CNH Industrial (CNH) FY2021 results: revenue $19.5 billion, up 31.9% on the year

CNH Industrial N.V. (CNH) reported revenue of $19.5 billion for fiscal 2021, the year ended 31 December 2021, up 31.9% on the year before. Net income was $1.7 billion, and diluted earnings per share $1.27. The figures are the company's own, from the 20-F it filed with the SEC on 1 March 2022.

Revenue

$19.5 billion

+31.9% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$1.7 billion

FY2014FY2021

Diluted EPS

$1.27

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	19,496	14,779	28,079	+31.9%
Cost of revenue	14,109	11,152	21,832	+26.5%
Gross profit	5,387	3,627	6,247	+48.5%
Gross margin	27.6%	24.5%	22.2%
Research and development	642	493	1,030	+30.2%
Selling, general and administrative	1,454	1,296	2,216	+12.2%
Interest expense	549	660	798	-16.8%
Pre-tax income	1,939	-179	1,170
Income tax	229	85.0	-271	+169.4%
Effective tax rate	11.8%	n/a	-23.2%
Net income	1,723	-493	1,422
Net margin	8.8%	-3.3%	5.1%
Diluted EPS	$1.27	-$0.36	$1.05

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	4,082	5,529	1,826	-26.2%
Cash from investing	-5,001	-2,750	-1,987
Cash from financing	-1,445	659	206
Depreciation and amortisation	295	299	660	-1.3%
Share-based compensation	90.0	30.0	33.0	+200.0%
Dividends paid	188	8.0	283	+2,250.0%
Dividend per share	$0.13	$0.00	$0.20
Diluted shares, weighted	1,361m	1,351m	1,354m	+0.7%
Shares outstanding at period end	1,356m	1,354m	1,350m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	6,808	4,989	6,121	+36.5%
Redeemable equity	45.0	40.0	35.0	+12.5%
Debt	20,897	n/a	n/a
Other liabilities	21,666	43,690	41,196	-50.4%
Total liabilities and equity	49,416	48,719	47,352	+1.4%
Fixed assets	1,475	4,923	5,269	-70.0%
Goodwill	3,210	1,838	2,538	+74.6%
Intangible assets	1,207	772	806	+56.3%
Loans	n/a	n/a	19,428
Cash and equivalents	5,044	8,785	4,875	-42.6%
Inventory	4,216	6,022	7,082	-30.0%
Other assets	34,264	26,379	7,354	+29.9%
Total assets	49,416	48,719	47,352	+1.4%

20-F for the year ended 31 December 2021, filed 1 March 2022: the filing.