Deere Reports Third Quarter Net Income of $1.289 Billion

— Disciplined execution yields solid results in the face of a challenging environment.

— Customers remain cautious amid ongoing uncertainty.

— Full-year net income guidance narrowed.

Deere & Company(NYSE:DE) reported net income of $1.289 billion for the third quarter ended July 27, 2025, or $4.75 per share, compared with net income of $1.734 billion, or $6.29per share, for the quarter ended July 28, 2024. For the first nine months of the year, net income attributable to Deere& Company was $3.962 billion, or $14.57 per share, compared with $5.855 billion, or $21.04per share, for the same period last year.

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Worldwide net sales and revenues decreased 9 percent, to $12.018 billion, for the third quarter of 2025 and decreased 18 percent, to $33.290 billion, for nine months. Net sales were $10.357 billion for the quarter and $28.338 billion for nine months, compared with $11.387 billion and $35.484billion last year, respectively.

“By proactively managing inventory, we've matched production to retail demand, enabling our company and dealers to respond swiftly to market shifts and customer needs,” said John May, chairman and CEO of John Deere. “By continuing to address the high levels of used equipment in the industry, we're building a healthier market for everyone-our customers, our dealers, and our business-even in these challenging times.”

Company Outlook& Summary

Net income attributable to Deere & Company for fiscal 2025 is forecasted to be in a range of $4.75billion to $5.25 billion.

“We remain committed to delivering solutions that address our customers' current needs while also laying the groundwork for future growth. For example, the increasing utilization and proven in-field effectiveness of advanced technologies-such as See & Spray and Harvest Settings Automation-are empowering customers to improve their productivity and better navigate industry challenges,” May noted. “The positive outcomes we're enabling reinforce our confidence in Deere's future despite near-term uncertainty.”

Deere & Company Third Quarter Year to Date$ in millions, except per share amounts 2025 2024 % Change 2025 2024 % ChangeNet sales and revenues $ 12,018 $ 13,152 -9% $ 33,290 $ 40,572 -18%Net income $ 1,289 $ 1,734 -26% $ 3,962 $ 5,855 -32%Fully diluted EPS $ 4.75 $ 6.29 $ 14.57 $ 21.04

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

Production & Precision Agriculture Third Quarter$ in millions 2025 2024 % ChangeNet sales $ 4,273 $ 5,099 -16%Operating profit $ 580 $ 1,162 -50%Operating margin 13.6% 22.8%

Production and precision agriculture sales decreased for the quarter as a result of lower shipment volumes and unfavorable price realization. Operating profit decreased primarily due to lower shipment volumes / sales mix.

Small Agriculture & Turf Third Quarter$ in millions 2025 2024 % ChangeNet sales $ 3,025 $ 3,053 -1%Operating profit $ 485 $ 496 -2%Operating margin 16.0% 16.2%

Small agriculture and turf sales decreased for the quarter as a result of lower shipment volumes, partially offset by favorable currency translation and price realization. Operating profit decreased due to higher tariffs, partially offset by reductions in warranty expenses and lower production costs. The decreased production costs were primarily the result of lower material costs.

Construction & Forestry Third Quarter$ in millions 2025 2024 % ChangeNet sales $ 3,059 $ 3,235 -5%Operating profit $ 237 $ 448 -47%Operating margin 7.7% 13.8%

Construction and forestry sales decreased for the quarter primarily due to unfavorable price realization. Operating profit decreased primarily due to unfavorable price realization and higher production costs caused by higher tariffs, partially offset by favorable product mix.

Financial Services Third Quarter$ in millions 2025 2024 % ChangeNet income $ 205 $ 153 34%

Financial services net income for the quarter was higher due to a lower provision for credit losses and prior year special items.

Industry Outlook for Fiscal 2025Agriculture & TurfU.S. & Canada:Large Ag Down 30%Small Ag & Turf Down 10%Europe Flat to down 5%South America (Tractors & Combines) FlatAsia Flat to up 5%Construction & ForestryU.S. & Canada:Construction Equipment Down 10%Compact Construction Equipment Flat to down 5%Global Forestry Flat to down 5%Global Roadbuilding Flat

Deere Segment Outlook for Fiscal 2025 Currency Price$ in millions Net Sales Translation RealizationProduction & Precision Ag Down 15% to 20% Down 1.0% Up 1.0%Small Ag & Turf Down 10% Up 0.5% Up 0.5%Construction & Forestry Down 10% to 15% Flat Down 2.0%Financial Services Net Income $770

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, and retaliatory trade regulations;

— 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 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 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 new and used inventory, distribute the company's products, and to provide support and service for precision technology solutions;

— the ability to realize anticipated benefits of acquisitions and joint ventures, including challenges with successfully integrating operations and internal control processes;

— negative claims or publicity that damage the company's reputation or brand;

— the ability to attract, develop, engage, and retain qualified employees;

— the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge;

— labor relations and contracts, including work stoppages and other disruptions;

— security breaches, cybersecurity attacks, technology failures, and other disruptions to the company's information technology infrastructure and products;

— leveraging artificial intelligence and machine learning within the company's business processes;

— changes to 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, tax, 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 because 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 andsubsequent 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 & COMPANYTHIRD QUARTER 2025 PRESS RELEASE(In millions of dollars) Unaudited Three Months Ended Nine Months Ended July 27 July 28 % July 27 July 28 % 2025 2024 Change 2025 2024 ChangeNet sales and revenues:Production & precision ag net sales $ 4,273 $ 5,099 -16 $ 12,571 $ 16,529 -24Small ag & turf net sales 3,025 3,053 -1 7,767 8,663 -10Construction & forestry net sales 3,059 3,235 -5 8,000 10,292 -22Financial services revenues 1,418 1,489 -5 4,273 4,259Other revenues 243 276 -12 679 829 -18Total net sales and revenues $ 12,018 $ 13,152 -9 $ 33,290 $ 40,572 -18Operating profit: *Production & precision ag $ 580 $ 1,162 -50 $ 2,066 $ 3,857 -46Small ag & turf 485 496 -2 1,182 1,393 -15Construction & forestry 237 448 -47 681 1,682 -60Financial services 266 191 +39 740 657 +13Total operating profit 1,568 2,297 -32 4,669 7,589 -38Reconciling items ** 60 62 -3 198 111 +78Income taxes (339) (625) -46 (905) (1,845) -51Net income attributable to Deere & Company $ 1,289 $ 1,734 -26 $ 3,962 $ 5,855 -32

* 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& COMPANYSTATEMENTS OF CONSOLIDATED INCOMEFor the Three and Nine Months Ended July27, 2025 and July 28, 2024(In millions of dollars and shares except per share amounts) Unaudited Three Months Ended Nine Months Ended 2025 2024 2025 2024Net Sales and RevenuesNet sales $ 10,357 $ 11,387 $ 28,338 $ 35,484Finance and interest income 1,426 1,461 4,233 4,207Other income 235 304 719 881Total 12,018 13,152 33,290 40,572Costs and ExpensesCost of sales 7,570 7,848 20,215 24,205Research and development expenses 556 567 1,631 1,664Selling, administrative and general expenses 1,217 1,278 3,387 3,608Interest expense 794 840 2,408 2,478Other operating expenses 281 264 817 930Total 10,418 10,797 28,458 32,885Income of Consolidated Group before Income Taxes 1,600 2,355 4,832 7,687Provision for income taxes 339 625 905 1,845Income of Consolidated Group 1,261 1,730 3,927 5,842Equity in income of unconsolidated affiliates 10 1 11 4Net Income 1,271 1,731 3,938 5,846Less: Net loss attributable to noncontrolling interests (18) (3) (24) (9)Net Income Attributable to Deere & Company $ 1,289 $ 1,734 $ 3,962 $ 5,855Per Share DataBasic $ 4.76 $ 6.32 $ 14.61 $ 21.13Diluted 4.75 6.29 14.57 21.04Dividends declared 1.62 1.47 4.86 4.41Dividends paid 1.62 1.47 4.71 4.29Average Shares OutstandingBasic 270.7 274.5 271.1 277.1Diluted 271.4 275.6 271.9 278.2

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE& COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(In millions of dollars) Unaudited July 27 October27 July 28 2025 2024 2024AssetsCash and cash equivalents $ 8,580 $ 7,324 $ 7,004Marketable securities 1,407 1,154 1,140Trade accounts and notes receivable – net 6,103 5,326 7,469Financing receivables – net 43,930 44,309 43,896Financing receivables securitized – net 7,948 8,723 8,274Other receivables 2,826 2,545 2,270Equipment on operating leases – net 7,512 7,451 7,118Inventories 7,713 7,093 7,696Property and equipment – net 7,713 7,580 7,092Goodwill 4,209 3,959 3,960Other intangible assets – net 926 999 1,030Retirement benefits 3,182 2,921 3,126Deferred income taxes 2,209 2,086 1,898Other assets 3,559 2,906 2,903Assets held for sale 2,944 2,965Total Assets $ 107,817 $ 107,320 $ 107,841Liabilities and Stockholders' EquityLiabilitiesShort-term borrowings $ 14,607 $ 13,533 $ 15,294Short-term securitization borrowings 7,610 8,431 7,869Accounts payable and accrued expenses 13,582 14,543 14,397Deferred income taxes 489 478 481Long-term borrowings 44,429 43,229 42,692Retirement benefits and other liabilities 1,836 2,354 2,156Liabilities held for sale 1,827 1,803Total liabilities 82,553 84,395 84,692Redeemable noncontrolling interest 84 82 84Stockholders' EquityTotal Deere & Company stockholders' equity 25,175 22,836 23,062Noncontrolling interests 5 7 3Total stockholders' equity 25,180 22,843 23,065Total Liabilities and Stockholders' Equity $ 107,817 $ 107,320 $ 107,841

See Condensed Notes to Interim Consolidated Financial Statements.

DEERE& COMPANYSTATEMENTS OF CONSOLIDATED CASH FLOWSFor the Nine Months Ended July27, 2025 and July28, 2024(In millions of dollars) Unaudited 2025 2024Cash Flows from Operating ActivitiesNet income $ 3,938 $ 5,846Adjustments to reconcile net income to net cash provided by operating activities:Provision for credit losses 258 222Provision for depreciation and amortization 1,668 1,598Impairments and other adjustments 29 53Share-based compensation expense 104 159Credit for deferred income taxes (102) (125)Changes in assets and liabilities:Receivables related to sales (494) (2,446)Inventories (526) 234Accounts payable and accrued expenses (717) (1,015)Accrued income taxes payable/receivable (147) 31Retirement benefits (813) (246)Other 266 (172)Net cash provided by operating activities 3,464 4,139Cash Flows from Investing ActivitiesCollections of receivables (excluding receivables related to sales) 19,712 19,143Proceeds from maturities and sales of marketable securities 359 333Proceeds from sales of equipment on operating leases 1,408 1,451Cost of receivables acquired (excluding receivables related to sales) (18,962) (21,113)Acquisitions of businesses, net of cash acquired (89)Purchases of marketable securities (598) (572)Purchases of property and equipment (852) (1,043)Cost of equipment on operating leases acquired (2,009) (2,165)Collections of receivables from unconsolidated affiliates 334Collateral on derivatives – net 127 390Other (231) (95)Net cash used for investing activities (801) (3,671)Cash Flows from Financing ActivitiesNet payments in short-term borrowings (original maturities three months or less) (2,060) (992)Proceeds from borrowings issued (original maturities greater than three months) 10,707 15,512Payments of borrowings (original maturities greater than three months) (7,743) (10,792)Repurchases of common stock (1,136) (3,227)Dividends paid (1,282) (1,202)Other (43) (88)Net cash used for financing activities (1,557) (789)Effect of Exchange Rate Changes on Cash, Cash Equivalents, and 108 (6)Restricted CashNet Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 1,214 (327)Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 7,633 7,620Cash, Cash Equivalents, and Restricted Cash at End of Period $ 8,847 $ 7,293

See Condensed Notes to Interim Consolidated Financial Statements.

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

(1) Acquisitions

In 2025, the company acquired businesses to advance the capabilities of the company's existing technology offerings, providing customers with a more comprehensive set of tools to generate and use data to make decisions that improve profitability, efficiency, and sustainability. The combined cost of these acquisitions was $89 million, net of cash acquired. The businesses were assigned to the production and precision agriculture and construction and forestry segments. Most of the purchase price for these acquisitions was allocated to goodwill and intangible assets.

(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. Of this amount, $53 million was recorded in “Selling, administrative and general expenses” and $8 million in “Cost of sales.” This is presented in “Impairments and other adjustments”in the statements of consolidated cash flows. The impairment resulted from slowing external demand for batteries, which indicated that it is probable future cash flows would not cover the carrying value of the assets.

Discrete Tax Items

In the first quarter of 2025, the company recorded favorable net discrete tax items primarily due to tax benefits of $110 million related to the realization of foreign net operating losses from the consolidation of certain subsidiaries and $53 million from an adjustment to an uncertain tax position of a foreign subsidiary.

Banco John Deere S.A.

In 2024, the company entered into an agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of the company's wholly-owned subsidiary in Brazil, Banco John Deere S.A. (BJD). BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment. The transaction is intended to reduce the company's incremental risk as it continues to grow in the Brazilian market. The company deconsolidated BJD upon completion of the transaction in February 2025. The company accounts for its investment in BJD using the equity method of accounting and results of its operations are reported in “Equity in income 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, resulting in a net loss of $15 million pretax and after-tax due to the establishment of a $53 million valuation allowance on the assets held for sale and a $38 million reversal of allowance for credit losses. In the first quarter of 2025, a gain of $32 million pretax and after-tax was recorded in “Selling, administrative and general expenses” related to a decrease in valuation allowance. This is presented in “Impairments and other adjustments” in the statements of consolidated cash flows. 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.

Employee-Separation Programs

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

The expenses for the three months and nine months ended July 28, 2024 were recorded in millions of dollars as follows:

PPA SAT CF FS TotalEmployee-Separation Programs:Cost of sales $ 18 $ 9 $ 8 $ 35Research and development expenses 19 6 1 26Selling, administrative and general expenses 25 14 11 $ 9 59Total operating profit decrease $ 62 $ 29 $ 20 $ 9 120Non-operating profit expenses* 4Total $ 124

* Relates primarily to corporate expenses.

Summary of 2025 and 2024 Special Items

The following table summarizes the operating profit impact of the special items recorded in millions of dollars for the three months and nine months ended July 27, 2025 and July 28, 2024.

Three Months Nine Months PPA SAT CF FS Total PPA SAT CF FS Total2025 Expense (benefit):Impairment $ 28 $ 17 $ 16 $ 61 $ 28 $ 17 $ 16 $ 61BJD measurement $ (32) (32)Total expense (benefit) 28 17 16 61 28 17 16 (32) 292024 Expense:BJD measurement $ 15 15 15 15Employee-separation 62 29 20 9 120 62 29 20 9 120programsTotal expense 62 29 20 24 135 62 29 20 24 135Period over period change $ (34) $ (12) $ (4) $ (24) $ (74) $ (34) $ (12) $ (4) $ (56) $ (106)

(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 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(4)SUPPLEMENTAL CONSOLIDATING DATASTATEMENTS OF INCOMEFor the Three Months Ended July27, 2025 and July 28, 2024(In millions of dollars) Unaudited EQUIPMENT FINANCIAL OPERATIONS SERVICES ELIMINATIONS CONSOLIDATED 2025 2024 2025 2024 2025 2024 2025 2024Net Sales and RevenuesNet sales $ 10,357 $ 11,387 $ 10,357 $ 11,387Finance and interest income 133 155 $ 1,433 $ 1,537 $ (140) $ (231) 1,426 1,461 1Other income 190 246 111 130 (66) (72) 235 304 2, 3, 4Total 10,680 11,788 1,544 1,667 (206) (303) 12,018 13,152Costs and ExpensesCost of sales 7,578 7,855 (8) (7) 7,570 7,848 4Research and developmentexpenses 556 567 556 567Selling, administrative and generalexpenses 999 962 220 318 (2) (2) 1,217 1,278 4Interest expense 102 91 720 812 (28) (63) 794 840 1Interest compensation to FinancialServices 112 168 (112) (168) 1Other operating expenses (8) (16) 345 343 (56) (63) 281 264 3, 4, 5Total 9,339 9,627 1,285 1,473 (206) (303) 10,418 10,797Income before Income Taxes 1,341 2,161 259 194 1,600 2,355Provision for income taxes 274 583 65 42 339 625Income after Income Taxes 1,067 1,578 194 152 1,261 1,730Equity in income (loss) of unconsolidatedaffiliates (1) 11 1 10 1Net Income 1,066 1,578 205 153 1,271 1,731Less: Net loss attributable to (18) (3) (18) (3)noncontrollinginterestsNet Income Attributable to Deere&Company $ 1,084 $ 1,581 $ 205 $ 153 $ 1,289 $ 1,734

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& COMPANYSUPPLEMENTAL CONSOLIDATING DATA (Continued)STATEMENTS OF INCOMEFor the Nine Months Ended July 27, 2025 and July28, 2024(In millions of dollars) Unaudited EQUIPMENT FINANCIAL OPERATIONS SERVICES ELIMINATIONS CONSOLIDATED 2025 2024 2025 2024 2025 2024 2025 2024Net Sales and RevenuesNet sales $ 28,338 $ 35,484 $ 28,338 $ 35,484Finance and interest income 351 441 $ 4,268 $ 4,466 $ (386) $ (700) 4,233 4,207 1Other income 580 732 350 341 (211) (192) 719 881 2, 3, 4Total 29,269 36,657 4,618 4,807 (597) (892) 33,290 40,572Costs and ExpensesCost of sales 20,239 24,226 (24) (21) 20,215 24,205 4Research and developmentexpenses 1,631 1,664 1,631 1,664Selling, administrative and generalexpenses 2,761 2,844 632 771 (6) (7) 3,387 3,608 4Interest expense 282 314 2,206 2,354 (80) (190) 2,408 2,478 1Interest compensation to FinancialServices 306 510 (306) (510) 1Other operating expenses (47) 76 1,045 1,018 (181) (164) 817 930 3, 4, 5Total 25,172 29,634 3,883 4,143 (597) (892) 28,458 32,885Income before Income Taxes 4,097 7,023 735 664 4,832 7,687Provision for income taxes 752 1,700 153 145 905 1,845Income after Income Taxes 3,345 5,323 582 519 3,927 5,842Equity in income (loss) of unconsolidatedaffiliates (4) 15 4 11 4Net Income 3,341 5,323 597 523 3,938 5,846Less: Net loss attributable to (24) (9) (24) (9)noncontrollinginterestsNet Income Attributable to Deere&Company $ 3,365 $ 5,332 $ 597 $ 523 $ 3,962 $ 5,855

DEERE& COMPANYSUPPLEMENTAL CONSOLIDATING DATA (Continued)CONDENSED BALANCE SHEETS(In millions of dollars) Unaudited EQUIPMENT FINANCIAL OPERATIONS SERVICES ELIMINATIONS CONSOLIDATED July 27 Oct27 July 28 July 27 Oct27 July 28 July 27 Oct27 July 28 July 27 Oct27 July 28 2025 2024 2024 2025 2024 2024 2025 2024 2024 2025 2024 2024AssetsCash and cash equivalents $ 6,641 $ 5,615 $ 5,385 $ 1,939 $ 1,709 $ 1,619 $ 8,580 $ 7,324 $ 7,004Marketable securities 240 125 155 1,167 1,029 985 1,407 1,154 1,140Receivables from Financial 3,649 3,043 3,951 $ (3,649) $ (3,043) $ (3,951) 6ServicesTrade accounts and notes 1,335 1,257 1,150 7,064 6,225 8,890 (2,296) (2,156) (2,571) 6,103 5,326 7,469 7receivable-netFinancing receivables – net 84 78 82 43,846 44,231 43,814 43,930 44,309 43,896Financing receivables 1 2 2 7,947 8,721 8,272 7,948 8,723 8,274securitized-netOther receivables 2,013 2,193 1,821 867 427 494 (54) (75) (45) 2,826 2,545 2,270 7Equipment on operating 7,512 7,451 7,118 7,512 7,451 7,118leases – netInventories 7,713 7,093 7,696 7,713 7,093 7,696Property and equipment – net 7,680 7,546 7,058 33 34 34 7,713 7,580 7,092Goodwill 4,209 3,959 3,960 4,209 3,959 3,960Other intangible assets – net 926 999 1,030 926 999 1,030Retirement benefits 3,092 2,839 3,047 92 83 80 (2) (1) (1) 3,182 2,921 3,126 8Deferred income taxes 2,471 2,262 2,192 44 43 35 (306) (219) (329) 2,209 2,086 1,898 9Other assets 2,357 2,194 2,236 1,211 715 675 (9) (3) (8) 3,559 2,906 2,903Assets held for sale 2,944 2,965 2,944 2,965Total Assets $ 42,411 $ 39,205 $ 39,765 $ 71,722 $ 73,612 $ 74,981 $ (6,316) $ (5,497) $ (6,905) $ 107,817 $ 107,320 $ 107,841Liabilities andStockholders'EquityLiabilitiesShort-term borrowings $ 461 $ 911 $ 983 $ 14,146 $ 12,622 $ 14,311 $ 14,607 $ 13,533 $ 15,294Short-term securitization 2 1 7,610 8,429 7,868 7,610 8,431 7,869borrowingsPayables to Equipment 3,649 3,043 3,951 $ (3,649) $ (3,043) $ (3,951) 6OperationsAccounts payable and 12,795 13,534 13,880 3,146 3,243 3,141 (2,359) (2,234) (2,624) 13,582 14,543 14,397 7accruedexpensesDeferred income taxes 393 434 420 402 263 390 (306) (219) (329) 489 478 481 9Long-term borrowings 8,789 6,603 6,592 35,640 36,626 36,100 44,429 43,229 42,692Retirement benefits and 1,767 2,250 2,048 71 105 109 (2) (1) (1) 1,836 2,354 2,156 8otherliabilitiesLiabilities held for sale 1,827 1,803 1,827 1,803Total liabilities 24,205 23,734 23,924 64,664 66,158 67,673 (6,316) (5,497) (6,905) 82,553 84,395 84,692Redeemable noncontrolling 84 82 84 84 82 84interestStockholders' EquityTotal Deere& Company stockholders'equity 25,175 22,836 23,062 7,058 7,454 7,308 (7,058) (7,454) (7,308) 25,175 22,836 23,062 10Noncontrolling interests 5 7 3 5 7 3Financial Services' equity (7,058) (7,454) (7,308) 7,058 7,454 7,308 10Adjusted total stockholders' 18,122 15,389 15,757 7,058 7,454 7,308 25,180 22,843 23,065equityTotal Liabilities and Stockholders'Equity $ 42,411 $ 39,205 $ 39,765 $ 71,722 $ 73,612 $ 74,981 $ (6,316) $ (5,497) $ (6,905) $ 107,817 $ 107,320 $ 107,841

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& COMPANYSUPPLEMENTAL CONSOLIDATING DATA (Continued)STATEMENTS OF CASH FLOWSFor the Nine Months Ended July27, 2025 and July28, 2024(In millions of dollars) Unaudited EQUIPMENT FINANCIAL OPERATIONS SERVICES ELIMINATIONS CONSOLIDATED 2025 2024 2025 2024 2025 2024 2025 2024Cash Flows from Operating ActivitiesNet income $ 3,341 $ 5,323 $ 597 $ 523 $ 3,938 $ 5,846Adjustments to reconcile net income to net cash provided byoperating activities:Provision for credit losses 18 10 240 212 258 222Provision for depreciation and amortization 965 932 804 773 $ (101) $ (107) 1,668 1,598 11Impairments and other adjustments 61 (32) 53 29 53Share-based compensation expense 104 159 104 159 12Distributed earnings of Financial Services 1,066 250 (1,066) (250) 13Provision (credit) for deferred income taxes (242) (49) 140 (76) (102) (125)Changes in assets and liabilities:Receivables related to sales (66) 106 (428) (2,552) (494) (2,446) 14, 16Inventories (423) 391 (103) (157) (526) 234 15Accounts payable and accrued expenses (646) (924) 69 212 (140) (303) (717) (1,015) 16Accrued income taxes payable/receivable (89) 13 (58) 18 (147) 31Retirement benefits (770) (241) (43) (5) (813) (246)Other 123 (109) 182 44 (39) (107) 266 (172) 11, 12, 15Net cash provided by operating activities 3,338 5,702 1,899 1,754 (1,773) (3,317) 3,464 4,139Cash Flows from Investing ActivitiesCollections of receivables (excluding receivables related tosales) 20,178 19,826 (466) (683) 19,712 19,143 14Proceeds from maturities and sales of marketable securities 27 56 332 277 359 333Proceeds from sales of equipment on operating leases 1,408 1,451 1,408 1,451Cost of receivables acquired (excluding receivables related (19,189) (21,395) 227 282 (18,962) (21,113) 14tosales)Acquisitions of businesses, net of cash acquired (89) (89)Purchases of marketable securities (133) (220) (465) (352) (598) (572)Purchases of property and equipment (851) (1,041) (1) (2) (852) (1,043)Cost of equipment on operating leases acquired (2,148) (2,377) 139 212 (2,009) (2,165) 15Decrease in investment in Financial Services 11 (11) 17Increase in trade and wholesale receivables (807) (3,255) 807 3,255 14Collections of receivables from unconsolidated affiliates 189 145 334Collateral on derivatives – net 4 123 390 127 390Other (75) (88) (156) (8) 1 (231) (95)Net cash used for investing activities (928) (1,282) (580) (5,445) 707 3,056 (801) (3,671)Cash Flows from Financing ActivitiesNet proceeds (payments) in short-term borrowings (original 294 81 (2,354) (1,073) (2,060) (992)maturities three months or less)Change in intercompany receivables/payables (660) 558 660 (558)Proceeds from borrowings issued (original maturities greater 2,188 115 8,519 15,397 10,707 15,512than three months)Payments of borrowings (original maturities greater than three (863) (1,061) (6,880) (9,731) (7,743) (10,792)months)Repurchases of common stock (1,136) (3,227) (1,136) (3,227)Capital returned to Equipment Operations (11) 11 17Dividends paid (1,282) (1,202) (1,066) (250) 1,066 250 (1,282) (1,202) 13Other (25) (37) (18) (51) (43) (88)Net cash provided by (used for) financing activities (1,484) (4,773) (1,139) 3,723 1,066 261 (1,557) (789)Effect of Exchange Rate Changes on Cash, Cash 96 12 12 (18) 108 (6)Equivalents, and Restricted CashNet Increase (Decrease) in Cash, Cash Equivalents, and 1,022 (341) 192 14 1,214 (327)RestrictedCashCash, Cash Equivalents, and Restricted Cash at 5,643 5,755 1,990 1,865 7,633 7,620BeginningofPeriodCash, Cash Equivalents, and Restricted Cash at $ 6,665 $ 5,414 $ 2,182 $ 1,879 $ 8,847 $ 7,293EndofPeriod

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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