CNH Industrial N.V. (CNH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.11	$0.13	+18.2%	—	$4.8B	—
Q1 26	—	$0.01	—	—	$3.8B	—
Q4 25	$0.11	$0.19	+72.7%	—	$5.2B	—
Q2 25	$0.14	$0.17	+21.4%	—	$4.7B	—
Q1 25	$0.1	$0.1	0.0%	—	$3.8B	—
Q4 24	$0.19	$0.15	-21.1%	—	$4.9B	—
Q3 24	$0.28	$0.24	-14.3%	—	$4.7B	—
Q2 24	$0.37	$0.38	+2.7%	—	$5.5B	—
Q1 24	$0.26	$0.33	+26.9%	—	$4.8B	—
Q4 23	$0.42	$0.42	0.0%	—	$6.8B	—
Q3 23	$0.43	$0.42	-2.3%	—	$6B	—
Q2 23	$0.49	$0.52	+6.1%	—	$6.6B	—
Q1 23	$0.32	$0.35	+9.4%	—	$5.3B	—
Q4 22	$0.35	$0.36	+2.9%	—	$6.9B	—
Q3 22	$0.33	$0.41	+24.2%	—	$5.9B	—
Q2 22	$0.37	$0.43	+16.2%	—	$6.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.41	—	—	$18.1B	—
FY24	—	$0.99	—	—	$19.8B	—
FY23	—	$1.78	—	—	$24.7B	—
FY22	—	$1.5	—	—	$23.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$25.1B	$27.7B	$29.7B	$28.1B	$14.8B	$19.5B	$23.6B	$24.7B	$19.8B	$18.1B
YoY change	-3.15%	+10.4%	+7.24%	-5.48%	-47.4%	+31.9%	+20.8%	+4.82%	-19.7%	-8.78%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	25.1B	27.7B	29.7B	28.1B	14.8B	19.5B	23.6B	24.7B	19.8B	18.1B
Cost of revenue	19.4B	21.6B	23B	21.8B	11.2B	14.1B	16.8B	16.8B	13.3B	12.4B
Gross profit	5.7B	6.1B	6.7B	6.2B	3.6B	5.4B	6.8B	7.8B	6.5B	5.7B
Gross margin	22.6%	22.1%	22.7%	22.2%	24.5%	27.6%	28.7%	31.8%	32.7%	31.5%
Research & development	860M	957M	1.1B	1B	493M	642M	866M	1B	924M	1B
Selling, general & administrative	2.2B	2.3B	2.4B	2.2B	1.3B	1.5B	1.8B	1.9B	1.7B	1.9B
Operating expenses	3.1B	3.3B	3.4B	3.2B	1.8B	2.1B	2.6B	2.9B	2.6B	2.9B
Operating income	2.6B	2.9B	3.3B	3B	1.8B	3.3B	4.1B	4.9B	3.9B	2.8B
Operating margin	10.2%	10.3%	11.2%	10.7%	12.4%	16.9%	17.6%	20%	19.4%	15.5%
Non-operating income, net	-1.6B	-1.3B	-1.1B	-1B	-1.4B	-803M	-720M	-897M	-782M	-703M
Pretax income	-22M	659M	1.5B	1.2B	-179M	1.9B	2.7B	2.7B	1.5B	620M
Income tax	297M	457M	417M	-271M	85M	229M	747M	594M	336M	184M
Net income	-261M	290M	1.1B	1.5B	-438M	1.8B	2B	2.4B	1.3B	505M
Net margin	-1.04%	1.05%	3.7%	5.18%	-2.96%	9.03%	8.66%	9.65%	6.35%	2.79%
EBITDA	2.3B	3B	3.7B	3.3B	1.6B	3.1B	4B	4.7B	3.8B	2.8B
EPS	-0.18	0.22	0.79	1.05	-0.36	1.27	1.5	1.78	0.99	0.41
Diluted EPS	-0.18	0.22	0.78	1.05	-0.36	1.27	1.49	1.76	0.99	0.41

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6B	6.8B	4.8B	5.5B	4.7B	4.9B	3.8B	4.7B	4.4B	5.2B	3.8B	4.8B
Cost of revenue	4.1B	4.7B	3.2B	3.7B	3.1B	3.3B	2.6B	3.2B	3B	3.6B	2.6B	3.4B
Gross profit	1.9B	2.1B	1.6B	1.8B	1.5B	1.6B	1.3B	1.5B	1.4B	1.5B	1.2B	1.4B
Gross margin	32.2%	30.7%	33.7%	32.5%	32.7%	31.8%	32.9%	32.2%	31.9%	29.6%	31.9%	29.3%
Research & development	266M	275M	228M	237M	221M	238M	184M	218M	281M	342M	232M	230M
Selling, general & administrative	462M	478M	411M	461M	426M	414M	386M	478M	549M	463M	465M	494M
Operating expenses	728M	753M	639M	698M	647M	652M	570M	696M	830M	805M	697M	724M
Operating income	1.2B	1.3B	984M	1.1B	877M	901M	689M	823M	574M	719M	524M	683M
Operating margin	20%	19.6%	20.4%	19.8%	18.8%	18.5%	18%	17.5%	13%	13.9%	13.7%	14.2%
Non-operating income, net	-191M	-353M	-188M	-216M	-139M	-239M	-165M	-188M	-145M	-205M	-146M	-139M
Pretax income	662M	577M	402M	454M	360M	241M	162M	275M	51M	132M	13M	172M
Income tax	171M	58M	77M	95M	75M	89M	47M	76M	1M	60M	4M	43M
Net income	540M	617M	402M	438M	310M	176M	132M	217M	67M	89M	10M	141M
Net margin	9.02%	9.08%	8.34%	7.98%	6.66%	3.61%	3.45%	4.61%	1.52%	1.73%	0.26%	2.94%
EBITDA	1.2B	1.2B	975M	1.1B	905M	837M	680M	796M	591M	686M	548M	737M
EPS	0.4	0.47	0.32	0.34	0.24	0.14	0.1	0.17	0.06	0.07	0.01	0.11
Diluted EPS	0.4	0.46	0.31	0.34	0.24	0.14	0.1	0.17	0.06	0.07	0.01	0.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	12.2B	18B	12.5B	14.9B	17.6B	26.3B	21.7B	16.2B	14.2B	11.5B	21.3B
Enterprise value	42.7B	49.9B	42.3B	45.8B	46.8B	52.4B	40.5B	39.5B	38.2B	36B	41.2B
Shares outstanding	1.4B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B	1.3B	1.3B	1.2B	1.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	62	11.3	10.2	—	14.9	10.6	6.81	11.3	22.8	52.4
P/S	0.48	0.65	0.42	0.53	1.19	1.35	0.92	0.66	0.72	0.64	1.16
P/B	2.72	4.22	2.44	2.42	3.5	3.84	3.11	1.97	1.83	1.47	2.09
EV/EBITDA	18.5	16.4	11.5	13.9	28.8	17.1	10.2	8.45	10.1	13.1	39.1
EV/Sales	1.7	1.8	1.42	1.63	3.17	2.69	1.72	1.6	1.92	1.99	2.27
Earnings yield	—	1.61%	8.83%	9.76%	—	6.69%	9.4%	14.7%	8.86%	4.39%	1.91%
FCF yield	5.21%	3.51%	5.24%	-0.91%	26.6%	12%	-2.04%	-1.78%	5.5%	11.6%	2.64%
PEG	—	—	—	—	—	—	—	—	—	—	-1.48

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.6%	22.1%	22.7%	22.2%	24.5%	27.6%	28.7%	31.8%	32.7%	31.5%	29.3%
Operating margin	10.2%	10.3%	11.2%	10.7%	12.4%	16.9%	17.6%	20%	19.4%	15.5%	5.54%
Net margin	-1.04%	1.05%	3.7%	5.18%	-2.96%	9.03%	8.66%	9.65%	6.35%	2.79%	1.71%
ROE	-5.84%	6.81%	21.6%	23.6%	-8.71%	25.7%	29.2%	28.9%	16.2%	6.45%	3.91%
ROA	-0.57%	0.6%	2.38%	3.07%	-0.9%	3.56%	5.18%	5.14%	2.93%	1.18%	0.87%
ROIC	7.34%	2.42%	6.83%	8.1%	5.36%	8.8%	11.6%	12.2%	9.33%	6.11%	5.48%
Return on tangible assets	-0.67%	0.69%	2.77%	3.58%	-1.01%	4.34%	6.69%	6.52%	3.78%	1.51%	0.93%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.29	3.4	3.48	3.73	3.55	2.21	5.27	2.02	2.16	2.23	4.88
Quick ratio	3.51	2.74	2.75	2.92	2.93	1.97	4.41	1.71	1.84	1.9	5.86
Debt / equity	7.95	8.78	6.84	5.81	7.57	4.55	3.32	3.36	3.5	3.45	3.35
Debt / assets	0.78	0.77	0.76	0.76	0.78	0.63	0.59	0.6	0.63	0.63	0.62
Net debt / EBITDA	13.2	10.5	8.12	9.39	18	8.53	4.72	4.98	6.32	8.88	9.52
Interest coverage	0.98	1.7	2.81	2.47	0.73	4.53	4.65	3.01	1.9	1.42	1.25
Effective tax rate	0%	69.3%	28.4%	0%	0%	11.8%	27.9%	22%	23.1%	29.7%	29.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17.9	20.7	22	20.7	10.8	14.4	17.4	18.5	15.8	14.5	14.6
EPS (basic)	-0.18	0.22	0.79	1.05	-0.36	1.27	1.5	1.78	0.99	0.41	0.41
EPS (diluted)	-0.18	0.22	0.78	1.05	-0.36	1.27	1.49	1.76	0.99	0.41	0.25
Book value per share	3.19	3.17	3.77	4.55	3.67	5.06	5.16	6.18	6.19	6.27	6.27
FCF per share	0.45	0.47	0.48	-0.1	3.42	2.33	-0.33	-0.22	0.62	1.07	0.49
Cash per share	3.58	4.05	3.72	3.6	6.42	3.73	3.24	3.24	2.54	2.07	1.14
Capex per share	0.47	0.01	0.01	0.05	0	—	—	—	—	0.96	0.95

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.63%	0.06%	0.02%	0.22%	0.02%	—	—	—	—	6.62%	6.45%
Capex / operating cash flow	24.4%	0.6%	0.28%	3.36%	0.08%	—	—	—	—	47.2%	65.8%
Payout ratio	-79.3%	57.9%	22.1%	19.5%	-1.83%	10.7%	20.7%	22.6%	48.2%	65.9%	40%
Dividend yield	1.7%	0.93%	1.95%	1.9%	0.05%	0.71%	1.95%	3.32%	4.27%	2.89%	3.02%

Yield

3.02%

trailing twelve months

Frequency

Annual

Last dividend

$0.10

ex-dividend May 21, 2026

Payout ratio

40%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 21, 2026	$0.10
May 21, 2025	$0.25
May 10, 2024	$0.47
Apr 24, 2023	$0.394
Apr 19, 2022	$0.3046
Apr 19, 2021	$0.1317
Apr 23, 2019	$0.2034
Apr 23, 2018	$0.1733

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6B	$6.8B	$4.8B	$5.5B	$4.7B	$4.9B	$3.8B	$4.7B	$4.4B	$5.2B	$3.8B	$4.8B
YoY change	+1.79%	-2.17%	-9.81%	-16.4%	-22.3%	-28.2%	-20.5%	-14.2%	-5.48%	+5.76%	-0.05%	+1.95%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	5B	5.4B	5B	4.9B	8.8B	5B	4.4B	4.3B	3.2B	2.6B
Receivables	19.3B	20.3B	19.6B	19.8B	19B	15.6B	19.4B	24.4B	23.2B	23.3B
Inventory	5.6B	6.5B	6.7B	7.1B	6B	4.2B	4.8B	5.5B	4.8B	4.7B
Total current assets	30.7B	32.9B	32.1B	32.7B	34.6B	39.2B	29.7B	35.4B	32B	31.4B
Property, plant & equipment	8.3B	8.7B	7.7B	7.1B	6.9B	3.2B	3B	3.3B	3.4B	3.8B
Goodwill & intangibles	6.5B	6.5B	6.5B	6.7B	5.4B	8.8B	8.9B	9.8B	9.6B	9.4B
Total assets	45.5B	48.3B	46.1B	47.4B	48.7B	49.4B	39.4B	46.4B	42.9B	42.7B
Accounts payable	5.2B	6.1B	5.9B	5.6B	6.4B	3.5B	3.7B	3.6B	2.3B	2.2B
Short-term debt	10.3B	11.5B	10.4B	10.5B	11.5B	10.1B	—	11.5B	10.8B	10B
Total current liabilities	7.2B	9.7B	9.2B	8.8B	9.7B	17.7B	5.6B	17.5B	14.8B	14.1B
Long-term debt	25.3B	25.9B	24.4B	25.3B	26.5B	21.1B	23.2B	16.1B	16.3B	17B
Total liabilities	41.1B	44B	41B	41.2B	43.7B	42.6B	32.4B	38.1B	35.2B	34.9B
Shareholders' equity	4.5B	4.3B	5.1B	6.2B	5B	6.9B	7B	8.2B	7.8B	7.8B
Total debt	35.6B	37.4B	34.9B	35.8B	38B	31.2B	23.2B	27.6B	27.2B	27B
Net debt	30.5B	32B	29.9B	30.9B	29.3B	26.1B	18.8B	23.3B	24B	24.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3B	4.3B	3.2B	2B	1.8B	3.2B	1.7B	2.5B	2.3B	2.6B	1.6B	1.9B
Receivables	22.4B	24.4B	24.3B	24.1B	24.3B	23.2B	23.3B	23.6B	23.2B	23.3B	22.8B	22.7B
Inventory	6.4B	5.5B	6.2B	6B	5.9B	4.8B	5.2B	5.2B	5.4B	4.7B	5.2B	5.2B
Total current assets	32.8B	35.4B	34.7B	32.9B	32.9B	32B	31B	32.2B	31.8B	31.4B	30.6B	30.6B
Property, plant & equipment	3.1B	3.3B	3.3B	3.3B	3.4B	3.4B	3.5B	3.7B	3.7B	3.8B	3.8B	3.8B
Goodwill & intangibles	9.5B	9.8B	9.7B	9.7B	9.7B	9.6B	9.6B	9.7B	9.6B	9.4B	9.4B	9.3B
Total assets	43B	46.4B	45.7B	44B	44B	42.9B	42.1B	43.7B	43.3B	42.7B	42B	42.2B
Accounts payable	3.6B	3.6B	3.2B	2.9B	2.4B	2.3B	2.2B	2.4B	2.3B	2.2B	2.4B	2.4B
Short-term debt	—	11.5B	—	—	—	10.8B	—	—	—	10B	—	—
Total current liabilities	5.6B	17.5B	5.2B	4.7B	4.2B	14.8B	3.9B	4.1B	4B	14.1B	4.3B	4.3B
Long-term debt	25.2B	16.1B	28.1B	27.1B	27.6B	16.3B	26.3B	27.7B	27.4B	17B	26.2B	26.3B
Total liabilities	34.9B	38.1B	37.7B	36.3B	36.3B	35.2B	34.1B	35.9B	35.4B	34.9B	34.2B	34.3B
Shareholders' equity	8.1B	8.2B	8B	7.7B	7.8B	7.8B	8B	7.8B	7.8B	7.8B	7.9B	7.9B
Total debt	25.2B	27.6B	28.1B	27.1B	27.6B	27.2B	26.3B	27.7B	27.4B	27B	26.2B	26.3B
Net debt	22.2B	23.3B	24.9B	25.1B	25.8B	24B	24.6B	25.2B	25.1B	24.5B	24.6B	24.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-261M	290M	1.1B	1.5B	-198M	1.8B	2B	2.4B	1.3B	505M
Depreciation & amortization	1.3B	1.4B	1.3B	1.2B	538M	537M	535M	564M	605M	629M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	1.5B	925M	-61M	-1.1B	2.8B	755M	-2.1B	-2B	-225M	740M
Operating cash flow	2.7B	2.8B	2.5B	1.8B	3.6B	3.2B	668M	1.1B	2B	2.5B
Capital expenditure	660M	17M	7M	61M	3M	—	—	—	—	-1.2B
Investing cash flow	1.1B	366M	-18M	36M	-1.1B	-3.6B	-2B	-2.5B	-1.6B	-1.4B
Dividends paid	-207M	-168M	-243M	-283M	-8M	-188M	-423M	-538M	-607M	-333M
Share repurchases	—	—	—	—	0	0	-153M	-652M	-702M	-100M
Financing cash flow	-1.5B	-1B	-723M	206M	1.1B	-1.4B	2B	2.6B	-67M	-2B
Net change in cash	2.3B	2.2B	1.8B	2.1B	3.6B	-1.8B	622M	1.2B	315M	-862M
Free cash flow	634M	630M	652M	-136M	4.7B	3.2B	-442M	-288M	782M	1.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	508M	617M	402M	471M	310M	176M	132M	217M	67M	89M	10M	141M
Depreciation & amortization	146M	148M	148M	151M	155M	151M	150M	156M	159M	164M	166M	166M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-464M	810M	-1.4B	-288M	199M	1.3B	-181M	266M	236M	419M	-237M	-269M
Operating cash flow	248M	1.6B	-817M	407M	810M	1.7B	179M	772M	659M	945M	35M	145M
Capital expenditure	—	—	—	—	—	—	—	-252M	-270M	-412M	-218M	-273M
Investing cash flow	-471M	-1.2B	-217M	-292M	-557M	-520M	-16M	-342M	-466M	-292M	54M	19M
Dividends paid	-2M	-7M	-1M	-593M	-6M	-7M	-1M	-320M	-1M	-11M	-1M	-126M
Share repurchases	-55M	-428M	-581M	-60M	-48M	-13M	-5M	0	-50M	-45M	-26M	-36M
Financing cash flow	370M	1.4B	319M	-1.1B	-176M	929M	-1.4B	161M	-373M	-386M	-990M	-34M
Net change in cash	147M	1.8B	-715M	-1B	77M	2.1B	-1.3B	591M	-180M	267M	-901M	130M
Free cash flow	-92M	1.1B	-1.1B	161M	500M	1.2B	-102M	520M	389M	533M	-183M	-128M

CNH Industrial N.V. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement