{"id":988263,"date":"2026-08-03T06:38:42","date_gmt":"2026-08-03T10:38:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cnh-industrial-n-v-reports-second-quarter-2026-results\/"},"modified":"2026-08-03T06:38:42","modified_gmt":"2026-08-03T10:38:42","slug":"cnh-industrial-n-v-reports-second-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cnh-industrial-n-v-reports-second-quarter-2026-results\/","title":{"rendered":"CNH Industrial N.V. Reports Second Quarter 2026 Results"},"content":{"rendered":"
\n

Consolidated revenues for the second quarter of 2026 were $4.8 billion, up 2% year-over-year\u00a0<\/p>\n

Reported Net income of $141 million and adjusted Net income(<\/sup>1)<\/sup> of $161 million<\/p>\n

Second quarter diluted earnings per share at $0.11<\/p>\n

Returned $0.2 billion to shareholders through dividends and share repurchases<\/p>\n

Full-year guidance narrowed to the higher end of the previous ranges<\/p>\n

\n Basildon, UK – August 3, 2026 – CNH Industrial N.V. (NYSE: CNH)<\/strong> reported Net income for the three months ended June 30, 2026, of $141 million, with basic earnings per share and diluted earnings per share of $0.11, compared with Net income of $217 million and basic earnings per share and diluted earnings per share of $0.17 in Q2 2025. Adjusted Net income(<\/sup>1)<\/sup> for the second quarter of 2026 was $161 million compared to $216 million for the second quarter of 2025.<\/p>\n

Consolidated revenues for the second quarter ended June\u00a030, 2026, were $4.80 billion, and Net Sales of Industrial Activities were $4.14 billion, both up compared to Q2 2025.<\/p>\n

Net cash provided by operating activities was $145 million, and Free cash flow of Industrial Activities was $150 million in Q2 2026.<\/p>\n

Income tax expense was $43 million ($76 million in Q2 2025) with an effective tax rate (\u201cETR\u201d) of 25.0% (27.6% in Q2 2025). The adjusted ETR(<\/sup>1) <\/sup>was 25.1% for the second quarter (27.7% in Q2 2025).<\/p>\n

\u201cOur second quarter results reflect disciplined execution by the CNH team in a market that remains at the trough of the agriculture cycle,\u201d said Gerrit Marx, Chief Executive Officer of CNH. \u201cDespite 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. While farmer economics remain pressured, we are seeing constructive equipment-cycle indicators, including dealer inventory normalization, aging fleets, and a more balanced relationship between new and used equipment pricing. We remain focused on supporting our dealers and customers today while investing in the iron and technology capabilities that will strengthen CNH through the next cycle.\u201d<\/p>\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n 2026<\/strong>
\n Second<\/strong>
\n Quarter Results<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n
\n US-GAAP<\/strong>\n <\/td>\n<\/tr>\n
($ millions, except per share data)<\/td>\n\u00a0<\/td>\n\n Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change at c.c.<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 2)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
Consolidated revenues<\/td>\n\u00a0<\/td>\n4,803<\/td>\n\u00a0<\/td>\n4,711<\/td>\n\u00a0<\/td>\n+2%<\/td>\n\u00a0<\/td>\n\u2014%<\/td>\n<\/tr>\n
of which Net sales of Industrial Activities<\/td>\n\u00a0<\/td>\n4,143<\/td>\n\u00a0<\/td>\n4,021<\/td>\n\u00a0<\/td>\n+3%<\/td>\n\u00a0<\/td>\n1%<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n141<\/td>\n\u00a0<\/td>\n217<\/td>\n\u00a0<\/td>\n(35)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted EPS<\/td>\n\u00a0<\/td>\n0.11<\/td>\n\u00a0<\/td>\n0.17<\/td>\n\u00a0<\/td>\n(0.06)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash flow provided by operating activities<\/td>\n\u00a0<\/td>\n145<\/td>\n\u00a0<\/td>\n772<\/td>\n\u00a0<\/td>\n(627)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n
\n NON-GAAP<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 1)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
($ millions, except per share data)<\/td>\n\u00a0<\/td>\n\n Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBIT of Industrial Activities<\/td>\n\u00a0<\/td>\n167<\/td>\n\u00a0<\/td>\n224<\/td>\n\u00a0<\/td>\n(25)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBIT margin of Industrial Activities<\/td>\n\u00a0<\/td>\n4.0%<\/td>\n\u00a0<\/td>\n5.6%<\/td>\n\u00a0<\/td>\n(160) bps<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Net income<\/td>\n\u00a0<\/td>\n161<\/td>\n\u00a0<\/td>\n216<\/td>\n\u00a0<\/td>\n(25)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted diluted EPS $<\/td>\n\u00a0<\/td>\n0.13<\/td>\n\u00a0<\/td>\n0.17<\/td>\n\u00a0<\/td>\n(0.04)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Free cash flow of Industrial Activities<\/td>\n\u00a0<\/td>\n150<\/td>\n\u00a0<\/td>\n451<\/td>\n\u00a0<\/td>\n(301)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n
\n Agriculture<\/strong>\n <\/td>\n<\/tr>\n
($ millions)<\/td>\n\u00a0<\/td>\n\n Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change at c.c.<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 2)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n3,277<\/td>\n\u00a0<\/td>\n3,248<\/td>\n\u00a0<\/td>\n+1%<\/td>\n\u00a0<\/td>\n(1)%<\/td>\n<\/tr>\n
Adjusted EBIT<\/td>\n\u00a0<\/td>\n170<\/td>\n\u00a0<\/td>\n263<\/td>\n\u00a0<\/td>\n(35)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBIT margin(<\/sup>1)<\/sup><\/td>\n\u00a0<\/td>\n5.2%<\/td>\n\u00a0<\/td>\n8.1%<\/td>\n\u00a0<\/td>\n(290) bps<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

In North America, second quarter industry sales volume was down 16% year-over-year for tractors under 140 HP and down 17% for tractors over 140 HP; combines were down 7%. In Europe, Middle East and Africa (“EMEA”), tractor and combine demand down 11% and 1%, respectively. South America saw tractor and combine demand decline 8% and 29%, respectively. In Asia Pacific, tractor demand increased 15%, while combine demand decreased 48%.<\/p>\n

Agriculture Net sales were flat year-over-year in the quarter at $3.3\u00a0billion, a result of favorable price realization, offset by lower volumes in South America.<\/p>\n

Adjusted EBIT decreased to $170\u00a0million from $263\u00a0million in Q2 2025, primarily due to lower volumes in South America, unfavorable mix in North America and EMEA, the impact of tariffs, higher Selling, general and administrative expenses (\u201cSG&A\u201d) and Research and development expenses (\u201cR&D\u201d) and lower joint venture results. SG&A expenses were mainly impacted by higher labor costs. R&D expenses represented 6.1% of sales in Q2 2026 (6.0% in Q2 2025).<\/p>\n\n\n\n\n\n\n\n
\n Construction<\/strong>\n <\/td>\n<\/tr>\n
($ millions)<\/td>\n\u00a0<\/td>\n\n Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change at c.c.<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 2)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n866<\/td>\n\u00a0<\/td>\n773<\/td>\n\u00a0<\/td>\n+12%<\/td>\n\u00a0<\/td>\n+10%<\/td>\n<\/tr>\n
Adjusted EBIT<\/td>\n\u00a0<\/td>\n15<\/td>\n\u00a0<\/td>\n35<\/td>\n\u00a0<\/td>\n(57)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBIT margin(<\/sup>1)<\/sup><\/td>\n\u00a0<\/td>\n1.7%<\/td>\n\u00a0<\/td>\n4.5%<\/td>\n\u00a0<\/td>\n(280) bps<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Global industry sales volume for construction equipment increased 17% year-over-year in the second quarter for Heavy equipment and 6% for Light equipment. Aggregated demand increased 5% in North America, 9% in EMEA, 12% in South America, and 16% in Asia Pacific.<\/p>\n

Construction Net sales increased 12% in the quarter to $866\u00a0million, driven by higher volumes in North America and included shipments that were initially delayed during the first quarter of 2026.<\/p>\n

Adjusted EBIT decreased to $15\u00a0million from $35\u00a0million in Q2 2025, primarily due to the impact of tariffs and higher R&D expenses, partially offset by higher volumes and lower SG&A expenses. SG&A benefited from the absence of prior year non-recurring costs, partially offset by higher labor costs.<\/p>\n\n\n\n\n\n\n\n\n
\n Financial Services<\/strong>\n <\/td>\n<\/tr>\n
($ millions)<\/td>\n\u00a0<\/td>\n\n Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change at c.c.<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 2)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
Revenues<\/td>\n\u00a0<\/td>\n656<\/td>\n\u00a0<\/td>\n685<\/td>\n\u00a0<\/td>\n(4)%<\/td>\n\u00a0<\/td>\n(7)%<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n71<\/td>\n\u00a0<\/td>\n87<\/td>\n\u00a0<\/td>\n(18)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Equity at quarter-end<\/td>\n\u00a0<\/td>\n2,923<\/td>\n\u00a0<\/td>\n2,907<\/td>\n\u00a0<\/td>\n+16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retail loan originations<\/td>\n\u00a0<\/td>\n2,531<\/td>\n\u00a0<\/td>\n2,740<\/td>\n\u00a0<\/td>\n(209)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Financial Services revenues decreased 4% in the quarter, largely driven by unfavorable volumes in South America and North America, reduced used equipment sales due to fewer operating lease maturities, and lower yields in all regions except South America, partially offset by favorable currency translation.<\/p>\n

Net income was $71\u00a0million in the quarter, a decrease of $16\u00a0million versus Q2 2025, largely driven by margin compression in all regions except North America, lower volumes in South America and North America, higher risk costs in Brazil, and increased labor costs, partially offset by a lower effective tax rate.<\/p>\n

The managed portfolio (including unconsolidated joint ventures) was $28.0\u00a0billion as of June\u00a030, 2026 (of which retail was 70% and wholesale was 30%), down $0.7 billion compared to June\u00a030, 2025 (down $0.7 billion on a constant currency basis(<\/sup>2)<\/sup>).<\/p>\n

As of June\u00a030, 2026, the receivable balance greater than 30 days past due, as a percentage of receivables, was 4.4% (3.9% as of June\u00a030, 2025), due to economic factors impacting farmers, specifically in South America.<\/p>\n

\n Results for the <\/strong>
\n Six Months Ended June 30, 2026<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n
\n US-GAAP<\/strong>\n <\/td>\n<\/tr>\n
($ millions)<\/td>\n\u00a0<\/td>\n\n YTD Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change at c.c.<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 2)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
Consolidated revenue<\/td>\n\u00a0<\/td>\n8,629<\/td>\n\u00a0<\/td>\n8,539<\/td>\n\u00a0<\/td>\n+1%<\/td>\n\u00a0<\/td>\n(2)%<\/td>\n<\/tr>\n
of which Net sales of Industrial Activities<\/td>\n\u00a0<\/td>\n7,313<\/td>\n\u00a0<\/td>\n7,193<\/td>\n\u00a0<\/td>\n+2%<\/td>\n\u00a0<\/td>\n(1)%<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n151<\/td>\n\u00a0<\/td>\n349<\/td>\n\u00a0<\/td>\n(57)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted EPS $<\/td>\n\u00a0<\/td>\n0.12<\/td>\n\u00a0<\/td>\n0.27<\/td>\n\u00a0<\/td>\n(0.15)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash flow provided by operating activities<\/td>\n\u00a0<\/td>\n180<\/td>\n\u00a0<\/td>\n934<\/td>\n\u00a0<\/td>\n(754)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n
\n NON-GAAP<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 1)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
($ millions)<\/td>\n\u00a0<\/td>\n\n YTD Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBIT of Industrial Activities<\/td>\n\u00a0<\/td>\n122<\/td>\n\u00a0<\/td>\n325<\/td>\n\u00a0<\/td>\n(62)%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBIT margin of Industrial Activities<\/td>\n\u00a0<\/td>\n1.7%<\/td>\n\u00a0<\/td>\n4.5%<\/td>\n\u00a0<\/td>\n(280) bps<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted Net income<\/td>\n\u00a0<\/td>\n182<\/td>\n\u00a0<\/td>\n348<\/td>\n\u00a0<\/td>\n(48)%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted diluted EPS $<\/td>\n\u00a0<\/td>\n0.14<\/td>\n\u00a0<\/td>\n0.27<\/td>\n\u00a0<\/td>\n(0.13)<\/td>\n\u00a0<\/td>\n<\/tr>\n
Free cash flow used in Industrial Activities<\/td>\n\u00a0<\/td>\n(439)<\/td>\n\u00a0<\/td>\n(116)<\/td>\n\u00a0<\/td>\n(323)<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n
\n Agriculture<\/strong>\n <\/td>\n<\/tr>\n
($ millions)<\/td>\n\u00a0<\/td>\n\n YTD Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change at c.c.<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 2)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n5,873<\/td>\n\u00a0<\/td>\n5,829<\/td>\n\u00a0<\/td>\n+1%<\/td>\n\u00a0<\/td>\n(2)%<\/td>\n<\/tr>\n
Adjusted EBIT<\/td>\n\u00a0<\/td>\n197<\/td>\n\u00a0<\/td>\n402<\/td>\n\u00a0<\/td>\n(51)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBIT margin(<\/sup>1)<\/sup><\/td>\n\u00a0<\/td>\n3.4%<\/td>\n\u00a0<\/td>\n6.9%<\/td>\n\u00a0<\/td>\n(350) bps<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n
\n Construction<\/strong>\n <\/td>\n<\/tr>\n
($ millions)<\/td>\n\u00a0<\/td>\n\n YTD Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change at c.c.<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 2)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
Net sales<\/td>\n\u00a0<\/td>\n1,440<\/td>\n\u00a0<\/td>\n1,364<\/td>\n\u00a0<\/td>\n+6%<\/td>\n\u00a0<\/td>\n+3%<\/td>\n<\/tr>\n
Adjusted EBIT<\/td>\n\u00a0<\/td>\n(13)<\/td>\n\u00a0<\/td>\n49<\/td>\n\u00a0<\/td>\n(127)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBIT margin(<\/sup>1)<\/sup><\/td>\n\u00a0<\/td>\n(0.9)%<\/td>\n\u00a0<\/td>\n3.6%<\/td>\n\u00a0<\/td>\n(450) bps<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n
\n Financial Services<\/strong>\n <\/td>\n<\/tr>\n
($ millions)<\/td>\n\u00a0<\/td>\n\n YTD Q2 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n YTD Q2 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change at c.c.<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 2)<\/strong>
\n <\/sup>\n <\/td>\n<\/tr>\n
Revenues<\/td>\n\u00a0<\/td>\n1,302<\/td>\n\u00a0<\/td>\n1,336<\/td>\n\u00a0<\/td>\n(3)%<\/td>\n\u00a0<\/td>\n(6)%<\/td>\n<\/tr>\n
Net income<\/td>\n\u00a0<\/td>\n145<\/td>\n\u00a0<\/td>\n177<\/td>\n\u00a0<\/td>\n(18)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n
2026 Outlook<\/u>
\n <\/strong>\n <\/p>\n

Farmers continue to face challenging market dynamics, including low commodity prices, high input costs, and an uncertain trade environment. CNH\u2019s Agriculture segment has and will continue to respond to these market dynamics by maintaining low production levels, working with its dealer network to lower channel inventory, pursuing cost efficiencies, and managing rapid changes in trade policies. CNH\u2019s Construction segment will continue to focus on quality, manufacturing efficiencies, and tariff cost offset opportunities.<\/p>\n

CNH is benefitting from recent changes in tariff levels yet also incurring higher transportation costs and managing challenging market conditions in South America. In this trough year of the agriculture industry cycle, CNH is focusing on its sales execution, cost discipline, and manufacturing performance. We forecast that we will deliver results at the higher end of the forecast ranges previously communicated.<\/p>\n

Consequently, we are updating our 2026 outlook as follows:<\/p>\n