DE · 10-K filed 18 Dec 2025 · year to 2 Nov 2025

Deere

31 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Lowe's

earns from

In addition, certain lawn and garden and compact construction products are sold through The Home Depot and Lowe’s.Business (Item 1)

Also named by AOS, HLMN, MAS, SMG, SWK, SYF, TREX, WHR

The Home Depot

earns from

In addition, certain lawn and garden and compact construction products are sold through The Home Depot and Lowe’s.Business (Item 1)

Also named by HLMN, MAS, O, SMG, SWK, TREX

Suppliers

Third-party cloud providers

depends onnamed as a risk

Our reliance on cloud-based systems owned by third parties creates particular risks.Risk factors (Item 1A)

Also named by QBTS

Partners and platforms

Independent dealer network

depends on · approximately 2,050 independent dealer locationsnamed as a risk

Through the U.S. and Canada, we market products to approximately 2,050 independent dealer locations.Business (Item 1)

Banco Bradesco S.A.

50% owner

For example, in the second quarter of fiscal year 2025, we completed a transaction with a Brazilian bank, Banco Bradesco S.A. (Bradesco), for Bradesco to invest and become 50% owner of our subsidiary in Brazil, Banco John Deere S.A.Business (Item 1)

Other companies

United Auto Workers (UAW)

Approximately 7,600named as a risk

Approximately 7,600 of our active U.S. production and maintenance workers are covered by a collective bargaining agreement with the United Auto Workers (UAW), with an expiration date of November 1, 2027.Business (Item 1)

Also named by BWA, DCH, F, GM, HWM, LEA, OSK

John Deere Capital Corporation

not less than 1.05 to 1

We have an agreement with Capital Corporation to make payments to Capital Corporation such that its consolidated ratio of earnings to fixed charges is not less than 1.05 to 1 for any four consecutive fiscal quarterly period.Business (Item 1)

Right-to-repair multidistrict class action (Northern District of Illinois)

named as a risk

We are currently subject to a consolidated multidistrict class action lawsuit in the Northern District of Illinois alleging that we have engaged in attempted monopolization, exclusionary conduct, and restraint of the market for repair services for John Deere brand agricultural equipment by limiting repair resources only to our authorized technicians or independent authorized John Deere dealers.Risk factors (Item 1A)

American Farm Bureau Federation

named as a risk

For example, we have experienced negative social media campaigns related to our approach to diversity and inclusion, our customers’ right to maintain and safely repair their equipment, including with respect to our Memorandum of Understanding with the American Farm Bureau Federation, reductions in workforce, and production relocation.Risk factors (Item 1A)

Competitors

Caterpillar Inc.

competes with

Global competitors of the CF segment include Caterpillar Inc., CNH Industrial N.V., Doosan Infracore Co., Ltd. and its subsidiary Doosan Bobcat Inc., Fayat Group, GOMACO Corporation, Hitachi Construction Machinery, Komatsu Ltd., Kubota Tractor Corporation, LGMG, Liugong, Ponsse Plc, SANY Group Co., Ltd., SDLG, Terex, Tigercat Industries Inc., Volvo Construction Equipment (part of Volvo Group AB), and XCMG.Business (Item 1)

Also named by ALSN, CMI, ET, USAC, WWD

AGCO Corporation

competes with

The competitive environment for the agriculture and turf operations includes some global competitors, such as AGCO Corporation, CLAAS KGaA mbH, CNH Industrial N.V., Kubota Tractor Corporation, and The Toro Company.Business (Item 1)

Also named by TRMB

CNH Industrial N.V.

competes with

Places

United States

operates in · Nearly 80% of our domestic salesnamed as a risk

Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

China

depends onnamed as a risk

The inability to obtain export permits for rare earth minerals could have a detrimental effect on our business.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Mexico

operates innamed as a risk

As a result, these products became subject to additional tariffs on imports from Mexico in 2025.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Brazil

operates innamed as a risk

We may not realize the benefits from our investment in Brazil or in other regions and may be unable to grow our market share for a variety of reasons.Risk factors (Item 1A)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DOV and 32 more

India

operates in

The majority of our mid-size tractors are manufactured and sold in Europe, while the majority of our small tractors are manufactured and sold in India.Business (Item 1)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

U.S. and Canada

earns from

The majority of our sales occur in the U.S. and Canada; however, we continue to grow our business and invest in other regions.Business (Item 1)

Also named by AFL, AMT, BBW, COST, DCI, FISV, NFLX, OWL

Commodities and inputs

Rare earth minerals

depends on · a significant majority are sourced from Chinanamed as a risk

For example, certain of our products, including motors, batteries, and other components, rely on rare earth minerals for their manufacturing, of which a significant majority are sourced from China.Risk factors (Item 1A)

Also named by ALAB, AMAT, COHR, EXTR, GE, GEHC, GWW, JCI and 10 more

Crude oil

exposed to its pricenamed as a risk

As the price of oil falls, biofuels become a less attractive alternative energy source, and as a result, there is uncertainty with respect to any benefits we may realize with respect to our investments related to renewable energy.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Corn

exposed to its pricenamed as a risk

International buyers can also change the source of imported agricultural products, such as corn and soy, from the U.S. to other countries, impacting the profitability of our customers and demand for our equipment.Risk factors (Item 1A)

Also named by ADM, BF/B, CAG, CALM, CL, FLO, FPI, GIS and 10 more

Water

depends onnamed as a risk

Any significant reduction in water availability could disrupt our manufacturing processes, increase our operational costs, and limit our ability to meet customer demand.Risk factors (Item 1A)

Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, EOG, EQIX and 9 more

Steel

depends on

These materials and components include a variety of steel products, metal castings, forgings, plastics, hydraulics, electronics, and ready-to-assemble components made to certain specifications.Business (Item 1)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Regulators

Federal Trade Commission (FTC)

subject tonamed as a risk

In addition, the Federal Trade Commission (FTC) and the Attorneys General of the States of Arizona, Illinois, Michigan, Minnesota, and Wisconsin filed a lawsuit against us in the United States District Court for the Northern District of Illinois Western Division alleging similar claims.Risk factors (Item 1A)

Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more

Laws and programs

U.S. tariffs

subject to · approximately $600named as a risk

The direct impact of incremental tariffs incurred by us in 2025 was approximately $600, excluding the impact of tariffs on our suppliers and market demand.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

In addition, we must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and all applicable foreign anti-bribery and anti-corruption laws.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

Even though we are taking actions to qualify for an exemption under the United States-Mexico-Canada Agreement (USMCA) to mitigate the elevated costs, there is no guarantee that we will be able to obtain such qualification.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more

International Emergency Economic Powers Act (IEEPA)

subject tonamed as a risk

On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA).Risk factors (Item 1A)

Also named by AEHR, AVY, BBW, DHR, DLTR, HD, MLI, NVT

Off-road engine emissions regulations

subject to

Compliance with these regulations requires significant investment in the development of new engine technologies and after-treatment systems.Business (Item 1)

Technology

John Deere Operations Center

depends onnamed as a risk

The failure of our technology systems, including the John Deere Operations Center™, to operate properly or effectively, problems with transitioning to upgraded or replacement systems, or difficulty in integrating new systems, could adversely affect our business.Risk factors (Item 1A)

Radio frequency spectrum and satellite connectivity

depends onnamed as a risk

access to radio frequency (RF) spectrum and satellite functionality which enables connectivity for equipment, operations, owners, dealers, and technicians,Risk factors (Item 1A)