NYSE : CNH
CNH Industrial N.V. — Financial statements
Industrials · Farm & Heavy Construction Machinery · United Kingdom
Last price 11.76 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 14.56B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
CNH Industrial N.V. (CNH) reported revenue of 18.18B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 15.47B | 15.35B | 17.06B | 22.08B | 21.54B | 17.80B |
| Other Revenue | 2.72B | 2.75B | 2.78B | 2.61B | 2.01B | 1.69B |
| Revenue | 18.18B | 18.09B | 19.84B | 24.69B | 23.55B | 19.50B |
| Cost of Revenue | 12.63B | 12.39B | 13.35B | 16.84B | 16.80B | 14.11B |
| Gross Profit | 3.23B | 3.39B | 4.18B | 5.77B | 5.21B | 4.28B |
| Selling, General & Admin | 1.48B | 1.43B | 1.38B | 1.65B | 1.55B | 1.45B |
| Research & Development | 1.08B | 1.02B | 924.00M | 1.04B | 866.00M | 642.00M |
| Other Operating Expenses | 68.00M | 217.00M | 173.00M | 133.00M | -25.00M | 76.00M |
| Operating Expenses | 2.63B | 2.67B | 2.48B | 2.82B | 2.39B | 2.17B |
| Operating Income | 597.00M | 724.00M | 1.71B | 2.95B | 2.82B | 2.11B |
| Interest Expense | -160.00M | -143.00M | -154.00M | -110.00M | -133.00M | -140.00M |
| Earnings From Equity Investments | 47.00M | 69.00M | 138.00M | 178.00M | 104.00M | 91.00M |
| Currency Exchange Gain (Loss) | -115.00M | -22.00M | -15.00M | -105.00M | -59.00M | -1.00M |
| EBT Excluding Unusual Items | 369.00M | 628.00M | 1.68B | 2.91B | 2.73B | 2.06B |
| Merger & Restructuring Charges | -42.00M | -22.00M | -118.00M | -67.00M | -31.00M | -35.00M |
| Gain (Loss) on Sale of Investments | 62.00M | 62.00M | 14.00M | 13.00M | 12.00M | |
| Gain (Loss) on Sale of Assets | 43.00M | |||||
| Asset Writedown | -43.00M | |||||
| Other Unusual Items | 26.00M | 21.00M | 24.00M | 24.00M | 89.00M | -8.00M |
| Pretax Income | 415.00M | 689.00M | 1.59B | 2.88B | 2.79B | 2.03B |
| Income Tax Expense | 108.00M | 184.00M | 336.00M | 594.00M | 747.00M | 229.00M |
| Earnings From Continuing Operations | 307.00M | 505.00M | 1.26B | 2.29B | 2.04B | 1.80B |
| Earnings From Discontinued Operations | -41.00M | |||||
| Net Income to Company | 307.00M | 505.00M | 1.26B | 2.29B | 2.04B | 1.76B |
| Minority Interest in Earnings | 4.00M | 5.00M | -13.00M | -12.00M | -10.00M | -37.00M |
| Net Income | 311.00M | 510.00M | 1.25B | 2.27B | 2.03B | 1.72B |
| Net Income to Common | 311.00M | 510.00M | 1.25B | 2.27B | 2.03B | 1.72B |
| Shares Outstanding (Basic) | 1.24B | 1.25B | 1.25B | 1.33B | 1.35B | 1.35B |
| Shares Outstanding (Diluted) | 1.25B | 1.25B | 1.26B | 1.35B | 1.36B | 1.36B |
| EPS (Basic) | 0.25 | 0.41 | 0.99 | 1.71 | 1.50 | 1.27 |
| EPS (Diluted) | 0.25 | 0.41 | 0.99 | 1.69 | 1.49 | 1.27 |
| Free Cash Flow | 611.00M | 1.34B | 782.00M | -288.00M | -442.00M | 3.16B |
| Free Cash Flow Per Share | 0.49 | 1.07 | 0.62 | -0.21 | -0.33 | 2.32 |
| Dividend Per Share | 0.10 | 0.10 | 0.25 | 0.47 | 0.40 | 0.30 |
| Gross Margin | 17.76% | 18.75% | 21.09% | 23.36% | 22.11% | 21.97% |
| Operating Margin | 3.28% | 4.00% | 8.60% | 11.94% | 11.96% | 10.83% |
| Profit Margin | 1.71% | 2.82% | 6.28% | 9.21% | 8.62% | 8.84% |
| Free Cash Flow Margin | 3.36% | 7.41% | 3.94% | -1.17% | -1.88% | 16.21% |
| EBITDA | 1.05B | 1.16B | 2.12B | 3.33B | 3.14B | 2.41B |
| EBITDA Margin | 5.80% | 6.39% | 10.70% | 13.47% | 13.35% | 12.35% |
| D&A For EBITDA | 457.00M | 432.00M | 417.00M | 377.00M | 328.00M | 296.00M |
| EBIT | 597.00M | 724.00M | 1.71B | 2.95B | 2.82B | 2.11B |
| EBIT Margin | 3.28% | 4.00% | 8.60% | 11.94% | 11.96% | 10.83% |
| Effective Tax Rate | 26.02% | 26.71% | 21.07% | 20.62% | 26.81% | 11.28% |
| Revenue as Reported | 18.18B | 18.09B | 19.84B | 24.69B | 23.55B | 19.50B |
| Advertising Expenses | 125.00M | 120.00M | 148.00M | 152.00M | 110.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.29B | 1.93B | 2.33B | 3.53B | 3.80B | 4.39B |
| Trading Asset Securities | 119.00M | 112.00M | 125.00M | 90.00M | 105.00M | 76.00M |
| Cash & Short-Term Investments | 1.41B | 2.04B | 2.46B | 3.62B | 3.91B | 4.46B |
| Accounts Receivable | 228.00M | 226.00M | 125.00M | 133.00M | 172.00M | 192.00M |
| Other Receivables | 149.00M | 142.00M | 50.00M | 302.00M | 234.00M | |
| Receivables | 377.00M | 368.00M | 175.00M | 435.00M | 406.00M | 192.00M |
| Inventory | 5.08B | 4.56B | 4.71B | 5.52B | 4.80B | 4.19B |
| Finance Div. Loans and Leases | 22.52B | 23.11B | 23.09B | 24.25B | 19.26B | 15.38B |
| Finance Div. Other Current Assets | 1.24B | 1.33B | 1.63B | 1.52B | 1.25B | 1.36B |
| Restricted Cash | 114.00M | 109.00M | 89.00M | 96.00M | 158.00M | 128.00M |
| Other Current Assets | 25.00M | 30.00M | 71.00M | 46.00M | 84.00M | 13.65B |
| Total Current Assets | 30.77B | 31.55B | 32.22B | 35.49B | 29.86B | 39.36B |
| Property, Plant & Equipment | 2.20B | 2.46B | 2.25B | 2.25B | 1.79B | 1.70B |
| Long-Term Investments | 301.00M | 291.00M | 371.00M | 356.00M | 272.00M | 227.00M |
| Goodwill | 3.47B | 3.48B | 3.45B | 3.47B | 3.18B | 3.07B |
| Other Intangible Assets | 1.03B | 1.06B | 1.20B | 1.27B | 1.10B | 1.19B |
| Long-Term Deferred Tax Assets | 1.29B | 1.21B | 927.00M | 979.00M | 433.00M | 421.00M |
| Other Long-Term Assets | 1.20B | 816.00M | 818.00M | 788.00M | 994.00M | 1.48B |
| Total Assets | 42.17B | 42.75B | 42.93B | 46.27B | 39.38B | 49.42B |
| Accounts Payable | 2.41B | 2.25B | 2.29B | 3.61B | 3.70B | 3.53B |
| Accrued Expenses | 2.82B | 2.77B | 2.99B | 3.38B | 2.26B | 1.88B |
| Current Portion of Long-Term Debt | 56.00M | 60.00M | 80.00M | 147.00M | 134.00M | 40.00M |
| Current Portion of Leases | 89.00M | |||||
| Finance Div. Debt Current | 10.09B | |||||
| Current Income Taxes Payable | 319.00M | 323.00M | 243.00M | 704.00M | 506.00M | 671.00M |
| Other Current Liabilities | 693.00M | 685.00M | 699.00M | 679.00M | 614.00M | 12.56B |
| Total Current Liabilities | 6.30B | 16.26B | 6.31B | 8.52B | 7.21B | 18.68B |
| Long-Term Debt | 4.23B | 4.10B | 4.04B | 4.13B | 4.91B | 5.33B |
| Finance Div. Debt Long-Term | 21.74B | 12.57B | 22.84B | 23.19B | 18.05B | 15.56B |
| Finance Div. Other Long-Term Liabilities | 82.00M | 94.00M | 65.00M | 145.00M | 156.00M | 174.00M |
| Long-Term Leases | 289.00M | 183.00M | 282.00M | 300.00M | 228.00M | 196.00M |
| Long-Term Unearned Revenue | 141.00M | 122.00M | 72.00M | 50.00M | 33.00M | 20.00M |
| Pension & Post-Retirement Benefits | 774.00M | 819.00M | 761.00M | 995.00M | 979.00M | 1.21B |
| Long-Term Deferred Tax Liabilities | 14.00M | 17.00M | 28.00M | 35.00M | 85.00M | 125.00M |
| Other Long-Term Liabilities | 752.00M | 755.00M | 769.00M | 746.00M | 750.00M | 1.25B |
| Total Liabilities | 34.32B | 34.92B | 35.16B | 38.12B | 32.41B | 42.56B |
| Common Stock | 25.00M | 25.00M | 25.00M | 25.00M | 25.00M | 25.00M |
| Additional Paid-In Capital | 1.36B | 1.39B | 1.42B | 1.58B | 1.50B | 4.46B |
| Retained Earnings | 10.53B | 10.51B | 10.31B | 9.65B | 7.91B | 4.82B |
| Treasury Stock | -1.46B | -1.42B | -1.39B | -865.00M | -230.00M | -84.00M |
| Comprehensive Income & Other | -2.70B | -2.77B | -2.71B | -2.36B | -2.28B | -2.44B |
| Total Common Equity | 7.76B | 7.73B | 7.65B | 8.03B | 6.93B | 6.78B |
| Minority Interest | 97.00M | 95.00M | 117.00M | 120.00M | 49.00M | 75.00M |
| Shareholders' Equity | 7.85B | 7.83B | 7.77B | 8.15B | 6.98B | 6.85B |
| Total Liabilities & Equity | 42.17B | 42.75B | 42.93B | 46.27B | 39.38B | 49.42B |
| Total Debt | 26.31B | 27.09B | 27.24B | 27.77B | 23.32B | 21.13B |
| Net Cash (Debt) | -24.90B | -25.04B | -24.79B | -24.15B | -19.42B | -16.67B |
| Net Cash Per Share | -19.99 | -20.02 | -19.67 | -17.89 | -14.26 | -12.25 |
| Filing Date Shares Outstanding | 1.24B | 1.24B | 1.25B | 1.29B | 1.34B | 1.36B |
| Total Common Shares Outstanding | 1.24B | 1.24B | 1.25B | 1.29B | 1.34B | 1.36B |
| Working Capital | 24.46B | 15.29B | 25.91B | 26.97B | 22.65B | 20.67B |
| Book Value Per Share | 6.27 | 6.22 | 6.13 | 6.22 | 5.15 | 5.00 |
| Tangible Book Value | 3.09B | 3.03B | 2.85B | 3.12B | 2.48B | 2.36B |
| Tangible Book Value Per Share | 2.50 | 2.44 | 2.28 | 2.42 | 1.84 | 1.74 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 311.00M | 510.00M | 1.25B | 2.27B | 2.03B | 1.72B |
| Depreciation & Amortization | 457.00M | 432.00M | 417.00M | 377.00M | 328.00M | 296.00M |
| Other Amortization | 198.00M | 197.00M | 188.00M | 187.00M | 207.00M | 241.00M |
| Loss (Gain) From Sale of Assets | -42.00M | |||||
| Loss (Gain) on Equity Investments | -3.00M | 17.00M | -11.00M | -115.00M | -69.00M | -29.00M |
| Other Operating Activities | 672.00M | 642.00M | 353.00M | 195.00M | 206.00M | 212.00M |
| Change in Accounts Receivable | 255.00M | 708.00M | 1.01B | -2.27B | -2.45B | 191.00M |
| Change in Inventory | 364.00M | 749.00M | 787.00M | -259.00M | -151.00M | -555.00M |
| Change in Accounts Payable | -13.00M | -198.00M | -1.19B | -157.00M | 125.00M | 738.00M |
| Change in Other Net Operating Assets | -217.00M | -321.00M | -734.00M | 1.21B | 421.00M | 654.00M |
| Operating Cash Flow | 1.78B | 2.54B | 1.97B | 907.00M | 557.00M | 4.08B |
| Capital Expenditures | -1.17B | -1.20B | -1.19B | -1.20B | -999.00M | -921.00M |
| Sale of Property, Plant & Equipment | 97.00M | 11.00M | ||||
| Other Investing Activities | 488.00M | -182.00M | -1.59B | -2.50B | -2.11B | -4.09B |
| Investing Cash Flow | -685.00M | -1.38B | -2.77B | -3.70B | -3.01B | -5.00B |
| Long-Term Debt Issued | 12.98B | 15.11B | 12.01B | 11.76B | 7.99B | |
| Long-Term Debt Repaid | -14.57B | -13.87B | -8.22B | -9.22B | -9.20B | |
| Net Debt Issued (Repaid) | -1.49B | -1.59B | 1.24B | 3.79B | 2.54B | -1.21B |
| Repurchase of Common Stock | -157.00M | -100.00M | -702.00M | -652.00M | -153.00M | |
| Common Dividends Paid | -124.00M | -313.00M | -591.00M | -527.00M | -412.00M | -188.00M |
| Other Financing Activities | -15.00M | -20.00M | -16.00M | -11.00M | -11.00M | -46.00M |
| Financing Cash Flow | -1.78B | -2.02B | -67.00M | 2.60B | 1.96B | -1.45B |
| Foreign Exchange Rate Adjustments | 1.00M | 225.00M | -308.00M | 110.00M | -228.00M | -403.00M |
| Net Cash Flow | -683.00M | -637.00M | -1.18B | -84.00M | -716.00M | -2.77B |
| Free Cash Flow | 611.00M | 1.34B | 782.00M | -288.00M | -442.00M | 3.16B |
| Free Cash Flow Margin | 3.36% | 7.41% | 3.94% | -1.17% | -1.88% | 16.21% |
| Free Cash Flow Per Share | 0.49 | 1.07 | 0.62 | -0.21 | -0.33 | 2.32 |
| Levered Free Cash Flow | 563.12M | 9.96B | 368.00M | -3.38B | -1.32B | 1.26B |
| Unlevered Free Cash Flow | 663.12M | 10.05B | 464.25M | -3.31B | -1.24B | 1.35B |
| Cash Interest Paid | 1.46B | 1.46B | 1.60B | 1.09B | 718.00M | 539.00M |
| Cash Income Tax Paid | 227.00M | 227.00M | 769.00M | 802.00M | 717.00M | 348.00M |
| Change in Working Capital | 149.00M | 740.00M | -225.00M | -2.01B | -2.10B | 755.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.56B | 11.49B | 14.15B | 15.69B | 21.58B | 26.31B |
| Enterprise Value | 39.45B | 37.50B | 40.49B | 38.63B | 40.08B | 43.99B |
| Last Close Price | 11.76 | 9.13 | 11.02 | 11.37 | 14.58 | 15.04 |
| PE Ratio | 47.02 | 22.53 | 11.36 | 6.90 | 10.64 | 15.27 |
| Forward PE | 21.70 | 20.32 | 13.13 | 7.66 | 10.25 | 14.29 |
| PS Ratio | 0.80 | 0.64 | 0.71 | 0.64 | 0.92 | 1.35 |
| PB Ratio | 1.88 | 1.47 | 1.82 | 1.93 | 3.09 | 3.84 |
| P/TBV Ratio | 4.71 | 3.80 | 4.97 | 5.02 | 8.72 | 11.14 |
| P/FCF Ratio | 23.82 | 8.58 | 18.10 | 8.32 | ||
| P/OCF Ratio | 8.16 | 4.53 | 7.19 | 17.30 | 38.74 | 6.45 |
| PEG Ratio | 0.86 | 43.79 | 43.79 | 2.55 | 0.12 | 0.16 |
| EV/Sales Ratio | 2.17 | 2.07 | 2.04 | 1.56 | 1.70 | 2.26 |
| EV/EBITDA Ratio | 37.43 | 32.44 | 19.07 | 11.62 | 12.75 | 18.27 |
| EV/EBIT Ratio | 66.09 | 51.79 | 23.74 | 13.11 | 14.23 | 20.84 |
| EV/FCF Ratio | 64.57 | 27.98 | 51.78 | 13.91 | ||
| Debt / Equity Ratio | 3.35 | 3.46 | 3.51 | 3.41 | 3.34 | 3.08 |
| Debt / EBITDA Ratio | 22.64 | 21.43 | 12.22 | 8.13 | 7.25 | 8.54 |
| Debt / FCF Ratio | 43.06 | 20.21 | 34.84 | 6.69 | ||
| Net Debt / Equity Ratio | 3.17 | 3.20 | 3.19 | 2.96 | 2.78 | 2.43 |
| Net Debt / EBITDA Ratio | 23.62 | 21.66 | 11.68 | 7.26 | 6.18 | 6.93 |
| Net Debt / FCF Ratio | 40.75 | 18.69 | 31.70 | -83.86 | -43.93 | 5.27 |
| Asset Turnover | 0.42 | 0.42 | 0.45 | 0.58 | 0.53 | 0.40 |
| Inventory Turnover | 2.47 | 2.67 | 2.61 | 3.26 | 3.74 | 2.77 |
| Quick Ratio | 3.95 | 1.61 | 4.21 | 3.42 | 3.35 | 1.11 |
| Current Ratio | 4.88 | 1.94 | 5.11 | 4.17 | 4.14 | 2.11 |
| Return on Equity (ROE) | 3.91% | 6.48% | 15.82% | 30.24% | 29.49% | 30.31% |
| Return on Assets (ROA) | 0.87% | 1.06% | 2.39% | 4.30% | 3.96% | 2.69% |
| Return on Invested Capital (ROIC) | 1.35% | 1.62% | 4.15% | 7.97% | 8.26% | 8.04% |
| Return on Capital Employed (ROCE) | 1.70% | 2.70% | 4.70% | 7.80% | 8.80% | 6.90% |
| Earnings Yield | 2.13% | 4.44% | 8.80% | 14.50% | 9.40% | 6.55% |
| FCF Yield | 4.20% | 11.66% | 5.53% | -1.84% | -2.05% | 12.01% |
| Dividend Yield | 0.85% | 1.08% | 2.21% | 3.87% | 2.47% | 1.56% |
| Payout Ratio | 39.98% | 61.37% | 47.43% | 23.16% | 20.31% | 10.91% |
| Buyback Yield / Dilution | 0.60% | 0.71% | 6.67% | 0.88% | -0.07% | -0.74% |
| Total Shareholder Return | 1.45% | 1.80% | 8.87% | 4.75% | 2.39% | 0.82% |