CNH Industrial NV (CNH) financial statements: income statement, balance sheet and cash flow

CNH Industrial NV's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CNH Industrial NV reported revenue of $18.1B (-8.8% year on year) and net income of $510.0M (-59.1% year on year).

Income statement

CNH Industrial NV income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$15.3B	$17.1B	$22.1B	$21.5B
Finance, interest and other income	$2.7B	$2.8B	$2.6B	$2.0B
Total Revenues	$18.1B	$19.8B	$24.7B	$23.6B
Cost of goods sold	$12.4B	$13.3B	$16.8B	$16.8B
Selling, general and administrative expenses	$1.9B	$1.7B	$1.9B	$1.8B
Research and development expenses	$1.0B	$924.0M	$1.0B	$866.0M
Restructuring expenses	$22.0M	$118.0M	$67.0M	$31.0M
Interest expense	$1.5B	$1.6B	$1.3B	$734.0M
Other, net	$681.0M	$664.0M	$830.0M	$689.0M
Total Costs and Expenses	$17.5B	$18.4B	$22.0B	$20.9B
Consolidated income before income taxes	$620.0M	$1.5B	$2.7B	$2.7B
Income tax expense	($184.0M)	($336.0M)	($594.0M)	($747.0M)
Equity in income of unconsolidated affiliates	$69.0M	$138.0M	$274.0M	$104.0M
Net income	$505.0M	$1.3B	$2.4B	$2.0B
Net income (loss) attributable to noncontrolling interests	($5.0M)	$13.0M	$12.0M	$10.0M
Net income attributable to CNH Industrial N.V.	$510.0M	$1.2B	$2.4B	$2.0B
Basic earnings per share attributable to CNH Industrial N.V. (in dollars per share)	$0.41	$0.99	$1.78	$1.50
Diluted earnings per share attributable to CNH Industrial N.V. (in dollars per share)	$0.41	$0.99	$1.76	$1.49
Basic (in shares)	1.2B	1.3B	1.3B	1.4B
Diluted (in shares)	1.3B	1.3B	1.4B	1.4B
Cash dividends declared per common share (in dollars per share)	$0.25	$0.47	$0.39	$0.30

CNH Industrial NV income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net sales	$4.1B	$3.2B	$3.7B	$4.0B
Finance, interest and other income	$660.0M	$656.0M	$697.0M	$690.0M
Total Revenues	$4.8B	$3.8B	$4.4B	$4.7B
Cost of goods sold	$3.4B	$2.6B	$3.0B	$3.2B
Selling, general and administrative expenses	$494.0M	$465.0M	$549.0M	$478.0M
Research and development expenses	$230.0M	$232.0M	$281.0M	$218.0M
Restructuring and other transformation expenses	$27.0M	$4.0M	$3.0M	$5.0M
Interest expense	$372.0M	$365.0M	$378.0M	$360.0M
Other, net	$112.0M	$142.0M	$142.0M	$183.0M
Total Costs and Expenditures	$4.6B	$3.8B	$4.3B	$4.4B
Consolidated income before income taxes	$172.0M	$13.0M	$51.0M	$275.0M
Income tax expense	($43.0M)	($4.0M)	($1.0M)	($76.0M)
Equity income from unconsolidated affiliates	$12.0M	$1.0M	$17.0M	$18.0M
Net income	$141.0M	$10.0M	$67.0M	$217.0M
Net income attributable to noncontrolling interests	$3.0M	$3.0M	($13.0M)	$4.0M
Net income attributable to CNH Industrial N.V.	$138.0M	$7.0M	$80.0M	$213.0M
Basic earnings per share (in usd per share)	$0.11	$0.01	$0.06	$0.17
Diluted earnings per share (in usd per share)	$0.11	$0.01	$0.06	$0.17
Basic (in shares)	1.2B	1.2B	1.3B	1.3B
Diluted (in shares)	1.2B	1.2B	1.3B	1.3B
Cash dividends declared per common share (in usd per share)	$0.10	—	$0.00	$0.25

Balance sheet

CNH Industrial NV balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$2.6B	$3.2B	$4.3B	$4.4B
Restricted cash	$651.0M	$675.0M	$723.0M	$753.0M
Trade receivables, net	$226.0M	$125.0M	$133.0M	$172.0M
Financing receivables, net	$23.1B	$23.1B	$24.2B	$19.3B
Financial receivables from Iveco Group N.V.	$195.0M	$168.0M	$380.0M	—
Inventories, net	$4.7B	$4.8B	$5.5B	$4.8B
Property, plant and equipment, net	$2.2B	$1.9B	$1.9B	$1.5B
Investments in unconsolidated affiliates	$437.0M	$490.0M	$563.0M	$385.0M
Equipment under operating leases	$1.6B	$1.5B	$1.4B	$1.5B
Goodwill	$3.6B	$3.6B	$3.6B	$3.3B
Other intangible assets, net	$1.1B	$1.2B	$1.3B	$1.1B
Deferred tax assets	$1.2B	$927.0M	$979.0M	$433.0M
Derivative assets	$142.0M	$196.0M	$136.0M	$189.0M
Other assets	$1.1B	$1.1B	$1.1B	$1.2B
Total Assets	$42.7B	$42.9B	$46.4B	$39.4B
Debt	$26.8B	$26.9B	$27.3B	$23.0B
Financial payables to Iveco Group N.V.	$91.0M	$62.0M	$146.0M	—
Trade payables	$2.2B	$2.3B	$3.6B	$3.7B
Deferred tax liabilities	$17.0M	$28.0M	$35.0M	$85.0M
Pension, postretirement and other postemployment benefits	$366.0M	$392.0M	$476.0M	$449.0M
Derivative liabilities	$97.0M	$146.0M	$216.0M	$204.0M
Other liabilities	$5.3B	$5.4B	$6.3B	$4.8B
Total Liabilities	$34.9B	$35.2B	$38.1B	$32.4B
Redeemable noncontrolling interest	$53.0M	$55.0M	$54.0M	$49.0M
Common shares, €0.01, par value; outstanding 1,242,064,719 common shares and 370,457,350 loyalty program special voting shares in 2025; and outstanding 1,248,023,791 common shares and 370,994,305 loyalty program special voting shares in 2024	25.0M	25.0M	25.0M	25.0M
Treasury stock, at cost - 122,335,477 shares in 2025 and 116,376,405 shares in 2024	-1.4B	-1.4B	-865.0M	-230.0M
Additional paid-in capital	$1.4B	$1.4B	$1.6B	$1.5B
Retained earnings	$10.5B	$10.3B	$9.8B	$7.9B
Accumulated other comprehensive loss	($2.8B)	($2.7B)	($2.4B)	($2.3B)
Noncontrolling interests	$42.0M	$62.0M	$66.0M	$0
Total Equity	$7.8B	$7.7B	$8.2B	$6.9B
Total Liabilities and Equity	$42.7B	$42.9B	$46.4B	$39.4B

CNH Industrial NV balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$1.9B	$1.6B	$2.3B	$2.5B
Restricted cash	$596.0M	$735.0M	$653.0M	$635.0M
Trade receivables, net	$228.0M	$207.0M	$196.0M	$201.0M
Financing receivables, net	$22.5B	$22.6B	$23.0B	$23.4B
Financial receivables from Iveco Group N.V.	$238.0M	$192.0M	$262.0M	$263.0M
Inventories, net	$5.2B	$5.2B	$5.4B	$5.2B
Property, plant and equipment, net	$2.2B	$2.2B	$2.2B	$2.2B
Investments in unconsolidated affiliates	$452.0M	$427.0M	$508.0M	$505.0M
Equipment under operating leases, net	$1.6B	$1.6B	$1.5B	$1.5B
Goodwill	$3.6B	$3.6B	$3.6B	$3.6B
Other intangible assets, net	$1.1B	$1.1B	$1.2B	$1.2B
Deferred tax assets	$1.3B	$1.2B	$1.0B	$1.0B
Derivative assets	$144.0M	$162.0M	$155.0M	$168.0M
Other assets	$1.2B	$1.1B	$1.3B	$1.2B
Total Assets	$42.2B	$42.0B	$43.3B	$43.7B
Debt	$26.0B	$25.9B	$27.1B	$27.4B
Financial payables to Iveco Group N.V.	$78.0M	$40.0M	$38.0M	$69.0M
Trade payables	$2.4B	$2.4B	$2.3B	$2.4B
Deferred tax liabilities	$14.0M	$15.0M	$33.0M	$36.0M
Pension, postretirement and other postemployment benefits	$332.0M	$346.0M	$412.0M	$407.0M
Derivative liabilities	$123.0M	$141.0M	$93.0M	$90.0M
Other liabilities	$5.4B	$5.3B	$5.4B	$5.4B
Total Liabilities	$34.3B	$34.2B	$35.4B	$35.9B
Redeemable noncontrolling interest	$59.0M	$56.0M	$60.0M	$55.0M
Common shares, €0.01, par value; outstanding 1,237,725,958 common shares and 370,432,786 loyalty program special voting shares as of 06/30/2026; and outstanding 1,242,064,719 common shares and 370,457,350 loyalty program special voting shares as of 12/31/2025	25.0M	25.0M	25.0M	25.0M
Treasury stock, at cost; 126,674,238 shares as of 06/30/2026 and 122,335,477 as of 12/31/2025	-1.5B	-1.4B	-1.4B	-1.3B
Additional paid-in capital	$1.4B	$1.4B	$1.4B	$1.4B
Retained earnings	$10.5B	$10.5B	$10.4B	$10.3B
Accumulated other comprehensive loss	($2.7B)	($2.7B)	($2.7B)	($2.7B)
Noncontrolling interests	$38.0M	$40.0M	$45.0M	$66.0M
Total Equity	$7.8B	$7.8B	$7.8B	$7.8B
Total Liabilities and Equity	$42.2B	$42.0B	$43.3B	$43.7B

Cash flow statement

CNH Industrial NV cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$505.0M	$1.3B	$2.4B	$2.0B
Depreciation and amortization expense excluding depreciation and amortization of assets under operating leases	$432.0M	$417.0M	$377.0M	$327.0M
Depreciation and amortization expense of assets under operating leases	$197.0M	$188.0M	$187.0M	$208.0M
Undistributed income of unconsolidated affiliates	$17.0M	($11.0M)	($211.0M)	($69.0M)
Other non-cash items	$647.0M	$329.0M	$173.0M	$196.0M
Provisions	($336.0M)	($204.0M)	$911.0M	$189.0M
Deferred income taxes	($198.0M)	($107.0M)	($535.0M)	($50.0M)
Trade and financing receivables related to sales, net	$708.0M	$1.0B	($2.3B)	($2.4B)
Inventories, net	$749.0M	$787.0M	($259.0M)	($151.0M)
Trade payables	($198.0M)	($1.2B)	($157.0M)	$125.0M
Other assets and liabilities	$15.0M	($530.0M)	$296.0M	$232.0M
Net cash provided by operating activities	$2.5B	$2.0B	$907.0M	$557.0M
Additions to retail receivables	($7.6B)	($8.2B)	($8.1B)	($6.0B)
Collections of retail receivables	$7.5B	$6.5B	$5.8B	$4.4B
Expenditures for property, plant and equipment and intangible assets excluding assets under operating leases	($543.0M)	($536.0M)	($644.0M)	($461.0M)
Expenditures for assets under operating leases	($655.0M)	($650.0M)	($551.0M)	($538.0M)
Other, net	($136.0M)	$181.0M	($275.0M)	($496.0M)
Net cash used in investing activities	($1.4B)	($2.8B)	($3.7B)	($3.0B)
Proceeds from long-term debt	$13.0B	$15.1B	$9.9B	$11.2B
Payments of long-term debt	($13.0B)	($13.5B)	($8.2B)	($9.2B)
Net increase (decrease) in other financial liabilities	($1.6B)	($416.0M)	$2.1B	$580.0M
Dividends paid	($333.0M)	($607.0M)	($538.0M)	($423.0M)
Purchase of treasury stock	($100.0M)	($702.0M)	($652.0M)	($153.0M)
Net cash provided (used) by financing activities	($2.0B)	($67.0M)	$2.6B	$2.0B
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	$225.0M	($308.0M)	$110.0M	($228.0M)
Net decrease in cash, cash equivalents and restricted cash	($637.0M)	($1.2B)	($84.0M)	($716.0M)
Cash, cash equivalents and restricted cash, beginning of year	$3.9B	$5.0B	$5.0B	$5.1B
Cash, cash equivalents and restricted cash, end of year	$3.2B	$3.9B	—	—
Cash and cash equivalents	$2.6B	$3.2B	$4.3B	—
Restricted cash	$651.0M	$675.0M	$723.0M	—
Total cash, cash equivalents and restricted cash	$3.2B	$3.9B	$5.0B	—

CNH Industrial NV cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$151.0M	$10.0M	$416.0M	$349.0M
Depreciation and amortization expense, excluding assets under operating leases	$233.0M	$116.0M	$318.0M	$208.0M
Depreciation and amortization expense of assets under operating leases	$99.0M	$50.0M	$147.0M	$98.0M
Undistributed income (loss) from unconsolidated affiliates	($9.0M)	($1.0M)	$2.0M	$11.0M
Other non-cash items	$212.0M	$97.0M	$392.0M	$183.0M
Provisions	($83.0M)	($120.0M)	($212.0M)	($153.0M)
Deferred income taxes	($72.0M)	($16.0M)	$9.0M	($30.0M)
Trade and financing receivables, net	($10.0M)	$319.0M	$948.0M	$443.0M
Inventories, net	($436.0M)	($566.0M)	($92.0M)	($51.0M)
Trade payables	$177.0M	$198.0M	($161.0M)	($8.0M)
Other assets and liabilities	($82.0M)	($52.0M)	($171.0M)	($116.0M)
Net cash provided by operating activities	$180.0M	$35.0M	$1.6B	$934.0M
Additions to retail receivables	($3.3B)	($1.5B)	($5.6B)	($3.7B)
Collections of retail receivables	$3.9B	$1.8B	$5.6B	$3.8B
Expenditures for property, plant and equipment and intangible assets	($210.0M)	—	—	—
Expenditures for assets under operating leases, net	($281.0M)	($125.0M)	($456.0M)	($320.0M)
Other, net	($39.0M)	($40.0M)	($279.0M)	($215.0M)
Net cash provided (used) by investing activities	$73.0M	$54.0M	($1.1B)	($622.0M)
Proceeds from long-term debt	$6.7B	$3.1B	$10.1B	$6.3B
Payments of long-term debt	($6.8B)	($3.5B)	($9.4B)	($5.8B)
Net decrease in other financial liabilities	($683.0M)	($531.0M)	($2.0B)	($1.4B)
Dividends paid	($127.0M)	($1.0M)	($322.0M)	($321.0M)
Purchase of treasury shares	-62.0M	-26.0M	-55.0M	-5.0M
Net cash used in financing activities	($1.0B)	($990.0M)	($1.6B)	($1.3B)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	$6.0M	$11.0M	$219.0M	$230.0M
Net decrease in cash, cash equivalents and restricted cash	($765.0M)	($890.0M)	($910.0M)	($719.0M)
Cash, cash equivalents and restricted cash, beginning of period	$3.2B	$3.2B	$3.9B	$3.9B
Cash, cash equivalents and restricted cash, end of period	$2.5B	$2.3B	$3.0B	$3.1B
Cash and cash equivalents	$1.9B	$1.6B	$2.3B	$2.5B
Restricted cash	$596.0M	$735.0M	$653.0M	$635.0M
Total cash, cash equivalents and restricted cash	$2.5B	$2.3B	$3.0B	$3.1B

CNH Industrial NV score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.