CNH Industrial N.V. Reports Q1 Results

7th May 2026 webmaster

The company reported Q1 2026 net income of $10 million (diluted EPS $0.01) versus $132 million (EPS $0.10) in Q1 2025; adjusted net income(1) was $21 million (Q1 2025: $132 million). Consolidated revenues were $3.83 billion and Industrial Activities net sales were $3.17 billion (both flat year-over-year). Operating activities provided $35 million of cash; Industrial Activities free cash flow was an absorption of $589 million. Income tax expense was $4 million (ETR 30.8%); adjusted ETR(1) was 20.0%.

CEO Gerrit Marx said results were in line with expectations despite weak North American ag demand and trade/tariff complexity, with continued discipline on production, inventories, and pricing/cost actions.

2026 First Quarter Results (summary)

Agriculture
($ million)	Q1 2026	Q1 2025	Change	Change at c.c.(2)
Net sales	2,596	2,581	+1%	(4)%
Adjusted EBIT(1)	27	139	(81)%
Adjusted EBIT margin(1)	1.0%	5.4%	(440) bps

Agriculture: Industry demand was mixed by region in Q1. North America volumes declined (tractors under 140 HP -7%, over 140 HP -27%; combines -6%), while EMEA tractors rose +2% (combines -5%). South America softened (tractors -8%, combines -33%); Asia Pacific tractors grew +21% (combines -16%). Segment net sales were flat at $2.6 billion, supported by pricing and FX, offset by lower volumes outside EMEA. Adjusted EBIT(1) fell to $27 million from $139 million, mainly on lower volumes, tariff impacts, higher SG&A and R&D, and lower JV results; R&D was 7.9% of sales (6.3% in Q1 2025).

Construction
($ million)	Q1 2026	Q1 2025	Change	Change at c.c.(2)
Net sales	574	591	(3)%	(6)%
Adjusted EBIT(1)	(28)	14	(300)%
Adjusted EBIT margin(1)	(4.9)%	2.4%	(730) bps

Construction: Global industry sales volume increased year-over-year (+7% Heavy, +5% Light). Demand rose in North America (+4%), EMEA (+6%) and Asia Pacific (+7%) and was flat in South America. Segment net sales decreased 3% to $574 million on lower volumes in South and North America. Adjusted EBIT(1) moved to a loss of $(28) million from $14 million, primarily due to tariffs, higher SG&A, and lower volumes, partly offset by pricing.

($ million)	Financial Services
($ million)	Q1 2026	Q1 2025	Change	Change at c.c.(2)
Revenues	646	651	(1)%	(5)%
Net income	74	90	(18)%
Equity at quarter-end	2,925	2,815	+110
Retail loan originations	2,152	2,393	(241)

Financial Services: Revenues decreased 1% on lower volumes (except APAC), fewer operating-lease maturities, and lower yields in EMEA, partly offset by currency translation and higher yields in South and North America. Net income was $74 million versus $90 million, driven by higher risk costs in Brazil and lower volumes, partly offset by improved interest margin outside EMEA. The managed portfolio (including unconsolidated JVs) was $28.0 billion at March 31, 2026, flat year-over-year (down $1.0 billion at constant currency(2)); receivables >30 days past due were 3.5% (2.3% a year earlier), reflecting economic and environmental pressures on farmers, particularly in South America.

2026 Outlook

CNH said farmers continue to face low commodity prices, high input costs, and trade uncertainty. The company plans to maintain low production, work with dealers to manage channel inventory, and pursue cost and quality improvements, while mitigating tariff and logistics headwinds.