CNH Industrial (CNH) FY2015 results: revenue $25.9 billion, down 20.4% on the year
CNH Industrial N.V. (CNH) reported revenue of $25.9 billion for fiscal 2015, the year ended 31 December 2015, down 20.4% on the year before. Net income was $253 million, down 64.4%, and diluted earnings per share $0.19. The figures are the company's own, from the 20-F it filed with the SEC on 4 March 2016.
Revenue
$25.9 billion
-20.4% on the year
FY2011FY2015
Operating margin
6.3%
6.8% a year earlier
FY2011FY2015
Net income
$253 million
-64.4% on the year
FY2011FY2015
Diluted EPS
$0.19
-63.5% on the year
FY2011FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
25,912
32,555
33,836
-20.4%
Cost of revenue
20,357
25,534
26,551
-20.3%
Gross profit
5,555
7,021
7,285
-20.9%
Gross margin
21.4%
21.6%
21.5%
Research and development
856
1,106
1,222
-22.6%
Selling, general and administrative
2,317
2,925
3,094
-20.8%
Operating income
1,635
2,199
2,277
-25.6%
Operating margin
6.3%
6.8%
6.7%
Interest expense
1,106
1,318
1,196
-16.1%
Pre-tax income
567
1,089
1,374
-47.9%
Income tax
360
467
671
-22.9%
Effective tax rate
63.5%
42.9%
48.8%
Net income
253
710
677
-64.4%
Net margin
1.0%
2.2%
2.0%
Diluted EPS
$0.19
$0.52
$0.54
-63.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
n/a
n/a
1,522
Capital expenditure
2,507
2,836
2,666
-11.6%
Free cash flow
n/a
n/a
-1,144
Free cash flow margin
n/a
n/a
-3.4%
Cash from investing
n/a
n/a
-3,788
Cash from financing
n/a
n/a
2,616
Depreciation and amortisation
1,146
1,140
1,103
+0.5%
Share-based compensation
49.0
49.0
39.0
0.0%
Dividends paid
297
382
368
-22.3%
Dividend per share
$0.21
$0.28
$0.29
-22.7%
Diluted shares, weighted
1,363m
1,360m
1,257m
+0.2%
Shares outstanding at period end
1,362m
1,355m
1,350m
+0.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,843
4,961
4,955
-2.4%
Redeemable equity
18.0
16.0
12.0
+12.5%
Debt
50.0
n/a
n/a
Other liabilities
41,835
46,936
48,876
-10.9%
Total liabilities and equity
46,746
51,913
53,843
-10.0%
Fixed assets
6,481
6,865
7,090
-5.6%
Goodwill
2,447
2,484
2,504
-1.5%
Intangible assets
810
850
810
-4.7%
Loans
19,001
21,472
21,976
-11.5%
Cash and equivalents
5,384
5,163
5,567
+4.3%
Inventory
5,690
7,008
7,410
-18.8%
Other assets
6,933
8,071
8,486
-14.1%
Total assets
46,746
51,913
53,843
-10.0%
20-F for the year ended 31 December 2015, filed 4 March 2016: the filing.