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Economy, Business and Finance

John Deere Capital Corp.

05/28/2026 | Press release | Distributed by Public on 05/28/2026 08:26

Quarterly Report for Quarter Ending May 3, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

All amounts are presented in millions of U.S. dollars unless otherwise specified.

OVERVIEW

Organization

We provide financial solutions that enable John Deere customers and dealers to advance their lives and livelihoods. Through our offering of retail notes, leases, and revolving charge accounts, customers are able to finance new and used John Deere equipment, as well as parts, services, and other input costs needed to run their operations. We also provide wholesale financing to John Deere dealers.

TRENDS AND ECONOMIC CONDITIONS

Our volume of Receivables and Leases is largely dependent upon the level of retail sales and leases of John Deere products. The level of John Deere retail sales and leases is responsive to a variety of economic, financial, climatic, legislative, regulatory, and other factors that influence supply and demand for its products.

Industry Sales Outlook for Fiscal Year 2026 (in units)

Agriculture and Turf

Construction and Forestry

John Deere Trends

John Deere's Leap Ambitions, a set of focused goals designed to guide the implementation of its Smart Industrial Operating Model, feature multi-year financial and operational goals, emphasizing the use of its differentiated equipment and service solutions, including automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service.

Deeper integration of technology into equipment to enable customers to do more with less remains a persistent market trend. Customers seek to improve profitability, productivity, and sustainability by selecting John Deere's equipment and technology solutions. These technologies are incorporated into customer operations across the varied production systems that John Deere serves.

John Deere Outlook for 2026

John Deere's net sales are expected to increase in 2026 compared to 2025, with the anticipated decline in Production & Precision Agriculture sales more than offset by improvements in Construction & Forestry and Small Agriculture & Turf.

Agriculture and Turf Industry Outlook for 2026

●

Demand in the U.S. and Canada for large agriculture equipment is expected to decrease compared to 2025 levels driven by elevated farm input costs and ongoing global market uncertainty. These factors are expected to be partially offset by robust demand for commodities, and tightening supply which are expected to support improvements in crop prices. In addition, government programs in the U.S. continue to support farmers' short-term liquidity and recent biofuel policy changes may help provide future demand for U.S. farmers.

●

John Deere expects small agricultural and turf equipment sales to be flat to up slightly from 2025 levels in the U.S. and Canada. The dairy and livestock market continues to maintain strong margins, supporting ongoing product demand. A modest recovery is anticipated in the turf sector following several years of contraction.

●

In Europe, the industry is forecasted to be flat to up slightly. While elevated interest rates continue to influence purchasing decisions, customer profitability and equipment replacement activity remain relatively stable. The crop farming sector continues to experience subdued conditions; however, favorable dairy market margins are expected to continue to provide ongoing support to overall industry demand.

●	Demand in South America is expected to decrease.

Construction and Forestry Industry Outlook for 2026

●

Industry sales in the U.S. and Canada for construction and compact construction equipment are projected to be slightly higher compared to 2025. Favorable industry fundamentals, including strong customer backlogs supported by large projects, infrastructure investment, and data center construction activity, continue to offset softness in residential construction.

●	Global forestry markets are expected to decrease slightly due to continued pressure from weak residential construction demand and lower log and lumber prices.

●	Global roadbuilding markets are forecasted to be up compared to 2025 driven by increased road construction spending across multiple geographies.

Company Trends

Our net income for fiscal year 2026 is expected to be lower than fiscal year 2025 primarily due to lower average portfolio balances, partially offset by favorable financing spreads and a lower provision for credit losses.

Agricultural Market Business Cycle. The agricultural market is affected by various factors including commodity prices, acreage planted, crop yields, government policies, and uncertainty in macroeconomic trends. These factors affect farmers' income and sentiment which may result in varying demand for John Deere's equipment and elevated receivable write-offs.

Global Trade Policies. In 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and on certain materials. Several countries also implemented retaliatory tariffs on imports from the U.S. and introduced additional trade barriers. Trade policies continue to evolve, causing uncertainty in the agriculture and construction industries.

Changes in the agricultural market business cycle and global trade policies are driven by factors outside of our control, and as a result, we cannot reasonably foresee when these conditions may subside.

Other Items of Concern and Uncertainties

Other items that could impact our results are:

●	slower economic growth and inflation

●	global and regional political conditions

●	shifts in energy, including positions with respect to biofuels, positions on government subsidies of farming, and changes in energy prices

●	input costs, including the availability and price of fertilizers as a result of the conflict in the Middle East

●	capital market disruptions

●	foreign currency and capital control policies

●	right to repair and agriculture data privacy regulations and legislation

●	weather conditions

●	marketplace pace of adoption and monetization of technologies we have invested in

●	John Deere's and our ability to strengthen our digital capabilities, artificial intelligence, automation, and autonomy

●	changes in demand and pricing for new and used equipment

●	delays or disruptions in John Deere's supply chain

●	significant fluctuations in foreign currency exchange rates

●	volatility in the prices of many commodities

2026 COMPARED WITH 2025

The total revenues and net income attributable to the Company were as follows:


	Three Months Ended					Six Months Ended
	May 3		April 27		%	May 3		April 27		%
	2026		2025		Change	2026		2025		Change
Total revenues	$	1,166.9	$	1,190.4	(2)	$	2,325.8	$	2,388.8	(3)
Net income attributable to the Company		151.1		124.0	22		349.9		283.1	24

Total revenues for the second quarter and first six months of 2026 decreased slightly compared to the same periods in 2025 primarily due to a 3% decrease in average portfolio balances. Net income for the quarter and year-to-date was higher than the same periods in 2025, driven by favorable financing spreads, a lower provision for credit losses, and favorable derivative valuation adjustments, partially offset by the impact of a lower average portfolio.

Revenues

Finance income, lease revenues, and other income earned by us were as follows:


	Three Months Ended					Six Months Ended
	May 3		April 27		%	May 3		April 27		%
	2026		2025		Change	2026		2025		Change
Finance income earned on:
Retail notes	$	501.6	$	504.8	(1)	$	1,008.7	$	1,012.2
Revolving charge accounts		111.0		107.8	3		224.4		224.2
Wholesale receivables		210.4		239.6	(12)		409.5		480.6	(15)
Lease revenues		300.0		288.4	4		597.5		574.2	4
Other income		43.9		49.8	(12)		85.7		97.6	(12)

Finance income earned on Receivables decreased in the second quarter and first six months of 2026 compared to 2025, driven by lower average financing rates and lower average portfolio balances for wholesale receivables. Lease revenues increased due to higher average portfolio balances and financing rates.

Other income decreased in the second quarter and first six months of 2026 compared to 2025 primarily due to lower interest income from John Deere and other related parties.

Revenues earned from John Deere totaled $233.7 for the second quarter and $443.8 for the first six months of 2026, compared with $233.9 and $462.8 for the same periods last year, respectively. The decrease in the first six months of 2026 compared to 2025 was primarily driven by lower subsidies earned from John Deere on retail notes and lower interest income on notes receivable from John Deere, which was partially offset by increased compensation earned from John Deere on wholesale receivables. Revenues earned from John Deere are included in each of the revenue amounts discussed above.

Expenses

Expenses incurred by us were as follows:


	Three Months Ended					Six Months Ended
	May 3		April 27		%	May 3		April 27		%
	2026		2025		Change	2026		2025		Change
Interest expense	$	537.0	$	613.3	(12)	$	1,085.4	$	1,250.6	(13)
Depreciation of equipment on operating leases		186.2		178.7	4		371.1		357.2	4
Administrative and operating expenses		114.0		109.5	4		213.9		218.4	(2)
Fees and interest paid to John Deere		51.0		36.7	39		100.3		58.7	71
Provision for credit losses		80.7		90.0	(10)		111.5		150.4	(26)
Provision for income taxes		48.0		39.0	23		96.2		71.9	34

The decrease in interest expense for the second quarter and first six months of 2026 was due to lower average external borrowings and lower average borrowing rates.

Depreciation of equipment on operating leases increased in the second quarter and first six months of 2026 primarily due to higher average balances of equipment on operating leases.

Administrative and operating expenses increased in the second quarter of 2026 compared to the same period in 2025 due to unfavorable foreign exchange impacts. The year-to-date expense in 2026 decreased compared to the same period in 2025 primarily due to favorable foreign exchange impacts.

Fees and interest paid to John Deere increased in the second quarter and first six months of 2026 due to higher interest on intercompany borrowings from John Deere, driven by higher average borrowings.

The provision for credit losses was lower in the second quarter and first six months of 2026 due to lower write-offs in both periods and a smaller increase in the allowance for credit losses in the first six months of 2026 compared to the same period last year. The annualized provision for credit losses, as a percentage of the average balance of total Receivables, was .65% for the second quarter and .45% for the first six months of 2026 compared with .70% and .59% for the same periods last year, respectively.

The provision for income taxes increased during the second quarter and first six months of 2026 primarily due to higher pretax income.

Receivables and Leases

Receivable and Lease (excluding wholesale) volumes were as follows:


	Three Months Ended
	May 3		April 27		$		%
	2026		2025		Change		Change
Retail notes:
Agriculture and turf	$	2,707.9	$	2,779.5	$	(71.6)	(3)
Construction and forestry		798.1		671.8		126.3	19
Total retail notes		3,506.0		3,451.3		54.7	2
Revolving charge accounts		2,666.3		2,329.2		337.1	14
Financing leases		324.5		360.1		(35.6)	(10)
Equipment on operating leases		607.0		570.1		36.9	6
Total Receivables and Leases (excluding wholesale)	$	7,103.8	$	6,710.7	$	393.1	6


	Six Months Ended
	May 3		April 27		$		%
	2026		2025		Change		Change
Retail notes:
Agriculture and turf	$	4,762.0	$	4,953.8	$	(191.8)	(4)
Construction and forestry		1,731.6		1,539.9		191.7	12
Total retail notes		6,493.6		6,493.7		(.1)
Revolving charge accounts		5,087.8		4,587.6		500.2	11
Financing leases		487.6		537.4		(49.8)	(9)
Equipment on operating leases		933.3		925.3		8.0	1
Total Receivables and Leases (excluding wholesale)	$	13,002.3	$	12,544.0	$	458.3	4

Receivable and Lease portfolio balances were as follows:


	May 3		November 2		April 27
	2026		2025		2025
Retail notes:
Agriculture and turf	$	25,091.8	$	26,555.1	$	26,552.0
Construction and forestry		6,292.5		6,102.2		5,901.9
Total retail notes		31,384.3		32,657.3		32,453.9
Revolving charge accounts		4,473.7		4,677.0		4,044.2
Wholesale receivables		13,453.6		12,655.9		14,566.5
Financing leases		1,553.7		1,658.8		1,498.6
Equipment on operating leases		5,470.9		5,539.5		5,353.0
Total Receivables and Leases	$	56,336.2	$	57,188.5	$	57,916.2

Total Receivables and Leases decreased $852.3 during the first six months of 2026 and by $1,580.0 compared to one year ago, primarily due to lower agriculture and turf retail notes driven by reduced demand for John Deere equipment in recent years. In addition, wholesale receivables decreased compared to one year ago from lower dealer inventory levels.

Total Receivables 30 days or more past due, non-performing Receivables, and the allowance for credit losses were as follows (as a percentage of the Receivables balance):


	May 3, 2026			November 2, 2025			April 27, 2025
	Dollars		Percent	Dollars		Percent	Dollars		Percent
Receivables 30 days or more past due	$	649.0	1.28	$	540.1	1.05	$	679.7	1.29
Non-performing Receivables		688.6	1.35		581.3	1.13		712.4	1.36
Allowance for credit losses		254.4	.50		250.1	.48		251.7	.48

We monitor the credit quality of Receivables based on delinquency status. Receivables 30 days or more past due continue to accrue finance income. We stop accruing finance income once Receivables are considered non-performing, which generally occurs once Receivables are 90 days past due. An allowance for credit losses is recorded for the estimated credit losses expected over the life of the Receivable portfolio. We measure expected credit losses on a collective basis when similar risk characteristics exist. Risk characteristics include product category, market, geography, credit risk, and remaining balance. Receivables that do not share risk characteristics with other receivables in the portfolio are evaluated on an individual basis. Non-performing Receivables are included in the estimate of expected credit losses. While we believe our allowance for credit losses is sufficient to provide for losses over the life of our existing Receivable portfolio, different assumptions or changes in economic conditions would result in changes to the allowance for credit losses and the provision for credit losses. See Note 4 for additional information related to the allowance for credit losses.

Deposits held from dealers and merchants amounted to $117.9 at May 3, 2026, compared with $124.5 at November 2, 2025 and $121.8 at April 27, 2025. These balances primarily represent the aggregate dealer retail note and lease deposits from individual John Deere dealers to which losses from retail notes and leases originating from the respective dealers can be charged. Recoveries from dealer deposits are recognized in "Other income" when the dealer's deposit account is charged.

We also utilize other freestanding credit enhancements, such as credit insurance and bank guarantees, to mitigate credit risk. Recoveries from these freestanding credit enhancements are generally recognized when the associated credit loss is recorded. Recoveries from dealer deposits and other freestanding credit enhancements recorded in "Other income" were $10.9 in the second quarter and $17.9 for the first six months of 2026, compared with $9.9 and $17.8 for the same periods last year, respectively.

Write-offs and recoveries of Receivables, by product, and as an annualized percentage of average balances held during the period, were as follows:


	Three Months Ended
	May 3, 2026			April 27, 2025
	Dollars		Percent	Dollars		Percent
Write-offs:
Retail notes and financing leases:
Agriculture and turf	$	(27.6)	(.42)	$	(32.9)	(.47)
Construction and forestry		(21.1)	(1.31)		(18.4)	(1.21)
Total retail notes and financing leases		(48.7)	(.59)		(51.3)	(.60)
Revolving charge accounts		(37.6)	(3.89)		(39.9)	(4.43)
Wholesale receivables		(.1)			(1.3)	(.04)
Total write-offs		(86.4)	(.70)		(92.5)	(.72)
Recoveries:
Retail notes and financing leases:
Agriculture and turf		3.6	.05		1.7	.02
Construction and forestry		1.6	.10		1.3	.09
Total retail notes and financing leases		5.2	.06		3.0	.04
Revolving charge accounts		11.7	1.21		8.0	.89
Total recoveries		16.9	.14		11.0	.08
Total net write-offs	$	(69.5)	(.56)	$	(81.5)	(.64)


	Six Months Ended
	May 3, 2026			April 27, 2025
	Dollars		Percent	Dollars		Percent
Write-offs:
Retail notes and financing leases:
Agriculture and turf	$	(47.1)	(.35)	$	(54.4)	(.38)
Construction and forestry		(41.7)	(1.30)		(39.3)	(1.29)
Total retail notes and financing leases		(88.8)	(.53)		(93.7)	(.54)
Revolving charge accounts		(47.6)	(2.51)		(52.4)	(2.89)
Wholesale receivables		(.1)			(1.5)	(.02)
Total write-offs		(136.5)	(.55)		(147.6)	(.57)
Recoveries:
Retail notes and financing leases:
Agriculture and turf		5.4	.04		3.1	.02
Construction and forestry		2.5	.08		2.1	.07
Total retail notes and financing leases		7.9	.05		5.2	.03
Revolving charge accounts		22.4	1.18		16.7	.91
Total recoveries		30.3	.12		21.9	.08
Total net write-offs	$	(106.2)	(.43)	$	(125.7)	(.49)

CRITICAL ACCOUNTING ESTIMATES

See our critical accounting estimates discussed in Management's Discussion and Analysis of Financial Condition and Results of Operations of our recently filed Annual Report on Form 10-K. There have been no material changes to these estimates.

CAPITAL RESOURCES AND LIQUIDITY - 2026 COMPARED WITH 2025

We rely on our ability to raise substantial amounts of funds to finance our Receivable and Lease portfolios. We have access to global capital markets at a reasonable cost and our ability to meet our debt obligations is supported in several ways. Sources of liquidity include:

●	cash and cash equivalents

●	the issuance of commercial paper and term debt

●	the securitization of retail notes

●	intercompany loans from John Deere

●	our Receivable and Lease portfolio, which is self-liquidating in nature

●	bank lines of credit

We closely monitor our cash requirements. Based on the available sources of liquidity, we expect to meet our funding needs in the short term (next 12 months) and long term (beyond 12 months).

Key metrics and certain balance sheet data are provided in the following table:


	May 3		November 2		April 27
	2026		2025		2025
Cash, cash equivalents, and marketable securities	$	1,702.4	$	1,626.1	$	1,608.3
Receivables and Leases - net		56,081.8		56,938.4		57,664.5
Interest-bearing debt		51,375.9		52,001.3		52,853.7
Unused credit lines		5,946.8		7,268.0		4,866.4
Ratio of interest-bearing debt to stockholder's equity		9.0 to 1		8.8 to 1		9.2 to 1

There have been no material changes to the contractual obligations and other cash requirements identified in our most recently filed Annual Report on Form 10-K.

Cash Flows


	Six Months Ended
	May 3		April 27
	2026		2025
Net cash provided by operating activities	$	889.7	$	1,142.9
Net cash provided by investing activities		459.9		1,295.1
Net cash used for financing activities		(1,310.7)		(2,456.0)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		8.3		1.3
Net increase (decrease) in cash, cash equivalents, and restricted cash	$	47.2	$	(16.7)

Net cash provided by investing activities during the first six months of 2026 resulted primarily from a decrease in Receivables. The aggregate net cash provided by investing and operating activities was used to decrease borrowings and pay dividends, resulting in cash outflows for financing activities.

Borrowings

Total borrowings decreased $625.4 in the first six months of 2026 and decreased $1,477.8 compared to a year ago, due to a decline in the Receivable portfolio. During the first six months of 2026, we issued $2,978.4 and retired $4,206.5 of long-term external borrowings, which primarily consisted of medium-term notes. During the first six months of 2026, we also issued $1,438.9 and retired $2,107.8 of retail note securitization borrowings and maintained an average commercial paper balance of $1,742.0. Our funding profile may be altered to reflect such factors as relative costs of funding sources, assets available for securitizations, and capital market accessibility.

We have a revolving warehouse facility to utilize bank conduit facilities to securitize retail notes (see Note 5). The facility has an expiration in November 2026 and total capacity or "financing limit" of $2,500.0. At May 3, 2026, $1,737.7 of securitization borrowings were outstanding under the facility. At the end of the contractual revolving period, unless we and the banks agree to renew, we would liquidate the secured borrowings over time as payments on the retail notes are collected.

Lines of Credit

We have access to bank lines of credit with various banks throughout the world. Some of the lines are available to both us and Deere & Company.

Worldwide lines of credit were $12,288.3 at May 3, 2026, consisting primarily of:

●	a 364-day credit facility agreement of $5,500.0 expiring in the second quarter of 2027

●	a credit facility agreement of $3,250.0 expiring in the second quarter of 2029

●	a credit facility agreement of $3,250.0 expiring in the second quarter of 2031

At May 3, 2026, $5,946.8 of these worldwide lines of credit were unused. For the purpose of computing the unused credit lines, commercial paper and short-term bank borrowings of us and John Deere were considered to constitute utilization.

The credit agreements governing these lines of credit require us to maintain a consolidated ratio of earnings to fixed charges at not less than 1.05 to 1 for any four consecutive fiscal quarterly periods and our ratio of senior debt, excluding securitization indebtedness, to capital base (total subordinated debt and stockholder's equity excluding accumulated other comprehensive income (loss)) at not more than 11 to 1 at the end of any fiscal quarter. All of these credit agreement requirements have been met during the periods included in the consolidated financial statements. The agreements are mutually extendable, and the annual facility fees are not significant.

Debt Ratings

Our ability to obtain funding is affected by our debt ratings, which are closely related to the outlook for and the financial condition of John Deere, and the nature and availability of support facilities, such as our lines of credit and the support agreement from Deere & Company.

To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our debt securities as an indicator of credit quality for fixed income investors. A security rating is not a recommendation by the rating agency to buy, sell, or hold our debt securities. A credit rating agency may change or withdraw ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency's rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, reduced access to debt capital markets, and may adversely impact our liquidity.

The senior long-term and short-term debt ratings and outlook currently assigned to our unsecured debt securities by the rating agencies engaged by us are the same as those for John Deere and are as follows:


	Senior Long-Term	Short-Term	Outlook
Fitch Ratings	A+	F1	Stable
Moody's Investors Service, Inc.	A1	Prime-1	Stable
Standard & Poor's	A	A-1	Stable

FORWARD-LOOKING STATEMENTS

Certain statements contained herein, including in the sections entitled "Overview," "Trends and Economic Conditions," and "Condensed Notes to Interim Consolidated Financial Statements" relating to future events, expectations, and trends constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially.

Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, we expressly disclaim any obligation to update or revise our forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

●

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

●

macroeconomic conditions, including unemployment, inflation, interest rate volatility, energy price increases resulting from geopolitical conflicts, changes in consumer practices due to slower economic growth or a recession, and regional or global liquidity constraints which may impact our customers and dealers, resulting in a higher provision for credit losses and increased write-offs

●

the uncertainty of government policies and actions with respect to the global trade environment including increased and contested tariffs announced by the U.S. government and retaliatory trade regulations, which may impact us by reducing demand for John Deere equipment and our financing products, and could lead to a higher provision for credit losses, losses on leased equipment, and negatively affect our borrowing costs and access to capital

●	political, economic, and social instability in the geographies in which we and John Deere operate

●	worldwide demand for food and different forms of renewable energy impacting the price of farm commodities and consequently the demand for John Deere's equipment

●	our profitability and financial condition, including volume of Receivables and Leases, being dependent upon the level of retail sales and leases of John Deere products

●	John Deere dealers' practices and their ability to manage new and used inventory, distribute John Deere products and to provide support and service for precision technology solutions

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

●	John Deere's and our ability to execute business strategies, including John Deere's Smart Industrial Operating Model and refined Leap Ambitions

●	negative claims or publicity that damage John Deere's or our reputation or brand

●	higher interest rates and currency fluctuations, which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for John Deere's and our products and solutions

●	changes in our credit ratings and any failure to comply with financial covenants in credit agreements, which could impact access to funding

●	a decrease in the value of used equipment or higher than estimated returns of equipment on operating leases

●	John Deere's and our ability to adapt in highly competitive markets, including understanding and meeting customers' changing expectations for John Deere products and solutions, including our financing solutions

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

●	delays or disruptions in John Deere's supply chain, including those arising from geopolitical conflicts

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

●	the impact of workforce reductions on company culture, employee retention and morale, and institutional knowledge

●	security breaches, cybersecurity attacks, technology failures, and other disruptions to John Deere's or our information technology infrastructure and products

●	leveraging artificial intelligence and machine learning within John Deere's and our business processes

●

changes to existing laws and regulations, including the implementation of new, more stringent laws, as well as compliance with a variety of U.S., foreign, and international laws, regulations, and policies relating to, but not limited to the following: advertising, anti-bribery and anti-corruption, anti-money laundering, antitrust, consumer finance, cybersecurity, data privacy, encryption, environmental (including climate change and engine emissions), farming, foreign exchange controls and cash repatriation restrictions, foreign ownership and investment, health and safety, human rights, import / export and trade, labor and employment, product liability, tariffs, tax, telematics, and telecommunications

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

●	investigations, claims, lawsuits, or other legal proceedings

Further information concerning our business, including factors that could materially affect our financial results, is included in our other filings with the SEC (including, but not limited to, the factors discussed in Item 1A. "Risk Factors" of our most recent Annual Report on Form 10-K and this Quarterly Report on Form 10-Q). There also may be other factors that we cannot anticipate or that are not described herein because we do not currently perceive them to be material.

Our business is closely related to John Deere's business. Further information, including factors that could materially affect our financial results and John Deere's financial results, is included in the most recent Deere & Company Annual Report on Form 10-K and Quarterly Report on Form 10-Q (including, but not limited to, the factors discussed in Item 1A., "Risk Factors" of the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q) and other Deere & Company filings with the SEC.

John Deere Capital Corp. published this content on May 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 28, 2026 at 14:26 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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