Revenue growth despite challenging machinery market
CNH Industrial has reported second-quarter 2026 revenues of $4.8 billion, an increase of 2% year-on-year, as the manufacturer continues to navigate what it describes as the “trough” of the agricultural equipment cycle.
For the three months ended 30 June 2026, CNH recorded net income of $141 million, compared with $217 million in the same period last year. Adjusted net income was $161 million, down from $216 million in Q2 2025, while diluted earnings per share fell to $0.11 from $0.17.
Industrial Activities generated net sales of $4.14 billion, up 3% compared with the previous year, with the company reporting positive progress on operational efficiency, sourcing and dealer network consolidation.
“Our second quarter results reflect disciplined execution by the CNH team in a market that remains at the trough of the agriculture cycle,” said Gerrit Marx, chief executive officer of CNH. “Despite the industry conditions, we delivered year-over-year revenue growth and continued progress on our strategic priorities, including quality, sourcing, operational efficiency, and dealer network consolidation.”
Agriculture revenues were broadly stable at $3.3 billion, supported by pricing improvements that offset lower sales volumes. However, adjusted EBIT declined to $170 million from $263 million in Q2 2025, reflecting weaker demand in South America, product mix pressures in North America and EMEA, tariff impacts and increased investment in research and development.
Market conditions remained difficult across key regions. North American tractor sales fell by 16% for machines below 140hp and 17% for larger tractors, while combine demand declined 7%. In Europe, Middle East and Africa, tractor demand was down 11%, while South American tractor and combine markets declined by 8% and 29% respectively.
The Construction business recorded stronger revenue growth, with sales increasing 12% to $866 million, driven mainly by higher North American volumes. However, adjusted EBIT fell to $15 million due to tariff impacts and increased development costs.
CNH returned $200 million to shareholders during the quarter through dividends and share repurchases. The company has narrowed its full-year 2026 guidance towards the upper end of previous expectations, forecasting agricultural equipment revenues broadly flat year-on-year and an adjusted EBIT margin of 5.0–5.5%.
Marx added that improving dealer inventories, ageing machinery fleets and a more balanced relationship between new and used equipment pricing provide encouraging indicators for the next equipment cycle.
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