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CNH Industrial (CNH) FY2025 results: revenue $18.1 billion, down 8.8% on the year

CNH Industrial N.V. (CNH) reported revenue of $18.1 billion for fiscal 2025, the year ended 31 December 2025, down 8.8% on the year before. Net income was $510 million, down 59.1%, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$18.1 billion
-8.8% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$510 million
-59.1% on the year
FY2018FY2025
Diluted EPS
$0.41
-58.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new.

  • Full-year revenue fell 9%: Full-year Net sales of Industrial Activities were $15.35 billion, down 10%. The company attributed the revenue decline to lower industry equipment demand.
  • Agriculture full-year margin fell to 6.2%: Full-year Agriculture net sales were $12.39 billion, down 12%, and adjusted EBIT was $772 million against $1,470 million.
  • Past-due receivables reached 3.1%: The share of receivables more than 30 days past due was 3.1%, against 1.9% a year earlier, with management citing pressures on farmers in South America.
  • Agriculture margin hit by tariffs: Agriculture adjusted EBIT fell on tariffs, lower joint venture results, geographic mix and higher SG&A, partly offset by price realization and lower R&D.
  • Non-cash impairments excluded from adjusted results: Adjusted results exclude $123 million of non-cash impairment on Raven in-process R&D, along with other items in the quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

CNH Industrial develops, manufactures and sells agricultural and construction equipment, and through its Financial Services segment finances customers and dealers who buy it. It was formed in 2013 by the business combination of Fiat Industrial and its subsidiary CNH Global, is incorporated in the Netherlands, and has its principal office in Basildon, Essex, United Kingdom. It has industrial, commercial and financial services subsidiaries in 32 countries and a commercial presence in approximately 166 countries. It reports three segments: Agriculture, Construction and Financial Services.

CNH Industrial N.V., the 10-K for 2025

CNH Industrial develops, manufactures and sells agricultural and construction equipment, and through its Financial Services segment finances customers and dealers who buy it. It was formed in 2013 by the business combination of Fiat Industrial and its subsidiary CNH Global, is incorporated in the Netherlands, and has its principal office in Basildon, Essex, United Kingdom. It has industrial, commercial and financial services subsidiaries in 32 countries and a commercial presence in approximately 166 countries. It reports three segments: Agriculture, Construction and Financial Services.

Agriculture

The Agriculture segment makes tractors, harvesters, hay and forage equipment, seeding and planting equipment and self-propelled sprayers, plus precision agriculture products such as automated steering systems and application control. Case IH serves cash and high-value crops such as sugarcane and cotton, particularly on larger farms. New Holland covers a wide range of farmers, with harvesters for grain and specialty crops such as grapes and olives and solutions for livestock, vineyards and orchards. STEYR is a regional brand, sold mainly in Europe, for small and mid-sized tractors. Raven, acquired in 2021, develops automated and autonomous farming technology, and the company added Hemisphere GNSS for satellite positioning and Augmenta, a machine vision company, in 2023.

Construction

The Construction segment sells excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders and compact track loaders, mainly under the CASE Construction Equipment and New Holland Construction brands. Eurocomach is a regional brand for compact equipment, sold in more than 40 countries. The 2021 acquisition of Sampierana gave the company direct control over the technology and manufacturing of mini and midi excavators. It began producing full-electric compact construction equipment in 2023, including electric mini excavators and compact wheel loaders.

Dealers and financing

Products are sold mainly through independently owned dealers. The Agriculture network has more than 2,300 dealer owners running over 5,000 locations, and construction products go through approximately 400 full-line dealers and distributors with approximately 1,700 points of sale. Financial Services provides retail financing to end customers buying new and used equipment, and wholesale financing to dealers and distributors, mainly for equipment inventory.

Joint ventures and competition

The company owns 37.5% of TürkTraktör in Türkiye, which makes New Holland and Case IH tractors, 50% of New Holland HFT Japan, 50% of CNH de Mexico and 43.2% of Al Ghazi Tractors in Pakistan. Its principal agricultural competitors include Deere & Company, AGCO, Claas, Kubota and Mahindra. In construction they include Caterpillar, Komatsu, J C Bamford Excavators, Hitachi Construction Machinery, Volvo, Liebherr and Bobcat.

People

As of December 31, 2025 CNH had 34,197 employees, including 9,129 in the U.S. and Canada.

From CNH Industrial's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue18,09519,83624,687-8.8%
Cost of revenue12,38913,35016,838-7.2%
Gross profit5,7066,4867,849-12.0%
Gross margin31.5%32.7%31.8%
Research and development1,0259241,041+10.9%
Selling, general and administrative1,8761,7121,863+9.6%
Interest expensen/an/a1,345
Pre-tax income6201,4572,703-57.4%
Income tax184336594-45.2%
Effective tax rate29.7%23.1%22.0%
Net income5101,2462,275-59.1%
Net margin2.8%6.3%9.2%
Diluted EPS$0.41$0.99$1.69-58.6%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,5381,968907+29.0%
Cash from investing-1,380-2,772-3,699
Cash from financing-2,020-67.02,598
Depreciation and amortisation432417377+3.6%
Share-based compensation45.071.099.0-36.6%
Dividends paid333607538-45.1%
Dividend per share$0.25$0.47$0.39-46.8%
Diluted shares, weighted1,251m1,260m1,350m-0.7%
Shares outstanding at period end1,242m1,248m1,291m-0.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity7,7727,7138,096+0.8%
Redeemable equity53.055.054.0-3.6%
Debt26,76226,88227,326-0.4%
Other liabilities8,1608,28310,875-1.5%
Total liabilities and equity42,74742,93346,351-0.4%
Fixed assets2,1811,9361,913+12.7%
Goodwill3,6173,5843,614+0.9%
Intangible assets1,0861,2211,292-11.1%
Cash and equivalents2,5783,1914,322-19.2%
Inventory4,6514,7765,545-2.6%
Other assets28,63428,22529,665+1.4%
Total assets42,74742,93346,351-0.4%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.