CNH Industrial (CNH) FY2024 results: revenue $19.8 billion, down 19.7% on the year

CNH Industrial N.V. (CNH) reported revenue of $19.8 billion for fiscal 2024, the year ended 31 December 2024, down 19.7% on the year before. Net income was $1.2 billion, down 45.2%, and diluted earnings per share $0.99. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$19.8 billion

-19.7% on the year

FY2017FY2024

Operating margin

n/a

FY2017FY2024

Net income

$1.2 billion

-45.2% on the year

FY2017FY2024

Diluted EPS

$0.99

-41.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	19,836	24,687	23,551	-19.7%
Cost of revenue	13,350	16,838	16,797	-20.7%
Gross profit	6,486	7,849	6,754	-17.4%
Gross margin	32.7%	31.8%	28.7%
Research and development	924	1,041	866	-11.2%
Selling, general and administrative	1,712	1,863	1,752	-8.1%
Interest expense	n/a	1,345	734
Pre-tax income	1,457	2,703	2,682	-46.1%
Income tax	336	594	747	-43.4%
Effective tax rate	23.1%	22.0%	27.9%
Net income	1,246	2,275	2,029	-45.2%
Net margin	6.3%	9.2%	8.6%
Diluted EPS	$0.99	$1.69	$1.49	-41.4%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,968	907	557	+117.0%
Cash from investing	-2,772	-3,699	-3,009
Cash from financing	-67.0	2,598	1,964
Depreciation and amortisation	417	377	328	+10.6%
Share-based compensation	71.0	99.0	87.0	-28.3%
Dividends paid	607	538	423	+12.8%
Dividend per share	$0.47	$0.39	$0.30	+19.3%
Diluted shares, weighted	1,260m	1,350m	1,362m	-6.7%
Shares outstanding at period end	1,248m	1,291m	1,344m	-3.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	7,713	8,096	6,927	-4.7%
Redeemable equity	55.0	54.0	49.0	+1.9%
Debt	26,882	27,326	22,962	-1.6%
Other liabilities	8,283	10,875	9,443	-23.8%
Total liabilities and equity	42,933	46,351	39,381	-7.4%
Fixed assets	1,936	1,913	1,532	+1.2%
Goodwill	3,584	3,614	3,322	-0.8%
Intangible assets	1,221	1,292	1,129	-5.5%
Cash and equivalents	3,191	4,322	4,376	-26.2%
Inventory	4,776	5,545	4,811	-13.9%
Other assets	28,225	29,665	24,211	-4.9%
Total assets	42,933	46,351	39,381	-7.4%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.