CNH Industrial reported mixed results for Q4 FY2025, with consolidated revenues up 6% driven by Industrial Activities, but full-year revenues declined 9% due to lower industry equipment demand. The company faced significant net income and EPS drops year-over-year, particularly in the Agriculture segment, and is preparing for further demand weakness in 2026.
Consolidated revenues increased 6% to $5.16 billion in Q4 FY2025 compared to Q4 FY2024.
positiveNet sales of Industrial Activities increased 8% to $4.45 billion in Q4 FY2025 compared to Q4 FY2024.
positiveFinancial Services revenues increased 18% to $109 million in Q4 FY2025 compared to Q4 FY2024.
positiveIndustrial Free Cash Flow was $817 million in Q4 FY2025, an improvement from $848 million in Q4 FY2024.
neutralFull year 2025 consolidated revenues declined 9% to $18.10 billion, with Net sales of Industrial Activities down 10% to $15.35 billion.
negativeFull year net income decreased 60% to $505 million in 2025 from $1,259 million in 2024.
negativeFull year diluted EPS fell to $0.41 in 2025 from $0.99 in 2024.
negativeAgriculture segment net sales decreased 12% year-over-year for the full year 2025.
negativeAgriculture segment adjusted EBIT margin compressed 430 bps to 6.2% in FY2025 from 10.5% in FY2024.
negativeConstruction segment adjusted EBIT margin compressed 320 bps to 2.3% in FY2025 from 5.5% in FY2024.
negativeThe company forecasts global industry retail demand for agriculture equipment to be lower by another 5% in 2026, down to historic trough levels.
negativeThe receivable balance past due greater than 30 days as a percentage of receivables in Financial Services increased to 3.1% in Q4 2025 from 1.9% in Q4 2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Agriculture | N/A | — | — | — |
Construction | N/A | — | — | — |
Financial Services | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
CNH delivered solid progress toward its long-term goals in 2025 and strengthened its foundation for success.
Teams executed with discipline, focusing on what we can control while supporting our customers through dynamic economic conditions.
As we move into 2026, we remain committed to prudent production planning, purposeful innovation, and delivering superior iron and technology integration.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.