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CNH Industrial

CNH NYSE Agricultural & Farm Machinery Financials FY2016–FY2025

CNH makes and sells farm equipment and construction equipment, and finances its customers' purchases. Its farm products include tractors, harvesters, hay and forage equipment, planting equipment and sprayers, sold mainly under the Case IH and New Holland brands. Its construction products include excavators, loaders, graders, dozers and compact machines, sold mainly under the CASE and New Holland Construction brands. Customers include farmers, contractors, rental companies and local governments.

Download report 3-page PDF: the company, its results and charts with peers.

Last close Β· Oct 23, 2026

$11.49

0.8%
Value it Compare

What CNH Industrial does

CNH Β· Agricultural & Farm Machinery

From its latest annual report

CNH makes and sells farm equipment and construction equipment, and finances its customers' purchases. Its farm products include tractors, harvesters, hay and forage equipment, planting equipment and sprayers, sold mainly under the Case IH and New Holland brands. Its construction products include excavators, loaders, graders, dozers and compact machines, sold mainly under the CASE and New Holland Construction brands. Customers include farmers, contractors, rental companies and local governments.

CNH has three segments: Agriculture, Construction and Financial Services. The financial arm lends to buyers of new and used equipment and finances dealers' stock of machines. Sales to farmers depend on things like farm income, government subsidy programs, weather and the price of used equipment. Sales of construction equipment follow building activity and government spending on roads and other projects.

It has operations in 32 countries and sells in about 166. It competes with large full-line makers, makers that specialize in one product, regional makers, and low-cost local makers in emerging markets. CNH says it is investing in precision farming technology, such as satellite positioning, automation and machine vision, and it bought Raven, Hemisphere GNSS and Augmenta to build that. The company says the farm equipment industry is in a cyclical downturn, especially for large farms in the Americas.

Filing details

Legal name
CNH INDUSTRIAL N.V.
Fiscal year ends
December 31, 2025
Latest annual report
10-K Β· Feb 26, 2026
Accession Β· CIK
0001567094-26-000006 Β· 0001567094
Biggest risks, in its own words
Charts by

KIRA’s summary AI analyst

Hi! I read CNH Industrial’s latest annual report (fiscal 2025). Here is what stands out:

1 strength 3 to watch

1.Sales and profit

See section β†’
  • CNH Industrial had $18.1B of revenue in fiscal 2025, down 8.8% on the year before. Over five years, revenue changed +4.1% a year on average.
  • CNH Industrial made $510M of net profit in fiscal 2025.

2.Cash and shareholders

See section β†’
  • CNH Industrial returned $333M to shareholders in fiscal 2025. The diluted share count fell 0.7%.
  • In the last 12 months, insiders bought $0.7M and sold $0.5M of shares on the open market.

3.Financial health

See section β†’
  • CNH Industrial owes $24.2B more than it holds in cash, about 9.6 years of operating profit.
  • Its return on capital was 4.6%: every 100 invested in the business earned about 5 in a year.

4.Price and value

See section β†’
  • At $11.49 a share, the company is worth $14.3B: 46.0 times its earnings of the last four quarters.
  • CNH Industrial grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 3 of 3.

Biggest risks, in its own words

  • Problems with acquisitions, joint ventures or partners that could hurt its product lines.
  • Falling behind rivals in technology, including AI-enabled farm and construction equipment.
  • Cyberattacks or computer system failures that disrupt operations and expose data.
  • Currency devaluations that reduce the value of money it holds in other countries.
  • Having to pay for underfunded pension plans out of its operating cash.

CNH Industrial in 30 seconds

Good So-so Weak

Weak

Are sales growing?

βˆ’8.8%

No. Sales fell 8.8% last year.

So-so

Does it make a profit?

2.8%

A little. It keeps 2.8% of every sale as profit.

Weak

Is debt under control?

9.6x

Heavy. Repaying its debt would take 9.6 years of operating profit.

For information

How is the share priced?

46.0x

One share costs 46.0 times its yearly profit per share. Typical for its sector: 26.0x.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$14.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
46.0x
On $0.25 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· CNH Industrial had $18.1B of revenue in fiscal 2025, down 8.8% on the year before. Over five years, revenue changed +4.1% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· CNH Industrial made $510M of net profit in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

See the full section β†’

Return on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

KIRA Β· Its return on capital was 4.6%: every 100 invested in the business earned about 5 in a year.

See the full section β†’

About these figures. Debt is CNH's total debt from its balance sheet, which includes the borrowings of its financial services business that funds loans to dealers and customers. CNH reports its capital spending under its own labels, which the SEC's structured data leaves out, so capital spending and free cash flow are left blank.

Sales and profit

Is it selling more, and how much does it keep?

Results dates

In plain words: Every quarter, companies publish how much they sold and earned. These are the days CNH Industrial did it, and the next one. Share prices often move a lot on those days.

Next results

November 9, 2026

Monday Β· in 15 days

Time
Before the market opens
Covers
Period ended Sep 30, 2026
Expected EPS
$0.10
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Aug 3, 2026 Q2 '26 Before the market opens 8-K β†—
Apr 30, 2026 Q1 '26 Before the market opens 8-K β†—
Feb 17, 2026 Q4 '25 Before the market opens 8-K β†—
Nov 7, 2025 Q3 '25 Before the market opens 8-K β†—
Aug 1, 2025 Q2 '25 Before the market opens 8-K β†—
May 1, 2025 Q1 '25 Before the market opens 8-K β†—
Feb 4, 2025 Q4 '24 Before the market opens 8-K β†—
Nov 7, 2024 Q3 '24 Time not announced 8-K β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

Revenue and margins

KIRA Β· CNH Industrial had $18.1B of revenue in fiscal 2025, down 8.8% on the year before. Over five years, revenue changed +4.1% a year on average.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

KIRA Β· CNH Industrial made $510M of net profit in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income
Net income
Diluted EPS
Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

KIRA Β· CNH Industrial returned $333M to shareholders in fiscal 2025. The diluted share count fell 0.7%.

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Insider trades

KIRA Β· In the last 12 months, insiders bought $0.7M and sold $0.5M of shares on the open market.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. β€œPlan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$0.7M

3 insiders

Sold, 12 months

$0.5M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 4, 2026 Francesco Vincenzo Maria TutinoChief Human Resources Officer Sold 48,385 $10.13 $0.5M Form 4
Nov 18, 2025 Suzanne HeywoodDirector Bought 52,522 $9.52 $0.5M Form 4
Nov 12, 2025 Howard W. BuffettDirector Bought 4,100 $10.29 $0.0M Form 4
Nov 11, 2025 Howard W. BuffettDirector Bought 6,000 $9.68 $0.1M Form 4
Nov 11, 2025 Vagn O SorensenDirector Bought 10,385 $9.62 $0.1M Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA Β· CNH Industrial owes $24.2B more than it holds in cash, about 9.6 years of operating profit.

Cash, debt and the ratios that show how comfortably CNH Industrial can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.0B$4.4B$4.3B$3.2B$2.6B
Debt incl. finance leases $20.9B$23.0B$27.3B$26.9B$26.8B
Net debt / EBITDA 5.7x5.0x5.2x6.8x9.6x
Debt / equity 3.1x3.3x3.4x3.5x3.4x
Interest coverage 4.5x4.7x3.0x1.9x1.4x
Total assets $49.4B$39.4B$46.3B$42.9B$42.7B
Total liabilities $42.6B$32.4B$38.1B$35.2B$34.9B
Shareholders' equity $6.8B$6.9B$8.1B$7.7B$7.8B
Net debt (βˆ’ = net cash) $15.9B$18.6B$23.0B$23.7B$24.2B

Returns on capital

KIRA Β· Its return on capital was 4.6%: every 100 invested in the business earned about 5 in a year.

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY23FY24FY25
Net income is positive βœ“ βœ“ βœ“
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose βœ“ βœ• βœ•
Cash from operations exceeds net income βœ• βœ“ βœ“
Debt fell relative to assets βœ• βœ“ βœ•
Current ratio rose β€” β€” β€”
Share count didn't rise βœ“ βœ“ βœ“
Gross margin rose βœ“ βœ“ βœ•
Revenue rose relative to assets βœ“ βœ• βœ•
F-score β€” / 9β€” / 9β€” / 9
Accruals ratio 3.2%βˆ’1.6%βˆ’4.7%
Altman Z'' β€”β€”β€”

Price and value

What does the share cost, and how does it compare?

Value CNH Industrial yourself

KIRA Β· At $11.49 a share, the company is worth $14.3B: 46.0 times its earnings of the last four quarters.

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β€” the answer depends entirely on what you put in.

In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.

Discounted cash flow

Value per share

β€”

Adds net cash of βˆ’$24.2B and divides by 1,251.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

β€”

Reference multiples: today 46.0x Β· peers 23.9x Β· sector 26.0x.

Similar companies

KIRA Β· CNH Industrial grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 3 of 3.

Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.

In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
CNH Industrial CNH $14.3B βˆ’8.8% β€” β€” 4.6% 46.0x β€”
AGCO AGCO $7.6B βˆ’13.6% 5.9% 7.3% 10.4% 14.7x 8 Compare β†’
Deere DE $174.9B βˆ’11.7% β€” 13.4% β€” 35.9x β€” Compare β†’
Toro TTC $10.1B βˆ’1.6% 9.1% 12.8% 15.9% 28.1x 6 Compare β†’
Lindsay LNN $1.1B βˆ’6.0% 10.5% 5.5% 11.9% β€” 5 Compare β†’

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $25.1B $27.7B $29.7B $28.1B $14.8B $19.5B $23.6B $24.7B $19.8B $18.1B
Gross profit $5.7B $6.1B $6.7B $6.2B $3.6B $5.4B $6.8B $7.8B $6.5B $5.7B
Research and development $860M $957M $1.1B $1.0B $493M $642M $866M $1.0B $924M $1.0B
Operating income $1.5B $1.7B β€” β€” β€” β€” β€” β€” β€” β€”
Interest expense $1.0B $940M $812M $798M $660M $549M $734M $1.3B $1.6B $1.5B
Pretax income βˆ’$22.0M $659M $1.5B $1.2B βˆ’$179M $1.9B $2.7B $2.7B $1.5B $620M
Income tax $297M $457M $417M βˆ’$271M $85.0M $229M $747M $594M $336M $184M
Net income βˆ’$264M $272M $1.1B $1.4B βˆ’$493M $1.7B $2.0B $2.3B $1.2B $510M
Diluted EPS βˆ’$0.19 $0.20 $0.78 $1.05 βˆ’$0.36 $1.27 $1.49 $1.69 $0.99 $0.41
Diluted shares 1.36B 1.37B 1.36B 1.35B 1.35B 1.36B 1.36B 1.35B 1.26B 1.25B
Cash flow
Cash from operations $2.8B $2.9B $2.6B $1.8B $5.5B $4.1B $557M $907M $2.0B $2.5B
Depreciation and amortization $716M $725M $703M $660M $299M $295M $328M $377M $417M $432M
Stock-based compensation $3.0M $19.0M $35.0M $33.0M $30.0M $90.0M $87.0M $99.0M $71.0M $45.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $207M $168M $243M $283M $8.0M $188M $423M $538M $607M $333M
Dividends and buybacks $207M $168M $243M $283M $8.0M $188M $423M $538M $607M $333M
Balance sheet
Cash and short-term investments $5.0B $5.4B $5.0B $4.9B $8.8B $5.0B $4.4B $4.3B $3.2B $2.6B
Total debt $25.3B $25.9B $24.4B $24.9B $26.1B $20.9B $23.0B $27.3B $26.9B $26.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $5.6B $6.5B $6.7B $7.1B $6.0B $4.2B $4.8B $5.5B $4.8B $4.7B
Property and equipment, net $6.4B $6.8B $5.9B $5.3B $4.9B $1.5B $1.5B $1.9B $1.9B $2.2B
Total assets $45.5B $48.3B $46.1B $47.4B $48.7B $49.4B $39.4B $46.3B $42.9B $42.7B
Total liabilities $41.1B $44.0B $41.0B $41.2B $43.7B $42.6B $32.4B $38.1B $35.2B $34.9B
Shareholders' equity $4.3B $4.2B $5.1B $6.1B $5.0B $6.8B $6.9B $8.1B $7.7B $7.8B
Margins
Gross margin 22.6% 22.1% 22.7% 22.3% 24.5% 27.6% 28.7% 31.8% 32.7% 31.5%
Operating margin 5.8% 6.0% β€” β€” β€” β€” β€” β€” β€” β€”
EBITDA margin 8.6% 8.6% 10.0% 9.4% 5.3% 14.3% 15.9% 17.9% 17.5% 13.9%
Net margin βˆ’1.1% 1.0% 3.6% 5.1% βˆ’3.3% 8.8% 8.6% 9.2% 6.3% 2.8%
Returns
Return on capital 4.6% 3.4% 6.6% 7.8% 1.6% 9.8% 10.2% 11.2% 7.5% 4.6%
Return on equity βˆ’5.8% 6.4% 23.0% 25.4% βˆ’8.9% 29.2% 29.5% 30.3% 15.8% 6.6%
Return on assets βˆ’0.6% 0.6% 2.3% 3.0% βˆ’1.0% 3.5% 4.6% 5.3% 2.8% 1.2%
Growth
Revenue growth βˆ’3.2% 10.4% 7.2% βˆ’5.5% βˆ’47.4% 31.9% 20.8% 4.8% βˆ’19.7% βˆ’8.8%
Net income growth βˆ’204.4% β€” 292.7% 33.2% βˆ’134.7% β€” 17.8% 12.1% βˆ’45.2% βˆ’59.1%
EPS growth βˆ’200.0% β€” 290.0% 34.6% βˆ’134.3% β€” 17.3% 13.4% βˆ’41.4% βˆ’58.6%
Share count change βˆ’0.1% 0.4% βˆ’0.4% βˆ’0.5% βˆ’0.2% 0.7% 0.1% βˆ’0.9% βˆ’6.7% βˆ’0.7%
Financial health
Net debt / EBITDA 9.4x 8.6x 6.5x 7.6x 22.1x 5.7x 5.0x 5.2x 6.8x 9.6x
Debt / equity 5.9x 6.1x 4.8x 4.1x 5.2x 3.1x 3.3x 3.4x 3.5x 3.4x
Interest coverage 1.4x 1.8x 2.8x 2.5x 0.7x 4.5x 4.7x 3.0x 1.9x 1.4x
Capital allocation
Stock comp / revenue 0.0% 0.1% 0.1% 0.1% 0.2% 0.5% 0.4% 0.4% 0.4% 0.3%
Quality scores
Accruals ratio βˆ’6.6% βˆ’5.5% βˆ’3.2% βˆ’0.9% βˆ’12.5% βˆ’4.8% 3.3% 3.2% βˆ’1.6% βˆ’4.7%

Source: SEC EDGAR XBRL filings (CIK 0001567094). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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