DEERE & CO, 10-Q filed on 8/28/2025
Quarterly Report
v3.25.2
Document and Entity Information
9 Months Ended
Jul. 27, 2025
shares
Document Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Transition Report false
Document Period End Date Jul. 27, 2025
Securities Act 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 270,329,392
Current Fiscal Year End Date --11-02
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q3
Entity Central Index Key 0000315189
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common stock, $1 par value
Trading Symbol DE
Security Exchange Name NYSE
6.55% Debentures Due 2028  
Document Information [Line Items]  
Title of 12(b) Security 6.55% Debentures Due 2028
Trading Symbol DE28
Security Exchange Name NYSE
v3.25.2
STATEMENTS OF CONSOLIDATED INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Net Sales and Revenues        
Net sales and revenues $ 12,018 $ 13,152 $ 33,290 $ 40,572
Costs and Expenses        
Research and development expenses 556 567 1,631 1,664
Selling, administrative and general expenses 1,217 1,278 3,387 3,608
Interest expense 794 840 2,408 2,478
Other operating expenses 281 264 817 930
Total 10,418 10,797 28,458 32,885
Income of Consolidated Group before Income Taxes 1,600 2,355 4,832 7,687
Provision for income taxes 339 625 905 1,845
Income of Consolidated Group 1,261 1,730 3,927 5,842
Equity in income of unconsolidated affiliates 10 1 11 4
Net Income 1,271 1,731 3,938 5,846
Less: Net loss attributable to noncontrolling interests (18) (3) (24) (9)
Net Income Attributable to Deere & Company $ 1,289 $ 1,734 $ 3,962 $ 5,855
Per Share Data        
Basic (in dollars per share) $ 4.76 $ 6.32 $ 14.61 $ 21.13
Diluted (in dollars per share) 4.75 6.29 14.57 21.04
Dividends declared (in dollars per share) 1.62 1.47 4.86 4.41
Dividends paid (in dollars per share) $ 1.62 $ 1.47 $ 4.71 $ 4.29
Average Shares Outstanding        
Basic (in shares) 270.7 274.5 271.1 277.1
Diluted (in shares) 271.4 275.6 271.9 278.2
Net Sales        
Net Sales and Revenues        
Net sales and revenues $ 10,357 $ 11,387 $ 28,338 $ 35,484
Cost of Sales        
Cost of sales 7,570 7,848 20,215 24,205
Finance and Interest Income        
Net Sales and Revenues        
Net sales and revenues 1,426 1,461 4,233 4,207
Other Income        
Net Sales and Revenues        
Net sales and revenues $ 235 $ 304 $ 719 $ 881
v3.25.2
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME        
Net Income $ 1,271 $ 1,731 $ 3,938 $ 5,846
Other Comprehensive Income (Loss), Net of Income Taxes        
Retirement benefits adjustment (22) (21) (17) (129)
Cumulative translation adjustment 311 (170) 611 (113)
Unrealized gain (loss) on derivatives 8 (29) (1) (36)
Unrealized gain on debt securities 3 23 12 24
Other Comprehensive Income (Loss), Net of Income Taxes 300 (197) 605 (254)
Comprehensive Income 1,571 1,534 4,543 5,592
Less: Comprehensive loss attributable to noncontrolling interests (16) (3) (18) (8)
Comprehensive Income Attributable to Deere & Company $ 1,587 $ 1,537 $ 4,561 $ 5,600
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
ASSETS      
Cash and cash equivalents $ 8,580 $ 7,324 $ 7,004
Marketable securities 1,407 1,154 1,140
Trade accounts and notes receivable - net 6,103 5,326 7,469
Other receivables 2,826 2,545 2,270
Equipment on operating leases - net 7,512 7,451 7,118
Inventories 7,713 7,093 7,696
Property and equipment - net 7,713 7,580 7,092
Goodwill 4,209 3,959 3,960
Other intangible assets - net 926 999 1,030
Retirement benefits 3,182 2,921 3,126
Deferred income taxes 2,209 2,086 1,898
Other assets 3,559 2,906 2,903
Assets held for sale   2,944 2,965
Total Assets 107,817 107,320 107,841
LIABILITIES      
Short-term borrowings 14,607 13,533 15,294
Short-term securitization borrowings 7,610 8,431 7,869
Accounts payable and accrued expenses 13,582 14,543 14,397
Deferred income taxes 489 478 481
Long-term borrowings 44,429 43,229 42,692
Retirement benefits and other liabilities 1,836 2,354 2,156
Liabilities held for sale   1,827 1,803
Total liabilities 82,553 84,395 84,692
Commitments and contingencies (Note 16)
Redeemable noncontrolling interest 84 82 84
STOCKHOLDERS' EQUITY      
Common stock, $1 par value (issued shares at July 27, 2025 - 536,431,204) 5,620 5,489 5,441
Common stock in treasury (36,361) (35,349) (34,570)
Retained earnings 59,023 56,402 55,559
Accumulated other comprehensive income (loss) (3,107) (3,706) (3,368)
Total Deere & Company stockholders' equity 25,175 22,836 23,062
Noncontrolling interests 5 7 3
Total stockholders' equity 25,180 22,843 23,065
Total Liabilities and Stockholders' Equity 107,817 107,320 107,841
Unrestricted      
ASSETS      
Financing receivables - net 43,930 44,309 43,896
Securitized      
ASSETS      
Financing receivables - net $ 7,948 $ 8,723 $ 8,274
Location of liability for pledged asset Short-term securitization borrowings Short-term securitization borrowings Short-term securitization borrowings
Other assets $ 175 $ 187 $ 178
Total Assets $ 8,123 $ 8,910 $ 8,452
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)
Jul. 27, 2025
$ / shares
shares
CONDENSED CONSOLIDATED BALANCE SHEETS  
Common stock, par value (in dollars per share) | $ / shares $ 1
Common stock, issued shares | shares 536,431,204
v3.25.2
STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Cash Flows from Operating Activities    
Net income $ 3,938 $ 5,846
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 258 222
Provision for depreciation and amortization 1,668 1,598
Impairments and other adjustments 29 53
Share-based compensation expense 104 159
Credit for deferred income taxes (102) (125)
Changes in assets and liabilities:    
Receivables related to sales (494) (2,446)
Inventories (526) 234
Accounts payable and accrued expenses (717) (1,015)
Accrued income taxes payable/receivable (147) 31
Retirement benefits (813) (246)
Other 266 (172)
Net cash provided by operating activities 3,464 4,139
Cash Flows from Investing Activities    
Collections of receivables (excluding receivables related to sales) 19,712 19,143
Proceeds from maturities and sales of marketable securities 359 333
Proceeds from sales of equipment on operating leases 1,408 1,451
Cost of receivables acquired (excluding receivables related to sales) (18,962) (21,113)
Acquisitions of businesses, net of cash acquired (89)  
Purchases of marketable securities (598) (572)
Purchases of property and equipment (852) (1,043)
Cost of equipment on operating leases acquired (2,009) (2,165)
Collections of receivables from unconsolidated affiliates 334  
Collateral on derivatives - net 127 390
Other (231) (95)
Net cash used for investing activities (801) (3,671)
Cash Flows from Financing Activities    
Net payments in short-term borrowings (original maturities three months or less) (2,060) (992)
Proceeds from borrowings issued (original maturities greater than three months) 10,707 15,512
Payments of borrowings (original maturities greater than three months) (7,743) (10,792)
Repurchases of common stock (1,136) (3,227)
Dividends paid (1,282) (1,202)
Other (43) (88)
Net cash used for financing activities (1,557) (789)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash 108 (6)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 1,214 (327)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 7,633 7,620
Cash, Cash Equivalents, and Restricted Cash at End of Period 8,847 7,293
Components of Cash, Cash Equivalents, and Restricted Cash    
Cash and cash equivalents 8,580 7,004
Cash, cash equivalents, and restricted cash (Assets held for sale)   108
Restricted cash (Other assets) $ 267 $ 181
Balance sheet location of restricted cash Other assets Other assets
Total Cash, Cash Equivalents, and Restricted Cash $ 8,847 $ 7,293
v3.25.2
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. 29, 2023 $ 5,303 $ (31,335) $ 50,931 $ (3,114) $ 4 $ 21,789
Increase (Decrease) in Stockholders' Equity            
Net income     5,855   1 5,856
Other comprehensive income (loss)       (254)   (254)
Repurchases of common stock   (3,257)       (3,257)
Treasury shares reissued   22       22
Dividends declared     (1,221)   (2) (1,223)
Share based awards and other 138   (6)     132
Balance at Jul. 28, 2024 5,441 (34,570) 55,559 (3,368) 3 23,065
Redeemable Noncontrolling Interest - Balance at Oct. 29, 2023           97
Increase (Decrease) in Redeemable Noncontrolling Interest            
Net loss           (10)
Other comprehensive income           1
Other           6
Noncontrolling interest redemption (Note 21)           (10)
Redeemable Noncontrolling Interest - Balance at Jul. 28, 2024           84
Balance at Apr. 28, 2024 5,391 (33,764) 54,228 (3,171) 4 22,688
Increase (Decrease) in Stockholders' Equity            
Net income     1,734     1,734
Other comprehensive income (loss)       (197)   (197)
Repurchases of common stock   (812)       (812)
Treasury shares reissued   6       6
Dividends declared     (403)   (1) (404)
Share based awards and other 50         50
Balance at Jul. 28, 2024 5,441 (34,570) 55,559 (3,368) 3 23,065
Redeemable Noncontrolling Interest - Balance at Apr. 28, 2024           98
Increase (Decrease) in Redeemable Noncontrolling Interest            
Net loss           (3)
Other           (1)
Noncontrolling interest redemption (Note 21)           (10)
Redeemable Noncontrolling Interest - Balance at Jul. 28, 2024           84
Balance at Oct. 27, 2024 5,489 (35,349) 56,402 (3,706) 7 22,843
Increase (Decrease) in Stockholders' Equity            
Net income     3,962   1 3,963
Other comprehensive income (loss)       599   599
Repurchases of common stock   (1,047)       (1,047)
Treasury shares reissued   35       35
Dividends declared     (1,320)     (1,320)
Share based awards and other 131   (21)   (3) 107
Balance at Jul. 27, 2025 5,620 (36,361) 59,023 (3,107) 5 25,180
Redeemable Noncontrolling Interest - Balance at Oct. 27, 2024           82
Increase (Decrease) in Redeemable Noncontrolling Interest            
Net loss           (25)
Other comprehensive income           6
Other           21
Redeemable Noncontrolling Interest - Balance at Jul. 27, 2025           84
Balance at Apr. 27, 2025 5,565 (36,064) 58,191 (3,405) 8 24,295
Increase (Decrease) in Stockholders' Equity            
Net income     1,289   1 1,290
Other comprehensive income (loss)       298   298
Repurchases of common stock   (301)       (301)
Treasury shares reissued   4       4
Dividends declared     (439)     (439)
Share based awards and other 55   (18)   (4) 33
Balance at Jul. 27, 2025 $ 5,620 $ (36,361) $ 59,023 $ (3,107) $ 5 25,180
Redeemable Noncontrolling Interest - Balance at Apr. 27, 2025           83
Increase (Decrease) in Redeemable Noncontrolling Interest            
Net loss           (19)
Other comprehensive income           2
Other           18
Redeemable Noncontrolling Interest - Balance at Jul. 27, 2025           $ 84
v3.25.2
ORGANIZATION AND CONSOLIDATION
9 Months Ended
Jul. 27, 2025
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,” “we,” “us,” or “our” include our consolidated subsidiaries. We manage our business through the following operating segments: production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (John Deere Financial or FS). 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 third quarter ends for fiscal years 2025 and 2024 were July 27, 2025 and July 28, 2024, respectively. Both quarters contained 13 weeks, while both year-to-date periods contained 39 weeks. Fiscal year 2025 will contain 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 in October and the associated periods in those fiscal years.

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

Variable Interest Entity

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 20). BJD is a variable interest entity (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 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 at July 27, 2025 follows:

July 27

2025

Receivables from unconsolidated affiliates – "Other receivables"

$

516

Investments in unconsolidated affiliates – "Other assets"

395

Carrying value of assets related to VIE

911

Guarantees

153

Maximum exposure to loss

$

1,064

Guarantees primarily include BJD debt related to government funding that existed prior to the deconsolidation of BJD, and no contractual liability is recorded by us on our condensed consolidated balance sheets. The maximum exposure to loss is not an indication of our expected loss exposure.

v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS
9 Months Ended
Jul. 27, 2025
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.

New Accounting Pronouncements Adopted

We closely monitor all Accounting Standard Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) and other authoritative guidance. We adopted the following standards in 2025, none of which had a material effect on our consolidated financial statements.

No. 2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

No. 2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

Accounting Pronouncements to be Adopted

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses on short-term receivables from sales transactions. The ASU will be effective for us beginning with our interim reporting for fiscal year 2027, with early adoption permitted. We are assessing the effect of this update on our financial results.

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.

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.

No. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments

No. 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

No. 2023-06 — Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative

v3.25.2
REVENUE RECOGNITION
9 Months Ended
Jul. 27, 2025
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 July 27, 2025

  

PPA

  

SAT

  

CF

  

FS

  

Total

Primary geographic markets:

             

             

United States

$

1,684

$

1,537

$

1,687

$

1,100

$

6,008

Canada

335

148

222

 

190

 

895

Western Europe

677

757

550

 

45

 

2,029

Central Europe and CIS

301

130

103

 

2

 

536

Latin America

1,055

124

252

 

28

 

1,459

Asia, Africa, Oceania, and Middle East

332

393

313

53

1,091

Total

$

4,384

$

3,089

$

3,127

$

1,418

$

12,018

Major product lines:

             

             

Production agriculture

$

4,183

$

4,183

Small agriculture

$

2,189

 

 

2,189

Turf

760

 

 

760

Construction

$

1,207

 

 

1,207

Compact construction

491

491

Roadbuilding

1,013

 

 

1,013

Forestry

292

 

 

292

Financial products

66

37

23

$

1,418

 

1,544

Other

135

103

101

 

 

339

Total

$

4,384

$

3,089

$

3,127

$

1,418

$

12,018

Revenue recognized:

             

             

At a point in time

$

4,270

$

3,032

$

3,085

$

36

$

10,423

Over time

114

57

42

1,382

1,595

Total

$

4,384

$

3,089

$

3,127

$

1,418

$

12,018

  

Nine Months Ended July 27, 2025

PPA

  

SAT

  

CF

  

FS

  

Total

Primary geographic markets:

United States

$

5,752

$

4,112

$

4,517

$

3,257

$

17,638

Canada

1,345

380

531

 

549

 

2,805

Western Europe

1,566

1,776

1,391

 

132

 

4,865

Central Europe and CIS

607

268

261

 

9

 

1,145

Latin America

2,765

320

677

 

165

 

3,927

Asia, Africa, Oceania, and Middle East

849

1,086

814

161

2,910

Total

$

12,884

$

7,942

$

8,191

$

4,273

$

33,290

Major product lines:

             

             

Production agriculture

$

12,321

$

12,321

Small agriculture

$

5,387

 

 

5,387

Turf

2,180

 

 

2,180

Construction

$

3,159

 

 

3,159

Compact construction

1,358

1,358

Roadbuilding

2,558

 

 

2,558

Forestry

772

 

772

Financial products

177

95

60

$

4,273

 

4,605

Other

386

280

284

 

 

950

Total

$

12,884

$

7,942

$

8,191

$

4,273

$

33,290

Revenue recognized:

             

             

At a point in time

$

12,575

$

7,789

$

8,080

$

99

$

28,543

Over time

309

153

111

4,174

4,747

Total

$

12,884

$

7,942

$

8,191

$

4,273

$

33,290

Three Months Ended July 28, 2024

  

PPA

  

SAT

  

CF

  

FS

  

Total

Primary geographic markets:

             

             

United States

$

2,839

$

1,824

$

1,967

$

1,076

$

7,706

Canada

489

207

183

 

191

 

1,070

Western Europe

522

542

432

64

 

1,560

Central Europe and CIS

201

70

106

12

 

389

Latin America

841

125

305

94

 

1,365

Asia, Africa, Oceania, and Middle East

350

360

300

52

1,062

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

Major product lines:

             

             

Production agriculture

$

5,038

$

5,038

Small agriculture

$

2,168

 

 

2,168

Turf

825

 

 

825

Construction

$

1,308

 

 

1,308

Compact construction

643

643

Roadbuilding

961

 

 

961

Forestry

269

 

 

269

Financial products

65

33

8

$

1,489

 

1,595

Other

139

102

104

 

 

345

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

Revenue recognized:

             

             

At a point in time

$

5,143

$

3,084

$

3,269

$

35

$

11,531

Over time

99

44

24

1,454

1,621

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

Nine Months Ended July 28, 2024

  

PPA

  

SAT

  

CF

  

FS

  

Total

Primary geographic markets:

United States

$

9,441

$

5,011

$

6,563

$

3,041

$

24,056

Canada

1,475

492

635

538

 

3,140

Western Europe

1,684

1,747

1,263

144

 

4,838

Central Europe and CIS

655

223

291

28

 

1,197

Latin America

2,510

326

895

346

 

4,077

Asia, Africa, Oceania, and Middle East

1,199

1,074

829

162

3,264

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

Major product lines:

             

             

Production agriculture

$

16,336

$

16,336

Small agriculture

$

5,984

 

5,984

Turf

2,491

 

2,491

Construction

$

4,528

 

4,528

Compact construction

1,964

1,964

Roadbuilding

2,804

 

2,804

Forestry

832

 

832

Financial products

164

91

43

$

4,259

 

4,557

Other

464

307

305

 

1,076

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

Revenue recognized:

             

             

At a point in time

$

16,707

$

8,753

$

10,395

$

97

$

35,952

Over time

257

120

81

4,162

4,620

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

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 $2,100, $1,923, and $1,895 at July 27, 2025, October 27, 2024, and July 28, 2024, 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 $125 and $126 during the three months and $498 and $484 during the nine months ended July 27, 2025 and July 28, 2024, respectively.

The amount of unsatisfied performance obligations for contracts with an original duration greater than one year was $1,823 at July 27, 2025. The estimated revenue to be recognized by fiscal year follows: remainder of 2025 – $182, 2026 – $504, 2027 – $425, 2028 – $302, 2029 – $190, 2030 – $140, and later years – $80. 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.

v3.25.2
OTHER COMPREHENSIVE INCOME ITEMS
9 Months Ended
Jul. 27, 2025
OTHER COMPREHENSIVE INCOME ITEMS  
OTHER COMPREHENSIVE INCOME ITEMS

(4)  Other Comprehensive Income Items

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

July 27

October 27

July 28

2025

2024

2024

Retirement benefits adjustment

$

(1,291)

$

(1,274)

$

(974)

Cumulative translation adjustment

(1,681)

(2,286)

(2,264)

Unrealized gain (loss) on derivatives

(73)

(72)

(44)

Unrealized gain (loss) on debt securities

(62)

(74)

(86)

Accumulated other comprehensive income (loss)

$

(3,107)

$

(3,706)

$

(3,368)

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 July 27, 2025

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

311

  

$

(2)

  

$

309

Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss)

7

(1)

6

Reclassification of realized (gain) loss to Interest expense

3

(1)

2

Net unrealized gain (loss) on derivatives

10

(2)

8

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

4

(1)

3

Reclassification of realized (gain) loss to Other income

1

(1)

Net unrealized gain (loss) on debt securities

5

(2)

3

Retirement benefits adjustment:

Net actuarial gain (loss)

(40)

10

(30)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(12)

3

(9)

Prior service (credit) cost

9

(2)

7

Settlements/curtailment

13

(3)

10

Net unrealized gain (loss) on retirement benefits adjustment

(30)

8

(22)

Total other comprehensive income (loss)

 

$

296

$

2

$

298

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Nine Months Ended July 27, 2025

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

611

  

$

(6)

  

$

605

Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss)

3

3

Reclassification of realized (gain) loss to Interest expense

(5)

1

(4)

Net unrealized gain (loss) on derivatives

(2)

1

(1)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

15

(5)

10

Reclassification of realized (gain) loss to Other income

3

(1)

2

Net unrealized gain (loss) on debt securities

18

(6)

12

Retirement benefits adjustment:

Net actuarial gain (loss)

(28)

7

(21)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(37)

9

(28)

Prior service (credit) cost

26

(6)

20

Settlements/curtailment

16

(4)

12

Net unrealized gain (loss) on retirement benefits adjustment

(23)

6

(17)

Total other comprehensive income (loss)

 

$

604

$

(5)

$

599

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Three Months Ended July 28, 2024

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

(170)

   

 

$

(170)

Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss)

(15)

$

3

(12)

Reclassification of realized (gain) loss to Interest expense

(22)

5

(17)

Net unrealized gain (loss) on derivatives

(37)

8

(29)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

29

(6)

23

Net unrealized gain (loss) on debt securities

29

(6)

23

Retirement benefits adjustment:

Net actuarial gain (loss)

(19)

5

(14)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(18)

4

(14)

Prior service (credit) cost

8

(1)

7

Settlements

1

(1)

Net unrealized gain (loss) on retirement benefits adjustment

(28)

7

(21)

Total other comprehensive income (loss)

 

$

(206)

$

9

$

(197)

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Nine Months Ended July 28, 2024

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

(114)

   

$

1

   

$

(113)

Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss)

3

3

Reclassification of realized (gain) loss to Interest expense

(49)

10

(39)

Net unrealized gain (loss) on derivatives

(46)

10

(36)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

17

1

18

Reclassification of realized (gain) loss to Other income

8

(2)

6

Net unrealized gain (loss) on debt securities

25

(1)

24

Retirement benefits adjustment:

Net actuarial gain (loss)

(145)

35

(110)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(54)

14

(40)

Prior service (credit) cost

26

(6)

20

Settlements

2

(1)

1

Net unrealized gain (loss) on retirement benefits adjustment

(171)

42

(129)

Total other comprehensive income (loss)

 

$

(306)

$

52

$

(254)

v3.25.2
EARNINGS PER SHARE
9 Months Ended
Jul. 27, 2025
EARNINGS PER SHARE  
EARNINGS PER SHARE

(5)  Earnings Per Share

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

  

Three Months Ended 

Nine Months Ended

 

July 27

July 28

July 27

July 28

 

2025

2024

2025

2024

 

Net income attributable to Deere & Company

  

$

1,289

  

$

1,734

  

$

3,962

  

$

5,855

Average shares outstanding

270.7

 

274.5

271.1

 

277.1

Basic per share

$

4.76

$

6.32

$

14.61

$

21.13

Average shares outstanding

270.7

 

274.5

271.1

 

277.1

Effect of dilutive stock options and unvested restricted stock units

.7

 

1.1

.8

 

1.1

Total potential shares outstanding

271.4

 

275.6

271.9

 

278.2

Diluted per share

$

4.75

$

6.29

$

14.57

$

21.04

Shares excluded from EPS calculation, as antidilutive

.2

.4

.2

.3

v3.25.2
PENSION AND OTHER POSTRETIREMENT BENEFITS
9 Months Ended
Jul. 27, 2025
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 consisted of the following:

 

Three Months Ended

Nine Months Ended

 

July 27

July 28

July 27

July 28

 

2025

2024

2025

2024

 

Pensions:

Service cost

  

$

65

  

$

56

  

$

190

  

$

171

Interest cost

131

 

136

388

 

410

Expected return on plan assets

(256)

 

(241)

(754)

 

(723)

Amortization of actuarial gain

(1)

 

(4)

(4)

 

(13)

Amortization of prior service cost

10

 

9

29

 

29

Settlements/curtailment

13

 

1

16

 

2

Net benefit

$

(38)

$

(43)

$

(135)

$

(124)

OPEB:

Service cost

  

$

4

  

$

4

  

$

13

  

$

13

Interest cost

39

 

44

117

 

131

Expected return on plan assets

(28)

 

(27)

(83)

 

(81)

Amortization of actuarial gain

(11)

 

(14)

(33)

 

(41)

Amortization of prior service credit

(1)

 

(1)

(3)

 

(3)

Net cost

$

3

$

6

$

11

$

19

The components of net periodic pension and OPEB (benefit) cost excluding the service cost component are included in the line item “Other operating expenses.”

During the first nine months of 2025, we contributed and expect to contribute the following amounts to our pension and OPEB plans:

Pensions

OPEB

Contributed

  

$

79

  

$

638

 

Expected contributions remainder of the year

36

 

22

v3.25.2
SEGMENT DATA
9 Months Ended
Jul. 27, 2025
SEGMENT DATA  
SEGMENT DATA

(7)  Segment DATA

Information relating to operations by operating segment follows:

 

Three Months Ended 

Nine Months Ended 

 

 

July 27

July 28

%

July 27

July 28

%

 

  2025   

  2024   

Change

   2025   

   2024   

Change

 

Net sales and revenues

 

 

  

    

  

    

  

  

    

  

    

PPA net sales

 

$

4,273

$

5,099

-16

 

$

12,571

$

16,529

-24

SAT net sales

3,025

3,053

-1

7,767

8,663

-10

CF net sales

3,059

 

3,235

-5

8,000

 

10,292

-22

FS revenues

1,418

 

1,489

-5

4,273

 

4,259

Other revenues

243

 

276

-12

679

 

829

-18

Total net sales and revenues

 

$

12,018

$

13,152

-9

 

$

33,290

$

40,572

-18

Operating profit

PPA

 

$

580

$

1,162

-50

 

$

2,066

$

3,857

-46

SAT

485

496

-2

1,182

1,393

-15

CF

237

 

448

-47

681

 

1,682

-60

FS

266

 

191

+39

740

 

657

+13

Total operating profit

1,568

 

2,297

-32

4,669

 

7,589

-38

Reconciling items

60

 

62

-3

198

 

111

+78

Income taxes

(339)

 

(625)

-46

(905)

 

(1,845)

-51

Net income attributable to Deere & Company

 

$

1,289

$

1,734

-26

 

$

3,962

$

5,855

-32

Intersegment sales and revenues:

PPA net sales

 

$

4

 

$

18

SAT net sales

2

CF net sales

 

FS revenues

$

126

 

178

-29

$

345

 

548

-37

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows:

 

 

July 27

   

October 27

July 28

 

2025

2024

2024

 

PPA

 

$

8,902

$

8,696

$

8,750

SAT

4,008

4,130

4,079

CF

7,846

 

7,137

 

7,129

FS

71,722

 

73,612

 

74,981

Corporate

15,339

 

13,745

 

12,902

Total assets

 

$

107,817

$

107,320

$

107,841

  

v3.25.2
FINANCING RECEIVABLES
9 Months Ended
Jul. 27, 2025
FINANCING RECEIVABLES  
FINANCING RECEIVABLES

(8)  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:

July 27, 2025

2025

2024

2023

2022

2021

Prior
Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

Agriculture and turf

Current

$

8,633

$

9,774

$

6,044

$

3,554

$

1,669

$

483

$

4,632

$

34,789

30-59 days past due

47

92

65

34

18

6

44

306

60-89 days past due

19

52

31

22

9

3

12

148

90+ days past due

5

1

1

2

9

Non-performing

13

116

120

70

41

23

14

397

Construction and forestry

Current

2,288

2,304

1,236

592

195

26

114

6,755

30-59 days past due

36

72

43

19

7

2

4

183

60-89 days past due

18

28

18

6

3

2

2

77

90+ days past due

6

2

1

9

Non-performing

20

96

88

48

23

9

2

286

Total retail customer receivables

$

11,074

$

12,545

$

7,646

$

4,348

$

1,967

$

555

$

4,824

$

42,959

Write-offs for the nine months ended July 27, 2025:

Agriculture and turf

$

3

$

25

$

28

$

16

$

5

$

5

$

97

$

179

Construction and forestry

3

30

25

9

2

2

5

76

Total

$

6

$

55

$

53

$

25

$

7

$

7

$

102

$

255

October 27, 2024

2024

2023

2022

2021

2020

Prior
Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

Agriculture and turf

Current

$

14,394

$

8,305

$

5,191

$

2,833

$

992

$

253

$

4,465

$

36,433

30-59 days past due

44

101

55

27

11

4

40

282

60-89 days past due

22

50

21

10

8

2

13

126

90+ days past due

1

1

1

2

5

Non-performing

23

91

76

50

20

13

15

288

Construction and forestry

Current

3,100

1,841

1,064

458

102

45

114

6,724

30-59 days past due

54

47

25

10

3

2

4

145

60-89 days past due

25

28

10

7

2

2

74

90+ days past due

1

4

3

1

9

Non-performing

40

94

67

32

9

5

1

248

Total retail customer receivables

$

17,704

$

10,562

$

6,513

$

3,430

$

1,147

$

324

$

4,654

$

44,334

Write-offs for the twelve months ended October 27, 2024:

Agriculture and turf

$

5

$

33

$

25

$

11

$

11

$

5

$

87

$

177

Construction and forestry

9

38

30

11

5

3

8

104

Total

$

14

$

71

$

55

$

22

$

16

$

8

$

95

$

281

July 28, 2024

2024

2023

2022

2021

2020

Prior
Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

Agriculture and turf

Current

$

10,349

$

9,686

$

5,849

$

3,286

$

1,276

$

394

$

4,409

$

35,249

30-59 days past due

37

90

56

28

10

4

31

256

60-89 days past due

15

65

25

12

5

2

10

134

90+ days past due

1

1

2

5

9

Non-performing

12

101

85

59

24

17

15

313

Construction and forestry

Current

2,261

2,067

1,249

583

147

60

111

6,478

30-59 days past due

40

59

34

14

4

1

4

156

60-89 days past due

12

25

14

9

2

1

1

64

90+ days past due

1

5

2

2

1

11

Non-performing

21

94

72

38

13

6

2

246

Total retail customer receivables

$

12,748

$

12,193

$

7,387

$

4,033

$

1,486

$

486

$

4,583

$

42,916

Write-offs for the nine months ended July 28, 2024:

Agriculture and turf

$

2

$

17

$

17

$

6

$

7

$

3

$

75

$

127

Construction and forestry

2

23

21

8

4

2

6

66

Total

$

4

$

40

$

38

$

14

$

11

$

5

$

81

$

193

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

July 27

    

October 27

    

July 28

 

2025

2024

2024

Wholesale receivables:

 

    

    

Agriculture and turf

Current

$

7,617

$

7,568

$

8,160

30+ days past due

1

Non-performing

1

1

1

Construction and forestry

Current

1,559

 

1,358

 

1,308

30+ days past due

 

 

3

Non-performing

 

 

Total wholesale receivables

 

$

9,177

$

8,927

$

9,473

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

 

Retail Notes

Revolving

& Financing

Charge

Wholesale

Leases

Accounts

Receivables

Total

Three Months Ended July 27, 2025

Allowance:

  

  

        

  

  

        

  

  

        

  

  

        

 

Beginning of period balance

 

$

243

 

$

13

$

2

$

258

Provision

49

33

82

Write-offs

(49)

(49)

(98)

Recoveries

5

11

16

End of period balance

 

$

248

 

$

8

$

2

$

258

Nine Months Ended July 27, 2025

Allowance:

  

Beginning of period balance

 

$

219

 

$

8

$

2

$

229

Provision

171

74

245

Write-offs

(153)

(102)

(255)

Recoveries

11

28

39

End of period balance

 

$

248

 

$

8

$

2

$

258

Financing receivables:

End of period balance

 

$

38,135

 

$

4,824

$

9,177

$

52,136

   

Retail Notes

Revolving

 

& Financing

Charge

Wholesale

 

Leases

Accounts

Receivables

Total

Three Months Ended July 28, 2024

Allowance:

  

  

        

  

  

        

  

  

        

  

  

        

Beginning of period balance

$

207

 

$

21

$

2

$

230

Provision

 

84

25

109

Provision reversal for assets held for sale

(38)

(38)

Provision subtotal

46

25

71

Write-offs

 

(45)

(46)

(91)

Recoveries

 

4

8

12

Translation adjustments

 

(3)

(3)

End of period balance

$

209

$

8

$

2

$

219

Nine Months Ended July 28, 2024

Allowance:

  

 

    

  

 

    

  

 

        

  

Beginning of period balance

$

172

 

$

21

$

4

$

197

Provision

 

183

46

229

Provision reversal for assets held for sale

(38)

(38)

Provision subtotal

145

46

191

Write-offs

 

(112)

(81)

(193)

Recoveries

 

9

22

31

Translation adjustments

(5)

(2)

(7)

End of period balance

$

209

$

8

$

2

$

219

Financing receivables:

End of period balance

$

38,333

 

$

4,583

$

9,473

$

52,389

The allowance for credit losses remained relatively flat in the third quarter of 2025 and increased in the first nine months of 2025, primarily due to higher expected losses on agriculture and turf customer accounts as a result of elevated delinquencies and a decline in market conditions.

In the third quarter of 2024, the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 21). These operations were deconsolidated in the second quarter of 2025 (see Note 20).

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. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period with the exception of 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

Nine Months Ended

  

July 27

  

July 28

  

July 27

  

July 28

 

2025

2024

2025

2024

 

Modified financing receivables

  

$

45

  

$

23

  

$

115

  

$

67

Percentage of financing receivables portfolio

0.09%

 

0.04%

 

0.22%

 

0.13%

For the nine months ended July 27, 2025, the financial effects of payment deferrals with borrowers experiencing financial difficulty resulted in a weighted average payment deferral of 7 months to the modified contracts. Term extensions provided to borrowers experiencing financial difficulty added a weighted average of 11 months to the modified contracts. Additionally, modifications with a combination of both payment deferrals and term extensions resulted in a weighted average payment deferral of 5 months and a weighted average term extension of 8 months.

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 July 27, 2025 and July 28, 2024 were as follows:

July 27

    

July 28

 

2025

2024*

Current

 

$

116

$

56

30-59 days past due

5

4

60-89 days past due

5

3

90+ days past due

2

1

Non-performing

14

3

Total

 

$

142

$

67

*  In accordance with the adoption date of the accounting modification guidance, this period includes receivables modified during the prior nine months.

Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during the three months and the nine months ended July 27, 2025. In addition, at July 27, 2025, commitments to provide additional financing to these customers were not significant.

v3.25.2
SECURITIZATION OF FINANCING RECEIVABLES
9 Months Ended
Jul. 27, 2025
SECURITIZATION OF FINANCING RECEIVABLES  
SECURITIZATION OF FINANCING RECEIVABLES

(9)  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.

The components of securitization programs were as follows:

 

  

July 27

    

October 27

    

July 28

 

2025

2024

2024

 

Financing receivables securitized (retail notes)

 

$

7,996

$

8,770

$

8,313

Allowance for credit losses

(48)

 

(47)

 

(39)

Other assets (primarily restricted cash)

175

 

187

 

178

Total restricted securitized assets

 

$

8,123

$

8,910

$

8,452

Short-term securitization borrowings

$

7,610

$

8,431

$

7,869

Accrued interest on borrowings

11

14

 

14

Total liabilities related to restricted securitized assets

$

7,621

$

8,445

$

7,883

     

v3.25.2
INVENTORIES
9 Months Ended
Jul. 27, 2025
INVENTORIES  
INVENTORIES

(10)  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:

  

July 27

   

October 27

   

July 28

 

2025

2024

2024

 

Raw materials and supplies

 

$

3,350

$

3,486

$

3,586

Work-in-process

1,139

 

930

 

988

Finished goods and parts

6,088

 

5,364

 

5,689

Total FIFO value

10,577

 

9,780

 

10,263

Excess of FIFO over LIFO

2,864

 

2,687

 

2,567

Inventories

 

$

7,713

$

7,093

$

7,696

  

v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - NET
9 Months Ended
Jul. 27, 2025
GOODWILL AND OTHER INTANGIBLE ASSETS - NET  
GOODWILL AND OTHER INTANGIBLE ASSETS - NET

(11)  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 29, 2023

  

$

702

$

363

$

2,835

$

3,900

Translation adjustments

 

(1)

2

59

60

Goodwill at July 28, 2024

$

701

$

365

$

2,894

$

3,960

Goodwill at October 27, 2024

$

701

$

365

$

2,893

$

3,959

Acquisitions (Note 20)

32

12

44

Translation adjustments

16

6

184

206

Goodwill at July 27, 2025

$

749

$

371

$

3,089

$

4,209

The components of other intangible assets were as follows:

  

July 27

   

October 27

   

July 28

 

2025

2024

2024

 

Customer lists and relationships

$

486

$

508

$

507

Technology, patents, trademarks, and other

1,526

 

1,423

 

1,413

Total at cost

2,012

 

1,931

 

1,920

Less accumulated amortization:

 

 

Customer lists and relationships

(255)

(231)

(222)

Technology, patents, trademarks, and other

(831)

(701)

(668)

Total accumulated amortization

(1,086)

(932)

(890)

Other intangible assets – net

$

926

$

999

$

1,030

The amortization of other intangible assets in the third quarter and the first nine months of 2025 was $31 and $110, and for the third quarter and the first nine months of 2024 was $41 and $124, respectively. The estimated amortization expense for the next five years is as follows: remainder of 2025 – $40, 2026 – $133, 2027 – $127, 2028 – $90, 2029 – $75, and 2030 – $71.

v3.25.2
SHORT-TERM BORROWINGS
9 Months Ended
Jul. 27, 2025
SHORT-TERM BORROWINGS  
SHORT-TERM BORROWINGS

(12)  Short-Term Borrowings

Short-term borrowings were as follows:

July 27

October 27

July 28

  

2025

  

2024

  

2024

Commercial paper

$

5,322

$

4,008

$

5,572

Notes payable to banks

694

377

418

Finance lease obligations due within one year

41

33

31

Long-term borrowings due within one year

 

8,550

 

9,115

 

9,273

Short-term borrowings

$

14,607

$

13,533

$

15,294

  

v3.25.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
9 Months Ended
Jul. 27, 2025
ACCOUNTS PAYABLE AND ACCRUED EXPENSES  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES

(13)  Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

  

July 27

  

October 27

  

July 28

 

2025

2024

2024

Accounts payable:

  

   

         

   

   

         

   

   

         

Trade payables

$

2,718

  

$

2,698

  

$

2,580

Dividends payable

 

443

 

405

 

407

Operating lease liabilities

285

270

258

Deposits withheld from dealers and merchants

137

152

151

Payables to unconsolidated affiliates

5

6

4

Other

 

215

 

204

 

173

Accrued expenses:

Employee benefits

 

1,356

 

1,925

 

1,802

Accrued taxes

 

1,331

 

1,509

 

1,497

Product warranties

1,273

1,426

1,513

Dealer sales discounts

659

996

846

Extended warranty premium

 

1,226

 

1,179

 

1,129

Derivative liabilities

517

582

582

Unearned revenue (contractual liability)

 

874

 

744

 

766

Unearned operating lease revenue

517

495

480

Accrued interest

474

455

478

Parts return liability

423

420

404

Other

 

1,129

 

1,077

 

1,327

Accounts payable and accrued expenses

 

$

13,582

 

$

14,543

$

14,397

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,268 at July 27, 2025, $2,121 at October 27, 2024, and $2,535 at July 28, 2024. Other eliminations were made for accrued taxes and other accrued expenses.

v3.25.2
LONG-TERM BORROWINGS
9 Months Ended
Jul. 27, 2025
LONG-TERM BORROWINGS  
LONG-TERM BORROWINGS

(14)  Long-Term Borrowings

Long-term borrowings consisted of:

July 27

October 27

July 28

  

2025

  

2024

  

2024

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

7.125% notes due 2031

 

300

 

300

 

300

5.45% notes due 2035

 

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

Euro notes:

1.85% notes due 2028 (€600 principal)

705

650

651

2.20% notes due 2032 (€600 principal)

705

650

651

1.65% notes due 2039 (€650 principal)

764

704

705

Serial issuances

Medium-term notes

 

35,428

36,566

36,057

Other notes and finance lease obligations

 

438

 

265

 

232

Less debt issuance costs and debt discounts

(161)

(156)

(154)

Long-term borrowings

 

$

44,429

$

43,229

$

42,692

 

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $35,699, $37,141, and $36,716, at July 27, 2025, October 27, 2024, and July 28, 2024, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

v3.25.2
LEASES - LESSOR
9 Months Ended
Jul. 27, 2025
LEASES - LESSOR  
LEASES - LESSOR

(15)  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

Nine Months Ended

July 27

July 28

July 27

July 28

2025

2024

2025

2024

Sales-type and direct finance lease revenues

$

46

$

50

$

137

$

141

Operating lease revenues

374

358

1,091

1,039

Variable lease revenues

5

4

14

13

Total lease revenues

$

425

$

412

$

1,242

$

1,193

  

v3.25.2
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Jul. 27, 2025
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

(16)  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

Nine Months Ended

 

July 27

July 28

July 27

July 28

 

2025

2024

2025

2024

 

Beginning of period balance

  

$

1,297

   

$

1,566

   

$

1,426

   

$

1,610

Warranty claims paid

(336)

 

(325)

(954)

 

(959)

New product warranty accruals

303

 

280

786

 

871

Foreign exchange

9

 

(8)

15

 

(9)

End of period balance

$

1,273

$

1,513

$

1,273

$

1,513

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 July 27, 2025, the notional value of these guarantees was $130. We may repossess the equipment collateralizing the receivables. At July 27, 2025, the accrued losses under these agreements were not material. We also had guarantees to a VIE (see Note 1) totaling $153 as of July 27, 2025.

We also had other miscellaneous contingent liabilities and guarantees totaling approximately $125 at July 27, 2025. The accrued liability for these contingencies was $25 at July 27, 2025.

At July 27, 2025, we had commitments of approximately $630 for the construction and acquisition of property and equipment. Also, at July 27, 2025, we had restricted assets of $331, classified as “Other assets,” which includes restricted cash primarily related to securitization of financing receivables (see Note 9) and cash that is legally restricted as to withdrawal or usage.

We are subject to various unresolved legal actions. The accrued losses on these matters were not material at July 27, 2025. We believe the reasonably possible range of losses, if any, for these unresolved legal actions would not have a material effect on our consolidated financial statements. The most prevalent legal claims relate to product liability (including asbestos-related liability), antitrust matters (including class action litigation), employment, patent, and trademark.

v3.25.2
FAIR VALUE MEASUREMENTS
9 Months Ended
Jul. 27, 2025
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

(17)  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.

July 27, 2025

October 27, 2024

July 28, 2024

 

Carrying
Value

Fair
Value

Carrying
Value

Fair
Value

Carrying
Value

Fair
Value

 

Financing receivables – net

  

$

43,930

  

$

44,036

  

$

44,309

  

$

44,336

  

$

43,896

  

$

43,713

Financing receivables securitized – net

7,948

7,928

8,723

8,654

8,274

8,139

Receivables from unconsolidated affiliates

515

522

Short-term securitization borrowings

7,610

7,637

8,431

8,453

7,869

7,872

Long-term borrowings due within one year

8,550

8,556

9,115

 

9,079

9,273

9,190

Long-term borrowings

44,358

44,034

43,157

 

42,804

42,617

42,076

 

Fair value measurements above were Level 3 for 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 receivables approximated the carrying amounts. In May 2025 and May 2024, we acquired held-to-maturity marketable securities that mature in less than one year. The carrying value of the held-to-maturity marketable securities was $62 and $12 as of July 27, 2025 and July 28, 2024, respectively, which approximated fair values.

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 follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.

  

July 27

   

October 27

   

July 28

 

2025

2024

2024

 

Level 1:

  

   

         

   

   

         

   

   

         

Marketable securities:

U.S. government debt securities

$

229

$

239

$

413

Total Level 1 marketable securities

229

239

413

Level 2:

Marketable securities:

International fixed income fund

7

Corporate debt securities

477

 

423

 

220

International debt securities

195

143

145

Mortgage-backed securities

223

 

165

 

154

Municipal debt securities

102

 

74

 

69

U.S. government debt securities

112

110

127

Total Level 2 marketable securities

1,116

 

915

 

715

Other assets – Derivatives

 

370

357

361

Accounts payable and accrued expenses – Derivatives

 

517

582

582

Level 3:

Accounts payable and accrued expenses – Deferred consideration

121

147

153

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

The contractual maturities of available-for-sale debt securities at July 27, 2025 follow:

    

Amortized

    

Fair

 

Cost

Value

 

Due in one year or less

 

$

94

$

94

Due after one through five years

382

375

Due after five through 10 years

480

463

Due after 10 years

211

183

Mortgage-backed securities

250

223

Debt securities

 

$

1,417

 

$

1,338

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

Losses (Gains)

  

  

        

  

  

        

  

  

        

Three Months Ended 

Nine Months Ended 

July 27

October 27

July 28

July 27

July 28

July 27

July 28

  

2025

  

2024

  

2024

  

2025

  

2024

  

2025*

  

2024

 

Property and equipment – net

$

1

$

8

$

8

Other intangible assets – net

3

53

53

Other assets

$

23

Assets held for sale

2,944

$

2,965

$

53

(32)

$

53

*    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. International debt securities are valued using quoted prices for identical assets in inactive markets.

Derivatives – Our derivative financial instruments consist of interest rate contracts (swaps), 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 (see Note 21).

Other intangible assets – net – The impairment of customer relationships and tradename of our external overseas battery operations was measured using an income approach (see Note 21).

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 cost to sell. Fair value was based on the probable sale price. The inputs included estimates of the final sale price (see Note 21).

v3.25.2
DERIVATIVE INSTRUMENTS
9 Months Ended
Jul. 27, 2025
DERIVATIVE INSTRUMENTS  
DERIVATIVE INSTRUMENTS

(18)  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.”

July 27, 2025

October 27, 2024

July 28, 2024

 

Fair Value

Fair Value

Fair Value

 

Notional

Assets

Liabilities

Notional

Assets

Liabilities

Notional

Assets

Liabilities

 

Cash flow hedges:

 

 

        

 

 

        

 

 

        

  

 

        

 

 

        

 

 

        

  

 

        

 

 

        

 

 

        

 

Interest rate contracts

 

$

2,475

$

29

 

$

2,875

$

3

$

20

 

$

3,475

$

14

$

18

 

Fair value hedges:

Interest rate contracts

13,753

$

148

326

15,864

115

467

15,165

119

486

Cross-currency interest rate contracts

975

101

975

31

975

16

 

Net investment hedges:

Cross-currency interest rate contracts

1,131

30

Not designated as hedging instruments:

Interest rate contracts

15,170

92

74

12,518

97

75

13,656

103

59

Foreign exchange contracts

7,869

25

52

7,533

95

20

7,529

 

99

 

16

Cross-currency interest rate contracts

141

4

6

158

16

190

 

10

 

3

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item. The carrying amount of the hedged item and formerly hedged item includes long-term borrowings of $598 at October 27, 2024 and July 28, 2024, that were in active hedging relationships and also had discontinued hedging relationships.

Active Hedging Relationships

Discontinued Hedging Relationships

Carrying Amount

Cumulative Fair Value

Carrying Amount of

Cumulative Fair Value

of Hedged Item

Hedging Amount

Formerly Hedged Item

Hedging Amount

July 27, 2025

Short-term borrowings

$

109

$

(1)

$

2,252

$

(22)

Long-term borrowings

14,497

(141)

10,396

(130)

October 27, 2024

Short-term borrowings

$

287

$

(1)

$

1,782

$

7

Long-term borrowings

16,125

(347)

8,626

(228)

July 28, 2024

Short-term borrowings

$

286

$

(4)

$

1,458

$

9

Long-term borrowings

15,386

(394)

8,414

(264)

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

Nine Months Ended

 

July 27

July 28

July 27

July 28

 

2025

2024

2025

2024

 

Fair value hedges:

 

   

        

  

   

        

  

   

        

  

   

        

 

Interest rate contracts – Interest expense

 

$

(54)

$

373

 

$

38

$

269

 

Cash flow hedges:

Recognized in OCI:

Interest rate contracts – OCI (pretax)

7

(15)

3

3

Reclassified from OCI:

Interest rate contracts – Interest expense

(3)

 

22

5

 

49

 

Net investment hedges:

Interest rate contracts – Interest expense

4

5

Recognized in OCI:

Interest rate contracts – OCI (pretax)

(26)

(30)

 

Not designated as hedges:

Interest rate contracts – Interest expense

 

$

9

$

4

 

$

(7)

$

2

Foreign exchange contracts – Net sales

1

(3)

(2)

Foreign exchange contracts – Cost of sales

(21)

 

36

7

15

Foreign exchange contracts – Other operating expenses

(79)

 

17

11

 

(118)

Total not designated

 

$

(90)

$

54

 

$

9

$

(101)

In April 2025, we entered into a cross-currency interest rate swap as a designated net investment hedge to reduce the foreign currency exposure from investments in foreign subsidiaries. Changes in fair value of the derivative attributable to changes in the spot rate are recorded in “Cumulative translation adjustment” within “Other comprehensive income” (OCI) to offset changes in the value of the net investments being hedged. Effectiveness is assessed using the spot method. The periodic cash settlement of the pay-fixed rate, receive-fixed rate cross-currency swap is recorded in “Interest expense.”

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 July 27, 2025, October 27, 2024, and July 28, 2024, was $465, $562, and $566, respectively. In accordance with the limits established in these agreements, we posted $122, $245, and $269 of cash collateral at July 27, 2025, October 27, 2024, and July 28, 2024, respectively. In addition, we paid $8 of collateral that was outstanding at July 27, 2025, October 27, 2024, and July 28, 2024 to participate in an international futures market to hedge currency exposure, not included in the table below.

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

 

July 27, 2025

   

  

        

   

  

        

   

  

        

   

  

        

Assets

 

$

370

 

$

(157)

 

$

(3)

 

$

210

Liabilities

517

(157)

(122)

238

 

October 27, 2024

    

    

    

    

 

Assets

$

357

 

$

(142)

 

 

$

215

Liabilities

582

 

(142)

$

(246)

194

    

 

July 28, 2024

 

Assets

$

361

 

$

(154)

 

$

207

Liabilities

 

582

(154)

$

(269)

 

159

  

v3.25.2
SHARE-BASED AWARDS
9 Months Ended
Jul. 27, 2025
SHARE-BASED AWARDS  
SHARE-BASED AWARDS

(19)  Share-Based Awards

We are authorized to grant shares for equity incentive awards. The outstanding shares authorized were 13.7 million at July 27, 2025. During the nine months ended July 27, 2025, we granted stock options to employees for the purchase of 169 thousand shares of common stock at a weighted-average exercise price of $448.18 per share and a weighted-average binomial lattice model fair value of $116.35 per share at the grant date. At July 27, 2025, options for 1.1 million shares were outstanding with a weighted-average exercise price of $317.80 per share.

During the nine months ended July 27, 2025, 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:

Grant-Date

Fair Value

Shares

(per share)

Service-based

   

308

   

$

448.68

  

Performance/service-based

40

429.77

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

40

591.13

v3.25.2
ACQUISITIONS AND DISPOSITION
9 Months Ended
Jul. 27, 2025
ACQUISITIONS AND DISPOSITION  
ACQUISITIONS AND DISPOSITION

(20)  AcQUISITIONs AND Disposition

Acquisitions

In 2025, we acquired businesses to advance the capabilities of our existing technology offerings, providing customers with a more comprehensive set of tools to generate and use data to make decisions that improve profitability, efficiency, and sustainability. The combined cost of these acquisitions was $89, net of cash acquired. The businesses were assigned to the PPA and CF segments. Most of the purchase price for these acquisitions was allocated to goodwill and intangible assets.

Disposition

In February 2025, we completed a transaction with Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become a 50% owner of our wholly-owned subsidiary in Brazil, BJD. Bradesco contributed capital directly to BJD. The transaction resulted in the deconsolidation of BJD in the second quarter of 2025. BJD finances retail and wholesale loans for agricultural, construction, and forestry equipment and was included in our financial services segment. BJD was a part of our Brazil operations which is considered an integrated single foreign entity.

We retained a 50% equity interest in BJD, which was valued at the deconsolidation date at $362 based on the completed transaction with Bradesco and its amount of contributed capital. We are accounting for our investment in BJD using the equity method of accounting and results of its operations are reported in “Equity in income of unconsolidated affiliates.” The related investment in unconsolidated affiliates and receivables from unconsolidated affiliates are reported in “Other assets” and “Other receivables,” respectively, on the condensed consolidated balance sheets.

The major classes of the total assets and liabilities of BJD at the time of deconsolidation were as follows:

February

2025

Cash and cash equivalents

$

110

Trade accounts and notes receivable – net

119

Financing receivables – net

2,787

Deferred income taxes

33

Other miscellaneous assets

23

Valuation allowance

(65)

Total assets

$

3,007

Short-term borrowings

$

495

Accounts payable and accrued expenses

124

Long-term borrowings

1,241

Retirement benefits and other liabilities

1

Total liabilities

$

1,861

Total intercompany payables

$

781

At the time of deconsolidation in February 2025, the additional gain or loss was not significant. BJD was reclassified as held for sale in the third quarter of 2024.

Statements of Consolidated Cash Flows – Our noncash transactions as a result of BJD deconsolidation in February 2025 include the following items: derecognition of the above total assets (excluding cash and cash equivalents) and total liabilities, and the recognition of the investment in unconsolidated affiliates and receivables from unconsolidated affiliates (BJD intercompany payables above). The decrease in cash and cash equivalents resulting from deconsolidation of BJD was recorded in investing activities – “Other” in the statements of consolidated cash flows.

v3.25.2
SPECIAL ITEMS
9 Months Ended
Jul. 27, 2025
SPECIAL ITEMS  
SPECIAL ITEMS

(21)  Special ItemS

2025

Impairment

In the third quarter of 2025, we recorded a non-cash charge of $61 pretax ($49 after-tax), primarily related to the trade name and customer relationship assets of our external overseas battery operations. Of this amount, $53 was recorded in “Selling, administrative and general expenses” and $8 in “Cost of sales.” The impairment resulted from slowing external demand for batteries, which indicated that it is probable future cash flows would not cover the carrying value of the assets (see Note 17).

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 February 2025, we completed the transaction with Bradesco (see Note 20) for the sale of 50% ownership in BJD. BJD was included in our financial services segment and was reclassified as held for sale in the third quarter of 2024. In the first quarter of 2025, a pretax and after-tax gain (reversal of previous losses) of $32 was recorded in “Selling, administrative and general expenses” and presented in “Impairments and other adjustments” in the statements of consolidated income and consolidated cash flows, respectively.

2024

Employee-Separation Programs

In the third quarter of 2024, we implemented employee-separation programs for our salaried workforce in several geographic areas, including the United States, Europe, Asia, and Latin America. The programs’ main purpose was to help meet our strategic priorities while reducing overlap and redundancy in roles and responsibilities. The programs were largely involuntary in nature with the expense recorded when management committed to a plan, the plan was communicated to the employees, and the employees were not required to provide service beyond the legal notification period. For the limited voluntary employee-separation programs, the expense was recorded in the period in which the employee irrevocably accepted a separation offer.

The programs’ total pretax expenses recorded in the third quarter of 2024 were $124. Payments made during the third quarter of 2024 with respect to these program expenses totaled $30. The expenses for the three months and nine months ended July 28, 2024 were recorded as follows:

PPA

 

SAT

 

CF

 

FS

 

Total

Employee-Separation Programs:

Cost of sales

$

18

$

9

$

8

$

35

Research and development expenses

19

6

1

26

Selling, administrative and general expenses

25

14

11

$

9

59

Total operating profit decrease

$

62

$

29

$

20

$

9

120

Non-operating profit expenses*

4

Total

$

124

*    Relates primarily to corporate expenses.

Banco John Deere S.A.

In the third quarter of 2024, we reclassified the BJD business as held for sale, including a reversal of $38 in allowance for credit losses, and the establishment of a $53 valuation allowance on the assets held for sale presented in “Impairments and other adjustments” in the statements of consolidated cash flows. The net impact of these entries was a pretax and after-tax loss of $15 recorded in “Selling, administrative and general expenses.”

Redeemable Noncontrolling Interest

In the third quarter of 2024, we exercised our right to purchase the remaining 20 percent interest in SurePoint Ag Systems, Inc. The arrangement was accounted for as an equity transaction with no gain or loss recorded in the statements of consolidated income.

Summary of 2025 and 2024 Special Items

The following table summarizes the operating profit impact of the special items recorded for the three months and nine months ended July 27, 2025 and July 28, 2024.

Three Months Ended

Nine Months Ended

PPA

 

SAT

 

CF

 

FS

 

Total

PPA

SAT

 

CF

 

FS

 

Total

2025 Expense (benefit):

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

Impairment

$

28

$

17

$

16

$

61

$

28

$

17

$

16

$

61

BJD measurement

$

(32)

(32)

Total expense (benefit)

28

17

16

61

28

17

16

(32)

29

2024 Expense:

Employee-separation programs

62

29

20

$

9

120

62

29

20

9

120

BJD measurement

15

15

15

15

Total expense

62

29

20

24

135

62

29

20

24

135

Period over period change

$

(34)

$

(12)

$

(4)

$

(24)

$

(74)

$

(34)

$

(12)

$

(4)

$

(56)

$

(106)

v3.25.2
SUBSEQUENT EVENT
9 Months Ended
Jul. 27, 2025
SUBSEQUENT EVENT  
SUBSEQUENT EVENT

(22)  Subsequent Event

On August 27, 2025, a quarterly dividend of $1.62 per share was declared at the Board of Directors meeting, payable on November 10, 2025, to stockholders of record on September 30, 2025.

v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 1,289 $ 1,734 $ 3,962 $ 5,855
v3.25.2
Insider Trading Arrangements
3 Months Ended
Jul. 27, 2025
shares
Cory J. Reed  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On May 21, 2025, Cory J. Reed, President, Worldwide Agriculture & Turf Division, Production Precision Ag, Sales & Marketing Regions of the Americas and Australia, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale of up to 12,000 shares of common stock resulting from the exercise of employee stock options. The plan expires on May 19, 2026.

Name Cory J. Reed
Title President, Worldwide Agriculture & Turf Division, Production Precision Ag, Sales & Marketing Regions of the Americas and Australia
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 21, 2025
Expiration Date May 19, 2026
Aggregate Available 12,000
John C. May  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On June 20, 2025, John C. May, Chairman and Chief Executive Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale of up to 52,578 shares of common stock resulting from the exercise of employee stock options. The plan expires on June 18, 2026.

Name John C. May
Title Chairman and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date Jun. 20, 2025
Expiration Date Jun. 18, 2026
Aggregate Available 52,578
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS (Policies)
9 Months Ended
Jul. 27, 2025
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 third quarter ends for fiscal years 2025 and 2024 were July 27, 2025 and July 28, 2024, respectively. Both quarters contained 13 weeks, while both year-to-date periods contained 39 weeks. Fiscal year 2025 will contain 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 in October and the associated periods in those fiscal years.

Consolidation, Variable Interest Entity, Policy

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 20). BJD is a variable interest entity (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. We adopted the following standards in 2025, none of which had a material effect on our consolidated financial statements.

No. 2023-05 — Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

No. 2022-03 — Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

Accounting Pronouncements to be Adopted

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses on short-term receivables from sales transactions. The ASU will be effective for us beginning with our interim reporting for fiscal year 2027, with early adoption permitted. We are assessing the effect of this update on our financial results.

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.

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.

No. 2024-04 — Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments

No. 2023-07 — Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

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. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period with the exception of 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.

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

In April 2025, we entered into a cross-currency interest rate swap as a designated net investment hedge to reduce the foreign currency exposure from investments in foreign subsidiaries. Changes in fair value of the derivative attributable to changes in the spot rate are recorded in “Cumulative translation adjustment” within “Other comprehensive income” (OCI) to offset changes in the value of the net investments being hedged. Effectiveness is assessed using the spot method. The periodic cash settlement of the pay-fixed rate, receive-fixed rate cross-currency swap is recorded in “Interest expense.”

v3.25.2
ORGANIZATION AND CONSOLIDATION (Tables)
9 Months Ended
Jul. 27, 2025
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 at July 27, 2025 follows:

July 27

2025

Receivables from unconsolidated affiliates – "Other receivables"

$

516

Investments in unconsolidated affiliates – "Other assets"

395

Carrying value of assets related to VIE

911

Guarantees

153

Maximum exposure to loss

$

1,064

Guarantees primarily include BJD debt related to government funding that existed prior to the deconsolidation of BJD, and no contractual liability is recorded by us on our condensed consolidated balance sheets. The maximum exposure to loss is not an indication of our expected loss exposure.

v3.25.2
REVENUE RECOGNITION (Tables)
9 Months Ended
Jul. 27, 2025
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 July 27, 2025

  

PPA

  

SAT

  

CF

  

FS

  

Total

Primary geographic markets:

             

             

United States

$

1,684

$

1,537

$

1,687

$

1,100

$

6,008

Canada

335

148

222

 

190

 

895

Western Europe

677

757

550

 

45

 

2,029

Central Europe and CIS

301

130

103

 

2

 

536

Latin America

1,055

124

252

 

28

 

1,459

Asia, Africa, Oceania, and Middle East

332

393

313

53

1,091

Total

$

4,384

$

3,089

$

3,127

$

1,418

$

12,018

Major product lines:

             

             

Production agriculture

$

4,183

$

4,183

Small agriculture

$

2,189

 

 

2,189

Turf

760

 

 

760

Construction

$

1,207

 

 

1,207

Compact construction

491

491

Roadbuilding

1,013

 

 

1,013

Forestry

292

 

 

292

Financial products

66

37

23

$

1,418

 

1,544

Other

135

103

101

 

 

339

Total

$

4,384

$

3,089

$

3,127

$

1,418

$

12,018

Revenue recognized:

             

             

At a point in time

$

4,270

$

3,032

$

3,085

$

36

$

10,423

Over time

114

57

42

1,382

1,595

Total

$

4,384

$

3,089

$

3,127

$

1,418

$

12,018

  

Nine Months Ended July 27, 2025

PPA

  

SAT

  

CF

  

FS

  

Total

Primary geographic markets:

United States

$

5,752

$

4,112

$

4,517

$

3,257

$

17,638

Canada

1,345

380

531

 

549

 

2,805

Western Europe

1,566

1,776

1,391

 

132

 

4,865

Central Europe and CIS

607

268

261

 

9

 

1,145

Latin America

2,765

320

677

 

165

 

3,927

Asia, Africa, Oceania, and Middle East

849

1,086

814

161

2,910

Total

$

12,884

$

7,942

$

8,191

$

4,273

$

33,290

Major product lines:

             

             

Production agriculture

$

12,321

$

12,321

Small agriculture

$

5,387

 

 

5,387

Turf

2,180

 

 

2,180

Construction

$

3,159

 

 

3,159

Compact construction

1,358

1,358

Roadbuilding

2,558

 

 

2,558

Forestry

772

 

772

Financial products

177

95

60

$

4,273

 

4,605

Other

386

280

284

 

 

950

Total

$

12,884

$

7,942

$

8,191

$

4,273

$

33,290

Revenue recognized:

             

             

At a point in time

$

12,575

$

7,789

$

8,080

$

99

$

28,543

Over time

309

153

111

4,174

4,747

Total

$

12,884

$

7,942

$

8,191

$

4,273

$

33,290

Three Months Ended July 28, 2024

  

PPA

  

SAT

  

CF

  

FS

  

Total

Primary geographic markets:

             

             

United States

$

2,839

$

1,824

$

1,967

$

1,076

$

7,706

Canada

489

207

183

 

191

 

1,070

Western Europe

522

542

432

64

 

1,560

Central Europe and CIS

201

70

106

12

 

389

Latin America

841

125

305

94

 

1,365

Asia, Africa, Oceania, and Middle East

350

360

300

52

1,062

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

Major product lines:

             

             

Production agriculture

$

5,038

$

5,038

Small agriculture

$

2,168

 

 

2,168

Turf

825

 

 

825

Construction

$

1,308

 

 

1,308

Compact construction

643

643

Roadbuilding

961

 

 

961

Forestry

269

 

 

269

Financial products

65

33

8

$

1,489

 

1,595

Other

139

102

104

 

 

345

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

Revenue recognized:

             

             

At a point in time

$

5,143

$

3,084

$

3,269

$

35

$

11,531

Over time

99

44

24

1,454

1,621

Total

$

5,242

$

3,128

$

3,293

$

1,489

$

13,152

Nine Months Ended July 28, 2024

  

PPA

  

SAT

  

CF

  

FS

  

Total

Primary geographic markets:

United States

$

9,441

$

5,011

$

6,563

$

3,041

$

24,056

Canada

1,475

492

635

538

 

3,140

Western Europe

1,684

1,747

1,263

144

 

4,838

Central Europe and CIS

655

223

291

28

 

1,197

Latin America

2,510

326

895

346

 

4,077

Asia, Africa, Oceania, and Middle East

1,199

1,074

829

162

3,264

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

Major product lines:

             

             

Production agriculture

$

16,336

$

16,336

Small agriculture

$

5,984

 

5,984

Turf

2,491

 

2,491

Construction

$

4,528

 

4,528

Compact construction

1,964

1,964

Roadbuilding

2,804

 

2,804

Forestry

832

 

832

Financial products

164

91

43

$

4,259

 

4,557

Other

464

307

305

 

1,076

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

Revenue recognized:

             

             

At a point in time

$

16,707

$

8,753

$

10,395

$

97

$

35,952

Over time

257

120

81

4,162

4,620

Total

$

16,964

$

8,873

$

10,476

$

4,259

$

40,572

v3.25.2
OTHER COMPREHENSIVE INCOME ITEMS (Tables)
9 Months Ended
Jul. 27, 2025
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:

July 27

October 27

July 28

2025

2024

2024

Retirement benefits adjustment

$

(1,291)

$

(1,274)

$

(974)

Cumulative translation adjustment

(1,681)

(2,286)

(2,264)

Unrealized gain (loss) on derivatives

(73)

(72)

(44)

Unrealized gain (loss) on debt securities

(62)

(74)

(86)

Accumulated other comprehensive income (loss)

$

(3,107)

$

(3,706)

$

(3,368)

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 July 27, 2025

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

311

  

$

(2)

  

$

309

Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss)

7

(1)

6

Reclassification of realized (gain) loss to Interest expense

3

(1)

2

Net unrealized gain (loss) on derivatives

10

(2)

8

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

4

(1)

3

Reclassification of realized (gain) loss to Other income

1

(1)

Net unrealized gain (loss) on debt securities

5

(2)

3

Retirement benefits adjustment:

Net actuarial gain (loss)

(40)

10

(30)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(12)

3

(9)

Prior service (credit) cost

9

(2)

7

Settlements/curtailment

13

(3)

10

Net unrealized gain (loss) on retirement benefits adjustment

(30)

8

(22)

Total other comprehensive income (loss)

 

$

296

$

2

$

298

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Nine Months Ended July 27, 2025

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

611

  

$

(6)

  

$

605

Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss)

3

3

Reclassification of realized (gain) loss to Interest expense

(5)

1

(4)

Net unrealized gain (loss) on derivatives

(2)

1

(1)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

15

(5)

10

Reclassification of realized (gain) loss to Other income

3

(1)

2

Net unrealized gain (loss) on debt securities

18

(6)

12

Retirement benefits adjustment:

Net actuarial gain (loss)

(28)

7

(21)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(37)

9

(28)

Prior service (credit) cost

26

(6)

20

Settlements/curtailment

16

(4)

12

Net unrealized gain (loss) on retirement benefits adjustment

(23)

6

(17)

Total other comprehensive income (loss)

 

$

604

$

(5)

$

599

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Three Months Ended July 28, 2024

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

(170)

   

 

$

(170)

Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss)

(15)

$

3

(12)

Reclassification of realized (gain) loss to Interest expense

(22)

5

(17)

Net unrealized gain (loss) on derivatives

(37)

8

(29)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

29

(6)

23

Net unrealized gain (loss) on debt securities

29

(6)

23

Retirement benefits adjustment:

Net actuarial gain (loss)

(19)

5

(14)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(18)

4

(14)

Prior service (credit) cost

8

(1)

7

Settlements

1

(1)

Net unrealized gain (loss) on retirement benefits adjustment

(28)

7

(21)

Total other comprehensive income (loss)

 

$

(206)

$

9

$

(197)

 

Before

  

Tax

  

After

 

Tax

(Expense)

Tax

 

Nine Months Ended July 28, 2024

Amount

Credit

Amount

 

Cumulative translation adjustment

 

$

(114)

   

$

1

   

$

(113)

Unrealized gain (loss) on interest rate derivatives:

Unrealized hedging gain (loss)

3

3

Reclassification of realized (gain) loss to Interest expense

(49)

10

(39)

Net unrealized gain (loss) on derivatives

(46)

10

(36)

Unrealized gain (loss) on debt securities:

Unrealized holding gain (loss)

17

1

18

Reclassification of realized (gain) loss to Other income

8

(2)

6

Net unrealized gain (loss) on debt securities

25

(1)

24

Retirement benefits adjustment:

Net actuarial gain (loss)

(145)

35

(110)

Reclassification to Other operating expenses through amortization of:

Actuarial (gain) loss

(54)

14

(40)

Prior service (credit) cost

26

(6)

20

Settlements

2

(1)

1

Net unrealized gain (loss) on retirement benefits adjustment

(171)

42

(129)

Total other comprehensive income (loss)

 

$

(306)

$

52

$

(254)

v3.25.2
EARNINGS PER SHARE (Tables)
9 Months Ended
Jul. 27, 2025
EARNINGS PER SHARE  
Reconciliation of Basic and Diluted Net Income Per Share

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

  

Three Months Ended 

Nine Months Ended

 

July 27

July 28

July 27

July 28

 

2025

2024

2025

2024

 

Net income attributable to Deere & Company

  

$

1,289

  

$

1,734

  

$

3,962

  

$

5,855

Average shares outstanding

270.7

 

274.5

271.1

 

277.1

Basic per share

$

4.76

$

6.32

$

14.61

$

21.13

Average shares outstanding

270.7

 

274.5

271.1

 

277.1

Effect of dilutive stock options and unvested restricted stock units

.7

 

1.1

.8

 

1.1

Total potential shares outstanding

271.4

 

275.6

271.9

 

278.2

Diluted per share

$

4.75

$

6.29

$

14.57

$

21.04

Shares excluded from EPS calculation, as antidilutive

.2

.4

.2

.3

v3.25.2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
9 Months Ended
Jul. 27, 2025
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

Nine Months Ended

 

July 27

July 28

July 27

July 28

 

2025

2024

2025

2024

 

Pensions:

Service cost

  

$

65

  

$

56

  

$

190

  

$

171

Interest cost

131

 

136

388

 

410

Expected return on plan assets

(256)

 

(241)

(754)

 

(723)

Amortization of actuarial gain

(1)

 

(4)

(4)

 

(13)

Amortization of prior service cost

10

 

9

29

 

29

Settlements/curtailment

13

 

1

16

 

2

Net benefit

$

(38)

$

(43)

$

(135)

$

(124)

OPEB:

Service cost

  

$

4

  

$

4

  

$

13

  

$

13

Interest cost

39

 

44

117

 

131

Expected return on plan assets

(28)

 

(27)

(83)

 

(81)

Amortization of actuarial gain

(11)

 

(14)

(33)

 

(41)

Amortization of prior service credit

(1)

 

(1)

(3)

 

(3)

Net cost

$

3

$

6

$

11

$

19

Schedule of Pension and OPEB Contributions and Expected Contributions

During the first nine months of 2025, we contributed and expect to contribute the following amounts to our pension and OPEB plans:

Pensions

OPEB

Contributed

  

$

79

  

$

638

 

Expected contributions remainder of the year

36

 

22

v3.25.2
SEGMENT DATA (Tables)
9 Months Ended
Jul. 27, 2025
SEGMENT DATA  
Schedule of Segment Reporting Information

Information relating to operations by operating segment follows:

 

Three Months Ended 

Nine Months Ended 

 

 

July 27

July 28

%

July 27

July 28

%

 

  2025   

  2024   

Change

   2025   

   2024   

Change

 

Net sales and revenues

 

 

  

    

  

    

  

  

    

  

    

PPA net sales

 

$

4,273

$

5,099

-16

 

$

12,571

$

16,529

-24

SAT net sales

3,025

3,053

-1

7,767

8,663

-10

CF net sales

3,059

 

3,235

-5

8,000

 

10,292

-22

FS revenues

1,418

 

1,489

-5

4,273

 

4,259

Other revenues

243

 

276

-12

679

 

829

-18

Total net sales and revenues

 

$

12,018

$

13,152

-9

 

$

33,290

$

40,572

-18

Operating profit

PPA

 

$

580

$

1,162

-50

 

$

2,066

$

3,857

-46

SAT

485

496

-2

1,182

1,393

-15

CF

237

 

448

-47

681

 

1,682

-60

FS

266

 

191

+39

740

 

657

+13

Total operating profit

1,568

 

2,297

-32

4,669

 

7,589

-38

Reconciling items

60

 

62

-3

198

 

111

+78

Income taxes

(339)

 

(625)

-46

(905)

 

(1,845)

-51

Net income attributable to Deere & Company

 

$

1,289

$

1,734

-26

 

$

3,962

$

5,855

-32

Intersegment sales and revenues:

PPA net sales

 

$

4

 

$

18

SAT net sales

2

CF net sales

 

FS revenues

$

126

 

178

-29

$

345

 

548

-37

Operating profit for PPA, SAT, and CF is income from continuing operations before corporate expenses, certain external interest expenses, certain foreign exchange gains and losses, and income taxes. Operating profit of financial services includes the effect of interest expense and foreign exchange gains and losses. Reconciling items to net income are primarily corporate expenses, certain interest income and expenses, certain foreign exchange gains and losses, pension and OPEB benefit (cost) amounts excluding the service cost component, and net income attributable to noncontrolling interests.

Identifiable operating assets were as follows:

 

 

July 27

   

October 27

July 28

 

2025

2024

2024

 

PPA

 

$

8,902

$

8,696

$

8,750

SAT

4,008

4,130

4,079

CF

7,846

 

7,137

 

7,129

FS

71,722

 

73,612

 

74,981

Corporate

15,339

 

13,745

 

12,902

Total assets

 

$

107,817

$

107,320

$

107,841

v3.25.2
FINANCING RECEIVABLES (Tables)
9 Months Ended
Jul. 27, 2025
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:

 

Retail Notes

Revolving

& Financing

Charge

Wholesale

Leases

Accounts

Receivables

Total

Three Months Ended July 27, 2025

Allowance:

  

  

        

  

  

        

  

  

        

  

  

        

 

Beginning of period balance

 

$

243

 

$

13

$

2

$

258

Provision

49

33

82

Write-offs

(49)

(49)

(98)

Recoveries

5

11

16

End of period balance

 

$

248

 

$

8

$

2

$

258

Nine Months Ended July 27, 2025

Allowance:

  

Beginning of period balance

 

$

219

 

$

8

$

2

$

229

Provision

171

74

245

Write-offs

(153)

(102)

(255)

Recoveries

11

28

39

End of period balance

 

$

248

 

$

8

$

2

$

258

Financing receivables:

End of period balance

 

$

38,135

 

$

4,824

$

9,177

$

52,136

   

Retail Notes

Revolving

 

& Financing

Charge

Wholesale

 

Leases

Accounts

Receivables

Total

Three Months Ended July 28, 2024

Allowance:

  

  

        

  

  

        

  

  

        

  

  

        

Beginning of period balance

$

207

 

$

21

$

2

$

230

Provision

 

84

25

109

Provision reversal for assets held for sale

(38)

(38)

Provision subtotal

46

25

71

Write-offs

 

(45)

(46)

(91)

Recoveries

 

4

8

12

Translation adjustments

 

(3)

(3)

End of period balance

$

209

$

8

$

2

$

219

Nine Months Ended July 28, 2024

Allowance:

  

 

    

  

 

    

  

 

        

  

Beginning of period balance

$

172

 

$

21

$

4

$

197

Provision

 

183

46

229

Provision reversal for assets held for sale

(38)

(38)

Provision subtotal

145

46

191

Write-offs

 

(112)

(81)

(193)

Recoveries

 

9

22

31

Translation adjustments

(5)

(2)

(7)

End of period balance

$

209

$

8

$

2

$

219

Financing receivables:

End of period balance

$

38,333

 

$

4,583

$

9,473

$

52,389

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

Nine Months Ended

  

July 27

  

July 28

  

July 27

  

July 28

 

2025

2024

2025

2024

 

Modified financing receivables

  

$

45

  

$

23

  

$

115

  

$

67

Percentage of financing receivables portfolio

0.09%

 

0.04%

 

0.22%

 

0.13%

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 July 27, 2025 and July 28, 2024 were as follows:

July 27

    

July 28

 

2025

2024*

Current

 

$

116

$

56

30-59 days past due

5

4

60-89 days past due

5

3

90+ days past due

2

1

Non-performing

14

3

Total

 

$

142

$

67

*  In accordance with the adoption date of the accounting modification guidance, this period includes receivables modified during the prior nine months.

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:

July 27, 2025

2025

2024

2023

2022

2021

Prior
Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

Agriculture and turf

Current

$

8,633

$

9,774

$

6,044

$

3,554

$

1,669

$

483

$

4,632

$

34,789

30-59 days past due

47

92

65

34

18

6

44

306

60-89 days past due

19

52

31

22

9

3

12

148

90+ days past due

5

1

1

2

9

Non-performing

13

116

120

70

41

23

14

397

Construction and forestry

Current

2,288

2,304

1,236

592

195

26

114

6,755

30-59 days past due

36

72

43

19

7

2

4

183

60-89 days past due

18

28

18

6

3

2

2

77

90+ days past due

6

2

1

9

Non-performing

20

96

88

48

23

9

2

286

Total retail customer receivables

$

11,074

$

12,545

$

7,646

$

4,348

$

1,967

$

555

$

4,824

$

42,959

Write-offs for the nine months ended July 27, 2025:

Agriculture and turf

$

3

$

25

$

28

$

16

$

5

$

5

$

97

$

179

Construction and forestry

3

30

25

9

2

2

5

76

Total

$

6

$

55

$

53

$

25

$

7

$

7

$

102

$

255

October 27, 2024

2024

2023

2022

2021

2020

Prior
Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

Agriculture and turf

Current

$

14,394

$

8,305

$

5,191

$

2,833

$

992

$

253

$

4,465

$

36,433

30-59 days past due

44

101

55

27

11

4

40

282

60-89 days past due

22

50

21

10

8

2

13

126

90+ days past due

1

1

1

2

5

Non-performing

23

91

76

50

20

13

15

288

Construction and forestry

Current

3,100

1,841

1,064

458

102

45

114

6,724

30-59 days past due

54

47

25

10

3

2

4

145

60-89 days past due

25

28

10

7

2

2

74

90+ days past due

1

4

3

1

9

Non-performing

40

94

67

32

9

5

1

248

Total retail customer receivables

$

17,704

$

10,562

$

6,513

$

3,430

$

1,147

$

324

$

4,654

$

44,334

Write-offs for the twelve months ended October 27, 2024:

Agriculture and turf

$

5

$

33

$

25

$

11

$

11

$

5

$

87

$

177

Construction and forestry

9

38

30

11

5

3

8

104

Total

$

14

$

71

$

55

$

22

$

16

$

8

$

95

$

281

July 28, 2024

2024

2023

2022

2021

2020

Prior
Years

Revolving Charge Accounts

Total

Retail customer receivables:

 

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

  

  

        

Agriculture and turf

Current

$

10,349

$

9,686

$

5,849

$

3,286

$

1,276

$

394

$

4,409

$

35,249

30-59 days past due

37

90

56

28

10

4

31

256

60-89 days past due

15

65

25

12

5

2

10

134

90+ days past due

1

1

2

5

9

Non-performing

12

101

85

59

24

17

15

313

Construction and forestry

Current

2,261

2,067

1,249

583

147

60

111

6,478

30-59 days past due

40

59

34

14

4

1

4

156

60-89 days past due

12

25

14

9

2

1

1

64

90+ days past due

1

5

2

2

1

11

Non-performing

21

94

72

38

13

6

2

246

Total retail customer receivables

$

12,748

$

12,193

$

7,387

$

4,033

$

1,486

$

486

$

4,583

$

42,916

Write-offs for the nine months ended July 28, 2024:

Agriculture and turf

$

2

$

17

$

17

$

6

$

7

$

3

$

75

$

127

Construction and forestry

2

23

21

8

4

2

6

66

Total

$

4

$

40

$

38

$

14

$

11

$

5

$

81

$

193

Wholesale Receivables  
Financing Receivables  
Credit Quality and Aging Analysis

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

July 27

    

October 27

    

July 28

 

2025

2024

2024

Wholesale receivables:

 

    

    

Agriculture and turf

Current

$

7,617

$

7,568

$

8,160

30+ days past due

1

Non-performing

1

1

1

Construction and forestry

Current

1,559

 

1,358

 

1,308

30+ days past due

 

 

3

Non-performing

 

 

Total wholesale receivables

 

$

9,177

$

8,927

$

9,473

v3.25.2
SECURITIZATION OF FINANCING RECEIVABLES (Tables)
9 Months Ended
Jul. 27, 2025
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:

 

  

July 27

    

October 27

    

July 28

 

2025

2024

2024

 

Financing receivables securitized (retail notes)

 

$

7,996

$

8,770

$

8,313

Allowance for credit losses

(48)

 

(47)

 

(39)

Other assets (primarily restricted cash)

175

 

187

 

178

Total restricted securitized assets

 

$

8,123

$

8,910

$

8,452

Short-term securitization borrowings

$

7,610

$

8,431

$

7,869

Accrued interest on borrowings

11

14

 

14

Total liabilities related to restricted securitized assets

$

7,621

$

8,445

$

7,883

v3.25.2
INVENTORIES (Tables)
9 Months Ended
Jul. 27, 2025
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:

  

July 27

   

October 27

   

July 28

 

2025

2024

2024

 

Raw materials and supplies

 

$

3,350

$

3,486

$

3,586

Work-in-process

1,139

 

930

 

988

Finished goods and parts

6,088

 

5,364

 

5,689

Total FIFO value

10,577

 

9,780

 

10,263

Excess of FIFO over LIFO

2,864

 

2,687

 

2,567

Inventories

 

$

7,713

$

7,093

$

7,696

v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables)
9 Months Ended
Jul. 27, 2025
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 29, 2023

  

$

702

$

363

$

2,835

$

3,900

Translation adjustments

 

(1)

2

59

60

Goodwill at July 28, 2024

$

701

$

365

$

2,894

$

3,960

Goodwill at October 27, 2024

$

701

$

365

$

2,893

$

3,959

Acquisitions (Note 20)

32

12

44

Translation adjustments

16

6

184

206

Goodwill at July 27, 2025

$

749

$

371

$

3,089

$

4,209

Components of Other Intangible Assets

The components of other intangible assets were as follows:

  

July 27

   

October 27

   

July 28

 

2025

2024

2024

 

Customer lists and relationships

$

486

$

508

$

507

Technology, patents, trademarks, and other

1,526

 

1,423

 

1,413

Total at cost

2,012

 

1,931

 

1,920

Less accumulated amortization:

 

 

Customer lists and relationships

(255)

(231)

(222)

Technology, patents, trademarks, and other

(831)

(701)

(668)

Total accumulated amortization

(1,086)

(932)

(890)

Other intangible assets – net

$

926

$

999

$

1,030

v3.25.2
SHORT-TERM BORROWINGS (Tables)
9 Months Ended
Jul. 27, 2025
SHORT-TERM BORROWINGS  
Short-Term Borrowings

Short-term borrowings were as follows:

July 27

October 27

July 28

  

2025

  

2024

  

2024

Commercial paper

$

5,322

$

4,008

$

5,572

Notes payable to banks

694

377

418

Finance lease obligations due within one year

41

33

31

Long-term borrowings due within one year

 

8,550

 

9,115

 

9,273

Short-term borrowings

$

14,607

$

13,533

$

15,294

v3.25.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
9 Months Ended
Jul. 27, 2025
ACCOUNTS PAYABLE AND ACCRUED EXPENSES  
Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

  

July 27

  

October 27

  

July 28

 

2025

2024

2024

Accounts payable:

  

   

         

   

   

         

   

   

         

Trade payables

$

2,718

  

$

2,698

  

$

2,580

Dividends payable

 

443

 

405

 

407

Operating lease liabilities

285

270

258

Deposits withheld from dealers and merchants

137

152

151

Payables to unconsolidated affiliates

5

6

4

Other

 

215

 

204

 

173

Accrued expenses:

Employee benefits

 

1,356

 

1,925

 

1,802

Accrued taxes

 

1,331

 

1,509

 

1,497

Product warranties

1,273

1,426

1,513

Dealer sales discounts

659

996

846

Extended warranty premium

 

1,226

 

1,179

 

1,129

Derivative liabilities

517

582

582

Unearned revenue (contractual liability)

 

874

 

744

 

766

Unearned operating lease revenue

517

495

480

Accrued interest

474

455

478

Parts return liability

423

420

404

Other

 

1,129

 

1,077

 

1,327

Accounts payable and accrued expenses

 

$

13,582

 

$

14,543

$

14,397

Amounts are presented net of eliminations, which primarily consist of dealer sales incentives with a right of set-off against trade receivables of $2,268 at July 27, 2025, $2,121 at October 27, 2024, and $2,535 at July 28, 2024. Other eliminations were made for accrued taxes and other accrued expenses.

v3.25.2
LONG-TERM BORROWINGS (Tables)
9 Months Ended
Jul. 27, 2025
LONG-TERM BORROWINGS  
Long-Term Borrowings

Long-term borrowings consisted of:

July 27

October 27

July 28

  

2025

  

2024

  

2024

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

7.125% notes due 2031

 

300

 

300

 

300

5.45% notes due 2035

 

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

Euro notes:

1.85% notes due 2028 (€600 principal)

705

650

651

2.20% notes due 2032 (€600 principal)

705

650

651

1.65% notes due 2039 (€650 principal)

764

704

705

Serial issuances

Medium-term notes

 

35,428

36,566

36,057

Other notes and finance lease obligations

 

438

 

265

 

232

Less debt issuance costs and debt discounts

(161)

(156)

(154)

Long-term borrowings

 

$

44,429

$

43,229

$

42,692

 

Medium-term notes due through 2034 are primarily offered by prospectus and issued at fixed and variable rates. The principal balances of the medium-term notes were $35,699, $37,141, and $36,716, at July 27, 2025, October 27, 2024, and July 28, 2024, respectively. All outstanding notes and debentures are senior unsecured borrowings and rank equally with each other.

v3.25.2
LEASES - LESSOR (Tables)
9 Months Ended
Jul. 27, 2025
LEASES - LESSOR  
Schedule of Lease Revenues Earned

Lease revenues earned by us follow:

Three Months Ended

Nine Months Ended

July 27

July 28

July 27

July 28

2025

2024

2025

2024

Sales-type and direct finance lease revenues

$

46

$

50

$

137

$

141

Operating lease revenues

374

358

1,091

1,039

Variable lease revenues

5

4

14

13

Total lease revenues

$

425

$

412

$

1,242

$

1,193

v3.25.2
COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended
Jul. 27, 2025
COMMITMENTS AND CONTINGENCIES  
Warranty Reconciliation

The reconciliation of the changes in the warranty liability follows:

 

Three Months Ended

Nine Months Ended

 

July 27

July 28

July 27

July 28

 

2025

2024

2025

2024

 

Beginning of period balance

  

$

1,297

   

$

1,566

   

$

1,426

   

$

1,610

Warranty claims paid

(336)

 

(325)

(954)

 

(959)

New product warranty accruals

303

 

280

786

 

871

Foreign exchange

9

 

(8)

15

 

(9)

End of period balance

$

1,273

$

1,513

$

1,273

$

1,513

v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Jul. 27, 2025
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.

July 27, 2025

October 27, 2024

July 28, 2024

 

Carrying
Value

Fair
Value

Carrying
Value

Fair
Value

Carrying
Value

Fair
Value

 

Financing receivables – net

  

$

43,930

  

$

44,036

  

$

44,309

  

$

44,336

  

$

43,896

  

$

43,713

Financing receivables securitized – net

7,948

7,928

8,723

8,654

8,274

8,139

Receivables from unconsolidated affiliates

515

522

Short-term securitization borrowings

7,610

7,637

8,431

8,453

7,869

7,872

Long-term borrowings due within one year

8,550

8,556

9,115

 

9,079

9,273

9,190

Long-term borrowings

44,358

44,034

43,157

 

42,804

42,617

42,076

 

Fair value measurements above were Level 3 for 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 follow, excluding our cash equivalents, which were carried at a cost that approximates fair value and consisted of money market funds and time deposits.

  

July 27

   

October 27

   

July 28

 

2025

2024

2024

 

Level 1:

  

   

         

   

   

         

   

   

         

Marketable securities:

U.S. government debt securities

$

229

$

239

$

413

Total Level 1 marketable securities

229

239

413

Level 2:

Marketable securities:

International fixed income fund

7

Corporate debt securities

477

 

423

 

220

International debt securities

195

143

145

Mortgage-backed securities

223

 

165

 

154

Municipal debt securities

102

 

74

 

69

U.S. government debt securities

112

110

127

Total Level 2 marketable securities

1,116

 

915

 

715

Other assets – Derivatives

 

370

357

361

Accounts payable and accrued expenses – Derivatives

 

517

582

582

Level 3:

Accounts payable and accrued expenses – Deferred consideration

121

147

153

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

Contractual Maturities of Debt Securities

The contractual maturities of available-for-sale debt securities at July 27, 2025 follow:

    

Amortized

    

Fair

 

Cost

Value

 

Due in one year or less

 

$

94

$

94

Due after one through five years

382

375

Due after five through 10 years

480

463

Due after 10 years

211

183

Mortgage-backed securities

250

223

Debt securities

 

$

1,417

 

$

1,338

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

Losses (Gains)

  

  

        

  

  

        

  

  

        

Three Months Ended 

Nine Months Ended 

July 27

October 27

July 28

July 27

July 28

July 27

July 28

  

2025

  

2024

  

2024

  

2025

  

2024

  

2025*

  

2024

 

Property and equipment – net

$

1

$

8

$

8

Other intangible assets – net

3

53

53

Other assets

$

23

Assets held for sale

2,944

$

2,965

$

53

(32)

$

53

*    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.”

v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
9 Months Ended
Jul. 27, 2025
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.”

July 27, 2025

October 27, 2024

July 28, 2024

 

Fair Value

Fair Value

Fair Value

 

Notional

Assets

Liabilities

Notional

Assets

Liabilities

Notional

Assets

Liabilities

 

Cash flow hedges:

 

 

        

 

 

        

 

 

        

  

 

        

 

 

        

 

 

        

  

 

        

 

 

        

 

 

        

 

Interest rate contracts

 

$

2,475

$

29

 

$

2,875

$

3

$

20

 

$

3,475

$

14

$

18

 

Fair value hedges:

Interest rate contracts

13,753

$

148

326

15,864

115

467

15,165

119

486

Cross-currency interest rate contracts

975

101

975

31

975

16

 

Net investment hedges:

Cross-currency interest rate contracts

1,131

30

Not designated as hedging instruments:

Interest rate contracts

15,170

92

74

12,518

97

75

13,656

103

59

Foreign exchange contracts

7,869

25

52

7,533

95

20

7,529

 

99

 

16

Cross-currency interest rate contracts

141

4

6

158

16

190

 

10

 

3

Amounts Recorded in the Consolidated Balance Sheets Related to Borrowings Designated in Fair Value Hedging Relationships

The amounts recorded in the consolidated balance sheets related to borrowings designated in fair value hedging relationships are presented in the table below. Fair value hedging adjustments are included in the carrying amount of the hedged item. The carrying amount of the hedged item and formerly hedged item includes long-term borrowings of $598 at October 27, 2024 and July 28, 2024, that were in active hedging relationships and also had discontinued hedging relationships.

Active Hedging Relationships

Discontinued Hedging Relationships

Carrying Amount

Cumulative Fair Value

Carrying Amount of

Cumulative Fair Value

of Hedged Item

Hedging Amount

Formerly Hedged Item

Hedging Amount

July 27, 2025

Short-term borrowings

$

109

$

(1)

$

2,252

$

(22)

Long-term borrowings

14,497

(141)

10,396

(130)

October 27, 2024

Short-term borrowings

$

287

$

(1)

$

1,782

$

7

Long-term borrowings

16,125

(347)

8,626

(228)

July 28, 2024

Short-term borrowings

$

286

$

(4)

$

1,458

$

9

Long-term borrowings

15,386

(394)

8,414

(264)

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

Nine Months Ended

 

July 27

July 28

July 27

July 28

 

2025

2024

2025

2024

 

Fair value hedges:

 

   

        

  

   

        

  

   

        

  

   

        

 

Interest rate contracts – Interest expense

 

$

(54)

$

373

 

$

38

$

269

 

Cash flow hedges:

Recognized in OCI:

Interest rate contracts – OCI (pretax)

7

(15)

3

3

Reclassified from OCI:

Interest rate contracts – Interest expense

(3)

 

22

5

 

49

 

Net investment hedges:

Interest rate contracts – Interest expense

4

5

Recognized in OCI:

Interest rate contracts – OCI (pretax)

(26)

(30)

 

Not designated as hedges:

Interest rate contracts – Interest expense

 

$

9

$

4

 

$

(7)

$

2

Foreign exchange contracts – Net sales

1

(3)

(2)

Foreign exchange contracts – Cost of sales

(21)

 

36

7

15

Foreign exchange contracts – Other operating expenses

(79)

 

17

11

 

(118)

Total not designated

 

$

(90)

$

54

 

$

9

$

(101)

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

 

July 27, 2025

   

  

        

   

  

        

   

  

        

   

  

        

Assets

 

$

370

 

$

(157)

 

$

(3)

 

$

210

Liabilities

517

(157)

(122)

238

 

October 27, 2024

    

    

    

    

 

Assets

$

357

 

$

(142)

 

 

$

215

Liabilities

582

 

(142)

$

(246)

194

    

 

July 28, 2024

 

Assets

$

361

 

$

(154)

 

$

207

Liabilities

 

582

(154)

$

(269)

 

159

v3.25.2
SHARE-BASED AWARDS (Tables)
9 Months Ended
Jul. 27, 2025
SHARE-BASED AWARDS  
Restricted Stock Units Granted and Weighted-Average Grant Date Fair Values

During the nine months ended July 27, 2025, 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:

Grant-Date

Fair Value

Shares

(per share)

Service-based

   

308

   

$

448.68

  

Performance/service-based

40

429.77

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

40

591.13

v3.25.2
ACQUISITIONS AND DISPOSITION (Tables)
9 Months Ended
Jul. 27, 2025
ACQUISITIONS AND DISPOSITION  
Schedule of Assets and Liabilities at the Time of Deconsolidation

The major classes of the total assets and liabilities of BJD at the time of deconsolidation were as follows:

February

2025

Cash and cash equivalents

$

110

Trade accounts and notes receivable – net

119

Financing receivables – net

2,787

Deferred income taxes

33

Other miscellaneous assets

23

Valuation allowance

(65)

Total assets

$

3,007

Short-term borrowings

$

495

Accounts payable and accrued expenses

124

Long-term borrowings

1,241

Retirement benefits and other liabilities

1

Total liabilities

$

1,861

Total intercompany payables

$

781

v3.25.2
SPECIAL ITEMS (Tables)
9 Months Ended
Jul. 27, 2025
SPECIAL ITEMS  
Schedule of Employee-Separation Programs' Pretax Expenses

The programs’ total pretax expenses recorded in the third quarter of 2024 were $124. Payments made during the third quarter of 2024 with respect to these program expenses totaled $30. The expenses for the three months and nine months ended July 28, 2024 were recorded as follows:

PPA

 

SAT

 

CF

 

FS

 

Total

Employee-Separation Programs:

Cost of sales

$

18

$

9

$

8

$

35

Research and development expenses

19

6

1

26

Selling, administrative and general expenses

25

14

11

$

9

59

Total operating profit decrease

$

62

$

29

$

20

$

9

120

Non-operating profit expenses*

4

Total

$

124

*    Relates primarily to corporate expenses.

Schedule of Operating Profit Impact of the Special Items

The following table summarizes the operating profit impact of the special items recorded for the three months and nine months ended July 27, 2025 and July 28, 2024.

Three Months Ended

Nine Months Ended

PPA

 

SAT

 

CF

 

FS

 

Total

PPA

SAT

 

CF

 

FS

 

Total

2025 Expense (benefit):

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

  

  

      

Impairment

$

28

$

17

$

16

$

61

$

28

$

17

$

16

$

61

BJD measurement

$

(32)

(32)

Total expense (benefit)

28

17

16

61

28

17

16

(32)

29

2024 Expense:

Employee-separation programs

62

29

20

$

9

120

62

29

20

9

120

BJD measurement

15

15

15

15

Total expense

62

29

20

24

135

62

29

20

24

135

Period over period change

$

(34)

$

(12)

$

(4)

$

(24)

$

(74)

$

(34)

$

(12)

$

(4)

$

(56)

$

(106)

v3.25.2
ORGANIZATION AND CONSOLIDATION - Fiscal Period (Details)
3 Months Ended 9 Months Ended 12 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Nov. 02, 2025
Subsequent Event [Line Items]          
Fiscal period duration 91 days 91 days 273 days 273 days  
Subsequent Event          
Subsequent Event [Line Items]          
Fiscal period duration         371 days
v3.25.2
ORGANIZATION AND CONSOLIDATION - Variable Interest Entity (Details) - Financial Services (FS) - USD ($)
$ in Millions
Jul. 27, 2025
Feb. 23, 2025
Banco John Deere S.A. (BJD) | Disposal Group, Disposed of by Sale, Not Discontinued Operations    
Variable Interest Entity    
Percentage of ownership sold (as a percent)   50.00%
Banco John Deere S.A. (BJD) | Disposal Group, Disposed of by Sale, Not Discontinued Operations    
Variable Interest Entity    
Percentage of ownership (as a percent)   50.00%
Investments in unconsolidated affiliates   $ 362
VIE-Not Primary Beneficiary | Banco John Deere S.A. (BJD)    
Variable Interest Entity    
Percentage of ownership (as a percent) 50.00%  
Carrying value of assets related to VIE $ 911  
Guarantees 153  
Maximum exposure to loss 1,064  
VIE-Not Primary Beneficiary | Banco John Deere S.A. (BJD) | Other Receivables | Related Party    
Variable Interest Entity    
Receivables from unconsolidated affiliates 516  
VIE-Not Primary Beneficiary | Banco John Deere S.A. (BJD) | Other Assets    
Variable Interest Entity    
Investments in unconsolidated affiliates $ 395  
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND NEW ACCOUNTING PRONOUNCEMENTS (Details)
Jul. 27, 2025
ASU 2023-05  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
ASU 2022-03  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true
ASU 2024-03  
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 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 2024-04  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2023-07  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
ASU 2023-06  
New Accounting Pronouncements  
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] false
v3.25.2
REVENUE RECOGNITION - Primary Geographic Market, Major Product Line, and Timing (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Revenue Recognition        
Net sales and revenues $ 12,018 $ 13,152 $ 33,290 $ 40,572
Revenue Recognized at a Point in Time        
Revenue Recognition        
Net sales and revenues 10,423 11,531 28,543 35,952
Revenue Recognized Over Time        
Revenue Recognition        
Net sales and revenues 1,595 1,621 4,747 4,620
Production Agriculture        
Revenue Recognition        
Net sales 4,183 5,038 12,321 16,336
Small Agriculture        
Revenue Recognition        
Net sales 2,189 2,168 5,387 5,984
Turf        
Revenue Recognition        
Net sales 760 825 2,180 2,491
Construction        
Revenue Recognition        
Net sales 1,207 1,308 3,159 4,528
Compact Construction        
Revenue Recognition        
Net sales 491 643 1,358 1,964
Roadbuilding        
Revenue Recognition        
Net sales 1,013 961 2,558 2,804
Forestry        
Revenue Recognition        
Net sales 292 269 772 832
Financial Products        
Revenue Recognition        
Financial 1,544 1,595 4,605 4,557
Other        
Revenue Recognition        
Other net sales and revenues 339 345 950 1,076
United States        
Revenue Recognition        
Net sales and revenues 6,008 7,706 17,638 24,056
Canada        
Revenue Recognition        
Net sales and revenues 895 1,070 2,805 3,140
Western Europe        
Revenue Recognition        
Net sales and revenues 2,029 1,560 4,865 4,838
Central Europe and CIS        
Revenue Recognition        
Net sales and revenues 536 389 1,145 1,197
Latin America        
Revenue Recognition        
Net sales and revenues 1,459 1,365 3,927 4,077
Asia, Africa, Oceania, and Middle East        
Revenue Recognition        
Net sales and revenues 1,091 1,062 2,910 3,264
Production & Precision Ag (PPA)        
Revenue Recognition        
Net sales and revenues 4,384 5,242 12,884 16,964
Production & Precision Ag (PPA) | Revenue Recognized at a Point in Time        
Revenue Recognition        
Net sales and revenues 4,270 5,143 12,575 16,707
Production & Precision Ag (PPA) | Revenue Recognized Over Time        
Revenue Recognition        
Net sales and revenues 114 99 309 257
Production & Precision Ag (PPA) | Production Agriculture        
Revenue Recognition        
Net sales 4,183 5,038 12,321 16,336
Production & Precision Ag (PPA) | Financial Products        
Revenue Recognition        
Financial 66 65 177 164
Production & Precision Ag (PPA) | Other        
Revenue Recognition        
Other net sales and revenues 135 139 386 464
Production & Precision Ag (PPA) | United States        
Revenue Recognition        
Net sales and revenues 1,684 2,839 5,752 9,441
Production & Precision Ag (PPA) | Canada        
Revenue Recognition        
Net sales and revenues 335 489 1,345 1,475
Production & Precision Ag (PPA) | Western Europe        
Revenue Recognition        
Net sales and revenues 677 522 1,566 1,684
Production & Precision Ag (PPA) | Central Europe and CIS        
Revenue Recognition        
Net sales and revenues 301 201 607 655
Production & Precision Ag (PPA) | Latin America        
Revenue Recognition        
Net sales and revenues 1,055 841 2,765 2,510
Production & Precision Ag (PPA) | Asia, Africa, Oceania, and Middle East        
Revenue Recognition        
Net sales and revenues 332 350 849 1,199
Small Ag & Turf (SAT)        
Revenue Recognition        
Net sales and revenues 3,089 3,128 7,942 8,873
Small Ag & Turf (SAT) | Revenue Recognized at a Point in Time        
Revenue Recognition        
Net sales and revenues 3,032 3,084 7,789 8,753
Small Ag & Turf (SAT) | Revenue Recognized Over Time        
Revenue Recognition        
Net sales and revenues 57 44 153 120
Small Ag & Turf (SAT) | Small Agriculture        
Revenue Recognition        
Net sales 2,189 2,168 5,387 5,984
Small Ag & Turf (SAT) | Turf        
Revenue Recognition        
Net sales 760 825 2,180 2,491
Small Ag & Turf (SAT) | Financial Products        
Revenue Recognition        
Financial 37 33 95 91
Small Ag & Turf (SAT) | Other        
Revenue Recognition        
Other net sales and revenues 103 102 280 307
Small Ag & Turf (SAT) | United States        
Revenue Recognition        
Net sales and revenues 1,537 1,824 4,112 5,011
Small Ag & Turf (SAT) | Canada        
Revenue Recognition        
Net sales and revenues 148 207 380 492
Small Ag & Turf (SAT) | Western Europe        
Revenue Recognition        
Net sales and revenues 757 542 1,776 1,747
Small Ag & Turf (SAT) | Central Europe and CIS        
Revenue Recognition        
Net sales and revenues 130 70 268 223
Small Ag & Turf (SAT) | Latin America        
Revenue Recognition        
Net sales and revenues 124 125 320 326
Small Ag & Turf (SAT) | Asia, Africa, Oceania, and Middle East        
Revenue Recognition        
Net sales and revenues 393 360 1,086 1,074
Construction & Forestry (CF)        
Revenue Recognition        
Net sales and revenues 3,127 3,293 8,191 10,476
Construction & Forestry (CF) | Revenue Recognized at a Point in Time        
Revenue Recognition        
Net sales and revenues 3,085 3,269 8,080 10,395
Construction & Forestry (CF) | Revenue Recognized Over Time        
Revenue Recognition        
Net sales and revenues 42 24 111 81
Construction & Forestry (CF) | Construction        
Revenue Recognition        
Net sales 1,207 1,308 3,159 4,528
Construction & Forestry (CF) | Compact Construction        
Revenue Recognition        
Net sales 491 643 1,358 1,964
Construction & Forestry (CF) | Roadbuilding        
Revenue Recognition        
Net sales 1,013 961 2,558 2,804
Construction & Forestry (CF) | Forestry        
Revenue Recognition        
Net sales 292 269 772 832
Construction & Forestry (CF) | Financial Products        
Revenue Recognition        
Financial 23 8 60 43
Construction & Forestry (CF) | Other        
Revenue Recognition        
Other net sales and revenues 101 104 284 305
Construction & Forestry (CF) | United States        
Revenue Recognition        
Net sales and revenues 1,687 1,967 4,517 6,563
Construction & Forestry (CF) | Canada        
Revenue Recognition        
Net sales and revenues 222 183 531 635
Construction & Forestry (CF) | Western Europe        
Revenue Recognition        
Net sales and revenues 550 432 1,391 1,263
Construction & Forestry (CF) | Central Europe and CIS        
Revenue Recognition        
Net sales and revenues 103 106 261 291
Construction & Forestry (CF) | Latin America        
Revenue Recognition        
Net sales and revenues 252 305 677 895
Construction & Forestry (CF) | Asia, Africa, Oceania, and Middle East        
Revenue Recognition        
Net sales and revenues 313 300 814 829
Financial Services (FS)        
Revenue Recognition        
Financial 1,418 1,489 4,273 4,259
Financial Services (FS) | Revenue Recognized at a Point in Time        
Revenue Recognition        
Financial 36 35 99 97
Financial Services (FS) | Revenue Recognized Over Time        
Revenue Recognition        
Financial 1,382 1,454 4,174 4,162
Financial Services (FS) | Financial Products        
Revenue Recognition        
Financial 1,418 1,489 4,273 4,259
Financial Services (FS) | United States        
Revenue Recognition        
Financial 1,100 1,076 3,257 3,041
Financial Services (FS) | Canada        
Revenue Recognition        
Financial 190 191 549 538
Financial Services (FS) | Western Europe        
Revenue Recognition        
Financial 45 64 132 144
Financial Services (FS) | Central Europe and CIS        
Revenue Recognition        
Financial 2 12 9 28
Financial Services (FS) | Latin America        
Revenue Recognition        
Financial 28 94 165 346
Financial Services (FS) | Asia, Africa, Oceania, and Middle East        
Revenue Recognition        
Financial $ 53 $ 52 $ 161 $ 162
v3.25.2
REVENUE RECOGNITION - Deferred Revenue (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Oct. 27, 2024
Deferred Revenue          
Deferred revenue received $ 2,100 $ 1,895 $ 2,100 $ 1,895 $ 1,923
Revenue recognized from deferred revenue $ 125 $ 126 $ 498 $ 484  
v3.25.2
REVENUE RECOGNITION - Unsatisfied Performance Obligations (Details)
$ in Millions
Jul. 27, 2025
USD ($)
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 1,823
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-28  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 182
Period estimated revenue to be recognized 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-11-03  
Unsatisfied performance obligations  
Unsatisfied performance obligations for contracts with an original duration greater than one year $ 504
Period estimated revenue to be recognized 12 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 $ 425
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 $ 302
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 $ 190
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 $ 140
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 $ 80
Period estimated revenue to be recognized 24 months
v3.25.2
OTHER COMPREHENSIVE INCOME ITEMS - After-Tax Components (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) $ 25,175 $ 22,836 $ 23,062
Accumulated Other Comprehensive Income (Loss)      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (3,107) (3,706) (3,368)
Retirement Benefits Adjustment      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (1,291) (1,274) (974)
Cumulative Translation Adjustment      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (1,681) (2,286) (2,264)
Unrealized Gain (Loss) on Derivatives      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) (73) (72) (44)
Unrealized Gain (Loss) on Debt Securities      
Accumulated other comprehensive income (loss)      
Total accumulated other comprehensive income (loss) $ (62) $ (74) $ (86)
v3.25.2
OTHER COMPREHENSIVE INCOME ITEMS - Amounts Recorded in and Reclassifications out of (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Other Comprehensive Income (Loss), Before Tax        
Interest expense $ (794) $ (840) $ (2,408) $ (2,478)
Other operating expenses (281) (264) (817) (930)
Total other comprehensive income (loss), before tax 296 (206) 604 (306)
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Total other comprehensive income (loss), tax (expense) credit 2 9 (5) 52
Other Comprehensive Income (Loss), After Tax        
Other comprehensive income (loss), net of income taxes 298 (197) 599 (254)
Cumulative Translation Adjustment        
Other Comprehensive Income (Loss), Before Tax        
Total other comprehensive income (loss), before tax 311 (170) 611 (114)
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Total other comprehensive income (loss), tax (expense) credit (2)   (6) 1
Other Comprehensive Income (Loss), After Tax        
Other comprehensive income (loss), net of income taxes 309 (170) 605 (113)
Unrealized Gain (Loss) on Derivatives        
Other Comprehensive Income (Loss), Before Tax        
Other comprehensive income (loss) before reclassification, before tax 7 (15) 3 3
Total other comprehensive income (loss), before tax 10 (37) (2) (46)
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Other comprehensive income (loss) before reclassification, tax (expense) credit (1) 3    
Total other comprehensive income (loss), tax (expense) credit (2) 8 1 10
Other Comprehensive Income (Loss), After Tax        
Other comprehensive income (loss) before reclassification, after tax 6 (12) 3 3
Other comprehensive income (loss), net of income taxes 8 (29) (1) (36)
Unrealized Gain (Loss) on Derivatives | Interest Rate Contracts | Reclassification out of Accumulated Other Comprehensive Income (Loss)        
Other Comprehensive Income (Loss), Before Tax        
Interest expense 3 (22) (5) (49)
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Reclassification from accumulated other comprehensive income, tax (expense) credit (1) 5 1 10
Other Comprehensive Income (Loss), After Tax        
Reclassification from accumulated other comprehensive income, after tax 2 (17) (4) (39)
Unrealized Gain (Loss) on Debt Securities        
Other Comprehensive Income (Loss), Before Tax        
Other comprehensive income (loss) before reclassification, before tax 4 29 15 17
Total other comprehensive income (loss), before tax 5 29 18 25
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Other comprehensive income (loss) before reclassification, tax (expense) credit (1) (6) (5) 1
Total other comprehensive income (loss), tax (expense) credit (2) (6) (6) (1)
Other Comprehensive Income (Loss), After Tax        
Other comprehensive income (loss) before reclassification, after tax 3 23 10 18
Other comprehensive income (loss), net of income taxes 3 23 12 24
Unrealized Gain (Loss) on Debt Securities | Reclassification out of Accumulated Other Comprehensive Income (Loss)        
Other Comprehensive Income (Loss), Before Tax        
Other income 1   3 8
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Reclassification from accumulated other comprehensive income, tax (expense) credit (1)   (1) (2)
Other Comprehensive Income (Loss), After Tax        
Reclassification from accumulated other comprehensive income, after tax     2 6
Retirement Benefits Adjustment        
Other Comprehensive Income (Loss), Before Tax        
Other comprehensive income (loss) before reclassification, before tax (40) (19) (28) (145)
Total other comprehensive income (loss), before tax (30) (28) (23) (171)
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Other comprehensive income (loss) before reclassification, tax (expense) credit 10 5 7 35
Total other comprehensive income (loss), tax (expense) credit 8 7 6 42
Other Comprehensive Income (Loss), After Tax        
Other comprehensive income (loss) before reclassification, after tax (30) (14) (21) (110)
Other comprehensive income (loss), net of income taxes (22) (21) (17) (129)
Actuarial (Gain) Loss | Reclassification out of Accumulated Other Comprehensive Income (Loss)        
Other Comprehensive Income (Loss), Before Tax        
Other operating expenses (12) (18) (37) (54)
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Reclassification from accumulated other comprehensive income, tax (expense) credit 3 4 9 14
Other Comprehensive Income (Loss), After Tax        
Reclassification from accumulated other comprehensive income, after tax (9) (14) (28) (40)
Prior Service (Credit) Cost | Reclassification out of Accumulated Other Comprehensive Income (Loss)        
Other Comprehensive Income (Loss), Before Tax        
Other operating expenses 9 8 26 26
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Reclassification from accumulated other comprehensive income, tax (expense) credit (2) (1) (6) (6)
Other Comprehensive Income (Loss), After Tax        
Reclassification from accumulated other comprehensive income, after tax 7 7 20 20
Settlements/curtailment | Reclassification out of Accumulated Other Comprehensive Income (Loss)        
Other Comprehensive Income (Loss), Before Tax        
Other operating expenses 13   16  
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Reclassification from accumulated other comprehensive income, tax (expense) credit (3)   (4)  
Other Comprehensive Income (Loss), After Tax        
Reclassification from accumulated other comprehensive income, after tax $ 10   $ 12  
Settlements | Reclassification out of Accumulated Other Comprehensive Income (Loss)        
Other Comprehensive Income (Loss), Before Tax        
Other operating expenses   1   2
Other Comprehensive Income (Loss), Tax (Expense) Credit        
Reclassification from accumulated other comprehensive income, tax (expense) credit   $ (1)   (1)
Other Comprehensive Income (Loss), After Tax        
Reclassification from accumulated other comprehensive income, after tax       $ 1
v3.25.2
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
EARNINGS PER SHARE        
Net income attributable to Deere & Company $ 1,289 $ 1,734 $ 3,962 $ 5,855
Average shares outstanding 270.7 274.5 271.1 277.1
Basic (in dollars per share) $ 4.76 $ 6.32 $ 14.61 $ 21.13
Diluted Earnings Per Share        
Average shares outstanding 270.7 274.5 271.1 277.1
Effect of dilutive stock options and unvested restricted stock units (in shares) 0.7 1.1 0.8 1.1
Total potential shares outstanding 271.4 275.6 271.9 278.2
Diluted (in dollars per share) $ 4.75 $ 6.29 $ 14.57 $ 21.04
Shares excluded from EPS calculation, as antidilutive 0.2 0.4 0.2 0.3
v3.25.2
PENSION AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic (Benefit) Cost (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Pensions        
Net Periodic (Benefit) Cost        
Service cost $ 65 $ 56 $ 190 $ 171
Interest cost $ 131 $ 136 $ 388 $ 410
Location of interest cost Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Expected return on plan assets $ (256) $ (241) $ (754) $ (723)
Location of expected return on plan assets Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Amortization of actuarial gain $ (1) $ (4) $ (4) $ (13)
Location of amortization of actuarial gain Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Amortization of prior service (credit) cost $ 10 $ 9 $ 29 $ 29
Location of amortization of prior service (credit) cost Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Settlements/curtailment $ 13 $ 1 $ 16 $ 2
Location of settlements/curtailment Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Net (benefit) cost $ (38) $ (43) $ (135) $ (124)
OPEB        
Net Periodic (Benefit) Cost        
Service cost 4 4 13 13
Interest cost $ 39 $ 44 $ 117 $ 131
Location of interest cost Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Expected return on plan assets $ (28) $ (27) $ (83) $ (81)
Location of expected return on plan assets Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Amortization of actuarial gain $ (11) $ (14) $ (33) $ (41)
Location of amortization of actuarial gain Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Amortization of prior service (credit) cost $ (1) $ (1) $ (3) $ (3)
Location of amortization of prior service (credit) cost Other operating expenses Other operating expenses Other operating expenses Other operating expenses
Net (benefit) cost $ 3 $ 6 $ 11 $ 19
v3.25.2
PENSION AND OTHER POSTRETIREMENT BENEFITS - Employer Contributions (Details)
$ in Millions
9 Months Ended
Jul. 27, 2025
USD ($)
Pensions  
Employer Contributions  
Contributed $ 79
Expected contributions remainder of the year 36
OPEB  
Employer Contributions  
Contributed 638
Expected contributions remainder of the year $ 22
v3.25.2
SEGMENT DATA (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Oct. 27, 2024
Net Sales and Revenues          
Net sales and revenues $ 12,018 $ 13,152 $ 33,290 $ 40,572  
% Change - Net sales and revenues (9.00%)   (18.00%)    
Operating Profit          
Net income attributable to Deere & Company $ 1,289 1,734 $ 3,962 5,855  
% Change - Net income attributable to Deere & Company (26.00%)   (32.00%)    
Identifiable Assets          
Total Assets $ 107,817 107,841 $ 107,817 107,841 $ 107,320
Operating Segments (Other)          
Reconciling items $ 60 62 $ 198 111  
% Change - Reconciling items (3.00%)   78.00%    
Income taxes $ (339) (625) $ (905) (1,845)  
% Change - Income taxes (46.00%)   (51.00%)    
Operating Segment          
Operating Profit          
Total operating profit $ 1,568 2,297 $ 4,669 7,589  
% Change - Operating profit (32.00%)   (38.00%)    
Corporate          
Identifiable Assets          
Total Assets $ 15,339 12,902 $ 15,339 12,902 13,745
Other Revenues          
Net Sales and Revenues          
Other revenues $ 243 276 $ 679 829  
% Change - Other revenues (12.00%)   (18.00%)    
Production & Precision Ag (PPA)          
Net Sales and Revenues          
Net sales and revenues $ 4,384 5,242 $ 12,884 16,964  
Production & Precision Ag (PPA) | Operating Segment          
Net Sales and Revenues          
Intersegment sales and revenues   4   18  
Operating Profit          
Total operating profit $ 580 1,162 $ 2,066 3,857  
% Change - Operating profit (50.00%)   (46.00%)    
Identifiable Assets          
Total Assets $ 8,902 8,750 $ 8,902 8,750 8,696
Small Ag & Turf (SAT)          
Net Sales and Revenues          
Net sales and revenues 3,089 3,128 7,942 8,873  
Small Ag & Turf (SAT) | Operating Segment          
Net Sales and Revenues          
Intersegment sales and revenues       2  
Operating Profit          
Total operating profit $ 485 496 $ 1,182 1,393  
% Change - Operating profit (2.00%)   (15.00%)    
Identifiable Assets          
Total Assets $ 4,008 4,079 $ 4,008 4,079 4,130
Construction & Forestry (CF)          
Net Sales and Revenues          
Net sales and revenues 3,127 3,293 8,191 10,476  
Construction & Forestry (CF) | Operating Segment          
Operating Profit          
Total operating profit $ 237 448 $ 681 1,682  
% Change - Operating profit (47.00%)   (60.00%)    
Identifiable Assets          
Total Assets $ 7,846 7,129 $ 7,846 7,129 7,137
Financial Services (FS)          
Net Sales and Revenues          
Financial revenues 1,418 1,489 4,273 4,259  
Financial Services (FS) | Operating Segment          
Net Sales and Revenues          
Financial revenues $ 1,418 1,489 4,273 4,259  
% Change - Financial revenues (5.00%)        
Intersegment sales and revenues $ 126 178 $ 345 548  
% Change - Intersegment sales and revenues (29.00%)   (37.00%)    
Operating Profit          
Total operating profit $ 266 191 $ 740 657  
% Change - Operating profit 39.00%   13.00%    
Identifiable Assets          
Total Assets $ 71,722 74,981 $ 71,722 74,981 $ 73,612
Net Sales          
Net Sales and Revenues          
Net sales and revenues 10,357 11,387 28,338 35,484  
Net Sales | Production & Precision Ag (PPA) | Operating Segment          
Net Sales and Revenues          
Net sales $ 4,273 5,099 $ 12,571 16,529  
% Change - Net sales (16.00%)   (24.00%)    
Net Sales | Small Ag & Turf (SAT) | Operating Segment          
Net Sales and Revenues          
Net sales $ 3,025 3,053 $ 7,767 8,663  
% Change - Net sales (1.00%)   (10.00%)    
Net Sales | Construction & Forestry (CF) | Operating Segment          
Net Sales and Revenues          
Net sales $ 3,059 $ 3,235 $ 8,000 $ 10,292  
% Change - Net sales (5.00%)   (22.00%)    
v3.25.2
FINANCING RECEIVABLES - Delinquency Status (Details)
9 Months Ended
Jul. 27, 2025
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
v3.25.2
FINANCING RECEIVABLES - Retail Notes, Financing Leases, and Revolving Charge Accounts Credit Quality and Aging Analysis (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Oct. 27, 2024
Credit Quality and Aging Analysis          
Total retail customer receivables $ 52,136 $ 52,389 $ 52,136 $ 52,389  
Write-offs for the Period Ended          
Total 98 91 255 193  
Retail Customer Receivables          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 11,074 12,748 11,074 12,748 $ 17,704
2024 and 2023, respectively 12,545 12,193 12,545 12,193 10,562
2023 and 2022, respectively 7,646 7,387 7,646 7,387 6,513
2022 and 2021, respectively 4,348 4,033 4,348 4,033 3,430
2021 and 2020, respectively 1,967 1,486 1,967 1,486 1,147
Prior years 555 486 555 486 324
Revolving charge accounts 4,824 4,583 4,824 4,583 4,654
Total retail customer receivables 42,959 42,916 42,959 42,916 44,334
Write-offs for the Period Ended          
2025 and 2024, respectively     6 4 14
2024 and 2023, respectively     55 40 71
2023 and 2022, respectively     53 38 55
2022 and 2021, respectively     25 14 22
2021 and 2020, respectively     7 11 16
Prior Years     7 5 8
Revolving Charge Accounts     102 81 95
Total     255 193 281
Retail Customer Receivables | Agriculture and Turf          
Write-offs for the Period Ended          
2025 and 2024, respectively     3 2 5
2024 and 2023, respectively     25 17 33
2023 and 2022, respectively     28 17 25
2022 and 2021, respectively     16 6 11
2021 and 2020, respectively     5 7 11
Prior Years     5 3 5
Revolving Charge Accounts     97 75 87
Total     179 127 177
Retail Customer Receivables | Agriculture and Turf | 30-59 Days Past Due          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 47 37 47 37 44
2024 and 2023, respectively 92 90 92 90 101
2023 and 2022, respectively 65 56 65 56 55
2022 and 2021, respectively 34 28 34 28 27
2021 and 2020, respectively 18 10 18 10 11
Prior years 6 4 6 4 4
Revolving charge accounts 44 31 44 31 40
Total retail customer receivables 306 256 306 256 282
Retail Customer Receivables | Agriculture and Turf | 60-89 Days Past Due          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 19 15 19 15 22
2024 and 2023, respectively 52 65 52 65 50
2023 and 2022, respectively 31 25 31 25 21
2022 and 2021, respectively 22 12 22 12 10
2021 and 2020, respectively 9 5 9 5 8
Prior years 3 2 3 2 2
Revolving charge accounts 12 10 12 10 13
Total retail customer receivables 148 134 148 134 126
Retail Customer Receivables | Agriculture and Turf | 90 Days or Greater Past Due          
Credit Quality and Aging Analysis          
2025 and 2024, respectively         1
2024 and 2023, respectively 5 1 5 1 1
2023 and 2022, respectively 1 1 1 1 1
2022 and 2021, respectively 1 2 1 2 2
2021 and 2020, respectively 2 5 2 5  
Total retail customer receivables 9 9 9 9 5
Retail Customer Receivables | Agriculture and Turf | Current          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 8,633 10,349 8,633 10,349 14,394
2024 and 2023, respectively 9,774 9,686 9,774 9,686 8,305
2023 and 2022, respectively 6,044 5,849 6,044 5,849 5,191
2022 and 2021, respectively 3,554 3,286 3,554 3,286 2,833
2021 and 2020, respectively 1,669 1,276 1,669 1,276 992
Prior years 483 394 483 394 253
Revolving charge accounts 4,632 4,409 4,632 4,409 4,465
Total retail customer receivables 34,789 35,249 34,789 35,249 36,433
Retail Customer Receivables | Agriculture and Turf | Non-performing          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 13 12 13 12 23
2024 and 2023, respectively 116 101 116 101 91
2023 and 2022, respectively 120 85 120 85 76
2022 and 2021, respectively 70 59 70 59 50
2021 and 2020, respectively 41 24 41 24 20
Prior years 23 17 23 17 13
Revolving charge accounts 14 15 14 15 15
Total retail customer receivables 397 313 397 313 288
Retail Customer Receivables | Construction and Forestry          
Write-offs for the Period Ended          
2025 and 2024, respectively     3 2 9
2024 and 2023, respectively     30 23 38
2023 and 2022, respectively     25 21 30
2022 and 2021, respectively     9 8 11
2021 and 2020, respectively     2 4 5
Prior Years     2 2 3
Revolving Charge Accounts     5 6 8
Total     76 66 104
Retail Customer Receivables | Construction and Forestry | 30-59 Days Past Due          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 36 40 36 40 54
2024 and 2023, respectively 72 59 72 59 47
2023 and 2022, respectively 43 34 43 34 25
2022 and 2021, respectively 19 14 19 14 10
2021 and 2020, respectively 7 4 7 4 3
Prior years 2 1 2 1 2
Revolving charge accounts 4 4 4 4 4
Total retail customer receivables 183 156 183 156 145
Retail Customer Receivables | Construction and Forestry | 60-89 Days Past Due          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 18 12 18 12 25
2024 and 2023, respectively 28 25 28 25 28
2023 and 2022, respectively 18 14 18 14 10
2022 and 2021, respectively 6 9 6 9 7
2021 and 2020, respectively 3 2 3 2 2
Prior years 2 1 2 1  
Revolving charge accounts 2 1 2 1 2
Total retail customer receivables 77 64 77 64 74
Retail Customer Receivables | Construction and Forestry | 90 Days or Greater Past Due          
Credit Quality and Aging Analysis          
2025 and 2024, respectively   1   1 1
2024 and 2023, respectively 6 5 6 5 4
2023 and 2022, respectively   2   2 3
2022 and 2021, respectively 2 2 2 2 1
Prior years 1 1 1 1  
Total retail customer receivables 9 11 9 11 9
Retail Customer Receivables | Construction and Forestry | Current          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 2,288 2,261 2,288 2,261 3,100
2024 and 2023, respectively 2,304 2,067 2,304 2,067 1,841
2023 and 2022, respectively 1,236 1,249 1,236 1,249 1,064
2022 and 2021, respectively 592 583 592 583 458
2021 and 2020, respectively 195 147 195 147 102
Prior years 26 60 26 60 45
Revolving charge accounts 114 111 114 111 114
Total retail customer receivables 6,755 6,478 6,755 6,478 6,724
Retail Customer Receivables | Construction and Forestry | Non-performing          
Credit Quality and Aging Analysis          
2025 and 2024, respectively 20 21 20 21 40
2024 and 2023, respectively 96 94 96 94 94
2023 and 2022, respectively 88 72 88 72 67
2022 and 2021, respectively 48 38 48 38 32
2021 and 2020, respectively 23 13 23 13 9
Prior years 9 6 9 6 5
Revolving charge accounts 2 2 2 2 1
Total retail customer receivables $ 286 $ 246 $ 286 $ 246 $ 248
v3.25.2
FINANCING RECEIVABLES - Wholesale Receivables Credit Quality and Aging Analysis (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Credit Quality and Aging Analysis      
Total wholesale receivables $ 52,136   $ 52,389
Wholesale Receivables      
Credit Quality and Aging Analysis      
Total wholesale receivables 9,177 $ 8,927 9,473
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 7,617 7,568 8,160
Wholesale Receivables | Agriculture and Turf | Non-performing      
Credit Quality and Aging Analysis      
Total wholesale receivables 1 1 1
Wholesale Receivables | Construction and Forestry | 30+ Days Past Due      
Credit Quality and Aging Analysis      
Total wholesale receivables     3
Wholesale Receivables | Construction and Forestry | Current      
Credit Quality and Aging Analysis      
Total wholesale receivables $ 1,559 $ 1,358 $ 1,308
v3.25.2
FINANCING RECEIVABLES - Allowance for Credit Losses (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Oct. 27, 2024
Allowance:          
Beginning of period balance $ 258 $ 230 $ 229 $ 197 $ 197
Provision   109   229  
Provision subtotal 82 71 245 191  
Write-offs (98) (91) (255) (193)  
Recoveries 16 12 39 31  
Translation adjustments   (3)   (7)  
End of period balance 258 219 258 219 229
Financing receivables:          
End of period balance 52,136 52,389 52,136 52,389  
Brazil          
Allowance:          
Provision reversal for assets held for sale   (38)   (38)  
Retail Customer Receivables          
Allowance:          
Write-offs     (255) (193) (281)
Financing receivables:          
End of period balance 42,959 42,916 42,959 42,916 44,334
Retail Notes & Financing Leases          
Allowance:          
Beginning of period balance 243 207 219 172 172
Provision   84   183  
Provision subtotal 49 46 171 145  
Write-offs (49) (45) (153) (112)  
Recoveries 5 4 11 9  
Translation adjustments   (3)   (5)  
End of period balance 248 209 248 209 219
Financing receivables:          
End of period balance 38,135 38,333 38,135 38,333  
Retail Notes & Financing Leases | Brazil          
Allowance:          
Provision reversal for assets held for sale   (38)   (38)  
Revolving Charge Accounts          
Allowance:          
Beginning of period balance 13 21 8 21 21
Provision   25   46  
Provision subtotal 33 25 74 46  
Write-offs (49) (46) (102) (81)  
Recoveries 11 8 28 22  
End of period balance 8 8 8 8 8
Financing receivables:          
End of period balance 4,824 4,583 4,824 4,583  
Wholesale Receivables          
Allowance:          
Beginning of period balance 2 2 2 4 4
Translation adjustments       (2)  
End of period balance 2 2 2 2 2
Financing receivables:          
End of period balance $ 9,177 $ 9,473 $ 9,177 $ 9,473 $ 8,927
v3.25.2
FINANCING RECEIVABLES - Modifications (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Modifications        
Ending amortized cost of financing receivables modified during the period $ 45 $ 23 $ 115 $ 67
Ending amortized cost of financing receivables modified during the prior twelve months     $ 142  
Modifications (as a percent) 0.09% 0.04% 0.22% 0.13%
30-59 Days Past Due        
Modifications        
Ending amortized cost of financing receivables modified during the period       $ 4
Ending amortized cost of financing receivables modified during the prior twelve months     $ 5  
60-89 Days Past Due        
Modifications        
Ending amortized cost of financing receivables modified during the period       3
Ending amortized cost of financing receivables modified during the prior twelve months     5  
90 Days or Greater Past Due        
Modifications        
Ending amortized cost of financing receivables modified during the period       1
Ending amortized cost of financing receivables modified during the prior twelve months     2  
Current        
Modifications        
Ending amortized cost of financing receivables modified during the period       56
Ending amortized cost of financing receivables modified during the prior twelve months     116  
Non-performing        
Modifications        
Ending amortized cost of financing receivables modified during the period       $ 3
Ending amortized cost of financing receivables modified during the prior twelve months     $ 14  
Payment Deferrals and Term Extensions        
Modifications        
Weighted average payment deferral provided to borrowers experiencing financial difficulty     5 months  
Weighted average term extensions provided to borrowers experiencing financial difficulty     8 months  
Payment Deferrals        
Modifications        
Weighted average payment deferral provided to borrowers experiencing financial difficulty     7 months  
Term Extensions        
Modifications        
Weighted average term extensions provided to borrowers experiencing financial difficulty     11 months  
v3.25.2
SECURITIZATION OF FINANCING RECEIVABLES (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Securitization of Financing Receivables      
Other assets $ 3,559 $ 2,906 $ 2,903
Total Assets 107,817 107,320 107,841
Short-term securitization borrowings 7,610 8,431 7,869
Accrued interest on borrowings - securitization transactions 11 14 14
Total liabilities related to restricted securitized assets 7,621 8,445 7,883
Securitized      
Securitization of Financing Receivables      
Financing receivables securitized (retail notes) 7,996 8,770 8,313
Allowance for credit losses (48) (47) (39)
Other assets 175 187 178
Total Assets $ 8,123 $ 8,910 $ 8,452
v3.25.2
INVENTORIES (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
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 $ 3,350 $ 3,486 $ 3,586
Work-in-process 1,139 930 988
Finished goods and parts 6,088 5,364 5,689
Total FIFO value 10,577 9,780 10,263
Excess of FIFO over LIFO 2,864 2,687 2,567
Inventories $ 7,713 $ 7,093 $ 7,696
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Goodwill (Details) - USD ($)
$ in Millions
9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Changes in Amounts of Goodwill    
Goodwill - net, beginning balance $ 3,959 $ 3,900
Acquisitions 44  
Translation adjustments 206 60
Goodwill - net, ending balance 4,209 3,960
Production & Precision Ag (PPA)    
Changes in Amounts of Goodwill    
Goodwill - net, beginning balance 701 702
Acquisitions 32  
Translation adjustments 16 (1)
Goodwill - net, ending balance 749 701
Small Ag & Turf (SAT)    
Changes in Amounts of Goodwill    
Goodwill - net, beginning balance 365 363
Translation adjustments 6 2
Goodwill - net, ending balance 371 365
Construction & Forestry (CF)    
Changes in Amounts of Goodwill    
Goodwill - net, beginning balance 2,893 2,835
Acquisitions 12  
Translation adjustments 184 59
Goodwill - net, ending balance $ 3,089 $ 2,894
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Intangible Assets (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Amortized intangible assets:      
Total at cost $ 2,012 $ 1,931 $ 1,920
Total accumulated amortization (1,086) (932) (890)
Other intangible assets - net 926 999 1,030
Customer Lists and Relationships      
Amortized intangible assets:      
Total at cost 486 508 507
Total accumulated amortization (255) (231) (222)
Technology, Patents, Trademarks and Other      
Amortized intangible assets:      
Total at cost 1,526 1,423 1,413
Total accumulated amortization $ (831) $ (701) $ (668)
v3.25.2
GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Amortization Expense (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Other Intangible Assets Amortization        
Actual amortization expense $ 31 $ 41 $ 110 $ 124
Amortization expense of other intangible assets - remainder of 2025 40   40  
Estimated - 2026 133   133  
Estimated - 2027 127   127  
Estimated - 2028 90   90  
Estimated - 2029 75   75  
Estimated - 2030 $ 71   $ 71  
v3.25.2
SHORT-TERM BORROWINGS (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Short-term borrowings      
Short-term borrowings $ 14,607 $ 13,533 $ 15,294
Commercial Paper      
Short-term borrowings      
Short-term borrowings 5,322 4,008 5,572
Notes Payable to Banks      
Short-term borrowings      
Short-term borrowings 694 377 418
Finance Lease Obligations Due Within One Year      
Short-term borrowings      
Short-term borrowings 41 33 31
Long-term Borrowings Due Within One Year      
Short-term borrowings      
Short-term borrowings $ 8,550 $ 9,115 $ 9,273
v3.25.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Apr. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Apr. 28, 2024
Oct. 29, 2023
Accounts payable:            
Dividends payable $ 443   $ 405 $ 407    
Operating lease liabilities $ 285   $ 270 $ 258    
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 $ 137   $ 152 $ 151    
Other 215   204 173    
Accrued expenses:            
Employee benefits 1,356   1,925 1,802    
Accrued taxes 1,331   1,509 1,497    
Product warranties 1,273 $ 1,297 1,426 1,513 $ 1,566 $ 1,610
Dealer sales incentives 659   996 846    
Extended warranty premium 1,226   1,179 1,129    
Derivative liabilities 517   582 582    
Unearned revenue (contractual liability) 874   744 766    
Unearned operating lease revenue 517   495 480    
Accrued interest 474   455 478    
Parts return liability 423   420 404    
Other 1,129   1,077 1,327    
Accounts payable and accrued expenses 13,582   14,543 14,397    
Eliminations | Trade Accounts and Notes Receivable            
Accrued expenses:            
Dealer sales incentive accruals with a right of set-off against trade receivables 2,268   2,121 2,535    
Nonrelated Party            
Accounts payable:            
Trade payables 2,718   2,698 2,580    
Related Party            
Accounts payable:            
Trade payables $ 5   $ 6 $ 4    
v3.25.2
LONG-TERM BORROWINGS (Details)
€ in Millions, $ in Millions
Jul. 27, 2025
USD ($)
Jul. 27, 2025
EUR (€)
Oct. 27, 2024
USD ($)
Oct. 27, 2024
EUR (€)
Jul. 28, 2024
USD ($)
Jul. 28, 2024
EUR (€)
Long-term borrowings            
Less: debt issuance costs and debt discounts $ (161)   $ (156)   $ (154)  
Total long-term borrowings 44,429   43,229   42,692  
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%
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          
Debt instrument, stated interest rate 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          
Debt instrument, stated interest rate 5.70% 5.70%        
1.85% Notes Due 2028            
Long-term borrowings            
Long-term borrowings, gross $ 705   $ 650   $ 651  
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 $ 705   $ 650   $ 651  
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 $ 764   $ 704   $ 705  
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 $ 35,428   $ 36,566   $ 36,057  
Principal amount 35,699   37,141   36,716  
Other Notes and Finance Lease Obligations            
Long-term borrowings            
Long-term borrowings, gross $ 438   $ 265   $ 232  
v3.25.2
LEASES - LESSOR - Lease Revenues (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
LEASES - LESSOR        
Sales-type and direct finance lease revenues $ 46 $ 50 $ 137 $ 141
Operating lease revenues 374 358 1,091 1,039
Variable lease revenues 5 4 14 13
Total lease revenues $ 425 $ 412 $ 1,242 $ 1,193
v3.25.2
COMMITMENTS AND CONTINGENCIES - Warranty (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Warranty Liability Reconciliation        
Beginning of period balance $ 1,297 $ 1,566 $ 1,426 $ 1,610
Warranty claims paid (336) (325) (954) (959)
New product warranty accruals 303 280 786 871
Foreign exchange 9 (8) 15 (9)
End of period balance $ 1,273 $ 1,513 $ 1,273 $ 1,513
v3.25.2
COMMITMENTS AND CONTINGENCIES - Other (Details)
$ in Millions
9 Months Ended
Jul. 27, 2025
USD ($)
Long Term Purchase Commitments  
Commitments for the construction and acquisition of property and equipment $ 630
Restricted Assets and Other Miscellaneous Contingent Liabilities and Guarantees  
Other miscellaneous contingent liabilities 125
Accrual for other miscellaneous contingent liabilities 25
Other Assets  
Restricted Assets and Other Miscellaneous Contingent Liabilities and Guarantees  
Restricted assets 331
Financial Services (FS) | VIE-Not Primary Beneficiary | Banco John Deere S.A. (BJD)  
Guarantee Obligations  
Guarantees 153
Guarantees, Third-party Receivables  
Guarantee Obligations  
Guarantee obligations maximum exposure $ 130
v3.25.2
FAIR VALUE MEASUREMENTS - Financial Instruments (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Fair Values of Financial Instruments      
Short-term securitization borrowings $ 7,610 $ 8,431 $ 7,869
Unrestricted      
Fair Values of Financial Instruments      
Financing receivables - net 43,930 44,309 43,896
Securitized      
Fair Values of Financial Instruments      
Financing receivables - net $ 7,948 $ 8,723 $ 8,274
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 $ 7,637 $ 8,453 $ 7,872
Long-term borrowings due within one year 8,556 9,079 9,190
Long-term borrowings 44,034 42,804 42,076
Held-to-maturity marketable security 62   12
Level 3 | Unrestricted      
Fair Values of Financial Instruments      
Financing receivables - net 44,036 44,336 43,713
Level 3 | Securitized      
Fair Values of Financial Instruments      
Financing receivables - net $ 7,928 $ 8,654 $ 8,139
Location of liability for pledged asset Short-term securitization borrowings Short-term securitization borrowings Short-term securitization borrowings
Level 3 | Unconsolidated Affiliated Companies      
Fair Values of Financial Instruments      
Financing receivables - net $ 522    
Carrying Value      
Fair Values of Financial Instruments      
Short-term securitization borrowings 7,610 $ 8,431 $ 7,869
Long-term borrowings due within one year 8,550 9,115 9,273
Long-term borrowings 44,358 43,157 42,617
Held-to-maturity marketable security 62   12
Carrying Value | Unrestricted      
Fair Values of Financial Instruments      
Financing receivables - net 43,930 44,309 43,896
Carrying Value | Securitized      
Fair Values of Financial Instruments      
Financing receivables - net $ 7,948 $ 8,723 $ 8,274
Location of liability for pledged asset Short-term securitization borrowings Short-term securitization borrowings Short-term securitization borrowings
Carrying Value | Unconsolidated Affiliated Companies      
Fair Values of Financial Instruments      
Financing receivables - net $ 515    
v3.25.2
FAIR VALUE MEASUREMENTS - Assets and Liaibilities - Recurring (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Assets and Liabilities Measured at Fair Value on a Recurring Basis      
Marketable Securities $ 1,407 $ 1,154 $ 1,140
Derivative assets 370 357 361
Derivative liabilities 517 582 582
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 229 239 413
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 229 239 413
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 1,116 915 715
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 370 357 361
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 517 582 582
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    
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 477 423 220
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 195 143 145
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 223 165 154
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 102 74 69
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 112 110 127
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 $ 121 $ 147 $ 153
v3.25.2
FAIR VALUE MEASUREMENTS - Contractual Maturities of Available-for-sale Debt Securities (Details)
$ in Millions
Jul. 27, 2025
USD ($)
Contractual Maturities of Debt Securities, Amortized Cost  
Amortized cost, due in one year or less $ 94
Amortized cost, due after one through five years 382
Amortized cost, due after five through 10 years 480
Amortized cost, due after 10 years 211
Amortized cost, mortgage-backed securities 250
Amortized cost, debt securities 1,417
Contractual Maturities of Debt Securities, Fair Value  
Fair value, due in one year or less 94
Fair value, due after one through five years 375
Fair value, due after five through 10 years 463
Fair value, due after 10 years 183
Fair value, mortgage-backed securities 223
Fair value, debt securities $ 1,338
v3.25.2
FAIR VALUE MEASUREMENTS - Nonrecurring Level 3 Measurements (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Mar. 27, 2022
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Oct. 27, 2024
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis            
Assets held for sale     $ 2,965   $ 2,965 $ 2,944
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   $ 1    
Losses, Property and equipment - net   $ 8   $ 8    
Location of property and equipment - net impairment   Cost of Revenue   Cost of Revenue    
Other intangible assets - net   $ 3   $ 3    
Losses, Other intangible assets - net   $ 53   $ 53    
Location of intangible asset impairment   Selling, administrative and general expenses   Selling, administrative and general expenses    
Other assets           23
Assets held for sale     2,965   2,965 $ 2,944
(Gains) losses, assets held for sale     $ 53 $ (32) $ 53  
v3.25.2
DERIVATIVE INSTRUMENTS - Fair Values (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Fair Values of Derivative Instruments      
Derivative assets $ 370 $ 357 $ 361
Derivative liabilities 517 582 582
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional 2,475 2,875 3,475
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts | Other Assets      
Fair Values of Derivative Instruments      
Derivative assets   3 14
Designated as Hedging Instruments | Cash Flow Hedges | Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Fair Values of Derivative Instruments      
Derivative liabilities 29 20 18
Designated as Hedging Instruments | Fair Value Hedges | Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional 13,753 15,864 15,165
Designated as Hedging Instruments | Fair Value Hedges | Interest Rate Contracts | Other Assets      
Fair Values of Derivative Instruments      
Derivative assets 148 115 119
Designated as Hedging Instruments | Fair Value Hedges | Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Fair Values of Derivative Instruments      
Derivative liabilities 326 467 486
Designated as Hedging Instruments | Fair Value Hedges | Cross-Currency Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional 975 975 975
Designated as Hedging Instruments | Fair Value Hedges | Cross-Currency Interest Rate Contracts | Other Assets      
Fair Values of Derivative Instruments      
Derivative assets 101 31 16
Designated as Hedging Instruments | Net Investment Hedges | Cross-Currency Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional 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 30    
Not Designated as Hedging Instruments | Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional 15,170 12,518 13,656
Not Designated as Hedging Instruments | Interest Rate Contracts | Other Assets      
Fair Values of Derivative Instruments      
Derivative assets 92 97 103
Not Designated as Hedging Instruments | Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Fair Values of Derivative Instruments      
Derivative liabilities 74 75 59
Not Designated as Hedging Instruments | Foreign Exchange Contracts      
Fair Values of Derivative Instruments      
Notional 7,869 7,533 7,529
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Other Assets      
Fair Values of Derivative Instruments      
Derivative assets 25 95 99
Not Designated as Hedging Instruments | Foreign Exchange Contracts | Accounts Payable and Accrued Expenses      
Fair Values of Derivative Instruments      
Derivative liabilities 52 20 16
Not Designated as Hedging Instruments | Cross-Currency Interest Rate Contracts      
Fair Values of Derivative Instruments      
Notional 141 158 190
Not Designated as Hedging Instruments | Cross-Currency Interest Rate Contracts | Other Assets      
Fair Values of Derivative Instruments      
Derivative assets 4 $ 16 10
Not Designated as Hedging Instruments | Cross-Currency Interest Rate Contracts | Accounts Payable and Accrued Expenses      
Fair Values of Derivative Instruments      
Derivative liabilities $ 6   $ 3
v3.25.2
DERIVATIVE INSTRUMENTS - Fair Value Hedges (Details) - Fair Value Hedges - Interest Rate Contracts - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Short-term Borrowings      
Active Hedging Relationships      
Carrying amount of hedged item $ 109 $ 287 $ 286
Cumulative fair value of hedging amount (1) (1) (4)
Discontinued Hedging Relationships      
Carrying amount of formerly hedged item 2,252 1,782 1,458
Cumulative fair value hedging amount - discontinued (22) 7 9
Long-term Borrowings      
Fair Value Hedges      
Carrying amount of the hedged item and formerly hedged item   598 598
Active Hedging Relationships      
Carrying amount of hedged item 14,497 16,125 15,386
Cumulative fair value of hedging amount (141) (347) (394)
Discontinued Hedging Relationships      
Carrying amount of formerly hedged item 10,396 8,626 8,414
Cumulative fair value hedging amount - discontinued $ (130) $ (228) $ (264)
v3.25.2
DERIVATIVE INSTRUMENTS - Gains (Losses) on Statements of Consolidated Income (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Classification and gains (losses) including accrued interest expense related to derivative instruments        
Not designated as hedges, gains (losses) $ (90) $ 54 $ 9 $ (101)
Interest Rate Contracts        
Classification and gains (losses) including accrued interest expense related to derivative instruments        
Cash flow hedges, recognized in OCI 7 (15) 3 3
Net investment hedges, recognized in OCI (26)   (30)  
Interest Rate Contracts | Interest Expense        
Classification and gains (losses) including accrued interest expense related to derivative instruments        
Fair value hedges, gains (losses) (54) 373 38 269
Net investment hedges, gains (losses) 4   5  
Cash flow hedges, reclassified from OCI (3) 22 5 49
Not designated as hedges, gains (losses) 9 4 (7) 2
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) 1 (3) (2)  
Foreign Exchange Contracts | Cost of Sales        
Classification and gains (losses) including accrued interest expense related to derivative instruments        
Not designated as hedges, gains (losses) (21) 36 7 15
Foreign Exchange Contracts | Other Operating Expense        
Classification and gains (losses) including accrued interest expense related to derivative instruments        
Not designated as hedges, gains (losses) $ (79) $ 17 $ 11 $ (118)
v3.25.2
DERIVATIVE INSTRUMENTS - Counterparty Risk and Collateral (Details) - USD ($)
$ in Millions
Jul. 27, 2025
Oct. 27, 2024
Jul. 28, 2024
Derivative instruments      
Fair value of derivatives with credit-risk-related contingent features in a liability position $ 465 $ 562 $ 566
Cash collateral posted 122 245 269
Derivative Assets      
Gross amounts recognized 370 357 361
Netting arrangements (157) (142) (154)
Collateral received (3)    
Net amount 210 215 207
Derivative Liabilities      
Gross amounts recognized 517 582 582
Netting arrangements (157) (142) (154)
Collateral paid (122) (246) (269)
Net amount 238 194 159
International Futures Market      
Derivative instruments      
Collateral paid to participate in an international futures market $ 8 $ 8 $ 8
v3.25.2
SHARE-BASED AWARDS - Stock Options (Details)
shares in Thousands
9 Months Ended
Jul. 27, 2025
$ / shares
shares
Share-based Awards, Aggregate Disclosures  
Number of outstanding shares authorized to grant for equity incentive awards | shares 13,700
Stock Options  
Share-based Awards, Aggregate Disclosures  
Options granted (in shares) | shares 169
Options granted, weighted-average exercise price (in dollars per share) | $ / shares $ 448.18
Options granted, weighted-average fair value (in dollars per share) | $ / shares $ 116.35
Options outstanding (in shares) | shares 1,100
Options outstanding, weighted-average exercise price (in dollars per share) | $ / shares $ 317.8
Fair value assumption method used us-gaap:BinomialModelMember
v3.25.2
SHARE-BASED AWARDS - Restricted Stock Units Granted and Weighted-Average Grant Date Fair Values (Details)
shares in Thousands
9 Months Ended
Jul. 27, 2025
$ / shares
shares
Restricted Stock Units Service-Based  
Share-based Awards, Aggregate Disclosures  
Restricted stock units granted (in shares) | shares 308
Restricted stock units granted, weighted-average grant-date fair value (per share) | $ / shares $ 448.68
Restricted Stock Units Performance/Service-Based  
Share-based Awards, Aggregate Disclosures  
Restricted stock units granted (in shares) | shares 40
Restricted stock units granted, weighted-average grant-date fair value (per share) | $ / shares $ 429.77
Restricted Stock Units Market/Service-Based  
Share-based Awards, Aggregate Disclosures  
Restricted stock units granted (in shares) | shares 40
Restricted stock units granted, weighted-average grant-date fair value (per share) | $ / shares $ 591.13
Fair value assumption method used us-gaap:MonteCarloModelMember
v3.25.2
ACQUISITIONS AND DISPOSITION - Acquisitions (Details)
$ in Millions
9 Months Ended
Jul. 27, 2025
USD ($)
Acquisitions  
Cash purchase price, net of cash acquired $ 89
Other Acquisitions  
Acquisitions  
Cash purchase price, net of cash acquired $ 89
v3.25.2
ACQUISITIONS AND DISPOSITION - Disposition (Details) - USD ($)
$ in Millions
Feb. 23, 2025
Oct. 27, 2024
Jul. 28, 2024
Assets and Liabilities at the Time of Deconsolidation      
Total assets   $ 2,944 $ 2,965
Total liabilities   $ 1,827 $ 1,803
Financial Services (FS) | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Banco John Deere S.A. (BJD)      
Disposition      
Percentage of ownership (as a percent) 50.00%    
Value of equity method investment $ 362    
Financial Services (FS) | Banco John Deere S.A. (BJD) | Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Disposition      
Percentage of ownership sold (as a percent) 50.00%    
Assets and Liabilities at the Time of Deconsolidation      
Cash and cash equivalents $ 110    
Trade accounts and notes receivable - net 119    
Financing receivables - net 2,787    
Deferred income taxes 33    
Other miscellaneous assets 23    
Valuation allowance (65)    
Total assets 3,007    
Short-term borrowings 495    
Accounts payable and accrued expenses 124    
Long-term borrowings 1,241    
Retirement benefits and other liabilities 1    
Total liabilities 1,861    
Financial Services (FS) | Banco John Deere S.A. (BJD) | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Related Party      
Assets and Liabilities at the Time of Deconsolidation      
Total intercompany payables $ 781    
v3.25.2
SPECIAL ITEMS - Impairment (Details) - External Overseas Battery Operations Impairment
$ in Millions
3 Months Ended
Jul. 27, 2025
USD ($)
Special Items  
Long-lived asset impairment, pretax $ 61
Long-lived asset impairment, after-tax 49
Selling, Administrative and General Expenses  
Special Items  
Long-lived asset impairment, pretax 53
Cost of Sales  
Special Items  
Long-lived asset impairment, pretax $ 8
v3.25.2
SPECIAL ITEMS - Discrete Tax Items (Details)
$ in Millions
3 Months Ended
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)
v3.25.2
SPECIAL ITEMS - 2025 Banco John Deere S.A. (Details) - Financial Services (FS) - Sale of Banco John Deere S.A. (BJD) - USD ($)
$ in Millions
3 Months Ended
Apr. 27, 2025
Jul. 28, 2024
Feb. 23, 2025
Disposal Group, Held-for-Sale, Not Discontinued Operations      
Special Items      
(Gains) losses, assets held for sale   $ 53  
(Gains) losses, assets held for sale, after-tax $ (32)    
Disposal Group, Held-for-Sale, Not Discontinued Operations | Selling, Administrative and General Expenses      
Special Items      
(Gains) losses, assets held for sale $ (32)    
Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Special Items      
Percentage of ownership sold (as a percent)     50.00%
v3.25.2
SPECIAL ITEMS - Employee-Separation Programs (Details) - Employee-Separation Programs - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 28, 2024
Jul. 28, 2024
Special Items    
Employee-separation programs' pretax expenses $ 124 $ 124
Payments for employee-separation programs 30  
Operating Segment    
Special Items    
Employee-separation programs' pretax expenses 120 120
Operating Segment | Cost of Sales    
Special Items    
Employee-separation programs' pretax expenses 35 35
Operating Segment | Research and Development Expenses    
Special Items    
Employee-separation programs' pretax expenses 26 26
Operating Segment | Selling, Administrative and General Expenses    
Special Items    
Employee-separation programs' pretax expenses 59 59
Operating Segment | Production & Precision Ag (PPA)    
Special Items    
Employee-separation programs' pretax expenses 62 62
Operating Segment | Production & Precision Ag (PPA) | Cost of Sales    
Special Items    
Employee-separation programs' pretax expenses 18 18
Operating Segment | Production & Precision Ag (PPA) | Research and Development Expenses    
Special Items    
Employee-separation programs' pretax expenses 19 19
Operating Segment | Production & Precision Ag (PPA) | Selling, Administrative and General Expenses    
Special Items    
Employee-separation programs' pretax expenses 25 25
Operating Segment | Small Ag & Turf (SAT)    
Special Items    
Employee-separation programs' pretax expenses 29 29
Operating Segment | Small Ag & Turf (SAT) | Cost of Sales    
Special Items    
Employee-separation programs' pretax expenses 9 9
Operating Segment | Small Ag & Turf (SAT) | Research and Development Expenses    
Special Items    
Employee-separation programs' pretax expenses 6 6
Operating Segment | Small Ag & Turf (SAT) | Selling, Administrative and General Expenses    
Special Items    
Employee-separation programs' pretax expenses 14 14
Operating Segment | Construction & Forestry (CF)    
Special Items    
Employee-separation programs' pretax expenses 20 20
Operating Segment | Construction & Forestry (CF) | Cost of Sales    
Special Items    
Employee-separation programs' pretax expenses 8 8
Operating Segment | Construction & Forestry (CF) | Research and Development Expenses    
Special Items    
Employee-separation programs' pretax expenses 1 1
Operating Segment | Construction & Forestry (CF) | Selling, Administrative and General Expenses    
Special Items    
Employee-separation programs' pretax expenses 11 11
Operating Segment | Financial Services (FS)    
Special Items    
Employee-separation programs' pretax expenses 9 9
Operating Segment | Financial Services (FS) | Selling, Administrative and General Expenses    
Special Items    
Employee-separation programs' pretax expenses 9 9
Corporate    
Special Items    
Employee-separation programs' pretax expenses $ 4 $ 4
v3.25.2
SPECIAL ITEMS - 2024 Banco John Deere S.A. (Details) - Financial Services (FS) - Sale of Banco John Deere S.A. (BJD) - Disposal Group, Held-for-Sale, Not Discontinued Operations
$ in Millions
3 Months Ended
Jul. 28, 2024
USD ($)
Special Items  
Reversal of allowance for credit losses $ 38
Valuation allowance on assets held for sale 53
Net loss impact of sale $ 15
Location of net loss impact of sale Selling, administrative and general expenses
Net loss impact of sale, after-tax $ 15
v3.25.2
SPECIAL ITEMS - Redeemable Noncontrolling Interest (Details) - SurePoint Ag Systems, Inc.
$ in Millions
3 Months Ended
Jul. 28, 2024
USD ($)
Redeemable Noncontrolling Interest  
Noncontrolling interest redemption (as a percent) 20.00%
Noncontrolling interest redemption gain or loss $ 0
v3.25.2
SPECIAL ITEMS - Operating Profit Impact (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Operating Segment        
Special Items        
Total expense (benefit) $ 61 $ 135 $ 29 $ 135
Period over period change (74)   (106)  
Operating Segment | Production & Precision Ag (PPA)        
Special Items        
Total expense (benefit) 28 62 28 62
Period over period change (34)   (34)  
Operating Segment | Small Ag & Turf (SAT)        
Special Items        
Total expense (benefit) 17 29 17 29
Period over period change (12)   (12)  
Operating Segment | Construction & Forestry (CF)        
Special Items        
Total expense (benefit) 16 20 16 20
Period over period change (4)   (4)  
Operating Segment | Financial Services (FS)        
Special Items        
Total expense (benefit)   24 (32) 24
Period over period change (24)   (56)  
Sale of Banco John Deere S.A. (BJD) | Disposal Group, Held-for-Sale, Not Discontinued Operations | Financial Services (FS)        
Special Items        
(Gains) losses, assets held for sale   53    
Net loss impact of sale   $ 15    
Location of net loss impact of sale   Selling, administrative and general expenses    
Sale of Banco John Deere S.A. (BJD) | Disposal Group, Held-for-Sale, Not Discontinued Operations | Operating Segment        
Special Items        
(Gains) losses, assets held for sale     (32)  
Net loss impact of sale   $ 15   $ 15
Location of net loss impact of sale   Selling, administrative and general expenses   Selling, administrative and general expenses
Sale of Banco John Deere S.A. (BJD) | Disposal Group, Held-for-Sale, Not Discontinued Operations | Operating Segment | Financial Services (FS)        
Special Items        
(Gains) losses, assets held for sale     (32)  
Net loss impact of sale   $ 15   $ 15
Location of net loss impact of sale   Selling, administrative and general expenses   Selling, administrative and general expenses
External Overseas Battery Operations Impairment        
Special Items        
Long-lived asset impairment, pretax 61      
External Overseas Battery Operations Impairment | Operating Segment        
Special Items        
Long-lived asset impairment, pretax 61   61  
External Overseas Battery Operations Impairment | Operating Segment | Production & Precision Ag (PPA)        
Special Items        
Long-lived asset impairment, pretax 28   28  
External Overseas Battery Operations Impairment | Operating Segment | Small Ag & Turf (SAT)        
Special Items        
Long-lived asset impairment, pretax 17   17  
External Overseas Battery Operations Impairment | Operating Segment | Construction & Forestry (CF)        
Special Items        
Long-lived asset impairment, pretax $ 16   $ 16  
Employee-Separation Programs        
Special Items        
Employee-separation programs' expenses   $ 124   $ 124
Employee-Separation Programs | Operating Segment        
Special Items        
Employee-separation programs' expenses   120   120
Employee-Separation Programs | Operating Segment | Production & Precision Ag (PPA)        
Special Items        
Employee-separation programs' expenses   62   62
Employee-Separation Programs | Operating Segment | Small Ag & Turf (SAT)        
Special Items        
Employee-separation programs' expenses   29   29
Employee-Separation Programs | Operating Segment | Construction & Forestry (CF)        
Special Items        
Employee-separation programs' expenses   20   20
Employee-Separation Programs | Operating Segment | Financial Services (FS)        
Special Items        
Employee-separation programs' expenses   $ 9   $ 9
v3.25.2
SUBSEQUENT EVENT - Quarterly Dividend (Details) - $ / shares
1 Months Ended 3 Months Ended 9 Months Ended
Aug. 27, 2025
Jul. 27, 2025
Jul. 28, 2024
Jul. 27, 2025
Jul. 28, 2024
Subsequent Event          
Quarterly dividend declared (in dollars per share)   $ 1.62 $ 1.47 $ 4.86 $ 4.41
Subsequent Event | Third Quarter 2025 Dividend          
Subsequent Event          
Dividend declared date Aug. 27, 2025        
Quarterly dividend declared (in dollars per share) $ 1.62        
Dividend payable date Nov. 10, 2025        
Stockholders of record date Sep. 30, 2025