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Profile

Deere Reports First Quarter Net Income of $656 Million

SelfRugger

This is a paid press release. Contact the press release distributor directly with any inquiries.

Deere Reports First Quarter Net Income of $656 Million

PR Newswire

Thu, February 19, 2026 at 8:21 PM GMT+9 11 min read

In this article:

DE

-1.26%

First quarter shipments ahead of plan as order books strengthen

Diverse customer segments and geographies enable resilience and growth

Net income guidance range increased to $4.5 billion - $5.0 billion

MOLINE, Ill., Feb. 19, 2026 /PRNewswire/ – Deere & Company (NYSE: DE) reported net income of $656 million for the first quarter ended February 1, 2026, or $2.42 per share, compared with net income of $869 million, or $3.19 per share, for the quarter ended January 26, 2025.

Production & Precision Agriculture Operating Profit First Quarter 2026 Compared to First Quarter 2025 $ in millions

Worldwide net sales and revenues increased 13 percent, to $9,611 million, in the most recent quarter. Net sales were $8,001 million for the quarter, compared with $6,809 million in the same quarter of 2025.

“While the global large agriculture industry continues to experience challenges, we’re encouraged by the ongoing recovery in demand within both the construction and small agriculture segments,” said John May, chairman and CEO of John Deere. “These positive developments reinforce our belief that 2026 represents the bottom of the current cycle and provides us with a strong foundation for accelerated growth going forward.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.5 billion to $5.0 billion.

“Our sustained investment in research and development throughout the cycle is yielding measurable results as we move toward launching a wide range of innovative products and solutions across all business segments,” stated May. “These advancements underscore the value of maintaining a robust portfolio that spans broad markets and regions worldwide, which should position us for success as we transition out of the current cycle.”
Deere & Company First Quarter
$ in millions, except per share amounts 2026 2025 % Change
Net sales and revenues $ 9,611 $ 8,508 13 %
Net income $ 656 $ 869 -25 %
Fully diluted EPS $ 2.42 $ 3.19

Results for the prior period were affected by special items. See Note 1 to the financial statements for further details. The cost of additional tariffs for each segment is included in the “Production costs” category below.
Production & Precision Agriculture First Quarter
$ in millions 2026 2025 % Change
Net sales $ 3,163 $ 3,067 3 %
Operating profit $ 139 $ 338 -59 %
Operating margin 4.4 % 11.0 %

Production & Precision Agriculture sales increased for the quarter as a result of the positive effects of foreign currency translation. Operating profit decreased primarily due to higher tariffs, unfavorable sales mix, and higher warranty expenses.

Story Continues
Small Agriculture & Turf First Quarter
$ in millions 2026 2025 % Change
Net sales $ 2,168 $ 1,748 24 %
Operating profit $ 196 $ 124 58 %
Operating margin 9.0 % 7.1 %

Small Agriculture & Turf sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes / sales mix and price realization, partially offset by higher tariffs.
Construction & Forestry First Quarter
$ in millions 2026 2025 % Change
Net sales $ 2,670 $ 1,994 34 %
Operating profit $ 137 $ 65 111 %
Operating margin 5.1 % 3.3 %

Construction & Forestry sales increased for the quarter as a result of higher shipment volumes and the positive effects of foreign currency translation. Operating profit increased primarily due to higher shipment volumes / sales mix and production efficiencies, partially offset by higher tariffs.
Financial Services First Quarter
$ in millions 2026 2025 % Change
Net income $ 244 $ 230 6 %

Financial Services net income increased primarily due to favorable financing spreads and a lower provision for credit losses, partially offset by a favorable special item recorded in the prior period described in Note 1 to the financial statements.
Industry Outlook for Fiscal 2026
Agriculture & Turf
U.S. & Canada:
Large Ag Down 15 to 20%
Small Ag & Turf Flat to up 5%
Europe Flat to up 5%
South America (Tractors & Combines) Down ~5%
Asia Flat to down 5%
Construction & Forestry
U.S. & Canada:
Construction Equipment Up ~5%
Compact Construction Equipment Up ~5%
Global Forestry Flat
Global Roadbuilding Up ~5%
Deere Segment Outlook for Fiscal 2026
Currency Price
$ in millions Net Sales Translation Realization
Production & Precision Ag Down 5 to 10% +3.0 % ~ +1.5%
Small Ag & Turf Up ~15% +2.0 % ~ +2.0%
Construction & Forestry Up ~15% +2.0 % ~ +2.5%
Financial Services Net Income ~ $840

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the section entitled “Company Outlook & Summary,” “Industry Outlook for Fiscal 2026,” “Deere Segment Outlook for Fiscal 2026,” and “Condensed Notes to Interim Consolidated Financial Statements” relating to future events, expectations, 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:

the agricultural business cycle, which can be unpredictable and is affected by factors such as farm income, international trade, world grain stocks, crop yields, available farm acres, soil conditions, prices for commodities and livestock, input costs, government farm programs, 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

the uncertainty of 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

political, economic, and social instability in the geographies in which the company operates

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

rationalization, restructuring, relocation, expansion and/or reconfiguration of manufacturing and warehouse facilities

accurately forecasting customer demand for products and services and adequately managing inventory

uncertainty of the company's ability to sell products domestically or internationally, manage increased costs of production, absorb or pass on increased expenses, and accurately predict financial results and industry trends

availability and price of raw materials, components, and whole goods

delays or disruptions in the company's supply chain

changes in climate patterns, unfavorable weather events, and natural disasters

suppliers' and manufacturers' business practices and compliance with laws applicable to topics such as human rights, safety, environmental, and fair wages

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 ability to attract, develop, engage, and retain qualified employees

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

the ability to execute business strategies, including the company's Smart Industrial Operating Model and refined Leap Ambitions

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 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 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, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications

governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy

warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations because of the deficient operation of the company's products

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

loss of or challenges to intellectual property rights

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). 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 & COMPANY FIRST QUARTER 2026 PRESS RELEASE (In millions of dollars) Unaudited
Three Months Ended
February 1 January 26 %
2026 2025 Change
Net sales and revenues:
Production & Precision Ag net sales $ 3,163 $ 3,067 +3
Small Ag & Turf net sales 2,168 1,748 +24
Construction & Forestry net sales 2,670 1,994 +34
Financial Services revenues 1,384 1,470 -6
Other revenues 226 229 -1
Total net sales and revenues $ 9,611 $ 8,508 +13
Operating profit: *
Production & Precision Ag $ 139 $ 338 -59
Small Ag & Turf 196 124 +58
Construction & Forestry 137 65 +111
Financial Services 301 266 +13
Total operating profit 773 793 -3
Reconciling items ** 79 103 -23
Income taxes (196) (27) +626
Net income attributable to Deere & Company $ 656 $ 869 -25
* 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 & COMPANY STATEMENTS OF CONSOLIDATED INCOME For the Three Months Ended February 1, 2026 and January 26, 2025 (In millions of dollars and shares except per share amounts) Unaudited
2026 2025
Net Sales and Revenues
Net sales $ 8,001 $ 6,809
Finance and interest income 1,343 1,453
Other income 267 246
Total 9,611 8,508
Costs and Expenses
Cost of sales 6,280 5,037
Research and development expenses 554 526
Selling, administrative and general expenses 972 972
Interest expense 719 829
Other operating expenses 250 249
Total 8,775 7,613
Income of Consolidated Group before Income Taxes 836 895
Provision for income taxes 196 27
Income of Consolidated Group 640 868
Equity in income (loss) of unconsolidated affiliates 15 (1)
Net Income 655 867
Less: Net loss attributable to noncontrolling interests (1) (2)
Net Income Attributable to Deere & Company $ 656 $ 869
Per Share Data
Basic $ 2.43 $ 3.20
Diluted 2.42 3.19
Dividends declared 1.62 1.62
Dividends paid 1.62 1.47
Average Shares Outstanding
Basic 270.3 271.6
Diluted 270.9 272.3
See Condensed Notes to Interim Consolidated Financial Statements.
DEERE & COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (In millions of dollars) Unaudited
February 1 November 2 January 26
2026 2025 2025
Assets
Cash and cash equivalents $ 6,798 $ 8,276 $ 6,601
Marketable securities 1,398 1,411 1,214
Trade accounts and notes receivable – net 5,993 5,317 4,931
Financing receivables – net 42,113 44,575 41,396
Financing receivables securitized – net 6,479 6,831 8,257
Other receivables 2,411 2,403 2,979
Equipment on operating leases – net 7,512 7,600 7,157
Inventories 8,286 7,406 7,744
Property and equipment – net 8,084 8,079 7,425
Goodwill 4,280 4,188 3,872
Other intangible assets – net 880 892 937
Retirement benefits 3,378 3,273 3,018
Deferred income taxes 2,268 2,284 1,852
Other assets 3,556 3,461 2,807
Assets held for sale 2,929
Total Assets $ 103,436 $ 105,996 $ 103,119
Liabilities and Stockholders’ Equity
Liabilities
Short-term borrowings $ 14,392 $ 13,796 $ 12,811
Short-term securitization borrowings 6,283 6,596 8,014
Accounts payable and accrued expenses 12,533 13,909 12,162
Deferred income taxes 434 434 448
Long-term borrowings 41,804 43,544 43,556
Retirement benefits and other liabilities 1,633 1,710 1,734
Liabilities held for sale 1,830
Total liabilities 77,079 79,989 80,555
Redeemable noncontrolling interest 50 51 78
Stockholders’ Equity
Total Deere & Company stockholders’ equity 26,300 25,950 22,479
Noncontrolling interests 7 6 7
Total stockholders’ equity 26,307 25,956 22,486
Total Liabilities and Stockholders’ Equity $ 103,436 $ 105,996 $ 103,119
See Condensed Notes to Interim Consolidated Financial Statements.
DEERE & COMPANY STATEMENTS OF CONSOLIDATED CASH FLOWS For the Three Months Ended February 1, 2026 and January 26, 2025 (In millions of dollars) Unaudited
2026 2025
Cash Flows from Operating Activities
Net income $ 655 $ 867
Adjustments to reconcile net income to net cash used for operating activities:
Provision for credit losses 36 69
Depreciation and amortization 590 549
Impairments and other adjustments (32)
Share-based compensation expense 41 28
Provision for deferred income taxes 18 208
Changes in assets and liabilities:
Receivables related to sales 350 1,063
Inventories (746) (795)
Accounts payable and accrued expenses (1,486) (1,845)
Accrued income taxes payable/receivable (88) (540)
Retirement benefits (194) (688)
Other (66) (16)
Net cash used for operating activities (890) (1,132)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales) 8,098 8,137
Proceeds from maturities and sales of marketable securities 144 61
Proceeds from sales of equipment on operating leases 377 433
Cost of receivables acquired (excluding receivables related to sales) (6,023) (6,045)
Purchases of marketable securities (129) (141)
Purchases of property and equipment (256) (352)
Cost of equipment on operating leases acquired (432) (439)
Collections of receivables from unconsolidated affiliates 105
Collateral on derivatives – net (11) (191)
Other (51) (47)
Net cash provided by investing activities 1,822 1,416
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less) 848 (1,484)
Proceeds from borrowings issued (original maturities greater than three months) 780 3,168
Payments of borrowings (original maturities greater than three months) (3,360) (1,753)
Repurchases of common stock (302) (441)
Dividends paid (441) (403)
Other (15) (10)
Net cash used for financing activities (2,490) (923)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash 98 (87)
Net Decrease in Cash, Cash Equivalents, and Restricted Cash (1,460) (726)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 8,533 7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period $ 7,073 $ 6,907
See Condensed Notes to Interim Consolidated Financial Statements.

**DEERE & COMPANY

**Condensed Notes to Interim Consolidated Financial Statements
(In millions of dollars) Unaudited

(1) Special Items

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 BJD business was reclassified as held for sale in 2024. In January 2025, the valuation allowance on assets held for sale decreased, resulting in a pretax and after-tax gain (reversal of previous losses) of $32 million recorded in “Selling, administrative and general expenses” in the three months ended January 26, 2025. The valuation allowance changes are presented in “Impairments and other adjustments” in the statements of consolidated cash flows.

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 (loss) 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.

(2) The consolidated financial statements represent the consolidation of all the company’s subsidiaries. The supplemental consolidating data in Note 3 to the financial statements is presented for informational purposes. Equipment operations represent the enterprise without Financial Services. Equipment operations include the company’s Production & Precision Agriculture operations, Small Agriculture & Turf operations, Construction & 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 **(3) SUPPLEMENTAL CONSOLIDATING DATA STATEMENTS OF INCOME For the Three Months Ended February 1, 2026 and January 26, 2025 (In millions of dollars) Unaudited
EQUIPMENT FINANCIAL
OPERATIONS SERVICES ELIMINATIONS CONSOLIDATED
2026 2025 2026 2025 2026 2025 2026 2025
Net Sales and Revenues
Net sales $ 8,001 $ 6,809 $ 8,001 $ 6,809
Finance and interest income 120 110 $ 1,351 $ 1,455 $ (128) $ (112) 1,343 1,453 1
Other income 213 202 137 118 (83) (74) 267 246 2, 3, 4
Total 8,334 7,121 1,488 1,573 (211) (186) 9,611 8,508
Costs and Expenses
Cost of sales 6,291 5,045 (11) (8) 6,280 5,037 4
Research and development expenses 554 526 554 526
Selling, administrative and general expenses 806 800 168 174 (2) (2) 972 972 4
Interest expense 93 84 664 766 (38) (21) 719 829 1
Interest compensation to Financial Services 90 91 (90) (91) 1
Other operating expenses (46) (51) 366 364 (70) (64) 250 249 3, 4, 5
Total 7,788 6,495 1,198 1,304 (211) (186) 8,775 7,613
Income before Income Taxes 546 626 290 269 836 895
Provision (credit) for income taxes 134 (13) 62 40 196 27
Income after Income Taxes 412 639 228 229 640 868
Equity in income (loss) of unconsolidated affiliates (1) (2) 16 1 15 (1)
Net Income 411 637 244 230 655 867
Less: Net loss attributable to noncontrolling interests (1) (2) (1) (2)
Net Income Attributable to Deere & Company $ 412 $ 639 $ 244 $ 230 $ 656 $ 869
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 & COMPANY SUPPLEMENTAL CONSOLIDATING DATA (Continued) CONDENSED BALANCE SHEETS (In millions of dollars) Unaudited
EQUIPMENT FINANCIAL
OPERATIONS SERVICES ELIMINATIONS CONSOLIDATED
Feb 1 Nov 2 Jan 26 Feb 1 Nov 2 Jan 26 Feb 1 Nov 2 Jan 26 Feb 1 Nov 2 Jan 26
2026 2025 2025 2026 2025 2025 2026 2025 2025 2026 2025 2025
Assets
Cash and cash equivalents $ 4,769 $ 6,340 $ 4,840 $ 2,029 $ 1,936 $ 1,761 $ 6,798 $ 8,276 $ 6,601
Marketable securities 146 217 114 1,252 1,194 1,100 1,398 1,411 1,214
Receivables from Financial Services 4,132 4,649 1,826 $ (4,132) $ (4,649) $ (1,826) 6
Trade accounts and notes receivable – net 1,284 1,316 1,053 6,609 5,900 5,812 (1,900) (1,899) (1,934) 5,993 5,317 4,931 7
Financing receivables – net 105 88 78 42,008 44,487 41,318 42,113 44,575 41,396
Financing receivables securitized – net 1 2 6,479 6,830 8,255 6,479 6,831 8,257
Other receivables 1,841 1,809 2,367 621 658 654 (51) (64) (42) 2,411 2,403 2,979 8
Equipment on operating leases – net 7,512 7,600 7,157 7,512 7,600 7,157
Inventories 8,286 7,406 7,744 8,286 7,406 7,744
Property and equipment – net 8,053 8,047 7,392 31 32 33 8,084 8,079 7,425
Goodwill 4,280 4,188 3,872 4,280 4,188 3,872
Other intangible assets – net 880 892 937 880 892 937
Retirement benefits 3,282 3,181 2,933 98 94 86 (2) (2) (1) 3,378 3,273 3,018
Deferred income taxes 2,476 2,507 2,247 45 46 42 (253) (269) (437) 2,268 2,284 1,852 9
Other assets 2,371 2,218 2,295 1,220 1,244 539 (35) (1) (27) 3,556 3,461 2,807
Assets held for sale 2,929 2,929
Total Assets $ 41,905 $ 42,859 $ 37,700 $ 67,904 $ 70,021 $ 69,686 $ (6,373) $ (6,884) $ (4,267) $ 103,436 $ 105,996 $ 103,119
**Liabilities and Stockholders’ Equity **
Liabilities
Short-term borrowings $ 366 $ 414 $ 1,101 $ 14,026 $ 13,382 $ 11,710 $ 14,392 $ 13,796 $ 12,811
Short-term securitization borrowings 1 1 6,283 6,595 8,013 6,283 6,596 8,014
Payables to equipment operations 4,132 4,649 1,826 $ (4,132) $ (4,649) $ (1,826) 6
Accounts payable and accrued expenses 11,387 12,757 10,869 3,132 3,116 3,296 (1,986) (1,964) (2,003) 12,533 13,909 12,162 7, 8
Deferred income taxes 343 347 405 344 356 480 (253) (269) (437) 434 434 448 9
Long-term borrowings 8,897 8,756 8,507 32,907 34,788 35,049 41,804 43,544 43,556
Retirement benefits and other liabilities 1,568 1,646 1,668 67 66 67 (2) (2) (1) 1,633 1,710 1,734
Liabilities held for sale 1,830 1,830
Total liabilities 22,561 23,921 22,551 60,891 62,952 62,271 (6,373) (6,884) (4,267) 77,079 79,989 80,555
Redeemable noncontrolling interest 50 51 78 50 51 78
Stockholders’ Equity
Total Deere & Company stockholders’ equity 26,300 25,950 22,479 7,013 7,069 7,415 (7,013) (7,069) (7,415) 26,300 25,950 22,479 10
Noncontrolling interests 7 6 7 7 6 7
Financial Services’ equity (7,013) (7,069) (7,415) 7,013 7,069 7,415 10
Adjusted total stockholders’ equity 19,294 18,887 15,071 7,013 7,069 7,415 26,307 25,956 22,486
Total Liabilities and ** ** Stockholders’ Equity $ 41,905 $ 42,859 $ 37,700 $ 67,904 $ 70,021 $ 69,686 $ (6,373) $ (6,884) $ (4,267) $ 103,436 $ 105,996 $ 103,119
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 other receivables / payables.
9 Reclassification of deferred tax assets / liabilities in the same taxing jurisdictions.
10 Elimination of Financial Services’ equity.
DEERE & COMPANY SUPPLEMENTAL CONSOLIDATING DATA (Continued) STATEMENTS OF CASH FLOWS For the Three Months Ended February 1, 2026 and January 26, 2025 (In millions of dollars) Unaudited
EQUIPMENT FINANCIAL
OPERATIONS SERVICES ELIMINATIONS CONSOLIDATED
2026 2025 2026 2025 2026 2025 2026 2025
Cash Flows from Operating Activities
Net income $ 411 $ 637 $ 244 $ 230 $ 655 $ 867
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Provision for credit losses 1 3 35 66 36 69
Depreciation and amortization 342 319 274 265 $ (26) $ (35) 590 549 11
Impairments and other adjustments (32) (32)
Share-based compensation expense 41 28 41 28 12
Distributed earnings of Financial Services 350 162 (350) (162) 13
Provision (credit) for deferred income taxes 29 (17) (11) 225 18 208
Changes in assets and liabilities:
Receivables related to sales 18 140 332 923 350 1,063 14, 16
Inventories (728) (784) (18) (11) (746) (795) 15
Accounts payable and accrued expenses (1,410) (2,073) (74) 6 (2) 222 (1,486) (1,845) 16
Accrued income taxes payable/receivable (71) (479) (17) (61) (88) (540)
Retirement benefits (191) (647) (3) (41) (194) (688)
Other (94) (136) 49 117 (21) 3 (66) (16) 11, 12, 15
Net cash provided by (used for) operating activities (1,343) (2,875) 497 775 (44) 968 (890) (1,132)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales) 8,251 8,345 (153) (208) 8,098 8,137 14
Proceeds from maturities and sales of marketable securities 75 9 69 52 144 61
Proceeds from sales of equipment on operating leases 377 433 377 433
Cost of receivables acquired (excluding receivables related to sales) (6,044) (6,093) 21 48 (6,023) (6,045) 14
Purchases of marketable securities (129) (141) (129) (141)
Purchases of property and equipment (256) (352) (256) (352)
Cost of equipment on operating leases acquired (456) (454) 24 15 (432) (439) 15
Decrease in trade and wholesale receivables 198 985 (198) (985) 14
Collections of receivables from unconsolidated affiliates 105 105
Collateral on derivatives – net 1 (12) (191) (11) (191)
Other (33) (51) (18) 4 (51) (47)
Net cash provided by (used for) investing activities (213) (394) 2,341 2,940 (306) (1,130) 1,822 1,416
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less) (38) 176 886 (1,660) 848 (1,484)
Change in intercompany receivables/payables 613 1,222 (613) (1,222)
Proceeds from borrowings issued (original maturities greater than three months) 166 2,032 614 1,136 780 3,168
Payments of borrowings (original maturities greater than three months) (78) (12) (3,282) (1,741) (3,360) (1,753)
Repurchases of common stock (302) (441) (302) (441)
Dividends paid (441) (403) (350) (162) 350 162 (441) (403) 13
Other (11) (7) (4) (3) (15) (10)
Net cash provided by (used for) financing activities (91) 2,567 (2,749) (3,652) 350 162 (2,490) (923)
**Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash ** 78 (74) 20 (13) 98 (87)
**Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash ** (1,569) (776) 109 50 (1,460) (726)
**Cash, Cash Equivalents, and Restricted Cash at Beginning of Period ** 6,364 5,643 2,169 1,990 8,533 7,633
**Cash, Cash Equivalents, and Restricted Cash at End of Period ** $ 4,795 $ 4,867 $ 2,278 $ 2,040 $ 7,073 $ 6,907
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.

Small Agriculture & Turf Operating Profit First Quarter 2026 Compared to First Quarter 2025

Construction & Forestry Operating Profit First Quarter 2026 Compared to First Quarter 2025 $ in millions

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