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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: 1-6458

JOHN DEERE CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)



Delaware (State or other jurisdiction of incorporation or organization)		36-2386361 (IRS Employer Identification No.)

P.O. Box 5328 Madison, Wisconsin 53705-0328 (Address of principal executive offices, zip code)
(800) 438-7394 (Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
2.00% Senior Notes Due 2031	JDCC 31	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 28, 2026, 2,500 shares of common stock, without par value, of the registrant were outstanding, all of which were owned by John Deere Financial Services, Inc., a wholly-owned subsidiary of Deere & Company.

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with certain reduced disclosures as permitted by those instructions.

PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

John Deere Capital Corporation and Subsidiaries

Statements of Consolidated Income

(Unaudited)

(in millions)


		Three Months Ended						Six Months Ended
		May 3			April 27			May 3			April 27
		2026			2025			2026			2025
Revenues
Finance income earned on retail notes		$	501.6		$	504.8		$	1,008.7		$	1,012.2
Lease revenues			300.0			288.4			597.5			574.2
Revolving charge account income			111.0			107.8			224.4			224.2
Finance income earned on wholesale receivables			210.4			239.6			409.5			480.6
Other income			43.9			49.8			85.7			97.6
Total revenues			1,166.9			1,190.4			2,325.8			2,388.8
Expenses
Interest expense			537.0			613.3			1,085.4			1,250.6
Operating expenses:
Depreciation of equipment on operating leases			186.2			178.7			371.1			357.2
Administrative and operating expenses			114.0			109.5			213.9			218.4
Fees and interest paid to John Deere			51.0			36.7			100.3			58.7
Provision for credit losses			80.7			90.0			111.5			150.4
Total operating expenses			431.9			414.9			796.8			784.7
Total expenses			968.9			1,028.2			1,882.2			2,035.3
Income of Consolidated Group before Income Taxes			198.0			162.2			443.6			353.5
Provision for income taxes			48.0			39.0			96.2			71.9
Income of Consolidated Group			150.0			123.2			347.4			281.6
Equity in income of unconsolidated affiliate			1.3			.9			2.9			1.8
Net Income			151.3			124.1			350.3			283.4
Less: Net income attributable to noncontrolling interests			.2			.1			.4			.3
Net Income Attributable to the Company		$	151.1		$	124.0		$	349.9		$	283.1

See Condensed Notes to Interim Consolidated Financial Statements.

John Deere Capital Corporation and Subsidiaries

Statements of Consolidated Comprehensive Income

(Unaudited)

(in millions)


	Three Months Ended				Six Months Ended
	May 3		April 27		May 3		April 27
	2026		2025		2026		2025

Net Income	$	151.3	$	124.1	$	350.3	$	283.4

Other Comprehensive Income (Loss), Net of Income Taxes
Cumulative translation adjustment		(12.9)		65.0		31.8		28.3
Unrealized gain (loss) on derivatives		15.2		(9.0)		14.6		(10.9)
Unrealized gain on debt securities		.2				.4		.3
Other Comprehensive Income, Net of Income Taxes		2.5		56.0		46.8		17.7

Comprehensive Income		153.8		180.1		397.1		301.1
Less: Comprehensive income attributable to noncontrolling interests		.2		.1		.4		.3
Comprehensive Income Attributable to the Company	$	153.6	$	180.0	$	396.7	$	300.8

See Condensed Notes to Interim Consolidated Financial Statements.

John Deere Capital Corporation and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

(in millions)


	May 3		November 2		April 27
	2026		2025		2025
Assets
Cash and cash equivalents	$	1,697.6	$	1,619.3	$	1,603.7
Marketable securities		4.8		6.8		4.6
Receivables:
Retail notes		25,246.9		25,786.5		24,643.8
Retail notes securitized		6,137.4		6,870.8		7,810.1
Revolving charge accounts		4,473.7		4,677.0		4,044.2
Wholesale receivables		13,453.6		12,655.9		14,566.5
Financing leases		1,553.7		1,658.8		1,498.6
Total receivables		50,865.3		51,649.0		52,563.2
Allowance for credit losses		(254.4)		(250.1)		(251.7)
Total receivables – net		50,610.9		51,398.9		52,311.5
Other receivables		173.2		159.8		181.8
Receivables from John Deere		209.7		264.4		310.1
Equipment on operating leases – net		5,470.9		5,539.5		5,353.0
Notes receivable from related parties		279.1		392.0		551.3
Investment in unconsolidated affiliate		60.6		56.8		53.4
Deferred income taxes		34.5		34.9		30.2
Other assets		510.6		518.2		439.5
Total Assets	$	59,051.9	$	59,990.6	$	60,839.1

Liabilities and Stockholder’s Equity
Short-term external borrowings:
Commercial paper and other notes payable	$	2,549.8	$	1,380.9	$	3,453.1
Securitization borrowings		5,927.6		6,595.4		7,561.1
Current maturities of long-term external borrowings		8,188.9		8,270.5		8,309.1
Total short-term external borrowings		16,666.3		16,246.8		19,323.3
Notes payable to John Deere		4,539.6		4,452.6		2,210.5
Other payables to John Deere		289.0		279.1		427.2
Accounts payable and accrued expenses		1,234.0		1,272.1		1,227.4
Deposits held from dealers and merchants		117.9		124.5		121.8
Deferred income taxes		336.9		382.5		445.7
Long-term external borrowings		30,170.0		31,301.9		31,319.9
Total liabilities		53,353.7		54,059.5		55,075.8
Commitments and contingencies (Note 9)
Stockholder’s equity:
Common stock, without par value (issued and outstanding – 2,500 shares owned by John Deere Financial Services, Inc.)		2,292.8		2,292.8		2,292.8
Retained earnings		3,447.4		3,727.5		3,597.7
Accumulated other comprehensive loss		(43.7)		(90.5)		(128.5)
Total Company stockholder’s equity		5,696.5		5,929.8		5,762.0
Noncontrolling interests		1.7		1.3		1.3
Total stockholder’s equity		5,698.2		5,931.1		5,763.3
Total Liabilities and Stockholder’s Equity	$	59,051.9	$	59,990.6	$	60,839.1

See Condensed Notes to Interim Consolidated Financial Statements.

John Deere Capital Corporation and Subsidiaries

Statements of Consolidated Cash Flows

(Unaudited)

(in millions)


	Six Months Ended
	May 3			April 27
	2026			2025
Cash Flows from Operating Activities:
Net income	$	350.3		$	283.4
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		111.5			150.4
Depreciation and amortization		381.6			368.3
Provision (credit) for deferred income taxes		(48.2)			162.5
Change in accounts payable and accrued expenses		(16.8)			(11.8)
Change in accrued income taxes payable/receivable		(23.2)			(35.4)
Other		134.5			225.5
Net cash provided by operating activities		889.7			1,142.9

Cash Flows from Investing Activities:
Cost of receivables acquired (excluding wholesale)		(12,088.3)			(11,611.8)
Collections of receivables (excluding wholesale)		13,432.0			13,537.1
Increase in wholesale receivables – net		(693.5)			(413.7)
Cost of equipment on operating leases acquired		(933.1)			(924.6)
Proceeds from sales of equipment on operating leases		621.6			655.4
Cost of notes receivable acquired from John Deere and other related parties		(40.5)			(36.6)
Collections of notes receivable from John Deere and other related parties		152.0			63.8
Other		9.7			25.5
Net cash provided by investing activities		459.9			1,295.1

Cash Flows from Financing Activities:
Increase in commercial paper and other notes payable – net (original maturities of three months or less)		1,686.5			478.8
Decrease in securitization borrowings – net		(668.9)			(870.9)
Increase (decrease) in short-term borrowings with John Deere – net		65.2			(526.6)
Proceeds from external borrowings issued (original maturities greater than three months)		3,003.4			2,739.2
Payments of external borrowings (original maturities greater than three months)		(4,752.4)			(3,501.6)
Dividends paid		(630.0)			(765.0)
Debt issuance costs		(14.5)			(9.9)
Net cash used for financing activities		(1,310.7)			(2,456.0)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		8.3			1.3
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash		47.2			(16.7)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		1,852.8			1,787.0
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	1,900.0		$	1,770.3

Components of Cash, Cash Equivalents, and Restricted Cash:
Cash and cash equivalents	$	1,697.6		$	1,603.7
Restricted cash*		202.4			166.6
Total Cash, Cash Equivalents, and Restricted Cash	$	1,900.0		$	1,770.3

* Restricted cash is reported in “Other assets” on the consolidated balance sheets and primarily relates to the securitization of receivables (see Note 5) and cash that is legally restricted as to withdrawal or usage.

See Condensed Notes to Interim Consolidated Financial Statements.

John Deere Capital Corporation and Subsidiaries

Statements of Changes in Consolidated Stockholder’s Equity

For the Three and Six Months Ended May 3, 2026 and April 27, 2025

(Unaudited)

(in millions)


					Company Stockholder
											Accumulated
		Total									Other
		Stockholder’s			Common			Retained			Comprehensive			Noncontrolling
		Equity			Stock			Earnings			Income (Loss)			Interests

Three Months Ended April 27, 2025
Balance January 26, 2025		$	6,213.2		$	2,292.8		$	4,103.7		$	(184.5)		$	1.2
Net income			124.1						124.0						.1
Other comprehensive income			56.0									56.0
Dividends paid			(630.0)						(630.0)
Balance April 27, 2025		$	5,763.3		$	2,292.8		$	3,597.7		$	(128.5)		$	1.3

Six Months Ended April 27, 2025
Balance October 27, 2024		$	6,227.2		$	2,292.8		$	4,079.6		$	(146.2)		$	1.0
Net income			283.4						283.1						.3
Other comprehensive income			17.7									17.7
Dividends paid			(765.0)						(765.0)
Balance April 27, 2025		$	5,763.3		$	2,292.8		$	3,597.7		$	(128.5)		$	1.3

Three Months Ended May 3, 2026
Balance February 1, 2026		$	5,824.4		$	2,292.8		$	3,576.3		$	(46.2)		$	1.5
Net income			151.3						151.1						.2
Other comprehensive income			2.5									2.5
Dividends paid			(280.0)						(280.0)
Balance May 3, 2026		$	5,698.2		$	2,292.8		$	3,447.4		$	(43.7)		$	1.7

Six Months Ended May 3, 2026
Balance November 2, 2025		$	5,931.1		$	2,292.8		$	3,727.5		$	(90.5)		$	1.3
Net income			350.3						349.9						.4
Other comprehensive income			46.8									46.8
Dividends paid			(630.0)						(630.0)
Balance May 3, 2026		$	5,698.2		$	2,292.8		$	3,447.4		$	(43.7)		$	1.7

See Condensed Notes to Interim Consolidated Financial Statements.

Condensed Notes to Interim Consolidated Financial Statements (Unaudited)

(1) ORGANIZATION AND CONSOLIDATION

References to John Deere Capital Corporation (Capital Corporation), “the Company,” “we,” “us,” or “our” include our consolidated subsidiaries. John Deere Financial Services, Inc. (JDFS), a wholly-owned subsidiary of Deere & Company, owns all of the outstanding common stock of Capital Corporation. We provide and administer financing for retail purchases of new equipment manufactured by Deere & Company’s Production & Precision Agriculture operations, Small Agriculture & Turf operations, and Construction & Forestry operations and used equipment taken in trade for this equipment. References to “agriculture and turf” include both Production & Precision Agriculture and Small Agriculture & Turf. Deere & Company and its wholly-owned subsidiaries are collectively called “John Deere.”

We offer the following financing solutions:

●

Retail notes – we purchase retail installment sales and loan contracts from John Deere, which are generally acquired through independent John Deere retail dealers, and finance a limited amount of non-John Deere retail notes. In some jurisdictions, we also finance installment loans which are originated directly by us;

●

Revolving charge accounts – we finance and service revolving charge accounts, in most cases acquired from and offered through merchants and dealers in the agriculture and turf and construction and forestry markets;

●

Wholesale receivables – we provide wholesale financing to dealers of John Deere agriculture and turf equipment and construction and forestry equipment, primarily to finance inventories of equipment for those dealers; and

●

Financing and operating leases – we lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers.

Retail notes, revolving charge accounts, and financing leases are collectively called “Customer Receivables.” Customer Receivables and wholesale receivables are collectively called “Receivables.” Receivables and equipment on operating leases are collectively called “Receivables and Leases.” We secure our Receivables, other than certain revolving charge accounts, by retaining as collateral security in the equipment associated with those Receivables or with the use of other collateral, and require theft and physical damage insurance on such equipment.

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 an additional week occurring in the fourth quarter. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending in October and the associated periods in those fiscal years.

We are the primary beneficiary of and consolidate certain variable interest entities that are special purpose entities (SPEs) related to the securitization of receivables. See Note 5 for more information on these SPEs.

Presentation of Amounts

All amounts are presented in millions of U.S. dollars, unless otherwise specified.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

Quarterly Financial Statements

We have prepared our interim consolidated financial statements, 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 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.



2025-12 — Codification Improvements
2025-11 — Interim Reporting (Topic 270): Narrow-Scope Improvements
2025-09 — Derivatives and Hedging (Topic 815): Hedge Accounting Improvements
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
2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

(3)OTHER COMPREHENSIVE INCOME ITEMS

The after-tax components of accumulated other comprehensive income (loss) were as follows:


	May 3		November 2		April 27
	2026		2025		2025
Cumulative translation adjustment	$	(41.9)	$	(73.7)	$	(85.7)
Unrealized loss on derivatives		(1.7)		(16.3)		(42.2)
Unrealized loss on debt securities		(.1)		(.5)		(.6)
Accumulated other comprehensive loss	$	(43.7)	$	(90.5)	$	(128.5)

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
	Amount		Credit		Amount
Three Months Ended May 3, 2026
Cumulative translation adjustment	$	(12.9)			$	(12.9)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		17.3	$	(3.7)		13.6
Reclassification of realized (gain) loss to Interest expense		2.1		(.5)		1.6
Net unrealized gain (loss) on derivatives		19.4		(4.2)		15.2
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.2				.2
Total other comprehensive income (loss)	$	6.7	$	(4.2)	$	2.5

Six Months Ended May 3, 2026
Cumulative translation adjustment	$	31.8			$	31.8
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		15.2	$	(3.3)		11.9
Reclassification of realized (gain) loss to Interest expense		3.5		(.8)		2.7
Net unrealized gain (loss) on derivatives		18.7		(4.1)		14.6
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.6		(.2)		.4
Total other comprehensive income (loss)	$	51.1	$	(4.3)	$	46.8

Three Months Ended April 27, 2025
Cumulative translation adjustment	$	65.0			$	65.0
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(10.5)	$	2.2		(8.3)
Reclassification of realized (gain) loss to Interest expense		(1.0)		.3		(.7)
Net unrealized gain (loss) on derivatives		(11.5)		2.5		(9.0)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.1		(.1)
Total other comprehensive income (loss)	$	53.6	$	2.4	$	56.0

Six Months Ended April 27, 2025
Cumulative translation adjustment	$	28.3			$	28.3
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(3.7)	$	.8		(2.9)
Reclassification of realized (gain) loss to Interest expense		(10.2)		2.2		(8.0)
Net unrealized gain (loss) on derivatives		(13.9)		3.0		(10.9)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		.5		(.2)		.3
Total other comprehensive income (loss)	$	14.9	$	2.8	$	17.7

(4) RECEIVABLES

Credit Quality

We monitor the credit quality of Receivables based on delinquency status, defined as follows:

●

Past due balances represent Receivables still accruing finance income with any payments 30 days or more past the contractual payment due date.

●

Non-performing Receivables represent Receivables for which we have stopped accruing finance income, which generally occurs when Customer Receivables are 90 days delinquent and when interest-bearing wholesale receivables become 60 days delinquent. Accrued finance income and lease revenue previously recognized on non-performing Receivables is reversed and subsequently recognized on a cash basis. Accrual of finance income and lease revenue is resumed when the receivable becomes contractually current and collections are reasonably assured.

Accrued finance income and lease revenue reversed on non-performing Receivables, and finance income and lease revenue recognized from cash payments on non-performing Receivables, were as follows:


	Three Months Ended				Six Months Ended
	May 3		April 27		May 3		April 27
	2026		2025		2026		2025
Accrued finance income and lease revenue reversed	$	16.5	$	20.9	$	29.6	$	34.3
Finance income and lease revenue recognized on cash payments		14.2		14.2		28.7		25.4

Total Receivable balances represent principal plus accrued interest. Receivable balances are written off to the allowance for credit losses when, in the judgment of management, they are considered uncollectible. Write-offs generally occur when Customer Receivables are 120 days delinquent, and on a case-by-case basis when wholesale receivables are 60 days delinquent. In these situations, collateral is repossessed (for collateral-dependent Receivables) or the account is designated for litigation, and the estimated uncollectible amount is written off to the allowance for credit losses.

The credit quality and aging analysis of Customer Receivables by year of origination was as follows:


	May 3, 2026
	2026		2025		2024		2023		2022		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	4,757.5	$	8,458.9	$	6,000.9	$	3,679.4	$	1,955.4	$	808.4	$	4,254.1	$	29,914.6
30-59 days past due		29.8		96.6		67.1		43.3		20.7		9.4		27.8		294.7
60-89 days past due		3.2		36.6		34.9		19.1		7.6		3.7		9.4		114.5
90+ days past due				1.8		2.0		.4				1.5				5.7
Non-performing		4.1		93.5		113.6		83.7		46.2		31.6		57.1		429.8
Construction and forestry
Current		1,572.8		2,275.1		1,323.6		611.3		230.4		46.2		118.0		6,177.4
30-59 days past due		21.2		48.5		35.7		22.6		9.2		2.9		3.6		143.7
60-89 days past due		10.6		24.1		20.1		15.0		3.4		1.6		2.2		77.0
90+ days past due				1.0		.3										1.3
Non-performing		5.2		66.0		80.7		56.4		25.2		18.0		1.5		253.0
Total	$	6,404.4	$	11,102.1	$	7,678.9	$	4,531.2	$	2,298.1	$	923.3	$	4,473.7	$	37,411.7

Write-offs for the six months ended May 3, 2026:
Agriculture and turf	$	.9	$	11.0	$	16.1	$	11.4	$	5.1	$	2.6	$	44.5	$	91.6
Construction and forestry		.2		13.2		12.0		11.8		3.1		1.4		3.1		44.8
Total	$	1.1	$	24.2	$	28.1	$	23.2	$	8.2	$	4.0	$	47.6	$	136.4

	November 2, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	10,793.0	$	7,561.2	$	4,784.4	$	2,755.4	$	1,228.4	$	260.0	$	4,489.1	$	31,871.5
30-59 days past due		33.0		65.9		53.1		34.8		14.5		5.9		33.9		241.1
60-89 days past due		11.7		30.7		22.4		11.2		6.9		2.2		9.0		94.1
90+ days past due		.5		1.8		.4		.8		2.2		.5				6.2
Non-performing		38.8		97.2		89.0		51.6		28.1		15.6		13.5		333.8
Construction and forestry
Current		2,774.6		1,726.0		888.1		392.5		108.6		9.1		124.1		6,023.0
30-59 days past due		38.8		42.0		27.4		11.6		3.6		1.3		4.6		129.3
60-89 days past due		19.2		13.3		11.7		6.3		1.5		.7		1.7		54.4
90+ days past due		.2		.8						.3						1.3
Non-performing		27.5		80.6		70.6		34.1		17.5		7.0		1.1		238.4
Total	$	13,737.3	$	9,619.5	$	5,947.1	$	3,298.3	$	1,411.6	$	302.3	$	4,677.0	$	38,993.1

Write-offs for the twelve months ended November 2, 2025:
Agriculture and turf	$	5.0	$	29.3	$	33.0	$	19.1	$	6.7	$	6.2	$	99.9	$	199.2
Construction and forestry		7.2		32.4		26.2		10.3		2.7		1.6		7.3		87.7
Total	$	12.2	$	61.7	$	59.2	$	29.4	$	9.4	$	7.8	$	107.2	$	286.9


	April 27, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Customer Receivables:
Agriculture and turf
Current	$	5,079.0	$	9,881.9	$	6,064.9	$	3,661.6	$	1,848.0	$	602.8	$	3,799.9	$	30,938.1
30-59 days past due		24.9		108.1		68.5		39.4		19.4		8.1		29.2		297.6
60-89 days past due		10.1		47.3		25.6		14.7		6.6		3.7		12.8		120.8
90+ days past due		.2		1.2		1.6		1.0		2.7		.3				7.0
Non-performing		3.4		96.9		102.2		65.7		35.9		26.3		84.9		415.3
Construction and forestry
Current		1,375.2		2,171.3		1,209.0		613.3		221.8		37.1		109.6		5,737.3
30-59 days past due		21.6		62.3		42.9		18.9		7.9		2.7		4.7		161.0
60-89 days past due		7.1		23.6		14.1		6.8		2.4		.2		1.6		55.8
90+ days past due		.4		.3		.6		.2				.2				1.7
Non-performing		5.2		78.8		86.8		51.4		27.6		10.8		1.5		262.1
Total	$	6,527.1	$	12,471.7	$	7,616.2	$	4,473.0	$	2,172.3	$	692.2	$	4,044.2	$	37,996.7

Write-offs for the six months ended April 27, 2025:
Agriculture and turf	$	.4	$	14.7	$	19.6	$	11.1	$	4.1	$	4.5	$	48.0	$	102.4
Construction and forestry		.1		15.0		15.8		6.5		1.0		.9		4.4		43.7
Total	$	.5	$	29.7	$	35.4	$	17.6	$	5.1	$	5.4	$	52.4	$	146.1

The credit quality and aging analysis of wholesale receivables was as follows:


	May 3		November 2		April 27
	2026		2025		2025
Wholesale receivables:
Agriculture and turf
Current	$	10,117.7	$	9,427.4	$	11,207.6
30-59 days past due		3.2		5.2		5.9
60-89 days past due		.1				1.9
90+ days past due		.6		.6		7.4
Non-performing		5.8		9.1		35.0
Construction and forestry
Current		3,318.0		3,205.7		3,288.1
30-59 days past due		2.0		1.1		4.7
60-89 days past due		.6		1.1		3.8
90+ days past due		5.6		5.7		12.1
Total	$	13,453.6	$	12,655.9	$	14,566.5

Allowance for Credit Losses

The allowance for credit losses is an estimate of the credit losses expected over the life of our Receivable portfolio. Non-performing Receivables are included in the estimate of expected credit losses. The allowance is measured on a collective basis for receivables with similar risk characteristics. Receivables that do not share risk characteristics are evaluated on an individual basis. Risk characteristics include:

●

product category

●

market

●

geography

●

credit risk

●

remaining balance

Expected recoveries from freestanding credit enhancements, such as dealer deposits and certain credit insurance and bank guarantee contracts, are not included in the estimate of expected credit losses. Recoveries from dealer deposits are recognized in “Other income” when the dealer’s deposit account is charged, while recoveries from other freestanding credit enhancements are generally recognized when the associated credit loss is recorded.

An analysis of the allowance for credit losses and investment in Receivables was as follows:


	Three Months Ended May 3, 2026
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	222.6	$	6.7	$	15.5	$	244.8
Provision for credit losses*		52.8		26.2		.3		79.3
Write-offs		(48.7)		(37.6)		(.1)		(86.4)
Recoveries		5.2		11.7				16.9
Translation adjustments				(.1)		(.1)		(.2)
End of period balance	$	231.9	$	6.9	$	15.6	$	254.4


	Six Months Ended May 3, 2026
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	225.1	$	7.4	$	17.6	$	250.1
Provision (credit) for credit losses*		87.1		24.8		(2.2)		109.7
Write-offs		(88.8)		(47.6)		(.1)		(136.5)
Recoveries		7.9		22.4				30.3
Translation adjustments		.6		(.1)		.3		.8
End of period balance	$	231.9	$	6.9	$	15.6	$	254.4

Receivables:
End of period balance	$	32,938.0	$	4,473.7	$	13,453.6	$	50,865.3


	Three Months Ended April 27, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	214.2	$	5.7	$	22.1	$	242.0
Provision for credit losses*		48.7		38.3		1.5		88.5
Write-offs		(51.3)		(39.9)		(1.3)		(92.5)
Recoveries		3.0		8.0				11.0
Translation adjustments		.2		(.1)		2.6		2.7
End of period balance	$	214.8	$	12.0	$	24.9	$	251.7


	Six Months Ended April 27, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale		Total
	Leases		Accounts		Receivables		Receivables
Allowance for credit losses:
Beginning of period balance	$	192.4	$	7.6	$	27.5	$	227.5
Provision (credit) for credit losses*		111.0		40.2		(2.1)		149.1
Write-offs		(93.7)		(52.4)		(1.5)		(147.6)
Recoveries		5.2		16.7				21.9
Translation adjustments		(.1)		(.1)		1.0		.8
End of period balance	$	214.8	$	12.0	$	24.9	$	251.7

Receivables:
End of period balance	$	33,952.5	$	4,044.2	$	14,566.5	$	52,563.2

^* Excludes provision (credit) for credit losses on unfunded commitments of $1.4 and $1.8 for the three and six months ended May 3, 2026, respectively, and $1.5 and $1.3 for the three and six months ended April 27, 2025, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

The allowance for credit losses increased slightly in the second quarter and first six months of 2026 due to higher expected losses on construction retail accounts. We monitor the economy as part of the allowance setting process, including potential impacts of the agricultural cycle and global trade policies, among other factors, and qualitative adjustments to the allowance are incorporated as necessary.

Recoveries from freestanding credit enhancements recorded in “Other income” were $10.9 for the second quarter and $17.9 for the first six months of 2026, compared with $9.9 and $17.8 for the same periods last year, respectively.

Modifications

We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Finance charges continue to accrue during the deferral or extension period except for modifications related to bankruptcy proceedings. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan.

The ending amortized cost of Receivables modified with borrowers experiencing financial difficulty was as follows:


	Three Months Ended						Six Months Ended
	May 3			April 27			May 3			April 27
	2026			2025			2026			2025
Modified Receivables	$	49.5		$	40.9		$	106.5		$	63.7
Percentage of Receivable portfolio		.10	%		.08	%		.21	%		.12	%

Modifications offered include payment deferrals, term extensions, or a combination thereof. The weighted-average effects for contract modifications were as follows in months:


	Six Months Ended
	May 3		April 27
	2026		2025
Payment deferral		6		8
Term extension		11		11
Combination modifications
Payment deferral		10		6
Term extension		22		10

We continue to monitor the performance of Receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of Receivables modified during the prior twelve months ended May 3, 2026 and April 27, 2025 were as follows:


	May 3		April 27
	2026		2025
Current	$	163.9	$	86.8
30-59 days past due		3.8		4.3
60-89 days past due		2.6		2.5
90+ days past due		3.5		1.1
Non-performing		17.5		13.6
Total	$	191.3	$	108.3

Defaults and subsequent write-offs of Receivables modified in the prior twelve months were not significant during the six months ended May 3, 2026 and April 27, 2025. In addition, at May 3, 2026, commitments to provide additional financing to these customers were not significant.

(5) SECURITIZATION OF RECEIVABLES

Our funding strategy includes retail note securitizations. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1. We transfer retail notes into a bankruptcy-remote SPE.

2. The SPE issues debt to investors. The debt is secured by the retail notes.

3. Investors are paid back based on cash receipts from the retail notes.

As part of step 1, these retail notes are legally isolated from the claims of our general creditors. This ensures cash receipts from the retail notes are accessible to pay back securitization program investors. The structure of these transactions does not meet the accounting criteria for a sale of receivables. As a result, they are accounted for as secured borrowings. The receivables and borrowings remain on our balance sheet and are separately reported as “Retail notes securitized” and “Securitization borrowings,” respectively. SPEs are consolidated as VIEs when we have the power to direct the activities that most significantly

impact the SPEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the SPEs.

The components of the securitization programs were as follows:


	May 3		November 2		April 27
	2026		2025		2025
Retail notes securitized	$	6,137.4	$	6,870.8	$	7,810.1
Allowance for credit losses		(38.0)		(41.0)		(46.6)
Other assets^*		170.3		173.5		183.4
Total restricted securitized assets	$	6,269.7	$	7,003.3	$	7,946.9

Securitization borrowings	$	5,927.6	$	6,595.4	$	7,561.1
Accrued interest on borrowings		13.2		15.1		11.8
Total liabilities related to restricted securitized assets	$	5,940.8	$	6,610.5	$	7,572.9

^*Primarily restricted cash of $147.6, $161.8, and $166.2 at May 3, 2026, November 2, 2025, and April 27, 2025, respectively.

(6) LEASES

We lease John Deere equipment and a limited amount of non-John Deere equipment to retail customers through sales-type, direct financing, and operating leases. Sales-type and direct financing leases are reported in “Financing leases” and operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by us were as follows:


	Three Months Ended				Six Months Ended
	May 3		April 27		May 3		April 27
	2026		2025		2026		2025
Sales-type and direct financing lease revenues	$	27.7	$	27.8	$	57.2	$	56.0
Operating lease revenues		268.3		256.8		532.6		510.9
Variable lease revenues		5.2		4.8		10.3		8.9
Total lease revenues	$	301.2	$	289.4	$	600.1	$	575.8

Variable lease revenues reported above primarily relate to separately invoiced property taxes on leased equipment in certain markets, late fees, and excess use and damage fees. Excess use and damage fees are reported in “Other income” and were $1.2 and $2.6 for the three and six months ended May 3, 2026, respectively, compared with $1.0 and $1.6 for the same periods last year, respectively.

The cost of equipment on operating leases by market and residual values were as follows:


	May 3		November 2		April 27
	2026		2025		2025
Agriculture and turf	$	6,023.3	$	6,046.7	$	5,792.3
Construction and forestry		903.0		908.5		919.0
Total		6,926.3		6,955.2		6,711.3
Accumulated depreciation		(1,455.4)		(1,415.7)		(1,358.3)
Equipment on operating leases – net	$	5,470.9	$	5,539.5	$	5,353.0
Operating lease residual values	$	3,858.9	$	3,899.1	$	3,785.4
First-loss residual value guarantees		728.1		756.9		714.9

We discuss options to purchase the equipment or extend the lease prior to operating lease maturity with lessees and dealers. We remarket equipment returned to us upon termination of leases. The matured operating lease inventory balances at May 3, 2026, November 2, 2025, and April 27, 2025 were $27.1, $20.2, and $21.4, respectively. Matured operating lease inventory is reported in “Other assets.”

(7) NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

In February 2025, John Deere completed a transaction with Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of Banco John Deere S.A. (BJD), a former John Deere finance subsidiary in Brazil. We provide loans to BJD, which are reported in “Notes receivable from related parties.”

Balances due from BJD were as follows:


	May 3		November 2		April 27
	2026		2025		2025
Notes receivable from related parties	$	279.1	$	392.0	$	551.3

The loan agreements mature over the next seven years and charge interest at competitive market rates. Interest earned from BJD is recorded in “Other income” and was $4.6 for the second quarter and $10.1 for the first six months of 2026, compared with $10.5 and $20.6 for the same periods last year, respectively.

We also obtain funding from affiliated companies which resulted in notes payable to John Deere as follows:


	May 3		November 2		April 27
	2026		2025		2025
Notes payable to John Deere	$	4,539.6	$	4,452.6	$	2,210.5

The intercompany borrowings are short-term in nature or contain a due on demand call option. We pay interest to John Deere for these borrowings based on competitive market rates. Interest expense paid to John Deere was $33.0 for the second quarter and $65.4 for the first six months of 2026 compared with $20.9 and $30.8 for the same periods last year, respectively, which is recorded in “Fees and interest paid to John Deere.”

(8) LONG-TERM EXTERNAL BORROWINGS

Long-term external borrowings consisted of the following:

DEERE JOHN CAPITAL CORP 10-Q