CNH Industrial N.V. (CNH) SEC Filings & Earnings Calls

Agriculture cycle trough with weak demand across key regions

“North America tractor under 140HP down 16%, over 140HP down 17%; South America tractor/combine down 8%/29%”

Significant margin compression in both Agriculture and Construction

“Agriculture Adj EBIT margin 5.2% vs 8.1%; Construction Adj EBIT margin 1.7% vs 4.5%”

Tariff impact on margins in both segments

“Adjusted EBIT decreased ... primarily due to ... the impact of tariffs” · word for word

Sharp decline in free cash flow and operating cash flow

“Free cash flow of Industrial Activities $150M vs $451M; Operating cash flow $145M vs $772M”

Deteriorating credit quality in Financial Services portfolio

“Receivable balance >30 days past due 4.4% vs 3.9%, due to economic factors impacting farmers in South America”

Brazil credit deterioration

“As of June 30, 2026, the allowance for credit losses included an increase in retail reserves of $104 million for Brazil as compared to June 30, 2025. This increase reflects Brazilian market conditions, primarily related to current crop prices, flooding and drought events.” · word for word

Tariff cost pressure

“Cost of goods sold as a percentage of net sales increased to 82.0% and 82.1%, respectively, from 79.4% and 80.1% in the prior-year periods, impacted by tariff costs and lower production volumes.”

Poland antitrust fine

“On December 9, 2025, the Polish Antitrust Authority issued a notification of decision imposing fines on CNH Polska and some of its dealers of approximately €57 million.” · word for word

Loss of two senior executives could disrupt technology and commercial strategy in agriculture.

“CTO and Agriculture CCO retiring; successors are internal but may lack same breadth of experience.”

Tariff impact on margins and demand

“impact of tariffs on adjusted EBIT in both Agriculture and Construction segments”

Agricultural demand trough with uncertain recovery

“historically low North American agricultural equipment demand; farmers face low commodity prices, high input costs, uncertain trade environment” · word for word

Credit quality deterioration in South America

“receivable balance >30 days past due 3.5% vs 2.3% prior year, due to economic and environmental factors impacting farmers in South America”

Brazil credit deterioration

“As of March 31, 2026, the allowance for credit losses included an increase in retail reserves of $131 million for Brazil as compared to March 31, 2025. This increase reflects Brazilian market conditions, primarily related to current crop prices, flooding and drought events.” · word for word

Tariff cost pressure

“Cost of goods sold as a percentage of net sales was 82.2% in the three months ended March 31, 2026 (81.0% for the three months ended March 31, 2025), impacted by tariff costs and lower production volumes.”

Inventory build

“Total inventories, net $5,234 million at March 31, 2026 vs $4,651 million at December 31, 2025.”

Agriculture Downcycle Persistence

“global retail Agriculture demand is expected to soften further” · word for word

Tariff Uncertainty

“Tariffs also left deep traces in global construction despite strong market demand in most areas” · word for word

Commodity Price Pressure

“Farmers continue to face lower commodity prices, higher input costs, and ongoing trade uncertainty” · word for word

Executive Compensation Misalignment

“the HCC Committee approved a modest adjustment to the PSUs in the 2025-2027 LTI plan, removing the hurdle requiring both financial metrics in the plan to achieve minimum threshold performance for any payout to occur” · word for word

Tariff cost pressure persists into 2026

“We currently expect tariff‑related cost pressures to remain elevated into 2026, particularly in North America, and we continue to adjust sourcing, pricing, and production plans in response.” · word for word

Agricultural cycle downturn continues

“We expect certain of these conditions to persist in fiscal year 2026.” · word for word

Persistent agricultural equipment market challenges; preparing for lower demand in 2026.

“Amid persistent agricultural equipment market challenges, the Company is preparing for lower demand levels in 2026.” · word for word

Tariff impact on production costs; unfavorable geographic mix.

“Adjusted EBIT decreased primarily due to tariffs, lower JV results, unfavorable geographic mix.”

Continued channel destocking and weak farm demand

“These declines were mainly due to lower shipments on decreased industry demand and continued channel destocking.” · word for word

Tariff cost pressure on margins

“The decline was primarily due to lower shipment volumes, tariff costs, unfavorable geographic mix and higher SG&A expenses, partially offset by favorable net price realization.” · word for word

Impairment and inventory write-downs

“Net income for the three months ended September 30, 2025 included a $49 million impairment charge related to Bennamann IPR&D, a $10 million inventory write-down for the New Holland T6.180 Methane Power Tractor.” · word for word

Tariff costs and unfavorable geographic mix pressuring margins.

“tariff costs, unfavorable geographic mix, and higher SG&A expenses” · word for word

Channel destocking and decreased industry demand in Agriculture.

“lower shipment volumes on decreased industry demand and channel inventory destocking” · word for word