CNH Industrial reported results for the fourth quarter and full year 2025. The company registered lower performance over the full year, compared to 2024, while consolidated revenues were slightly better in Q4 2025, compared to Q4 2024. CNH keeps taking control on the expenses on the road to expected recovery in 2027.
Fourth quarter net income of CNH was $89 million, compared with net income of $176 million in Q4 2024. Consolidated revenues were $5.16 billion in the quarter (up 6% compared to Q4 2024) and net sales of industrial activities were $4.45 billion (up 8% compared to Q4 2024). Net cash provided by operating activities was $945 million, and industrial free cash flow was $817 million in Q4 2025.
Full year 2025 consolidated revenues were $18.10 billion, down 9% year-over-year, with net sales of industrial activities at $15.35 billion, down 10%. Full year net income was $505 million compared to 2024 net income of $1,259 million. Adjusted net income was $703 million compared to $1,339 million in 2024. Full year net cash provided by operating activities was $2,538 million, and Industrial free cash flow was $513 million.
“Despite a challenging market environment, CNH delivered solid progress toward its long-term goals in 2025 and strengthened its foundation for success,” said Gerrit Marx, CNH Chief Executive Officer. “We continued reducing dealer inventories, advanced our quality and operational excellence initiatives, and introduced products that address the evolving needs of farmers and builders. Our teams executed with discipline, focusing on what we can control while supporting our customers through dynamic economic conditions. We remain committed to prudent production planning, purposeful innovation, and delivering technology integration.”
Regional differences
In North America, fourth quarter industry volume fell 31% year-over-year for tractors over 140 HP and 14% for tractors under 140 HP. Combines were down 16%. In Europe, Middle East and Africa (“EMEA”), tractor demand fell 8%, while combine demand rose 40%. In South America, tractor demand fell 8% and combine demand fell 39%. In Asia Pacific, tractor demand increased 19% and combine demand increased 10%.
Agriculture
Net sales increased 5% for the quarter to $3.6 billion, driven by favorable price realization and positive foreign exchange impacts. Adjusted EBIT decreased to $233 million ($244 million in Q4 2024), primarily due to tariffs, lower JV results, unfavorable geographic mix, and increased SG&A (non-production operational) expenses, partially offset by favorable price realization and lower R&D spending. R&D investments accounted for 5.4% of net sales (6.2% in Q4 2024).
Construction
Net sales increased 19% for the quarter to $853 million, driven by higher shipment volumes and favorable price realization, primarily in North America. Adjusted EBIT decreased to $5 million ($18 million in Q4 2024), reflecting higher production costs including tariffs, partially offset by higher shipment volumes. Adjusted EBIT margin was 0.6% (2.5% in Q4 2024).
Financial services
Revenues decreased by 6% due to lower yields and reduced average portfolio balances across all regions (except APAC), along with lower equipment sales related to decreased operating lease maturities, partially offset by favorable currency translation. Net income was $109 million in the fourth quarter of 2025, an increase of $17 million compared to the same quarter of 2024, due to interest margin improvements across all regions, partially offset by higher risk costs in Brazil and lower volumes in North America and EMEA. Results also benefited from a lower effective tax rate, reflecting a more favorable market mix in Latin America and the impact of the prior‑year Argentina valuation allowance adjustment.
2026 Outlook
Farmers continue to face challenging market dynamics, including low commodity prices, high input costs, and an uncertain trade environment. These conditions are expected to further weaken the North American industry demand for agricultural equipment, while some stability in the EMEA region is projected. CNH forecasts the global industry retail demand to be lower than 2025 levels by another 5%, down to historic trough levels. CNH’s agriculture segment has and will continue to respond to these market dynamics by maintaining low production levels, working with its dealer network to lower channel inventory, pursuing cost efficiencies, and managing rapid changes in trade policies. Agriculture equipment industry demand is expected to resume growth in 2027.
