CNH Industrial reported net income for the three months ended March 31, 2026, of USD 10 million, compared with net income of USD 132 million in Q1, 2025. Adjusted net income for the first quarter of 2026 was USD 21 million, compared to USD 132 million for the first quarter of 2025.
Consolidated revenues for the first quarter were USD 3.83 billion and net sales of industrial activities were USD 3.17 billion, both flat with Q1 2025. Net cash provided by operating activities was USD 35 million, and free cash flow absorption of industrial activities was USD 589 million in Q1 2026.
Income tax expense was USD 4 million (USD 47 million in Q1 2025) with an effective tax rate (“ETR”) of 30.8% (29.0% in Q1 2025). The adjusted ETR was 20.0% for the first quarter (29.0% in Q1 2025).
“While the first quarter reflected historically low North American agricultural equipment demand, a complex trade environment, and ongoing challenges in Brazil, our performance was consistent with expectations,” said Gerrit Marx, Chief Executive Officer of CNH. “The team stayed disciplined by managing production carefully, holding channel inventories steady, and delivering positive price and product cost performance through operational efficiency and quality improvements. We believe the industry is moving through the lowest period of the current agriculture cycle, assuming global trade routes are open. Our focus remains on positioning CNH for the market recovery ahead, supporting our customers with strong products and technology, and creating durable, long-term value.”
