CNH Industrial
CNH · NYSEConstruction Machinery & Equip · Fiscal year ends Dec 31
CNH Industrial reported revenue of $15.3B in the fiscal year ended Dec 2025, down 10.0% from the year before. Net income was $510M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $17.8B | $21.5B | $22.1B | $17.1B | $15.3B |
| Cost of revenue | $14.1B | $16.8B | $16.8B | $13.4B | $12.4B |
| Gross profit | $3.7B | $4.7B | $5.2B | $3.7B | $3B |
| Research & development | $642M | $866M | $1B | $924M | $1B |
| Selling, general & admin | $1.5B | $1.8B | $1.9B | $1.7B | $1.9B |
| Net interest incomeBanks | – | −$119M | −$76M | −$152M | −$114M |
| Interest expense | $549M | $734M | $1.3B | – | – |
| Pre-tax income | $1.9B | $2.7B | $2.7B | $1.5B | $620M |
| Income tax | $229M | $747M | $594M | $336M | $184M |
| Net income | $1.7B | $2B | $2.3B | $1.2B | $510M |
| Diluted EPS | 1.27 | 1.49 | 1.69 | 0.99 | 0.41 |
| Diluted shares | 1,361M | 1,362M | 1,350M | 1,260M | 1,251M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $5B | $4.4B | $4.3B | $3.2B | $2.6B |
| Inventory | $4.2B | $4.8B | $5.5B | $4.8B | $4.7B |
| Net PP&E | $1.5B | $1.5B | $1.9B | $1.9B | $2.2B |
| Goodwill | $3.2B | $3.3B | $3.6B | $3.6B | $3.6B |
| Total assets | $49.4B | $39.4B | $46.3B | $42.9B | $42.7B |
| Deferred revenue | $20M | $33M | $50M | $72M | $122M |
| Total liabilities | $42.6B | $32.4B | $38.1B | $35.2B | $34.9B |
| Shareholders' equity | $6.8B | $6.9B | $8.1B | $7.7B | $7.8B |
| Backlog (remaining obligations) | $15M | $33M | $48M | $72M | $122M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.1B | $557M | $907M | $2B | $2.5B |
| Depreciation & amortisation | $210M | $198M | $213M | $235M | $267M |
| Stock-based compensation | $90M | $87M | $99M | $71M | $45M |
| Dividends paid | $188M | $423M | $538M | $607M | $333M |
| Dividend per share | 0.13 | 0.30 | 0.40 | 0.47 | 0.25 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.0% | 2.5% | −22.7% | −10.0% |
| EPS growth (YoY) | – | 17.3% | 13.4% | −41.4% | −58.6% |
| Gross margin | 20.7% | 22.0% | 23.7% | 21.7% | 19.3% |
| Net margin | 9.7% | 9.4% | 10.3% | 7.3% | 3.3% |
| Return on equityBlank when equity is negative | 25.3% | 29.3% | 28.1% | 16.2% | 6.6% |
| Cash conversion (CFO ÷ net income) | 2.37x | 0.27x | 0.40x | 1.58x | 4.98x |
| Inventory days | 109 | 105 | 120 | 131 | 137 |
Recent filings
More in Construction Machinery & Equip
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.