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CNH

CNH Industrial N.V.

CNH

CNH Industrial N.V. • NYSE
$9.43 ▲ 0.32% (+0.03)
Market Cap $11.78 B
52w High $14.27
52w Low $9.00
Dividend Yield 0.25%
P/E 19.65
Volume 7.80M
Outstanding Shares 1.25B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.399B ▼ $662M ▼ $80M ▼ 1.819% ▼ $0.06 ▼ $556M ▼
Q2-2025 $4.711B ▲ $696M ▲ $213M ▲ 4.521% ▲ $0.17 ▲ $791M ▲
Q1-2025 $3.828B ▼ $570M ▼ $131M ▼ 3.422% ▼ $0.11 ▼ $674M ▼
Q4-2024 $4.876B ▲ $652M ▲ $173M ▼ 3.548% ▼ $0.14 ▼ $813M ▼
Q3-2024 $4.654B $647M $306M 6.575% $0.24 $893M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.956B ▲ $43.258B ▼ $35.421B ▼ $7.732B ▲
Q2-2025 $2.512B ▲ $43.687B ▲ $35.853B ▲ $7.713B ▼
Q1-2025 $1.695B ▼ $42.057B ▼ $34.098B ▼ $7.839B ▲
Q4-2024 $3.866B ▲ $42.933B ▼ $35.165B ▼ $7.651B ▲
Q3-2024 $1.801B $44.033B $36.264B $7.643B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $67M ▼ $659M ▼ $-466M ▼ $-373M ▼ $-191M ▼ $845M ▲
Q2-2025 $217M ▲ $772M ▲ $-342M ▼ $161M ▲ $749M ▲ $520M ▲
Q1-2025 $132M ▼ $162M ▼ $-280M ▲ $-1.422B ▼ $-1.468B ▼ $-102M ▼
Q4-2024 $176M ▼ $1.692B ▲ $-995M ▼ $929M ▲ $1.416B ▲ $1.217B ▲
Q3-2024 $310M $791M $-848M $-176M $-197M $500M

Five-Year Company Overview

Income Statement

Income Statement CNH’s income statement shows a business that has grown meaningfully since the pandemic, but is coming off a recent peak. Sales climbed steadily through 2022 and 2023, helped by strong demand and better pricing, but have pulled back more recently, suggesting a softer market or some normalization after a boom. Profitability improved a lot versus the pandemic period, with stronger operating and net income, but recent profits are down from their highs, indicating some pressure on volumes, pricing, or costs. Overall, CNH looks solidly profitable compared with its own history, yet clearly exposed to the ups and downs of the agricultural cycle.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive, financing‑heavy industrial company. Total assets have stayed large but have trended somewhat lower from their peak, while cash on hand is down from earlier very high levels, likely as pandemic-era cushions were used or redeployed. Debt remains sizable and fairly steady, which is typical for an equipment manufacturer with a captive finance arm, but it does mean leverage is a structural feature of the business. Equity has improved over the last few years, pointing to cumulative profit generation and a stronger capital base versus the past, though the company still operates with a relatively geared balance sheet by design.

Cash Flow

Cash Flow Cash generation has been quite volatile. Operating cash flow was very strong in the early 2020s, then dipped sharply in 2022 and 2023, before showing some recovery more recently. Free cash flow followed the same pattern: very healthy in the earlier period, then turning weak or negative for a couple of years, and only modestly positive again in the latest year. Capital spending has been consistently high for this type of business, reflecting ongoing product and technology investment. Overall, CNH can produce strong cash in good years, but working capital swings and investment needs can temporarily absorb a lot of that cash.

Competitive Edge

Competitive Edge CNH has a robust competitive position built on well-known brands, a wide product range, and a deep global dealer network. Case IH and New Holland Agriculture give it strong recognition and coverage across different customer types and geographies. The extensive dealer and service network is a major asset in this industry, where uptime, parts availability, and long-term relationships matter as much as the initial sale. Its in-house financing arm is another important differentiator, helping customers fund expensive equipment and tying them more closely to CNH. The main challenges are intense competition from other global players, high sensitivity to farm income and construction cycles, and the need to constantly refresh technology to stay ahead.

Innovation and R&D

Innovation and R&D CNH is clearly leaning into technology to reshape its business, especially in precision agriculture, automation, and alternative powertrains. The integration of Raven Industries has accelerated its capabilities in autonomous machines, digital farming tools, and AI-driven applications like smart sprayers. The company is pushing toward more autonomous field operations, driverless solutions, and connected platforms that help farmers manage entire operations digitally. On sustainability, CNH is early in developing electric and alternative-fuel machines, positioning itself for tightening emissions rules. Management has been ramping up R&D and tech-focused capital spending, aiming to do much more precision tech in-house over time, which could deepen its moat but also raises execution and integration risk.

Summary

CNH today looks like a mature, globally entrenched industrial company that is trying to reinvent itself as a more tech-enabled agriculture and construction player. Financially, it has moved from a loss in the pandemic period to solid profitability, but recent results show that earnings and sales can step down as the cycle turns. The balance sheet is stronger than a few years ago, yet remains levered and complex due to its financing operations. Cash flows can be very strong but also quite lumpy, reflecting both the cyclicality of its markets and heavy investment needs. Strategically, CNH’s strongest assets are its brands, dealer network, and captive finance arm, now complemented by increasing strength in precision agriculture, autonomy, and electrification. The main uncertainties revolve around demand cycles, competitive intensity, and the company’s ability to successfully execute its technology roadmap while managing leverage and cash flow discipline.

NEWS

November 24, 2025 · 12:30 PM UTC

CNH Industrial Finance Europe S.A. 1.875% notes due 2026 notice of redemption

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November 20, 2025 · 1:30 PM UTC

CNH announces pricing of its offering of €500,000,000 3.625% notes due January 2033

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November 19, 2025 · 6:00 AM UTC

CNH's A Sustainable Year release spotlights sustainable practices

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November 12, 2025 · 4:00 AM UTC

CNH brands win 2026 Farm Machine of the Year Awards

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November 11, 2025 · 6:30 AM UTC

CNH 2025 Tech Day: showcasing customer-centric farming innovations across AI, Autonomy, Robotics and Automation

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