assets were as follows: February 1 November 2 January 26 2026 2025 2025 Customer lists and relationships $ 491 $ 482 $ 490 Technology, patents, trademarks, and other 1,554 1,518 1,392 Total at cost 2,045 2,000 1,882 Less accumulated amortization: Customer lists and relationships (272) (260) (229) Technology, patents, trademarks, and other (893) (848) (716) Total accumulated amortization (1,165) (1,108) (945) Other intangible assets net $ 880 $ 892 $ 937 The amortization expense of other intangible assets in the first quarter of 2026 and 2025 was $34 and $41, respectively. The estimated amortization expense for the next five years is as follows: remainder of 2026 $109, 2027 $136, 2028 $99, 2029 $82, 2030 $74, and 2031 $72. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

(7) INCOME TAXES The effective tax rate for the three months ended February 1, 2026, and January 26, 2025, was 23.4% and 3.0%, respectively. The effective tax rate in the first quarter of 2025 was impacted by favorable net discrete tax items (see Note 21).

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(15) Long-Term Borrowings Long-term borrowings were as follows in millions: February 1 November 2 January 26 2026 2025 2025 Underwritten term debt U.S. dollar notes and debentures: 6.55% debentures due 2028 $ 200 $ 200 $ 200 5.375% notes due 2029 500 500 500 3.10% notes due 2030 700 700 700 8.10% debentures due 2030 250 250 250 4.15% notes due 2030* 500 498 7.125% notes due 2031 300 300 300 5.45% notes due 2035 1,250 1,250 1,250 3.90% notes due 2042 1,250 1,250 1,250 2.875% notes due 2049 500 500 500 3.75% notes due 2050 850 850 850 5.70% notes due 2055 750 750 750 Euro notes: 1.85% notes due 2028 (600 principal) 718 694 625 2.20% notes due 2032 (600 principal) 718 694 625 1.65% notes due 2039 (650 principal) 778 752 677 Serial issuances: Medium-term notes* 32,168 34,041 34,974 Other notes and finance lease obligations 519 470 272 Less: debt issuance costs and debt discounts (147) (155) (167) Long-term borrowings $ 41,804 $ 43,544 $ 43,556 * Includes fair value hedge adjustments related to derivatives. The 4.15% notes due 2030 listed above were issued on October 9, 2025, by Deere Funding Canada Corporation (DFCC), an indirect wholly-owned subsidiary. These notes are fully and unconditionally guaranteed on a senior unsecured basis by Deere & Company and, therefore, rank equally with all our outstanding notes and debentures. DFCC financial results were not material to our condensed consolidated financial statements or results of operations, and as a result, we have elected …

LongTermDebtTextBlock · excerpt; the full note is in the filing

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for us beginning with our interim reporting for fiscal year 2030, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides updated guidance for the capitalization of internal-use software. The ASU will be effective for us beginning with our interim reporting for fiscal year 2029, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures ( …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

(6) Pension and Other Postretirement Benefits We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item Other operating expenses. The components of net periodic pension and OPEB (benefit) cost consisted of the following: Three Months Ended February 1 January 26 2026 2025 Pensions: Service cost $ 59 $ 65 Interest cost 125 128 Expected return on plan assets (249) (254) Amortization of actuarial gain (2) (1) Amortization of prior service cost 10 10 Net benefit $ (57) $ (52) OPEB: Service cost $ 4 $ 5 Interest cost 37 40 Expected return on plan assets (41) (28) Amortization of actuarial gain (10) (10) Amortization of prior service credit (1) Net (benefit) cost $ (10) $ 6 During the first three months of 2026, we contributed and expect to contribute the following amounts to our pension and OPEB plans: Pensions OPEB Contributed $ 30 $ 110 Expected contributions remainder of the year 70 40 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

(3) Revenue Recognition Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow: Three Months Ended February 1, 2026 PPA SAT CF FS Total Primary geographic markets: United States $ 1,226 $ 1,106 $ 1,577 $ 1,051 $ 4,960 Canada 398 101 136 191 826 Western Europe 464 486 426 54 1,430 Central Europe and CIS 172 60 76 2 310 Latin America 684 95 231 32 1,042 Asia, Africa, Oceania, and Middle East 325 376 288 54 1,043 Total $ 3,269 $ 2,224 $ 2,734 $ 1,384 $ 9,611 Major product lines: Production agriculture $ 3,093 $ 3,093 Small agriculture $ 1,527 1,527 Turf 576 576 Construction $ 1,111 1,111 Compact construction 468 468 Roadbuilding 772 772 Forestry 269 269 Financial products 57 27 18 $ 1,384 1,486 Other 119 94 96 309 Total $ 3,269 $ 2,224 $ 2,734 $ 1,384 $ 9,611 Revenue recognized: At a point in time $ 3,164 $ 2,174 $ 2,695 $ 33 $ 8,066 Over time 105 50 39 1,351 1,545 Total $ 3,269 $ 2,224 $ 2,734 $ 1,384 $ 9,611 Three Months Ended January 26, 2025 PPA SAT CF FS Total Primary geographic markets: United States $ 1,555 $ 949 $ 1,113 $ 1,085 $ 4,702 Canada 354 79 101 187 721 Western Europe 277 352 344 43 1,016 Central Europe and CIS 67 39 71 4 181 Latin America 715 80 205 96 1,096 Asia, Africa, Oceania, and Middle East 205 308 224 55 792 Total $ 3,173 $ 1,807 $ 2,058 $ 1,470 $ 8,508 Major product lines: Production agriculture $ 3,002 $ 3,002 Small agriculture $ 1,234 1,234 Turf 463 463 Construction $ 770 770 Compact constr …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

(8) SEGMENT DATA Our operations are organized and reported in four business segments: Production & Precision Agriculture, Small Agriculture & Turf, Construction & Forestry, and Financial Services. This presentation is consistent with how the chief operating decision maker, our Chief Executive Officer (CEO), who also serves as the Chairman of the Board, assesses the performance of the segments and makes decisions regarding resource allocations. Each segment has a group president responsible for managing financial performance and executing strategic initiatives. Production & Precision Agriculture PPA segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for production-scale growers of large grains, small grains, cotton, and sugarcane. Small Agriculture & Turf SAT segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for dairy and livestock producers, high-value and small acreage crop producers, and turf and utility customers. Construction & Forestry CF segment defines, develops, and delivers a broad range of machines and technology solutions organized along the earthmoving, forestry, and roadbuilding production systems. The products and services produced by the segments above are primarily marketed through independent retail dealer networks and major retail outlets. For roadbuilding products in certain markets outside the U.S. and Canada, the product …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

(2) Summary of Significant Accounting Policies and New Accounting Pronouncements Quarterly Financial Statements T he interim consolidated financial statements of Deere & Company have been prepared by us, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year. Use of Estimates in Financial Statements Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates. Accounting Pronouncements to be Adopted We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standa …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

( 22) Subsequent Events On February 25, 2026, a quarterly dividend of $1.62 per share was declared at the Board of Directors meeting, payable on May 8, 2026, to stockholders of record on March 31, 2026. On February 18, 2026, we 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 $440. Tenna will be included in the CF operating segment. Due to the recent closing of the acquisition, the formal process necessary to allocate the purchase price to the acquired assets and liabilities has not been completed.

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