v3.26.1
REVENUE (Notes)
 3 Months Ended
Apr. 30, 2026
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 April 30, 2026
AgricultureConstructionEuropeAustraliaTotal
(in thousands)
Equipment$241,161 $39,140 $43,883 $40,470 $364,654 
Parts69,461 13,011 14,009 7,272 103,753 
Service32,323 6,983 2,045 2,417 43,768 
Other892 308 400 106 1,706 
Revenue from contracts with customers343,837 59,442 60,337 50,265 513,881 
Rental381 8,021 98 — 8,500 
Total revenue$344,218 $67,463 $60,435 $50,265 $522,381 
Three Months Ended April 30, 2025
AgricultureConstructionEuropeAustraliaTotal
(in thousands)
Equipment$277,765 $46,684 $77,278 $35,113 $436,840 
Parts73,033 12,683 13,372 6,541 105,629 
Service32,419 6,790 2,625 2,183 44,017 
Other919 294 417 126 1,756 
Revenue from contracts with customers384,136 66,451 93,692 43,963 588,242 
Rental250 5,678 166 — 6,094 
Total revenue$384,386 $72,129 $93,858 $43,963 $594,336 
Unbilled Receivables and Deferred Revenue
Unbilled receivables from contracts with customers amounted to $28.2 million and $24.2 million as of April 30, 2026 and January 31, 2026, 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 $53.8 million and $82.1 million as of April 30, 2026 and January 31, 2026, 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, and the related recognition of equipment revenue, prior to its seasonal use. During the three months ended April 30, 2026 and 2025, the Company recognized $49.8 million and $61.6 million, respectively, of revenue that was included in the deferred revenue balance as of January 31, 2026 and January 31, 2025, respectively. No material amount of revenue was recognized during the three months ended April 30, 2026 or 2025 from performance obligations satisfied in previous periods.