Key takeaways
- CNH Industrial reported Q4 2025 net income of $89 million, with revenues up 6% year-over-year.
- Full-year 2025 consolidated revenues declined 9% to $18.10 billion.
- Agriculture and Construction segments saw margin pressure amid lower industry demand.
- Financial Services net income rose 18% in Q4 despite lower revenues.
- CNH Industrial expects global agricultural equipment demand to decline a further 5% in 2026.
CNH Industrial Reports Fourth Quarter 2025 Financial Results
CNH Industrial N.V. (NYSE: CNH) reported fourth quarter 2025 consolidated revenues of $5.16 billion, an increase of 6% compared to Q4 2024. Net sales of Industrial Activities rose 8% year-over-year to $4.45 billion.
Fourth quarter net income was $89 million, or $0.07 diluted earnings per share, compared to $176 million, or $0.14 per share, in the same period of 2024. Adjusted net income totaled $246 million, with adjusted diluted earnings per share of $0.19.
Net cash provided by operating activities in the quarter was $945 million, while Industrial Free Cash Flow reached $817 million.
“Despite a challenging market environment, CNH delivered solid progress toward its long-term goals in 2025 and strengthened its foundation for success,” said Gerrit Marx, Chief Executive Officer of CNH Industrial. “We continued reducing dealer inventories, advanced our Quality and Operational Excellence initiatives, and introduced products that directly address the evolving needs of farmers and builders.”
Agriculture Segment: CNH Sees Mixed Demand Across Regions
Agriculture net sales increased 5% in Q4 2025 to $3.6 billion, driven by favorable price realization and positive foreign exchange impacts. However, adjusted EBIT declined 5% to $233 million, with margins narrowing to 6.5% from 7.2% a year earlier.
Industry demand remained under pressure in key regions. In North America, tractor demand fell 31% for units over 140 HP and 14% for units under 140 HP, while combine demand declined 16%. In EMEA, tractor demand decreased 8%, though combine demand increased 40%. South America and Asia Pacific showed mixed trends.
For the full year, Agriculture net sales totaled $12.39 billion, down 12% year-over-year. Adjusted EBIT fell 47% to $772 million, reflecting lower industry volumes and margin compression.
Construction Segment: Higher Sales, Lower Margins
Construction net sales rose 19% in Q4 2025 to $853 million, supported by higher shipment volumes and price realization, particularly in North America. However, adjusted EBIT declined to $5 million from $18 million in Q4 2024, with margins falling to 0.6%.
For the full year, Construction net sales decreased 3% to $2.96 billion, while adjusted EBIT declined 60% to $68 million.
Financial Services Performance
Financial Services revenues declined 6% in Q4 to $700 million, reflecting lower yields and reduced average portfolio balances. However, net income increased 18% to $109 million, supported by improved interest margins and a lower effective tax rate.
The managed portfolio stood at $28.6 billion at year-end 2025, up $0.7 billion from the prior year on a reported basis.
Full-Year 2025 Overview and 2026 Outlook For CNH
For full-year 2025, CNH Industrial reported consolidated revenues of $18.10 billion, down 9% compared to 2024. Net income was $505 million, compared to $1.26 billion in 2024. Adjusted diluted earnings per share were $0.55.
Looking ahead to 2026, CNH Industrial forecasts global agricultural equipment retail demand to decline by approximately 5% from 2025 levels, reaching historic trough levels. Agriculture segment net sales are expected to range from down 5% to flat year-over-year, with adjusted EBIT margins between 4.5% and 5.5%.
Construction equipment demand is expected to remain broadly flat in 2026, with segment adjusted EBIT margins projected between 1.0% and 2.0%. Adjusted diluted EPS for 2026 is forecast between $0.35 and $0.45.
Marx added, “As we move into 2026, we remain committed to prudent production planning, purposeful innovation, and delivering superior iron and technology integration.”
