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Deere John Capital cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$301M in Q3 FY26 · $1.7B over twelve months

Operating cash flow$301M
Free cash flow+$301M
Cash / net income1.7×

Analysis

In Q3 FY26, Deere John Capital generated $301M of operating cash flow.

Over the twelve months to Aug 2, 2026, operating cash flow was $1.7B; the largest uses were net borrowing (+) / repaid (−) ($4.6B), dividends ($900M); besides operations, cash came from other financing ($3.4B), other investing ($774M); the cash balance rose by $319M.

Operating cash flow was $301M against net income of $174M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$193M, other operating capital −$60.7M, payables −$50.4M.

Free cash flow

Deere John Capital: free cash flow by quarterDeere John Capital: free cash flow by quarter$393MQ4 FY24$631MQ1 FY25$512MQ2 FY25$320MQ3 FY25$533MQ4 FY25$348MQ1 FY26$542MQ2 FY26$301MQ3 FY26
Operating cash flow less capital spending.
Deere John Capital: operating cash flow against capital spendingDeere John Capital: operating cash flow against capital spendingOperating cash flowCapital spending$393M$0Q4 FY24$631M$0Q1 FY25$512M$0Q2 FY25$320M$0Q3 FY25$533M$0Q4 FY25$348M$0Q1 FY26$542M$0Q2 FY26$301M$0Q3 FY26
Latest (Q3 FY26): Operating cash flow $301M, Capital spending $0.

Capital allocation, year by year

Deere John Capital: where the cash came from (up) and went (down), by fiscal yearDeere John Capital: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingDividendsFY21: Operating cash flow $1.4BFY21: Net borrowing $1.7BFY21: Dividends −$485M$3.1BFY21FY22: Operating cash flow $1.2BFY22: Net borrowing $3.5BFY22: Dividends −$370M$4.7BFY22FY23: Operating cash flow $1.5BFY23: Net borrowing $7.0BFY23: Dividends −$165M$8.5BFY23FY24: Operating cash flow $1.6BFY24: Net borrowing $5.4BFY24: Dividends −$215M$7.0BFY24FY25: Operating cash flow $2.0BFY25: Net borrowing −$1.7BFY25: Dividends −$1.1B$2.0BFY25
Over these 5 years operating cash flow totalled $7.7B; the largest uses were dividends ($2.3B) and net borrowing ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0B
Debtnone
Net cash$2.0B
Due within a year$8.3B

Deere John Capital funds itself: free cash flow was $1.7B over the last twelve months, with $2.0B of cash and investments and no debt on the balance sheet ($8.3B due within a year, 0.2× covered by cash).

Deere John Capital: debt maturities by year (FY25)Deere John Capital: debt maturities by year (FY25)$8.3BYear 1$7.9BYear 2$7.4BYear 3$5.0BYear 4$3.1BYear 5
Principal due in each year as disclosed in the annual report, against $2.0B of cash and investments now.

Where the cash came from and went

Deere John Capital: sources (+) and uses (−) of cash, Q3 FY26Deere John Capital: sources (+) and uses (−) of cash, Q3 FY26Other financing$1.9BOther investing−$954MNet borrowing (+) / repaid (−)−$882MOperating cash flow$301MCash drawn (+) / kept (−)−$283MDividends−$50.0MExchange rates−$7.6M
Deere John Capital: sources (+) and uses (−) of cash, TTM to Q3 FY26Deere John Capital: sources (+) and uses (−) of cash, TTM to Q3 FY26Net borrowing (+) / repaid (−)−$4.6BOther financing$3.4BOperating cash flow$1.7BDividends−$900MOther investing$774MCash drawn (+) / kept (−)−$319MExchange rates−$12.9M

From profit to cash

Deere John Capital: net income to operating cash flow, Q3 FY26Deere John Capital: net income to operating cash flow, Q3 FY26Net income$174MDepreciation & amortization$193MDeferred taxes−$34.8MPayables−$50.4MIncome taxes payable$5.7MOther operating capital−$60.7MOperating cash flow$301M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$301M−$50.0M−$882M−$283M$301M
Q2 FY26$542M−$280M$407M$40.5M$542M
Q1 FY26$348M−$350M−$2.2B−$87.7M$348M
Q4 FY25$533M−$220M−$2.0B$10.9M$533M
Q3 FY25$320M−$70.0M$1.1B−$93.4M$320M
Q2 FY25$512M−$630M−$362M$109M$512M
Q1 FY25$631M−$135M−$401M−$91.9M$631M
Q4 FY24$393M—$267M−$110M$393M

Deere John Capital: income statement and cash flow

Deere John Capital, Q3 FY26: revenue $1.2B (-3% year over year), operating margin 18.0%. The chart follows the revenue to costs, profit and cash.

Deere John Capital: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.