v3.25.2
REVENUE (Notes)
 6 Months Ended
Jul. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration we expect to collect in exchange for those goods or services. Sales, value added and other taxes collected from our customers concurrent with our revenue activities are excluded from revenue.
The following tables present our revenue disaggregated by revenue source and segment:
Three Months Ended July 31, 2025
AgricultureConstructionEuropeAustraliaTotal
(in thousands)
Equipment$235,657 $42,363 $77,880 $20,362 $376,262 
Parts73,216 13,011 16,070 6,925 109,222 
Service35,156 7,219 3,440 2,985 48,800 
Other1,091 424 525 295 2,335 
Revenue from contracts with customers345,120 63,017 97,915 30,567 536,619 
Rental635 8,970 202 — 9,807 
Total revenue$345,755 $71,987 $98,117 $30,567 $546,426 
Three Months Ended July 31, 2024
AgricultureConstructionEuropeAustraliaTotal
(in thousands)
Equipment$312,556 $52,844 $49,146 $50,687 $465,233 
Parts75,430 11,049 15,407 7,919 109,805 
Service34,570 7,214 3,076 2,408 47,268 
Other1,000 520 198 284 2,002 
Revenue from contracts with customers423,556 71,627 67,827 61,298 624,308 
Rental480 8,564 322 — 9,366 
Total revenue$424,036 $80,191 $68,149 $61,298 $633,674 
Six Months Ended July 31, 2025
AgricultureConstructionEuropeAustraliaTotal
(in thousands)
Equipment$513,422 $89,047 $155,158 $55,475 $813,102 
Parts146,249 25,694 29,442 13,466 214,851 
Service67,575 14,009 6,065 5,168 92,817 
Other2,009 719 941 421 4,090 
Revenue from contracts with customers729,255 129,469 191,606 74,530 1,124,860 
Rental886 14,648 369 — 15,903 
Total revenue$730,141 $144,117 $191,975 $74,530 $1,140,763 
Six Months Ended July 31, 2024
AgricultureConstructionEuropeAustraliaTotal
(in thousands)
Equipment$651,269 $99,939 $96,645 $85,469 $933,322 
Parts150,395 22,879 29,931 14,827 218,032 
Service67,512 14,014 5,833 4,987 92,346 
Other1,875 836 351 435 3,497 
Revenue from contracts with customers871,051 137,668 132,760 105,718 1,247,197 
Rental670 14,015 494 — 15,179 
Total revenue$871,721 $151,683 $133,254 $105,718 $1,262,376 
Unbilled Receivables and Deferred Revenue
Unbilled receivables from contracts with customers amounted to $30.3 million and $24.6 million as of July 31, 2025 and January 31, 2025, respectively. This increase in unbilled receivables is primarily the result of a seasonal increase in the volume of our service transactions in which we recognize revenue as our work is performed and prior to customer invoicing.
Deferred revenue from contracts with customers amounted to $41.4 million and $91.7 million as of July 31, 2025 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 and longer time periods between customer payment and delivery of the equipment asset, and the related recognition of equipment revenue, prior to its seasonal use. During the six months ended July 31, 2025 and 2024, the Company recognized $87.8 million and $85.6 million, respectively, of revenue that was included in the deferred revenue balance as of January 31, 2025 and January 31, 2024, respectively. No material amount of revenue was recognized during the six months ended July 31, 2025 or 2024 from performance obligations satisfied in previous periods.