Document and Entity Information	3 Months Ended
Document and Entity Information	Feb. 01, 2026 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Feb. 01, 2026
Entity File Number	1-4121
Entity Registrant Name	DEERE & CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2382580
Entity Address, Address Line One	One John Deere Place
Entity Address, City or Town	Moline
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61265
City Area Code	309
Local Phone Number	765-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	270,107,282
Current Fiscal Year End Date	--11-01
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000315189
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	DE
Security Exchange Name	NYSE
6.55% Debentures Due 2028
Document Information [Line Items]
Title of 12(b) Security	6.55% Debentures Due 2028
Trading Symbol	DE28
Security Exchange Name	NYSE

STATEMENTS OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Net Sales and Revenues
Net sales and revenues	$ 9,611	$ 8,508
Costs and Expenses
Research and development expenses	554	526
Selling, administrative and general expenses	972	972
Interest expense	719	829
Other operating expenses	250	249
Total	8,775	7,613
Income of Consolidated Group before Income Taxes	836	895
Provision for income taxes	196	27
Income of Consolidated Group	640	868
Equity in income (loss) of unconsolidated affiliates	15	(1)
Net Income	655	867
Less: Net loss attributable to noncontrolling interests	(1)	(2)
Net Income Attributable to Deere & Company	$ 656	$ 869
Per Share Data
Basic (in dollars per share)	$ 2.43	$ 3.2
Diluted (in dollars per share)	2.42	3.19
Dividends declared (in dollars per share)	1.62	1.62
Dividends paid (in dollars per share)	$ 1.62	$ 1.47
Average Shares Outstanding
Basic (in shares)	270.3	271.6
Diluted (in shares)	270.9	272.3
Net Sales
Net Sales and Revenues
Net sales and revenues	$ 8,001	$ 6,809
Cost of Sales
Cost of sales	6,280	5,037
Finance and Interest Income
Net Sales and Revenues
Net sales and revenues	1,343	1,453
Other Income
Net Sales and Revenues
Net sales and revenues	$ 267	$ 246

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net Income	$ 655	$ 867
Other Comprehensive Income (Loss), Net of Income Taxes
Retirement benefits adjustment	(1)	3
Cumulative translation adjustment	374	(451)
Unrealized loss on derivatives	(5)	(1)
Unrealized gain (loss) on debt securities	2	(15)
Other Comprehensive Income (Loss), Net of Income Taxes	370	(464)
Comprehensive Income	1,025	403
Less: Comprehensive income (loss) attributable to noncontrolling interests	2	(5)
Comprehensive Income Attributable to Deere & Company	$ 1,023	$ 408

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
ASSETS
Cash and cash equivalents	$ 6,798	$ 8,276	$ 6,601
Marketable securities	1,398	1,411	1,214
Trade accounts and notes receivable - net	5,993	5,317	4,931
Other receivables	2,411	2,403	2,979
Equipment on operating leases - net	7,512	7,600	7,157
Inventories	8,286	7,406	7,744
Property and equipment - net	8,084	8,079	7,425
Goodwill	4,280	4,188	3,872
Other intangible assets - net	880	892	937
Retirement benefits	3,378	3,273	3,018
Deferred income taxes	2,268	2,284	1,852
Other assets	3,556	3,461	2,807
Assets held for sale			2,929
Total Assets	103,436	105,996	103,119
LIABILITIES
Short-term borrowings	14,392	13,796	12,811
Short-term securitization borrowings	6,283	6,596	8,014
Accounts payable and accrued expenses	12,533	13,909	12,162
Deferred income taxes	434	434	448
Long-term borrowings	41,804	43,544	43,556
Retirement benefits and other liabilities	1,633	1,710	1,734
Liabilities held for sale			1,830
Total liabilities	77,079	79,989	80,555
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	50	51	78
STOCKHOLDERS' EQUITY
Common stock, $1 par value (issued shares at February 1, 2026 - 536,431,204)	5,715	5,668	5,526
Common stock in treasury	(36,645)	(36,362)	(35,709)
Retained earnings	59,895	59,676	56,829
Accumulated other comprehensive income (loss)	(2,665)	(3,032)	(4,167)
Total Deere & Company stockholders' equity	26,300	25,950	22,479
Noncontrolling interests	7	6	7
Total stockholders' equity	26,307	25,956	22,486
Total Liabilities and Stockholders' Equity	103,436	105,996	103,119
Unrestricted
ASSETS
Financing receivables - net	42,113	44,575	41,396
Securitized
ASSETS
Financing receivables - net	$ 6,479	$ 6,831	$ 8,257
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Other assets	$ 168	$ 171	$ 182
Total Assets	$ 6,647	$ 7,002	$ 8,439

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Feb. 01, 2026 $ / shares shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share) \| $ / shares	$ 1
Common stock, issued shares \| shares	536,431,204

STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Cash Flows from Operating Activities
Net income	$ 655	$ 867
Adjustments to reconcile net income to net cash used for operating activities:
Provision for credit losses	36	69
Depreciation and amortization	590	549
Impairments and other adjustments		(32)
Share-based compensation expense	41	28
Provision for deferred income taxes	18	208
Changes in assets and liabilities:
Receivables related to sales	350	1,063
Inventories	(746)	(795)
Accounts payable and accrued expenses	(1,486)	(1,845)
Accrued income taxes payable/receivable	(88)	(540)
Retirement benefits	(194)	(688)
Other	(66)	(16)
Net cash used for operating activities	(890)	(1,132)
Cash Flows from Investing Activities
Collections of receivables (excluding receivables related to sales)	8,098	8,137
Proceeds from maturities and sales of marketable securities	144	61
Proceeds from sales of equipment on operating leases	377	433
Cost of receivables acquired (excluding receivables related to sales)	(6,023)	(6,045)
Purchases of marketable securities	(129)	(141)
Purchases of property and equipment	(256)	(352)
Cost of equipment on operating leases acquired	(432)	(439)
Collections of receivables from unconsolidated affiliates	105
Collateral on derivatives - net	(11)	(191)
Other	(51)	(47)
Net cash provided by investing activities	1,822	1,416
Cash Flows from Financing Activities
Net proceeds (payments) in short-term borrowings (original maturities three months or less)	848	(1,484)
Proceeds from borrowings issued (original maturities greater than three months)	780	3,168
Payments of borrowings (original maturities greater than three months)	(3,360)	(1,753)
Repurchases of common stock	(302)	(441)
Dividends paid	(441)	(403)
Other	(15)	(10)
Net cash used for financing activities	(2,490)	(923)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	98	(87)
Net Decrease in Cash, Cash Equivalents, and Restricted Cash	(1,460)	(726)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	8,533	7,633
Cash, Cash Equivalents, and Restricted Cash at End of Period	7,073	6,907
Components of Cash, Cash Equivalents, and Restricted Cash
Cash and cash equivalents	6,798	6,601
Cash, cash equivalents, and restricted cash (Assets held for sale)		116
Restricted cash (Other assets)	$ 275	$ 190
Balance sheet location of restricted cash	Other assets	Other assets
Total Cash, Cash Equivalents, and Restricted Cash	$ 7,073	$ 6,907

STATEMENTS OF CHANGES IN CONSOLIDATED STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Common Stock	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Balance at Oct. 27, 2024	$ 5,489	$ (35,349)	$ 56,402	$ (3,706)	$ 7	$ 22,843
Increase (Decrease) in Stockholders' Equity
Net income			869			869
Other comprehensive income (loss)				(461)		(461)
Repurchases of common stock		(384)				(384)
Treasury shares reissued		24				24
Dividends declared			(441)			(441)
Share based awards and other	37		(1)			36
Balance at Jan. 26, 2025	5,526	(35,709)	56,829	(4,167)	7	22,486
Redeemable Noncontrolling Interest - Balance at Oct. 27, 2024						82
Increase (Decrease) in Redeemable Noncontrolling Interest
Net loss						(2)
Other comprehensive income (loss)						(3)
Other						1
Redeemable Noncontrolling Interest - Balance at Jan. 26, 2025						78
Balance at Nov. 02, 2025	5,668	(36,362)	59,676	(3,032)	6	25,956
Increase (Decrease) in Stockholders' Equity
Net income			656			656
Other comprehensive income (loss)				367		367
Repurchases of common stock	(4)	(299)				(303)
Treasury shares reissued		16				16
Dividends declared			(439)			(439)
Share based awards and other	51		2		1	54
Balance at Feb. 01, 2026	$ 5,715	$ (36,645)	$ 59,895	$ (2,665)	$ 7	26,307
Redeemable Noncontrolling Interest - Balance at Nov. 02, 2025						51
Increase (Decrease) in Redeemable Noncontrolling Interest
Net loss						(1)
Other comprehensive income (loss)						3
Other						(3)
Redeemable Noncontrolling Interest - Balance at Feb. 01, 2026						$ 50

ORGANIZATION AND CONSOLIDATION

3 Months Ended

Feb. 01, 2026

ORGANIZATION AND CONSOLIDATION

ORGANIZATION AND CONSOLIDATION

(1) Organization and Consolidation

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

We use a 52/53 week fiscal year with quarters ending on the last Sunday in the reporting period. The 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 the additional week occurring in the fourth quarter. Unless otherwise stated, references to particular years, quarters, or months refer to our fiscal years generally ending near the end of October and the associated periods in those fiscal years.

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

Variable Interest Entities

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

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

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

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


	February 1		November 2
	2026		2025
Receivables from unconsolidated affiliates – "Other receivables"	$	306	$	394
Investments in unconsolidated affiliates – "Other assets"		389		405
Carrying value of assets related to VIE		695		799
Guarantees		164		157
Maximum exposure to loss	$	859	$	956

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

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

The interim consolidated financial statements of Deere & Company have been prepared by us, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted as permitted by such rules and regulations. All normal recurring adjustments have been included. Management believes the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. It is suggested these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in our latest Annual Report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year.

Use of Estimates in Financial Statements

Certain accounting policies require management to make estimates and assumptions in determining the amounts reflected in the financial statements and related disclosures. Actual results could differ from those estimates.

Accounting Pronouncements to be Adopted

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for us beginning with our interim reporting for fiscal year 2030, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides updated guidance for the capitalization of internal-use software. The ASU will be effective for us beginning with our interim reporting for fiscal year 2029, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures.

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

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


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

REVENUE RECOGNITION

3 Months Ended

Feb. 01, 2026

REVENUE RECOGNITION

REVENUE RECOGNITION

(3) Revenue Recognition

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


Three Months Ended February 1, 2026	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	1,226	$	1,106	$	1,577	$	1,051	$	4,960
Canada		398		101		136		191		826
Western Europe		464		486		426		54		1,430
Central Europe and CIS		172		60		76		2		310
Latin America		684		95		231		32		1,042
Asia, Africa, Oceania, and Middle East		325		376		288		54		1,043
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611

Major product lines:
Production agriculture	$	3,093							$	3,093
Small agriculture			$	1,527						1,527
Turf				576						576
Construction					$	1,111				1,111
Compact construction						468				468
Roadbuilding						772				772
Forestry						269				269
Financial products		57		27		18	$	1,384		1,486
Other		119		94		96				309
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611

Revenue recognized:
At a point in time	$	3,164	$	2,174	$	2,695	$	33	$	8,066
Over time		105		50		39		1,351		1,545
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611


Three Months Ended January 26, 2025	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	1,555	$	949	$	1,113	$	1,085	$	4,702
Canada		354		79		101		187		721
Western Europe		277		352		344		43		1,016
Central Europe and CIS		67		39		71		4		181
Latin America		715		80		205		96		1,096
Asia, Africa, Oceania, and Middle East		205		308		224		55		792
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

Major product lines:
Production agriculture	$	3,002							$	3,002
Small agriculture			$	1,234						1,234
Turf				463						463
Construction					$	770				770
Compact construction						361				361
Roadbuilding						596				596
Forestry						226				226
Financial products		55		33		21	$	1,470		1,579
Other		116		77		84				277
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

Revenue recognized:
At a point in time	$	3,086	$	1,760	$	2,028	$	29	$	6,903
Over time		87		47		30		1,441		1,605
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

We invoice in advance of recognizing the revenue of certain products and services. These relate to extended warranty premiums, advance payments for future equipment sales, and subscription and service revenue related to precision guidance, telematic services, and other information enabled solutions. These advanced customer payments are presented as deferred revenue, a contract liability, in “Accounts payable and accrued expenses.” The deferred revenue received, but not recognized in revenue, was $2,121, $2,039, and $2,027 at February 1, 2026, November 2, 2025, and January 26, 2025, respectively. The contract liability is reduced as the revenue is recognized. Revenue recognized from deferred revenue that was recorded as a contract liability at the beginning of the fiscal year was $265 and $197 during the three months ended February 1, 2026, and January 26, 2025, respectively.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,811 at February 1, 2026. The estimated revenue to be recognized by fiscal year follows: remainder of 2026 – $465, 2027 – $529, 2028 – $351, 2029 – $213, 2030 – $127, 2031 – $77, and later years – $49. As permitted, we elected only to disclose remaining performance obligations with an original contract duration greater than one year. The contracts with an expected duration of one year or less are for sales to dealers and retail customers for equipment, service parts, repair services, and certain telematics services.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

OTHER COMPREHENSIVE INCOME ITEMS

3 Months Ended

Feb. 01, 2026

OTHER COMPREHENSIVE INCOME ITEMS

OTHER COMPREHENSIVE INCOME ITEMS

(4) Other Comprehensive Income Items

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


	February 1		November 2		January 26
	2026		2025		2025
Retirement benefits adjustment	$	(1,183)	$	(1,182)	$	(1,271)
Cumulative translation adjustment		(1,382)		(1,753)		(2,734)
Unrealized loss on derivatives		(59)		(54)		(73)
Unrealized loss on debt securities		(41)		(43)		(89)
Accumulated other comprehensive income (loss)	$	(2,665)	$	(3,032)	$	(4,167)

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


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended February 1, 2026	Amount		Credit		Amount
Cumulative translation adjustment	$	371			$	371
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(2)				(2)
Reclassification of realized (gain) loss to Interest expense		(4)	$	1		(3)
Net unrealized gain (loss) on derivatives		(6)		1		(5)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		4		(2)		2
Net unrealized gain (loss) on debt securities		4		(2)		2
Retirement benefits adjustment:
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(12)		3		(9)
Prior service (credit) cost		10		(2)		8
Net unrealized gain (loss) on retirement benefits adjustment		(2)		1		(1)
Total other comprehensive income (loss)	$	367			$	367


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 26, 2025	Amount		Credit		Amount
Cumulative translation adjustment	$	(449)	$	1	$	(448)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		7		(2)		5
Reclassification of realized (gain) loss to Interest expense		(8)		2		(6)
Net unrealized gain (loss) on derivatives		(1)				(1)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(19)		4		(15)
Net unrealized gain (loss) on debt securities		(19)		4		(15)
Retirement benefits adjustment:
Net actuarial gain (loss)		6		(1)		5
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(11)		3		(8)
Prior service (credit) cost		9		(3)		6
Net unrealized gain (loss) on retirement benefits adjustment		4		(1)		3
Total other comprehensive income (loss)	$	(465)	$	4	$	(461)

EARNINGS PER SHARE

3 Months Ended

Feb. 01, 2026

EARNINGS PER SHARE

EARNINGS PER SHARE

(5) EARNINGS Per Share

A reconciliation of basic and diluted earnings per share attributable to Deere & Company follows in millions, except per share amounts:


	Three Months Ended
	February 1		January 26
	2026		2025
Net income attributable to Deere & Company	$	656	$	869
Average shares outstanding		270.3		271.6
Basic earnings per share	$	2.43	$	3.20

Average shares outstanding		270.3		271.6
Effect of dilutive stock options and unvested restricted stock units		.6		.7
Total potential shares outstanding		270.9		272.3
Diluted earnings per share	$	2.42	$	3.19

Shares excluded as antidilutive		.2		.3

PENSION AND OTHER POSTRETIREMENT BENEFITS

3 Months Ended

Feb. 01, 2026

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITS

(6) Pension and Other Postretirement Benefits

We have several funded and unfunded defined benefit pension plans and other postretirement benefit (OPEB) plans. These plans cover U.S. employees and certain foreign employees. The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses.”

The components of net periodic pension and OPEB (benefit) cost consisted of the following:


	Three Months Ended
	February 1		January 26
	2026		2025
Pensions:
Service cost	$	59	$	65
Interest cost		125		128
Expected return on plan assets		(249)		(254)
Amortization of actuarial gain		(2)		(1)
Amortization of prior service cost		10		10
Net benefit	$	(57)	$	(52)

OPEB:
Service cost	$	4	$	5
Interest cost		37		40
Expected return on plan assets		(41)		(28)
Amortization of actuarial gain		(10)		(10)
Amortization of prior service credit				(1)
Net (benefit) cost	$	(10)	$	6

During the first three months of 2026, we contributed and expect to contribute the following amounts to our pension and OPEB plans:


	Pensions		OPEB
Contributed	$	30	$	110
Expected contributions remainder of the year		70		40

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

INCOME TAXES

3 Months Ended

Feb. 01, 2026

INCOME TAXES

INCOME TAXES

(7) INCOME TAXES

The effective tax rate for the three months ended February 1, 2026, and January 26, 2025, was 23.4% and 3.0%, respectively. The effective tax rate in the first quarter of 2025 was impacted by favorable net discrete tax items (see Note 21).

- Definition

The entire disclosure for income tax.

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+ Details

SEGMENT DATA

3 Months Ended

Feb. 01, 2026

SEGMENT DATA

SEGMENT DATA

(8) SEGMENT DATA

Our operations are organized and reported in four business segments: Production & Precision Agriculture, Small Agriculture & Turf, Construction & Forestry, and Financial Services. This presentation is consistent with how the chief operating decision maker, our Chief Executive Officer (CEO), who also serves as the Chairman of the Board, assesses the performance of the segments and makes decisions regarding resource allocations. Each segment has a group president responsible for managing financial performance and executing strategic initiatives.

●

Production & Precision Agriculture – PPA segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for production-scale growers of large grains, small grains, cotton, and sugarcane.

●

Small Agriculture & Turf – SAT segment defines, develops, and delivers global equipment and technology solutions to unlock customer value for dairy and livestock producers, high-value and small acreage crop producers, and turf and utility customers.

●

Construction & Forestry – CF segment defines, develops, and delivers a broad range of machines and technology solutions organized along the earthmoving, forestry, and roadbuilding production systems.

The products and services produced by the segments above are primarily marketed through independent retail dealer networks and major retail outlets. For roadbuilding products in certain markets outside the U.S. and Canada, the products are sold through company-owned sales and service subsidiaries.

●

Financial Services – FS segment finances sales and leases by John Deere dealers of new and used production and precision agriculture equipment, small agriculture and turf equipment, and construction and forestry equipment. In addition, the FS segment provides wholesale financing to dealers of the foregoing equipment, finances retail revolving charge accounts, and offers extended equipment warranties.

The CEO evaluates the performance of the business segments based on operating profit, which for FS includes interest income and interest expense, and on identifiable segment operating assets. Segment operating profit and operating assets are measured using accounting policies consistent with those applied in the consolidated financial statements. Because of integrated manufacturing operations and common administrative and marketing support, a substantial number of allocations must be

made to determine operating segment data. Intersegment transactions are primarily made between the FS segment and PPA, SAT, and CF segments, and are recognized at current market prices.

Total identifiable assets assigned to the equipment operations operating segments are those the segments actively manage, consisting of trade receivables, inventories, property and equipment, intangible assets, and certain other assets. Corporate assets are managed on a consolidated basis, including cash and cash equivalents, retirement benefit net assets, goodwill, and deferred income tax assets. Financial Services assets include cash and cash equivalents, retirement benefits, and deferred income tax assets that are managed by the segment.

Information relating to operations by operating segment was as follows:


Three Months Ended February 1, 2026	PPA		SAT		CF		FS		Total
External net sales	$	3,163	$	2,168	$	2,670			$	8,001
External finance and interest income		12		10		5	$	1,260		1,287
External other income		57		36		48		124		265
Intersegment income		54		9		8		104		175
Total segment net sales and revenues		3,286		2,223		2,731		1,488		9,728
Cost of sales		(2,476)		(1,633)		(2,182)				(6,291)
Interest expense								(664)		(664)
Other segment items*		(671)		(394)		(412)		(523)		(2,000)
Segment operating profit	$	139	$	196	$	137	$	301	$	773

Three Months Ended January 26, 2025	PPA		SAT		CF		FS		Total
External net sales	$	3,067	$	1,748	$	1,994			$	6,809
External finance and interest income		9		9		2	$	1,363		1,383
External other income		56		33		45		107		241
Intersegment income		57		5		2		103		167
Total segment net sales and revenues		3,189		1,795		2,043		1,573		8,600
Cost of sales		(2,164)		(1,297)		(1,584)				(5,045)
Interest expense								(766)		(766)
Other segment items*		(687)		(374)		(394)		(541)		(1,996)
Segment operating profit	$	338	$	124	$	65	$	266	$	793

* Other segment items for PPA, SAT, and CF include selling, administrative and general expenses; advertising; engineering; research and development; equity in income (loss) of unconsolidated affiliates; and other miscellaneous operating expenses. Financial Services other segment items include selling, administrative and general expenses; foreign exchange gains and losses; equity in income (loss) of unconsolidated affiliates; and other miscellaneous operating expenses.

A reconciliation of segment net sales and revenues and segment net income to consolidated net sales and revenues and consolidated net income follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Reconciliation of net sales and revenues
Segment net sales and revenues	$	9,728	$	8,600
External other income*		58		75
Elimination of intersegment revenues		(175)		(167)
Net sales and revenues	$	9,611	$	8,508

Reconciliation of net income
Segment operating profit	$	773	$	793
Interest income – excluding FS		93		90
Interest expense – excluding FS		(93)		(84)
Pension and OPEB benefit, excluding service cost component		130		116
Corporate other – net**		(52)		(21)
Income taxes		(196)		(27)
Net income	$	655	$	867

* External other income includes corporate investment income, corporate interest income, and other miscellaneous revenue items that are included in “Finance and interest income” and “Other income” on the statements of consolidated income.

** Corporate other – net includes certain foreign exchange gains and losses, certain investment income, and certain corporate administrative and general expenses.

Additional operating segment information was as follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Depreciation* and amortization expense
PPA	$	171	$	166
SAT		75		65
CF		96		88
FS		274		265
Intersegment		(26)		(35)
Total	$	590	$	549

Capital additions
PPA	$	74	$	87
SAT		32		35
CF		48		78
FS
Total	$	154	$	200

* Depreciation includes depreciation for equipment on operating leases.


	February 1		November 2		January 26
	2026		2025		2025
Total Assets
PPA	$	9,123	$	8,787	$	8,773
SAT		4,335		3,987		4,179
CF		8,043		7,792		7,237
FS		67,904		70,021		69,686
Corporate*		14,031		15,409		13,244
Total Assets	$	103,436	$	105,996	$	103,119

Equity investment in unconsolidated affiliates
PPA	$	10	$	11	$	12
SAT		38		37		59
CF
FS		450		462		48
Total	$	498	$	510	$	119

* Corporate assets are managed on a consolidated basis, including cash and cash equivalents, retirement benefit net assets, goodwill, and deferred income tax assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

FINANCING RECEIVABLES

3 Months Ended

Feb. 01, 2026

FINANCING RECEIVABLES

FINANCING RECEIVABLES

(9) Financing Receivables

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

●

Past due balances represent any payments 30 days or more past the due date.

●

Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.

●

Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses.

The credit quality and aging analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows:


	February 1, 2026
	2026		2025		2024		2023		2022		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	2,265	$	11,250	$	7,550	$	4,637	$	2,574	$	1,218	$	3,210	$	32,704
30-59 days past due		6		117		89		57		30		15		100		414
60-89 days past due				44		38		25		14		6		12		139
90+ days past due				2		2		1		1		2				8
Non-performing				52		141		102		63		46		12		416
Construction and forestry
Current		953		2,915		1,793		865		362		92		108		7,088
30-59 days past due		7		68		52		33		11		5		5		181
60-89 days past due				23		27		14		4		2		2		72
90+ days past due				1		7		2		3						13
Non-performing				48		90		71		33		23		1		266
Total retail customer receivables	$	3,231	$	14,520	$	9,789	$	5,807	$	3,095	$	1,409	$	3,450	$	41,301

Write-offs for the three months ended February 1, 2026:
Agriculture and turf			$	4	$	7	$	6	$	3	$	2	$	9	$	31
Construction and forestry				8		7		7		2		1		1		26
Total			$	12	$	14	$	13	$	5	$	3	$	10	$	57


	November 2, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	12,380	$	8,389	$	5,228	$	3,003	$	1,310	$	281	$	4,608	$	35,199
30-59 days past due		36		73		59		38		15		7		37		265
60-89 days past due		14		37		28		13		8		2		10		112
90+ days past due		1		2				1		2						6
Non-performing		41		109		98		57		30		17		14		366
Construction and forestry
Current		3,175		2,038		1,034		463		130		12		124		6,976
30-59 days past due		42		47		31		12		4		1		5		142
60-89 days past due		21		17		12		8		1		1		2		62
90+ days past due		1		6		3		2				1				13
Non-performing		31		94		78		38		19		7		1		268
Total retail customer receivables	$	15,742	$	10,812	$	6,571	$	3,635	$	1,519	$	329	$	4,801	$	43,409

Write-offs for the twelve months ended November 2, 2025:
Agriculture and turf	$	6	$	32	$	34	$	21	$	9	$	7	$	102	$	211
Construction and forestry		9		38		29		12		3		3		7		101
Total	$	15	$	70	$	63	$	33	$	12	$	10	$	109	$	312


	January 26, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	2,421	$	12,687	$	7,437	$	4,560	$	2,387	$	903	$	3,027	$	33,422
30-59 days past due		8		113		94		51		27		12		128		433
60-89 days past due		1		44		38		21		10		5		24		143
90+ days past due				2		1				4						7
Non-performing				44		120		81		49		33		15		342
Construction and forestry
Current		883		2,834		1,614		880		349		73		99		6,732
30-59 days past due		7		72		45		29		11		3		5		172
60-89 days past due				30		21		11		4		1		3		70
90+ days past due				4		2		3				1				10
Non-performing				66		100		56		33		15		1		271
Total retail customer receivables	$	3,320	$	15,896	$	9,472	$	5,692	$	2,874	$	1,046	$	3,302	$	41,602

Write-offs for the three months ended January 26, 2025:
Agriculture and turf			$	5	$	9	$	6	$	2	$	3	$	10	$	35
Construction and forestry				9		8		4		1		1		3		26
Total			$	14	$	17	$	10	$	3	$	4	$	13	$	61

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	$	6,128	$	6,731	$	7,098
30+ days past due		1
Non-performing		3				1
Construction and forestry
Current		1,407		1,524		1,200
30+ days past due
Non-performing		6
Total wholesale receivables	$	7,545	$	8,255	$	8,299

An analysis of the allowance for credit losses and investment in financing receivables follows:


	Three Months Ended February 1, 2026
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	249	$	7	$	2	$	258
Provision (credit)		38		(1)				37
Write-offs		(47)		(10)				(57)
Recoveries		4		11				15
Translation adjustments		1						1
End of period balance	$	245	$	7	$	2	$	254

Financing receivables:
End of period balance	$	37,851	$	3,450	$	7,545	$	48,846


	Three Months Ended January 26, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	219	$	8	$	2	$	229
Provision		68		2				70
Write-offs		(48)		(13)				(61)
Recoveries		2		9				11
Translation adjustments		(1)						(1)
End of period balance	$	240	$	6	$	2	$	248

Financing receivables:
End of period balance	$	38,300	$	3,302	$	8,299	$	49,901

The allowance for credit losses on retail notes and financing lease receivables decreased in the first quarter of 2026, primarily due to a decline in the balance of financing receivables.

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 financing receivables modified with borrowers experiencing financial difficulty was as follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Modified financing receivables	$	64	$	28
Percent of financing receivables portfolio		0.13%		0.06%

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	7	8
Term extension	12	12
Combination modifications
Payment deferral	10	4
Term extension	20	6

We continue to monitor the performance of financing receivables that are modified with borrowers experiencing financial difficulty. The ending amortized cost and performance of financing 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	$	169	$	74
30-59 days past due		13		7
60-89 days past due		8		4
90+ days past due				3
Non-performing		18		13
Total	$	208	$	101

Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the three months ended February 1, 2026, and January 26, 2025. At February 1, 2026, commitments to provide additional financing to these customers were not significant.

SECURITIZATION OF FINANCING RECEIVABLES

3 Months Ended

Feb. 01, 2026

SECURITIZATION OF FINANCING RECEIVABLES

SECURITIZATION OF FINANCING RECEIVABLES

(10) Securitization of Financing Receivables

Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.

We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).

2.

The SPE issues debt to investors. The debt is secured by the financing receivables.

3.

Investors are paid back based on cash receipts from the financing receivables.

As part of step 1, these receivables are legally isolated from the claims of our general creditors. This ensures cash receipts from the financing receivables 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 “Financing receivables securitized – net” and “Short-term 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 securitization programs were as follows:


	February 1		November 2		January 26
	2026		2025		2025
Financing receivables securitized (retail notes)	$	6,518	$	6,872	$	8,307
Allowance for credit losses		(39)		(41)		(50)
Other assets (primarily restricted cash)		168		171		182
Total restricted securitized assets	$	6,647	$	7,002	$	8,439

Short-term securitization borrowings	$	6,283	$	6,596	$	8,014
Accrued interest on borrowings		13		15		11
Total liabilities related to restricted securitized assets	$	6,296	$	6,611	$	8,025

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 4
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 860
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-Name Accounting Standards Codification
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-Topic 860
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVENTORIES

3 Months Ended

Feb. 01, 2026

INVENTORIES

INVENTORIES

(11) Inventories

A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis. If all inventories valued on a LIFO basis had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows:


	February 1		November 2		January 26
	2026		2025		2025
Raw materials and supplies	$	3,738	$	3,402	$	3,549
Work-in-process		1,106		956		1,046
Finished goods and parts		6,351		5,769		6,055
Total FIFO value		11,195		10,127		10,650
Excess of FIFO over LIFO		2,909		2,721		2,906
Inventories	$	8,286	$	7,406	$	7,744

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

3 Months Ended

Feb. 01, 2026

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

(12) Goodwill and Other Intangible Assets – Net

The changes in amounts of goodwill by operating segments were as follows.


	PPA		SAT		CF		Total
Goodwill at October 27, 2024	$	701	$	365	$	2,893	$	3,959
Translation adjustments		(11)		(4)		(72)		(87)
Goodwill at January 26, 2025	$	690	$	361	$	2,821	$	3,872

Goodwill at November 2, 2025	$	744	$	393	$	3,051	$	4,188
Translation adjustments		6		3		83		92
Goodwill at February 1, 2026	$	750	$	396	$	3,134	$	4,280

The components of other intangible assets were as follows:


	February 1		November 2		January 26
	2026		2025		2025
Customer lists and relationships	$	491	$	482	$	490
Technology, patents, trademarks, and other		1,554		1,518		1,392
Total at cost		2,045		2,000		1,882
Less accumulated amortization:
Customer lists and relationships		(272)		(260)		(229)
Technology, patents, trademarks, and other		(893)		(848)		(716)
Total accumulated amortization		(1,165)		(1,108)		(945)
Other intangible assets – net	$	880	$	892	$	937

The amortization expense of other intangible assets in the first quarter of 2026 and 2025 was $34 and $41, respectively. The estimated amortization expense for the next five years is as follows: remainder of 2026 – $109, 2027 – $136, 2028 – $99, 2029 – $82, 2030 – $74, and 2031 – $72.

SHORT-TERM BORROWINGS

3 Months Ended

Feb. 01, 2026

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

(13) Short-Term Borrowings

Short-term borrowings were as follows:


	February 1		November 2		January 26
	2026		2025		2025
Commercial paper	$	4,327	$	4,218	$	2,699
Notes payable to banks		685		651		561
Finance lease obligations due within one year		38		39		34
Long-term borrowings due within one year		9,342		8,888		9,517
Short-term borrowings	$	14,392	$	13,796	$	12,811

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

3 Months Ended

Feb. 01, 2026

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

(14) Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	February 1		November 2		January 26
	2026		2025		2025
Accounts payable:
Trade payables	$	2,987	$	2,985	$	2,393
Dividends payable		441		443		443
Operating lease liabilities		320		314		274
Deposits withheld from dealers and merchants		138		143		136
Payables to unconsolidated affiliates		17		10		8
Other		230		191		207
Accrued expenses:
Employee benefits		530		1,577		786
Product warranties		1,311		1,259		1,360
Accrued taxes		1,001		1,155		1,111
Extended warranty premium		1,199		1,202		1,173
Dealer sales incentives		318		828		246
Unearned revenue (contractual liability)		922		837		854
Unearned operating lease revenue		519		534		474
Accrued interest		500		524		487
Derivative liabilities		593		389		750
Parts return liability		449		445		418
Other		1,058		1,073		1,042
Accounts payable and accrued expenses	$	12,533	$	13,909	$	12,162

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $1,898 at February 1, 2026, $1,892 at November 2, 2025, and $1,901 at January 26, 2025. Other eliminations were made for accrued taxes and other accrued expenses.

LONG-TERM BORROWINGS

3 Months Ended

Feb. 01, 2026

LONG-TERM BORROWINGS

LONG-TERM BORROWINGS

(15) Long-Term Borrowings

Long-term borrowings were as follows in millions:


	February 1		November 2		January 26
	2026		2025		2025
Underwritten term debt
U.S. dollar notes and debentures:
6.55% debentures due 2028	$	200	$	200	$	200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
4.15% notes due 2030*		500		498
7.125% notes due 2031		300		300		300
5.45% notes due 2035		1,250		1,250		1,250
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
5.70% notes due 2055		750		750		750
Euro notes:
1.85% notes due 2028 (€600 principal)		718		694		625
2.20% notes due 2032 (€600 principal)		718		694		625
1.65% notes due 2039 (€650 principal)		778		752		677
Serial issuances:
Medium-term notes*		32,168		34,041		34,974
Other notes and finance lease obligations		519		470		272
Less: debt issuance costs and debt discounts		(147)		(155)		(167)
Long-term borrowings	$	41,804	$	43,544	$	43,556

* Includes fair value hedge adjustments related to derivatives.

The 4.15% notes due 2030 listed above were issued on October 9, 2025, by Deere Funding Canada Corporation (DFCC), an indirect wholly-owned subsidiary. These notes are fully and unconditionally guaranteed on a senior unsecured basis by Deere & Company and, therefore, rank equally with all our outstanding notes and debentures. DFCC financial results were not material to our condensed consolidated financial statements or results of operations, and as a result, we have elected to exclude summarized financial information.

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

The principal balances of the 4.15% notes due 2030 and medium-term notes were as follows:


	February 1		November 2		January 26
	2026		2025		2025
4.15% notes due 2030	$	500	$	500
Medium-term notes		32,359		34,241	$	35,770

LEASES - LESSOR

3 Months Ended

Feb. 01, 2026

LEASES - LESSOR

LEASES - LESSOR

(16) Leases – Lessor

We lease equipment manufactured or sold by us through John Deere Financial. Sales-type and direct financing leases are reported in “Financing receivables – net.” Operating leases are reported in “Equipment on operating leases – net.”

Lease revenues earned by us follow:


	Three Months Ended
	February 1		January 26
	2026		2025
Sales-type and direct finance lease revenues	$	45	$	47
Operating lease revenues		373		362
Variable lease revenues		6		4
Total lease revenues	$	424	$	413

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Feb. 01, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

(17) Commitments and Contingencies

A standard warranty is provided as assurance that the equipment will function as intended. The standard warranty period varies by product and region. At the time a sale is recognized, we record an estimate of future warranty costs based on historical claims rate experience and estimated population under warranty.

The reconciliation of the changes in the warranty liability follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Beginning of period balance	$	1,259	$	1,426
Warranty claims paid		(299)		(310)
New product warranty accruals		342		256
Foreign exchange		9		(12)
End of period balance	$	1,311	$	1,360

The costs for extended warranty programs are recognized as incurred.

In certain international markets, we provide guarantees to banks for the retail financing of John Deere equipment. As of February 1, 2026, the notional value of these guarantees was $141. We may repossess the equipment collateralizing the receivables. At February 1, 2026, the accrued losses under these guarantees were not material. We also had guarantees to a VIE (see Note 1) totaling $164 at February 1, 2026.

We also had other miscellaneous contingent liabilities and guarantees totaling approximately $105 at February 1, 2026. The accrued liability for these contingencies was $25 at February 1, 2026.

At February 1, 2026, we had commitments of approximately $430 for the construction and acquisition of property and equipment. Also, at February 1, 2026, we had restricted assets of $342, classified as “Other assets,” which includes restricted cash primarily related to securitization of financing receivables (see Note 10) and cash that is legally restricted as to withdrawal or usage.

We are subject to various unresolved legal actions. The total accrued losses on unresolved legal matters were approximately $175 at February 1, 2026. The accrual includes estimated total accrued losses on unresolved legal matters in connection with a consolidated multidistrict class action antitrust lawsuit, which was recorded in the fourth quarter of 2025. The accrual is based on management’s best estimate of probable losses as the outcome of litigation is inherently uncertain. We believe the reasonably possible range of losses in excess of the recorded accruals for these unresolved legal actions would not have a material effect on our consolidated financial statements. The most prevalent legal claims relate to antitrust matters (including class action litigation), product liability (including asbestos-related liability), employment, patent, and trademark.

FAIR VALUE MEASUREMENTS

3 Months Ended

Feb. 01, 2026

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

(18) Fair Value Measurements

The fair values of financial instruments that do not approximate the carrying values are presented in the table below. Long-term borrowings exclude finance lease liabilities.


	February 1, 2026				November 2, 2025				January 26, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	42,113	$	42,266	$	44,575	$	44,779	$	41,396	$	41,311
Financing receivables securitized – net		6,479		6,494		6,831		6,855		8,257		8,174
Receivables from unconsolidated affiliates		306		306		392		400
Short-term securitization borrowings		6,283		6,322		6,596		6,631		8,014		8,036
Long-term borrowings due within one year		9,342		9,390		8,888		8,911		9,517		9,468
Long-term borrowings		41,730		41,721		43,471		43,527		43,483		43,172

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

Fair values of the financing receivables and receivables from unconsolidated affiliates 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 financing receivables or at current market interest rates. The fair values of the remaining financing receivables approximated the carrying amounts. At November 2, 2025, we also had $60 marketable securities classified as held-to-maturity Level 2 international corporate debt securities that matured in the first quarter of 2026. We record held-to-maturity marketable securities at amortized cost, which approximates fair value.

Fair values of long-term borrowings and short-term 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 borrowings have been swapped to current variable interest rates. The carrying values of these long-term borrowings include adjustments related to fair value hedges.

Assets and liabilities measured at fair value on a recurring basis, excluding our cash equivalents, which were carried at a cost that approximates fair value and consist of money market funds and time deposits, and excluding our held-to-maturity debt securities, are as follows:


	February 1		November 2		January 26
	2026		2025		2025
Level 1:
Marketable securities
U.S. government debt securities	$	264	$	196	$	301
Total Level 1 marketable securities		264		196		301

Level 2:
Marketable securities
International fixed income fund		7		7
Corporate debt securities		510		510		419
International debt securities		162		174		132
Mortgage-backed securities		228		234		174
Municipal debt securities		110		113		80
U.S. government debt securities		117		117		108
Total Level 2 marketable securities		1,134		1,155		913
Other assets – Derivatives		347		393		216
Accounts payable and accrued expenses – Derivatives		593		389		750

Level 3:
Accounts payable and accrued expenses – Deferred consideration		107		113		138

The mortgage-backed securities are primarily issued by U.S. government sponsored enterprises.

The contractual maturities of available-for-sale debt securities at February 1, 2026, follow:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	62	$	64
Due after one through five years		373		371
Due after five through 10 years		551		542
Due after 10 years		207		186
Mortgage-backed securities		249		228
Debt securities	$	1,442	$	1,391

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.

Fair value, nonrecurring Level 3 measurements from impairments and other adjustments were as follows:


	Fair Value					(Gains) Losses
						Three Months Ended
	February 1	November 2		January 26		February 1	January 26
	2026	2025		2025		2026	2025²
Property and equipment – net¹		$	1
Other intangible assets – net¹			3
Other assets			8
Assets held for sale				$	2,929		$	(32)

¹ Related to assessments of our external overseas battery operations performed in the third quarter of 2025.

² The gain on “Assets held for sale” recorded in the first quarter of 2025 represents a reversal of prior period valuation allowance loss, not in excess of cumulative valuation allowance recorded on “Assets held for sale.”

The following is a description of the valuation methodologies we use to measure certain financial instruments on the balance sheets at fair value:

Marketable securities – The portfolio of investments is valued on a market approach (matrix pricing model) in which all significant inputs are observable or can be derived from or corroborated by observable market data such as interest rates, yield

curves, volatilities, credit risk, and prepayment speeds. Funds are valued using the fund’s net asset value, based on the fair value of the underlying securities.

Derivatives – Our derivative financial instruments consist of interest rate contracts (swaps), foreign currency exchange contracts (futures, 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.

Deferred consideration – The total purchase price consideration for three former Deere-Hitachi joint venture factories acquired in 2022 included supply agreement price increases beyond inflation adjustments. This deferred consideration will be paid as we purchase Deere-branded excavators, components, and service parts from Hitachi under the agreement with a duration that ranges from 5 to 30 years after the acquisition date. The deferred consideration balance is reduced as purchases are made and valued on a discounted cash flow approach using market rates.

Property and equipment – net – The valuations were based on the cost approach. The inputs include reproduction cost estimates adjusted for physical deterioration and functional obsolescence.

Other intangible assets – net – The impairment of customer relationships and trade name of our external overseas battery operations was measured using an income approach.

Other assets (Investments in unconsolidated affiliates) – Other than temporary impairments of investments are measured as the difference between the implied fair value and the carrying value of the investments. The estimated fair value for privately held entities is determined by an income approach (discounted cash flows), which includes inputs such as interest rates and margins.

Assets held for sale – The disposal group was measured at the lower of the carrying amount or fair value less costs to sell. Fair value was based on the probable sale price. The inputs included estimates of the final sale price (see Note 21). The gain recorded in 2025 represents a reversal of the prior period valuation allowance, not in excess of the cumulative valuation allowance recorded on “Assets held for sale.”

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

DERIVATIVE INSTRUMENTS

3 Months Ended

Feb. 01, 2026

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS

(19) Derivative Instruments

Fair values of our derivative instruments and the associated notional amounts are presented below. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”


	February 1, 2026						November 2, 2025						January 26, 2025
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	3,875			$	27	$	2,675			$	21	$	3,275	$	1	$	31

Fair value hedges:
Interest rate contracts		10,659	$	130		203		11,465	$	160		228		15,256		32		602
Cross-currency interest rate contracts		2,058		132		13		2,058		91		11		975				2

Net investment hedges:
Cross-currency interest rate contracts		1,131				35		1,131				9

Not designated as hedging instruments:
Interest rate contracts		13,918		78		71		14,084		94		81		13,082		88		72
Foreign exchange contracts		7,984		7		232		7,372		46		33		7,408		81		43
Cross-currency interest rate contracts		133				12		132		2		6		164		14

The amounts recorded in the condensed consolidated balance sheets related to borrowings and fair value hedges are presented in the table below. Fair value hedging adjustments are included in the carrying amount of hedged items.


	Carrying Amount		Cumulative Fair Value
	of Hedged Items		Hedging Amounts
February 1, 2026
Short-term borrowings	$	3,018	$	(26)
Long-term borrowings		24,231		(211)

November 2, 2025
Short-term borrowings	$	2,998	$	(30)
Long-term borrowings		25,013		(203)

January 26, 2025
Short-term borrowings	$	2,110	$	(14)
Long-term borrowings		24,438		(796)

The table above includes carrying amounts of short-term borrowings of $2,548, $2,544, and $2,110 and of long-term borrowings of $11,952, $11,963, and $8,923 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 short-term borrowings of $(26), $(30), and $(14) and of long-term borrowings of $(171), $(185), and $(179) at February 1, 2026, November 2, 2025, and January 26, 2025, respectively. At January 26, 2025, long-term borrowings with a carrying amount of $598 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	$	(58)	$	(343)

Cash flow hedges:
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(2)	$	7
Reclassified from OCI:
Interest rate contracts – Interest expense		4		8

Net investment hedges:
Interest rate contracts – Interest expense	$	4
Recognized in OCI:
Interest rate contracts – OCI (pretax)		(30)

Not designated as hedges:
Interest rate contracts – Interest expense	$	(4)	$	(4)
Foreign exchange contracts – Net sales		5		(7)
Foreign exchange contracts – Cost of sales		(67)		35
Foreign exchange contracts – Other operating expenses		(279)		208
Total not designated	$	(345)	$	232

Certain of our derivative agreements contain credit support provisions that may require us to post collateral based on the size of the net liability positions and credit ratings. The aggregate fair value of all derivatives with credit-risk-related contingent features that were in a net liability position at February 1, 2026, November 2, 2025, and January 26, 2025, was $361, $356, and $707, respectively. In accordance with the limits established in these agreements, we posted $74, $62, and $436 of cash collateral at February 1, 2026, November 2, 2025, and January 26, 2025, respectively. In addition, we paid $8 of collateral that was outstanding at February 1, 2026, November 2, 2025, and January 26, 2025, to participate in an international futures market to hedge currency exposure, not included in the following table.

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and collateral follows:


	Gross Amounts		Netting
	Recognized		Arrangements		Collateral		Net Amount
February 1, 2026
Assets	$	347	$	(170)			$	177
Liabilities		593		(170)	$	(75)		348

November 2, 2025
Assets	$	393	$	(202)			$	191
Liabilities		389		(202)	$	(64)		123

January 26, 2025
Assets	$	216	$	(62)			$	154
Liabilities		750		(62)	$	(437)		251

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

SHARE-BASED AWARDS

3 Months Ended

Feb. 01, 2026

SHARE-BASED AWARDS

SHARE-BASED AWARDS

(20) Share-Based AWARDS

We are authorized to grant shares for equity incentive awards. The outstanding shares authorized were 12.6 million at February 1, 2026. In December 2025, we granted stock options to employees for the purchase of 161 thousand shares of common stock at an exercise price of $468.90 per share and a binomial lattice model fair value of $125.96 per share at the grant date. At February 1, 2026, options for 1.1 million shares were outstanding with a weighted-average exercise price of $353.91 per share.

During the three months ended February 1, 2026, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date in dollars, follow:

SPECIAL ITEMS

3 Months Ended

Feb. 01, 2026

SPECIAL ITEMS

SPECIAL ITEMS

(21) Special Items

Discrete Tax Items

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

Banco John Deere S.A.

In 2024, we entered into an agreement with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of our wholly-owned subsidiary in Brazil, BJD. BJD is included in our financial services segment and finances retail and wholesale loans for agricultural, construction, and forestry equipment. In February 2025, Bradesco contributed capital equal to our equity investment in BJD. We retained a 50% equity interest in BJD and are reporting the results as an equity investment in unconsolidated affiliates.

The BJD business was reclassified as held for sale in 2024. At January 26, 2025, the valuation allowance on “Assets held for sale” decreased to $65, resulting in a pretax and after-tax gain (reversal of previous losses) of $32 recorded in “Selling, administrative and general expenses” in the three months ended January 26, 2025 and presented in “Impairments and other adjustments” in the statements of consolidated cash flows.

The major classes of the total consolidated assets and liabilities of BJD that were classified as held for sale and liabilities of BJD to other intercompany parties were as follows:


	January 26, 2025
Cash and cash equivalents	$	115
Trade accounts and notes receivable – net		105
Financing receivables – net		2,719
Deferred income taxes		34
Other miscellaneous assets*		21
Valuation allowance		(65)
Assets held for sale	$	2,929

Short-term borrowings	$	487
Accounts payable and accrued expenses		124
Long-term borrowings		1,218
Retirement benefits and other liabilities		1
Liabilities held for sale	$	1,830

Total intercompany payables	$	627

* Includes $1 restricted cash balance.

SUBSEQUENT EVENTS

3 Months Ended

Feb. 01, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

(22) Subsequent Events

On February 25, 2026, a quarterly dividend of $1.62 per share was declared at the Board of Directors meeting, payable on May 8, 2026, to stockholders of record on March 31, 2026.

On February 18, 2026, we acquired Tenna LLC (Tenna), a U.S. construction technology company that offers mixed-fleet equipment operations and asset tracking solutions. The purchase price, net of cash acquired, was $440. Tenna will be included in the CF operating segment. Due to the recent closing of the acquisition, the formal process necessary to allocate the purchase price to the acquired assets and liabilities has not been completed.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Feb. 01, 2026	Jan. 26, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 656	$ 869

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	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

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

3 Months Ended

Feb. 01, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS

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

Consolidation, Variable Interest Entity, Policy

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

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

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

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for us beginning with our interim reporting for fiscal year 2030, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides updated guidance for the capitalization of internal-use software. The ASU will be effective for us beginning with our interim reporting for fiscal year 2029, with early adoption permitted. We are assessing the effect of this update on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which expands disclosures about specific expense categories presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), which clarifies the effective date of ASU 2024-03. The ASU will be effective for us beginning with our annual reporting for fiscal year 2028 and interim periods thereafter. We are assessing the effect of ASU 2024-03 on our related disclosures.

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

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


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

Credit Quality, Policy

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

●

Past due balances represent any payments 30 days or more past the due date.

●

Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.

●

Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses.

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 Financing Receivables, Policy

Our funding strategy includes receivable securitizations, which allows us to receive cash for financing receivables immediately. While these securitization programs are administered in various forms, they are accomplished in the following basic steps:

1.

We transfer financing receivables into a bankruptcy-remote special purpose entity (SPE).

2.

The SPE issues debt to investors. The debt is secured by the financing receivables.

3.

Investors are paid back based on cash receipts from the financing receivables.

As part of step 1, these receivables are legally isolated from the claims of our general creditors. This ensures cash receipts from the financing receivables 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 “Financing receivables securitized – net” and “Short-term 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.

Inventory Valuation, Policy

A majority of inventories owned by us are valued at cost on the “last-in, first-out” (LIFO) basis.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

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+ Details

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

ORGANIZATION AND CONSOLIDATION (Tables)

3 Months Ended

Feb. 01, 2026

ORGANIZATION AND CONSOLIDATION

Schedule of Carrying Value of Receivables from and Investments in BJD and Maximum Exposure to Loss

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


	February 1		November 2
	2026		2025
Receivables from unconsolidated affiliates – "Other receivables"	$	306	$	394
Investments in unconsolidated affiliates – "Other assets"		389		405
Carrying value of assets related to VIE		695		799
Guarantees		164		157
Maximum exposure to loss	$	859	$	956

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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

REVENUE RECOGNITION (Tables)

3 Months Ended

Feb. 01, 2026

REVENUE RECOGNITION

Schedule of Revenue Recognition

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


Three Months Ended February 1, 2026	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	1,226	$	1,106	$	1,577	$	1,051	$	4,960
Canada		398		101		136		191		826
Western Europe		464		486		426		54		1,430
Central Europe and CIS		172		60		76		2		310
Latin America		684		95		231		32		1,042
Asia, Africa, Oceania, and Middle East		325		376		288		54		1,043
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611

Major product lines:
Production agriculture	$	3,093							$	3,093
Small agriculture			$	1,527						1,527
Turf				576						576
Construction					$	1,111				1,111
Compact construction						468				468
Roadbuilding						772				772
Forestry						269				269
Financial products		57		27		18	$	1,384		1,486
Other		119		94		96				309
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611

Revenue recognized:
At a point in time	$	3,164	$	2,174	$	2,695	$	33	$	8,066
Over time		105		50		39		1,351		1,545
Total	$	3,269	$	2,224	$	2,734	$	1,384	$	9,611


Three Months Ended January 26, 2025	PPA		SAT		CF		FS		Total
Primary geographic markets:
United States	$	1,555	$	949	$	1,113	$	1,085	$	4,702
Canada		354		79		101		187		721
Western Europe		277		352		344		43		1,016
Central Europe and CIS		67		39		71		4		181
Latin America		715		80		205		96		1,096
Asia, Africa, Oceania, and Middle East		205		308		224		55		792
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

Major product lines:
Production agriculture	$	3,002							$	3,002
Small agriculture			$	1,234						1,234
Turf				463						463
Construction					$	770				770
Compact construction						361				361
Roadbuilding						596				596
Forestry						226				226
Financial products		55		33		21	$	1,470		1,579
Other		116		77		84				277
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

Revenue recognized:
At a point in time	$	3,086	$	1,760	$	2,028	$	29	$	6,903
Over time		87		47		30		1,441		1,605
Total	$	3,173	$	1,807	$	2,058	$	1,470	$	8,508

OTHER COMPREHENSIVE INCOME ITEMS (Tables)

3 Months Ended

Feb. 01, 2026

OTHER COMPREHENSIVE INCOME ITEMS

Schedule of After-Tax Components of Accumulated Other Comprehensive Income (Loss)

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


	February 1		November 2		January 26
	2026		2025		2025
Retirement benefits adjustment	$	(1,183)	$	(1,182)	$	(1,271)
Cumulative translation adjustment		(1,382)		(1,753)		(2,734)
Unrealized loss on derivatives		(59)		(54)		(73)
Unrealized loss on debt securities		(41)		(43)		(89)
Accumulated other comprehensive income (loss)	$	(2,665)	$	(3,032)	$	(4,167)

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
Three Months Ended February 1, 2026	Amount		Credit		Amount
Cumulative translation adjustment	$	371			$	371
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		(2)				(2)
Reclassification of realized (gain) loss to Interest expense		(4)	$	1		(3)
Net unrealized gain (loss) on derivatives		(6)		1		(5)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		4		(2)		2
Net unrealized gain (loss) on debt securities		4		(2)		2
Retirement benefits adjustment:
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(12)		3		(9)
Prior service (credit) cost		10		(2)		8
Net unrealized gain (loss) on retirement benefits adjustment		(2)		1		(1)
Total other comprehensive income (loss)	$	367			$	367


	Before		Tax		After
	Tax		(Expense)		Tax
Three Months Ended January 26, 2025	Amount		Credit		Amount
Cumulative translation adjustment	$	(449)	$	1	$	(448)
Unrealized gain (loss) on derivatives:
Unrealized hedging gain (loss)		7		(2)		5
Reclassification of realized (gain) loss to Interest expense		(8)		2		(6)
Net unrealized gain (loss) on derivatives		(1)				(1)
Unrealized gain (loss) on debt securities:
Unrealized holding gain (loss)		(19)		4		(15)
Net unrealized gain (loss) on debt securities		(19)		4		(15)
Retirement benefits adjustment:
Net actuarial gain (loss)		6		(1)		5
Reclassification to Other operating expenses through amortization of:
Actuarial (gain) loss		(11)		3		(8)
Prior service (credit) cost		9		(3)		6
Net unrealized gain (loss) on retirement benefits adjustment		4		(1)		3
Total other comprehensive income (loss)	$	(465)	$	4	$	(461)

EARNINGS PER SHARE (Tables)

3 Months Ended

Feb. 01, 2026

EARNINGS PER SHARE

Reconciliation of Basic and Diluted Earnings Per Share

A reconciliation of basic and diluted earnings per share attributable to Deere & Company follows in millions, except per share amounts:


	Three Months Ended
	February 1		January 26
	2026		2025
Net income attributable to Deere & Company	$	656	$	869
Average shares outstanding		270.3		271.6
Basic earnings per share	$	2.43	$	3.20

Average shares outstanding		270.3		271.6
Effect of dilutive stock options and unvested restricted stock units		.6		.7
Total potential shares outstanding		270.9		272.3
Diluted earnings per share	$	2.42	$	3.19

Shares excluded as antidilutive		.2		.3

PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

3 Months Ended

Feb. 01, 2026

PENSION AND OTHER POSTRETIREMENT BENEFITS

Schedule of Components of Net Periodic Pension and OPEB (Benefit) Cost

The components of net periodic pension and OPEB (benefit) cost consisted of the following:


	Three Months Ended
	February 1		January 26
	2026		2025
Pensions:
Service cost	$	59	$	65
Interest cost		125		128
Expected return on plan assets		(249)		(254)
Amortization of actuarial gain		(2)		(1)
Amortization of prior service cost		10		10
Net benefit	$	(57)	$	(52)

OPEB:
Service cost	$	4	$	5
Interest cost		37		40
Expected return on plan assets		(41)		(28)
Amortization of actuarial gain		(10)		(10)
Amortization of prior service credit				(1)
Net (benefit) cost	$	(10)	$	6

Schedule of Pension and OPEB Contributions and Expected Contributions

During the first three months of 2026, we contributed and expect to contribute the following amounts to our pension and OPEB plans:


	Pensions		OPEB
Contributed	$	30	$	110
Expected contributions remainder of the year		70		40

SEGMENT DATA (Tables)

3 Months Ended

Feb. 01, 2026

SEGMENT DATA

Schedule of Segment Reporting Information

Information relating to operations by operating segment was as follows:


Three Months Ended February 1, 2026	PPA		SAT		CF		FS		Total
External net sales	$	3,163	$	2,168	$	2,670			$	8,001
External finance and interest income		12		10		5	$	1,260		1,287
External other income		57		36		48		124		265
Intersegment income		54		9		8		104		175
Total segment net sales and revenues		3,286		2,223		2,731		1,488		9,728
Cost of sales		(2,476)		(1,633)		(2,182)				(6,291)
Interest expense								(664)		(664)
Other segment items*		(671)		(394)		(412)		(523)		(2,000)
Segment operating profit	$	139	$	196	$	137	$	301	$	773

Three Months Ended January 26, 2025	PPA		SAT		CF		FS		Total
External net sales	$	3,067	$	1,748	$	1,994			$	6,809
External finance and interest income		9		9		2	$	1,363		1,383
External other income		56		33		45		107		241
Intersegment income		57		5		2		103		167
Total segment net sales and revenues		3,189		1,795		2,043		1,573		8,600
Cost of sales		(2,164)		(1,297)		(1,584)				(5,045)
Interest expense								(766)		(766)
Other segment items*		(687)		(374)		(394)		(541)		(1,996)
Segment operating profit	$	338	$	124	$	65	$	266	$	793

* Other segment items for PPA, SAT, and CF include selling, administrative and general expenses; advertising; engineering; research and development; equity in income (loss) of unconsolidated affiliates; and other miscellaneous operating expenses. Financial Services other segment items include selling, administrative and general expenses; foreign exchange gains and losses; equity in income (loss) of unconsolidated affiliates; and other miscellaneous operating expenses.

A reconciliation of segment net sales and revenues and segment net income to consolidated net sales and revenues and consolidated net income follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Reconciliation of net sales and revenues
Segment net sales and revenues	$	9,728	$	8,600
External other income*		58		75
Elimination of intersegment revenues		(175)		(167)
Net sales and revenues	$	9,611	$	8,508

Reconciliation of net income
Segment operating profit	$	773	$	793
Interest income – excluding FS		93		90
Interest expense – excluding FS		(93)		(84)
Pension and OPEB benefit, excluding service cost component		130		116
Corporate other – net**		(52)		(21)
Income taxes		(196)		(27)
Net income	$	655	$	867

* External other income includes corporate investment income, corporate interest income, and other miscellaneous revenue items that are included in “Finance and interest income” and “Other income” on the statements of consolidated income.

** Corporate other – net includes certain foreign exchange gains and losses, certain investment income, and certain corporate administrative and general expenses.

Additional operating segment information was as follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Depreciation* and amortization expense
PPA	$	171	$	166
SAT		75		65
CF		96		88
FS		274		265
Intersegment		(26)		(35)
Total	$	590	$	549

Capital additions
PPA	$	74	$	87
SAT		32		35
CF		48		78
FS
Total	$	154	$	200

* Depreciation includes depreciation for equipment on operating leases.


	February 1		November 2		January 26
	2026		2025		2025
Total Assets
PPA	$	9,123	$	8,787	$	8,773
SAT		4,335		3,987		4,179
CF		8,043		7,792		7,237
FS		67,904		70,021		69,686
Corporate*		14,031		15,409		13,244
Total Assets	$	103,436	$	105,996	$	103,119

Equity investment in unconsolidated affiliates
PPA	$	10	$	11	$	12
SAT		38		37		59
CF
FS		450		462		48
Total	$	498	$	510	$	119

* Corporate assets are managed on a consolidated basis, including cash and cash equivalents, retirement benefit net assets, goodwill, and deferred income tax assets.

FINANCING RECEIVABLES (Tables)

3 Months Ended

Feb. 01, 2026

Financing Receivables

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

An analysis of the allowance for credit losses and investment in financing receivables follows:


	Three Months Ended February 1, 2026
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	249	$	7	$	2	$	258
Provision (credit)		38		(1)				37
Write-offs		(47)		(10)				(57)
Recoveries		4		11				15
Translation adjustments		1						1
End of period balance	$	245	$	7	$	2	$	254

Financing receivables:
End of period balance	$	37,851	$	3,450	$	7,545	$	48,846


	Three Months Ended January 26, 2025
	Retail Notes		Revolving
	& Financing		Charge		Wholesale
	Leases		Accounts		Receivables		Total
Allowance:
Beginning of period balance	$	219	$	8	$	2	$	229
Provision		68		2				70
Write-offs		(48)		(13)				(61)
Recoveries		2		9				11
Translation adjustments		(1)						(1)
End of period balance	$	240	$	6	$	2	$	248

Financing receivables:
End of period balance	$	38,300	$	3,302	$	8,299	$	49,901

Ending Amortized Cost of Financing Receivables Modified

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


	Three Months Ended
	February 1		January 26
	2026		2025
Modified financing receivables	$	64	$	28
Percent of financing receivables portfolio		0.13%		0.06%

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	7	8
Term extension	12	12
Combination modifications
Payment deferral	10	4
Term extension	20	6

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

The ending amortized cost and performance of financing 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	$	169	$	74
30-59 days past due		13		7
60-89 days past due		8		4
90+ days past due				3
Non-performing		18		13
Total	$	208	$	101

Retail Customer Receivables

Financing Receivables

Credit Quality and Aging Analysis

The credit quality and aging analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows:


	February 1, 2026
	2026		2025		2024		2023		2022		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	2,265	$	11,250	$	7,550	$	4,637	$	2,574	$	1,218	$	3,210	$	32,704
30-59 days past due		6		117		89		57		30		15		100		414
60-89 days past due				44		38		25		14		6		12		139
90+ days past due				2		2		1		1		2				8
Non-performing				52		141		102		63		46		12		416
Construction and forestry
Current		953		2,915		1,793		865		362		92		108		7,088
30-59 days past due		7		68		52		33		11		5		5		181
60-89 days past due				23		27		14		4		2		2		72
90+ days past due				1		7		2		3						13
Non-performing				48		90		71		33		23		1		266
Total retail customer receivables	$	3,231	$	14,520	$	9,789	$	5,807	$	3,095	$	1,409	$	3,450	$	41,301

Write-offs for the three months ended February 1, 2026:
Agriculture and turf			$	4	$	7	$	6	$	3	$	2	$	9	$	31
Construction and forestry				8		7		7		2		1		1		26
Total			$	12	$	14	$	13	$	5	$	3	$	10	$	57


	November 2, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	12,380	$	8,389	$	5,228	$	3,003	$	1,310	$	281	$	4,608	$	35,199
30-59 days past due		36		73		59		38		15		7		37		265
60-89 days past due		14		37		28		13		8		2		10		112
90+ days past due		1		2				1		2						6
Non-performing		41		109		98		57		30		17		14		366
Construction and forestry
Current		3,175		2,038		1,034		463		130		12		124		6,976
30-59 days past due		42		47		31		12		4		1		5		142
60-89 days past due		21		17		12		8		1		1		2		62
90+ days past due		1		6		3		2				1				13
Non-performing		31		94		78		38		19		7		1		268
Total retail customer receivables	$	15,742	$	10,812	$	6,571	$	3,635	$	1,519	$	329	$	4,801	$	43,409

Write-offs for the twelve months ended November 2, 2025:
Agriculture and turf	$	6	$	32	$	34	$	21	$	9	$	7	$	102	$	211
Construction and forestry		9		38		29		12		3		3		7		101
Total	$	15	$	70	$	63	$	33	$	12	$	10	$	109	$	312


	January 26, 2025
	2025		2024		2023		2022		2021		Prior Years		Revolving Charge Accounts		Total
Retail customer receivables:
Agriculture and turf
Current	$	2,421	$	12,687	$	7,437	$	4,560	$	2,387	$	903	$	3,027	$	33,422
30-59 days past due		8		113		94		51		27		12		128		433
60-89 days past due		1		44		38		21		10		5		24		143
90+ days past due				2		1				4						7
Non-performing				44		120		81		49		33		15		342
Construction and forestry
Current		883		2,834		1,614		880		349		73		99		6,732
30-59 days past due		7		72		45		29		11		3		5		172
60-89 days past due				30		21		11		4		1		3		70
90+ days past due				4		2		3				1				10
Non-performing				66		100		56		33		15		1		271
Total retail customer receivables	$	3,320	$	15,896	$	9,472	$	5,692	$	2,874	$	1,046	$	3,302	$	41,602

Write-offs for the three months ended January 26, 2025:
Agriculture and turf			$	5	$	9	$	6	$	2	$	3	$	10	$	35
Construction and forestry				9		8		4		1		1		3		26
Total			$	14	$	17	$	10	$	3	$	4	$	13	$	61

Wholesale Receivables

Financing 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	$	6,128	$	6,731	$	7,098
30+ days past due		1
Non-performing		3				1
Construction and forestry
Current		1,407		1,524		1,200
30+ days past due
Non-performing		6
Total wholesale receivables	$	7,545	$	8,255	$	8,299

SECURITIZATION OF FINANCING RECEIVABLES (Tables)

3 Months Ended

Feb. 01, 2026

SECURITIZATION OF FINANCING RECEIVABLES

Components of Consolidated Restricted Assets, Secured Borrowings and Other Liabilities Related to Securitization Transactions

The components of securitization programs were as follows:


	February 1		November 2		January 26
	2026		2025		2025
Financing receivables securitized (retail notes)	$	6,518	$	6,872	$	8,307
Allowance for credit losses		(39)		(41)		(50)
Other assets (primarily restricted cash)		168		171		182
Total restricted securitized assets	$	6,647	$	7,002	$	8,439

Short-term securitization borrowings	$	6,283	$	6,596	$	8,014
Accrued interest on borrowings		13		15		11
Total liabilities related to restricted securitized assets	$	6,296	$	6,611	$	8,025

INVENTORIES (Tables)

3 Months Ended

Feb. 01, 2026

INVENTORIES

Major Classification of Inventories

If all inventories valued on a LIFO basis had been valued on a “first-in, first-out” (FIFO) basis, the estimated inventories by major classification would have been as follows:


	February 1		November 2		January 26
	2026		2025		2025
Raw materials and supplies	$	3,738	$	3,402	$	3,549
Work-in-process		1,106		956		1,046
Finished goods and parts		6,351		5,769		6,055
Total FIFO value		11,195		10,127		10,650
Excess of FIFO over LIFO		2,909		2,721		2,906
Inventories	$	8,286	$	7,406	$	7,744

GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables)

3 Months Ended

Feb. 01, 2026

GOODWILL AND OTHER INTANGIBLE ASSETS - NET

Changes in Goodwill by Operating Segments

The changes in amounts of goodwill by operating segments were as follows.


	PPA		SAT		CF		Total
Goodwill at October 27, 2024	$	701	$	365	$	2,893	$	3,959
Translation adjustments		(11)		(4)		(72)		(87)
Goodwill at January 26, 2025	$	690	$	361	$	2,821	$	3,872

Goodwill at November 2, 2025	$	744	$	393	$	3,051	$	4,188
Translation adjustments		6		3		83		92
Goodwill at February 1, 2026	$	750	$	396	$	3,134	$	4,280

Components of Other Intangible Assets

The components of other intangible assets were as follows:


	February 1		November 2		January 26
	2026		2025		2025
Customer lists and relationships	$	491	$	482	$	490
Technology, patents, trademarks, and other		1,554		1,518		1,392
Total at cost		2,045		2,000		1,882
Less accumulated amortization:
Customer lists and relationships		(272)		(260)		(229)
Technology, patents, trademarks, and other		(893)		(848)		(716)
Total accumulated amortization		(1,165)		(1,108)		(945)
Other intangible assets – net	$	880	$	892	$	937

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Topic 350
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+ Details

SHORT-TERM BORROWINGS (Tables)

3 Months Ended

Feb. 01, 2026

SHORT-TERM BORROWINGS

Short-Term Borrowings

Short-term borrowings were as follows:


	February 1		November 2		January 26
	2026		2025		2025
Commercial paper	$	4,327	$	4,218	$	2,699
Notes payable to banks		685		651		561
Finance lease obligations due within one year		38		39		34
Long-term borrowings due within one year		9,342		8,888		9,517
Short-term borrowings	$	14,392	$	13,796	$	12,811

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

3 Months Ended

Feb. 01, 2026

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	February 1		November 2		January 26
	2026		2025		2025
Accounts payable:
Trade payables	$	2,987	$	2,985	$	2,393
Dividends payable		441		443		443
Operating lease liabilities		320		314		274
Deposits withheld from dealers and merchants		138		143		136
Payables to unconsolidated affiliates		17		10		8
Other		230		191		207
Accrued expenses:
Employee benefits		530		1,577		786
Product warranties		1,311		1,259		1,360
Accrued taxes		1,001		1,155		1,111
Extended warranty premium		1,199		1,202		1,173
Dealer sales incentives		318		828		246
Unearned revenue (contractual liability)		922		837		854
Unearned operating lease revenue		519		534		474
Accrued interest		500		524		487
Derivative liabilities		593		389		750
Parts return liability		449		445		418
Other		1,058		1,073		1,042
Accounts payable and accrued expenses	$	12,533	$	13,909	$	12,162

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $1,898 at February 1, 2026, $1,892 at November 2, 2025, and $1,901 at January 26, 2025. Other eliminations were made for accrued taxes and other accrued expenses.

LONG-TERM BORROWINGS (Tables)

3 Months Ended

Feb. 01, 2026

LONG-TERM BORROWINGS

Long-Term Borrowings

Long-term borrowings were as follows in millions:


	February 1		November 2		January 26
	2026		2025		2025
Underwritten term debt
U.S. dollar notes and debentures:
6.55% debentures due 2028	$	200	$	200	$	200
5.375% notes due 2029		500		500		500
3.10% notes due 2030		700		700		700
8.10% debentures due 2030		250		250		250
4.15% notes due 2030*		500		498
7.125% notes due 2031		300		300		300
5.45% notes due 2035		1,250		1,250		1,250
3.90% notes due 2042		1,250		1,250		1,250
2.875% notes due 2049		500		500		500
3.75% notes due 2050		850		850		850
5.70% notes due 2055		750		750		750
Euro notes:
1.85% notes due 2028 (€600 principal)		718		694		625
2.20% notes due 2032 (€600 principal)		718		694		625
1.65% notes due 2039 (€650 principal)		778		752		677
Serial issuances:
Medium-term notes*		32,168		34,041		34,974
Other notes and finance lease obligations		519		470		272
Less: debt issuance costs and debt discounts		(147)		(155)		(167)
Long-term borrowings	$	41,804	$	43,544	$	43,556

* Includes fair value hedge adjustments related to derivatives.

The principal balances of the 4.15% notes due 2030 and medium-term notes were as follows:


	February 1		November 2		January 26
	2026		2025		2025
4.15% notes due 2030	$	500	$	500
Medium-term notes		32,359		34,241	$	35,770

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

LEASES - LESSOR (Tables)

3 Months Ended

Feb. 01, 2026

LEASES - LESSOR

Schedule of Lease Revenues Earned

Lease revenues earned by us follow:


	Three Months Ended
	February 1		January 26
	2026		2025
Sales-type and direct finance lease revenues	$	45	$	47
Operating lease revenues		373		362
Variable lease revenues		6		4
Total lease revenues	$	424	$	413

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Feb. 01, 2026

COMMITMENTS AND CONTINGENCIES

Schedule of Warranty Liability Reconciliation

The reconciliation of the changes in the warranty liability follows:


	Three Months Ended
	February 1		January 26
	2026		2025
Beginning of period balance	$	1,259	$	1,426
Warranty claims paid		(299)		(310)
New product warranty accruals		342		256
Foreign exchange		9		(12)
End of period balance	$	1,311	$	1,360

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. Long-term borrowings exclude finance lease liabilities.


	February 1, 2026				November 2, 2025				January 26, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financing receivables – net	$	42,113	$	42,266	$	44,575	$	44,779	$	41,396	$	41,311
Financing receivables securitized – net		6,479		6,494		6,831		6,855		8,257		8,174
Receivables from unconsolidated affiliates		306		306		392		400
Short-term securitization borrowings		6,283		6,322		6,596		6,631		8,014		8,036
Long-term borrowings due within one year		9,342		9,390		8,888		8,911		9,517		9,468
Long-term borrowings		41,730		41,721		43,471		43,527		43,483		43,172

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, excluding our cash equivalents, which were carried at a cost that approximates fair value and consist of money market funds and time deposits, and excluding our held-to-maturity debt securities, are as follows:


	February 1		November 2		January 26
	2026		2025		2025
Level 1:
Marketable securities
U.S. government debt securities	$	264	$	196	$	301
Total Level 1 marketable securities		264		196		301

Level 2:
Marketable securities
International fixed income fund		7		7
Corporate debt securities		510		510		419
International debt securities		162		174		132
Mortgage-backed securities		228		234		174
Municipal debt securities		110		113		80
U.S. government debt securities		117		117		108
Total Level 2 marketable securities		1,134		1,155		913
Other assets – Derivatives		347		393		216
Accounts payable and accrued expenses – Derivatives		593		389		750

Level 3:
Accounts payable and accrued expenses – Deferred consideration		107		113		138

The mortgage-backed securities are primarily issued by U.S. government sponsored enterprises.

Contractual Maturities of Available-for-Sale Debt Securities

The contractual maturities of available-for-sale debt securities at February 1, 2026, follow:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	62	$	64
Due after one through five years		373		371
Due after five through 10 years		551		542
Due after 10 years		207		186
Mortgage-backed securities		249		228
Debt securities	$	1,442	$	1,391

Actual maturities may differ from contractual maturities because some securities may be called or prepaid. Mortgage-backed securities contain prepayment provisions and are not categorized by contractual maturity.

Fair Value, Nonrecurring Level 3 Measurements from Impairments and Other Adjustments

Fair value, nonrecurring Level 3 measurements from impairments and other adjustments were as follows:


	Fair Value					(Gains) Losses
						Three Months Ended
	February 1	November 2		January 26		February 1	January 26
	2026	2025		2025		2026	2025²
Property and equipment – net¹		$	1
Other intangible assets – net¹			3
Other assets			8
Assets held for sale				$	2,929		$	(32)

¹ Related to assessments of our external overseas battery operations performed in the third quarter of 2025.

² The gain on “Assets held for sale” recorded in the first quarter of 2025 represents a reversal of prior period valuation allowance loss, not in excess of cumulative valuation allowance recorded on “Assets held for sale.”

DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Feb. 01, 2026

DERIVATIVE INSTRUMENTS

Fair Values of Derivative Instruments in Consolidated Balance Sheets

Fair values of our derivative instruments and the associated notional amounts are presented below. Assets are recorded in “Other assets,” while liabilities are recorded in “Accounts payable and accrued expenses.”


	February 1, 2026						November 2, 2025						January 26, 2025
			Fair Value						Fair Value						Fair Value
	Notional		Assets		Liabilities		Notional		Assets		Liabilities		Notional		Assets		Liabilities
Cash flow hedges:
Interest rate contracts	$	3,875			$	27	$	2,675			$	21	$	3,275	$	1	$	31

Fair value hedges:
Interest rate contracts		10,659	$	130		203		11,465	$	160		228		15,256		32		602
Cross-currency interest rate contracts		2,058		132		13		2,058		91		11		975				2

Net investment hedges:
Cross-currency interest rate contracts		1,131				35		1,131				9

Not designated as hedging instruments:
Interest rate contracts		13,918		78		71		14,084		94		81		13,082		88		72
Foreign exchange contracts		7,984		7		232		7,372		46		33		7,408		81		43
Cross-currency interest rate contracts		133				12		132		2		6		164		14

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

The amounts recorded in the condensed consolidated balance sheets related to borrowings and fair value hedges are presented in the table below. Fair value hedging adjustments are included in the carrying amount of hedged items.


	Carrying Amount		Cumulative Fair Value
	of Hedged Items		Hedging Amounts
February 1, 2026
Short-term borrowings	$	3,018	$	(26)
Long-term borrowings		24,231		(211)

November 2, 2025
Short-term borrowings	$	2,998	$	(30)
Long-term borrowings		25,013		(203)

January 26, 2025
Short-term borrowings	$	2,110	$	(14)
Long-term borrowings		24,438		(796)

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	$	(58)	$	(343)

Cash flow hedges:
Recognized in OCI:
Interest rate contracts – OCI (pretax)	$	(2)	$	7
Reclassified from OCI:
Interest rate contracts – Interest expense		4		8

Net investment hedges:
Interest rate contracts – Interest expense	$	4
Recognized in OCI:
Interest rate contracts – OCI (pretax)		(30)

Not designated as hedges:
Interest rate contracts – Interest expense	$	(4)	$	(4)
Foreign exchange contracts – Net sales		5		(7)
Foreign exchange contracts – Cost of sales		(67)		35
Foreign exchange contracts – Other operating expenses		(279)		208
Total not designated	$	(345)	$	232

Impact on Derivative Assets and Liabilities Related to Netting Arrangements and Collateral

Derivatives are recorded without offsetting for netting arrangements or collateral. The impact on the derivative assets and liabilities related to netting arrangements and collateral follows:


	Gross Amounts		Netting
	Recognized		Arrangements		Collateral		Net Amount
February 1, 2026
Assets	$	347	$	(170)			$	177
Liabilities		593		(170)	$	(75)		348

November 2, 2025
Assets	$	393	$	(202)			$	191
Liabilities		389		(202)	$	(64)		123

January 26, 2025
Assets	$	216	$	(62)			$	154
Liabilities		750		(62)	$	(437)		251

SHARE-BASED AWARDS (Tables)

3 Months Ended

Feb. 01, 2026

SHARE-BASED AWARDS

Restricted Stock Units Granted and Weighted-Average Grant Date Fair Values

During the three months ended February 1, 2026, the restricted stock units (RSUs) granted in thousands of shares and the weighted-average grant date fair values, using the closing price of our common stock on the grant date in dollars, follow:

SPECIAL ITEMS (Tables)

3 Months Ended

Feb. 01, 2026

SPECIAL ITEMS

Schedule of Consolidated Assets and Liabilities Classified as Held for Sale and Other Intercompany Payables

The major classes of the total consolidated assets and liabilities of BJD that were classified as held for sale and liabilities of BJD to other intercompany parties were as follows:


	January 26, 2025
Cash and cash equivalents	$	115
Trade accounts and notes receivable – net		105
Financing receivables – net		2,719
Deferred income taxes		34
Other miscellaneous assets*		21
Valuation allowance		(65)
Assets held for sale	$	2,929

Short-term borrowings	$	487
Accounts payable and accrued expenses		124
Long-term borrowings		1,218
Retirement benefits and other liabilities		1
Liabilities held for sale	$	1,830

Total intercompany payables	$	627

* Includes $1 restricted cash balance.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

ORGANIZATION AND CONSOLIDATION - Fiscal Period (Details)	3 Months Ended		12 Months Ended
	Feb. 01, 2026	Jan. 26, 2025	Nov. 02, 2025
ORGANIZATION AND CONSOLIDATION
Fiscal Period Duration	91 days	91 days	371 days

ORGANIZATION AND CONSOLIDATION - Variable Interest Entities (Details) - Financial Services (FS) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Feb. 23, 2025
Banco John Deere S.A. (BJD) \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Variable Interest Entities
Percentage of ownership sold (as a percent)			50.00%
VIE-Not Primary Beneficiary \| Banco John Deere S.A. (BJD)
Variable Interest Entities
Percentage of ownership (as a percent)	50.00%
Carrying value of assets related to VIE	$ 695	$ 799
Guarantees	164	157
Maximum exposure to loss	859	956
VIE-Not Primary Beneficiary \| Banco John Deere S.A. (BJD) \| Other Receivables \| Related Party
Variable Interest Entities
Receivables from unconsolidated affiliates	306	394
VIE-Not Primary Beneficiary \| Banco John Deere S.A. (BJD) \| Other Assets
Variable Interest Entities
Investments in unconsolidated affiliates	$ 389	$ 405

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS (Details)	Feb. 01, 2026
ASU 2025-10
New Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	false
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 2025-05
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

REVENUE RECOGNITION - Primary Geographic Market, Major Product Line, and Timing (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Revenue Recognition
Net sales and revenues	$ 9,611	$ 8,508
Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	8,066	6,903
Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	1,545	1,605
Production Agriculture
Revenue Recognition
Net sales	3,093	3,002
Small Agriculture
Revenue Recognition
Net sales	1,527	1,234
Turf
Revenue Recognition
Net sales	576	463
Construction
Revenue Recognition
Net sales	1,111	770
Compact Construction
Revenue Recognition
Net sales	468	361
Roadbuilding
Revenue Recognition
Net sales	772	596
Forestry
Revenue Recognition
Net sales	269	226
Financial Products
Revenue Recognition
Financial	1,486	1,579
Other
Revenue Recognition
Other net sales and revenues	309	277
United States
Revenue Recognition
Net sales and revenues	4,960	4,702
Canada
Revenue Recognition
Net sales and revenues	826	721
Western Europe
Revenue Recognition
Net sales and revenues	1,430	1,016
Central Europe and CIS
Revenue Recognition
Net sales and revenues	310	181
Latin America
Revenue Recognition
Net sales and revenues	1,042	1,096
Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	1,043	792
Production & Precision Agriculture (PPA)
Revenue Recognition
Net sales and revenues	3,269	3,173
Production & Precision Agriculture (PPA) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	3,164	3,086
Production & Precision Agriculture (PPA) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	105	87
Production & Precision Agriculture (PPA) \| Production Agriculture
Revenue Recognition
Net sales	3,093	3,002
Production & Precision Agriculture (PPA) \| Financial Products
Revenue Recognition
Financial	57	55
Production & Precision Agriculture (PPA) \| Other
Revenue Recognition
Other net sales and revenues	119	116
Production & Precision Agriculture (PPA) \| United States
Revenue Recognition
Net sales and revenues	1,226	1,555
Production & Precision Agriculture (PPA) \| Canada
Revenue Recognition
Net sales and revenues	398	354
Production & Precision Agriculture (PPA) \| Western Europe
Revenue Recognition
Net sales and revenues	464	277
Production & Precision Agriculture (PPA) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	172	67
Production & Precision Agriculture (PPA) \| Latin America
Revenue Recognition
Net sales and revenues	684	715
Production & Precision Agriculture (PPA) \| Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	325	205
Small Agriculture & Turf (SAT)
Revenue Recognition
Net sales and revenues	2,224	1,807
Small Agriculture & Turf (SAT) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	2,174	1,760
Small Agriculture & Turf (SAT) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	50	47
Small Agriculture & Turf (SAT) \| Small Agriculture
Revenue Recognition
Net sales	1,527	1,234
Small Agriculture & Turf (SAT) \| Turf
Revenue Recognition
Net sales	576	463
Small Agriculture & Turf (SAT) \| Financial Products
Revenue Recognition
Financial	27	33
Small Agriculture & Turf (SAT) \| Other
Revenue Recognition
Other net sales and revenues	94	77
Small Agriculture & Turf (SAT) \| United States
Revenue Recognition
Net sales and revenues	1,106	949
Small Agriculture & Turf (SAT) \| Canada
Revenue Recognition
Net sales and revenues	101	79
Small Agriculture & Turf (SAT) \| Western Europe
Revenue Recognition
Net sales and revenues	486	352
Small Agriculture & Turf (SAT) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	60	39
Small Agriculture & Turf (SAT) \| Latin America
Revenue Recognition
Net sales and revenues	95	80
Small Agriculture & Turf (SAT) \| Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	376	308
Construction & Forestry (CF)
Revenue Recognition
Net sales and revenues	2,734	2,058
Construction & Forestry (CF) \| Revenue Recognized at a Point in Time
Revenue Recognition
Net sales and revenues	2,695	2,028
Construction & Forestry (CF) \| Revenue Recognized Over Time
Revenue Recognition
Net sales and revenues	39	30
Construction & Forestry (CF) \| Construction
Revenue Recognition
Net sales	1,111	770
Construction & Forestry (CF) \| Compact Construction
Revenue Recognition
Net sales	468	361
Construction & Forestry (CF) \| Roadbuilding
Revenue Recognition
Net sales	772	596
Construction & Forestry (CF) \| Forestry
Revenue Recognition
Net sales	269	226
Construction & Forestry (CF) \| Financial Products
Revenue Recognition
Financial	18	21
Construction & Forestry (CF) \| Other
Revenue Recognition
Other net sales and revenues	96	84
Construction & Forestry (CF) \| United States
Revenue Recognition
Net sales and revenues	1,577	1,113
Construction & Forestry (CF) \| Canada
Revenue Recognition
Net sales and revenues	136	101
Construction & Forestry (CF) \| Western Europe
Revenue Recognition
Net sales and revenues	426	344
Construction & Forestry (CF) \| Central Europe and CIS
Revenue Recognition
Net sales and revenues	76	71
Construction & Forestry (CF) \| Latin America
Revenue Recognition
Net sales and revenues	231	205
Construction & Forestry (CF) \| Asia, Africa, Oceania, and Middle East
Revenue Recognition
Net sales and revenues	288	224
Financial Services (FS)
Revenue Recognition
Financial	1,384	1,470
Financial Services (FS) \| Revenue Recognized at a Point in Time
Revenue Recognition
Financial	33	29
Financial Services (FS) \| Revenue Recognized Over Time
Revenue Recognition
Financial	1,351	1,441
Financial Services (FS) \| Financial Products
Revenue Recognition
Financial	1,384	1,470
Financial Services (FS) \| United States
Revenue Recognition
Financial	1,051	1,085
Financial Services (FS) \| Canada
Revenue Recognition
Financial	191	187
Financial Services (FS) \| Western Europe
Revenue Recognition
Financial	54	43
Financial Services (FS) \| Central Europe and CIS
Revenue Recognition
Financial	2	4
Financial Services (FS) \| Latin America
Revenue Recognition
Financial	32	96
Financial Services (FS) \| Asia, Africa, Oceania, and Middle East
Revenue Recognition
Financial	$ 54	$ 55

REVENUE RECOGNITION - Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025	Nov. 02, 2025
Deferred Revenue
Deferred revenue received	$ 2,121	$ 2,027	$ 2,039
Revenue recognized from deferred revenue	$ 265	$ 197

REVENUE RECOGNITION - Unsatisfied Performance Obligations (Details) $ in Millions	Feb. 01, 2026 USD ($)
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 1,811
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-02-02
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 465
Period estimated revenue to be recognized	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-11-02
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 529
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-11-01
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 351
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-30
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 213
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-10-29
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 127
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-10-28
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 77
Period estimated revenue to be recognized	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-11-03
Unsatisfied performance obligations
Unsatisfied performance obligations for contracts with an original duration greater than one year	$ 49
Period estimated revenue to be recognized	24 months

OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ 26,300	$ 25,950	$ 22,479
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(2,665)	(3,032)	(4,167)
Retirement Benefits Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1,183)	(1,182)	(1,271)
Cumulative Translation Adjustment
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(1,382)	(1,753)	(2,734)
Unrealized Loss on Derivatives
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	(59)	(54)	(73)
Unrealized Loss on Debt Securities
Accumulated other comprehensive income (loss)
Total accumulated other comprehensive income (loss)	$ (41)	$ (43)	$ (89)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

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	$ (719)	$ (829)
Other operating expenses	(250)	(249)
Total other comprehensive income (loss), before tax	367	(465)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit		4
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	367	(461)
Cumulative Translation Adjustment
Other Comprehensive Income (Loss), Before Tax
Total other comprehensive income (loss), before tax	371	(449)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Total other comprehensive income (loss), tax (expense) credit		1
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss), net of income taxes	371	(448)
Unrealized Gain (Loss) on Derivatives
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	(2)	7
Total other comprehensive income (loss), before tax	(6)	(1)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit		(2)
Total other comprehensive income (loss), tax (expense) credit	1
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	(2)	5
Other comprehensive income (loss), net of income taxes	(5)	(1)
Unrealized Gain (Loss) on Derivatives \| Interest Rate Contracts \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Interest expense	(4)	(8)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	1	2
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	(3)	(6)
Unrealized Gain (Loss) on Debt Securities
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax	4	(19)
Total other comprehensive income (loss), before tax	4	(19)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit	(2)	4
Total other comprehensive income (loss), tax (expense) credit	(2)	4
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax	2	(15)
Other comprehensive income (loss), net of income taxes	2	(15)
Retirement Benefits Adjustment
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss) before reclassification, before tax		6
Total other comprehensive income (loss), before tax	(2)	4
Other Comprehensive Income (Loss), Tax (Expense) Credit
Other comprehensive income (loss) before reclassification, tax (expense) credit		(1)
Total other comprehensive income (loss), tax (expense) credit	1	(1)
Other Comprehensive Income (Loss), After Tax
Other comprehensive income (loss) before reclassification, after tax		5
Other comprehensive income (loss), net of income taxes	(1)	3
Actuarial (Gain) Loss \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	(12)	(11)
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	3	3
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	(9)	(8)
Prior Service (Credit) Cost \| Reclassification out of Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss), Before Tax
Other operating expenses	10	9
Other Comprehensive Income (Loss), Tax (Expense) Credit
Reclassification from accumulated other comprehensive income, tax (expense) credit	(2)	(3)
Other Comprehensive Income (Loss), After Tax
Reclassification from accumulated other comprehensive income, after tax	$ 8	$ 6

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
EARNINGS PER SHARE
Net income attributable to Deere & Company	$ 656	$ 869
Average shares outstanding	270.3	271.6
Basic earnings (in dollars per share)	$ 2.43	$ 3.2
Diluted Earnings Per Share
Average shares outstanding	270.3	271.6
Effect of dilutive stock options and unvested restricted stock units (in shares)	0.6	0.7
Total potential shares outstanding	270.9	272.3
Diluted earnings (in dollars per share)	$ 2.42	$ 3.19
Shares excluded as antidilutive	0.2	0.3

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Pensions
Net Periodic (Benefit) Cost
Service cost	$ 59	$ 65
Interest cost	$ 125	$ 128
Location of interest cost	Other operating expenses	Other operating expenses
Expected return on plan assets	$ (249)	$ (254)
Location of expected return on plan assets	Other operating expenses	Other operating expenses
Amortization of actuarial gain	$ (2)	$ (1)
Location of amortization of actuarial gain	Other operating expenses	Other operating expenses
Amortization of prior service (credit) cost	$ 10	$ 10
Location of amortization of prior service (credit) cost	Other operating expenses	Other operating expenses
Net (benefit) cost	$ (57)	$ (52)
OPEB
Net Periodic (Benefit) Cost
Service cost	4	5
Interest cost	$ 37	$ 40
Location of interest cost	Other operating expenses	Other operating expenses
Expected return on plan assets	$ (41)	$ (28)
Location of expected return on plan assets	Other operating expenses	Other operating expenses
Amortization of actuarial gain	$ (10)	$ (10)
Location of amortization of actuarial gain	Other operating expenses	Other operating expenses
Amortization of prior service (credit) cost		$ (1)
Location of amortization of prior service (credit) cost		Other operating expenses
Net (benefit) cost	$ (10)	$ 6

PENSION AND OTHER POSTRETIREMENT BENEFITS - Employer Contributions (Details) $ in Millions	3 Months Ended
	Feb. 01, 2026 USD ($)
Pensions
Employer Contributions
Contributed	$ 30
Expected contributions remainder of the year	70
OPEB
Employer Contributions
Contributed	110
Expected contributions remainder of the year	$ 40

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Feb. 01, 2026	Jan. 26, 2025
Effective Tax Rate
Effective tax rate (as a percent)	23.40%	3.00%

SEGMENT DATA - Number of Business Segments (Details)	3 Months Ended
SEGMENT DATA - Number of Business Segments (Details)	Feb. 01, 2026 USD ($)
Operating Segments
Number of business segments	4

SEGMENT DATA - Segment Net Sales and Revenues and Operating Profit (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Net Sales and Revenues
Net sales and revenues	$ 9,611	$ 8,508
Operating Segment
Net Sales and Revenues
Net sales and revenues	9,728	8,600
Intersegment income	175	167
Interest expense	(664)	(766)
Other segment items	(2,000)	(1,996)
Segment operating profit	773	793
Intersegment
Net Sales and Revenues
Net sales and revenues	(175)	(167)
Net Sales
Net Sales and Revenues
Net sales and revenues	8,001	6,809
Cost of sales	(6,280)	(5,037)
Net Sales \| Operating Segment
Net Sales and Revenues
Net sales and revenues	8,001	6,809
Cost of sales	(6,291)	(5,045)
Finance and Interest Income
Net Sales and Revenues
Net sales and revenues	1,343	1,453
Finance and Interest Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	1,287	1,383
Other Income
Net Sales and Revenues
Net sales and revenues	267	246
Other Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	265	241
Production & Precision Agriculture (PPA)
Net Sales and Revenues
Net sales and revenues	3,269	3,173
Production & Precision Agriculture (PPA) \| Operating Segment
Net Sales and Revenues
Net sales and revenues	3,286	3,189
Intersegment income	54	57
Other segment items	(671)	(687)
Segment operating profit	139	338
Production & Precision Agriculture (PPA) \| Net Sales \| Operating Segment
Net Sales and Revenues
Net sales and revenues	3,163	3,067
Cost of sales	(2,476)	(2,164)
Production & Precision Agriculture (PPA) \| Finance and Interest Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	12	9
Production & Precision Agriculture (PPA) \| Other Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	57	56
Small Agriculture & Turf (SAT)
Net Sales and Revenues
Net sales and revenues	2,224	1,807
Small Agriculture & Turf (SAT) \| Operating Segment
Net Sales and Revenues
Net sales and revenues	2,223	1,795
Intersegment income	9	5
Other segment items	(394)	(374)
Segment operating profit	196	124
Small Agriculture & Turf (SAT) \| Net Sales \| Operating Segment
Net Sales and Revenues
Net sales and revenues	2,168	1,748
Cost of sales	(1,633)	(1,297)
Small Agriculture & Turf (SAT) \| Finance and Interest Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	10	9
Small Agriculture & Turf (SAT) \| Other Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	36	33
Construction & Forestry (CF)
Net Sales and Revenues
Net sales and revenues	2,734	2,058
Construction & Forestry (CF) \| Operating Segment
Net Sales and Revenues
Net sales and revenues	2,731	2,043
Intersegment income	8	2
Other segment items	(412)	(394)
Segment operating profit	137	65
Construction & Forestry (CF) \| Net Sales \| Operating Segment
Net Sales and Revenues
Net sales and revenues	2,670	1,994
Cost of sales	(2,182)	(1,584)
Construction & Forestry (CF) \| Finance and Interest Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	5	2
Construction & Forestry (CF) \| Other Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	48	45
Financial Services (FS) \| Operating Segment
Net Sales and Revenues
Net sales and revenues	1,488	1,573
Intersegment income	104	103
Interest expense	(664)	(766)
Other segment items	(523)	(541)
Segment operating profit	301	266
Financial Services (FS) \| Finance and Interest Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	1,260	1,363
Financial Services (FS) \| Other Income \| Operating Segment
Net Sales and Revenues
Net sales and revenues	$ 124	$ 107

SEGMENT DATA - Reconciliation of Net Sales and Revenues and Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Reconciliation of Net Sales and Revenues
Net sales and revenues	$ 9,611	$ 8,508
Reconciliation of Net Income
Income taxes	(196)	(27)
Net Income	655	867
Other Income
Reconciliation of Net Sales and Revenues
Net sales and revenues	267	246
Reconciling Item Including Corporate
Reconciliation of Net Income
Interest income - excluding FS	93	90
Interest expense - excluding FS	(93)	(84)
Pension and OPEB benefit, excluding service cost component	$ 130	$ 116
Location of pension and OPEB benefit (cost), excluding the service cost component	Other operating expenses	Other operating expenses
Operating Segment
Reconciliation of Net Sales and Revenues
Net sales and revenues	$ 9,728	$ 8,600
Reconciliation of Net Income
Segment operating profit	773	793
Operating Segment \| Other Income
Reconciliation of Net Sales and Revenues
Net sales and revenues	265	241
Corporate
Reconciliation of Net Income
Corporate other - net	(52)	(21)
Corporate \| Other Income
Reconciliation of Net Sales and Revenues
Net sales and revenues	58	75
Intersegment
Reconciliation of Net Sales and Revenues
Net sales and revenues	$ (175)	$ (167)

SEGMENT DATA - Operating Segments Other Disclosures (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025	Nov. 02, 2025
Operating Segments
Depreciation and amortization expense	$ 590	$ 549
Capital additions	154	200
Total Assets	103,436	103,119	$ 105,996
Equity investment in unconsolidated affiliates	498	119	510
Operating Segment \| Production & Precision Agriculture (PPA)
Operating Segments
Depreciation and amortization expense	171	166
Capital additions	74	87
Total Assets	9,123	8,773	8,787
Equity investment in unconsolidated affiliates	10	12	11
Operating Segment \| Small Agriculture & Turf (SAT)
Operating Segments
Depreciation and amortization expense	75	65
Capital additions	32	35
Total Assets	4,335	4,179	3,987
Equity investment in unconsolidated affiliates	38	59	37
Operating Segment \| Construction & Forestry (CF)
Operating Segments
Depreciation and amortization expense	96	88
Capital additions	48	78
Total Assets	8,043	7,237	7,792
Operating Segment \| Financial Services (FS)
Operating Segments
Depreciation and amortization expense	274	265
Total Assets	67,904	69,686	70,021
Equity investment in unconsolidated affiliates	450	48	462
Intersegment
Operating Segments
Depreciation and amortization expense	(26)	(35)
Corporate
Operating Segments
Total Assets	$ 14,031	$ 13,244	$ 15,409

FINANCING RECEIVABLES - Delinquency Status (Details)	3 Months Ended
FINANCING RECEIVABLES - Delinquency Status (Details)	Feb. 01, 2026
FINANCING RECEIVABLES
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false]	false
Threshold for past due balances	30 days
Generally the threshold for a financing 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

FINANCING RECEIVABLES - Retail Notes, Financing Leases, and Revolving Charge Accounts Credit Quality and Aging 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 retail customer receivables	$ 48,846	$ 49,901
Write-offs for the Period Ended
Total	57	61
Retail Customer Receivables
Credit Quality and Aging Analysis
2026 and 2025, respectively	3,231	3,320	$ 15,742
2025 and 2024, respectively	14,520	15,896	10,812
2024 and 2023, respectively	9,789	9,472	6,571
2023 and 2022, respectively	5,807	5,692	3,635
2022 and 2021, respectively	3,095	2,874	1,519
Prior years	1,409	1,046	329
Revolving charge accounts	3,450	3,302	4,801
Total retail customer receivables	41,301	41,602	43,409
Write-offs for the Period Ended
2026 and 2025, respectively			15
2025 and 2024, respectively	12	14	70
2024 and 2023, respectively	14	17	63
2023 and 2022, respectively	13	10	33
2022 and 2021, respectively	5	3	12
Prior Years	3	4	10
Revolving Charge Accounts	10	13	109
Total	57	61	312
Retail Customer Receivables \| Agriculture and Turf
Write-offs for the Period Ended
2026 and 2025, respectively			6
2025 and 2024, respectively	4	5	32
2024 and 2023, respectively	7	9	34
2023 and 2022, respectively	6	6	21
2022 and 2021, respectively	3	2	9
Prior Years	2	3	7
Revolving Charge Accounts	9	10	102
Total	31	35	211
Retail Customer Receivables \| Agriculture and Turf \| 30-59 Days Past Due
Credit Quality and Aging Analysis
2026 and 2025, respectively	6	8	36
2025 and 2024, respectively	117	113	73
2024 and 2023, respectively	89	94	59
2023 and 2022, respectively	57	51	38
2022 and 2021, respectively	30	27	15
Prior years	15	12	7
Revolving charge accounts	100	128	37
Total retail customer receivables	414	433	265
Retail Customer Receivables \| Agriculture and Turf \| 60-89 Days Past Due
Credit Quality and Aging Analysis
2026 and 2025, respectively		1	14
2025 and 2024, respectively	44	44	37
2024 and 2023, respectively	38	38	28
2023 and 2022, respectively	25	21	13
2022 and 2021, respectively	14	10	8
Prior years	6	5	2
Revolving charge accounts	12	24	10
Total retail customer receivables	139	143	112
Retail Customer Receivables \| Agriculture and Turf \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
2026 and 2025, respectively			1
2025 and 2024, respectively	2	2	2
2024 and 2023, respectively	2	1
2023 and 2022, respectively	1		1
2022 and 2021, respectively	1	4	2
Prior years	2
Total retail customer receivables	8	7	6
Retail Customer Receivables \| Agriculture and Turf \| Current
Credit Quality and Aging Analysis
2026 and 2025, respectively	2,265	2,421	12,380
2025 and 2024, respectively	11,250	12,687	8,389
2024 and 2023, respectively	7,550	7,437	5,228
2023 and 2022, respectively	4,637	4,560	3,003
2022 and 2021, respectively	2,574	2,387	1,310
Prior years	1,218	903	281
Revolving charge accounts	3,210	3,027	4,608
Total retail customer receivables	32,704	33,422	35,199
Retail Customer Receivables \| Agriculture and Turf \| Non-performing
Credit Quality and Aging Analysis
2026 and 2025, respectively			41
2025 and 2024, respectively	52	44	109
2024 and 2023, respectively	141	120	98
2023 and 2022, respectively	102	81	57
2022 and 2021, respectively	63	49	30
Prior years	46	33	17
Revolving charge accounts	12	15	14
Total retail customer receivables	416	342	366
Retail Customer Receivables \| Construction and Forestry
Write-offs for the Period Ended
2026 and 2025, respectively			9
2025 and 2024, respectively	8	9	38
2024 and 2023, respectively	7	8	29
2023 and 2022, respectively	7	4	12
2022 and 2021, respectively	2	1	3
Prior Years	1	1	3
Revolving Charge Accounts	1	3	7
Total	26	26	101
Retail Customer Receivables \| Construction and Forestry \| 30-59 Days Past Due
Credit Quality and Aging Analysis
2026 and 2025, respectively	7	7	42
2025 and 2024, respectively	68	72	47
2024 and 2023, respectively	52	45	31
2023 and 2022, respectively	33	29	12
2022 and 2021, respectively	11	11	4
Prior years	5	3	1
Revolving charge accounts	5	5	5
Total retail customer receivables	181	172	142
Retail Customer Receivables \| Construction and Forestry \| 60-89 Days Past Due
Credit Quality and Aging Analysis
2026 and 2025, respectively			21
2025 and 2024, respectively	23	30	17
2024 and 2023, respectively	27	21	12
2023 and 2022, respectively	14	11	8
2022 and 2021, respectively	4	4	1
Prior years	2	1	1
Revolving charge accounts	2	3	2
Total retail customer receivables	72	70	62
Retail Customer Receivables \| Construction and Forestry \| 90 Days or Greater Past Due
Credit Quality and Aging Analysis
2026 and 2025, respectively			1
2025 and 2024, respectively	1	4	6
2024 and 2023, respectively	7	2	3
2023 and 2022, respectively	2	3	2
2022 and 2021, respectively	3
Prior years		1	1
Total retail customer receivables	13	10	13
Retail Customer Receivables \| Construction and Forestry \| Current
Credit Quality and Aging Analysis
2026 and 2025, respectively	953	883	3,175
2025 and 2024, respectively	2,915	2,834	2,038
2024 and 2023, respectively	1,793	1,614	1,034
2023 and 2022, respectively	865	880	463
2022 and 2021, respectively	362	349	130
Prior years	92	73	12
Revolving charge accounts	108	99	124
Total retail customer receivables	7,088	6,732	6,976
Retail Customer Receivables \| Construction and Forestry \| Non-performing
Credit Quality and Aging Analysis
2026 and 2025, respectively			31
2025 and 2024, respectively	48	66	94
2024 and 2023, respectively	90	100	78
2023 and 2022, respectively	71	56	38
2022 and 2021, respectively	33	33	19
Prior years	23	15	7
Revolving charge accounts	1	1	1
Total retail customer receivables	$ 266	$ 271	$ 268

FINANCING RECEIVABLES - Wholesale Receivables Credit Quality and Aging Analysis (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Credit Quality and Aging Analysis
Total wholesale receivables	$ 48,846		$ 49,901
Wholesale Receivables
Credit Quality and Aging Analysis
Total wholesale receivables	7,545	$ 8,255	8,299
Wholesale Receivables \| Agriculture and Turf \| 30+ Days Past Due
Credit Quality and Aging Analysis
Total wholesale receivables	1
Wholesale Receivables \| Agriculture and Turf \| Current
Credit Quality and Aging Analysis
Total wholesale receivables	6,128	6,731	7,098
Wholesale Receivables \| Agriculture and Turf \| Non-performing
Credit Quality and Aging Analysis
Total wholesale receivables	3		1
Wholesale Receivables \| Construction and Forestry \| Current
Credit Quality and Aging Analysis
Total wholesale receivables	1,407	$ 1,524	$ 1,200
Wholesale Receivables \| Construction and Forestry \| Non-performing
Credit Quality and Aging Analysis
Total wholesale receivables	$ 6

FINANCING RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Feb. 01, 2026	Jan. 26, 2025	Nov. 02, 2025
Allowance:
Beginning of period balance	$ 258	$ 229	$ 229
Provision (credit)	37	70
Write-offs	(57)	(61)
Recoveries	15	11
Translation adjustments	1	(1)
End of period balance	254	248	258
Financing receivables:
End of period balance	48,846	49,901
Retail Customer Receivables
Allowance:
Write-offs	(57)	(61)	(312)
Financing receivables:
End of period balance	41,301	41,602	43,409
Retail Notes & Financing Leases
Allowance:
Beginning of period balance	249	219	219
Provision (credit)	38	68
Write-offs	(47)	(48)
Recoveries	4	2
Translation adjustments	1	(1)
End of period balance	245	240	249
Financing receivables:
End of period balance	37,851	38,300
Revolving Charge Accounts
Allowance:
Beginning of period balance	7	8	8
Provision (credit)	(1)	2
Write-offs	(10)	(13)
Recoveries	11	9
End of period balance	7	6	7
Financing receivables:
End of period balance	3,450	3,302
Wholesale Receivables
Allowance:
Beginning of period balance	2	2	2
End of period balance	2	2	2
Financing receivables:
End of period balance	$ 7,545	$ 8,299	$ 8,255

FINANCING RECEIVABLES - Modifications (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Modifications
Ending amortized cost of financing receivables modified	$ 64	$ 28
Ending amortized cost of financing receivables modified during the prior twelve months	$ 208	$ 101
Modifications - percent of financing receivables portfolio (as a percent)	0.13%	0.06%
30-59 Days Past Due
Modifications
Ending amortized cost of financing receivables modified during the prior twelve months	$ 13	$ 7
60-89 Days Past Due
Modifications
Ending amortized cost of financing receivables modified during the prior twelve months	8	4
90 Days or Greater Past Due
Modifications
Ending amortized cost of financing receivables modified during the prior twelve months		3
Current
Modifications
Ending amortized cost of financing receivables modified during the prior twelve months	169	74
Non-performing
Modifications
Ending amortized cost of financing receivables modified during the prior twelve months	$ 18	$ 13
Payment Deferrals and Term Extensions
Modifications
Weighted-average payment deferral	10 months	4 months
Weighted-average term extension	20 months	6 months
Payment Deferrals
Modifications
Weighted-average payment deferral	7 months	8 months
Term Extensions
Modifications
Weighted-average term extension	12 months	12 months

SECURITIZATION OF FINANCING RECEIVABLES (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Securitization of Financing Receivables
Other assets	$ 3,556	$ 3,461	$ 2,807
Total Assets	103,436	105,996	103,119
Short-term securitization borrowings	6,283	6,596	8,014
Accrued interest on borrowings - securitization transactions	13	15	11
Total liabilities related to restricted securitized assets	6,296	6,611	8,025
Securitized
Securitization of Financing Receivables
Financing receivables securitized (retail notes)	6,518	6,872	8,307
Allowance for credit losses	(39)	(41)	(50)
Other assets	168	171	182
Total Assets	$ 6,647	$ 7,002	$ 8,439

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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-Name Regulation S-K (SK)
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-Topic 326
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

INVENTORIES (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
INVENTORIES
Inventory cost methods	us-gaap:CostMethodFifoMember, us-gaap:CostMethodLifoMember	us-gaap:CostMethodFifoMember, us-gaap:CostMethodLifoMember	us-gaap:CostMethodFifoMember, us-gaap:CostMethodLifoMember
Raw materials and supplies	$ 3,738	$ 3,402	$ 3,549
Work-in-process	1,106	956	1,046
Finished goods and parts	6,351	5,769	6,055
Total FIFO value	11,195	10,127	10,650
Excess of FIFO over LIFO	2,909	2,721	2,906
Inventories	$ 8,286	$ 7,406	$ 7,744

GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	$ 4,188	$ 3,959
Translation adjustments	92	(87)
Goodwill - net, ending balance	4,280	3,872
Production & Precision Agriculture (PPA)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	744	701
Translation adjustments	6	(11)
Goodwill - net, ending balance	750	690
Small Agriculture & Turf (SAT)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	393	365
Translation adjustments	3	(4)
Goodwill - net, ending balance	396	361
Construction & Forestry (CF)
Changes in Amounts of Goodwill
Goodwill - net, beginning balance	3,051	2,893
Translation adjustments	83	(72)
Goodwill - net, ending balance	$ 3,134	$ 2,821

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Topic 210
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-Paragraph 1
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-Name Accounting Standards Codification
-Section S99
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Intangible Assets (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Amortized intangible assets:
Total at cost	$ 2,045	$ 2,000	$ 1,882
Total accumulated amortization	(1,165)	(1,108)	(945)
Other intangible assets - net	880	892	937
Customer Lists and Relationships
Amortized intangible assets:
Total at cost	491	482	490
Total accumulated amortization	(272)	(260)	(229)
Technology, Patents, Trademarks and Other
Amortized intangible assets:
Total at cost	1,554	1,518	1,392
Total accumulated amortization	$ (893)	$ (848)	$ (716)

GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Other Intangible Assets Amortization
Actual amortization expense	$ 34	$ 41
Amortization expense of other intangible assets - remainder of 2026	109
Estimated - 2027	136
Estimated - 2028	99
Estimated - 2029	82
Estimated - 2030	74
Estimated - 2031	$ 72

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

SHORT-TERM BORROWINGS (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Short-term borrowings
Short-term borrowings	$ 14,392	$ 13,796	$ 12,811
Commercial Paper
Short-term borrowings
Short-term borrowings	4,327	4,218	2,699
Notes Payable to Banks
Short-term borrowings
Short-term borrowings	685	651	561
Finance Lease Obligations Due Within One Year
Short-term borrowings
Short-term borrowings	38	39	34
Long-term Borrowings Due Within One Year
Short-term borrowings
Short-term borrowings	$ 9,342	$ 8,888	$ 9,517

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025	Oct. 27, 2024
Accounts payable:
Dividends payable	$ 441	$ 443	$ 443
Operating lease liabilities	$ 320	$ 314	$ 274
Location of operating lease, liability	Accounts payable and accrued expenses	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Deposits withheld from dealers and merchants	$ 138	$ 143	$ 136
Other	230	191	207
Accrued expenses:
Employee benefits	530	1,577	786
Product warranties	1,311	1,259	1,360	$ 1,426
Accrued taxes	1,001	1,155	1,111
Extended warranty premium	1,199	1,202	1,173
Dealer sales incentives	318	828	246
Unearned revenue (contractual liability)	922	837	854
Unearned operating lease revenue	519	534	474
Accrued interest	500	524	487
Derivative liabilities	593	389	750
Parts return liability	449	445	418
Other	1,058	1,073	1,042
Accounts payable and accrued expenses	12,533	13,909	12,162
Eliminations \| Trade Accounts and Notes Receivable
Accrued expenses:
Dealer sales incentive accruals with a right of set-off against trade receivables	1,898	1,892	1,901
Nonrelated Party
Accounts payable:
Trade payables	2,987	2,985	2,393
Related Party
Accounts payable:
Trade payables	$ 17	$ 10	$ 8

LONG-TERM BORROWINGS (Details) € in Millions, $ in Millions	Feb. 01, 2026 USD ($)	Feb. 01, 2026 EUR (€)	Nov. 02, 2025 USD ($)	Nov. 02, 2025 EUR (€)	Jan. 26, 2025 USD ($)	Jan. 26, 2025 EUR (€)
Long-term borrowings
Less: debt issuance costs and debt discounts	$ (147)		$ (155)		$ (167)
Total long-term borrowings	41,804		43,544		43,556
6.55% Debentures Due 2028
Long-term borrowings
Long-term borrowings, gross	$ 200		$ 200		$ 200
Debt instrument, stated interest rate	6.55%	6.55%	6.55%	6.55%	6.55%	6.55%
5.375% Notes Due 2029
Long-term borrowings
Long-term borrowings, gross	$ 500		$ 500		$ 500
Debt instrument, stated interest rate	5.375%	5.375%	5.375%	5.375%	5.375%	5.375%
3.10% Notes Due 2030
Long-term borrowings
Long-term borrowings, gross	$ 700		$ 700		$ 700
Debt instrument, stated interest rate	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%
8.10% Debentures Due 2030
Long-term borrowings
Long-term borrowings, gross	$ 250		$ 250		$ 250
Debt instrument, stated interest rate	8.10%	8.10%	8.10%	8.10%	8.10%	8.10%
4.15% Notes Due 2030
Long-term borrowings
Long-term borrowings, gross	$ 500		$ 498
Debt instrument, stated interest rate	4.15%	4.15%	4.15%	4.15%
Principal amount	$ 500		$ 500
7.125% Notes Due 2031
Long-term borrowings
Long-term borrowings, gross	$ 300		$ 300		$ 300
Debt instrument, stated interest rate	7.125%	7.125%	7.125%	7.125%	7.125%	7.125%
5.45% Notes Due 2035
Long-term borrowings
Long-term borrowings, gross	$ 1,250		$ 1,250		$ 1,250
Debt instrument, stated interest rate	5.45%	5.45%	5.45%	5.45%	5.45%	5.45%
3.90% Notes Due 2042
Long-term borrowings
Long-term borrowings, gross	$ 1,250		$ 1,250		$ 1,250
Debt instrument, stated interest rate	3.90%	3.90%	3.90%	3.90%	3.90%	3.90%
2.875% Notes Due 2049
Long-term borrowings
Long-term borrowings, gross	$ 500		$ 500		$ 500
Debt instrument, stated interest rate	2.875%	2.875%	2.875%	2.875%	2.875%	2.875%
3.75% Notes Due 2050
Long-term borrowings
Long-term borrowings, gross	$ 850		$ 850		$ 850
Debt instrument, stated interest rate	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
5.70% Notes Due 2055
Long-term borrowings
Long-term borrowings, gross	$ 750		$ 750		$ 750
Debt instrument, stated interest rate	5.70%	5.70%	5.70%	5.70%	5.70%	5.70%
1.85% Notes Due 2028
Long-term borrowings
Long-term borrowings, gross	$ 718		$ 694		$ 625
Debt instrument, stated interest rate	1.85%	1.85%	1.85%	1.85%	1.85%	1.85%
Principal amount \| €		€ 600		€ 600		€ 600
2.20% Notes Due 2032
Long-term borrowings
Long-term borrowings, gross	$ 718		$ 694		$ 625
Debt instrument, stated interest rate	2.20%	2.20%	2.20%	2.20%	2.20%	2.20%
Principal amount \| €		€ 600		€ 600		€ 600
1.65% Notes Due 2039
Long-term borrowings
Long-term borrowings, gross	$ 778		$ 752		$ 677
Debt instrument, stated interest rate	1.65%	1.65%	1.65%	1.65%	1.65%	1.65%
Principal amount \| €		€ 650		€ 650		€ 650
Medium-term Notes
Long-term borrowings
Long-term borrowings, gross	$ 32,168		$ 34,041		$ 34,974
Principal amount	32,359		34,241		35,770
Other Notes and Finance Lease Obligations
Long-term borrowings
Long-term borrowings, gross	$ 519		$ 470		$ 272

LEASES - LESSOR - Lease Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
LEASES - LESSOR
Sales-type and direct finance lease revenues	$ 45	$ 47
Operating lease revenues	373	362
Variable lease revenues	6	4
Total lease revenues	$ 424	$ 413

COMMITMENTS AND CONTINGENCIES - Warranty (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Jan. 26, 2025
Warranty Liability Reconciliation
Beginning of period balance	$ 1,259	$ 1,426
Warranty claims paid	(299)	(310)
New product warranty accruals	342	256
Foreign exchange	9	(12)
End of period balance	$ 1,311	$ 1,360

COMMITMENTS AND CONTINGENCIES - Other (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 01, 2026	Nov. 02, 2025
Long Term Purchase Commitments
Commitments for the construction and acquisition of property and equipment	$ 430
Restricted Assets and Other Miscellaneous Contingent Liabilities and Guarantees
Other miscellaneous contingent liabilities and guarantees	105
Accrued other miscellaneous contingent liabilities and guarantees	25
Other Assets
Restricted Assets and Other Miscellaneous Contingent Liabilities and Guarantees
Restricted assets	342
Financial Services (FS) \| VIE-Not Primary Beneficiary \| Banco John Deere S.A. (BJD)
Guarantee Obligations
Guarantees	164	$ 157
Guarantees, Third-party Receivables
Guarantee Obligations
Guarantee obligations maximum exposure	$ 141

COMMITMENTS AND CONTINGENCIES - Unresolved Legal Actions (Details) $ in Millions	Feb. 01, 2026 USD ($)
COMMITMENTS AND CONTINGENCIES
Accrued losses on unresolved legal matters	$ 175

FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 6,283	$ 6,596	$ 8,014
Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	42,113	44,575	41,396
Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 6,479	$ 6,831	$ 8,257
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Level 2
Fair Values of Financial Instruments
Short-term securitization borrowings	$ 6,322	$ 6,631	$ 8,036
Long-term borrowings due within one year	9,390	8,911	9,468
Long-term borrowings	41,721	43,527	43,172
Level 2 \| International Corporate Debt Securities
Held-to-Maturity Debt Securities
Held-to-maturity fair value debt securities		60
Level 3 \| Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	42,266	44,779	41,311
Level 3 \| Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 6,494	$ 6,855	$ 8,174
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Level 3 \| Related Party
Fair Values of Financial Instruments
Receivables from unconsolidated affiliates	$ 306	$ 400
Carrying Value
Fair Values of Financial Instruments
Short-term securitization borrowings	6,283	6,596	$ 8,014
Long-term borrowings due within one year	9,342	8,888	9,517
Long-term borrowings	41,730	43,471	43,483
Carrying Value \| International Corporate Debt Securities
Held-to-Maturity Debt Securities
Held-to-maturity debt securities		60
Carrying Value \| Unrestricted
Fair Values of Financial Instruments
Financing receivables - net	42,113	44,575	41,396
Carrying Value \| Securitized
Fair Values of Financial Instruments
Financing receivables - net	$ 6,479	$ 6,831	$ 8,257
Location of liability for pledged asset	Short-term securitization borrowings	Short-term securitization borrowings	Short-term securitization borrowings
Carrying Value \| Related Party
Fair Values of Financial Instruments
Receivables from unconsolidated affiliates	$ 306	$ 392

FAIR VALUE MEASUREMENTS - Assets and Liaibilities - Recurring (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	$ 1,398	$ 1,411	$ 1,214
Derivative assets	347	393	216
Derivative liabilities	593	389	750
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	264	196	301
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 1 \| U.S. Government Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	264	196	301
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	1,134	1,155	913
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Other Assets
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative assets	347	393	216
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 a Recurring Basis
Derivative liabilities	593	389	750
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| International Fixed Income Fund
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	7	7
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Corporate Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	510	510	419
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| International Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	162	174	132
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Mortgage-backed Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	228	234	174
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| Municipal Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	110	113	80
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 2 \| U.S. Government Debt Securities
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Marketable Securities	117	117	108
Assets and Liabilities Measured at Fair Value on a Recurring Basis \| Level 3 \| Accounts Payable and Accrued Expenses
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Deferred consideration	$ 107	$ 113	$ 138

FAIR VALUE MEASUREMENTS - Contractual Maturities of Available-for-sale Debt Securities (Details) $ in Millions	Feb. 01, 2026 USD ($)
Contractual Maturities of Available-for-Sale Debt Securities, Amortized Cost
Amortized cost, due in one year or less	$ 62
Amortized cost, due after one through five years	373
Amortized cost, due after five through 10 years	551
Amortized cost, due after 10 years	207
Amortized cost, mortgage-backed securities	249
Amortized cost, debt securities	1,442
Contractual Maturities of Available-for-Sale Debt Securities, Fair Value
Fair value, due in one year or less	64
Fair value, due after one through five years	371
Fair value, due after five through 10 years	542
Fair value, due after 10 years	186
Fair value, mortgage-backed securities	228
Fair value, debt securities	$ 1,391

FAIR VALUE MEASUREMENTS - Nonrecurring Level 3 Measurements (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 27, 2022	Jan. 26, 2025	Nov. 02, 2025
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Assets held for sale		$ 2,929
(Gains) losses, assets held for sale		(32)
Excavator Factories \| Deere-branded Excavators, Components, and Service Parts \| Minimum
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Supply agreement period	5 years
Excavator Factories \| Deere-branded Excavators, Components, and Service Parts \| Maximum
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Supply agreement period	30 years
Fair Value, Nonrecurring Measurements \| Level 3
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Property and equipment - net			$ 1
Other intangible assets - net			3
Other assets			$ 8
Assets held for sale		2,929
(Gains) losses, assets held for sale		$ (32)

DERIVATIVE INSTRUMENTS - Fair Values (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Fair Values of Derivative Instruments
Derivative assets	$ 347	$ 393	$ 216
Derivative liabilities	593	389	750
Designated as Hedging Instruments \| Cash Flow Hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	3,875	2,675	3,275
Designated as Hedging Instruments \| Cash Flow Hedges \| Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets			1
Designated as Hedging Instruments \| Cash Flow Hedges \| Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	27	21	31
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	10,659	11,465	15,256
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	130	160	32
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	203	228	602
Designated as Hedging Instruments \| Fair Value Hedges \| Cross-Currency Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	2,058	2,058	975
Designated as Hedging Instruments \| Fair Value Hedges \| Cross-Currency Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	132	91
Designated as Hedging Instruments \| Fair Value Hedges \| Cross-Currency Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	13	11	2
Designated as Hedging Instruments \| Net Investment Hedges \| Cross-Currency Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	1,131	1,131
Designated as Hedging Instruments \| Net Investment Hedges \| Cross-Currency Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	35	9
Not Designated as Hedging Instruments \| Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	13,918	14,084	13,082
Not Designated as Hedging Instruments \| Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	78	94	88
Not Designated as Hedging Instruments \| Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	71	81	72
Not Designated as Hedging Instruments \| Foreign Exchange Contracts
Fair Values of Derivative Instruments
Notional	7,984	7,372	7,408
Not Designated as Hedging Instruments \| Foreign Exchange Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets	7	46	81
Not Designated as Hedging Instruments \| Foreign Exchange Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	232	33	43
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts
Fair Values of Derivative Instruments
Notional	133	132	164
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts \| Other Assets
Fair Values of Derivative Instruments
Derivative assets		2	$ 14
Not Designated as Hedging Instruments \| Cross-Currency Interest Rate Contracts \| Accounts Payable and Accrued Expenses
Fair Values of Derivative Instruments
Derivative liabilities	$ 12	$ 6

DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Fair Value Hedges - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Short-term Borrowings
Fair Value Hedging Relationships
Carrying amount of hedged items	$ 3,018	$ 2,998	$ 2,110
Cumulative fair value hedging amounts	(26)	(30)	(14)
Discontinued Hedging Relationships
Carrying amounts of formerly hedged items	2,548	2,544	2,110
Cumulative fair value hedging amounts - discontinued	(26)	(30)	(14)
Long-term Borrowings
Active and Discontinued Hedging Relationships
Carrying amount of the hedged item and formerly hedged item			598
Fair Value Hedging Relationships
Carrying amount of hedged items	24,231	25,013	24,438
Cumulative fair value hedging amounts	(211)	(203)	(796)
Discontinued Hedging Relationships
Carrying amounts of formerly hedged items	11,952	11,963	8,923
Cumulative fair value hedging amounts - discontinued	$ (171)	$ (185)	$ (179)

DERIVATIVE INSTRUMENTS - Gains (Losses) on Statements 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)	$ (345)	$ 232
Interest Rate Contracts
Classification and gains (losses) including accrued interest expense related to derivative instruments
Cash flow hedges, recognized in OCI	(2)	7
Net investment hedges, recognized in OCI	(30)
Interest Rate Contracts \| Interest Expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Fair value hedges, gains (losses)	(58)	(343)
Net investment hedges, gains (losses)	4
Cash flow hedges, reclassified from OCI	4	8
Not designated as hedges, gains (losses)	(4)	(4)
Foreign Exchange Contracts \| Net Sales Related to Derivative Instruments
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	5	(7)
Foreign Exchange Contracts \| Cost of Sales
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	(67)	35
Foreign Exchange Contracts \| Other Operating Expense
Classification and gains (losses) including accrued interest expense related to derivative instruments
Not designated as hedges, gains (losses)	$ (279)	$ 208

DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($) $ in Millions	Feb. 01, 2026	Nov. 02, 2025	Jan. 26, 2025
Derivative instruments
Fair value of derivatives with credit-risk-related contingent features in a liability position	$ 361	$ 356	$ 707
Cash collateral posted	74	62	436
Derivative Assets
Gross amounts recognized	347	393	216
Netting arrangements	(170)	(202)	(62)
Net amount	177	191	154
Derivative Liabilities
Gross amounts recognized	593	389	750
Netting arrangements	(170)	(202)	(62)
Collateral paid	(75)	(64)	(437)
Net amount	348	123	251
International Futures Market
Derivative instruments
Collateral paid to participate in an international futures market	$ 8	$ 8	$ 8

SHARE-BASED AWARDS - Stock Options (Details) - $ / shares shares in Thousands	1 Months Ended
	Dec. 28, 2025	Feb. 01, 2026
Share-based Awards, Aggregate Disclosures
Number of outstanding shares authorized to grant for equity incentive awards		12,600
Stock Options
Share-based Awards, Aggregate Disclosures
Options granted (in shares)	161
Options granted, weighted-average exercise price (in dollars per share)	$ 468.9
Options granted, weighted-average fair value (in dollars per share)	$ 125.96
Options outstanding (in shares)		1,100
Options outstanding, weighted-average exercise price (in dollars per share)		$ 353.91
Fair value assumption method used	us-gaap:BinomialModelMember

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (f)(2)(iv)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHARE-BASED AWARDS - Restricted Stock Units Granted and Weighted-Average Grant Date Fair Values (Details) shares in Thousands	3 Months Ended
	Feb. 01, 2026 $ / shares shares
Restricted Stock Units Service-Based
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) \| shares	296
Restricted stock units, weighted-average grant date fair value (per share) \| $ / shares	$ 469.03
Restricted Stock Units Performance/Service-Based
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) \| shares	39
Restricted stock units, weighted-average grant date fair value (per share) \| $ / shares	$ 450.48
Restricted Stock Units Market/Service-Based
Share-based Awards, Aggregate Disclosures
Restricted stock units granted (in shares) \| shares	39
Restricted stock units, weighted-average grant date fair value (per share) \| $ / shares	$ 555.14
Fair value assumption method used	us-gaap:MonteCarloModelMember

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SPECIAL ITEMS - Discrete Tax Items (Details) $ in Millions	3 Months Ended
SPECIAL ITEMS - Discrete Tax Items (Details) $ in Millions	Jan. 26, 2025 USD ($)
Realization of Foreign Net Operating Losses
Special Items
Favorable net discrete tax item	$ (110)
Adjustment to an Uncertain Tax Position of a Foreign Subsidiary
Special Items
Favorable net discrete tax item	$ (53)

SPECIAL ITEMS - Banco John Deere S.A. (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Feb. 23, 2025	Aug. 25, 2024	Jan. 26, 2025
Special Items
(Gains) losses, assets held for sale			$ (32)
Assets and Liabilities Classified as Held for Sale and Other Intercompany Payables
Assets held for sale			2,929
Liabilities held for sale			1,830
Financial Services (FS)
Special Items
Percentage of ownership after the sale (as a percent)	50.00%
Financial Services (FS) \| Sale of Banco John Deere S.A. (BJD) \| Related Party
Assets and Liabilities Classified as Held for Sale and Other Intercompany Payables
Total intercompany payables			627
Financial Services (FS) \| Sale of Banco John Deere S.A. (BJD) \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Special Items
Percentage of ownership to be sold (as a percent)		50.00%
Valuation allowance on assets held for sale			65
(Gains) losses, assets held for sale, after-tax			(32)
Assets and Liabilities Classified as Held for Sale and Other Intercompany Payables
Cash and cash equivalents			115
Trade accounts and notes receivable - net			105
Financing receivables - net			2,719
Deferred income taxes			34
Other miscellaneous assets			21
Valuation allowance			(65)
Assets held for sale			2,929
Short-term borrowings			487
Accounts payable and accrued expenses			124
Long-term borrowings			1,218
Retirement benefits and other liabilities			1
Liabilities held for sale			1,830
Restricted cash			1
Financial Services (FS) \| Sale of Banco John Deere S.A. (BJD) \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Selling, Administrative and General Expenses
Special Items
(Gains) losses, assets held for sale			$ (32)

SUBSEQUENT EVENTS - Quarterly Dividend (Details) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 25, 2026	Feb. 01, 2026	Jan. 26, 2025
Subsequent Events
Quarterly dividend declared (in dollars per share)		$ 1.62	$ 1.62
Subsequent Events \| First Quarter 2026 Dividend
Subsequent Events
Dividend declared date	Feb. 25, 2026
Quarterly dividend declared (in dollars per share)	$ 1.62
Dividend payable date	May 08, 2026
Stockholders of record date	Mar. 31, 2026

SUBSEQUENT EVENTS - Tenna Acquisition (Details) $ in Millions	Feb. 18, 2026 USD ($)
Subsequent Events \| Tenna \| Construction & Forestry (CF)
Subsequent Events
Cash purchase price, net of cash acquired	$ 440

Grant-Date

Fair Value
(per share)

Service-based

Performance/service-based

Market/service-based (fair value determined using a Monte Carlo model)