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Edge25 Oct 2024
Deere & Company: Shaping the Future of Agriculture Since 1837
Detailing the history of agriculture and Deere & Company, all the way from 1837 to the present day.
CNH Industrial
CNH Industrial (CNH) investor relations material
CNH Industrial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Q4 2025 consolidated revenues rose 6% year-over-year to $5.2 billion, with Industrial Activities net sales at $4.5 billion, and net income of $89 million; adjusted net income was $246 million, up 26% year-over-year.
Full-year 2025 revenues declined 9% to $18.1 billion, with net income at $505 million (down 60% year-over-year) and adjusted net income at $703 million (down 47%).
Significant cost savings initiatives in agriculture delivered $230 million in 2025, supporting a $550 million cumulative target by 2030.
Dealer inventory reductions totaled $800 million for the year, just shy of the $1 billion target, with further $0.2 billion reduced in Q4.
Management highlighted progress in operational excellence, product innovation, and sustainability leadership, with top industry rankings in S&P Global and CDP scores.
Financial highlights
Q4 adjusted EBIT for Industrial Activities was $234 million, up 21% year-over-year, with a margin of 5.3% (up 60 bps); adjusted net income was $246 million.
Q4 adjusted diluted EPS was $0.19, up $0.04 year-over-year; full-year adjusted diluted EPS was $0.55, down from $1.05.
Q4 industrial free cash flow was $817 million; full-year free cash flow was $513 million, a $914 million improvement from 2024.
For the full year, $432 million was returned to shareholders via $332 million in dividends and $100 million in share repurchases.
Full-year adjusted EBIT margin for Industrial Activities was 4.3%, down from 8.2% in 2024.
Outlook and guidance
2026 Industrial Activities net sales expected to be flat to down 4% year-over-year; adjusted EBIT margin guidance is 2.5%–3.5%.
Agriculture net sales expected to be $12.4 billion (down 5% to flat year-over-year), with adjusted EBIT margin of 4.5%–5.5%.
Construction net sales expected to be flat at $3.0 billion, with adjusted EBIT margin of 1.0%–2.0%.
Adjusted diluted EPS for 2026 projected at $0.35–$0.45; industrial free cash flow forecasted at $150–$350 million.
CapEx planned at $600–$650 million in 2026, mainly for manufacturing upgrades and strategic sourcing.
What drives 2027 Ag market recovery expectation?
Impairment charges: strategic implications
Financial Services: South America risk mitigation
Pace of dealer network consolidation
Construction business partnership strategy
NA recovery impact on product mix & margins?
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Next CNH Industrial earnings date
Q1 202630 Apr, 2026
CNH Industrial
Next CNH Industrial earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
CNH Industrial N.V. designs, manufactures, and sells agricultural and construction equipment, as well as commercial vehicles and powertrain solutions. The company serves customers worldwide through a portfolio of brands and a network of dealers and distributors. It also offers financial services. The company is headquartered in London, United Kingdom, and its shares are listed on the BIT.
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