Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 1/6 · 23/10/2026
Moat—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Pouvoir de fixation des prix—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Prévisibilité80
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 15.88
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 3.12
Solidité financière—
Missing required inputs: debtFcfGrade, netDebtEbitGrade, currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- interestCoverageGrade
- 17.94
Allocation du capital—
Missing required inputs: operatingReturn. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- -3.81
- 3-year average SBC / revenue (%)
- 0.31
- cashConversionGrade
- 93.22
Qualité du management—
Awaiting a sourced assessment under the current scoring policy and financial basis.
Preuves
and Canada, we market products to approximately 2,050 independent dealer locations.
Business / Sales and Distribution · Dépôt 18/12/2025
John Deere’s brand recognition is a competitive factor in North America and many other parts of the world.
Business / Competition / brand recognition · Dépôt 12/12/2024
The competitive environment for the agriculture and turf operations includes some global competitors, such as AGCO Corporation, CLAAS KGaA mbH, CNH Industrial N.V., Kubota Tractor Corporation, Mahindra & Mahindra Limited, and The Toro Company.
Business / Competition / named agriculture and turf competitors · Dépôt 12/12/2024
These Leap Ambitions are built upon a foundation of product quality and manufacturing excellence, supported by a best-in-class dealer channel, and enabled by employees dedicated to solving some of the world’s most important problems.
Compensation Discussion and Analysis / management characterization of dealer channel · Dépôt 14/01/2026
The agricultural equipment industry continues to change and is becoming even more competitive through the emergence and global expansion of many competitors.
Business / Competition / expanding competitors · Dépôt 12/12/2024
When the total inventory levels of our dealers are higher than they desire, dealers have postponed equipment purchases from us, and could continue to postpone purchases in the future, which could cause our sales to be lower and negatively impact our results.
Risk Factors / realized dealer purchase deferrals · Dépôt 18/12/2025
Price realization decreased 3% in the U.S.
MD&A / Construction & Forestry / 2025 price realization · Dépôt 18/12/2025
and Canada due to incremental incentive programs deployed to address pressures from the competitive environment and was flat outside the U.S.
MD&A / Construction & Forestry / competitive incentive programs · Dépôt 18/12/2025
4WD Tractors 34% Down more than the industry
Earnings presentation / July 2026 rolling three-month retail sales / 4WD tractors · Dépôt 20/08/2026
Combines 20% Down more than the industry
Deere Dealer Inventories***
U.S.
Earnings presentation / July 2026 rolling three-month retail sales / combines · Dépôt 20/08/2026
Bundled Technology
Certain equipment is sold with precision guidance, telematics, and other information gathering and analyzing capabilities.
Revenue Recognition / Bundled Technology · Dépôt 18/12/2025
These technology solutions require hardware, software, and may include an obligation to provide services for a period of time.
Revenue Recognition / technology hardware, software and service obligations · Dépôt 18/12/2025
These solutions are mostly bundled with the sale of the equipment but can also be purchased or renewed separately.
Revenue Recognition / separate technology purchases and renewals · Dépôt 18/12/2025
Our advanced telematics systems remotely connect equipment owners, business managers, and dealers to equipment in the field.
Business / equipment-owner and dealer telematics connectivity · Dépôt 12/12/2024
We remanufacture used engines and components (cores) that are sold to dealers and retail customers for maintenance and repair parts.
Revenue Recognition / maintenance and repair component sales · Dépôt 18/12/2025
As technology increasingly enables enhanced productivity in agriculture, the industry is also attracting non-traditional competitors, including technology-focused companies and start-up ventures.
Business / Competition / technology-focused entrants · Dépôt 12/12/2024
As part of that settlement, we have agreed, among other items, to provide certain repair resources to farmers and independent repair providers on “fair and reasonable terms” (as defined by the settlement).
Legal Proceedings / July 2026 repair-resource settlement obligations · Dépôt 27/08/2026
inability to fully monetize technology-based solutions,
Strategic Risks / potential failure to monetize technology · Dépôt 18/12/2025
An explanation of the cost of sales to net sales ratio and other significant statement of consolidated income changes follows:
Deere & Company
2023
2022
% Change
Cost of sales to net sales
67.9%
73.7%
-8
+ Price realization
Favorable
(-) Production costs
Unfavorable
Price realization was 12 percent driven by strong demand.
MD&A / 2023 realized pricing and cost-of-sales ratio · Dépôt 15/12/2023
Net income increased $90 in the third quarter primarily due to favorable price realization of $286 ($403 pretax), partially offset by unfavorable tax impacts of $114 and increased production costs of $89 ($126 pretax), primarily from higher material costs.
MD&A / third-quarter 2026 realized pricing contribution to earnings · Dépôt 27/08/2026
Production & Precision Agriculture Operating Profit
2025 compared to 2024
Small Agriculture & Turf Operations
% Change
10,224
10,969
-7
Sales volume and other
-8
Price realization
+1
Currency translation
Operating profit
1,207
1,627
-26
Operating margin
11.8%
14.8%
Sales volumes decreased 17% in the U.S.
MD&A / Small Agriculture & Turf / 2025 results · Dépôt 18/12/2025
An explanation of the cost of sales to net sales ratio and other significant statements of consolidated income changes follows:
Cost of sales to net sales
72.2%
73.1%
73.1%
71.3%
• Material costs
• Tariffs, net of recoveries
• Production efficiencies
Higher material costs driven by inflationary pressures.
MD&A / quarterly and nine-month 2026 cost-of-sales ratios · Dépôt 27/08/2026
The favorable tariff impact for the quarter was due to recognition of recoveries (see Global Trade Policies section in Additional Trends).
MD&A / favorable quarterly tariff recoveries · Dépôt 27/08/2026
Sales for the first nine months increased as a result of higher shipment volumes (primarily in the U.S., Europe, and India) and favorable price realization.
MD&A / Small Agriculture & Turf / nine-month shipment growth · Dépôt 27/08/2026
There are numerous programs available at any time, and new programs may be announced after we record the equipment sale to the dealer.
Critical Accounting Estimates / sales incentive program changes · Dépôt 18/12/2025
Sales Incentive Accruals
The accruals recorded against receivables relate to programs where we have the contractual right and the intent to offset against existing receivables.
Critical Accounting Estimates / contractual incentive set-off rights · Dépôt 18/12/2025
37 Cash Flows Nine Months Ended August 2, 2026 July 27, 2025 Net cash provided by operating activities $ 3,250 $ 3,464 Net cash used for investing activities (825) (801) Net cash used for financing activities (1,828) (1,557) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 20 108 Net increase (decrease) in cash, cash equivalents, and restricted cash $ 617 $ 1,214 Cash inflows from consolidated operating activities in the first nine months of 2026 were $3,250.
MD&A / nine-month 2026 consolidated operating cash flow · Dépôt 27/08/2026
This resulted mainly from net income adjusted for non-cash provisions, partially offset by an increase in receivables related to sales, an increase in inventories, and a decrease in accrued employee benefits.
MD&A / working-capital uses of cash · Dépôt 27/08/2026
Cash returned to shareholders was $2,013 in the first nine months of 2026.
MD&A / cash returned to shareholders · Dépôt 27/08/2026
Tenna was acquired for a purchase price of $439, net of $1 cash acquired, and the purchase price allocation to acquired assets and assumed liabilities is presented below.
Acquisitions and Disposition / Tenna purchase consideration · Dépôt 27/08/2026
Borrowings. Total external borrowings decreased by $100 in the first nine months of 2026 and decreased $2,810 compared to a year ago, generally corresponding with the level of the receivable and lease portfolio, as well as other working capital requirements.
MD&A / external borrowing reductions · Dépôt 27/08/2026
(18,962)
Acquisitions of businesses, net of cash acquired
(455)
(89)
Purchases of marketable securities
(361)
(598)
Purchases of property and equipment
(716)
(852)
Cost of equipment on operating leases acquired
(1,933)
(2,009)
Collections of receivables from unconsolidated affiliates
197
334
Collateral on derivatives – net
(63)
127
Other
(145)
(231)
Net cash used for investing activities
(825)
(801)
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)
3,205
(2,060)
Proceeds from borrowings issued (original maturities greater than three months)
5,373
10,707
Payments of borrowings (original maturities greater than three months)
(8,338)
(7,743)
Repurchases of common stock
(697)
(1,136)
Dividends paid
(1,316)
(1,282)
Other
(55)
(43)
Net cash used for financing activities
(1,828)
(1,557)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash
20
108
Net Increase in Cash, Cash Equivalents, and Restricted Cash
617
1,214
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
8,533
7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period
$
9,150
$
8,847
See Condensed Notes to Interim Consolidated Financial Statements.
Consolidated cash flows / capital expenditures, acquisitions and shareholder distributions · Dépôt 20/08/2026
weightings of PERFORMANCE METRICS OROA is the most heavily weighted STI performance metric at 50%, OROS is the second most heavily weighted metric at 40%, and ROE contributes the remaining 10%.
Executive Compensation / actual STI metric weightings · Dépôt 14/01/2026
As discussed in the CD&A under “Long-term Incentive PSU Payout for Performance Period Ended 2025,” the PSUs had no payout due to the revenue growth relative to the performance peer group performing below the threshold.
Executive Compensation / fiscal 2023 PSU award zero-payout outcome · Dépôt 14/01/2026
We are committed to sound governance practices, including those described below: INDEPENDENCE ◾ All of our director nominees, except our Chairman and CEO, are independent ◾ The independent Lead Director has a role with significant governance responsibilities ◾ All standing Board committees other than the Executive Committee are composed wholly of independent directors ◾ Independent directors meet regularly in executive session without management present BEST PRACTICES ◾ Directors may not stand for re-election after their 75th birthdays, absent Board approval provided in rare circumstances ◾ Directors may not serve on more than three other public company boards, and sitting public company CEOs may not serve on more than one other public company board ◾ Directors may not serve on the audit committee of more than three public companies, including Deere’s Audit Review Committee ◾ Directors rotate committee membership periodically, as approved by the Board ◾ Our recoupment policy requires an executive to return any incentive compensation found to have been awarded erroneously in the event of a financial restatement ◾ Directors and executives are subject to stock ownership requirements ◾ Directors and executives are prohibited from hedging or pledging their Deere stock ACCOUNTABILITY ◾ All directors are elected annually ◾ In uncontested elections, directors are elected by majority vote ◾ The Board and each active Board committee conducts an annual performance self-evaluation ◾ Shareholders have the ability to include nominees in our proxy statement (so-called proxy access rights) RISK OVERSIGHT ◾ The Board oversees Deere’s overall risk management structure ◾ Individual Board committees oversee certain risks related to their specific areas of responsibility ◾ We have robust risk management processes throughout the Company OUR VALUES Our actions are guided by our core values: Integrity, Quality, Humanity, Commitment, and Innovation.
Corporate Governance / independence, elections, ownership requirements and recoupment · Dépôt 14/01/2026
The Committee approved adjustments to base-level award values ranging up to 20% to recognize the accomplishments of the CEO and individual NEOs.
Executive Compensation / approved discretionary equity adjustments · Dépôt 14/01/2026
The percentage of total worldwide trade receivables outstanding for periods exceeding 12 months was 1% at August 2, 2026, 3% at November 2, 2025, and 3% at July 27, 2025.
MD&A / aged trade receivables improvement · Dépôt 27/08/2026
Production efficiencies had a favorable impact resulting from increased manufacturing volumes for CF and SAT.
MD&A / production efficiencies from increased manufacturing volumes · Dépôt 27/08/2026
These included the F8 and F9 self-propelled forage harvesters, an updated line of round balers, sophisticated harvesting tools, and improved planters and sprayers that offer greater accuracy and dependability.
Chairman and Lead Director message / 2025 product introductions · Dépôt 14/01/2026
Inventories
Inventories increased primarily due to higher CF inventory driven by reduced demand.
MD&A / construction inventory increase from reduced demand · Dépôt 18/12/2025
The CEO does not play a role in and is not present during discussions regarding his own compensation.
Executive Compensation / CEO exclusion from own compensation discussions · Dépôt 14/01/2026
Item 4.CONTROLS AND PROCEDURES Our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) were effective as of August 2, 2026, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act.
Controls and Procedures / management effectiveness conclusion at August 2, 2026 · Dépôt 27/08/2026
We have also agreed to provide regular reporting to the FTC and submit to the FTC’s oversight of our compliance with the settlement.
Legal Proceedings / FTC reporting and compliance oversight · Dépôt 27/08/2026
In the second quarter of 2023, we corrected the accounting treatment for financing incentives offered to John Deere dealers, which impacted the timing of expense recognition and the presentation of incentive costs in the consolidated financial statements.
Financial statement notes / financing-incentive accounting correction · Dépôt 18/12/2025
Prior period results for Deere & Company were not restated, as the adjustment was considered immaterial to our financial statements.
Financial statement notes / correction considered immaterial and no restatement · Dépôt 18/12/2025
2WD Tractors (40 < 100 PTO hp) 11% Down less than the industry
Earnings presentation / July 2026 retail sales relative to industry / mid-size tractors · Dépôt 20/08/2026
2WD Tractors (100+ PTO hp) 7% Down less than the industry
Earnings presentation / July 2026 retail sales relative to industry / larger 2WD tractors · Dépôt 20/08/2026
(2)
Special Items
Impairment
In the third quarter of 2025, the company recorded a non-cash charge of $61 million pretax ($49 million after-tax), primarily related to the trade name and customer relationship assets of external overseas battery operations.
Special Items / 2025 battery-operation intangible impairment · Dépôt 20/08/2026
The impairment resulted from slowing external demand for batteries, which indicated that it is probable future cash flows would not cover the carrying value of the assets.
Special Items / impairment caused by slowing external battery demand · Dépôt 20/08/2026
