CNH Industrial N.V.

Latest Results (27.12.2025):

CNH Industrial N.V. — Third quarter 2025: Consolidated revenues of $4.40 billion (-5% vs Q3 2024) and Industrial Activities net sales of $3.70 billion (-7%). Net income was $67 million and diluted EPS $0.06 (vs $310 million and $0.24 in Q3 2024). On a non‑GAAP basis adjusted net income was $109 million and adjusted diluted EPS $0.08. Results were driven by weaker industry demand, channel destocking and tariff headwinds, partially offset by price realization and cost controls; operating cash flow was $659 million and Industrial free cash flow absorption was $188 million in Q3 2025.

Top-line and profitability

Consolidated revenues $4.399bn (-5% YoY); Industrial Activities net sales $3.702bn (-7% YoY). Industrial gross profit margin 19.1% (down 260 bps). Adjusted EBIT of Industrial Activities was $104m (-69%) with an adjusted EBIT margin of 2.8% (down 560 bps).

Reported vs. adjusted earnings

Reported net income $67m and diluted EPS $0.06 (Q3 2024: $310m and $0.24). Adjusted net income $109m and adjusted diluted EPS $0.08 (Q3 2024 adjusted: $304m / $0.24). Adjusted ETR was 14.0% in Q3 2025 (20.7% in Q3 2024).

Agriculture segment

Agriculture net sales $2.963bn (-10% YoY). Adjusted EBIT $137m (-59%) and adjusted EBIT margin 4.6% (down 560 bps). Volume weakness in North America plus channel destocking, tariff costs and an unfavorable geographic mix were the main drivers; partially offset by price realization and lower production/warranty costs.

Construction segment

Construction net sales $739m (+8% YoY) but adjusted EBIT fell to $14m (-65%) and margin to 1.9%, impacted by tariffs, mix and higher SG&A despite stronger volumes and pricing in several regions.

Financial Services and balance sheet

Financial Services revenues $684m (+4%) and net income $47m (-40%); managed portfolio $28.5bn. Cash & cash equivalents $2.303bn (down $888m vs Dec 31, 2024). Q3 operating cash flow $659m; Industrial free cash flow absorption $188m (seasonal).

One‑time items and R&D

Q3 included a $49m non‑cash impairment of Bennamann IPR&D and a $10m inventory write‑down for the New Holland T6.180 Methane Power tractor. R&D expense increased to 8.6% of sales (from 6.0%) (impairment included).

2025 outlook and guidance update

Company revised 2025 outlook: Agriculture net sales down 11–13% y/y; Agriculture adjusted EBIT margin 5.7–6.2%; Construction net sales down 3–5%; Construction adjusted EBIT margin 1.7–2.2%. Industrial Activities free cash flow guidance $200–$500m and adjusted diluted EPS guidance $0.44–$0.50. Management noted profit guidance lowered to reflect tariff headwinds and unfavorable geographic mix while continuing mitigation actions.

Management actions and drivers

CNH cites disciplined production, channel inventory reductions, pricing actions, supply‑chain mitigation for tariffs, lean manufacturing and controlled SG&A/R&D to protect margins and position the company for recovery when market conditions improve.