Companies · CNH
CNH Industrial
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Latest analysis
Updated Aug 3, 2026
CNH Q2 2026: Ag cycle trough persists but construction raises and tariff relief narrow margin drag as L-shaped recovery baseline firms
CNH Industrial's Q2 2026 results confirm the agricultural equipment cycle has not yet turned: farm profitability remains below breakeven in key regions, driving an L-shaped recovery outlook with 2027 retail demand expected flat. Construction is the offsetting bright spot, with Q2 sales up 12% year-over-year and full-year guidance raised to 5%-10% growth. The company's strategic sourcing program and dealer consolidation are delivering operational gains, but tariff headwinds — particularly in Construction at 470 basis points — are absorbing those improvements before they reach shareholders.
Tone: cautiousRevenue
$18.1B
CNH 10-K · FY 2025
Employees
34,197
Revenue FY2024
$19.8B
Founded
2012
Profile
CNH 10-K Item 1 · Feb 26, 2026CNH Industrial N.V. is a leading global equipment company that develops, manufactures, and sells agricultural and construction equipment under brands including Case IH, New Holland, and CASE Construction. The company operates through three segments — Agriculture, Construction, and Financial Services — with a commercial presence in approximately 166 countries. Its 'Iron + Tech' strategy integrates precision agriculture, automation, connectivity, and autonomy across its product portfolio.
Read filing description ↓ Collapse description ↑
CNH is a leading global equipment company that develops, manufactures and sells agricultural and construction equipment. In addition, CNH's Financial Services segment offers an array of financial products and services, including retail financing for end customers purchasing or leasing new and/or used CNH equipment and/or other manufacturers' products, as well as other retail financing programs, and wholesale financing to dealers. CNH's global network includes industrial, commercial and financial services subsidiaries located in 32 countries and a commercial presence in approximately 166 countries. We are committed to driving sustainable organic growth by strategically investing in initiatives that expand our market leadership, advance technology integration through our 'Iron + Tech' strategy, with a focus on precision agriculture, automation, connectivity, and autonomy and strengthen our commercial presence across global agriculture and construction equipment industries. The Company's 'Iron + Tech' strategy aims to advance product leadership and technology integration by expanding full line offerings across harvesters, tractors, crop protection, and production equipment; internalizing foundational technologies, launching new precision solutions, and leveraging artificial intelligence tools; and delivering full line leadership through the launch of new generation combines, a complete refresh of the tractor lineup, and equipping all large product lines with factory fit foundational Precision Technology. CNH operates through three business segments: Agriculture, Construction and Financial Services. The Agriculture and Construction segments are collectively referred to as 'Industrial Activities.' The agricultural and construction equipment industries are undergoing significant transformation driven by technological innovation, including advances in precision agriculture, autonomous equipment, robotics, connectivity, and renewable energy integration.
Primary products
- tractors
- harvesters
- hay and forage equipment
- seeding and planting equipment
- self-propelled sprayers
- excavators
Business segments
End markets
Geographies
Named competitors
“The agriculture and construction equipment industries are highly competitive at both global and regional levels. We compete with: (i) large global full-line equipment manufacturers with a presence in every market and a broad range of products that cover most customer needs, (ii) manufacturers who are product specialists focused on particular industry segments on either a global or regional basis, (iii) regional full-line manufacturers, some of which are expanding worldwide to build a global presence, and (iv) local, low-cost manufacturers in individual markets, particularly in emerging markets such as Eastern Europe, India and China.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined from $19,836 million in 2024 to $18,095 million in 2025, driven by lower net sales in Industrial Activities as unfavorable market conditions resulted in lower sales volumes.
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