REVENUE
The following tables present our revenue disaggregated by revenue source and segment for the years ended January 31, 2026, 2025 and 2024:
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| Year Ended January 31, 2026 |
| Agriculture | | Construction | | Europe | | Australia | | Total |
| (in thousands) |
| Equipment | $ | 1,135,501 | | | $ | 198,596 | | | $ | 303,916 | | | $ | 136,522 | | | $ | 1,774,535 | |
| Parts | 286,927 | | | 50,752 | | | 58,984 | | | 31,598 | | | 428,261 | |
| Service | 127,186 | | | 26,772 | | | 12,379 | | | 11,573 | | | 177,910 | |
| Other | 4,160 | | | 1,709 | | | 1,391 | | | 832 | | | 8,092 | |
| Revenue from contracts with customers | 1,553,774 | | | 277,829 | | | 376,670 | | | 180,525 | | | 2,388,798 | |
| Rental | 4,040 | | | 33,200 | | | 1,069 | | | — | | | 38,309 | |
| Total revenues | $ | 1,557,814 | | | $ | 311,029 | | | $ | 377,739 | | | $ | 180,525 | | | $ | 2,427,107 | |
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| Year Ended January 31, 2025 |
| Agriculture | | Construction | | Europe | | Australia | | Total |
| (in thousands) |
| Equipment | $ | 1,462,204 | | | $ | 222,503 | | | $ | 188,296 | | | $ | 177,295 | | | $ | 2,050,298 | |
| Parts | 288,968 | | | 48,768 | | | 58,712 | | | 32,009 | | | 428,457 | |
| Service | 129,455 | | | 27,797 | | | 11,911 | | | 10,944 | | | 180,107 | |
| Other | 4,044 | | | 1,892 | | | 783 | | | 867 | | | 7,586 | |
| Revenue from contracts with customers | 1,884,671 | | | 300,960 | | | 259,702 | | | 221,115 | | | 2,666,448 | |
| Rental | 3,757 | | | 30,614 | | | 1,303 | | | — | | | 35,674 | |
| Total revenues | $ | 1,888,428 | | | $ | 331,574 | | | $ | 261,005 | | | $ | 221,115 | | | $ | 2,702,122 | |
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| Year Ended January 31, 2024 |
| Agriculture | | Construction | | Europe | | Australia | | Total |
| (in thousands) |
| Equipment | $ | 1,624,010 | | | $ | 221,140 | | | $ | 245,423 | | | $ | 54,743 | | | $ | 2,145,316 | |
| Parts | 293,554 | | | 51,019 | | | 54,356 | | | 11,912 | | | 410,841 | |
| Service | 117,087 | | | 26,913 | | | 10,437 | | | 2,878 | | | 157,315 | |
| Other | 5,180 | | | 1,998 | | | 760 | | | 276 | | | 8,214 | |
| Revenue from contracts with customers | 2,039,831 | | | 301,070 | | | 310,976 | | | 69,809 | | | 2,721,686 | |
| Rental | 4,432 | | | 31,393 | | | 934 | | | — | | | 36,759 | |
| Total revenues | $ | 2,044,263 | | | $ | 332,463 | | | $ | 311,910 | | | $ | 69,809 | | | $ | 2,758,445 | |
Deferred revenue from contracts with customers totaled $82.1 million and $91.7 million as of January 31, 2026 and January 31, 2025, respectively. Our deferred revenue most often increases in the fourth quarter of each fiscal year, due to a higher level of customer down payments or prepayments. During the year ended January 31, 2026, the Company recognized substantially all of the revenue that was included in the deferred revenue balance as of January 31, 2025.
The following is a summary of deferred revenue as of January 31, 2026 and January 31, 2025: | | | | | | | | | | | |
| January 31, 2026 | | January 31, 2025 |
| (in thousands) |
| Deferred revenue from contracts with customers | $ | 82,073 | | | $ | 91,729 | |
| Deferred revenue from rental and other contracts | 238 | | | 204 | |
| $ | 82,311 | | | $ | 91,933 | |
No material amount of revenue was recognized during the year ended January 31, 2026 from performance obligations satisfied in previous periods. The Company has elected as a practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of service of one year or less, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The contracts for which the practical expedient has been applied include (i) equipment revenue transactions, which do not have a stated contractual term, but are short-term in nature, and (ii) service revenue transactions, which also do not have a stated contractual term but are generally completed within 30 days and for such contracts we recognize revenue over time at the amount to which we have the right to invoice for services completed to date.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.