DEERE JOHN CAPITAL CORP, 10-Q filed on 2/26/2026
Quarterly Report
v3.25.4
Document and Entity Information - shares
 3 Months Ended
Feb. 01, 2026
Feb. 26, 2026
Document and Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Feb. 01, 2026  
Entity File Number 1-6458  
Entity Registrant Name DEERE JOHN CAPITAL CORP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-2386361  
Entity Address, Address Line One P.O. Box 5328  
Entity Address, City or Town Madison  
Entity Address, State or Province WI  
Entity Address, Postal Zip Code 53705-0328  
City Area Code 800  
Local Phone Number 438-7394  
Title of 12(b) Security 2.00% Senior Notes Due 2031  
Trading Symbol JDCC 31  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   2,500
Current Fiscal Year End Date --11-01  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000027673  
Amendment Flag false  
v3.25.4
Statements of Consolidated Income - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Revenues    
Finance income earned on retail notes $ 507.1 $ 507.4
Lease revenues 297.5 285.8
Revolving charge account income 113.4 116.4
Finance income earned on wholesale receivables 199.1 241.0
Other income 41.8 47.8
Total revenues 1,158.9 1,198.4
Expenses    
Interest expense 548.4 637.3
Operating expenses:    
Depreciation of equipment on operating leases 184.9 178.5
Administrative and operating expenses 99.9 108.9
Provision for credit losses 30.8 60.4
Total operating expenses 364.9 369.8
Total expenses 913.3 1,007.1
Income of Consolidated Group before Income Taxes 245.6 191.3
Provision for income taxes 48.2 32.9
Income of Consolidated Group 197.4 158.4
Equity in income of unconsolidated affiliate 1.6 0.9
Net Income 199.0 159.3
Less: Net income attributable to noncontrolling interests 0.2 0.2
Net Income Attributable to the Company 198.8 159.1
Related Party    
Expenses    
Interest expense 32.4 9.9
Operating expenses:    
Fees and interest paid to John Deere $ 49.3 $ 22.0
v3.25.4
Statements of Consolidated Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Statements of Consolidated Comprehensive Income    
Net Income $ 199.0 $ 159.3
Other Comprehensive Income (Loss), Net of Income Taxes    
Cumulative translation adjustment 44.7 (36.7)
Unrealized loss on derivatives (0.6) (1.9)
Unrealized gain on debt securities 0.2 0.3
Other Comprehensive Income (Loss), Net of Income Taxes 44.3 (38.3)
Comprehensive Income 243.3 121.0
Less: Comprehensive income attributable to noncontrolling interests 0.2 0.2
Comprehensive Income Attributable to the Company $ 243.1 $ 120.8
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Assets      
Cash and cash equivalents $ 1,691.3 $ 1,619.3 $ 1,715.7
Marketable securities 5.7 6.8 3.8
Receivables:      
Total receivables 49,241.3 51,649.0 50,426.4
Allowance for credit losses (244.8) (250.1) (242.0)
Total receivables - net 48,996.5 51,398.9 50,184.4
Equipment on operating leases - net 5,406.4 5,539.5 5,293.7
Investment in unconsolidated affiliate 60.5 56.8 48.0
Deferred income taxes 34.3 34.9 29.8
Other assets 544.6 518.2 433.8
Total Assets 57,513.3 59,990.6 58,542.3
Liabilities:      
Commercial paper and other notes payable 1,804.4 1,380.9 83.1
Securitization borrowings 6,282.9 6,595.4 8,012.6
Current maturities of long-term external borrowings 8,418.1 8,270.5 8,376.6
Total short-term external borrowings 16,505.4 16,246.8 16,472.3
Deposits held from dealers and merchants 119.1 124.5 115.1
Deferred income taxes 371.1 382.5 510.7
Long-term external borrowings 29,636.2 31,301.9 32,236.4
Total liabilities 51,688.9 54,059.5 52,329.1
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 3,576.3 3,727.5 4,103.7
Accumulated other comprehensive loss (46.2) (90.5) (184.5)
Total Company stockholder's equity 5,822.9 5,929.8 6,212.0
Noncontrolling interests 1.5 1.3 1.2
Total stockholder's equity 5,824.4 5,931.1 6,213.2
Total Liabilities and Stockholder's Equity 57,513.3 59,990.6 58,542.3
Nonrelated Party      
Receivables:      
Other receivables 191.2 159.8 172.7
Liabilities:      
Accounts payable and accrued expenses 1,209.9 1,272.1 1,123.6
Related Party      
Receivables:      
Other receivables 276.4 264.4 70.1
Liabilities:      
Notes payable to John Deere 3,584.1 4,452.6 1,228.4
Accounts payable and accrued expenses 263.1 279.1 642.6
Related Party | John Deere      
Receivables:      
Notes receivable     590.3
Related Party | Unconsolidated Affiliates of Parent Company      
Receivables:      
Notes receivable 306.4 392.0  
Securitized      
Receivables:      
Other assets 173.5 173.5 182.4
Retail notes | Unrestricted      
Receivables:      
Total receivables 25,518.4 25,786.5 24,742.2
Retail notes | Securitized      
Receivables:      
Total receivables $ 6,518.7 $ 6,870.8 $ 8,304.8
Location of liability for pledged asset Securitization borrowings Securitization borrowings Securitization borrowings
Revolving charge accounts      
Receivables:      
Total receivables $ 3,358.3 $ 4,677.0 $ 3,220.2
Allowance for credit losses (6.7) (7.4) (5.7)
Wholesale Receivables      
Receivables:      
Total receivables 12,353.4 12,655.9 12,783.2
Allowance for credit losses (15.5) (17.6) (22.1)
Financing Leases      
Receivables:      
Total receivables $ 1,492.5 $ 1,658.8 $ 1,376.0
v3.25.4
Consolidated Balance Sheets (Parenthetical) - shares
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Consolidated Balance Sheets      
Common stock, issued shares 2,500 2,500 2,500
Common stock, outstanding shares 2,500 2,500 2,500
Common stock, shares authorized not disclosed true    
v3.25.4
Statements of Consolidated Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Cash Flows from Operating Activities:    
Net Income $ 199.0 $ 159.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 30.8 60.4
Provision for depreciation and amortization 190.2 184.1
Provision (credit) for deferred income taxes (10.1) 225.5
Change in accounts payable and accrued expenses (93.2) (79.8)
Change in accrued income taxes payable/receivable (17.9) (35.0)
Other 48.7 116.7
Net cash provided by operating activities 347.5 631.2
Cash Flows from Investing Activities:    
Cost of receivables acquired (excluding wholesale) (5,582.4) (5,492.7)
Collections of receivables (excluding wholesale) 7,658.2 7,774.0
Decrease in wholesale receivables - net 426.7 1,201.6
Cost of equipment on operating leases acquired (326.2) (355.2)
Proceeds from sales of equipment on operating leases 272.4 296.2
Cost of notes receivable acquired from John Deere and other related parties (17.6) (18.4)
Collections of notes receivable from John Deere and other related parties 105.0 12.6
Other 0.3 5.4
Net cash provided by investing activities 2,536.4 3,423.5
Cash Flows from Financing Activities:    
Increase (decrease) in commercial paper and other notes payable - net (original maturities of three months or less) 928.2 (1,589.7)
Decrease in securitization borrowings - net (314.4) (419.5)
Decrease in short-term borrowings with John Deere - net (911.3) (1,405.9)
Proceeds from external borrowings issued (original maturities greater than three months) 495.0 949.8
Payments of external borrowings (original maturities greater than three months) (2,650.9) (1,350.6)
Dividends paid (350.0) (135.0)
Debt issuance costs (4.4) (4.8)
Net cash used for financing activities (2,807.8) (3,955.7)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash 11.6 (7.1)
Net Increase in Cash, Cash Equivalents, and Restricted Cash 87.7 91.9
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 1,940.5 1,878.9
Components of Cash, Cash Equivalents, and Restricted Cash:    
Cash and cash equivalents 1,691.3 1,715.7
Restricted cash $ 249.2 $ 163.2
Balance sheet location of restricted cash Other assets Other assets
Total Cash, Cash Equivalents, and Restricted Cash $ 1,940.5 $ 1,878.9
v3.25.4
Statements of Changes in Consolidated Stockholder's Equity - USD ($)
$ in Millions
Common Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interests
Total
Balance at Oct. 27, 2024 $ 2,292.8 $ 4,079.6 $ (146.2) $ 1.0 $ 6,227.2
Increase (Decrease) in Stockholder's Equity          
Net Income   159.1   0.2 159.3
Other comprehensive income (loss)     (38.3)   (38.3)
Dividends declared   (135.0)     (135.0)
Balance at Jan. 26, 2025 2,292.8 4,103.7 (184.5) 1.2 6,213.2
Balance at Nov. 02, 2025 2,292.8 3,727.5 (90.5) 1.3 5,931.1
Increase (Decrease) in Stockholder's Equity          
Net Income   198.8   0.2 199.0
Other comprehensive income (loss)     44.3   44.3
Dividends declared   (350.0)     (350.0)
Balance at Feb. 01, 2026 $ 2,292.8 $ 3,576.3 $ (46.2) $ 1.5 $ 5,824.4
v3.25.4
ORGANIZATION AND CONSOLIDATION
 3 Months Ended
Feb. 01, 2026
ORGANIZATION AND CONSOLIDATION  
ORGANIZATION AND CONSOLIDATION

(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;
●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 first quarter ends for fiscal years 2026 and 2025 were February 1, 2026 and January 26, 2025, respectively. Both periods contained 13 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.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS
 3 Months Ended
Feb. 01, 2026
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

(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. 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

​

​
v3.25.4
OTHER COMPREHENSIVE INCOME ITEMS
 3 Months Ended
Feb. 01, 2026
OTHER COMPREHENSIVE INCOME ITEMS  
OTHER COMPREHENSIVE INCOME ITEMS

(3)OTHER COMPREHENSIVE INCOME ITEMS

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

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Cumulative translation adjustment

​

$

(29.0)

​

$

(73.7)

​

$

(150.7)

Unrealized loss on derivatives

​

​

(16.9)

​

​

(16.3)

​

​

(33.2)

Unrealized loss on debt securities

​

​

(.3)

​

​

(.5)

​

​

(.6)

Accumulated other comprehensive loss

​

$

(46.2)

​

$

(90.5)

​

$

(184.5)

​

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 February 1, 2026

​

​

​

​

​

​

Cumulative translation adjustment

​

$

44.7

​

​

​

​

$

44.7

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

 

(2.1)

​

$

.4

​

 

(1.7)

Reclassification of realized (gain) loss to Interest expense

​

 

1.4

​

 

(.3)

​

 

1.1

Net unrealized gain (loss) on derivatives

​

 

(.7)

​

 

.1

​

 

(.6)

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

.4

​

​

(.2)

​

​

.2

Total other comprehensive income (loss)

​

$

44.4

​

$

(.1)

​

$

44.3

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 26, 2025

​

​

​

​

​

​

​

​

​

Cumulative translation adjustment

​

$

(36.7)

​

​

​

​

$

(36.7)

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

 

6.8

​

$

(1.4)

​

 

5.4

Reclassification of realized (gain) loss to Interest expense

​

 

(9.2)

​

 

1.9

​

 

(7.3)

Net unrealized gain (loss) on derivatives

​

 

(2.4)

​

 

.5

​

 

(1.9)

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

.4

​

​

(.1)

​

​

.3

Total other comprehensive income (loss)

​

$

(38.7)

​

$

.4

​

$

(38.3)

​
v3.25.4
RECEIVABLES
 3 Months Ended
Feb. 01, 2026
RECEIVABLES  
RECEIVABLES

(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

​

​

February 1

​

January 26

​

​

2026

​

2025

Accrued finance income and lease revenue reversed

​

$

13.1

​

$

13.4

Finance income and lease revenue recognized on cash payments

​

​

14.5

​

​

11.2

​

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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

February 1, 2026

​

​

2026

​

2025

​

2024

​

2023

​

2022

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

1,997.8

​

$

9,744.7

​

$

6,802.1

​

$

4,246.8

​

$

2,354.3

​

$

1,138.3

​

$

3,122.5

​

$

29,406.5

30-59 days past due

​

​

6.0

​

​

99.4

​

​

74.8

​

​

48.5

​

​

26.8

​

​

14.3

​

​

97.7

​

​

367.5

60-89 days past due

​

​

.3

​

​

38.0

​

​

33.2

​

​

21.2

​

​

12.0

​

​

5.6

​

​

10.8

​

​

121.1

90+ days past due

​

​

​

​

​

2.3

​

​

2.0

​

​

1.0

​

​

.6

​

​

2.1

​

​

​

​

​

8.0

Non-performing

​

​

​

​

​

48.5

​

​

130.2

​

​

93.0

​

​

58.9

​

​

43.8

​

​

11.6

​

​

386.0

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

862.6

​

​

2,528.0

​

​

1,508.8

​

​

738.8

​

​

305.6

​

​

75.1

​

​

107.7

​

​

6,126.6

30-59 days past due

​

​

6.5

​

​

62.7

​

​

47.9

​

​

30.4

​

​

10.0

​

​

4.9

​

​

5.3

​

​

167.7

60-89 days past due

​

​

.1

​

​

21.6

​

​

23.4

​

​

10.8

​

​

4.0

​

​

2.0

​

​

1.5

​

​

63.4

90+ days past due

​

​

​

​

​

​

​

​

.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

.4

Non-performing

​

​

.4

​

​

42.9

​

​

78.3

​

​

65.5

​

​

30.0

​

​

22.4

​

​

1.2

​

​

240.7

Total

​

$

2,873.7

​

$

12,588.1

​

$

8,701.1

​

$

5,256.0

​

$

2,802.2

​

$

1,308.5

​

$

3,358.3

​

$

36,887.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Write-offs for the three months ended February 1, 2026:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

$

3.5

​

$

6.6

​

$

5.0

​

$

2.7

​

$

1.6

​

$

8.5

​

$

27.9

Construction and forestry

​

​

​

​

​

7.0

​

​

4.7

​

​

6.7

​

​

1.6

​

​

.7

​

​

1.5

​

​

22.2

Total

​

​

​

​

$

10.5

​

$

11.3

​

$

11.7

​

$

4.3

​

$

2.3

​

$

10.0

​

$

50.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 26, 2025

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,152.3

​

$

11,464.4

​

$

6,777.2

​

$

4,157.4

​

$

2,226.8

​

$

832.9

​

$

2,948.5

​

$

30,559.5

30-59 days past due

​

​

7.5

​

​

101.9

​

​

81.8

​

​

45.3

​

​

23.6

​

​

10.8

​

​

125.7

​

​

396.6

60-89 days past due

​

​

.3

​

​

38.4

​

​

33.0

​

​

17.2

​

​

9.3

​

​

4.6

​

​

23.3

​

​

126.1

90+ days past due

​

​

​

​

​

2.2

​

​

.8

​

​

.3

​

​

3.4

​

​

.4

​

​

​

​

​

7.1

Non-performing

​

​

​

​

​

42.1

​

​

112.8

​

​

74.5

​

​

40.0

​

​

30.2

​

​

14.1

​

​

313.7

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

803.9

​

​

2,392.2

​

​

1,381.0

​

​

742.0

​

​

292.8

​

​

59.3

​

​

99.6

​

​

5,770.8

30-59 days past due

​

​

6.5

​

​

65.1

​

​

37.5

​

​

24.4

​

​

10.2

​

​

2.3

​

​

5.3

​

​

151.3

60-89 days past due

​

​

​

​

​

26.8

​

​

17.1

​

​

9.5

​

​

4.0

​

​

1.3

​

​

2.5

​

​

61.2

90+ days past due

​

​

​

​

​

.8

​

​

.1

​

​

.2

​

​

​

​

​

.2

​

​

​

​

​

1.3

Non-performing

​

​

​

​

​

61.4

​

​

93.7

​

​

53.5

​

​

32.3

​

​

13.5

​

​

1.2

​

​

255.6

Total

​

$

2,970.5

​

$

14,195.3

​

$

8,535.0

​

$

5,124.3

​

$

2,642.4

​

$

955.5

​

$

3,220.2

​

$

37,643.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Write-offs for the three months ended January 26, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

$

4.5

​

$

8.4

​

$

4.8

​

$

1.6

​

$

2.2

​

$

10.0

​

$

31.5

Construction and forestry

​

​

​

​

​

7.8

​

​

7.5

​

​

3.9

​

​

1.3

​

​

.4

​

​

2.5

​

​

23.4

Total

​

​

​

​

$

12.3

​

$

15.9

​

$

8.7

​

$

2.9

​

$

2.6

​

$

12.5

​

$

54.9

​

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

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Wholesale receivables:

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

Current

​

$

9,328.5

​

$

9,427.4

​

$

9,791.4

30-59 days past due

​

​

7.5

​

​

5.2

​

​

6.4

60-89 days past due

​

​

2.8

​

​

​

​

​

7.9

90+ days past due

​

​

1.8

​

​

.6

​

​

9.3

Non-performing

​

​

5.3

​

​

9.1

​

​

29.0

Construction and forestry

​

​

​

​

​

​

​

​

​

Current

​

​

2,999.2

​

​

3,205.7

​

​

2,917.3

30-59 days past due

​

​

1.8

​

​

1.1

​

​

4.1

60-89 days past due

​

​

.7

​

​

1.1

​

​

4.1

90+ days past due

​

​

5.8

​

​

5.7

​

​

13.7

Total

​

$

12,353.4

​

$

12,655.9

​

$

12,783.2

​

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 February 1, 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*

​

 

34.3

​

​

(1.4)

​

​

(2.5)

​

​

30.4

Write-offs

​

 

(40.1)

​

​

(10.0)

​

​

​

​

​

(50.1)

Recoveries

​

 

2.7

​

​

10.7

​

​

​

​

​

13.4

Translation adjustments

​

 

.6

​

​

​

​

​

.4

​

​

1.0

End of period balance

​

$

222.6

​

$

6.7

​

$

15.5

​

$

244.8

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

33,529.6

​

$

3,358.3

​

$

12,353.4

​

$

49,241.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 26, 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*

​

 

62.3

​

​

1.9

​

​

(3.6)

​

​

60.6

Write-offs

​

 

(42.4)

​

​

(12.5)

​

​

(.2)

​

​

(55.1)

Recoveries

​

 

2.2

​

​

8.7

​

​

​

​

​

10.9

Translation adjustments

​

 

(.3)

​

​

​

​

​

(1.6)

​

​

(1.9)

End of period balance

​

$

214.2

​

$

5.7

​

$

22.1

​

$

242.0

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

34,423.0

​

$

3,220.2

​

$

12,783.2

​

$

50,426.4

* Excludes provision (credit) for credit losses on unfunded commitments of $.4 and $(.2) for the three months ended February 1, 2026 and January 26, 2025, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

The allowance for credit losses decreased in the first quarter of 2026 primarily due to lower Receivables outstanding. 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 $7.0 and $7.9 for the first quarter of 2026 and 2025, 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

​

​

​

February 1

​

​

January 26

​

​

​

2026

​

​

2025

​

Modified Receivables 

​

$

57.8

​

​

$

24.1

​

Percentage of Receivable portfolio

​

​

.12

%

​

​

.05

%

​

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

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

February 1

​

January 26

​

​

2026

​

2025

Payment deferral

​

​

6

​

​

7

Term extension

​

​

12

​

​

12

Combination modification

​

​

​

​

​

​

Payment deferral

​

​

11

​

​

5

Term extension

​

​

23

​

​

7

​

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 February 1, 2026 and January 26, 2025 were as follows:

​

​

​

​

​

​

​

​

​

February 1

​

January 26

​

​

2026

​

2025

Current

​

$

157.4

​

$

63.9

30-59 days past due

​

​

12.6

​

​

6.6

60-89 days past due

​

​

5.4

​

​

4.0

90+ days past due

​

​

.1

​

​

3.0

Non-performing

​

​

16.5

​

​

13.1

Total

​

$

192.0

​

$

90.6

​

Defaults and subsequent write-offs of Receivables modified in the prior twelve months were not significant during the three months ended February 1, 2026 and January 26, 2025. In addition, at February 1, 2026, commitments to provide additional financing to these customers were not significant.
v3.25.4
SECURITIZATION OF RECEIVABLES
 3 Months Ended
Feb. 01, 2026
SECURITIZATION OF RECEIVABLES  
SECURITIZATION OF RECEIVABLES

(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:

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Retail notes securitized

​

$

6,518.7

​

$

6,870.8

​

$

8,304.8

Allowance for credit losses

​

 

(39.3)

​

 

(41.0)

​

 

(49.6)

Other assets*

​

 

173.5

​

 

173.5

​

 

182.4

Total restricted securitized assets

​

$

6,652.9

​

$

7,003.3

​

$

8,437.6

​

​

​

​

​

​

​

​

​

​

Securitization borrowings

​

$

6,282.9

​

$

6,595.4

​

$

8,012.6

Accrued interest on borrowings

​

 

12.9

​

 

15.1

​

 

11.5

Total liabilities related to restricted securitized assets

​

$

6,295.8

​

$

6,610.5

​

$

8,024.1

* Primarily restricted cash of $156.9, $161.8, and $163.0 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively.
v3.25.4
LEASES
 3 Months Ended
Feb. 01, 2026
LEASES  
LEASES

(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

​

​

February 1

​

January 26

​

​

2026

​

2025

Sales-type and direct financing lease revenues

​

$

29.5

​

$

28.2

Operating lease revenues

​

​

264.3

​

​

254.1

Variable lease revenues

​

 

5.1

​

 

4.1

Total lease revenues

​

$

298.9

​

$

286.4

​

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 $1.4 and $.6 for the first quarter of 2026 and 2025, respectively.

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

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Agriculture and turf

​

$

5,962.0

​

$

6,046.7

​

$

5,693.4

Construction and forestry

​

​

895.3

​

 

908.5

​

​

931.5

Total

​

​

6,857.3

​

​

6,955.2

​

​

6,624.9

Accumulated depreciation

​

 

(1,450.9)

​

​

(1,415.7)

​

​

(1,331.2)

Equipment on operating leases – net

​

$

5,406.4

​

$

5,539.5

​

$

5,293.7

Operating lease residual values

​

$

3,825.1

​

$

3,899.1

​

$

3,734.7

First-loss residual value guarantees

​

​

735.8

​

​

756.9

​

​

697.5

​

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 February 1, 2026, November 2, 2025, and January 26, 2025 were $34.2, $20.2, and $33.3, respectively. Matured operating lease inventory is reported in “Other assets.”

v3.25.4
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES
 3 Months Ended
Feb. 01, 2026
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES  
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES

(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.” Prior to completion of the transaction, the loans to BJD were reported in “Notes receivable from John Deere.”

Balances due from BJD were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Notes receivable from related parties

​

$

306.4

​

$

392.0

​

​

​

Notes receivable from John Deere

​

​

​

​

​

​

​

$

590.3

​

The loan agreements mature over the next seven years and charge interest at competitive market rates. Interest earned from John Deere and other related parties is recorded in “Other income” and was $5.5 for the first three months of 2026, compared with $10.1 for the same period last year.

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

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Notes payable to John Deere

​

$

3,584.1

​

$

4,452.6

​

$

1,228.4

​

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 $32.4 and $9.9 for the first three months of 2026 and 2025, respectively, which is recorded in “Fees and interest paid to John Deere.”

v3.25.4
LONG-TERM EXTERNAL BORROWINGS
 3 Months Ended
Feb. 01, 2026
LONG-TERM EXTERNAL BORROWINGS  
LONG-TERM EXTERNAL BORROWINGS

(8) LONG-TERM EXTERNAL BORROWINGS

Long-term external borrowings consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Medium-term notes

​

$

29,721.8

​

$

31,394.0

​

$

32,339.9

Finance lease obligations

​

​

.2

​

​

.2

​

​

.1

Debt issuance costs and debt discounts

​

​

(85.8)

​

​

(92.3)

​

​

(103.6)

Total

​

$

29,636.2

​

$

31,301.9

​

$

32,236.4

​

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $29,912.5, $31,595.1, and $33,128.1 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively. All outstanding medium-term notes are senior unsecured borrowings and generally rank equally with each other. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Feb. 01, 2026
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

(9) COMMITMENTS AND CONTINGENCIES

We provide guarantees related to certain financial instruments issued by John Deere Financial Inc. (JDFI), a John Deere finance subsidiary in Canada. At February 1, 2026, the following notional amounts were guaranteed by us:

●Medium-term notes: $3,187.5
●Commercial paper: $2,797.1
●Derivatives: $7,615.5, with a fair value liability of $141.4
●Uncommitted revolving demand credit facility: $370.6, with no borrowings outstanding

The weighted-average interest rate on the medium-term notes at February 1, 2026 was 3.9% with a maximum remaining maturity of four years.

We have commitments to extend credit to customers and John Deere dealers through lines of credit and other pre-approved credit arrangements. We apply the same credit policies and approval process for these commitments to extend credit as we do for our Receivables and Leases, and generally have the right to unconditionally cancel, alter, or amend the terms at any time. Collateral is not required for these commitments, but if credit is extended, collateral may be required upon funding. A significant portion of these commitments is not expected to be fully drawn upon; therefore, the total commitment amounts likely do not represent a future cash requirement. The unused commitments at February 1, 2026 were as follows:

●John Deere dealers: $13,335.7
●Customers: $34,777.6, primarily related to revolving charge accounts

We had a reserve for credit losses of $5.1 on unfunded commitments that are not unconditionally cancellable at February 1, 2026, which is recorded in “Accounts payable and accrued expenses.”

At February 1, 2026, we had restricted other assets associated with borrowings related to securitizations (see Note 5). Excluding the securitization programs, the remaining balance of restricted other assets was $92.3 as of February 1, 2026, and was primarily cash that is legally restricted as to withdrawal or usage.

We are subject to various unresolved legal actions, the most prevalent of which relate to retail credit matters. Currently, we believe the reasonably possible range of losses for these unresolved legal actions would not have a material effect on our consolidated financial statements.
v3.25.4
FAIR VALUE MEASUREMENTS
 3 Months Ended
Feb. 01, 2026
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

(10) FAIR VALUE MEASUREMENTS

The fair values of financial instruments that do not approximate the carrying values are presented in the table below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

February 1, 2026

​

November 2, 2025

​

January 26, 2025

​

​

Carrying

​

Fair

​

Carrying

​

Fair

​

Carrying

​

Fair

​

​

Value

​

Value

​

Value

​

Value

​

Value

​

Value

Receivables financed – net

​

$

42,517.1

​

$

42,634.1

​

$

44,569.1

​

$

44,730.6

​

$

41,929.2

​

$

41,818.8

Retail notes securitized – net

​

 

6,479.4

​

 

6,494.3

​

 

6,829.8

​

 

6,853.5

​

 

8,255.2

​

 

8,172.3

Notes receivable from related parties

​

​

306.4

​

​

307.0

​

​

392.0

​

​

400.6

​

​

​

​

​

​

Securitization borrowings

​

 

6,282.9

​

​

6,322.0

​

 

6,595.4

​

 

6,629.9

​

 

8,012.6

​

​

8,033.7

Current maturities of long-term
external borrowings

​

 

8,418.1

​

​

8,458.0

​

 

8,270.5

​

 

8,292.3

​

 

8,376.6

​

​

8,331.1

Long-term external borrowings

​

 

29,636.2

​

 

30,052.4

​

 

31,301.9

​

 

31,712.5

​

 

32,236.4

​

 

32,505.5

Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.

Fair values of Receivables and notes receivable from related parties that were issued long-term were based on the discounted values of their related cash flows at interest rates currently being offered by us for similar Receivables or at current market interest rates. The fair values of the remaining Receivables approximated the carrying amounts.

Fair values of long-term external borrowings and securitization borrowings were based on current market quotes for identical or similar borrowings and credit risk, or on the discounted values of their related cash flows at current market interest rates. Certain long-term external borrowings have been swapped to current variable interest rates. The carrying values of these long-term external borrowings include adjustments related to fair value hedges.

Assets and liabilities measured at fair value on a recurring basis were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

February 1

  ​ ​ ​

November 2

  ​ ​ ​

January 26

​

​

2026

​

2025

​

2025

Marketable securities

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

International debt securities

​

$

5.7

​

$

6.8

​

$

3.8

Receivables from John Deere

​

​

​

​

​

​

​

​

​

Derivatives

​

​

276.4

​

​

264.4

​

​

70.1

Other assets

​

​

​

​

​

​

​

​

​

Derivatives

​

​

​

​

 

5.0

​

 

1.4

Total assets

​

$

282.1

​

$

276.2

​

$

75.3

​

​

​

​

​

​

​

​

​

​

Other payables to John Deere

​

​

​

​

​

​

​

​

​

Derivatives

​

$

263.1

​

$

279.1

​

$

642.6

Accounts payable and accrued expenses

​

​

​

​

​

​

​

​

​

Derivatives

​

​

56.9

​

 

5.5

​

 

17.6

Total liabilities

​

$

320.0

​

$

284.6

​

$

660.2

All fair value measurements in the table above were Level 2. Excluded from the table above were our cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds.

The international debt securities mature over the next five years. At February 1, 2026, the amortized cost basis and fair value of these available-for-sale debt securities were $6.0 and $5.7, respectively.

The following is a description of the valuation methodologies we use to measure certain balance sheet items at fair value:

Marketable securities – The international debt securities are valued using quoted prices for identical assets in inactive markets.

Derivatives – Our derivative financial instruments consist of interest rate contracts (swaps and caps), foreign currency exchange contracts (forwards and swaps), and cross-currency interest rate contracts (swaps). The portfolio is valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

v3.25.4
DERIVATIVE INSTRUMENTS
 3 Months Ended
Feb. 01, 2026
DERIVATIVE INSTRUMENTS  
DERIVATIVE INSTRUMENTS

(11) DERIVATIVE INSTRUMENTS

Our outstanding derivative transactions are with both unrelated external counterparties and John Deere. For derivative transactions with John Deere, we utilize a centralized hedging structure in which John Deere enters into a derivative transaction with an unrelated external counterparty and simultaneously enters into a derivative transaction with us. Except for collateral provisions, the terms of the transaction between John Deere and us are identical to the terms of the transaction between John Deere and its unrelated external counterparty. Derivative asset and liability positions for transactions with John Deere are recorded in “Receivables from John Deere” and “Other payables to John Deere,” respectively. Derivative asset and liability positions for transactions with unrelated external counterparty banks are recorded in “Other assets” and “Accounts payable and accrued expenses,” respectively.

The fair values of our derivative instruments and the associated notional amounts are presented in the table below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

February 1, 2026

​

November 2, 2025

​

January 26, 2025

​

​

​

​

​

Fair Value

​

​

​

​

Fair Value

​

​

​

​

Fair Value

​

​

Notional

​

Asset

​

Liability

​

Notional

​

Asset

​

Liability

​

Notional

​

Asset

​

Liability

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

$

3,875.0

​

$

.3

​

$

27.0

​

$

2,675.0

​

​

​

​

$

20.9

​

$

3,275.0

​

$

1.4

​

$

31.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

​

10,103.5

​

​

120.7

​

​

195.3

​

​

10,929.0

​

$

150.5

​

​

219.1

​

​

14,734.5

​

​

21.3

​

​

585.3

Cross-currency interest rate contracts

​

​

1,558.0

​

​

131.5

​

​

​

​

​

1,558.0

​

​

91.4

​

​

10.6

​

​

974.5

​

​

​

​

​

2.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

​

6,516.3

​

​

18.5

​

​

23.9

​

​

7,073.2

​

​

17.6

​

​

20.2

​

​

6,655.1

​

​

20.8

​

​

11.7

Foreign currency exchange contracts

​

​

1,560.7

​

​

​

​

​

56.9

​

​

1,554.1

​

​

5.0

​

​

5.5

​

​

1,494.0

​

​

1.4

​

​

17.6

Cross-currency interest rate contracts

​

​

132.7

​

​

​

​

​

11.5

​

​

131.9

​

​

2.3

​

​

5.7

​

​

164.0

​

​

14.5

​

​

.3

Interest rate caps - sold

​

​

2,040.1

​

​

​

​

​

5.4

​

​

1,650.8

​

​

​

​

​

2.6

​

​

1,916.2

​

​

​

​

​

12.1

Interest rate caps - purchased

​

​

2,040.1

​

​

5.4

​

​

​

​

​

1,650.8

​

​

2.6

​

​

​

​

​

1,916.2

​

​

12.1

​

​

​

​

The amount of loss recorded in other comprehensive income (OCI) related to cash flow hedges at February 1, 2026 that is expected to be reclassified to interest expense in the next twelve months if interest rates remain unchanged is $6.7 after-tax. No gains or losses were reclassified from OCI to earnings based on the probability that the original forecasted transaction would not occur.

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item.

​

​

​

​

​

​

​

​

​

​

​

Cumulative

​

​

Carrying

​

Fair Value

​

​

Amount of

​

Hedging

February 1, 2026

​

Hedged Items

 

Amounts

Current maturities of long-term external borrowings

​

$

2,906.8

​

$

(25.7)

Long-term external borrowings

​

​

23,290.3

​

​

(190.7)

​

​

​

​

​

​

​

November 2, 2025

​

​

​

​

​

​

Current maturities of long-term external borrowings

​

$

2,891.2

​

$

(29.2)

Long-term external borrowings

​

​

24,089.0

​

​

(201.1)

​

​

​

​

​

​

​

January 26, 2025

​

​

​

​

​

​

Current maturities of long-term external borrowings

​

$

2,109.7

​

$

(14.3)

Long-term external borrowings

​

​

23,924.6

​

​

(788.2)

​

The above table includes carrying amounts of current maturities of long-term external borrowings of $2,547.8, $2,544.2 and $2,109.7 and long-term external borrowings of $11,952.3, $11,963.1, and $8,922.6 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively, for hedged items that are in discontinued hedge relationships. Also included are cumulative fair value hedging amounts on discontinued hedge relationships of current maturities of long-term external borrowings of $(25.8), $(29.5), and $(14.3) and long-term external borrowings of $(171.3), $(184.7), and $(179.4) at February 1, 2026, November 2, 2025, and January 26, 2025, respectively. At January 26, 2025, long-term external borrowings with a carrying amount of $598.1 were in both active and discontinued hedging relationships as a result of hedging activities associated with reference rate reform.

The classification and gains (losses), including accrued interest expense, related to derivative instruments on the statements of consolidated income consisted of the following:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

February 1

​

January 26

​

  ​ ​

2026

  ​ ​

2025

Fair value hedges

​

​

​

​

​

​

Interest rate contracts – Interest expense *

 

$

(39.5)

​

$

(345.1)

​

​

​

​

​

​

​

Cash flow hedges

​

​

​

​

​

​

Recognized in OCI:

​

​

​

​

​

​

Interest rate contracts – OCI (pretax)

 

$ 

(2.1)

​

$

6.8

Reclassified from OCI:

​

​

​

​

​

​

Interest rate contracts – Interest expense

 

 

(1.4)

​

 

9.2

​

​

​

​

​

​

​

Not designated as hedges

​

​

​

​

​

​

Interest rate contracts – Interest expense *

 

$

(3.8)

​

$

(3.8)

Foreign currency exchange contracts – Administrative and operating expenses *

 

​

(121.1)

​

​

109.4

Total not designated

​

$

(124.9)

​

$

105.6

* Includes interest and foreign currency exchange gains (losses) from cross-currency interest rate contracts.

Included in the table above are interest expense and administrative and operating expense amounts we incurred on derivatives transacted with John Deere. The amounts we recognized on these affiliated party transactions for the three months ended February 1, 2026 and January 26, 2025 were losses of $53.7 and $337.3, respectively.

None of our derivative agreements contain credit-risk-related contingent features. We have a loss-sharing agreement with John Deere in which we have agreed to absorb any losses and expenses John Deere incurs if an unrelated external counterparty fails to meet its obligations on a derivative transaction that John Deere entered into to manage our exposures. The loss-sharing agreement did not increase the maximum amount of loss that we would incur, after considering collateral received and netting arrangements, as of February 1, 2026, November 2, 2025, and January 26, 2025.

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities for external derivatives and those with John Deere related to netting arrangements and any collateral received or paid were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

February 1, 2026

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

  ​ ​ ​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

​

John Deere

​

$

276.4

​

$

(237.3)

​

​

​

​

$

39.1

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

56.9

​

 

​

​

​

​

​

 

56.9

​

John Deere

​

 

263.1

​

 

(237.3)

​

 

​

​

 

25.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

November 2, 2025

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

  ​ ​ ​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

​

External

​

$

5.0

​

$

(1.6)

​

  ​

​

​

$

3.4

​

John Deere

​

 

264.4

​

 

(237.3)

​

​

​

​

 

27.1

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

5.5

​

 

(1.6)

​

​

​

​

 

3.9

​

John Deere

​

 

279.1

​

 

(237.3)

​

​

​

​

 

41.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 26, 2025

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

  ​ ​ ​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

​

External

​

$

1.4

​

​

​

​

​

​

​

$

1.4

​

John Deere

​

 

70.1

​

$

(25.5)

​

​

​

​

 

44.6

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

17.6

​

 

​

​

​

​

​

 

17.6

​

John Deere

​

 

642.6

​

 

(25.5)

​

 

​

​

 

617.1

​
v3.25.4
SUBSEQUENT EVENT
 3 Months Ended
Feb. 01, 2026
SUBSEQUENT EVENT  
SUBSEQUENT EVENT

(12)SUBSEQUENT EVENT

On February 23, 2026, Capital Corporation declared a $280 dividend to be paid to JDFS on March 10, 2026. JDFS, in turn, declared a $280 dividend to Deere & Company, also payable on March 10, 2026.

​
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 198.8 $ 159.1
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Feb. 01, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
ORGANIZATION AND CONSOLIDATION (Policies)
 3 Months Ended
Feb. 01, 2026
ORGANIZATION AND CONSOLIDATION  
Fiscal Period, Policy

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The first quarter ends for fiscal years 2026 and 2025 were February 1, 2026 and January 26, 2025, respectively. Both periods contained 13 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.
Use of Estimates in Financial Statements, Policy

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.
New Accounting Pronouncements, Policy

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. 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

​

​
Allowance for Credit Losses and Credit Quality, Policy

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.  

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.

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.

Securitization of Receivables, Policy

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.
v3.25.4
OTHER COMPREHENSIVE INCOME ITEMS (Tables)
 3 Months Ended
Feb. 01, 2026
OTHER COMPREHENSIVE INCOME ITEMS  
Schedule of After-Tax Changes in Accumulated Other Comprehensive Income (Loss)

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

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Cumulative translation adjustment

​

$

(29.0)

​

$

(73.7)

​

$

(150.7)

Unrealized loss on derivatives

​

​

(16.9)

​

​

(16.3)

​

​

(33.2)

Unrealized loss on debt securities

​

​

(.3)

​

​

(.5)

​

​

(.6)

Accumulated other comprehensive loss

​

$

(46.2)

​

$

(90.5)

​

$

(184.5)
Schedule of Amounts Recorded in and Reclassifications out of Other Comprehensive Income (Loss) and the Income Tax Effects

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 February 1, 2026

​

​

​

​

​

​

Cumulative translation adjustment

​

$

44.7

​

​

​

​

$

44.7

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

 

(2.1)

​

$

.4

​

 

(1.7)

Reclassification of realized (gain) loss to Interest expense

​

 

1.4

​

 

(.3)

​

 

1.1

Net unrealized gain (loss) on derivatives

​

 

(.7)

​

 

.1

​

 

(.6)

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

.4

​

​

(.2)

​

​

.2

Total other comprehensive income (loss)

​

$

44.4

​

$

(.1)

​

$

44.3

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 26, 2025

​

​

​

​

​

​

​

​

​

Cumulative translation adjustment

​

$

(36.7)

​

​

​

​

$

(36.7)

Unrealized gain (loss) on derivatives:

​

​

​

​

​

​

​

​

​

Unrealized hedging gain (loss)

​

 

6.8

​

$

(1.4)

​

 

5.4

Reclassification of realized (gain) loss to Interest expense

​

 

(9.2)

​

 

1.9

​

 

(7.3)

Net unrealized gain (loss) on derivatives

​

 

(2.4)

​

 

.5

​

 

(1.9)

Unrealized gain (loss) on debt securities:

​

​

​

​

​

​

​

​

​

Unrealized holding gain (loss)

​

​

.4

​

​

(.1)

​

​

.3

Total other comprehensive income (loss)

​

$

(38.7)

​

$

.4

​

$

(38.3)

​
v3.25.4
Receivables (Tables)
 3 Months Ended
Feb. 01, 2026
Receivables  
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

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

​

​

February 1

​

January 26

​

​

2026

​

2025

Accrued finance income and lease revenue reversed

​

$

13.1

​

$

13.4

Finance income and lease revenue recognized on cash payments

​

​

14.5

​

​

11.2
Analysis of the Allowance for Credit Losses and Investment in Receivables

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended February 1, 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*

​

 

34.3

​

​

(1.4)

​

​

(2.5)

​

​

30.4

Write-offs

​

 

(40.1)

​

​

(10.0)

​

​

​

​

​

(50.1)

Recoveries

​

 

2.7

​

​

10.7

​

​

​

​

​

13.4

Translation adjustments

​

 

.6

​

​

​

​

​

.4

​

​

1.0

End of period balance

​

$

222.6

​

$

6.7

​

$

15.5

​

$

244.8

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

33,529.6

​

$

3,358.3

​

$

12,353.4

​

$

49,241.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended January 26, 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*

​

 

62.3

​

​

1.9

​

​

(3.6)

​

​

60.6

Write-offs

​

 

(42.4)

​

​

(12.5)

​

​

(.2)

​

​

(55.1)

Recoveries

​

 

2.2

​

​

8.7

​

​

​

​

​

10.9

Translation adjustments

​

 

(.3)

​

​

​

​

​

(1.6)

​

​

(1.9)

End of period balance

​

$

214.2

​

$

5.7

​

$

22.1

​

$

242.0

​

​

​

​

​

​

​

​

​

​

​

​

​

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

End of period balance

​

$

34,423.0

​

$

3,220.2

​

$

12,783.2

​

$

50,426.4

* Excludes provision (credit) for credit losses on unfunded commitments of $.4 and $(.2) for the three months ended February 1, 2026 and January 26, 2025, respectively. The estimated credit losses related to unfunded commitments are recorded in “Accounts payable and accrued expenses.”

Ending Amortized Cost of Receivables Modified

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

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

February 1

​

​

January 26

​

​

​

2026

​

​

2025

​

Modified Receivables 

​

$

57.8

​

​

$

24.1

​

Percentage of Receivable portfolio

​

​

.12

%

​

​

.05

%
Schedule of Weighted-Average Effects for Contract Modifications in Months The weighted-average effects for contract modifications were as follows in months.

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

February 1

​

January 26

​

​

2026

​

2025

Payment deferral

​

​

6

​

​

7

Term extension

​

​

12

​

​

12

Combination modification

​

​

​

​

​

​

Payment deferral

​

​

11

​

​

5

Term extension

​

​

23

​

​

7
Ending Amortized Cost and Performance of Receivables Modified During the Prior Twelve Months

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

February 1

​

January 26

​

​

2026

​

2025

Payment deferral

​

​

6

​

​

7

Term extension

​

​

12

​

​

12

Combination modification

​

​

​

​

​

​

Payment deferral

​

​

11

​

​

5

Term extension

​

​

23

​

​

7

​

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 February 1, 2026 and January 26, 2025 were as follows:

​

​

​

​

​

​

​

​

​

February 1

​

January 26

​

​

2026

​

2025

Current

​

$

157.4

​

$

63.9

30-59 days past due

​

​

12.6

​

​

6.6

60-89 days past due

​

​

5.4

​

​

4.0

90+ days past due

​

​

.1

​

​

3.0

Non-performing

​

​

16.5

​

​

13.1

Total

​

$

192.0

​

$

90.6
Customer Receivables  
Receivables  
Credit Quality and Aging Analysis

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

February 1, 2026

​

​

2026

​

2025

​

2024

​

2023

​

2022

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

1,997.8

​

$

9,744.7

​

$

6,802.1

​

$

4,246.8

​

$

2,354.3

​

$

1,138.3

​

$

3,122.5

​

$

29,406.5

30-59 days past due

​

​

6.0

​

​

99.4

​

​

74.8

​

​

48.5

​

​

26.8

​

​

14.3

​

​

97.7

​

​

367.5

60-89 days past due

​

​

.3

​

​

38.0

​

​

33.2

​

​

21.2

​

​

12.0

​

​

5.6

​

​

10.8

​

​

121.1

90+ days past due

​

​

​

​

​

2.3

​

​

2.0

​

​

1.0

​

​

.6

​

​

2.1

​

​

​

​

​

8.0

Non-performing

​

​

​

​

​

48.5

​

​

130.2

​

​

93.0

​

​

58.9

​

​

43.8

​

​

11.6

​

​

386.0

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

862.6

​

​

2,528.0

​

​

1,508.8

​

​

738.8

​

​

305.6

​

​

75.1

​

​

107.7

​

​

6,126.6

30-59 days past due

​

​

6.5

​

​

62.7

​

​

47.9

​

​

30.4

​

​

10.0

​

​

4.9

​

​

5.3

​

​

167.7

60-89 days past due

​

​

.1

​

​

21.6

​

​

23.4

​

​

10.8

​

​

4.0

​

​

2.0

​

​

1.5

​

​

63.4

90+ days past due

​

​

​

​

​

​

​

​

.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

.4

Non-performing

​

​

.4

​

​

42.9

​

​

78.3

​

​

65.5

​

​

30.0

​

​

22.4

​

​

1.2

​

​

240.7

Total

​

$

2,873.7

​

$

12,588.1

​

$

8,701.1

​

$

5,256.0

​

$

2,802.2

​

$

1,308.5

​

$

3,358.3

​

$

36,887.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Write-offs for the three months ended February 1, 2026:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

$

3.5

​

$

6.6

​

$

5.0

​

$

2.7

​

$

1.6

​

$

8.5

​

$

27.9

Construction and forestry

​

​

​

​

​

7.0

​

​

4.7

​

​

6.7

​

​

1.6

​

​

.7

​

​

1.5

​

​

22.2

Total

​

​

​

​

$

10.5

​

$

11.3

​

$

11.7

​

$

4.3

​

$

2.3

​

$

10.0

​

$

50.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 26, 2025

​

​

2025

​

2024

​

2023

​

2022

​

2021

​

Prior Years

​

Revolving Charge Accounts

​

Total

Customer Receivables:

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

$

2,152.3

​

$

11,464.4

​

$

6,777.2

​

$

4,157.4

​

$

2,226.8

​

$

832.9

​

$

2,948.5

​

$

30,559.5

30-59 days past due

​

​

7.5

​

​

101.9

​

​

81.8

​

​

45.3

​

​

23.6

​

​

10.8

​

​

125.7

​

​

396.6

60-89 days past due

​

​

.3

​

​

38.4

​

​

33.0

​

​

17.2

​

​

9.3

​

​

4.6

​

​

23.3

​

​

126.1

90+ days past due

​

​

​

​

​

2.2

​

​

.8

​

​

.3

​

​

3.4

​

​

.4

​

​

​

​

​

7.1

Non-performing

​

​

​

​

​

42.1

​

​

112.8

​

​

74.5

​

​

40.0

​

​

30.2

​

​

14.1

​

​

313.7

Construction and forestry

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

803.9

​

​

2,392.2

​

​

1,381.0

​

​

742.0

​

​

292.8

​

​

59.3

​

​

99.6

​

​

5,770.8

30-59 days past due

​

​

6.5

​

​

65.1

​

​

37.5

​

​

24.4

​

​

10.2

​

​

2.3

​

​

5.3

​

​

151.3

60-89 days past due

​

​

​

​

​

26.8

​

​

17.1

​

​

9.5

​

​

4.0

​

​

1.3

​

​

2.5

​

​

61.2

90+ days past due

​

​

​

​

​

.8

​

​

.1

​

​

.2

​

​

​

​

​

.2

​

​

​

​

​

1.3

Non-performing

​

​

​

​

​

61.4

​

​

93.7

​

​

53.5

​

​

32.3

​

​

13.5

​

​

1.2

​

​

255.6

Total

​

$

2,970.5

​

$

14,195.3

​

$

8,535.0

​

$

5,124.3

​

$

2,642.4

​

$

955.5

​

$

3,220.2

​

$

37,643.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Write-offs for the three months ended January 26, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

$

4.5

​

$

8.4

​

$

4.8

​

$

1.6

​

$

2.2

​

$

10.0

​

$

31.5

Construction and forestry

​

​

​

​

​

7.8

​

​

7.5

​

​

3.9

​

​

1.3

​

​

.4

​

​

2.5

​

​

23.4

Total

​

​

​

​

$

12.3

​

$

15.9

​

$

8.7

​

$

2.9

​

$

2.6

​

$

12.5

​

$

54.9
Wholesale Receivables  
Receivables  
Credit Quality and Aging Analysis

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

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Wholesale receivables:

​

​

​

​

​

​

​

​

​

Agriculture and turf

​

​

​

​

​

​

​

​

​

Current

​

$

9,328.5

​

$

9,427.4

​

$

9,791.4

30-59 days past due

​

​

7.5

​

​

5.2

​

​

6.4

60-89 days past due

​

​

2.8

​

​

​

​

​

7.9

90+ days past due

​

​

1.8

​

​

.6

​

​

9.3

Non-performing

​

​

5.3

​

​

9.1

​

​

29.0

Construction and forestry

​

​

​

​

​

​

​

​

​

Current

​

​

2,999.2

​

​

3,205.7

​

​

2,917.3

30-59 days past due

​

​

1.8

​

​

1.1

​

​

4.1

60-89 days past due

​

​

.7

​

​

1.1

​

​

4.1

90+ days past due

​

​

5.8

​

​

5.7

​

​

13.7

Total

​

$

12,353.4

​

$

12,655.9

​

$

12,783.2
v3.25.4
SECURITIZATION OF RECEIVABLES (Tables)
 3 Months Ended
Feb. 01, 2026
SECURITIZATION OF RECEIVABLES  
Components of Consolidated Restricted Assets, Secured Borrowings and Other Liabilities Related to Securitization Transactions

The components of the securitization programs were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Retail notes securitized

​

$

6,518.7

​

$

6,870.8

​

$

8,304.8

Allowance for credit losses

​

 

(39.3)

​

 

(41.0)

​

 

(49.6)

Other assets*

​

 

173.5

​

 

173.5

​

 

182.4

Total restricted securitized assets

​

$

6,652.9

​

$

7,003.3

​

$

8,437.6

​

​

​

​

​

​

​

​

​

​

Securitization borrowings

​

$

6,282.9

​

$

6,595.4

​

$

8,012.6

Accrued interest on borrowings

​

 

12.9

​

 

15.1

​

 

11.5

Total liabilities related to restricted securitized assets

​

$

6,295.8

​

$

6,610.5

​

$

8,024.1

* Primarily restricted cash of $156.9, $161.8, and $163.0 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively.
v3.25.4
LEASES (Tables)
 3 Months Ended
Feb. 01, 2026
LEASES  
Schedule of Lease Revenues Earned

Lease revenues earned by us were as follows:

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

February 1

​

January 26

​

​

2026

​

2025

Sales-type and direct financing lease revenues

​

$

29.5

​

$

28.2

Operating lease revenues

​

​

264.3

​

​

254.1

Variable lease revenues

​

 

5.1

​

 

4.1

Total lease revenues

​

$

298.9

​

$

286.4
Schedule of Cost of Equipment on Operating Leases by Market

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

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Agriculture and turf

​

$

5,962.0

​

$

6,046.7

​

$

5,693.4

Construction and forestry

​

​

895.3

​

 

908.5

​

​

931.5

Total

​

​

6,857.3

​

​

6,955.2

​

​

6,624.9

Accumulated depreciation

​

 

(1,450.9)

​

​

(1,415.7)

​

​

(1,331.2)

Equipment on operating leases – net

​

$

5,406.4

​

$

5,539.5

​

$

5,293.7

Operating lease residual values

​

$

3,825.1

​

$

3,899.1

​

$

3,734.7

First-loss residual value guarantees

​

​

735.8

​

​

756.9

​

​

697.5
v3.25.4
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES (Tables)
 3 Months Ended
Feb. 01, 2026
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES  
Notes Receivable from and Payable to John Deere and Related Parties

Balances due from BJD were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Notes receivable from related parties

​

$

306.4

​

$

392.0

​

​

​

Notes receivable from John Deere

​

​

​

​

​

​

​

$

590.3

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

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Notes payable to John Deere

​

$

3,584.1

​

$

4,452.6

​

$

1,228.4
v3.25.4
LONG-TERM EXTERNAL BORROWINGS (Tables)
 3 Months Ended
Feb. 01, 2026
LONG-TERM EXTERNAL BORROWINGS  
Long-Term Borrowings

Long-term external borrowings consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

February 1

​

November 2

​

January 26

​

​

2026

​

2025

​

2025

Medium-term notes

​

$

29,721.8

​

$

31,394.0

​

$

32,339.9

Finance lease obligations

​

​

.2

​

​

.2

​

​

.1

Debt issuance costs and debt discounts

​

​

(85.8)

​

​

(92.3)

​

​

(103.6)

Total

​

$

29,636.2

​

$

31,301.9

​

$

32,236.4

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $29,912.5, $31,595.1, and $33,128.1 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively.
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Feb. 01, 2026
FAIR VALUE MEASUREMENTS  
Fair Values of Financial Instruments

The fair values of financial instruments that do not approximate the carrying values are presented in the table below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

February 1, 2026

​

November 2, 2025

​

January 26, 2025

​

​

Carrying

​

Fair

​

Carrying

​

Fair

​

Carrying

​

Fair

​

​

Value

​

Value

​

Value

​

Value

​

Value

​

Value

Receivables financed – net

​

$

42,517.1

​

$

42,634.1

​

$

44,569.1

​

$

44,730.6

​

$

41,929.2

​

$

41,818.8

Retail notes securitized – net

​

 

6,479.4

​

 

6,494.3

​

 

6,829.8

​

 

6,853.5

​

 

8,255.2

​

 

8,172.3

Notes receivable from related parties

​

​

306.4

​

​

307.0

​

​

392.0

​

​

400.6

​

​

​

​

​

​

Securitization borrowings

​

 

6,282.9

​

​

6,322.0

​

 

6,595.4

​

 

6,629.9

​

 

8,012.6

​

​

8,033.7

Current maturities of long-term
external borrowings

​

 

8,418.1

​

​

8,458.0

​

 

8,270.5

​

 

8,292.3

​

 

8,376.6

​

​

8,331.1

Long-term external borrowings

​

 

29,636.2

​

 

30,052.4

​

 

31,301.9

​

 

31,712.5

​

 

32,236.4

​

 

32,505.5

Fair value measurements above were Level 3 for all Receivables and Level 2 for all borrowings.
Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

February 1

  ​ ​ ​

November 2

  ​ ​ ​

January 26

​

​

2026

​

2025

​

2025

Marketable securities

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

International debt securities

​

$

5.7

​

$

6.8

​

$

3.8

Receivables from John Deere

​

​

​

​

​

​

​

​

​

Derivatives

​

​

276.4

​

​

264.4

​

​

70.1

Other assets

​

​

​

​

​

​

​

​

​

Derivatives

​

​

​

​

 

5.0

​

 

1.4

Total assets

​

$

282.1

​

$

276.2

​

$

75.3

​

​

​

​

​

​

​

​

​

​

Other payables to John Deere

​

​

​

​

​

​

​

​

​

Derivatives

​

$

263.1

​

$

279.1

​

$

642.6

Accounts payable and accrued expenses

​

​

​

​

​

​

​

​

​

Derivatives

​

​

56.9

​

 

5.5

​

 

17.6

Total liabilities

​

$

320.0

​

$

284.6

​

$

660.2

All fair value measurements in the table above were Level 2. Excluded from the table above were our cash equivalents, which were carried at cost that approximates fair value. The cash equivalents consist primarily of time deposits and money market funds.
v3.25.4
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Feb. 01, 2026
DERIVATIVE INSTRUMENTS  
Fair Values of Derivative Instruments in Consolidated Balance Sheets

The fair values of our derivative instruments and the associated notional amounts are presented in the table below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

February 1, 2026

​

November 2, 2025

​

January 26, 2025

​

​

​

​

​

Fair Value

​

​

​

​

Fair Value

​

​

​

​

Fair Value

​

​

Notional

​

Asset

​

Liability

​

Notional

​

Asset

​

Liability

​

Notional

​

Asset

​

Liability

Cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

$

3,875.0

​

$

.3

​

$

27.0

​

$

2,675.0

​

​

​

​

$

20.9

​

$

3,275.0

​

$

1.4

​

$

31.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

​

10,103.5

​

​

120.7

​

​

195.3

​

​

10,929.0

​

$

150.5

​

​

219.1

​

​

14,734.5

​

​

21.3

​

​

585.3

Cross-currency interest rate contracts

​

​

1,558.0

​

​

131.5

​

​

​

​

​

1,558.0

​

​

91.4

​

​

10.6

​

​

974.5

​

​

​

​

​

2.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Not designated as hedging instruments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate contracts - swaps

​

​

6,516.3

​

​

18.5

​

​

23.9

​

​

7,073.2

​

​

17.6

​

​

20.2

​

​

6,655.1

​

​

20.8

​

​

11.7

Foreign currency exchange contracts

​

​

1,560.7

​

​

​

​

​

56.9

​

​

1,554.1

​

​

5.0

​

​

5.5

​

​

1,494.0

​

​

1.4

​

​

17.6

Cross-currency interest rate contracts

​

​

132.7

​

​

​

​

​

11.5

​

​

131.9

​

​

2.3

​

​

5.7

​

​

164.0

​

​

14.5

​

​

.3

Interest rate caps - sold

​

​

2,040.1

​

​

​

​

​

5.4

​

​

1,650.8

​

​

​

​

​

2.6

​

​

1,916.2

​

​

​

​

​

12.1

Interest rate caps - purchased

​

​

2,040.1

​

​

5.4

​

​

​

​

​

1,650.8

​

​

2.6

​

​

​

​

​

1,916.2

​

​

12.1

​

​

​
Amounts Recorded in the Consolidated Balance Sheets Related to Borrowings and Fair Value Hedges

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item.

​

​

​

​

​

​

​

​

​

​

​

Cumulative

​

​

Carrying

​

Fair Value

​

​

Amount of

​

Hedging

February 1, 2026

​

Hedged Items

 

Amounts

Current maturities of long-term external borrowings

​

$

2,906.8

​

$

(25.7)

Long-term external borrowings

​

​

23,290.3

​

​

(190.7)

​

​

​

​

​

​

​

November 2, 2025

​

​

​

​

​

​

Current maturities of long-term external borrowings

​

$

2,891.2

​

$

(29.2)

Long-term external borrowings

​

​

24,089.0

​

​

(201.1)

​

​

​

​

​

​

​

January 26, 2025

​

​

​

​

​

​

Current maturities of long-term external borrowings

​

$

2,109.7

​

$

(14.3)

Long-term external borrowings

​

​

23,924.6

​

​

(788.2)
Gains (Losses) Related to Derivative Instruments on Statements of Consolidated Income

The classification and gains (losses), including accrued interest expense, related to derivative instruments on the statements of consolidated income consisted of the following:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

February 1

​

January 26

​

  ​ ​

2026

  ​ ​

2025

Fair value hedges

​

​

​

​

​

​

Interest rate contracts – Interest expense *

 

$

(39.5)

​

$

(345.1)

​

​

​

​

​

​

​

Cash flow hedges

​

​

​

​

​

​

Recognized in OCI:

​

​

​

​

​

​

Interest rate contracts – OCI (pretax)

 

$ 

(2.1)

​

$

6.8

Reclassified from OCI:

​

​

​

​

​

​

Interest rate contracts – Interest expense

 

 

(1.4)

​

 

9.2

​

​

​

​

​

​

​

Not designated as hedges

​

​

​

​

​

​

Interest rate contracts – Interest expense *

 

$

(3.8)

​

$

(3.8)

Foreign currency exchange contracts – Administrative and operating expenses *

 

​

(121.1)

​

​

109.4

Total not designated

​

$

(124.9)

​

$

105.6

* Includes interest and foreign currency exchange gains (losses) from cross-currency interest rate contracts.
Impact on Derivative Assets and Liabilities for External Derivatives and those with John Deere Related to Netting Arrangements and Collateral

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities for external derivatives and those with John Deere related to netting arrangements and any collateral received or paid were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

February 1, 2026

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

  ​ ​ ​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

​

John Deere

​

$

276.4

​

$

(237.3)

​

​

​

​

$

39.1

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

56.9

​

 

​

​

​

​

​

 

56.9

​

John Deere

​

 

263.1

​

 

(237.3)

​

 

​

​

 

25.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

November 2, 2025

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

  ​ ​ ​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

​

External

​

$

5.0

​

$

(1.6)

​

  ​

​

​

$

3.4

​

John Deere

​

 

264.4

​

 

(237.3)

​

​

​

​

 

27.1

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

5.5

​

 

(1.6)

​

​

​

​

 

3.9

​

John Deere

​

 

279.1

​

 

(237.3)

​

​

​

​

 

41.8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

January 26, 2025

​

​

​

Gross Amounts
Recognized

​

Netting
Arrangements

​

Collateral

​

Net
Amount

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets

​

​

  ​ ​ ​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

​

External

​

$

1.4

​

​

​

​

​

​

​

$

1.4

​

John Deere

​

 

70.1

​

$

(25.5)

​

​

​

​

 

44.6

​

Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

External

​

 

17.6

​

 

​

​

​

​

​

 

17.6

​

John Deere

​

 

642.6

​

 

(25.5)

​

 

​

​

 

617.1

​
v3.25.4
ORGANIZATION AND CONSOLIDATION (Details)
 3 Months Ended 12 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Nov. 02, 2025
Fiscal Year      
Fiscal period duration 91 days 91 days 371 days
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS (Details)
Feb. 01, 2026
ASU 2025-06  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2024-03  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2025-01  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2023-09  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2025-12  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2025-11  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2025-09  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2025-07  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2024-04  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2023-06  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
v3.25.4
OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
After-tax components of accumulated other comprehensive income (loss)      
Accumulated other comprehensive income (loss) $ 5,822.9 $ 5,929.8 $ 6,212.0
Accumulated Other Comprehensive Income (Loss)      
After-tax components of accumulated other comprehensive income (loss)      
Accumulated other comprehensive income (loss) (46.2) (90.5) (184.5)
Cumulative Translation Adjustment      
After-tax components of accumulated other comprehensive income (loss)      
Accumulated other comprehensive income (loss) (29.0) (73.7) (150.7)
Unrealized Loss on Derivatives      
After-tax components of accumulated other comprehensive income (loss)      
Accumulated other comprehensive income (loss) (16.9) (16.3) (33.2)
Unrealized Loss on Debt Securities      
After-tax components of accumulated other comprehensive income (loss)      
Accumulated other comprehensive income (loss) $ (0.3) $ (0.5) $ (0.6)
v3.25.4
OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Other comprehensive income (loss), before tax    
Interest expense $ (548.4) $ (637.3)
Total other comprehensive income (loss), before tax 44.4 (38.7)
Other comprehensive income (loss), tax (expense) credit    
Total other comprehensive income (loss), tax (expense) credit (0.1) 0.4
Other comprehensive income (loss), after tax    
Other comprehensive income (loss), net of income taxes 44.3 (38.3)
Cumulative Translation Adjustment    
Other comprehensive income (loss), before tax    
Total other comprehensive income (loss), before tax 44.7 (36.7)
Other comprehensive income (loss), after tax    
Other comprehensive income (loss), net of income taxes 44.7 (36.7)
Unrealized Gain (Loss) on Derivatives    
Other comprehensive income (loss), before tax    
Other comprehensive income (loss) before reclassification, before tax (2.1) 6.8
Total other comprehensive income (loss), before tax (0.7) (2.4)
Other comprehensive income (loss), tax (expense) credit    
Other comprehensive income (loss) before reclassification, tax (expense) credit 0.4 (1.4)
Total other comprehensive income (loss), tax (expense) credit 0.1 0.5
Other comprehensive income (loss), after tax    
Other comprehensive income (loss) before reclassification, after tax (1.7) 5.4
Other comprehensive income (loss), net of income taxes (0.6) (1.9)
Unrealized Gain (Loss) on Derivatives | Interest Rate Contracts | Reclassifications of gains (losses) out of accumulated other comprehensive income    
Other comprehensive income (loss), before tax    
Interest expense 1.4 (9.2)
Other comprehensive income (loss), tax (expense) credit    
Reclassification of realized (gain) loss, tax expense (credit) (0.3) 1.9
Other comprehensive income (loss), after tax    
Reclassification of realized (gain) loss, after tax 1.1 (7.3)
Unrealized Gain (Loss) on Debt Securities    
Other comprehensive income (loss), before tax    
Total other comprehensive income (loss), before tax 0.4 0.4
Other comprehensive income (loss), tax (expense) credit    
Total other comprehensive income (loss), tax (expense) credit (0.2) (0.1)
Other comprehensive income (loss), after tax    
Other comprehensive income (loss), net of income taxes $ 0.2 $ 0.3
v3.25.4
RECEIVABLES - Delinquency Status (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Receivable, Past Due    
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] false  
Threshold for past due balances 30 days  
Non-performing    
Receivable, Past Due    
Accrued finance income and lease revenue reversed $ 13.1 $ 13.4
Finance income and lease revenue recognized on cash payments $ 14.5 $ 11.2
Customer Receivables    
Receivable, Past Due    
Generally the threshold for a receivable to be considered non-performing 90 days  
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off 120 days  
Wholesale Receivables    
Receivable, Past Due    
Generally the threshold for a receivable to be considered non-performing 60 days  
Generally the threshold when a receivable is delinquent and the estimated uncollectible amount is written off 60 days  
v3.25.4
RECEIVABLES - Customer Receivables Credit Quality Analysis (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Nov. 02, 2025
Credit Quality and Aging Analysis      
Total customer receivables $ 49,241.3 $ 50,426.4 $ 51,649.0
Write-offs for the Period Ended      
Total 50.1 55.1  
Customer Receivables      
Credit Quality and Aging Analysis      
2026 and 2025, respectively 2,873.7 2,970.5 13,737.3
2025 and 2024, respectively 12,588.1 14,195.3 9,619.5
2024 and 2023, respectively 8,701.1 8,535.0 5,947.1
2023 and 2022, respectively 5,256.0 5,124.3 3,298.3
2022 and 2021, respectively 2,802.2 2,642.4 1,411.6
Prior years 1,308.5 955.5 302.3
Revolving Charge Accounts 3,358.3 3,220.2 4,677.0
Total customer receivables 36,887.9 37,643.2 38,993.1
Write-offs for the Period Ended      
2026 and 2025, respectively     12.2
2025 and 2024, respectively 10.5 12.3 61.7
2024 and 2023, respectively 11.3 15.9 59.2
2023 and 2022, respectively 11.7 8.7 29.4
2022 and 2021, respectively 4.3 2.9 9.4
Prior Years 2.3 2.6 7.8
Revolving Charge Accounts 10.0 12.5 107.2
Total 50.1 54.9 286.9
Customer Receivables | Agriculture and turf      
Write-offs for the Period Ended      
2026 and 2025, respectively     5.0
2025 and 2024, respectively 3.5 4.5 29.3
2024 and 2023, respectively 6.6 8.4 33.0
2023 and 2022, respectively 5.0 4.8 19.1
2022 and 2021, respectively 2.7 1.6 6.7
Prior Years 1.6 2.2 6.2
Revolving Charge Accounts 8.5 10.0 99.9
Total 27.9 31.5 199.2
Customer Receivables | Agriculture and turf | 30-59 Days Past Due      
Credit Quality and Aging Analysis      
2026 and 2025, respectively 6.0 7.5 33.0
2025 and 2024, respectively 99.4 101.9 65.9
2024 and 2023, respectively 74.8 81.8 53.1
2023 and 2022, respectively 48.5 45.3 34.8
2022 and 2021, respectively 26.8 23.6 14.5
Prior years 14.3 10.8 5.9
Revolving Charge Accounts 97.7 125.7 33.9
Total customer receivables 367.5 396.6 241.1
Customer Receivables | Agriculture and turf | 60-89 Days Past Due      
Credit Quality and Aging Analysis      
2026 and 2025, respectively 0.3 0.3 11.7
2025 and 2024, respectively 38.0 38.4 30.7
2024 and 2023, respectively 33.2 33.0 22.4
2023 and 2022, respectively 21.2 17.2 11.2
2022 and 2021, respectively 12.0 9.3 6.9
Prior years 5.6 4.6 2.2
Revolving Charge Accounts 10.8 23.3 9.0
Total customer receivables 121.1 126.1 94.1
Customer Receivables | Agriculture and turf | 90 Days or Greater Past Due      
Credit Quality and Aging Analysis      
2026 and 2025, respectively     0.5
2025 and 2024, respectively 2.3 2.2 1.8
2024 and 2023, respectively 2.0 0.8 0.4
2023 and 2022, respectively 1.0 0.3 0.8
2022 and 2021, respectively 0.6 3.4 2.2
Prior years 2.1 0.4 0.5
Total customer receivables 8.0 7.1 6.2
Customer Receivables | Agriculture and turf | Current      
Credit Quality and Aging Analysis      
2026 and 2025, respectively 1,997.8 2,152.3 10,793.0
2025 and 2024, respectively 9,744.7 11,464.4 7,561.2
2024 and 2023, respectively 6,802.1 6,777.2 4,784.4
2023 and 2022, respectively 4,246.8 4,157.4 2,755.4
2022 and 2021, respectively 2,354.3 2,226.8 1,228.4
Prior years 1,138.3 832.9 260.0
Revolving Charge Accounts 3,122.5 2,948.5 4,489.1
Total customer receivables 29,406.5 30,559.5 31,871.5
Customer Receivables | Agriculture and turf | Non-performing      
Credit Quality and Aging Analysis      
2026 and 2025, respectively     38.8
2025 and 2024, respectively 48.5 42.1 97.2
2024 and 2023, respectively 130.2 112.8 89.0
2023 and 2022, respectively 93.0 74.5 51.6
2022 and 2021, respectively 58.9 40.0 28.1
Prior years 43.8 30.2 15.6
Revolving Charge Accounts 11.6 14.1 13.5
Total customer receivables 386.0 313.7 333.8
Customer Receivables | Construction and forestry      
Write-offs for the Period Ended      
2026 and 2025, respectively     7.2
2025 and 2024, respectively 7.0 7.8 32.4
2024 and 2023, respectively 4.7 7.5 26.2
2023 and 2022, respectively 6.7 3.9 10.3
2022 and 2021, respectively 1.6 1.3 2.7
Prior Years 0.7 0.4 1.6
Revolving Charge Accounts 1.5 2.5 7.3
Total 22.2 23.4 87.7
Customer Receivables | Construction and forestry | 30-59 Days Past Due      
Credit Quality and Aging Analysis      
2026 and 2025, respectively 6.5 6.5 38.8
2025 and 2024, respectively 62.7 65.1 42.0
2024 and 2023, respectively 47.9 37.5 27.4
2023 and 2022, respectively 30.4 24.4 11.6
2022 and 2021, respectively 10.0 10.2 3.6
Prior years 4.9 2.3 1.3
Revolving Charge Accounts 5.3 5.3 4.6
Total customer receivables 167.7 151.3 129.3
Customer Receivables | Construction and forestry | 60-89 Days Past Due      
Credit Quality and Aging Analysis      
2026 and 2025, respectively 0.1   19.2
2025 and 2024, respectively 21.6 26.8 13.3
2024 and 2023, respectively 23.4 17.1 11.7
2023 and 2022, respectively 10.8 9.5 6.3
2022 and 2021, respectively 4.0 4.0 1.5
Prior years 2.0 1.3 0.7
Revolving Charge Accounts 1.5 2.5 1.7
Total customer receivables 63.4 61.2 54.4
Customer Receivables | Construction and forestry | 90 Days or Greater Past Due      
Credit Quality and Aging Analysis      
2026 and 2025, respectively     0.2
2025 and 2024, respectively   0.8 0.8
2024 and 2023, respectively 0.4 0.1  
2023 and 2022, respectively   0.2  
2022 and 2021, respectively     0.3
Prior years   0.2  
Total customer receivables 0.4 1.3 1.3
Customer Receivables | Construction and forestry | Current      
Credit Quality and Aging Analysis      
2026 and 2025, respectively 862.6 803.9 2,774.6
2025 and 2024, respectively 2,528.0 2,392.2 1,726.0
2024 and 2023, respectively 1,508.8 1,381.0 888.1
2023 and 2022, respectively 738.8 742.0 392.5
2022 and 2021, respectively 305.6 292.8 108.6
Prior years 75.1 59.3 9.1
Revolving Charge Accounts 107.7 99.6 124.1
Total customer receivables 6,126.6 5,770.8 6,023.0
Customer Receivables | Construction and forestry | Non-performing      
Credit Quality and Aging Analysis      
2026 and 2025, respectively 0.4   27.5
2025 and 2024, respectively 42.9 61.4 80.6
2024 and 2023, respectively 78.3 93.7 70.6
2023 and 2022, respectively 65.5 53.5 34.1
2022 and 2021, respectively 30.0 32.3 17.5
Prior years 22.4 13.5 7.0
Revolving Charge Accounts 1.2 1.2 1.1
Total customer receivables $ 240.7 $ 255.6 $ 238.4
v3.25.4
RECEIVABLES - Wholesale Receivables Credit Quality Analysis (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Credit Quality and Aging Analysis      
Total wholesale receivables $ 49,241.3 $ 51,649.0 $ 50,426.4
Wholesale Receivables      
Credit Quality and Aging Analysis      
Total wholesale receivables 12,353.4 12,655.9 12,783.2
Wholesale Receivables | Agriculture and turf | 30-59 Days Past Due      
Credit Quality and Aging Analysis      
Total wholesale receivables 7.5 5.2 6.4
Wholesale Receivables | Agriculture and turf | 60-89 Days Past Due      
Credit Quality and Aging Analysis      
Total wholesale receivables 2.8   7.9
Wholesale Receivables | Agriculture and turf | 90 Days or Greater Past Due      
Credit Quality and Aging Analysis      
Total wholesale receivables 1.8 0.6 9.3
Wholesale Receivables | Agriculture and turf | Current      
Credit Quality and Aging Analysis      
Total wholesale receivables 9,328.5 9,427.4 9,791.4
Wholesale Receivables | Agriculture and turf | Non-performing      
Credit Quality and Aging Analysis      
Total wholesale receivables 5.3 9.1 29.0
Wholesale Receivables | Construction and forestry | 30-59 Days Past Due      
Credit Quality and Aging Analysis      
Total wholesale receivables 1.8 1.1 4.1
Wholesale Receivables | Construction and forestry | 60-89 Days Past Due      
Credit Quality and Aging Analysis      
Total wholesale receivables 0.7 1.1 4.1
Wholesale Receivables | Construction and forestry | 90 Days or Greater Past Due      
Credit Quality and Aging Analysis      
Total wholesale receivables 5.8 5.7 13.7
Wholesale Receivables | Construction and forestry | Current      
Credit Quality and Aging Analysis      
Total wholesale receivables $ 2,999.2 $ 3,205.7 $ 2,917.3
v3.25.4
RECEIVABLES - Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Nov. 02, 2025
Receivable, Allowance for Credit Losses      
Freestanding credit enhancement recoveries $ 7.0 $ 7.9  
Allowance for credit losses:      
Beginning of period balance 250.1 227.5 $ 227.5
Provision (credit) for credit losses 30.4 60.6  
Write-offs (50.1) (55.1)  
Recoveries 13.4 10.9  
Translation adjustments 1.0 (1.9)  
End of period balance 244.8 242.0 250.1
Receivables:      
End of period balance 49,241.3 50,426.4 51,649.0
Unfunded Commitments      
Allowance for credit losses:      
Provision (credit) for credit losses 0.4 (0.2)  
Customer Receivables      
Allowance for credit losses:      
Write-offs (50.1) (54.9) (286.9)
Receivables:      
End of period balance 36,887.9 37,643.2 38,993.1
Retail Notes & Financing Leases      
Allowance for credit losses:      
Beginning of period balance 225.1 192.4 192.4
Provision (credit) for credit losses 34.3 62.3  
Write-offs (40.1) (42.4)  
Recoveries 2.7 2.2  
Translation adjustments 0.6 (0.3)  
End of period balance 222.6 214.2 225.1
Receivables:      
End of period balance 33,529.6 34,423.0  
Revolving charge accounts      
Allowance for credit losses:      
Beginning of period balance 7.4 7.6 7.6
Provision (credit) for credit losses (1.4) 1.9  
Write-offs (10.0) (12.5)  
Recoveries 10.7 8.7  
End of period balance 6.7 5.7 7.4
Receivables:      
End of period balance 3,358.3 3,220.2 4,677.0
Wholesale Receivables      
Allowance for credit losses:      
Beginning of period balance 17.6 27.5 27.5
Provision (credit) for credit losses (2.5) (3.6)  
Write-offs   (0.2)  
Translation adjustments 0.4 (1.6)  
End of period balance 15.5 22.1 17.6
Receivables:      
End of period balance $ 12,353.4 $ 12,783.2 $ 12,655.9
v3.25.4
RECEIVABLES - Modifications (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Modifications    
Ending amortized cost of receivables modified $ 57.8 $ 24.1
Modifications (as a percent) 0.12% 0.05%
Ending amortized cost of receivables modified during the prior twelve months $ 192.0 $ 90.6
Payment Deferrals and Term Extensions    
Modifications    
Weighted-average payment deferral 11 months 5 months
Weighted-average term extensions 23 months 7 months
Payment Deferrals    
Modifications    
Weighted-average payment deferral 6 months 7 months
Term Extensions    
Modifications    
Weighted-average term extensions 12 months 12 months
30-59 Days Past Due    
Modifications    
Ending amortized cost of receivables modified during the prior twelve months $ 12.6 $ 6.6
60-89 Days Past Due    
Modifications    
Ending amortized cost of receivables modified during the prior twelve months 5.4 4.0
90 Days or Greater Past Due    
Modifications    
Ending amortized cost of receivables modified during the prior twelve months 0.1 3.0
Current    
Modifications    
Ending amortized cost of receivables modified during the prior twelve months 157.4 63.9
Non-performing    
Modifications    
Ending amortized cost of receivables modified during the prior twelve months $ 16.5 $ 13.1
v3.25.4
SECURITIZATION OF RECEIVABLES (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Securitization of Receivables      
Total receivables $ 49,241.3 $ 51,649.0 $ 50,426.4
Other assets 544.6 518.2 433.8
Securitization borrowings 6,282.9 6,595.4 8,012.6
Accrued interest on borrowings - securitization transactions 12.9 15.1 11.5
Total liabilities related to restricted securitized assets 6,295.8 6,610.5 8,024.1
Restricted cash $ 249.2   $ 163.2
Balance sheet location of restricted cash Other assets   Other assets
Securitized      
Securitization of Receivables      
Other assets $ 173.5 173.5 $ 182.4
Total Assets 6,652.9 7,003.3 8,437.6
Restricted cash $ 156.9 $ 161.8 $ 163.0
Balance sheet location of restricted cash Other assets Other assets Other assets
Retail notes | Securitized      
Securitization of Receivables      
Total receivables $ 6,518.7 $ 6,870.8 $ 8,304.8
Location of liability for pledged asset Securitization borrowings Securitization borrowings Securitization borrowings
Allowance for credit losses $ (39.3) $ (41.0) $ (49.6)
v3.25.4
LEASES - Lease Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Lessor    
Sales-type and direct finance lease revenues $ 29.5 $ 28.2
Operating lease revenues 264.3 254.1
Variable lease revenues 5.1 4.1
Total lease revenues 298.9 286.4
Excess use and damage fees $ 1.4 $ 0.6
v3.25.4
LEASES - Cost of Equipment on Operating Leases (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Cost of Equipment on Operating Leases      
Equipment on operating leases - gross $ 6,857.3 $ 6,955.2 $ 6,624.9
Accumulated depreciation (1,450.9) (1,415.7) (1,331.2)
Equipment on operating leases - net 5,406.4 5,539.5 5,293.7
Operating lease residual value 3,825.1 3,899.1 3,734.7
First-loss residual value guarantees 735.8 756.9 697.5
Matured operating lease inventory 34.2 20.2 33.3
Agriculture and turf equipment      
Cost of Equipment on Operating Leases      
Equipment on operating leases - gross 5,962.0 6,046.7 5,693.4
Construction and forestry      
Cost of Equipment on Operating Leases      
Equipment on operating leases - gross $ 895.3 $ 908.5 $ 931.5
v3.25.4
NOTES RECEIVABLE FROM AND PAYABLE TO JOHN DEERE AND RELATED PARTIES (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Nov. 02, 2025
Notes Receivable from and Payable to John Deere      
Interest expense $ 548.4 $ 637.3  
Related Party      
Notes Receivable from and Payable to John Deere      
Interest earned $ 5.5 $ 10.1  
Interest Income, Operating, Related Party [Extensible Enumeration] jdcc:BancoJohnDeereSaMember, John Deere jdcc:BancoJohnDeereSaMember, John Deere  
Notes payable to John Deere $ 3,584.1 $ 1,228.4 $ 4,452.6
Interest expense $ 32.4 $ 9.9  
Interest Expense, Related Party, Name [Extensible Enumeration] John Deere John Deere  
Related Party | Unconsolidated Affiliates of Parent Company      
Notes Receivable from and Payable to John Deere      
Notes receivable $ 306.4   $ 392.0
Related Party | John Deere      
Notes Receivable from and Payable to John Deere      
Notes receivable   $ 590.3  
Maximum remaining term for related party receivable 7 years    
v3.25.4
LONG-TERM EXTERNAL BORROWINGS (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Long-Term Borrowings      
Debt issuance costs and debt discounts $ (85.8) $ (92.3) $ (103.6)
Total 29,636.2 31,301.9 32,236.4
Medium-term notes      
Long-Term Borrowings      
Long-term borrowings, gross 29,721.8 31,394.0 32,339.9
Principal amount 29,912.5 31,595.1 33,128.1
Finance lease obligations      
Long-Term Borrowings      
Long-term borrowings, gross $ 0.2 $ 0.2 $ 0.1
v3.25.4
COMMITMENTS AND CONTINGENCIES - Guarantees (Details) - John Deere Financial Inc. - Guarantees of debt and derivatives
$ in Millions
 3 Months Ended
Feb. 01, 2026
USD ($)
Medium-term notes  
Guarantee Obligations  
Guarantee obligations maximum exposure $ 3,187.5
Weighted average interest rate (as a percent) 3.90%
Maximum remaining maturity 4 years
Commercial paper  
Guarantee Obligations  
Guarantee obligations maximum exposure $ 2,797.1
Derivative Instruments  
Guarantee Obligations  
Guarantee obligations maximum exposure 7,615.5
Notional amount 141.4
Revolving Demand Credit Facility  
Guarantee Obligations  
Guarantee obligations maximum exposure 370.6
Outstanding borrowings under credit facility $ 0.0
v3.25.4
COMMITMENTS AND CONTINGENCIES - Commitments (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Jan. 26, 2025
Commitments    
Restricted cash $ 249.2 $ 163.2
Balance sheet location of restricted cash Other assets Other assets
Unrestricted    
Commitments    
Restricted cash $ 92.3  
Balance sheet location of restricted cash Other assets  
Unfunded Commitments    
Commitments    
Reserve for credit losses on unfunded commitments $ 5.1  
Wholesale Receivables    
Commitments    
Unused commitments 13,335.7  
Customer Receivables    
Commitments    
Unused commitments $ 34,777.6  
v3.25.4
FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Fair Values of Financial Instruments      
Receivables financed - net $ 48,996.5 $ 51,398.9 $ 50,184.4
Securitization borrowings 6,282.9 6,595.4 8,012.6
Current maturities of long-term external borrowings 8,418.1 8,270.5 8,376.6
Long-term external borrowings 29,636.2 31,301.9 32,236.4
Related Party | Unconsolidated Affiliates of Parent Company      
Fair Values of Financial Instruments      
Notes receivable 306.4 392.0  
Level 3 | Related Party | Unconsolidated Affiliates of Parent Company      
Fair Values of Financial Instruments      
Notes receivable 307.0 400.6  
Level 3 | Unrestricted      
Fair Values of Financial Instruments      
Receivables financed - net 42,634.1 44,730.6 41,818.8
Level 3 | Securitized      
Fair Values of Financial Instruments      
Receivables financed - net $ 6,494.3 $ 6,853.5 $ 8,172.3
Location of liability for pledged asset Securitization borrowings Securitization borrowings Securitization borrowings
Level 2      
Fair Values of Financial Instruments      
Securitization borrowings $ 6,322.0 $ 6,629.9 $ 8,033.7
Current maturities of long-term external borrowings 8,458.0 8,292.3 8,331.1
Long-term external borrowings 30,052.4 31,712.5 32,505.5
Carrying Value      
Fair Values of Financial Instruments      
Securitization borrowings 6,282.9 6,595.4 8,012.6
Current maturities of long-term external borrowings 8,418.1 8,270.5 8,376.6
Long-term external borrowings 29,636.2 31,301.9 32,236.4
Carrying Value | Related Party | Unconsolidated Affiliates of Parent Company      
Fair Values of Financial Instruments      
Notes receivable 306.4 392.0  
Carrying Value | Unrestricted      
Fair Values of Financial Instruments      
Receivables financed - net 42,517.1 44,569.1 41,929.2
Carrying Value | Securitized      
Fair Values of Financial Instruments      
Receivables financed - net $ 6,479.4 $ 6,829.8 $ 8,255.2
Location of liability for pledged asset Securitization borrowings Securitization borrowings Securitization borrowings
v3.25.4
FAIR VALUE MEASUREMENTS - Assets and Liabilities - Recurring (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Marketable securities $ 5.7 $ 6.8 $ 3.8
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Total assets 282.1 276.2 75.3
Total liabilities 320.0 284.6 660.2
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Marketable Securities      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Marketable securities $ 5.7 $ 6.8 $ 3.8
Investment, Type [Extensible Enumeration] jdcc:ForeignDebtSecuritiesMember jdcc:ForeignDebtSecuritiesMember jdcc:ForeignDebtSecuritiesMember
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Receivables from John Deere      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Derivative assets $ 276.4 $ 264.4 $ 70.1
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Other Assets      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Derivative assets   5.0 1.4
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Other payables to John Deere      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Derivative liabilities 263.1 279.1 642.6
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Level 2 | Accounts payable and accrued expenses      
Assets and Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis      
Derivative liabilities $ 56.9 $ 5.5 $ 17.6
v3.25.4
FAIR VALUE MEASUREMENTS - Contractual Maturities of Debt Securities (Details)
$ in Millions
Feb. 01, 2026
USD ($)
Contractual Maturities of Debt Securities, Amortized Cost  
Maturity period of debt securities 5 years
Amortized cost basis $ 6.0
Contractual Maturities of Debt Securities, Fair Value  
Fair value $ 5.7
v3.25.4
DERIVATIVE INSTRUMENTS - Fair Values (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Designated as Hedging Instruments | Cash flow hedges | Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional amounts $ 3,875.0 $ 2,675.0 $ 3,275.0
Derivative assets 0.3   1.4
Derivative liabilities 27.0 20.9 31.1
Designated as Hedging Instruments | Fair Value Hedges | Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional amounts 10,103.5 10,929.0 14,734.5
Derivative assets 120.7 150.5 21.3
Derivative liabilities 195.3 219.1 585.3
Designated as Hedging Instruments | Fair Value Hedges | Cross-currency interest rate contracts      
Fair Values of Derivative Instruments      
Notional amounts 1,558.0 1,558.0 974.5
Derivative assets 131.5 91.4  
Derivative liabilities   10.6 2.1
Not Designated as Hedging Instruments | Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional amounts 6,516.3 7,073.2 6,655.1
Derivative assets 18.5 17.6 20.8
Derivative liabilities 23.9 20.2 11.7
Not Designated as Hedging Instruments | Foreign currency exchange contracts      
Fair Values of Derivative Instruments      
Notional amounts 1,560.7 1,554.1 1,494.0
Derivative assets   5.0 1.4
Derivative liabilities 56.9 5.5 17.6
Not Designated as Hedging Instruments | Cross-currency interest rate contracts      
Fair Values of Derivative Instruments      
Notional amounts 132.7 131.9 164.0
Derivative assets   2.3 14.5
Derivative liabilities 11.5 5.7 0.3
Not Designated as Hedging Instruments | Interest rate caps | Sold      
Fair Values of Derivative Instruments      
Notional amounts 2,040.1 1,650.8 1,916.2
Derivative liabilities 5.4 2.6 12.1
Not Designated as Hedging Instruments | Interest rate caps | Purchased      
Fair Values of Derivative Instruments      
Notional amounts 2,040.1 1,650.8 1,916.2
Derivative assets $ 5.4 $ 2.6 $ 12.1
v3.25.4
DERIVATIVE INSTRUMENTS - Cash Flow Hedges (Details)
$ in Millions
 3 Months Ended
Feb. 01, 2026
USD ($)
Cash Flow Hedges  
Cash flow hedge gain (loss) recorded in OCI to be reclassified within twelve months $ (6.7)
Gains or losses reclassified from OCI to earnings $ 0.0
v3.25.4
DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
Current Maturities of Long-term External Borrowings      
Fair Value Hedging Relationships      
Carrying amount of hedged items $ 2,906.8 $ 2,891.2 $ 2,109.7
Hedged Liability, Statement of Financial Position [Extensible Enumeration] Loans Payable, Current Loans Payable, Current Loans Payable, Current
Cumulative fair value hedging amounts $ (25.7) $ (29.2) $ (14.3)
Discontinued Hedging Relationships      
Carrying amounts of formerly hedged items 2,547.8 2,544.2 2,109.7
Cumulative fair value hedging amounts - discontinued (25.8) (29.5) (14.3)
Long-term External Borrowings      
Derivative instruments      
Carrying amount of the hedged item and formerly hedged item     598.1
Fair Value Hedging Relationships      
Carrying amount of hedged items $ 23,290.3 $ 24,089.0 $ 23,924.6
Hedged Liability, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Finance Leases, Excluding Current Maturities Long-Term Debt and Finance Leases, Excluding Current Maturities Long-Term Debt and Finance Leases, Excluding Current Maturities
Cumulative fair value hedging amounts $ (190.7) $ (201.1) $ (788.2)
Discontinued Hedging Relationships      
Carrying amounts of formerly hedged items 11,952.3 11,963.1 8,922.6
Cumulative fair value hedging amounts - discontinued $ (171.3) $ (184.7) $ (179.4)
v3.25.4
DERIVATIVE INSTRUMENTS - Gains (Losses) on Statement of Consolidated Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Feb. 01, 2026
Jan. 26, 2025
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Not designated as hedges, gains (losses) $ (124.9) $ 105.6
Related Party | John Deere    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Gain (loss) on derivative transactions with affiliate party $ (53.7) $ (337.3)
Location of gain (loss) on derivative transactions with affiliate party Interest expense, Administrative and operating expenses Interest expense, Administrative and operating expenses
Interest Rate Contracts (Swaps)    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Cash flow hedges, recognized in OCI $ (2.1) $ 6.8
Interest Rate Contracts (Swaps) | Interest expense    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Fair value hedges, gains (losses) (39.5) (345.1)
Cash flow hedges, reclassified from OCI (1.4) 9.2
Not designated as hedges, gains (losses) (3.8) (3.8)
Foreign currency exchange contracts | Administrative and operating expenses    
Classification and gains (losses) including accrued interest expense related to derivative instruments    
Not designated as hedges, gains (losses) $ (121.1) $ 109.4
v3.25.4
DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($)
$ in Millions
Feb. 01, 2026
Nov. 02, 2025
Jan. 26, 2025
External      
Derivative assets      
Gross Amounts Recognized   $ 5.0 $ 1.4
Netting Arrangements   (1.6)  
Net Amount   3.4 1.4
Derivative liabilities      
Gross Amounts Recognized $ 56.9 5.5 17.6
Netting Arrangements   (1.6)  
Net Amount 56.9 3.9 17.6
John Deere | Related Party      
Derivative assets      
Gross Amounts Recognized 276.4 264.4 70.1
Netting Arrangements (237.3) (237.3) (25.5)
Net Amount 39.1 27.1 44.6
Derivative liabilities      
Gross Amounts Recognized 263.1 279.1 642.6
Netting Arrangements (237.3) (237.3) (25.5)
Net Amount 25.8 41.8 617.1
Derivative Instruments | John Deere | Related Party      
Counterparty Risk and Collateral      
Increase in maximum loss if derivative counterparties fail to meet obligations - loss sharing agreement $ 0.0 $ 0.0 $ 0.0
v3.25.4
SUBSEQUENT EVENT - Dividends (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 23, 2026
Feb. 01, 2026
Jan. 26, 2025
Subsequent Event      
Dividends   $ 350.0 $ 135.0
Subsequent Event | First Quarter 2026 Dividend      
Subsequent Event      
Dividend declared date Feb. 23, 2026    
Dividends $ 280.0    
Dividend payable date Mar. 10, 2026    
Subsequent Event | First Quarter 2026 Dividend | John Deere Financial Services, Inc.      
Subsequent Event      
Dividend from JDFS paid to Deere & Co. $ 280.0