CNH Industrial (CNH) FY2023 results: revenue $24.7 billion, up 4.8% on the year

CNH Industrial N.V. (CNH) reported revenue of $24.7 billion for fiscal 2023, the year ended 31 December 2023, up 4.8% on the year before. Net income was $2.3 billion, up 12.1%, and diluted earnings per share $1.69. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$24.7 billion

+4.8% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$2.3 billion

+12.1% on the year

FY2016FY2023

Diluted EPS

$1.69

+13.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	24,687	23,551	19,496	+4.8%
Cost of revenue	16,838	16,797	14,109	+0.2%
Gross profit	7,849	6,754	5,387	+16.2%
Gross margin	31.8%	28.7%	27.6%
Research and development	1,041	866	642	+20.2%
Selling, general and administrative	1,863	1,752	1,454	+6.3%
Interest expense	1,345	734	549	+83.2%
Pre-tax income	2,703	2,682	1,939	+0.8%
Income tax	594	747	229	-20.5%
Effective tax rate	22.0%	27.9%	11.8%
Net income	2,275	2,029	1,723	+12.1%
Net margin	9.2%	8.6%	8.8%
Diluted EPS	$1.69	$1.49	$1.27	+13.4%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	907	557	4,082	+62.8%
Cash from investing	-3,699	-3,009	-5,001
Cash from financing	2,598	1,964	-1,445	+32.3%
Depreciation and amortisation	377	328	295	+14.9%
Share-based compensation	99.0	87.0	90.0	+13.8%
Dividends paid	538	423	188	+27.2%
Dividend per share	$0.39	$0.30	$0.13	+30.5%
Diluted shares, weighted	1,350m	1,362m	1,361m	-0.9%
Shares outstanding at period end	1,291m	1,344m	1,356m	-4.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	8,096	6,927	6,808	+16.9%
Redeemable equity	54.0	49.0	45.0	+10.2%
Debt	27,326	22,962	20,897	+19.0%
Other liabilities	10,875	9,443	21,666	+15.2%
Total liabilities and equity	46,351	39,381	49,416	+17.7%
Fixed assets	1,913	1,532	1,475	+24.9%
Goodwill	3,614	3,322	3,210	+8.8%
Intangible assets	1,292	1,129	1,207	+14.4%
Cash and equivalents	4,322	4,376	5,044	-1.2%
Inventory	5,545	4,811	4,216	+15.3%
Other assets	29,665	24,211	34,264	+22.5%
Total assets	46,351	39,381	49,416	+17.7%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.