“in North American large ag, we will enter the year lean from a production perspective but with flexibility to allow us to respond swiftly as market demand inflects.”

In context

“t exceeded similar points in other similar points in the cycle. From a shareholder perspective, our performance yielded $18.5 earnings per share that supported continued strong cash generation. Equipment operations cash flow was $5.1 billion, a significant improvement from past downturns and better than any year outside of the period of 2021 to 2024. Which enabled us to return over $2.8 billion to shareholders via dividends and share repurchases. We paused buybacks in the fourth quarter due to heightened market uncertainty but we expect to resume our normal capital allocation activities in 2026. As we look ahead to the next year, we believe our field inventories across all segments are in good shape. We expect to see growth in Small Ag and Turf as well as in Construction and Forestry. And in North American large ag, we will enter the year lean from a production perspective but with flexibility to allow us to respond swiftly as market demand inflects. The structural improvements we've made empower us to support robust levels of R&D and capital spending. We remain focused on the long-term customer value that we expect to unlock through technology which should enable future growth for Deere and a greater level of value for shareholders and all stakeholders. Finally, the achievements we delivered this year are a direct result of the commitment and hard work of our teams worldwide. I'm truly proud of what we've accomplished together and excited to keep advancing our mission to empower customers to do more with less. 2026 and beyond. Christopher Seibert: Thanks, Josh. Let's open the line to questions from our investors. Josh Beal: We're now ready to begin the Q&A portion of the call. The operator will then instruct you on the polling proced”