CNH Industrial (CNH) FY2022 results: revenue $23.6 billion, up 20.8% on the year

CNH Industrial N.V. (CNH) reported revenue of $23.6 billion for fiscal 2022, the year ended 31 December 2022, up 20.8% on the year before. Net income was $2.0 billion, up 17.8%, and diluted earnings per share $1.49. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$23.6 billion

+20.8% on the year

FY2015FY2022

Operating margin

n/a

FY2015FY2022

Net income

$2.0 billion

+17.8% on the year

FY2015FY2022

Diluted EPS

$1.49

+17.3% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	23,551	19,496	14,779	+20.8%
Cost of revenue	16,797	14,109	11,152	+19.1%
Gross profit	6,754	5,387	3,627	+25.4%
Gross margin	28.7%	27.6%	24.5%
Research and development	866	642	493	+34.9%
Selling, general and administrative	1,752	1,454	1,296	+20.5%
Interest expense	734	549	660	+33.7%
Pre-tax income	2,682	1,939	-179	+38.3%
Income tax	747	229	85.0	+226.2%
Effective tax rate	27.9%	11.8%	n/a
Net income	2,029	1,723	-493	+17.8%
Net margin	8.6%	8.8%	-3.3%
Diluted EPS	$1.49	$1.27	-$0.36	+17.3%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	557	4,082	5,529	-86.4%
Cash from investing	-3,009	-5,001	-2,750
Cash from financing	1,964	-1,445	659
Depreciation and amortisation	328	295	299	+11.2%
Share-based compensation	87.0	90.0	30.0	-3.3%
Dividends paid	423	188	8.0	+125.0%
Dividend per share	$0.30	$0.13	$0.00	+128.8%
Diluted shares, weighted	1,362m	1,361m	1,351m	+0.1%
Shares outstanding at period end	1,344m	1,356m	1,354m	-0.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	6,927	6,808	4,989	+1.7%
Redeemable equity	49.0	45.0	40.0	+8.9%
Debt	22,962	20,897	n/a	+9.9%
Other liabilities	9,443	21,666	43,690	-56.4%
Total liabilities and equity	39,381	49,416	48,719	-20.3%
Fixed assets	1,532	1,475	4,923	+3.9%
Goodwill	3,322	3,210	1,838	+3.5%
Intangible assets	1,129	1,207	772	-6.5%
Cash and equivalents	4,376	5,044	8,785	-13.2%
Inventory	4,811	4,216	6,022	+14.1%
Other assets	24,211	34,264	26,379	-29.3%
Total assets	39,381	49,416	48,719	-20.3%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.