CNH Industrial N.V. reported fourth‑quarter 2025 results on February 17, 2026, showing consolidated revenue of $5.16 billion, up 6 % from the same period a year earlier. Net income fell to $89 million, while GAAP diluted earnings per share dropped to $0.07. However, the company’s adjusted diluted EPS of $0.19 beat the consensus estimate of $0.11, a margin of $0.08 or 73 % above expectations.
Industrial net sales rose 8 % to $4.45 billion, driven by higher pricing and favorable foreign‑exchange impacts. Agricultural segment sales increased 5 % to $3.6 billion, and construction net sales grew 19 % to $853 million, reflecting stronger North American demand. Receivables past‑due rate climbed to 3.1 % from 1.9 % a year earlier, indicating tightening credit conditions in Brazil.
Adjusted EBIT for the quarter fell to $233 million from $244 million a year earlier, reflecting margin compression in the agriculture and construction segments caused by tariffs, higher production costs, an unfavorable geographic mix, and non‑cash impairment charges. The company’s inventory reduction program is progressing, with a $1 billion dealer‑inventory target expected to be met within the next 3–4 months.
Full‑year 2025 revenue declined 9 % to $18.10 billion, and net income fell to $505 million from $1.259 billion in 2024. Adjusted diluted EPS for the year was $0.55, down from $1.05 a year earlier. CNH maintained its 2026 guidance, projecting a lower adjusted EBIT margin and industrial free cash flow, and warned that 2026 would be an “industry trough year.”
CEO Gerrit Marx said, “Despite a challenging market environment, CNH delivered solid progress toward its long‑term goals in 2025 and strengthened its foundation for success.” He added, “Our teams executed with discipline, focusing on what we can control while supporting our customers through dynamic economic conditions.” Marx also noted that “In this industry trough year… CNH is moving fast in its transformation.” The company emphasized continued investment in precision‑ag technology and a focus on cost discipline.
The market reacted negatively, with the stock falling 5.49 % in pre‑market trading, largely because investors weighed the cautious 2026 outlook against the strong adjusted EPS beat. The guidance for 2026, which includes a lower adjusted EBIT margin and industrial free cash flow, was seen as a signal of expected margin compression and a challenging demand environment.
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