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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 3, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 1-4121

DEERE & COMPANY

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)		36-2382580 (IRS Employer Identification No.)

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices, zip code)

Registrant’s Telephone Number, including area code: (309) 765-8000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Common stock, $1 par value	DE	New York Stock Exchange
6.55% Debentures Due 2028	DE28	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

At May 3, 2026, 269,937,425 shares of common stock, $1 par value, of the registrant were outstanding.

PART I. FINANCIAL INFORMATION

Item 1.FINANCIAL STATEMENTS


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED INCOME
For the Three and Six Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars and shares except per share amounts) Unaudited
	Three Months Ended				Six Months Ended
	2026		2025		2026		2025
Net Sales and Revenues
Net sales	$	11,778	$	11,171	$	19,779	$	17,980
Finance and interest income		1,314		1,354		2,658		2,807
Other income		277		238		544		485
Total		13,369		12,763		22,981		21,272

Costs and Expenses
Cost of sales		8,266		7,609		14,547		12,646
Research and development expenses		583		549		1,137		1,075
Selling, administrative and general expenses		1,209		1,197		2,181		2,169
Interest expense		712		784		1,431		1,614
Other operating expenses		306		287		556		536
Total		11,076		10,426		19,852		18,040

Income of Consolidated Group before Income Taxes		2,293		2,337		3,129		3,232
Provision for income taxes		518		539		714		566

Income of Consolidated Group		1,775		1,798		2,415		2,666
Equity in income (loss) of unconsolidated affiliates		(5)		3		10		1

Net Income		1,770		1,801		2,425		2,667
Less: Net loss attributable to noncontrolling interests		(3)		(3)		(4)		(6)
Net Income Attributable to Deere & Company	$	1,773	$	1,804	$	2,429	$	2,673

Per Share Data
Basic	$	6.57	$	6.65	$	8.99	$	9.85
Diluted		6.55		6.64		8.97		9.82
Dividends declared		1.62		1.62		3.24		3.24
Dividends paid		1.62		1.62		3.24		3.09

Average Shares Outstanding
Basic		270.1		271.1		270.2		271.3
Diluted		270.8		271.8		270.9		272.1

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
For the Three and Six Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars) Unaudited
	Three Months Ended				Six Months Ended
	2026		2025		2026		2025
Net Income	$	1,770	$	1,801	$	2,425	$	2,667

Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment		(44)		2		(45)		5
Cumulative translation adjustment		(69)		751		305		300
Unrealized gain (loss) on derivatives		16		(8)		11		(9)
Unrealized gain (loss) on debt securities		(8)		24		(6)		9
Other Comprehensive Income (Loss), Net of Income Taxes		(105)		769		265		305

Comprehensive Income		1,665		2,570		2,690		2,972
Less: Comprehensive income (loss) attributable to noncontrolling interests		(5)		4		(3)		(2)
Comprehensive Income Attributable to Deere & Company	$	1,670	$	2,566	$	2,693	$	2,974

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars) Unaudited
	May 3		November 2		April 27
	2026		2025		2025
Assets
Cash and cash equivalents	$	7,905	$	8,276	$	7,991
Marketable securities		1,430		1,411		1,272
Trade accounts and notes receivable – net		7,571		5,317		6,748
Financing receivables – net		42,916		44,575		43,029
Financing receivables securitized – net		6,100		6,831		7,765
Other receivables		2,582		2,403		2,975
Equipment on operating leases – net		7,514		7,600		7,336
Inventories		8,188		7,406		7,870
Property and equipment – net		8,035		8,079		7,555
Goodwill		4,513		4,188		4,094
Other intangible assets – net		975		892		964
Retirement benefits		3,450		3,273		3,133
Deferred income taxes		2,361		2,284		2,088
Other assets		3,461		3,461		3,483
Total Assets	$	107,001	$	105,996	$	106,303

Liabilities and Stockholders’ Equity

Liabilities
Short-term borrowings	$	15,632	$	13,796	$	15,948
Short-term securitization borrowings		5,929		6,596		7,562
Accounts payable and accrued expenses		13,653		13,909		13,345
Deferred income taxes		422		434		496
Long-term borrowings		42,261		43,544		42,811
Retirement benefits and other liabilities		1,644		1,710		1,763
Total liabilities		79,541		79,989		81,925

Commitments and contingencies (Note 17)
Redeemable noncontrolling interest		47		51		83

Stockholders’ Equity
Common stock, $1 par value (issued shares at May 3, 2026 – 536,431,204)		5,777		5,668		5,565
Common stock in treasury		(36,831)		(36,362)		(36,064)
Retained earnings		61,228		59,676		58,191
Accumulated other comprehensive income (loss)		(2,768)		(3,032)		(3,405)
Total Deere & Company stockholders’ equity		27,406		25,950		24,287
Noncontrolling interests		7		6		8
Total stockholders’ equity		27,413		25,956		24,295
Total Liabilities and Stockholders’ Equity	$	107,001	$	105,996	$	106,303

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CONSOLIDATED CASH FLOWS
For the Six Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars) Unaudited
	2026		2025
Cash Flows from Operating Activities
Net income	$	2,425	$	2,667
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		127		174
Depreciation and amortization		1,184		1,104
Impairments and other adjustments				(32)
Share-based compensation expense		69		54
Provision (credit) for deferred income taxes		(68)		11
Changes in assets and liabilities:
Receivables related to sales		(1,084)		(1,069)
Inventories		(738)		(772)
Accounts payable and accrued expenses		(333)		(898)
Accrued income taxes payable/receivable		(5)		(147)
Retirement benefits		(290)		(794)
Other		(245)		270
Net cash provided by operating activities		1,042		568

Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)		14,385		14,348
Proceeds from maturities and sales of marketable securities		258		245
Proceeds from sales of equipment on operating leases		1,019		1,001
Cost of receivables acquired (excluding receivables related to sales)		(13,157)		(12,744)
Acquisition of business, net of cash acquired		(439)
Purchases of marketable securities		(284)		(347)
Purchases of property and equipment		(451)		(555)
Cost of equipment on operating leases acquired		(1,295)		(1,254)
Collections of receivables from unconsolidated affiliates		152		234
Collateral on derivatives – net		(8)		27
Other		(87)		(176)
Net cash provided by investing activities		93		779

Cash Flows from Financing Activities
Net proceeds in short-term borrowings (original maturities three months or less)		2,246		551
Proceeds from borrowings issued (original maturities greater than three months)		3,451		5,156
Payments of borrowings (original maturities greater than three months)		(5,935)		(4,837)
Repurchases of common stock		(500)		(838)
Dividends paid		(878)		(843)
Other		(11)		(10)
Net cash used for financing activities		(1,627)		(821)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		94		20

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		(398)		546
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		8,533		7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	8,135	$	8,179

Components of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	$	7,905	$	7,991
Restricted cash (Other assets)		230		188
Total Cash, Cash Equivalents, and Restricted Cash	$	8,135	$	8,179

See Condensed Notes to Interim Consolidated Financial Statements.


DEERE & COMPANY
STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS’ EQUITY
For the Three and Six Months Ended May 3, 2026 and April 27, 2025
(In millions of dollars) Unaudited
			Total Stockholders’ Equity
			Deere & Company Stockholders
									Accumulated
	Total								Other				Redeemable
	Stockholders’		Common		Treasury		Retained		Comprehensive		Noncontrolling		Noncontrolling
	Equity		Stock		Stock		Earnings		Income (Loss)		Interests		Interest
Three Months Ended April 27, 2025
Balance January 26, 2025	$	22,486	$	5,526	$	(35,709)	$	56,829	$	(4,167)	$	7	$	78
Net income (loss)		1,804						1,804						(3)
Other comprehensive income		762								762				7
Repurchases of common stock		(362)				(362)
Treasury shares reissued		7				7
Dividends declared		(440)						(440)
Share based awards and other		38		39				(2)				1		1
Balance April 27, 2025	$	24,295	$	5,565	$	(36,064)	$	58,191	$	(3,405)	$	8	$	83

Six Months Ended April 27, 2025
Balance October 27, 2024	$	22,843	$	5,489	$	(35,349)	$	56,402	$	(3,706)	$	7	$	82
Net income (loss)		2,673						2,673						(6)
Other comprehensive income		301								301				4
Repurchases of common stock		(746)				(746)
Treasury shares reissued		31				31
Dividends declared		(881)						(881)
Share based awards and other		74		76				(3)				1		3
Balance April 27, 2025	$	24,295	$	5,565	$	(36,064)	$	58,191	$	(3,405)	$	8	$	83

Three Months Ended May 3, 2026
Balance February 1, 2026	$	26,307	$	5,715	$	(36,645)	$	59,895	$	(2,665)	$	7	$	50
Net income (loss)		1,773						1,773						(3)
Other comprehensive loss		(103)								(103)				(2)
Repurchases of common stock		(193)				(193)
Treasury shares reissued		7				7
Dividends declared		(439)						(439)
Share based awards and other		61		62				(1)						2
Balance May 3, 2026	$	27,413	$	5,777	$	(36,831)	$	61,228	$	(2,768)	$	7	$	47

Six Months Ended May 3, 2026
Balance November 2, 2025	$	25,956	$	5,668	$	(36,362)	$	59,676	$	(3,032)	$	6	$	51
Net income (loss)		2,430						2,429				1		(5)
Other comprehensive income		264								264				1
Repurchases of common stock		(496)		(4)		(492)
Treasury shares reissued		23				23
Dividends declared		(877)						(877)
Share based awards and other		113		113
Balance May 3, 2026	$	27,413	$	5,777	$	(36,831)	$	61,228	$	(2,768)	$	7	$	47

See Condensed Notes to Interim Consolidated Financial Statements.

Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

(1) Organization and Consolidation

Deere & Company has been developing innovative solutions to help its customers become more profitable for more than 185 years. References to “Deere & Company,” “John Deere,” “Deere,” “we,” “us,” or “our” include our consolidated subsidiaries, unless otherwise stated. We manage our business through the following operating segments: Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (John Deere Financial or FS). References to “equipment operations” include PPA, SAT, and CF, while references to “agriculture and turf” include both PPA and SAT.

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The second quarter ends for fiscal years 2026 and 2025 were May 3, 2026, and April 27, 2025, respectively. Both quarters contained 13 weeks, while both year-to-date periods contained 26 weeks. Fiscal year 2025 contained 53 weeks, with the additional week occurring in the fourth quarter. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending near the end of October and the associated periods in those fiscal years.

All amounts are presented in millions of U.S. dollars, unless otherwise specified. Certain prior period amounts have been reclassified to conform to current period presentation.

Variable Interest Entities

We consolidate certain variable interest entities (VIEs) related to retail note securitizations (see Note 10).

We have a 50% ownership interest in Banco John Deere S.A. (BJD), an equity method investment that finances retail and wholesale loans for agricultural, construction, and forestry equipment in Brazil. This investment was established in February 2025 through the sale of 50% ownership of a former subsidiary (see Note 21). BJD is a VIE as we provide funding and are exposed to losses that are disproportionate to our voting rights. However, we are not the primary beneficiary of the VIE because the power over significant activities, including the strategic plan, budget, credit policies, and funding guidelines, is shared among equity holders through an equally represented board of directors.

Financial results of BJD are reported in “Equity in income (loss) of unconsolidated affiliates.” The related investment in unconsolidated affiliates is included in “Other assets” on the condensed consolidated balance sheets, while short-term and long-term funding is recorded in receivables from unconsolidated affiliates and included in “Other receivables.”

Our carrying value of receivables from and investments in BJD and maximum exposure to loss were as follows:


	May 3		November 2		April 27
	2026		2025		2025
Receivables from unconsolidated affiliates – “Other receivables”	$	279	$	394	$	564
Investments in unconsolidated affiliates – “Other assets”		409		405		372
Carrying value of assets related to VIE		688		799		936
Guarantees		172		157		156
Maximum exposure to loss	$	860	$	956	$	1,092

Guarantees primarily include BJD debt related to government funding that existed prior to the deconsolidation of BJD. We did not record a contractual liability related to these guarantees on our condensed consolidated balance sheets.

(2) Summary of Significant Accounting Policies and New Accounting PROnouncements

Quarterly Financial Statements

The 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 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 (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and cash taxes paid both in the U.S. and foreign jurisdictions. The ASU will be effective for us beginning with our annual reporting for fiscal year 2026. We are assessing the effect of this update on our related disclosures. The adoption will not have a material impact on our consolidated financial statements.

We will also adopt the following standards in future periods, none of which are expected to have a material effect on our consolidated financial statements, including note disclosures to consolidated financial statements. All other accounting standards issued but not yet adopted were not applicable to us.


No. 2026-02 — Environmental Credits and Environmental Credit Obligations (Topic 818)
No. 2025-12 — Codification Improvements
No. 2025-11 — Interim Reporting (Topic 270): Narrow-Scope Improvements
No. 2025-09 — Derivatives and Hedging (Topic 815): Hedge Accounting Improvements
No. 2025-07 — Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract
No. 2025-05 — Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets
No. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
No. 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

(3) Revenue Recognition

Our net sales and revenues by primary geographic market, major product line, and timing of revenue recognition follow:


Three Months Ended May 3, 2026	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	2,012	$	1,833	$	2,317	$	1,036	$	7,198
Canada		487		187		175		190		1,039
Western Europe		654		827		608		52		2,141
Central Europe and CIS		297		121		105		2		525
Latin America		828		128		280		32		1,268
Asia, Africa, Oceania, and Middle East		329		446		369		54		1,198
Total	$	4,607	$	3,542	$	3,854	$	1,366	$	13,369

Major product lines:
Production agriculture	$	4,403							$	4,403
Small agriculture			$	2,339						2,339
Turf				1,063						1,063
Construction					$	1,514				1,514
Compact construction						653				653
Roadbuilding						1,270				1,270
Forestry						294				294
Financial products		52		23		16	$	1,366		1,457
Other		152		117		107				376
Total	$	4,607	$	3,542	$	3,854	$	1,366	$	13,369

Revenue recognized:
At a point in time	$	4,502	$	3,495	$	3,819	$	37	$	11,853
Over time		105		47		35		1,329		1,516
Total	$	4,607	$	3,542	$	3,854	$	1,366	$	13,369


Six Months Ended May 3, 2026	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	3,238	$	2,939	$	3,894	$	2,088	$	12,159
Canada		885		288		311		381		1,865
Western Europe		1,118		1,313		1,034		106		3,571
Central Europe and CIS		469		181		181		4		835
Latin America		1,512		223		511		64		2,310
Asia, Africa, Oceania, and Middle East		654		822		657		108		2,241
Total	$	7,876	$	5,766	$	6,588	$	2,751	$	22,981

Major product lines:
Production agriculture	$	7,496							$	7,496
Small agriculture			$	3,866						3,866
Turf				1,639						1,639
Construction					$	2,625				2,625
Compact construction						1,121				1,121
Roadbuilding						2,042				2,042
Forestry						563				563
Financial products		109		50		34	$	2,751		2,944
Other		271		211		203				685
Total	$	7,876	$	5,766	$	6,588	$	2,751	$	22,981

Revenue recognized:
At a point in time	$	7,666	$	5,669	$	6,514	$	70	$	19,919
Over time		210		97		74		2,681		3,062
Total	$	7,876	$	5,766	$	6,588	$	2,751	$	22,981


Three Months Ended April 27, 2025	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	2,512	$	1,626	$	1,717	$	1,072	$	6,927
Canada		656		153		208		172		1,189
Western Europe		612		667		497		44		1,820
Central Europe and CIS		239		99		87		3		428
Latin America		995		116		220		41		1,372
Asia, Africa, Oceania, and Middle East		312		385		277		53		1,027
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763

Major product lines:
Production agriculture	$	5,135							$	5,135
Small agriculture			$	1,964						1,964
Turf				957						957
Construction					$	1,182				1,182
Compact construction						506				506
Roadbuilding						949				949
Forestry						254				254
Financial products		56		25		16	$	1,385		1,482
Other		135		100		99				334
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763

Revenue recognized:
At a point in time	$	5,218	$	2,997	$	2,967	$	34	$	11,216
Over time		108		49		39		1,351		1,547
Total	$	5,326	$	3,046	$	3,006	$	1,385	$	12,763


Six Months Ended April 27, 2025	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	4,067	$	2,575	$	2,830	$	2,158	$	11,630
Canada		1,010		232		309		359		1,910
Western Europe		889		1,019		841		87		2,836
Central Europe and CIS		306		138		158		7		609
Latin America		1,710		196		425		137		2,468
Asia, Africa, Oceania, and Middle East		517		693		501		108		1,819
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272

Major product lines:
Production agriculture	$	8,137							$	8,137
Small agriculture			$	3,198						3,198
Turf				1,420						1,420
Construction					$	1,952				1,952
Compact construction						867				867
Roadbuilding						1,545				1,545
Forestry						480				480
Financial products		111		58		37	$	2,856		3,062
Other		251		177		183				611
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272

Revenue recognized:
At a point in time	$	8,304	$	4,757	$	4,995	$	63	$	18,119
Over time		195		96		69		2,793		3,153
Total	$	8,499	$	4,853	$	5,064	$	2,856	$	21,272

We invoice in advance of recognizing the revenue of certain products and services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue, was $2,155, $2,039, and $2,089 at May 3, 2026, November 2, 2025, and April 27, 2025, respectively. The contract liability is reduced as the revenue is recognized. Revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of the fiscal year was $163 and $176 during the three months and $428 and $373 during the six months ended May 3, 2026, and April 27, 2025, respectively.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,855 at May 3, 2026. The estimated revenue to be recognized by fiscal year follows: remainder of 2026 – $320, 2027 – $591, 2028 – $402, 2029 – $254, 2030 – $156, 2031 – $87, and later years – $45. As permitted, we elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

(4) Other Comprehensive Income Items

The after-tax components of accumulated other comprehensive income (loss) follow:


	May 3		November 2		April 27
	2026		2025		2025
Retirement benefits adjustment	$	(1,227)	$	(1,182)	$	(1,269)
Cumulative translation adjustment		(1,449)		(1,753)		(1,990)
Unrealized loss on derivatives		(43)		(54)		(81)
Unrealized loss on debt securities		(49)		(43)		(65)
Accumulated other comprehensive income (loss)	$	(2,768)	$	(3,032)	$	(3,405)

The following tables reflect amounts recorded in other comprehensive income (loss), as well as reclassifications out of other comprehensive income (loss).


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended May 3, 2026	Amount		Credit		Amount
Cumulative translation adjustment:
Unrealized translation gain (loss)	$	(76)	$	5	$	(71)
Reclassification of realized (gain) loss to Other income		4				4
Net unrealized translation gain (loss)		(72)		5		(67)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		17		(3)		14
Reclassification of realized (gain) loss to Interest expense		2				2
Net unrealized gain (loss) on derivatives		19		(3)		16
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(11)		3		(8)
Net unrealized gain (loss) on debt securities		(11)		3		(8)
Retirement benefits adjustment:
Net actuarial gain (loss) and prior service credit (cost)		(56)		14		(42)
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(12)		3		(9)
Prior service (credit) cost		10		(3)		7
Net unrealized gain (loss) on retirement benefits adjustment		(58)		14		(44)
Total other comprehensive income (loss)	$	(122)	$	19	$	(103)


	Before	Tax	After
	Tax	(Expense)	Tax
Six Months Ended May 3, 2026

DEERE & CO 10-Q